UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

FORM 10-Q

 

☒   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended August 31, 2020

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number 333-173456

 

Jubilant Flame International, LTD

(Exact name of registrant as specified in its charter)

 

Nevada

(State or other jurisdiction of incorporation or organization)

 

10F., Yunfeng Building, No. 478 Wuzhong Rd, Shanghai, China 201103

(Address of principal executive offices, including zip code.)

 

+ 86 21 64748888

(Registrant'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 ☒   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” and “small reporting 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. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

 

As of October 5, 2020, there are 19,048,208 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

 

TABLE OF CONTENTS

 

			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

 

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PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

JUBILANT FLAME INTERNATIONAL, LTD.

FOR THE THREE-MONTH PERIODS ENDED August 31, 2020

 

Index to Unaudited Financial Statements

 

Contents		Page
Balance Sheets August 31, 2020 (Unaudited) and February 29, 2020		F-2
Statements of Operations for the Three and Six-Month Periods Ended August 31, 2020 and 2019 (Unaudited)		F-3
Statements of Changes in Stockholders’ Deficit for the Three and Six-Month Periods Ended August 31, 2020 and 2019 (Unaudited)		F-4
Statements of Cash Flows for the Six-Month Periods Ended August 31, 2020 and 2019 (Unaudited)		F-5
Notes to the Financial Statements (Unaudited)		F-6

 

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JUBILANT FLAME INTERNATIONAL, LTD
Balance Sheets
(Unaudited)
		August 31,				February 29,
		2020				2020
ASSETS
Current assets
Cash		$	2,483			$	10,628
Accounts receivable			9,384				9,402
Prepaid expenses			3,000				9,000
Total current assets			14,867				29,030
Total Assets		$	14,867			$	29,030
LIABILITIES & STOCKHOLDERS' DEFICIT
Current liabilities
Accounts payable and accrued liabilities		$	2,050			$	8,698
Due to related party			47,643				47,643
Accrued officer compensation			535,500				535,500
Loan payable - related parties			516,401				489,945
Total current liabilities			1,101,594				1,081,786
Total Liabilities			1,101,594				1,081,786
Stockholders' Deficit
Common stock, $0.001 par value per share 75,000,000 shares authorized; 19,048,208 and 19,048,208 shares issued and outstanding, respectively			19,049				19,049
Additional paid in capital			2,445,233				2,436,233
Accumulated deficit			(3,551,009	)			(3,508,038	)
Total Stockholders' Deficit			(1,086,727	)			(1,052,756	)
Total Liabilities and Stockholders' Deficit		$	14,867			$	29,030

 

The accompanying notes are an integral part of these financial statements.

 

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JUBILANT FLAME INTERNATIONAL, LTD
Statements of Operations
(Unaudited)
		For the three months ended								For the six months ended
		August 31,								August 31,
		2020				2019				2020				2019
Sales of goods		$	-			$	10,185			$	-				16,515
Total revenue			-				10,185				-				16,515
Costs and Operating Expenses:
Cost of goods sold			-				4,832				-				7,551
Operating, selling, general and administrative			19,872				22,755			$	42,972			$	52,108
Total operating expenses			19,872				27,587				42,972				59,659
Loss from operations			(19,872	)			(17,402	)			(42,972	)			(43,144	)
Loss before provision for income taxes			(19,872	)			(17,402	)			(42,972	)			(43,144	)
Net Loss		$	(19,872	)		$	(17,402	)		$	(42,972	)		$	(43,144	)
Net loss per share
(Basic and fully diluted)		$	(0.00	)		$	(0.00	)		$	(0.00	)		$	(0.00	)
Weighted average number of common shares outstanding			19,048,208				18,674,567				19,048,208				18,612,067

 

The accompanying notes are an integral part of these financial statements

 

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JUBILANT FLAME INTERNATIONAL, LTD

Statements of Changes in Stockholders' Deficit

(Unaudited)

 

