UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended November 30, 20172021
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 333-173456 333-173456
Jubilant Flame International, LTD |
(Exact name of registrant as specified in its charter) |
|
Nevada
(State or other jurisdiction of incorporation or organization)
2293 Hong Qiao Rd.10F., Yunfeng Building, No. 478 Wuzhong Rd, Shanghai, China 200336201103
(Address of principal executive offices, including zip code.)
+ 86 21 64748888
(Registrant'sRegistrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES x NO o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-Y (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES x NO oYes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer,” “accelerated filer”, “small reporting company” and “small reporting“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
| Accelerated filer |
| ||
Non-accelerated filer |
| Smaller reporting company |
| ||
Emerging growth company |
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o ☐ No x☒
As of January 9, 2018,7, 2022, there are 18,385,70819,548,208 shares of common stock outstanding.
All references in this Report on Form 10-Q to the terms “we”, “our”, “us”, the “Company” and the “Registrant” refer to Jubilant Flame International, Ltd unless the context indicates another meaning.
JUBILANT FLAME INTERNATIONAL, LTD
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2 |
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Table of Contents |
PART I – FINANCIAL INFORMATION
JUBILANT FLAME INTERNATIONAL, LTD.
FOR THE THREE AND NINE MONTH PERIODSPERIOD ENDED NOVEMBER 30, 2017 AND 20162021
Index to Unaudited Financial Statements
Contents | Page | |||
Balance Sheets November 30, | F-2 | |||
F-3 | ||||
F-4 | ||||
F-5 | ||||
F-6 |
F-1 |
Table of Contents |
JUBILANT FLAME INTERNATIONAL, LTD
Balance Sheets
(Unaudited)
JUBILANT FLAME INTERNATIONAL, LTD (Unaudited) November 30, February 28, 2017 2017 ASSETS Current assets Cash Prepaid expenses Total current assets Other assets Security deposit Website net of $19,444 and $13,194 of amortization, respectively Total other assets Total Assets LIABILITIES & STOCKHOLDERS' DEFICIT Current liabilities Accounts payable and accrued liabilities Accrued officer compensation Loan payable - related parties Total current liabilities Convertible note net of debt discount of $0 and $4,238, respectively Derivative liability Total Liabilities Stockholders' Deficit Common stock, $0.001 par value per share 75,000,000 shares authorized; 18,385,708 and 16,557,931 shares issued and outstanding, respectively Additional paid in capital Accumulated deficit Total Stockholders' Deficit Total Liabilities and Stockholders' Deficit $ 7,394 $ 3,653 10,000 7,188 17,394 10,841 2,000 2,000 5,556 11,806 7,556 13,806 $ 24,950 $ 24,647 $ - $ 575 435,000 719,250 420,488 283,729 855,488 1,003,554 - 3,162 - 9,156 855,488 1,015,873 18,386 16,558 2,206,645 1,513,757 (3,055,570 ) (2,521,541 ) (830,538 ) (991,226 ) $ 24,950 $ 24,647
|
| November 30, |
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| February 28, |
| ||
|
| 2021 |
|
| 2021 |
| ||
ASSETS |
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| ||
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| ||
Current assets |
|
|
|
|
|
| ||
Cash |
| $ | 17,627 |
|
| $ | 2,441 |
|
Accounts receivable |
|
| 9,384 |
|
|
| 9,384 |
|
Prepaid expenses |
|
| 14,000 |
|
|
| 9,000 |
|
Total current assets |
|
| 41,011 |
|
|
| 20,825 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
| $ | 41,011 |
|
| $ | 20,825 |
|
|
|
|
|
|
|
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|
|
LIABILITIES & STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
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Current liabilities |
|
|
|
|
|
|
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Accounts payable and accrued liabilities |
| $ | 20,545 |
|
| $ | 5,500 |
|
Due to related party |
|
| 47,643 |
|
|
| 47,643 |
|
Accrued officer compensation |
|
| 535,500 |
|
|
| 535,500 |
|
Loan payable - related parties |
|
| 583,879 |
|
|
| 551,124 |
|
Total current liabilities |
|
| 1,187,567 |
|
|
| 1,139,767 |
|
|
|
|
|
|
|
|
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Total Liabilities |
|
| 1,187,567 |
|
|
| 1,139,767 |
|
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Commitment and Contingencies |
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Stockholders’ Deficit |
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|
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Common stock, $0.001 par value per share 75,000,000 shares authorized; 19,548,208 and 19,548,208 shares issued and outstanding, respectively |
|
| 19,548 |
|
|
| 19,548 |
|
Additional paid in capital |
|
| 2,467,233 |
|
|
| 2,453,733 |
|
Accumulated deficit |
|
| (3,633,337 | ) |
|
| (3,592,223 | ) |
Total Stockholders’ Deficit |
|
| (1,146,556 | ) |
|
| (1,118,942 | ) |
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders’ Deficit |
| $ | 41,011 |
|
| $ | 20,825 |
|
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 nine months ended November 30, November 30, 2017 2016 2017 2016 Operating Expenses: General and administrative Total operating expenses Loss from operations Other income (expense): Change and gain in derivatives liability Debt discount amortization expense Interest expense Other income (expense) net Income (loss) from continuing operations before provision for income taxes Provision for income tax: Net income( loss) Net loss per share (Basic and fully diluted) Weighted average number of common shares outstanding $ 171,429 $ 181,705 $ 526,351 $ 553,599 171,429 181,705 526,351 553,599 (171,429 ) (181,705 ) (526,351 ) (553,599 ) - 21,827 (3,120 ) 3,407 - (8,223 ) (4,238 ) (46,382 ) - (320 ) - (30,050 ) (7,678 ) (42,975 ) (171,429 ) (211,755 ) (534,028 ) (596,574 ) - - - - $ (171,429 ) $ (211,755 ) $ (534,028 ) $ (596,574 ) $ (0.01 ) $ (0.02 ) $ (0.03 ) $ (0.06 ) 18,360,983 13,125,872 18,233,937 10,345,963
The accompanying notes are an integral part of the audited financial statements.
