UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended February 29, 2000
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission File Number
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JURAK CORPORATION WORLD WIDE, INC.
(Exact name of registrant as specified in its charter)
MINNESOTA 88-0407679
- ------------------------------- ---------------------------------
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
1181 Grier Drive, Suite C, Las Vegas, NV 89119-3746
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(Address of principal executive offices)
(702) 914-9688
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(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. Yes _X_ No ___
15,527,750 Common Shares were outstanding as of April 17, 2000
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JURAK CORPORATION WORLD WIDE, INC.
I N D E X
Page
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Balance Sheets
February 29, 2000 (Unaudited) and
May 31, 1999 1
Statements of Income
Three months ended February 29, 2000 (Unaudited)
and Nine Months Ended February 29, 2000 and
February 28, 1999 (Unaudited) 2
Condensed Statements of Cash Flows
Nine months ended February 29, 2000 and
February 28, 1999 (Unaudited) 3
Selected Notes to Condensed Financial
Statements (Unaudited) 4
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 5
PART II. OTHER INFORMATION 6-7
<PAGE>
Part I. FINANCIAL INFORMATION
Item I. FINANCIAL STATEMENTS
JURAK CORPORATION WORLD WIDE, INC.
CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
February 29, May 31,
ASSETS 2000 1999
----------- -----------
(Unaudited) (Audited)
<S> <C> <C>
Cash (including savings) $ 3,123 $ 6,836
Accounts receivable 588 11
Inventories 176,526 203,451
----------- -----------
Total current assets 180,237 210,298
Property, plant and equipment - net 41,276 47,126
Other assets 65,230 52,383
----------- -----------
$ 286,743 $ 309,807
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Accounts payable $ 58,419 $ 71,129
Accrued expenses 1,948 3,945
Payable to stockholder, officer 849,993 502,500
----------- -----------
Total current liabilities 910,360 577,574
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock 15,528 15,528
Additional paid-in capital 569,158 569,158
Accumulated deficit (1,208,303) (852,453)
----------- -----------
(623,617) (267,767)
----------- -----------
$ 286,743 $ 309,807
=========== ===========
</TABLE>
Note: The balance sheet at May 31, 1999 has been taken from the audited
financial statements at that date, and has been condensed.
See Notes to Condensed Financial Statements.
1
<PAGE>
JURAK CORPORATION WORLD WIDE, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
----------------------------- -----------------------------
February 29, February 28, February 29, February 28,
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Sales $ 92,693 $ 17,611 $ 284,465 $ 19,655
Cost of sales 7,044 847 33,565 12,182
------------ ------------ ------------ ------------
Gross profit 85,649 16,764 250,900 7,473
Selling, general and administrative expense 173,452 401,857 534,890 546,693
------------ ------------ ------------ ------------
Loss from operations (87,803) (385,093) (283,990) (539,220)
------------ ------------ ------------ ------------
Other income (expense):
Interest income 223 1,131 640 2,639
Interest expense (15,000) -- (72,500) --
------------ ------------ ------------ ------------
(14,777) 1,131 (71,860) 2,639
------------ ------------ ------------ ------------
Loss before income taxes (102,580) (383,962) (355,850) (536,581)
Income taxes -- -- -- --
------------ ------------ ------------ ------------
Net loss $ (102,580) $ (383,962) $ (355,850) $ (536,581)
============ ============ ============ ============
Loss per common share $ (.01) $ (.01) $ (.02) $ (.03)
============ ============ ============ ============
Loss per common share assuming dilution $ (.01) $ (.01) $ (.02) $ (.03)
============ ============ ============ ============
Weighted average outstanding shares 15,527,750 15,510,500 15,527,750 15,484,500
============ ============ ============ ============
</TABLE>
See Notes to Condensed Financial Statements.