For the Three Months ended August 31, 2020 and 2019
										Additional								Total
		Common Stock								paid in				Accumulated				Stockholders'
		Shares				Amount				Capital				deficit				Deficit
Balance as of May 31, 2020			19,048,208			$	19,049			$	2,440,733			$	(3,531,137	)		$	(1,071,355	)
Shares awarded for stock compensation											4,500								4,500
Net loss for the period															(19,872	)			(19,872	)
Balance as of August 31, 2020			19,048,208			$	19,049			$	2,445,233			$	(3,551,009	)		$	(1,086,727	)
										Additional								Total
		Common Stock								paid in				Accumulated				Stockholders'
		Shares				Amount				Capital				deficit				Deficit
Balance as of May 31, 2019			18,673,208			$	18,674			$	2,423,108			$	(3,457,631	)		$	(1,015,850	)
Shares awarded for stock compensation			125,000				125				4,375								4,500
Net loss for the period															(17,402	)			(17,402	)
Balance as of August 31, 2019			18,798,208			$	18,799			$	2,427,483			$	(3,475,033	)		$	(1,028,752	)
For the Six Months ended August 31, 2020 and 2019
										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											9,000								9,000
Net loss for the period															(42,972	)			(42,972	)
Balance as of August 31, 2020			19,048,208			$	19,049			$	2,445,233			$	(3,551,009	)		$	(1,086,727	)
										Additional								Total
		Common Stock								paid in				Accumulated				Stockholders'
		Shares				Amount				Capital				deficit				Deficit
Balance as of February 28, 2019			18,548,208			$	18,549			$	2,418,733			$	(3,431,889	)		$	(994,608	)
Shares awarded for stock compensation			250,000				250				8,750								9,000
Net loss for the period															(43,144	)			(43,144	)
Balance as of August 31, 2019			18,798,208			$	18,799			$	2,427,483			$	(3,475,033	)		$	(1,028,752	)

 

accompanying notes are an integral part of these financial statements

 

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JUBILANT FLAME INTERNATIONAL, LTD
Statements of Cash Flows
(Unaudited)
		For the six months ended August 31,
		2020				2019
Cash Flows from Operating Activities:
Net loss		$	(42,972	)		$	(43,144	)
Adjustments to reconcile net (loss) to net cash (used in) operating activities
Website amortization			-				-
Share based compensation			9,000				9,000
Changes in Current Assets and Liabilities:
Account receivable			18				(1,234	)
Inventory			-				2,369
Prepaid expense			6,000				6,000
Accounts payable			(6,647	)			49,866
Due to related party			-				(41,858	)
Accrued officer's compensation			-				-
Net cash used in operating activities			(34,601	)			(19,001	)
Cash Flows from Financing Activities:
Net proceeds from related party loans			26,456				9,287
Net cash provided by financing activities			26,456				9,287
Net (Decrease) In Cash			(8,145	)			(9,714	)
Cash at The Beginning Of The Period			10,628				12,115
Cash at The End Of The Period		$	2,483			$	2,401

 

The accompanying notes are an integral part of these financial statements

 

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JUBILANT FLAME INTERNATIONAL, LTD

Notes to Financial Statements

August 31, 2020

(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 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 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 providing technical support services for development of new nutrition food products to sell to customers in USA.

 

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 fair presentation of financial position as of August 31, 2020, results of operations, changes in stockholders' equity (deficit) and cash flows for the three month periods ended August 31, 2020 and 2019, 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'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.

 

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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.

 

Net Loss 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 loss 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, the impact of the common stock equivalents would be anti- dilutive and therefore are not included in the calculation.

 

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 of August 31, 2020 the Company had current assets of $14,867, and current liabilities total $1,101,594 resulting in a working capital deficit of $1,086,727. The Company currently has small scale operation activities and has an accumulated deficit of $3,551,009 as of August 31, 2020. This raises substantial doubt about the Company'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 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.

 

NOTE 4 – PREPAID EXPENSE

 

The Company is paying an annual fee for its OTC Markets service. The service period is from December 1, 2019 to November 30, 2020. The service charge is recorded as a prepaid expense and amortized using straight line amortization over the service period. The prepaid expense balance is $3,000 as of August 31, 2020 compared to $9,000 as of February 29, 2020.

 

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NOTE 5 – 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 common 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.