JUBILANT FLAME INTERNATIONAL, LTD
Statements of Changes in Stockholders' DeficitOperations
(Unaudited)
Additional Total Common Stock paid in Accumulated Stockholders’ Shares Amount capital deficit Deficit Balances at February 28, 2017 Issued stock associated with convertible note conversion 6,600 Derivative liability reduction associate with note conversion Officer accrued compensation forgiven upon resignation Officer shares cancelled upon resignation Shares issued for stock compensation 265,125 Net loss for the period Balances at November 30, 2017 16,557,931 $ 16,558 $ 1,513,757 $ (2,521,541 ) $ (991,226 ) 1,627,777 1,628 4,972 12,276 12,276 410,715 410,715 (175,000 ) (175 ) 175 - 375,000 375 264,750 (534,028 ) (534,028 ) 18,385,708 $ 18,386 $ 2,206,645 $ (3,055,570 ) $ (830,538 )
|
| For the three months ended |
|
| For the nine months ended |
| ||||||||||
|
| November 30, |
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| November 30, |
| ||||||||||
|
| 2021 |
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| 2020 |
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| 2021 |
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| 2020 |
| ||||
|
|
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|
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| ||||
Sales of goods |
| $ | 0 |
|
| $ | 0 |
|
| $ | 0 |
|
|
| 0 |
|
Total revenue |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
Costs and Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cost of goods sold |
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
|
| 0 |
|
Operating, selling, general and administrative |
|
| 23,253 |
|
|
| 22,985 |
|
| $ | 63,357 |
|
| $ | 65,957 |
|
Total operating expenses |
|
| (23,253 | ) |
|
| (22,985 | ) |
|
| (63,357 | ) |
|
| (65,957 | ) |
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|
|
|
|
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|
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|
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|
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|
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Loss from operations |
|
| (23,253 | ) |
|
| (22,985 | ) |
|
| (63,357 | ) |
|
| (65,957 | ) |
Other income |
|
| 0 |
|
|
| 0 |
|
|
| 22,243 |
|
|
| 0 |
|
Income (loss) before provision for income taxes |
|
| (23,253 | ) |
|
| (22,985 | ) |
|
| (41,114 | ) |
|
| (65,957 | ) |
Net (loss) |
| $ | (23,253 | ) |
| $ | (22,985 | ) |
| $ | (41,114 | ) |
| $ | (65,957 | ) |
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Net (loss) per share |
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Basic and fully diluted |
| $ | 0.00 |
|
| $ | (0.00 | ) |
| $ | (0.00 | ) |
| $ | (0.00 | ) |
Weighted average shares used in per share computation |
|
| 19,548,208 |
|
|
| 19,048,208 |
|
|
| 19,548,208 |
|
|
| 19,048,208 |
|
The accompanying notes are an integral part of these financial statements
Table of Contents |
JUBILANT FLAME INTERNATIONAL, LTD
Statement of Changes in Stockholders’ Deficit
(Unaudited)
For the Three Months ended November 30, 2021 and 2020
JUBILANT FLAME INTERNATIONAL, LTD (Unaudited) For the nine months ended November 30, 2017 2016 Cash Flows From Operating Activities: Net income (loss) Adjustments to reconcile net (loss) to net cash (used in) operating activities Website amortization Debt discount amortization Change in derivatives liability Derivatives extinguishment gain Stock compensation Changes in Current Assets and Liabilities: Prepaid expense Accounts payable Accrued officer's compensation Net cash provided by (used for) operating activities Cash Flows From Financing Activities: Net proceeds from related party loans Debt payments Net cash provided by (used for) financing activities Net Increase (Decrease) In Cash Cash At The Beginning Of The Period Cash At The End Of The Period Schedule of Non-Cash Investing and Financing Activities Convertible note reduction from note conversions Derivative liability reduction with note conversions Officer debt forgiveness and shares cancelled Supplemental Disclosure Cash paid for interest Cash paid for income taxes $ (534,028 ) $ (596,574 ) 6,250 6,249 4,238 46,382 4,362 (3,407 ) (1,242 ) - 265,125 315,700 (2,812 ) 4,375 (575 ) (9,494 ) 125,625 150,750 (133,057 ) (94,769 ) 137,598 98,937 (800 ) - 136,798 98,937 3,741 (4,169 ) 3,653 4,998 $ 7,394 $ 9,167 $ (6,600 ) $ (48,800 ) $ (12,276 ) $ (66,643 ) $ (410,890 ) $ (49,000 ) $ 320 $ - $ - $ -
|
|
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|
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|
|
| Additional |
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| Total |
| |||||
|
| Common Stock |
|
| paid in |
|
| Accumulated |
|
| Stockholders’ |
| ||||||||
|
| Shares |
|
| Amount |
|
