$JFIL
Jubilant Flame International, Ltd

2024 Q3 Form 10-Q Financial Statement

#000147793224004167 Filed on July 11, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $0.00 $0.00
YoY Change
Gross Profit $0.00 $0.00 $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $10.07K $22.17K $23.84K
YoY Change -22.21% -7.02% 33.13%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses -$10.07K $22.17K $23.84K
YoY Change -22.21% -7.02% 33.11%
Operating Profit -$10.07K -$22.17K -$23.84K
YoY Change -22.21% -7.02% 33.11%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change
Pretax Income -$10.07K -$22.17K -$23.84K
YoY Change -22.21% -7.02%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.07K -$22.17K -$23.84K
YoY Change -22.21% -7.02% 33.11%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 19.99M shares 19.99M shares 19.99M shares
Diluted Shares Outstanding 19.99M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.320K
YoY Change
Cash & Equivalents $1.285K $1.315K $2.502K
Short-Term Investments
Other Short-Term Assets $7.500K
YoY Change
Inventory
Prepaid Expenses $3.750K $7.500K $7.110K
Receivables
Other Receivables
Total Short-Term Assets $5.035K $8.815K $9.612K
YoY Change -16.87% -8.29% -9.17%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $5.035K $8.815K $9.612K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $5.035K $8.815K $9.612K
YoY Change -16.87% -8.29% -9.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $29.53K $46.97K $27.00K
YoY Change 73.98% 73.96% -94.96%
Deferred Revenue
YoY Change
Short-Term Debt $697.8K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.334M $1.328M $1.263M
YoY Change 4.86% 5.14% 5.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.334M $1.328M $1.263M
Total Long-Term Liabilities $0.00
Total Liabilities $1.334M $1.328M $1.263M
YoY Change 4.86% 5.14% 5.56%
SHAREHOLDERS EQUITY
Retained Earnings -$3.818M -$3.808M -$3.742M
YoY Change 1.67% 1.76% 1.84%
Common Stock $19.99K $19.99K $19.99K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.329M -$1.319M -$1.253M
YoY Change
Total Liabilities & Shareholders Equity $5.035K $8.815K $9.612K
YoY Change -16.87% -8.29% -9.17%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$10.07K -$22.17K -$23.84K
YoY Change -22.21% -7.02% 33.11%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$4.091K -$21.87K
YoY Change -81.29% 269.85%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $4.061K $20.79K
YoY Change -80.47% 251.58%
NET CHANGE
Cash From Operating Activities -$4.091K -$21.87K
Cash From Investing Activities
Cash From Financing Activities $4.061K $20.79K
Net Change In Cash -$30.00 -$1.080K
YoY Change -97.22%
FREE CASH FLOW
Cash From Operating Activities -$4.091K -$21.87K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2024Q2 dei Amendment Flag
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CY2024Q2 dei Document Period End Date
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CY2024Q2 dei Document Transition Report
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CY2024Q2 dei Entity File Number
EntityFileNumber
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CY2024Q2 dei Entity Registrant Name
EntityRegistrantName
Jubilant Flame International, LTD
CY2024Q2 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
CY2024Q2 dei Entity Address Address Line1
EntityAddressAddressLine1
Room 508
CY2024Q2 dei Entity Address Address Line2
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T1N Vi Park
CY2024Q2 dei Entity Address Address Line3
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360 Xin Long Road
CY2024Q2 dei Entity Address City Or Town
EntityAddressCityOrTown
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CY2024Q2 dei Entity Address Country
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CN
CY2024Q2 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
201101
CY2024Q2 dei City Area Code
CityAreaCode
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CY2024Q2 dei Local Phone Number
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CY2024Q2 dei Entity Current Reporting Status
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CY2024Q2 dei Entity Filer Category
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CY2024Q2 dei Entity Emerging Growth Company
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CY2024Q2 us-gaap Other Nonoperating Income Expense
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CY2023Q2 jfil Earnings Per Shares Basic And Diluted
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CY2024Q2 jfil Weighted Average Number Of Shares Outstanding Basic And Diluted
WeightedAverageNumberOfSharesOutstandingBasicAndDiluted
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CY2023Q2 jfil Weighted Average Number Of Shares Outstanding Basic And Diluted
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CY2024Q2 us-gaap Increase Decrease In Prepaid Expense
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CY2024Q2 us-gaap Net Cash Provided By Used In Operating Activities
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CY2024Q2 us-gaap Net Cash Provided By Used In Financing Activities
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CY2024Q2 us-gaap Use Of Estimates
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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.</p>
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CY2024Q2 jfil Accruedofficercompensation Textblock
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOTE 6– ACCRUED OFFICER COMPENSATION </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 15, 2015, the Company entered into an employment agreement with its president, Ms. Yan Li. 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, Ms. Yan shall receive an annual salary of $100,500 and 100,000 shares of the Company’s common stock.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">As of May 31, 2024, a total of $535,500 has been accrued as salary compensation payable to the president compared to $535,500 on February 29, 2024. </p>
CY2024Q2 us-gaap Accrued Bonuses Current
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CY2024Q1 us-gaap Accrued Bonuses Current
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