Jubilant Flame International, Ltd 10-Q for FY2023 Q2

Jubilant Flame International, Ltd (JFIL)

10-Q 2022-09-28 For: 2022-08-31

Added on April 06, 2026

About this 10-Q

Jubilant Flame International, Ltd filed this 10-Q on September 28, 2022, covering the quarter ended August 31, 2022 (FY2023 Q2).

Headline figures

Quarter ended August 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $0; compared with $0 a year earlier
Net loss: $14.1K; compared with net income of $3667 a year earlier
Diluted EPS: $0.00; compared with $0.00 a year earlier

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		Page
PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements	F-1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	5
Item 4.	Controls and Procedures	5

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	6
Item 1A.	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		8

Contents		Page
Balance Sheets August 31, 2022 and February 28, 2022 (Unaudited)		F-2
Statements of Operations for the Three and Six-Month Periods Ended August 31, 2022 and 2021 (Unaudited)		F-3
Statements of Changes in Stockholders’ Deficit for the Three and Six-Month Periods Ended August 31, 2022 and 2021 (Unaudited)		F-4
Statements of Cash Flows for the Six-Month Periods Ended August 31, 2022 and 2021 (Unaudited)		F-5
Notes to the Financial Statements (Unaudited)		F-6

	August 31,			February 28,
	2022			2022
ASSETS

Current assets
Cash	$	3,582		$	3,582
Prepaid expenses		3,500			10,500
Total current assets		7,082			14,082

Total Assets	$	7,082		$	14,082

LIABILITIES & STOCKHOLDERS’ DEFICIT

Current liabilities
Accounts payable and accrued liabilities	$	22,500		$	7,000
Due to related party		47,643			47,643
Accrued officer compensation		535,500			535,500
Loan payable - related parties		601,459			591,942
Total current liabilities		1,207,102			1,182,085

Total Liabilities		1,207,102			1,182,085

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		(3,689,052	)		(3,657,034	)
Total Stockholders’ Deficit		(1,200,021	)		(1,168,003	)

Total Liabilities and Stockholders’ Deficit	$	7,082		$	14,082

	For the three months ended						For the six months ended
	August 31,						August 31,
	2022			2021			2022			2021

Sales of goods	$	-		$	-		$	-			-
Total revenue		-			-			-			-
Costs and Operating Expenses:
Cost of goods sold		-			-			-			-
Operating, selling, general and administrative		14,104			18,333		$	32,017		$	40,104
Total operating expenses		(14,104	)		(18,333	)		(32,017	)		(40,104	)

Loss from operations		(14,104	)		(18,333	)		(32,017	)		(40,104	)

Other Income		-			22,000			32,017			22,243
Income (loss) before provision for income taxes		(14,104	)		3,667			(32,017	)		(17,861	)

Net Income (loss)	$	(14,104	)	$	3,667		$	(32,017	)	$	(17,861	)

Net Income (loss) per share
Basic	$	(0.00	)	$	0.00		$	(0.00	)	$	(0.00	)
Diluted	$	(0.00	)	$	0.00		$	(0.00	)	$	(0.00	)
Weighted average shares used in per share computation
Basic		19,985,708			19,548,208			19,985,708			19,548,208
Diluted		19,985,708			19,674,567			19,985,708			19,548,208

For the Three Months ended August 31, 2022 and 2021
					Additional					Total
	Common Stock				paid in		Accumulated			Stockholders’
	Shares		Amount		Capital		deficit			Deficit
Balance as of May 31, 2022		19,985,708	$	19,986	$	2,469,045	$	(3,674,948	)	$	(1,185,917	)
Net income for the period								(14,104	)		(14,104	)
Balance as of August 31, 2022		19,985,708	$	19,986	$	2,469,045	$	(3,689,052	)	$	(1,200,021	)

					Additional					Total
	Common Stock				paid in		Accumulated			Stockholders’
	Shares		Amount		Capital		deficit			Deficit
Balance as of May 31, 2021		19,548,208	$	19,548	$	2,458,233	$	(3,613,751	)	$	(1,135,970	)
Shares awarded for stock compensation						4,500					4,500
Net income for the period								3,667			3,667
Balance as of August 31, 2021		19,548,208	$	19,548	$	2,462,733	$	(3,610,084	)	$	(1,127,803	)

For the Six Months ended August 31, 2022 and 2021
					Additional					Total
	Common Stock				paid in		Accumulated			Stockholders’
	Shares		Amount		Capital		deficit			Deficit
Balance as of February 28, 2022		19,985,708	$	19,986	$	2,469,045	$	(3,657,035	)	$	(1,168,003	)
Net loss for the period								(32,017	)		(32,017	)
Balance as of August 31, 2022		19,985,708	$	19,986	$	2,469,045	$	(3,689,052	)	$	(1,200,021	)

					Additional					Total
	Common Stock				paid in		Accumulated			Stockholders’
	Shares		Amount		Capital		deficit			Deficit
Balance as of February 28, 2021		19,548,208	$	19,548	$	2,453,733	$	(3,592,223	)	$	(1,118,942	)
Shares awarded for stock compensation						9,000					9,000
Net loss for the period								(17,861	)		(17,861	)
Balance as of August 31, 2021		19,548,208	$	19,548	$	2,462,733	$	(3,610,084	)	$	(1,127,803	)

	For the six months ended August 31,
	2022			2021
Cash Flows from Operating Activities:
Net loss	$	(32,017	)	$	(17,861	)

Adjustments to reconcile net (loss) to net cash provided by operating activities
Share based compensation		-			9,000
Changes in Current Assets and Liabilities:
Prepaid expense		7,000			6,000
Accounts payable		15,500			8,500
Net cash (used in) provided by operating activities		(9,517	)		5,639

Cash Flows from Financing Activities:
Net proceeds from related party loans		9,517			16,532
Net cash provided by financing activities		9,517			16,532
Net Increase (Decrease) In Cash		-			22,171
Cash at The Beginning Of The Period		3,582			2,441
Cash at The End Of The Period	$	3,582		$	24,612
Supplemental Disclosure
Cash paid for interest		-			-
Cash paid for income tax		-			-

	Three Months Ended		Three Months Ended
	Aug 31		Aug 31
	2022		2021

Officer compensation		-		4,500
Professional fee		10,604		10,761
OTC Filing fees		3,500		3,000
Other G&A		-		72
Total operating expenses	$	14,104	$	18,333

	Six Months Ended		Six Months Ended
	Aug 31		Aug 31
	2022		2021
Officer compensation		-		9,000
Professional fee		25,017		25,032
OTC Filing fees		7,000		6,000
Other G&A		-		72
Total operating expenses	$	32,017	$	40,104

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).

	JUBILANT FLAME INTERNATIONAL LTD

Date: September 28, 2022	By:	/s/ Yan Li
		Yan Li
		President, Chief Executive Officer (Principal Executive Officer) and Director

Date: September 28, 2022	By:	/s/ Lei Wang
		Lei Wang
		(Principal Financial Officer) and Director

1.	I have reviewed this quarterly report on Form 10-Q for the period ending August 31, 2022, of Jubilant Flame International Ltd. ‘the registrant’

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have.

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	1)	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	2)	The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.