| Capital |
|
| deficit |
|
| Deficit |
| |||||
Balance as of August 31, 2021 |
|
| 19,548,208 |
|
| $ | 19,548 |
|
| $ | 2,462,733 |
|
| $ | (3,610,084 | ) |
| $ | (1,127,803 | ) |
Shares awarded for stock compensation |
|
|
|
|
|
|
|
|
|
| 4,500 |
|
|
|
|
|
|
| 4,500 |
|
Net loss for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (23,253 | ) |
|
| (23,253 | ) |
Balance as of November 30, 2021 |
|
| 19,548,208 |
|
| $ | 19,548 |
|
| $ | 2,467,233 |
|
| $ | (3,633,337 | ) |
| $ | (1,146,556 | ) |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
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|
| Additional |
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|
|
|
|
| Total |
| ||
|
| Common Stock |
|
| paid in |
|
| Accumulated |
| Stockholders’ |
| |||||||||
|
| Shares |
|
| Amount |
|
| Capital |
|
| deficit |
|
| Deficit |
| |||||
Balance as of August 31, 2020 |
|
| 19,048,208 |
|
| $ | 19,049 |
|
| $ | 2,445,233 |
|
| $ | (3,551,009 | ) |
| $ | (1,086,727 | ) |
Shares awarded for stock compensation |
|
|
|
|
|
|
|
|
|
| 4,500 |
|
|
|
|
|
|
| 4,500 |
|
Net loss for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (22,985 | ) |
|
| (22,985 | ) |
Balance as of November 30, 2020 |
|
| 19,048,208 |
|
| $ | 19,049 |
|
| $ | 2,449,733 |
|
| $ | (3,573,994 | ) |
| $ | (1,105,212 | ) |
For the Nine Months ended November 30, 2021 and 2020
|
|
|
|
|
| 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 |
|
|
|
|
|
|
|
|
|
| 13,500 |
|
|
|
|
|
|
| 13,500 |
|
Net loss for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (41,114 | ) |
|
| (41,114 | ) |
Balance as of November 30, 2021 |
|
| 19,548,208 |
|
| $ | 19,548 |
|
| $ | 2,467,233 |
|
| $ | (3,633,337 | ) |
| $ | (1,146,556 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Additional |
|
|
|
|
|
| Total |
| ||
|
| Common Stock |
|
| paid in |
|
| Accumulated |
| Stockholders’ |
| |||||||||
|
| Shares |
|
| Amount |
|
| Capital |
|
| deficit |
|
| Deficit |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of February 29, 2020 |
|
| 19,048,208 |
|
| $ | 19,049 |
|
| $ | 2,436,233 |
|
| $ | (3,508,037 | ) |
| $ | (1,052,755 | ) |
Shares awarded for stock compensation |
|
|
|
|
|
|
|
|
|
| 13,500 |
|
|
|
|
|
|
| 13,500 |
|
Net loss for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (65,957 | ) |
|
| (65,957 | ) |
Balance as of November 30, 2020 |
|
| 19,048,208 |
|
| $ | 19,049 |
|
| $ | 2,449,733 |
|
| $ | (3,573,994 | ) |
| $ | (1,105,212 | ) |
The accompanying notes are an integral part of these financial statements
F-4 |
Table of Contents |
JUBILANT FLAME INTERNATIONAL, LTD |
Statement of Cash Flows |
(Unaudited) |
|
| For the nine months ended November 30, |
| |||||
|
| 2021 |
|
| 2020 |
| ||
Cash Flows from Operating Activities: |
|
|
|
|
|
| ||
Net loss |
| $ | (41,114 | ) |
| $ | (65,957 | ) |
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net (loss) to net cash used in operating activities |
|
|
|
|
|
|
|
|
Share based compensation |
|
| 13,500 |
|
|
| 13,500 |
|
Changes in Current Assets and Liabilities: |
|
|
|
|
|
|
|
|
Account receivable |
|
| 0 |
|
|
| 18 |
|
Prepaid expense |
|
| (5,000 | ) |
|
| (3,000 | ) |
Accounts payable |
|
| 15,045 |
|
|
| (1,603 | ) |
Net cash (used in) operating activities |
|
| (17,569 | ) |
|
| (57,042 | ) |
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
Net proceeds from related party loans |
|
| 32,755 |
|
|
| 53,828 |
|
Net cash provided by financing activities |
|
| 32,755 |
|
|
| 53,828 |
|
Net Increase (Decrease) In Cash |
|
| 15,186 |
|
|
| (3,214 | ) |
Cash at The Beginning Of The Period |
|
| 2,441 |
|
|
| 10,628 |
|
Cash at The End Of The Period |
| $ | 17,627 |
|
| $ | 7,414 |
|
Supplemental Disclosure |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
| 0 |
|
|
| 0 |
|
Cash paid for income tax |
|
| 0 |
|
|
| 0 |
|
|
| $ |
|
|
| $ |
|
|
The accompanying notes are an integral part of these financial statements
F-5 |
Table of Contents |
JUBILANT FLAME INTERNATIONAL, LTD
NOTES TO FINANCIAL STATEMENTSNotes to Financial Statements
FOR THE THREE MONTHS ENDED MAY 31,2017 AND 2016November 30, 2021
(UNAUDITED)(Unaudited)
NOTE 1 – ORGANIZATION AND OPERATIONS
Jubilant Flame International, Ltd. (the "Company"“Company”), 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 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 currently haspurchased the rightinventory from a related party company in China. The Company contracted with a third party to developoperate the online shopping platform and market medical products under a license from BioMark. The primary intended products include Bone-Induction Artificial Bone (“BIAB”) and Vacuum Sealing Drainage (“VSD”).marketing campaign in the United States until January 2020 when it ceased this business.
