Jubilant Flame International, Ltd. Files 10-Q for Period Ended November 30, 2023

TL;DR

<b>Jubilant Flame International, Ltd. filed its quarterly report (10-Q) for the period ending November 30, 2023.</b>

AI Summary

Jubilant Flame International, Ltd (JFIL) filed a Quarterly Report (10-Q) with the SEC on January 9, 2024. Filing is a 10-Q for Jubilant Flame International, Ltd. for the quarterly period ended November 30, 2023. The company was formerly known as Jiu Feng Investment Hong Kong Ltd and Liberty Vision, Inc. Incorporated in Nevada, the company's principal executive offices are located in Shanghai, China. The filing covers the period from March 1, 2023, to November 30, 2023. The SIC code for the company is 7371, Services-Computer Programming Services.

Why It Matters

For investors and stakeholders tracking Jubilant Flame International, Ltd, this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and operational status for the specified quarter. Understanding the company's historical name changes and current operational base is crucial for assessing its business evolution and geographic focus.

Risk Assessment

Risk Level: low — Jubilant Flame International, Ltd shows low risk based on this filing. The filing is a standard 10-Q, indicating routine reporting rather than a significant event, and lacks detailed financial performance data in the provided snippet.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to assess the company's performance and outlook.

Key Numbers

• 2023-11-30 — Quarterly Period End Date (The report covers the period ending on this date.)
• 0228 — Fiscal Year End (The company's fiscal year ends on this date.)
• 7371 — SIC Code (Services-Computer Programming Services)
• 20121212 — Date of Name Change (Date Jubilant Flame International, Ltd. was formerly Jiu Feng Investment Hong Kong Ltd.)
• 20110405 — Date of Name Change (Date Jiu Feng Investment Hong Kong Ltd. was formerly Liberty Vision, Inc.)

Key Players & Entities

• Jubilant Flame International, Ltd. (company) — Registrant name
• November 30, 2023 (date) — Quarterly period ended
• Jiu Feng Investment Hong Kong Ltd (company) — Former company name
• Liberty Vision, Inc. (company) — Former company name
• Nevada (jurisdiction) — State of incorporation
• Shanghai, China (location) — Address of principal executive offices
• 7371 (sic_code) — Standard Industrial Classification
• 20231130 (date) — Conformed period of report

Forward-Looking Statements

• Jubilant Flame International, Ltd. will continue to report an accumulated deficit in its next fiscal year-end filing. (Jubilant Flame International, Ltd.) — high confidence, target: 2024-02-28

FAQ

Key Dates

• 2023-11-30: Quarterly Period End — The reporting period for this 10-Q filing.
• 2024-01-09: Filing Date — The date this 10-Q report was filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial performance and operations.)

SIC Code

Standard Industrial Classification code used to classify businesses. (Helps categorize the company's primary business activity, which is Computer Programming Services.)

Key Financial Figures

• $100,500 — an Li shall receive an annual salary of $100,500 and 100,000 shares of the Company's com
• $200 — ing expenses $ 14,954 $ 14,754 The $200 increase in our operating costs for the
• $607 — 2022, was mainly due to an increase of $607 in office expense offset with a decreas
• $462 — ffice expense offset with a decrease of $462 in professional fee. For the nine mon
• $4,970 — ing expenses $ 51,741 $ 46,771 The $4,970 increase in our operating costs for the
• $4,197 — e to an increase in professional fee of $4,197 and an increase of $607 in office expen
• $14,954 — r 30, 2023, we recognized a net loss of $14,954 compared to the net loss of $14,754 for
• $14,754 — of $14,954 compared to the net loss of $14,754 for the corresponding period in 2022.
• $51,741 — r 30, 2023, we recognized a net loss of $51,741 compared to the net loss of $46,771 for
• $46,771 — of $51,741 compared to the net loss of $46,771 for the corresponding period in 2022.
• $17,502 — 2023, the Company had current assets of $17,502, primarily comprising of cash of $2,502
• $2,502 — 17,502, primarily comprising of cash of $2,502, prepaid expenses of $15,000 and curren
• $15,000 — of cash of $2,502, prepaid expenses of $15,000 and current liabilities of $1,298,791,
• $1,298,791 — s of $15,000 and current liabilities of $1,298,791, resulting in a working capital deficit
• $1,281,289 — sulting in a working capital deficit of $1,281,289. The Company had limited profitable ope

Filing Documents

• jfil_10q.htm (10-Q) — 297KB
• jfil_ex311.htm (EX-31.1) — 10KB
• jfil_ex312.htm (EX-31.2) — 12KB
• jfil_ex321.htm (EX-32.1) — 5KB
• jfil_ex322.htm (EX-32.2) — 4KB
• 0001477932-24-000086.txt (&nbsp;) — 1284KB
• jfil-20231130.xsd (EX-101.SCH) — 15KB
• jfil-20231130_lab.xml (EX-101.LAB) — 88KB
• jfil-20231130_cal.xml (EX-101.CAL) — 19KB
• jfil-20231130_pre.xml (EX-101.PRE) — 67KB
• jfil-20231130_def.xml (EX-101.DEF) — 22KB
• jfil_10q_htm.xml (XML) — 68KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements F-1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 3 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 5 Item 4.

Controls and Procedures

Controls and Procedures 5

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 6 Item 1A.

