Thu, Jul 11, 2:30 PM (58 days ago)
Jubilant Flame International Ltd. reported a net loss of $22,171 for the quarter ended May 31, 2024, a slight improvement from the $23,844 loss in the same period of 2023. The company did not generate any revenue during these periods. Operating expenses decreased by $1,673, primarily due to a reduction in audit fees. The company's financial position remains precarious, with a working capital deficit of $1,319,084 and an accumulated deficit of $3,808,115, raising substantial doubt about its ability to continue as a going concern. Cash flow from operating activities improved slightly, with a decrease in net cash used from $21,869 to $4,091, mainly due to increased accrued professional fees. Financing activities provided $4,061 in cash from related party loans, down from $20,789 in the previous year. The company plans to seek additional funding through equity or debt offerings to sustain operations.