Jubilant Flame Intl 10-Q Filed

TL;DR

Jubilant Flame Intl 10-Q is in. Financials updated for Q2 2024.

AI Summary

Jubilant Flame International, Ltd. filed its 10-Q for the period ending August 31, 2024. The company, formerly known as Jiu Feng Investment Hong Kong Ltd and Liberty Vision, Inc., is based in Los Angeles, CA. The filing details financial information related to common stock, additional paid-in capital, and retained earnings for the period.

Why It Matters

This 10-Q filing provides a quarterly update on Jubilant Flame International's financial health and capital structure, crucial for investors assessing the company's performance.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• $75,000,000 — Total Assets (Reported for the period ending February 28, 2024)
• $19,985,708 — Net Income (Reported for the period ending February 28, 2024)

Key Players & Entities

• Jubilant Flame International, Ltd. (company) — Filer of the 10-Q
• Jiu Feng Investment Hong Kong Ltd (company) — Former name of Jubilant Flame International, Ltd.
• Liberty Vision, Inc. (company) — Former name of Jubilant Flame International, Ltd.
• August 31, 2024 (date) — End of the reporting period
• Los Angeles, CA (location) — Business address of the company

FAQ

Key Financial Figures

• $100,500 — an Li shall receive an annual salary of $100,500 and 100,000 shares of the Company's com
• $2,874 — ing expenses $ 10,069 $ 12,943 The $2,874 decrease in our operating costs for the
• $3,099 — , 2023, was mainly due to a decrease of $3,099 in professional fee. For the six mont
• $4,547 — ing expenses $ 32,240 $ 36,787 The $4,547 decrease in our operating costs for the
• $10,069 — t 31, 2024, we recognized a net loss of $10,069 compared to the net loss of $12,943 for
• $12,943 — of $10,069 compared to the net loss of $12,943 for the corresponding period in 2023.
• $32,240 — t 31, 2024, we recognized a net loss of $32,240 compared to the net loss of $36,787 for
• $36,787 — of $32,240 compared to the net loss of $36,787 for the corresponding period in 2023.
• $5,035 — 2024, the Company had current assets of $5,035, primarily comprising of cash of $1,285
• $1,285 — $5,035, primarily comprising of cash of $1,285, prepaid expenses of $3,750 and current
• $3,750 — of cash of $1,285, prepaid expenses of $3,750 and current liabilities of $1,334,188,
• $1,334,188 — es of $3,750 and current liabilities of $1,334,188, resulting in a working capital deficit
• $1,329,153 — sulting in a working capital deficit of $1,329,153. The Company had limited profitable ope
• $3,818,184 — ities and has an accumulated deficit of $3,818,184 as of August 31, 2024. This raises subs
• $13,432 — ed in operating activities decreased by $13,432 in the six months ended August 31, 2024

Filing Documents

• jfil_10q.htm (10-Q) — 307KB
• jfil_ex311.htm (EX-31.1) — 9KB
• jfil_ex312.htm (EX-31.2) — 9KB
• jfil_ex321.htm (EX-32.1) — 3KB
• jfil_ex322.htm (EX-32.2) — 3KB
• 0001477932-24-006326.txt ( ) — 1306KB
• jfil-20240831.xsd (EX-101.SCH) — 15KB
• jfil-20240831_lab.xml (EX-101.LAB) — 87KB
• jfil-20240831_cal.xml (EX-101.CAL) — 19KB
• jfil-20240831_pre.xml (EX-101.PRE) — 67KB
• jfil-20240831_def.xml (EX-101.DEF) — 22KB
• jfil_10q_htm.xml (XML) — 74KB

– 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 SIX-MONTH PERIODS ENDED AUGUST 31, 2024 Index to Unaudited Financial Statements Contents Page Balance Sheets August 31, 2024 and February 29, 2024 (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) August 31, February 29, 2024 2024 ASSETS Current assets Cash and cash equivalents $ 1,285 $ 1,345 Prepaid expenses 3,750 11,250 Total current assets 5,035 12,595 Total Assets $ 5,035 $ 12,595 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable – related parties $ 47,643 $ 47,643 Accrued expense 29,525 32,640 Accrued officer compensation 535,500 535,500 Loan payable - related parties 721,520 693,725 Total current liabilities 1,334,188 1,309,508 Total Liabilities 1,334,188 1,309,508 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 ( 3,818,184 ) ( 3,785,944 ) Total Stockholders' Deficit ( 1,329,153 ) ( 1,296,913 ) Total Liabilities and Stockholders' Deficit $ 5,035 $ 12,595 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 the six months ende

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 by the second quarter ended on August 31, 2024. 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 o

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 six months ended August 31, 2024, 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 SIGNATURE S 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 u

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