We currently are not deployingFrom the licenses we hold for the BIAB or VSD products. We have no current operations at this time. For us to develop our business, we will need to raise capital, engage personnel and develop and implement a business plan.
The Company is also licensed to conduct research and development of BioMark's cancer detection scanning technology. To date, we have not taken any steps to pursue the research and development of a cancer detection scanning product.
Since third quarter of 2017,the year ended February 29, 2020, the company has been planningbegan providing technical support services for development of new nutrition food products to sale Acropass series cosmetic productssell to customers in USA market, and hired a marketing company to take promotion campaign for related products.the United States.
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"(“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"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 fair presentation of financial position as of November 30, 2017,2021, results of operations, changes in stockholders'stockholders’ equity (deficit) and cash flows for the nine month periods ended November 30, 20172021 and 2016,2020, as applicable, have been made. The results for these interim periods are not necessarily indicative of the results for the entire year. The accompanying financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company'sCompany’s Form 10-K.
Use of Estimates and Assumptions
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
The Company’s significant estimates include income tax provisions and valuation allowances of deferred tax assets; the fair value of financial instruments and the assumption that the company will continue as a going concern. Those significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.
F-6 |
Table of Contents |
Recent Accounting Pronouncements
In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance will be effective for entities for the fiscal years beginning after 15 December 2021, and interim periods within those fiscal years, beginning after December 15, 2022 on a prospective basis, with early adoption permitted. We will adopt the new standard effective March 1, 2022 and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.
Net LossIncome Per Common Share
Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net lossincome per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period.
Since the company has incurred losses for all periods except the second quarter ended at August 31, 2021, the impact of the common stock equivalents would be anti- dilutive and therefore are not included in the calculation in those periods.
NOTE 3 – GOING CONCERN
The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. As atof November 30, 20172021 the Company had current assets of $17,394,$41,011, and current liabilities total $855,488$1,187,567 resulting in a working capital deficit of $838,095.$1,146,556. The Company currently only has no profitable tradingsmall scale operation activities and has an accumulated deficit of $3,055,570$3,633,337 as atof November 30, 2017.2021. This raises substantial doubt about the Company'sCompany’s ability to continue as a going concern.
The Company may raise additional capital through the sale of its equity securities, through an offering of debt securities, or through borrowings from financial institutions or related parties. By doing so, the Company hopes to generate sufficient capital to execute its new business plan in the medical and cosmeticsnutrition product technology support sector on an ongoing basis. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern. There is no guarantee the Company will be successful in achieving these objectives.
NOTE 4 – ACCOUNTS RECEIVABLE
As of November 30, 2021 the Company had an accounts receivable balance of $9,384 compared with $9,384, February 28, 2021.
NOTE 5 – PREPAID EXPENSE
The Company is paying an annual fee for its OTC Markets service. The current service period is from December 1, 20172020 to November 30, 2018.2021. The service charge is recorded as a prepaid expense and amortized using straight line amortization over the service period. In November,2021, the company renewed and paid the service fee for the period from December 1, 2021 to November 30, 2022. The prepaid expense balance is $10,000$14,000 as of November 30, 2017.2021 compared to $9,000 as of February 28, 2021.
NOTE 5 – CONVERTIBLE DEBT
On December 9, 2015, the Company issued a convertible note of $60,000 which was determined to contain embedded conversion features required to be bifurcated from the host contract and reported at fair value. During the second quarter ended at August 31, 2017, the company paid off the remaining outstanding note balance in full plus 140% interest. As a result, the convertible note balance net of discount amortization as of November 30, 2017 was zero.
