JUBILANT FLAME INTERNATIONAL, LTD. 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
From the fourth quarter of the fiscal year ended
From the third quarter of the year ended
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Results of Operations
Revenue
We recognized no sales revenue in the three months ended
Operating Expenses
For the three months ended
The major components of our operating expenses for the three months ended
Three Months Ended Three Months Ended
May 31 May 31
2022 2021
Officer stock compensation $ - $ 4,500
Professional fee $ 14,413 $ 14,272
OTC service expense and others $ 3,500 $ 2,756
Total operating expenses $ 17,913 $ 21,528
The
Other Expenses
No other expenses incurred during the three-month periods ended
Net Loss
For the three months ended
Liquidity and Capital Resources
Working Capital
May 31, February 28,
2022 2022
Current Assets $ 10,582 $ 14,082
Current Liabilities $ 1,196,498 $ 1,182,085
Working Capital Deficit $ (1,185,916 ) $ (1,168,003 )
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As of
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 business plan in the nutrition 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 decreased by
Cash Flows from Investing Activities
We did not generate or use any cash from investing activities during the three
months ended
Cash Flows from Financing Activities
Our cash provided by financing activities decreased from
Future Financings
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
In
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Off Balance Sheet Arrangements
As of
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