 

As of August 31, 2020, the Company had a $516,401 loan outstanding with its CEO, Ms. Yan Li. This compares with the outstanding balance of $489,945 for Ms. Yan Li at February 29, 2020. The loans are non-interest bearing, due upon demand and unsecured.

 

A related party is providing accounting service to the company at an estimated annual service fee of $23,000.

 

From November 2017, the Company started to purchase cosmetic products from a related party controlled by our CEO. As of the three-month period ended August 31, 2020, the Company incurred a total of $47,643 due to related parties for inventory purchase. This compares with a total of $47,643 due to a related party for inventory purchased and accrued service fee at February 29, 2020.

 

NOTE 6 – ACCRUED OFFICER COMPENSATION AND STOCK COMPENSATION

 

On December 15, 2015, the Company entered into employment agreements with its president, Ms. Yan Li, and its former secretary and treasurer, Mr. Robert Ireland. Both agreements were retroactively effective as of December 4, 2015, for a term of 36 months (measured from December 4, 2015). On August 30, 2017, Mr. Robert Ireland resigned as Secretary/Treasurer of the company.

 

On January 15, 2019, the board of the company approved new compensation to its five officers including two new appointed directors. The five directors waived their salary and receive a total of 500,000 shares each year for a term of three years.

 

As of August 31, 2020, a total of $535,500 had been accrued as salary compensation payable compared to $535,500 at February 29, 2020 to the president only.

 

During the six months ended August 31, 2020 and 2019, a total of $9,000 stock compensation had been recorded to the five senior officers respectively.

 

NOTE 7 – STOCKHOLDERS’ EQUITY

 

For the six months ended August 31, 2020, a total of 250,000 equivalent shares valued at 9,000 was recorded as stock compensation expense to the president and other four senior officers for their service. It offsets with a same amount of Additional in Capital entry in equity. 

 

NOTE 8 – SUBSEQUENT EVENTS

 

None.

 

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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", "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. 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.

 

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.

 

The Company has 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”) but the Company currently does not have any plan to deploy such licenses and is focusing its operation on the Acropass products.

 

Results of Operations

 

Revenue

 

We recognized zero sales revenue in the three months and in six months ended August 31, 2020 respectively compared to $10,185 sales revenue in the three months and $16,515 sales revenue in the six months ended August 31, 2019.

  

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Operating Expenses

 

For the three months ended August 31, 2020 compared to the three months ended August 31, 2019

 

The major components of our operating expenses for the three months ended August 31, 2020 and 2019 are outlined in the table below:

 

		Three Months Ended				Three Months Ended
		August 31, 2020				August 31, 2019
Officer compensation		$	4,500			$	4,500
Selling expense			-				3,898
Professional fee			12,324				11,257
OTC Filing fees			3,000				3,000
Office expense			48				100
Total operating expenses		$	19,872			$	22,755

 

The $2,883 decrease in our operating costs for the three months ended August 31, 2020 compared to three months ended August 31, 2019, was mainly due to a decrease of $3,898 in selling expense due to promotion activity reduction offset with $1,068 increase in professional fee.

  

For the six months ended August 31,2020 compared to the six months ended August 31,2019

 

The major components of our operating expenses for the six months ended August 31, 2020 and 2019 are outlined in the table below:

 

		Six Months Ended				Six Months Ended
		August 31, 2020				August 31, 2019
Officer compensation		$	9,000			$	9,000
Selling expense			18				6,661
Transfer agent			3,484				3,350
Edgar filing fees			1,922				1,458
Accounting & audit fees			22,000				22,900
OTC Filing fees			6,000				6,000
Office expense			90				1,191
Legal fees			458				1,548
Total operating expenses		$	42,972			$	52,108

  

The $9,136 decrease in our operating costs for the six months ended August 31, 2020 compared to six months ended August 31, 2019, was mainly due to a decrease of $6,643 in selling expense due to new product campaign and promotion activity reduction.

 

Other Expenses

 

No other expense during the period of three months and six months ended August 31, 2020 and 2019.

  

Net Loss

 

For the three months ended August 31, 2020, we recognized a net loss of $19,872 compared to the net loss of $17,402 for the corresponding period in 2019.