The holder of the convertible note converted $52,600 and $6,600 of principal into 4,079,360 and 1,627,777 common shares during the year end February, 2017 and nine month end November 30, 2017 respectively. The following is a summary of the debt conversions:
Date |
| Principle Converted |
|
| Shares issued |
|
| Conversion Price |
| |||
|
|
|
|
|
|
|
|
|
| |||
30-Jun-16 |
| $ | 15,000 |
|
|
| 113,636 |
|
|
| 0.132 |
|
12-Jul-16 |
|
| 15,000 |
|
|
| 357,142 |
|
|
| 0.042 |
|
15-Aug-16 |
|
| 5,700 |
|
|
| 452,380 |
|
|
| 0.0126 |
|
24-Aug-16 |
|
| 3,100 |
|
|
| 469,696 |
|
|
| 0.0066 |
|
7-Sep-16 |
|
| 2,400 |
|
|
| 500,000 |
|
|
| 0.0048 |
|
20-Sep-16 |
|
| 2,400 |
|
|
| 500,000 |
|
|
| 0.0048 |
|
22-Sep-16 |
|
| 2,600 |
|
|
| 541,666 |
|
|
| 0.0048 |
|
28-Sep-16 |
|
| 2,600 |
|
|
| 541,666 |
|
|
| 0.0048 |
|
15-Dec-16 |
| $ | 3,800 |
|
|
| 603,174 |
|
|
| 0.0063 |
|
Total year ended 2-28-17 |
| $ | 52,600 |
|
|
| 4,079,360 |
|
|
|
|
|
16-Mar-17 |
|
| 2,900 |
|
|
| 805,555 |
|
|
| 0.0036 |
|
7-Apr-17 |
|
| 3,700 |
|
|
| 822,222 |
|
|
| 0.0045 |
|
Total period ended 9-30-2017 |
| $ | 6,600 |
|
|
| 1,627,777 |
|
|
|
|
|
The following is the summary of outstanding convertible note balances
Description |
| Nov 30, 2017 |
|
| Feb 28, 2017 |
| ||
One convertible promissory note in the amount of $60,000, with maturity date of December 9, 2018, bearing interest 0% per annum, convertible into common stock at conversion prices equal to 60% of the lowest price in the prior 20 trading days. The Company |
| $ | 800 |
|
| $ | 7,400 |
|
Less: debt discount |
|
| - |
|
|
| (4,238 | ) |
Less: debt payoff |
|
| (800 | ) |
|
| - |
|
Total |
|
| - |
|
|
| 3,162 |
|
Less: current portion |
|
| - |
|
|
| - |
|
Long-term convertible debt, net |
| $ | - |
|
| $ | 3,162 |
|
Debt Discount
During the nine months ended November 30, 2017 and the year ended February 28, 2017, the Company recorded debt discounts totaling $-0- and $4,238, respectively.
The Company amortized $4,238 and $49,448 during the nine months ended November 30, 2017 and the year ended February 28, 2017, respectively, to amortization of debt discount.
|
| As of |
|
| As of |
| ||
|
| 30-Nov-17 |
|
| 28-Feb-17 |
| ||
|
|
|
|
|
|
| ||
Debt discount |
| $ | 58,026 |
|
| $ | 58,026 |
|
Accumulated amortization of debt discount |
|
| (58,026 | ) |
|
| (53,788 | ) |
Debt discount - net |
| $ | - |
|
| $ | 4,238 |
|
Derivative Liabilities
The following schedule shows the fair value of the derivative liabilities during the nine month periods ended November 30, 2017 and year end February 28, 2017:
As of nine month period ended November 30, 2017:
Derivative liabilities - February 28, 2017 |
| $ | 9,156 |
|
Add fair value at the commitment date for convertible notes issued during the three months |
|
| - |
|
Fair value reduction for derivatives due to note conversion |
|
| (12,276 | ) |
Fair value mark to market adjustment for derivatives |
|
| 4,362 |
|
Derivatives extinguishment due to debt payoff |
|
| (1,242 | ) |
Derivative liabilities – November 30, 2017 |
|
| - |
|
Less: current portion |
|
| - |
|
Long-term derivative liabilities November 30, 2017 |
| $ | - |
|
As of year ended February 28, 2017
Derivative liabilities - February 28, 2016 |
| $ | 83,049 |
|
Add fair value at the commitment date for convertible notes issued during year end February 28, 2017 |
|
| - |
|
Fair value reduction for derivatives due to note conversion |
|
| (76,387 | ) |
Fair value mark to market adjustment for derivatives |
|
| 2,494 |
|
Derivative liabilities – February 28, 2017 |
|
| 9,156 |
|
Less: current portion |
|
| - |
|
Long-term derivative liabilities February 28, 2017 |
| $ | 9,156 |
|
During the nine months ended November 30, 2017, the Company recorded change in derivatives liability of $4,362 and reduction of derivatives liability of $12,276 due to conversion and derivatives extinguishment of $1,242 due to debt payoff. During the nine months ended November 30, 2016, the Company recorded change in derivatives liability of $3,407 and reduction of derivatives liability of $66,643 due to conversion .
The fair value at the commitment and re-measurement dates for the Company’s derivative liabilities were based upon the following assumptions during the three-month period ended November 30, 2017:
Commitment Re-measurement Assumption Date Date Expected dividends: Expected volatility: 203.7%~245.3 % Expected term (years): 1.39~1.73 Risk free interest rate: 1.19%~1.35 %0 % 0 % 45 % 3 1.22 %
NOTE 6 – RELATED PARTY TRANSACTIONS
In support of the Company’s efforts and cash requirements, it must rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equitycommon stock or traditional debt financing. There is no formal written commitment for continued support by shareholders. The advances are considered temporary in nature and have not been formalized by a promissory note.
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As atof November 30, 2017,2021, the Company had a $420,488$583,879 loan outstanding with its CEO, Ms. Yan Li and $-0- with its former treasurer Mr. Ireland.Li. This compares with the outstanding balance of $282,889$551,124 for Ms. Yan Li and $840 for Mr. Ireland at February 28, 2017.2021. The loans are non-interest bearing, due upon demand and unsecured.