2
<PAGE>
JURAK CORPORATION WORLD WIDE, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Nine Months Ended
-------------------------
February 29, February 28,
2000 1999
--------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(355,850) $(536,581)
Depreciation 9,000 3,000
Changes in current assets and liabilities:
Accounts receivable (577) (8)
Prepaid expenses -- (3,000)
Inventories 26,925 (142,553)
Accounts payable (12,710) (352)
Accrued expenses (1,997) --
Payable to stockholder, officer 347,493 232,103
--------- ---------
Net cash provided by (used in) operating activities 12,284 (441,391)
CASH FLOWS FROM INVESTING AND OTHER ACTIVITIES:
Purchase of equipment (3,150) (40,675)
Other -- (15,860)
Restricted cash (12,847) (22,207)
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Net cash used in investing and other activities (15,997) (78,442)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock -- 316,250
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Net decrease in cash and savings (3,713) (203,583)
Cash and savings:
Beginning of period 6,836 251,132
--------- ---------
End of period $ 3,123 $ 47,549
========= =========
</TABLE>
See Notes to Condensed Financial Statements.
3
<PAGE>
JURAK CORPORATION WORLD WIDE, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
(Unaudited)
Note 1. Condensed Financial Statements:
The condensed balance sheet as of February 29, 2000, the statement
of operations for the three-month and nine-month periods ended
February 29, 2000 and February 28, 1999, and the condensed
statement of cash flows for the nine-month periods then ended have
been prepared by the Company, without audit. In the opinion of
management, all adjustments (which include only normal recurring
adjustments) necessary to present fairly the financial position,
results of operations and changes in cash flows at February 29,
2000 and for all periods presented have been made.
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted. It
is suggested that these condensed financial statements be read in
conjunction with the financial statements and notes thereto
included in the Company's May 31, 1999 audited financial
statements. The results of operations for the period ended
February 29, 2000 are not necessarily indicative of the operating
results for the full year.
Note 2. Inventories:
Inventories consist of the following:
February 20, May 31,
2000 1999
-------------- --------------
Raw materials $ 41,664 $ 41,644
Finished goods 134,862 161,807
-------------- --------------
Totals $ 176,526 $ 203,451
============== ==============
Note 3. Stockholders' Equity (Deficit):
During the nine months ended February 29, 2000, stockholders'
deficit changed for net loss of $355,850.
4
<PAGE>
JURAK CORPORATION WORLD WIDE, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Company has continued to get revenue from sales of its products.
There were sales of $19,655 during the nine months ended February 28, 1999, and
there were sales of $284,465 in the nine months ended February 29, 2000. There
were cost of sales of $12,182 in 1999, and cost of sales in 2000 was $33,565,
for a gross profit of $250,900. During the same period the Company expended
general, administrative and pre-operating expenses of $546,693 in 1999 for a net
loss of $536,581; in 2000 it expended general administrative expense of $534,890
and interest expense of $72,500 for a net loss of $355,850. The general,
administrative and pre-operating expenses included consulting expenses for Food
and Drug Administration advice, computer consultants, hardware and software, raw
materials, travel, office, telephone expenses, legal fees, Rent and wages.
5
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The Company is aware of no legal proceeding which is pending or
threatened to which the Company is a party or of which its
property is subject.
Item 6. Exhibits and Reports on Form 8-K
(b) No reports on Form 8-K were filed during the nine months ended
February 29, 2000.
6
<PAGE>
SIGNATURE
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 thereunto duly authorized.
JURAK CORPORATION WORLD WIDE, INC.
Date: April 7, 2000 By: /s/ Anthony Carl Jurak
----------------------
Anthony Carl Jurak
Chairman of the Board and Director
7
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAY-31-2000
<PERIOD-START> DEC-01-1999
<PERIOD-END> FEB-29-2000
<CASH> 3,123
<SECURITIES> 0
<RECEIVABLES> 588
<ALLOWANCES> 0
<INVENTORY> 176,526
<CURRENT-ASSETS> 180,237
<PP&E> 57,057
<DEPRECIATION> 15,781
<TOTAL-ASSETS> 286,743
<CURRENT-LIABILITIES> 910,360
<BONDS> 0
0
0
<COMMON> 15,528
<OTHER-SE> (639,145)
<TOTAL-LIABILITY-AND-EQUITY> 286,743
<SALES> 92,693
<TOTAL-REVENUES> 92,693
<CGS> 7,044
<TOTAL-COSTS> 173,452
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 15,000
<INCOME-PRETAX> (102,580)
<INCOME-TAX> 0
<INCOME-CONTINUING> (102,580)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (102,580)
<EPS-BASIC> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