 

For the six months ended August 31, 2020, we recognized a net loss of $42,972 compared to the net loss of $43,144 for the corresponding period in 2019.

 

Liquidity and Capital Resources

 

Working Capital

 

		August 31, 2020				February 29, 2020
Current Assets		$	14,867			$	29,030
Current Liabilities		$	1,101,594			$	1,081,786
Working Capital Deficit		$	(1,086,727	)		$	(1,052,756	)

 

As of August 31, 2020, the Company had current assets of $14,867, primarily comprising of cash of $2,483, Account receivable of $9,384 and prepaid expense of $3,000, and current liabilities of $1,101,594, resulting in a working capital deficit of $1,086,727. The Company had limited profitable trading activities and has an accumulated deficit of $3,551,009 as of August 31, 2020. This raises substantial doubt about the Company'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 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.

   

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Cash Flows from Operating Activities

 

Our net cash used in operating activities increased by $15,600 in the six months ended August 31, 2020 compared to the net cash used in operating activities in the six months ended August 31, 2019, representing an increase of 82.1%. The increase in net cash used in operating activities was primarily the result of a $16,515 decrease in sale.

 

Cash Flows from Investing Activities

 

We did not generate or use any cash from investing activities during the six months ended August 31, 2020 or 2019.

 

Cash Flows from Financing Activities

 

Our cash provided by financing activities increased from $9,287 for the six months ended August 31, 2019 to $26,456 for the six months ended August 31, 2020. In both periods, cash was provided by way of loans from related parties.

 

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 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, 2021 and do not expect the adoption of this guidance to have a material impact on our consolidated financial statements.

 

In January 2020, the FASB issued Accounting Standards Update No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) (ASU 2020-01), which clarifies the interaction of the accounting for equity securities under Topic 321, the accounting for equity method investments in Topic 323, and the accounting for certain forward contracts and purchased options in Topic 815. This guidance will be effective for entities for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 on a prospective basis, with early adoption permitted. We are currently evaluating the impact of the new guidance. 

 

Off Balance Sheet Arrangements

 

As of August 31, 2020, 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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PART II – OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS.

 

We were not subject to any legal proceedings during the six months ended August 31, 2020, and currently we are not involved in any pending litigation or legal proceedings.

 

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.

 

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.

 

ITEM 5. OTHER INFORMATION.

 

Not applicable.

  

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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 **		XBRL Instance Document
101.SCH **		XBRL Taxonomy Extension Schema Document
101.CAL **		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF **		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB **		XBRL Taxonomy Extension Label Linkbase Document
101.PRE **		XBRL Taxonomy Extension Presentation Linkbase Document

__________

** 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

 

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: October 5, 2020	By:	/s/ Yan Li
		Yan Li
		President, Chief Executive Officer (Principal Executive Officer) and Director
Date: October 5, 2020	By:	/s/ Lei Wang
		Lei Wang
		(Principal Financial Officer) and Director

 

Jubilant Flame International, Ltd Reports 05/08/2012 - 10-K 05/30/2013 - 10-K 06/20/2014 - 10-K 06/05/2015 - 10-K 06/30/2016 - 10-K 05/11/2017 - 10-K 05/18/2018 - 10-K 05/12/2020 - 10-K 05/07/2021 - 10-K 01/31/2012 - 10-Q 07/11/2012 - 10-Q 10/15/2012 - 10-Q 01/15/2013 - 10-Q 07/15/2013 - 10-Q 10/15/2013 - 10-Q 01/21/2014 - 10-Q 07/18/2014 - 10-Q 10/20/2014 - 10-Q 01/13/2015 - 10-Q 07/14/2015 - 10-Q 10/02/2015 - 10-Q 01/22/2016 - 10-Q 07/15/2016 - 10-Q 10/04/2016 - 10-Q 01/09/2017 - 10-Q 07/12/2017 - 10-Q 10/13/2017 - 10-Q 01/10/2018 - 10-Q 07/11/2018 - 10-Q 10/12/2018 - 10-Q 01/10/2019 - 10-Q 01/08/2020 - 10-Q 07/10/2020 - 10-Q 10/05/2020 - 10-Q 01/06/2021 - 10-Q 07/07/2021 - 10-Q