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 cosmetic products in the 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 months ended November 30, 2022 and 2021.





Operating Expenses

For the three months ended November 30, 2022 compared to the three months ended November 30, 2021

The major components of our operating expenses for the three months ended November, 2022 and 2021 are outlined in the table below:





                            Three Months       Three Months
                               Ended              Ended
                            November 30,       November 30,
                                2022               2021

Officer compensation                    -              4,500
Professional fee                   10,604             14,723
OTC Filing fees                     3,500              3,000
Other G&A                             650              1,030
Total operating expenses   $       14,754     $       23,253

The $8,499 decrease in our operating costs for the three months ended November 30, 2022 compared to three months ended November 30, 2021, was mainly due to a decrease of $4,500 in officer compensation and an decrease $4,119 in decrease in professional fee.






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For the nine months ended November 30, 2022 compared to the nine months ended November 30, 2021

The major components of our operating expenses for the nine months ended November 30, 2022 and 2021 are outlined in the table below:





                                Nine               Nine
                            Months Ended       Months Ended
                            November 30,       November 30,
                                2022               2021

Officer compensation                    -             13,500
Professional fee                   35,621             39,755
OTC Filing fees                    10,500              9,000
Other G&A                             650              1,102
Total operating expenses   $       46,771     $       63,357

The $16,586 decrease in our operating costs for the nine months ended November 30, 2022 compared to nine months ended November 30, 2021, was mainly due to a decrease of $13,500 in officer compensation and a decrease of $4,134 in professional fee.





Other Income

For the three months ended November 30, 2022, we recognized other income of zero compared to zero for the corresponding period in 2021.

For the nine months ended November 30, 2022, we recognized other income of zero compared to $22,243 for the corresponding period in 2021.

No other expenses incurred during the three months and nine months periods ended November 30, 2022 and 2021.





Net income (Loss)

For the three months ended November 30, 2022, we recognized a net loss of $14,754 compared to the net loss of $23,253 for the corresponding period in 2021.

For the nine months ended November 30, 2022, we recognized a net loss of $46,771 compared to the net loss of $41,114 for the corresponding period in 2021.

Liquidity and Capital Resources





Working Capital



                          November 30,      February 28,
                              2022               2022
Current Assets            $       3,582     $      14,082

Current Liabilities $ 1,218,356 $ 1,182,085 Working Capital Deficit $ (1,214,774 ) $ (1,168,003 )

As of November 30, 2022, the Company had current assets of $3,582, comprised of cash of $3,582 and current liabilities of $1,218,356, resulting in a working capital deficit of $1,214,774. The Company had limited profitable operation activities and has an accumulated deficit of $3,703,805 as of November 30, 2022. This raises substantial doubt about the Company's ability to continue as a going concern.






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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 increased by $4,552 in the nine months ended November 30, 2022 to ($22,121) compared to the net cash used in operating activities in the nine months ended November 30, 2021 of ($17,569). The decrease in net cash used in operating activities was primarily the result of a decrease of $22,243 share income deposit offset with a decrease of $4,134 in professional fee payment and a decrease of $15,500 in prepaid expense.

Cash Flows from Investing Activities

We did not generate or use any cash from investing activities during the nine months ended November 30, 2022 or 2021.

Cash Flows from Financing Activities

Our cash provided by financing activities decreased from $32,755 for the nine months ended November 30, 2021 to $22,121 for the nine months ended November 30, 2022. In both periods, cash was provided by the way of loans from related parties.





Future Financing

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.

Off Balance Sheet Arrangements

As of November 30, 2022, we did not have any off-balance-sheet arrangements, as defined in Item 303(a)(4)(ii) of Regulation S-K.

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