A related party created a website, that was active beginning in August of 2015, and billed the Company $25,000. The expense of this website is being amortized over 36 months at the rate of $694 per month.
A related party is providing accounting service to the company at an estimated annual service fee of $16,000.$19,000.
From November 2017, the Company started to purchase cosmetic products from a related party controlled by our CEO. The Company purchased a total of $47,643 of inventory from 2 related parties which was sold during the year ended February 29, 2020, the accounts payable balance of which is outstanding as of November 30, 2021 and February 28, 2021.
NOTE 7 – ACCRUED OFFICER COMPENSATION AND STOCK COMPENSATION
On December 15, 2015, the Company entered into an employment agreementsagreement with its president, Ms. Yan Li, and its secretary and treasurer, Mr. Robert Ireland. Both agreements wereLi. The agreement was retroactively effective as of December 4, 2015, for a term of 36 months (measured from December 4, 2015). Pursuant to the agreement, both Ms. Yan and Mr. Ireland shall receive an annual salary of $100,500 and 100,000 shares of the Company'sCompany’s common stock.
On August 30, 2017, Mr. Robert Ireland resigned as Secretary/Treasurer ofJanuary 15, 2019, the company. Additionally, upon his resignation, he surrendered all outstanding equity compensation to the company and agreed to cancel all outstanding debtboard of the company that was owedapproved new compensation to himits five officers including two new appointed directors. The five directors waived their salary and receive a total of 500,000 shares each year for past compensation in the amounta term of $409,875.three years.
As of November 30, 2017, $435,000 is reflected2021, a total of $535,500 had been accrued as accruedsalary compensation payable compared to Ms. Yan Li and as of$535,500 at February 28, 2017 $359,625 was reflected as accrued compensation2021 to each officer for a total accrual of $719,250.
NOTE 8 – STOCKHOLDERS EQUITYthe president only.
During the quarterthree months ended August 31, 2017, convertible debtNovember 30, 2021, a total of $6,600 was converted into 1,627,777 shares of common$4,500 stock as providedcompensation had been recorded to the five senior officers compared to $4,500 for the same period in the convertible note agreement. Associated with the note conversion, derivative liability was reduced by $12,276 at August 31, 2017.prior year to five directors.
On August 30, 2017, Mr. Lei Wang was appointed as the Chief Financial Officer by the company’s Board of Directors. Mr. Wang will be paid stock compensation time to time base on business progress. Mr. Wang was also granted 200,000 shares of restricted common stock at the time of his appointment, which vests immediately. The restricted stock has a value of $2,100 based on stock market price of $0.0105 per share at stock grant date.
On August 30, 2017, Mr. Kecheng Xu was appointed as Secretary/Treasurer by the company’s Board of Directors, effective immediately. Mr. Xu will be paid stock compensation time to time based on business progress. Mr. Xu was granted 50,000 shares of restricted common stock at the time of his appointment. The restricted stock has a value of $525 base on stock market price of $0.0105 per share at stock grant date.NOTE 8 – STOCKHOLDERS’ EQUITY
For the nine-month periodsquarter ended November 30, 2017 and 2016,2021, a total of $262,500 and $315,000, respectively has been125,000 equivalent shares valued at $4,500 was recorded as share basedstock compensation expense to Yan Libe issued at a future date to the president and Robert Irelandother four senior officers for 50,000 and 75,000 shares, respectively based on their December 2015 employment agreements.services. It is offset by a same amount of Additional in Capital entry in equity.
DuringFor the nine-month periodnine months ended November 30, 2017, 175,000 granted2021, a total of 375,000 equivalent shares valued at $367,500 have been canceled$13,500 was recorded as stock compensation expense to Mr. Robert Ireland upon his resignation withbe issued at a future date to the par valuepresident and other four senior officers for their services. It is offset by a same amount of $175 reducing the balance of common stock outstanding.Additional in Capital entry in equity.
NOTE 9 – SUBSEQUENT EVENTEVENTS
None.In accordance with ASC 855-10 “Subsequent Events”, the company has analyzed its operations subsequent to November 30, 2021, to January 7, 2022, the date when the financial statements were issued. The Management of the Company determined that there were no reportable events that occurred during that subsequent period to be disclosed or recorded.
F-8 |
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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"“Company”, "the "Registrant"“the “Registrant”, "we"“we”, "us"“us” or "our"“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"“LBYV” to "JFIL."“JFIL.” On July 24, 2013, the Company changed its business sector to the medical sector. On September 30, 2013, the Company entered into a world-wide five year licensing agreement with BioMark Technologies (Asia) Limited ("BioMark") whereby the Company is licensed to sell, market, and, or, distribute certain products pertaining to the health care industry; and to conduct research and development of BioMark's cancer detection scanning technology. On August 18, 2015 the Company changed its name to Jubilant Flame International, Ltd.
TheFrom the fourth quarter of the fiscal year ended February 28, 2018, the Company currently hasstarted to market and sell cosmetics products imported from Asia -Acropass Series products – in the right to develop and market medical products under a license from BioMark. The primary intended products include Bone-Induction Artificial Bone (“BIAB”) and Vacuum Sealing Drainage (“VSD”).
