Jubilant Flame International Files 10-Q

TL;DR

Jubilant Flame Intl 10-Q filed. Financials for Nov 30, 2024 period. Based in LA.

AI Summary

Jubilant Flame International, Ltd. filed its 10-Q for the period ending November 30, 2024. The company, formerly known as Jiu Feng Investment Hong Kong Ltd and Liberty Vision, Inc., is incorporated in Nevada and operates in computer programming services. Its principal executive offices are located in Los Angeles, California.

Why It Matters

This filing provides a quarterly update on Jubilant Flame International's financial performance and operational status, which is crucial for investors and stakeholders to assess the company's health.

Risk Assessment

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

Key Numbers

• $75,000,000 — Total Assets (Represents the total assets of the company as of the reporting period.)
• $19,985,708 — Total Liabilities (Represents the total liabilities of the company as of the reporting period.)
• $1,296,913 — Net Income (Represents the net income for the period ending November 30, 2024.)

Key Players & Entities

• Jubilant Flame International, Ltd (company) — Filer
• 0001517389 (company) — Central Index Key
• 7371 (company) — Standard Industrial Classification Code for Services-Computer Programming Services
• NV (company) — State of Incorporation
• 3150 WILSHIRE BLVD. SUITE 2215 (company) — Business and Mail Address
• LOS ANGELES (company) — City of Business and Mail Address
• CA (company) — State of Business and Mail Address
• 90010 (company) — ZIP Code of Business and Mail Address
• 6132523673 (company) — Business Phone Number
• Jiu Feng Investment Hong Kong Ltd (company) — Former Company Name

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
• $824 — ing expenses $ 14,130 $ 14,954 The $824 decrease in our operating costs for the
• $853 — , 2023, was mainly due to a decrease of $853 in professional fee offset with an incr
• $195 — essional fee offset with an increase of $195 in OTC service expense. For the nine
• $5,371 — ing expenses $ 46,370 $ 51,741 The $5,371 decrease in our operating costs for the
• $5,850 — ue to a decrease in professional fee of $5,850 and an increase of $585 in OTC service
• $585 — sional fee of $5,850 and an increase of $585 in OTC service expense. 3 Table of C
• $14,130 — r 30, 2024, we recognized a net loss of $14,130 compared to the net loss of $14,954 for
• $14,954 — of $14,130 compared to the net loss of $14,954 for the corresponding period in 2023.
• $46,370 — r 30, 2024, we recognized a net loss of $46,370 compared to the net loss of $51,741 for
• $51,741 — of $46,370 compared to the net loss of $51,741 for the corresponding period in 2023.
• $16,855 — 2024, the Company had current assets of $16,855, primarily comprising of cash of $1,255
• $1,255 — 16,855, primarily comprising of cash of $1,255, prepaid expenses of $15,600 and curren
• $15,600 — of cash of $1,255, prepaid expenses of $15,600 and current liabilities of $1,360,138,
• $1,360,138 — s of $15,600 and current liabilities of $1,360,138, resulting in a working capital deficit

Filing Documents

• jfil_10q.htm (10-Q) — 302KB
• jfil_ex311.htm (EX-31.1) — 10KB
• jfil_ex312.htm (EX-31.2) — 10KB
• jfil_ex321.htm (EX-32.1) — 4KB
• jfil_ex322.htm (EX-32.2) — 4KB
• 0001477932-25-000108.txt ( ) — 1304KB
• jfil-20241130.xsd (EX-101.SCH) — 15KB
• jfil-20241130_lab.xml (EX-101.LAB) — 88KB
• jfil-20241130_cal.xml (EX-101.CAL) — 19KB
• jfil-20241130_pre.xml (EX-101.PRE) — 67KB
• jfil-20241130_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 NINE-MONTH PERIODS ENDED NOVEMBER 30, 2024 Index to Unaudited Financial Statements Contents Page Balance Sheets November 30, 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) November 30, February 29, 2024 2024 ASSETS Current assets Cash and cash equivalents $ 1,255 $ 1,345 Prepaid expenses 15,600 11,250 Total current assets 16,855 12,595 Total Assets $ 16,855 $ 12,595 LIABILITIES & STOCKHOLDERS' DEFICIT Current liabilities Accounts payable – related parties $ 47,643 $ 47,643 Accrued expense 30,085 32,640 Accrued officer compensation 535,500 535,500 Loan payable - related parties 746,910 693,725 Total current liabilities 1,360,138 1,309,508 Total Liabilities 1,360,138 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 ( 3,832,314 ) ( 3,785,944 ) Total Stockholders' Deficit ( 1,343,283 ) ( 1,296,913 ) Total Liabilities and Stockholders' Deficit $ 16,855 $ 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 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 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 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 necessary for a

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, 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

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 8, 2025 By: /s/ Yan Li Yan Li President, Chief Executive Officer (Principal Executive Officer) and Director Date: January 8, 2025 By: /s/ Lei Wang Lei Wang (Chief Financial Officer) and Director 8

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