Quarterly Report for Quarter Ending November 30, 2025 (Form 10-Q)

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. 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. No significant revenue has been generated from this new business line.

Results of Operations

Revenue

We recognized no sales revenue in the three and nine months ended November 30, 2025 compared to nil sales revenue in the three and nine months ended November 30, 2024.

Operating Expenses

For the three months ended November 30, 2025 compared to the three months ended November 30, 2024

The major components of our operating expenses for the three months ended November 30, 2025 and 2024 are outlined in the table below:

		Three Months Ended				Three Months Ended
		November 30,				November 30,
		2025				2024
Professional fee		$	9,474			$	9,289
Office expense			1,122				1,091
OTC service and other			3,900				3,750
Total operating expenses		$	14,496			$	14,130

The $366 increase in our operating costs for the three months ended November 30, 2025 compared to three months ended November 30, 2024, was mainly due to an increase of $185 in professional fee and an increase of $150 in OTC service expense.

For the nine months ended November 30, 2025 compared to the nine months ended November 30, 2024

The major components of our operating expenses for the nine months ended November 30, 2025 and 2024 are outlined in the table below:

		Nine Months Ended				Nine Months Ended
		November 30,				November 30,
		2025				2024
Professional fee		$	34,176			$	33,969
Office expense			1,122				1,151
OTC service and other			11,700				11,250
Total operating expenses		$	46,998			$	46,370

The $628 increase in our operating costs for the nine months ended November 30, 2025 compared to nine months ended November 30, 2024, was mainly due to an increase in OTC service expense of $450 and an increase of $207 in professional fee.

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Other Expenses

No other expenses incurred during the three and nine-month periods ended November 30, 2025 and 2024.

Net loss

For the three months ended November 30, 2025, we recognized a net loss of $14,496 compared to the net loss of $14,130 for the corresponding period in 2024.

For the nine months ended November 30, 2025, we recognized a net loss of $46,998 compared to the net loss of $46,370 for the corresponding period in 2024.

Liquidity and Capital Resources

Working Capital

		November 30,				February 28,
		2025				2025
Current Assets		$	4,175			$	12,925
Current Liabilities		$	1,407,758			$	1,369,510
Working Capital Deficit		$	(1,403,583	)		$	(1,356,585	)

As of November 30, 2025, the Company had current assets of $4,175, comprising of cash of $4,175 and current liabilities of $1,407,758, resulting in a working capital deficit of $1,403,583. The Company had limited profitable operation activities and has an accumulated deficit of $3,892,614 as of November 30, 2025. 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, 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 decreased by $30,417 in the nine months ended November 30, 2025 to $22,858, compared to the net cash used in operating activities in the nine months ended November 30, 2024 of $53,275. The decrease in net cash used in operating activities was primarily the result of a $16,050 increase in prepaid expense and $14,995 increase in accrued expenses.

Cash Flows from Investing Activities

We did not generate or use any cash from investing activities during the nine months ended November 30, 2025 and 2024.

Cash Flows from Financing Activities

Our cash provided by financing activities decreased by $27,377 to $25,808 for the nine months ended November 30, 2025 compared to $53,185 for the nine months ended November 30, 2024. 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, 2025, we did not have any off-balance-sheet arrangements, as defined in Item 303(a)(4)(ii) of Regulation S-K.