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  4. [8-K] Jubilant Flame International, Ltd Reports Material Event

Auditor shift and going concern issues at Jubilant Flame (JFIL)

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Jubilant Flame International, LTD filed a current report describing a change in its independent auditor and reiterating going concern and control issues. On April 10, 2026, the company accepted the resignation of KCCW Accountancy Corp as its independent registered public accounting firm and appointed WWC, Professional Corporation as the new auditor.

KCCW’s reports on the company’s financial statements for the fiscal years ended February 28, 2025 and February 29, 2024 were unqualified but included an explanatory paragraph about the company’s ability to continue as a going concern. The company reports no disagreements with KCCW on accounting or auditing matters, although there were material weaknesses related to account reconciliations and lack of precision and accuracy in the financial statements.

The board of directors approved the auditor change, and KCCW’s letter agreeing or disagreeing with the company’s disclosures is filed as Exhibit 16.1. The company states it had not previously consulted WWC on accounting principles, audit opinions, or any matters involving disagreements before this engagement.

Positive

  • None.

Negative

  • Going concern uncertainty: Prior audit reports for fiscal years ended February 28, 2025 and February 29, 2024 included an explanatory paragraph about the company’s ability to continue as a going concern, signaling financial sustainability risk.
  • Material weaknesses in controls: The company discloses material weaknesses involving reconciliation of various accounts and lack of precision and accuracy in the financial statements, raising concerns about the reliability of its financial reporting.
  • Auditor resignation and change: The resignation of KCCW Accountancy Corp and appointment of WWC, Professional Corporation as new auditor marks a significant governance change that can introduce uncertainty until the new audit relationship is established.

Insights

Auditor change plus going concern and control weaknesses is a cautionary signal.

The company replaced KCCW Accountancy Corp with WWC, Professional Corporation as auditor on April 10, 2026. KCCW’s prior opinions for fiscal years ended February 28, 2025 and February 29, 2024 were clean but included a going concern explanatory paragraph, highlighting uncertainty about the company’s ability to continue operating.

The disclosure notes material weaknesses in internal control over financial reporting related to reconciliation of various accounts and insufficient precision and accuracy in the financial statements. While the company reports no disagreements or other reportable events beyond these weaknesses, such issues can affect confidence in the reliability of past and future financial information.

The appointment of a new auditor that had not been previously consulted on accounting principles or potential opinions may lead to changes in how financial statements are evaluated and presented. Future annual and quarterly reports will show how WWC assesses the going concern status and whether internal control weaknesses are remediated.

Item 4.01 Changes in Registrant's Certifying Accountant Governance
The company changed its independent auditing firm, which may involve disagreements on accounting matters.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Auditor resignation date April 10, 2026 Date KCCW Accountancy Corp resigned as independent auditor
New auditor engagement date April 10, 2026 Date WWC, Professional Corporation was engaged as new auditor
Fiscal years audited by KCCW Years ended Feb. 28, 2025 and Feb. 29, 2024 Periods covered by reports with going concern paragraph
Exhibit 16.1 letter date April 10, 2026 KCCW letter regarding change in certifying accountant
independent registered public accounting firm financial
"resignation of KCCW Accountancy Corp ... as its independent registered public accounting firm"
An independent registered public accounting firm is an outside accounting company officially registered with the government regulator to examine and report on a public company's financial records and controls. Investors treat its reports like an impartial inspector’s certificate — they add credibility to financial statements, help spot errors or misleading claims, and reduce the risk that shareholders are relying on unchecked or biased numbers.
going concern financial
"each report did contain an explanatory paragraph related to the Company’s ability to continue as a going concern"
A going concern is a business that is expected to continue its operations and meet its obligations for the foreseeable future, rather than shutting down or selling off assets. This assumption matters to investors because it indicates stability and ongoing profitability, making the business a more reliable investment. Think of it as believing a restaurant will stay open and serve customers, rather than closing down suddenly.
material weaknesses financial
"with the exception of material weaknesses related to reconciliation of various accounts"
Material weaknesses are significant flaws in a company’s systems for ensuring its financial reports are accurate and reliable. Like a broken lock on a safe, they increase the chance that financial statements contain big errors or omissions, which can mislead investors about performance and risk; discovering one often raises questions about management oversight, may lead to restated results, and can affect investor confidence and a company’s valuation.
reportable events regulatory
"no “reportable events” as that term is defined in Item 304(a)(1)(v) of Regulation S-K"
Item 304(a)(1)(v) of Regulation S-K regulatory
"no “reportable events” as that term is defined in Item 304(a)(1)(v) of Regulation S-K"
Understanding 8-K Material Events →

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported)

April 10, 2026

 

Jubilant Flame International, LTD

(Exact name of registrant as specified in its charter)

 

Nevada

333-173456

27-2775885

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

 

 Room 508, T1N Vi Park, 360 Xin Long Road, Shanghai China, 201101

(Address of principal executive offices)

 

+86 21 64748888

Registrant’s telephone number, including area code

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

 

 

 

 

ITEM 4.01 CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT

 

(a) Previous independent registered public accounting firm

 

On April 10, 2026, Jubilant Flame International, LTD (the “Company”) accepted the resignation of KCCW Accountancy Corp Certified Public Accountants (“KCCW”) as its independent registered public accounting firm. The reports of KCCW Accountancy Corp regarding the Company’s financial statements for the fiscal years ended February 28, 2025 and February 29, 2024 did not contain an adverse opinion or disclaimer of opinion and were not modified as to uncertainty, audit scope, or accounting principles, except each report did contain an explanatory paragraph related to the Company’s ability to continue as a going concern.

