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Jubilant Flame International Ltd (JFIL0.00%) has submitted its 10-K filing for the fiscal year ended February 28, 2025.
The filing reports that the company did not generate any revenue during the fiscal year. The company previously marketed cosmetic products but ceased this activity in 2020. It has since shifted focus to providing technical support services for nutrition food products.
Operating expenses for the fiscal year were $59,672, a decrease from $67,365 in the previous year. This reduction was mainly attributed to lower accounting and audit fees.
The company reported a net loss of $59,672 for the fiscal year, compared to a net loss of $67,365 in the previous year.
As of February 28, 2025, Jubilant Flame had a working capital deficit of $1,356,585, an increase from $1,296,913 the previous year. This was primarily due to increased liabilities to related parties.
Cash used in operating activities was $69,819, while cash provided by financing activities was $69,699, resulting in a net decrease in cash of $120.
The company acknowledges substantial doubt about its ability to continue as a going concern due to recurring losses and a working capital deficit.
Jubilant Flame's management is exploring options to raise additional capital to support its operations and new business focus.
The company does not own any real property and operates from an office provided by its CEO without paying rent.
The filing notes that Jubilant Flame does not have any off-balance sheet arrangements and has not identified any critical audit matters.
The company has not paid any dividends and does not anticipate doing so in the foreseeable future, as it plans to reinvest funds into business development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Jubilant Flame International Ltd annual 10-K report dated April 4, 2025. To report an error, please email earnings@qz.com.