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.
Results of Operations Revenue
We recognized no sales revenue in the three months ended
2021.
Operating Expenses
For the three months ended
The major components of our operating expenses for the three months ended
November, 2022 and 2021 are outlined in the table below:
Three Months Three Months
Ended Ended
November 30, November 30,
2022 2021
Officer compensation - 4,500
Professional fee 10,604 14,723
OTC Filing fees 3,500 3,000
Other G&A 650 1,030
Total operating expenses $ 14,754 $ 23,253
The
30, 2022
decrease of
professional fee.
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Table of Contents
For the nine months ended
The major components of our operating expenses for the nine months ended
Nine Nine
Months Ended Months Ended
November 30, November 30,
2022 2021
Officer compensation - 13,500
Professional fee 35,621 39,755
OTC Filing fees 10,500 9,000
Other G&A 650 1,102
Total operating expenses $ 46,771 $ 63,357
The
30, 2022
decrease of
professional fee.
Other Income
For the three months ended
compared to zero for the corresponding period in 2021.
For the nine months ended
compared to
No other expenses incurred during the three months and nine months periods ended
Net income (Loss)
For the three months ended
2021.
For the nine months ended
compared to the net loss of
Liquidity and Capital Resources
Working Capital
November 30, February 28,
2022 2022
Current Assets $ 3,582 $ 14,082
Current Liabilities
Working Capital Deficit
As of
cash of
capital deficit of
activities and has an accumulated deficit of
This raises substantial doubt about the Company’s ability to continue as a going
concern.
4
Table of Contents
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 increased by
ended
activities in the nine months ended
in net cash used in operating activities was primarily the result of a decrease
of
fee payment and a decrease of
Cash Flows from Investing Activities
We did not generate or use any cash from investing activities during the nine
months ended
Cash Flows from Financing Activities
Our cash provided by financing activities decreased from
months ended
2022
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
defined in Item 303(a)(4)(ii) of Regulation S-K.
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