We currently are not deploying the BIAB or VSD products pursuant to the license. We have no current operations at this time. For us to develop our business, we will need to raise capital, engage personnel and develop and implement a business plan.
The Company is also licensed to conduct research and development of BioMark's cancer detection scanning technology.United States market. In the event that the research and developmentbeginning of BioMark's cancer detection scanning technology provides marketable technology,2020, the Company shall haveceased the right of first refusal to a license to market, sell and distribute such cancer detection scanning technology, all the terms of which would be negotiated at that time of licensing. To date, we have not taken any steps to pursue the research and development of a cancer detection scanning product.
The company began to marketing and sale Acropass seriesselling of cosmetic products in USA market from the December 2017. The company is purchasing the products from a common owner control company in china and promoting sales through Amazon in USA market.United States.
From the third quarter of the year ended February 29, 2020, the company began providing technical support services for development of new nutrition food products to sell to customers in USA.
Results of Operations
Revenue
We recognized no sales revenue in the three and nine months ended November 30, 20172021 and 2016 as we have not commenced operations as yet.
Operating Expenses
For the three months ended November 30,201730, 2021 compared to the three months ended November 30,201630, 2020
The major components of our operating expenses for the three months ended November, 30, 20172021 and 20162020 are outlined in the table below:
|
| Three Months Ended |
| Three Months Ended |
| |||||||||||
|
| Nov 30, |
| Nov 30, |
|
| Three Months Ended |
| Three Months Ended |
| ||||||
|
| 2017 |
| 2016 |
|
| November 30 |
| November 30 |
| ||||||
|
|
|
|
|
|
| 2021 |
|
| 2020 |
| |||||
Officer compensation |
| $ | 77,625 |
| $ | 155,950 |
|
| 4,500 |
| 4,500 |
| ||||
Professional fee |
| 88,379 |
| 13,800 |
|
| 14,723 |
| 14,371 |
| ||||||
Rent |
| - |
| 6,000 |
| |||||||||||
Office expense |
| 1,154 |
| 1,059 |
| |||||||||||
Web Amortization expense |
| 2,083 |
| 2,083 |
| |||||||||||
OTC Filing fees |
|
| 2,188 |
|
|
| 2,813 |
|
| 3,000 |
| 3,000 |
| |||
Other G&A |
|
| 1,030 |
|
|
| 1,114 |
| ||||||||
Total operating expenses |
| $ | 171,429 |
|
| $ | 181,705 |
|
| $ | 23,253 |
|
| $ | 22,985 |
|
The $10,276 decrease$268 increase in our operating costs for the three months ended November 30, 20172021 compared to three months ended November 30, 2016,2020, was mainly due to the $78,325 decrease in officer compensation offset with $74,578an increase of $352 in professional expense of marketing and decrease of $6,000 in rent expense.fee.
For the nine months ended November 30,201730, 2021 compared to the nine months ended November 30,201630, 2020
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The major components of our operating expenses for the nine months ended November 30, 20172021 and 20162020 are outlined in the table below:
|
| Nine Months Ended |
|
| Nine Months Ended |
| ||
|
| Nov 30, |
|
| Nov 30, |
| ||
|
| 2017 |
|
| 2016 |
| ||
|
|
|
|
|
|
| ||
Officer compensation |
| $ | 390,750 |
|
| $ | 467,040 |
|
Transfer agent |
|
| 4,867 |
|
|
| 6,142 |
|
Edgar filing fees |
|
| 2,346 |
|
|
| 5,097 |
|
OTC service fees |
|
| 7,188 |
|
|
| 5,625 |
|
Rent |
|
| 6,000 |
|
|
| 18,000 |
|
Office expense |
|
| 3,668 |
|
|
| 2,280 |
|
Web Amortization expense |
|
| 6,250 |
|
|
| 6,250 |
|
Legal fees |
|
| 3,760 |
|
|
| 3,281 |
|
Accounting fees |
|
| 24,025 |
|
|
| 27,384 |
|
Marketing expense |
|
| 77,497 |
|
|
| 12,500 |
|
Total operating expenses |
| $ | 526,351 |
|
| $ | 553,599 |
|
|
| Nine Months Ended |
|
| Nine Months Ended |
| ||
|
| November 30 |
|
| November 30 |
| ||
|
| 2021 |
|
| 2020 |
| ||
Officer compensation |
|
| 13,500 |
|
|
| 13,500 |
|
Selling expense |
|
| - |
|
|
| 18 |
|
Professional fee |
|
| 39,755 |
|
|
| 42,235 |
|
OTC Filing fees |
|
| 9,000 |
|
|
| 9,000 |
|
Other G&A |
|
| 1,102 |
|
|
| 1,204 |
|
Total operating expenses |
| $ | 63,357 |
|
| $ | 65,957 |
|
The $27,248$2,600 decrease in our operating costs for the nine months ended November 30, 20172021 compared to nine months ended November 30, 2016,2020, was mainly due to $76,290a decrease of officer compensation offset with $64,997 increase of marketing expense, and the $12,000$2,480 decrease in rent expense.
Other Expenses
Other expenses decreased to zero for the three months ended November 30, 2017, from $30,050 for the three months ended November 30, 2016. Other expenses consisted primarily of $21,827 decrease in change and gain in derivatives liability and $8,223 in debt discount amortization expense.
