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
“us” or “our”) was formed on
Inc.
shareholder for a nominal sum, as well as other management operations. On
Kong, Inc.
symbol from “LBYV” to “JFIL.” On
sector to the medical sector. On
From the fourth quarter of the fiscal year ended
started to market and sell cosmetics products imported from
Series products – in
Company ceased the marketing and selling of cosmetic products in
States
From the third quarter of the year ended
providing technical support services for development of new nutrition food
products to sell to customers in USA.
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Results of Operations
Revenue
We recognized no sales revenue in the three months ended
to zero sales revenue in the three months ended
Operating Expenses
For the three months ended
31, 2021
The major components of our operating expenses for the three months ended
31, 2022
Three Months Ended Three Months Ended
May 31 May 31
2022 2021
Officer stock compensation $ - $ 4,500
Professional fee $ 14,413 $ 14,272
OTC service expense and others $ 3,500 $ 2,756
Total operating expenses $ 17,913 $ 21,528
The
2022
of
Other Expenses
No other expenses incurred during the three-month periods ended
and 2021.
Net Loss
For the three months ended
compared to the net loss of
Liquidity and Capital Resources
Working Capital
May 31, February 28,
2022 2022
Current Assets $ 10,582 $ 14,082
Current Liabilities $ 1,196,498 $ 1,182,085
Working Capital Deficit $ (1,185,916 ) $ (1,168,003 )
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As of
comprising of cash of
of
had limited profitable operation activities and has an accumulated deficit of
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.
Cash Flows from Operating Activities
Our net cash used in operating activities decreased by
months ended
in the three months ended
operating activities was primarily the result of a
professional fee.
Cash Flows from Investing Activities
We did not generate or use any cash from investing activities during the three
months ended
Cash Flows from Financing Activities
Our cash provided by financing activities decreased from
months ended
both periods, cash was provided by the 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
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, and interim periods within those fiscal years, beginning after
15, 2020
adopted the new standard effective
of this guidance to have a material impact on our consolidated financial
statements.
In
Ventures
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
prospective basis, with early adoption permitted. The company adopted the new
standard effective
now.
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Off Balance Sheet Arrangements
As of
defined in Item 303(a)(4)(ii) of Regulation S-K.
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