 

The Company’s Board of Directors participated in and approved the decision to change independent registered public accounting firms.

 

During the Company’s fiscal years February 28, 2025 and February 29, 2024, there were (i) no disagreements with KCCW Accountancy Corp on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KCCW Accountancy Corp would have caused KCCW Accountancy Corp to make reference to the subject matter of the disagreements in connection with its report, and (ii) with the exception of material weaknesses related to reconciliation of various accounts, lack of precision and accuracy to properly reflect in the financial statements, no “reportable events” as that term is defined in Item 304(a)(1)(v) of Regulation S-K.

 

The Company provided KCCW Accountancy Corp with a copy of the foregoing disclosures and requested KCCW Accountancy Corp to furnish the Company with a letter addressed to the Securities and Exchange Commission stating whether or not KCCW Accountancy Corp agrees with the disclosures. A copy of the letter provided by KCCW Accountancy Corp is filed as Exhibit 16.1 to this Current Report on Form 8-K.

 

(b) New Independent Registered Public Accounting Firm

 

On April 10, 2026, the Company engaged WWC, Professional Corporation , Certified Public Accountants (“WWC”) as the Company’s new independent registered public accounting firm. During the two most recent fiscal years and through April 8, 2026, the Company had not consulted with WWC regarding any of the following:

 

The application of accounting principles to a specific transaction, either completed or proposed; The type of audit opinion that might be rendered on the Company’s financial statements, and none of the following was provided to the Company: (a) a written report, or (b) oral advice that WWC concluded was an important factor considered by the Company in reaching a decision as to accounting, auditing or financial reporting issue; or Any matter that was subject of a disagreement, as that term is defined in Item 304(a)(1)(iv) of Regulation S-K.

 

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

 

Exhibit Number

Description

16.1

Letter from KCCW, Accountancy Corp dated April 10, 2026 regarding change in certifying accountant

104

 

Cover Page Interactive Date File (embedded within the Inline XBRL Document)

 

 
2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Jubilant Flame International, LTD

    

Dated: April 10, 2026

By:/s/ Yan Li

 

 

Yan Li

 
  

Chief Executive Officer

 

 

 
3

 

Source: View Original Filing on SEC EDGAR

FAQ

What did Jubilant Flame International (JFIL) disclose about its auditor change?

Jubilant Flame International accepted the resignation of KCCW Accountancy Corp as its independent registered public accounting firm on April 10, 2026, and engaged WWC, Professional Corporation, Certified Public Accountants, as its new auditor, with the change approved by the company’s board of directors.

Did KCCW issue adverse opinions on Jubilant Flame International (JFIL) financials?

KCCW’s reports for the fiscal years ended February 28, 2025 and February 29, 2024 did not contain adverse opinions or disclaimers. However, each report included an explanatory paragraph raising doubt about Jubilant Flame International’s ability to continue as a going concern, highlighting financial uncertainty.

Were there disagreements between Jubilant Flame International (JFIL) and KCCW?

The company states there were no disagreements with KCCW on accounting principles, practices, financial statement disclosure, or audit scope or procedures during the relevant fiscal years that would have required reference in KCCW’s reports, aside from identified material weaknesses in internal control over financial reporting.

What material weaknesses did Jubilant Flame International (JFIL) report?

Jubilant Flame International reports material weaknesses related to reconciliation of various accounts and a lack of precision and accuracy needed to properly reflect items in its financial statements, indicating internal control deficiencies that may affect the reliability and timeliness of reported financial information.

Did Jubilant Flame International (JFIL) previously consult WWC before engagement?

The company states that during the two most recent fiscal years and through April 8, 2026, it had not consulted WWC on applying accounting principles to specific transactions, on the type of audit opinion that might be rendered, or on any matters involving disagreements as defined in Regulation S-K.

What is Exhibit 16.1 in Jubilant Flame International (JFIL) filing?

Exhibit 16.1 is a letter from KCCW Accountancy Corp dated April 10, 2026 regarding the change in certifying accountant. This letter is addressed to the Securities and Exchange Commission and states whether KCCW agrees with Jubilant Flame International’s disclosures about the auditor change.

Filing Exhibits & Attachments

6 documents

Other Documents