Frontier Energy Corp. (FRGY)

[surfkast]

Rick is a lying scammer who promised no R/S years ago and burned many of my friends on IHUB and other sites by doing two in 8 months!



He also told investors that Robert Genesi who was the CEO way back was dying of cancer.



This shell was dark for 9 years and now suddenly he reactivates it and increases the A/S by 1.2 billion?


>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

He also pays off consultants with stock, too bad he never had a business!


During fiscal year ended December 31, 2007, the Company issued an aggregate of 35,970,000 shares of its common stock to certain approximately thirty-three consultants in exchange for consulting services.


CASH FLOWS FROM OPERATING ACTIVITIES

The Company has not generated positive cash flows from operating activities.

Further DD will show he has never had a successful business and he is presently unloading the last of his shares in another security.
This one will be driven down to .0001.


NOTE 1 - HISTORY AND ORGANIZATION

Re-entering Exploration Stage - As described below, the Company distributed the assets and liabilities of the operating segment of the Company on November 26, 2003. Subsequent to that date, the Company changed from a computer services company to an exploration company pursuing interests in the oil and gas, and precious metals industry. The Company has devoted most of its efforts to establish the new business with raising capital and acquiring mineral leases.

Organization History - Frontier Energy Corp., (the "Company") was originally incorporated on April 14, 1998, according to the laws of Colorado. The Company was reincorporated according to the laws of Delaware on February 17, 2000. On February 27, 2001, World Internetworks, Inc. ("WINS") entered into an Agreement and Plan of Reorganization and Merger (the "Plan of Merger") with GTD Acquisition, Inc. ("Newco") and GT Data Corporation ("GT Data"). On March 20, 2001, and pursuant to a Certificate filed with the Nevada Secretary of State, the WINS effected a 1 for 2 reverse split of all the outstanding shares of its common stock, options and warrants. Immediately following the reverse split WINS had 250,000,000 shares authorized and 355,206 shares issued and outstanding. Outstanding options and warrants were 11,225 and 40,750 respectively, after the reverse split. On March 22, 2001, the Plan of Merger became effective (the "Merger"). Under the Merger, Newco merged with and into GT Data, with GT Data as the surviving subsidiary of the Company. On December 3, 2001, the Company changed its name from WINS to GT Data Corporation. Pursuant to the Plan of Merger, all of the 384,420 outstanding preferred B and common shares of GT Data were exchanged for shares of WINS 1 for 1 on a post-split basis and 37,500 shares were issued to Fairway Capital Partners, LLC, a finder, in connection with the transaction. All of the outstanding shares of Newco were converted into shares of GT Data as the surviving corporation, with WINS as the sole holder of those shares. The transaction was regarded as a reverse merger whereby GT Data was considered to be the accounting acquirer as it retained control of WINS after the Merger. Pursuant to the Plan of Merger, certain shareholders of GT Data agreed to surrender 358,297 shares of common stock prior to the consummation of the Merger. Prior to the merger, the WINS had insignificant business activity. The accounting for the acquisition is identical to that resulting from a reverse acquisition, except goodwill or other intangible assets are not recorded. Accordingly, these financial statements are the historical financial statements of GT Data.

Up until November 2003, the Company was engaged in the sale, repair and support service of in-warranty and out-of- warranty computer peripheral devices for a variety of large and small brand name manufacturers through its wholly owned subsidiary, Technical Services & Logistics Inc. ("TSLi"). On November 17, 2003, the Company's Board of Directors voted unanimously to liquidate TSLi through a General Assignment benefiting the creditors of TSLi. On November 26, 2003, the Company consummated a General Assignment Agreement ("the agreement") that assign all the assets and liabilities of TSLi to the C.F. Boham Company, Inc., d.b.a. the Hamer Group, of Los Angeles, California. The assignment is essentially a liquidation of TSLi that was overseen by the Hamer Group, who acted as trustee of TSLi's affairs during the liquidation process.

Pursuant to the terms of the agreement, the Company agreed to immediately assign all of TSLi's assets and liabilities, and forward all books and records relating to TSLi, to the Hamer Group. The assignment constitutes a grant deed to all real property owned by TSLi and effectively transfers title of TSLi's real property to the Hamer Group. In addition, the agreement transfers legal title and possession of all assets and liabilities of TSLi to the Hamer Group and also gave the Hamer Group sole authority, and responsibility, to sell the assets of TSLi and distribute any available funds to the creditors of TSLi. In effect, the agreement gives total and complete control of TSLi to the Hamer Group to oversee the liquidation process. The agreement also stated that the Hamer Group shall pay itself, from the gross proceeds of sales, collections, operations, and any and all other sources, a minimum of thirty thousand dollars ($30,000) plus reasonable administrative expenses.
The agreement also stated that the Hamer Group is entitled to pay its agents, and any other professionals and individuals employed on its behalf, for any and all services and expenses incurred during the liquidation of TSLi. In addition, the Hamer Group is entitled to a 15% fee on gross recoveries from collections on preferences or lawsuits and a reasonable fee, including expenses, for the collection thereof. In the event that an involuntary proceeding is filed, the Hamer Group may pay its counsel, or other professionals, out of liquidated recoveries of TSLi's estate.

Per the agreement, all aforementioned amounts are to be determined at the sole, but reasonable, discretion of the Hamer Group, and judgment shall include but not be limited to monthly administrative charges. The Company has accounted for this assignment of TSLi as discontinued operations in accordance with Statement of Financial Accounting Standards ("SFAS") No. 144. Accordingly, the Company has reflected all activities related to TSLi operations as discontinued operations in the accompanying financial statements.

As a result of the discontinued operations of TSLi activities, the Company's sole activity as of December 31, 2007 and 2006 is pursuing interest in the oil and gas and precious metals industry.

On July 27, 2005, the Company authorized a name change to Frontier Energy Corp. and changed the authorized shares to 100,000,000 shares with par value of $0.001 per share. The Company also approved a 1-for -40 reverse stock split of its common stock. Accordingly, the accompanying Financial Statements have been retroactively adjusted as if the reverse stock split had occurred at the Company's inception.

The Company formed FEC Holdings, Corp ("FEC"), as a Canadian subsidiary to facilitate the agreement with Angel Exploration, FEC incurred some exploration costs, primarily connected to the Angels Exploration Fund, Inc. outlined in Note 4. Following the cancellation of the agreement with Angel Exploration, Frontier entered into a proposed merger negotiations with Sol-Terra Energy, Inc After the termination of the Sol-Terra Energy, Inc. merger negotiations, FEC ceased operations in 2006.

On January 19, 2005, the Company entered into an Assignment and Assumption Agreement ("Agreement") with a Company that holds and Option Purchase Agreement ("Contract") for purchase and sale of property in British Columbia, Canada.

In consideration for the Agreement, the Company issued 246,461 shares of common stock valued at $80,000. As of December 31, 2005, the Company had fully impaired the $80,000 interest.


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