Other expenses decreased to $7,678 for the nine months ended November 30, 2017, from $42,975 for the nine months ended November 30, 2016. Other expenses consisted primarily of $46,382 in debt discount amortization expense and offset by $3,407 of change in derivatives liability.
The debt discount amortization decrease is due to conversion from a convertible promissory note issued on December 9, 2015.
Net LossIncome
For the three months ended November 30, 2017,2021, we recognized a net lossother income of $171,429zero compared to the net loss of $211,755zero for the corresponding period in 2016.2020.
For the nine months ended November 30, 2017,2021, we recognized other income of $22,243 compared to zero for the corresponding period in 2020.
No other expenses incurred during the three months and nine months periods ended November 30, 2021 and 2020.
Net income (Loss)
For the three months ended November 30, 2021, we recognized a net loss of $534,028$ 23,253 compared to the net loss of $596,574$22,985 for the corresponding period in 2016.2020.
For the nine months ended November 30, 2021, we recognized a net loss of $ 41,114 compared to the net loss of $65,957 for the corresponding period in 2020.
Liquidity and Capital Resources
Working Capital
|
| November 30, 2017 |
|
| February 28, 2017 |
|
| November 30, |
| February 28, |
| |||||
|
|
|
|
|
|
| 2021 |
|
| 2021 |
| |||||
Current Assets |
| $ | 17,394 |
| $ | 10,841 |
|
| $ | 41,011 |
| $ | 20,825 |
| ||
Current Liabilities |
| $ | 855,488 |
|
| $ | 1003,554 |
|
| $ | 1,187,567 |
|
| $ | 1,139,767 |
|
Working Capital Deficit |
| $ | (838,095 | ) |
| $ | (992,713 | ) |
| $ | (1,146,556 | ) |
| $ | (1,118,942 | ) |
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As of November 30, 2017,2021, the Company had current assets comprisingof $41,011, primarily comprised of cash of $7,394 and$17,627, prepaid expenses of $10,000,$14,000 and accounts receivable of $9,384, and current liabilities of $855,488,$1,187,567, resulting in a working capital deficit of $838,095.$1,146,556. The Company had nolimited profitable tradingoperation activities and has an accumulated deficit of $3,055,570$3,633,337 as atof November 30, 2017.2021. This raises substantial doubt about the Company'sCompany’s ability to continue as a going concern.
The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.
Based on the Company’s current operating plan and global coronavirus pandemic impact, the Company does not have sufficient cash and cash equivalents to fund its operations for at least the next twelve months. The Company will need to obtain additional financing to operate our business. The Company may raise additional capital through the sale of its equity securities, through an offering of debt securities, or through borrowings from financial institutions or related parties. By doing so, the Company hopes to generate sufficient capital to execute its new business plan in the medicalnutrition product technology support sector on an ongoing basis. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern. There is no guarantee the Company will be successful in achieving these objectives.
Cash Flows from Operating Activities
Our net cash used in operating activities increaseddecreased by $38,289$39,473 in the nine months ended November 30, 20172021 of $(17,569) compared to the net cash used in operating activities in the nine months ended November 30, 2016, representing an increase2020 of 40%$ (57,042). The increasedecrease in net cash used in operating activities was primarily the result of a $64,997 increase$22,000 shared operating income and a decrease of $20,545 in marketing expense and $12,000 decrease in rent expense.
Cash Flows from Investing Activities
We did not generate or use any cash from investing activities during the nine months ended November 30, 20172021 or 2016.2020.
Cash Flows from Financing Activities
Our cash provided by financing activities increaseddecreased from $98,937$53,828 for the nine months ended November 30, 20162020 to $136,798$32,755 for the nine months ended November 30, 2017.2021. In both periods, cash was provided by the way of loans from related parties.
Future FinancingsFinancing
We anticipate that additional funding will be required in the form of equity financing from the sale of our common stock, through an offering of debt securities, or through borrowings from financial institutions or related parties. However, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock or through a loan from our directors to meet our obligations over the next twelve months.
Recent Accounting Pronouncements
In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 amends previous guidance to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company adopted ASU No.2015-03 regarding the presentation of debt issuance cost since the year end of February 29, 2016.
The Company may pay debt issue costs and record debt discounts in connection with raising funds through the issuance of convertible debt. These costs are treated as debt discount and are amortized to interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed.
Off Balance Sheet Arrangements
As of November 30, 2017,2021, we did not have any off-balance-sheet arrangements, as defined in Item 303(a)(4)(ii) of Regulation S-K.
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.
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.
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We were not subject to any legal proceedings during the threenine months ended November 30, 2017,2021, and currently we are not involved in any pending litigation or legal proceedings.
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.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
Not applicable.
Not applicable.
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The following documents are filed as a part of this report:
EXHIBIT NUMBER |
| DESCRIPTION |
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| 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 |
Document. | ||
101.PRE ** |
| Inline XBRL Taxonomy Extension Presentation Linkbase |
104** | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
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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 |
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Date: January | By: | /s/ Yan Li | |
Yan Li | |||
President, Chief Executive Officer (Principal Executive Officer) and Director | |||
Date: January | By: | /s/ Lei Wang | |
Lei Wang | |||
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