Risk Factors

Risk Factors 6 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 6 Item 3. Defaults Upon Senior Securities 6 Item 4. Mine Safety Disclosures 6 Item 5. Other Information 6 Item 6. Exhibits 7

SIGNATURES

SIGNATURES 8 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS JUBILANT FLAME INTERNATIONAL, LTD. FOR THE NINE-MONTH PERIODS ENDED NOVEMBER 30, 2023 Index to Unaudited Financial Statements Contents Page Balance Sheets November 30, 2023 and February 28, 2023 (Unaudited) F-2 F-3 F-4 F-5 Notes to the Financial Statements (Unaudited) F-6 F-1 Table of Contents JUBILANT FLAME INTERNATIONAL, LTD BALANCE SHEETS (UNAUDITED) November 30, February 28, 2023 2023 ASSETS Current assets Cash and cash equivalents $ 2,502 $ 3,582 Prepaid expenses 15,000 10,665 Total current assets 17,502 14,247 Total Assets $ 17,502 $ 14,247 LIABILITIES & STOCKHOLDERS' DEFICIT Current liabilities Accounts payable – related parties $ 47,643 $ 47,643 Accrued expense 25,083 28,580 Accrued officer compensation 535,500 535,500 Loan payable - related parties 690,565 632,072 Total current liabilities 1,298,791 1,243,795 Total Liabilities 1,298,791 1,243,795 Commitment and Contingencies Stockholders' Deficit Common stock, $ 0.001 par value per share 75,000,000 shares authorized; 19,985,708 and 19,985,708 shares issued and outstanding, respectively 19,986 19,986 Additional paid in capital 2,469,045 2,469,045 Accumulated deficit ( 3,770,320 ) ( 3,718,579 ) Total Stockholders' Deficit ( 1,281,289 ) ( 1,229,548 ) Total Liabilities and Stockholders' Deficit $ 17,502 $ 14,247 The accompanying notes are an integral part of these financial statements. F-2 Table of Contents JUBILANT FLAME INTERNATIONAL, LTD (UNAUDITED) For the three months ended For t

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 – ORGANIZATION AND OPERATIONS Jubilant Flame International, Ltd. (the "Company") was formed on September 29, 2009 under the name Liberty Vision, Inc. The Company provided web development and marketing services for clients. On August 18, 2015, the Company changed its name to Jubilant Flame International, Ltd. From the fourth quarter of the fiscal year ended February 28, 2018, the Company started to market and sell cosmetics products imported from Asia -Acropass Series products – in the United States market. The Company purchased the inventory from a related party company in China. The Company contracted with a third party to operate the online shopping platform and marketing campaign in the United States until January 2020 when it ceased this business. From the third quarter of the year ended February 29, 2020, the Company began its new business line of providing technical support services for the development of new nutrition food products to sell to customers in the USA. The Company had not generated significant revenue from this new business. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company's financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Interim Financial Information Interim financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") as promulgated in Item 210 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") have been condensed or omitted pursuant to such SEC rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessa

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with the financial statements and the notes to those statements included elsewhere in this Quarterly Report on Form 10-Q. This Quarterly Report on Form 10-Q contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements contained in the MD&A are forward-looking statements that involve risks and uncertainties. The forward-looking statements are not historical facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business and future financial results. Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed in other sections of this Quarterly Report on Form 10-Q. Our Business Jubilant Flame International, Ltd., (the "Company", "the "Registrant", "we", "us" or "our") was formed on September 29, 2009 under the name Liberty Vision, Inc. The Company provided web development and marketing services for clients. On December 5, 2012, the Company disposed of its subsidiary corporation to a shareholder for a nominal sum, as well as other management operations. On December 16, 2012, the Company changed its name to Jiu Feng Investment Hong Kong, Inc. On January 27, 2013, the Company announced the change of its ticker symbol from "LBYV" to "JFIL." On July 24, 2013, the Company changed its business sector to the medical sector. On August 18, 2015 the Company changed its name to Jubilant Flame International, Ltd. From the fourth quarter of the fiscal year ended February 28, 2018, the Company started to market and sell cosmetics products imported from Asia -Acropass Series products – in the United States market. In the beginning of 2020, the Company ceased the marketing and selling of

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES. Evaluation of Disclosure Controls and Procedures Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we have conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as of the end of the period covered by this report. Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective. We are presently examining changes to our procedures and policies to ensure a more timing reporting. 5 Table of Contents

– OTHER INFORMATION

PART II – OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS. We were not subject to any legal proceedings during the nine months ended November 30, 2023, and currently we are not involved in any pending litigation or legal proceedings.

RISK FACTORS

ITEM 1A. RISK FACTORS. We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. None.

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES. None.

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES. Not applicable.

OTHER INFORMATION

ITEM 5. OTHER INFORMATION. Not applicable. 6 Table of Contents

EXHIBITS

ITEM 6. EXHIBITS The following documents are filed as a part of this report: EXHIBIT NUMBER DESCRIPTION 31.1 Certification of the President and Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.2 Certification of the Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 32.1 Certification of the President and Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.2 Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101.INS ** Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). 101.SCH ** Inline XBRL Taxonomy Extension Schema Document. 101.CAL ** Inline XBRL Taxonomy Extension Calculation Linkbase Document. 101.DEF ** Inline XBRL Taxonomy Extension Definition Linkbase Document. 101.LAB ** Inline XBRL Taxonomy Extension Labels Linkbase Document. 101.PRE ** Inline XBRL Taxonomy Extension Presentation Linkbase Document. 104** Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). ________ ** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections. 7 Table of Contents

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. JUBILANT FLAME INTERNATIONAL LTD Date: January 9, 2024 By: /s/ Yan Li Yan Li President, Chief Executive Officer (Principal Executive Officer) and Director Date: January 9, 2024 By: /s/ Lei Wang Lei Wang (Chief Financial Officer) and Director 8

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