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 November 30, 1999
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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 ______________________
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 January 15, 2000
<PAGE>
JURAK CORPORATION WORLD WIDE, INC.
I N D E X
Page
----
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Balance Sheets
November 30, 1999 (Unaudited) and
May 31, 1999 1
Statements of Income
Three months ended November 30,
1999 (Unaudited) and Six Months
Ended November 30, 1999 and 1998 (Unaudited) 2
Condensed Statements of Cash Flows
Six months ended November 30,
1999 and 1998 (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>
November 30, May 31,
ASSETS 1999 1999
------------ ------------
(Unaudited) (Audited)
<S> <C> <C>
Cash (including savings) $ 20,027 $ 6,836
Accounts receivable 768 11
Inventories 183,394 203,451
------------ ------------
Total current assets 204,189 210,298
Property, plant and equipment - net 43,745 47,126
Other assets 63,914 52,383
------------ ------------
$ 311,848 $ 309,807
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Accounts payable $ 66,368 $ 71,129
Accrued expenses 684 3,945
Payable to stockholder, officer 765,833 502,500
------------ ------------
Total current liabilities 832,885 577,574
STOCKHOLDERS' EQUITY (DEFICIT):
Common stock 15,528 15,528
Additional paid-in capital 569,158 569,158
Accumulated deficit (1,105,723) (852,453)
------------ ------------
(521,037) (267,767)
------------ ------------
$ 311,848 $ 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 Six Months Ended
November 30 November 30
----------------------------- -----------------------------
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Sales $ 112,389 $ 2,044 $ 191,772 $ 2,044
Cost of sales 15,062 11,335 26,521 11,335
------------ ------------ ------------ ------------
Gross profit 97,327 (9,291) 165,251 (9,291)
Selling, general and administrative expense 221,285 56,940 361,438 144,836
------------ ------------ ------------ ------------
Loss from operations (123,958) (66,231) (196,187) (154,127)
------------ ------------ ------------ ------------
Other income (expense):
Interest income 206 1,089 417 1,508
Interest expense (12,500) -- (57,500) --
------------ ------------ ------------ ------------
(12,294) 1,089 (57,083) 1,508
------------ ------------ ------------ ------------
Loss before income taxes (136,252) (65,142) (253,270) (152,619)
Income taxes -- -- -- --
------------ ------------ ------------ ------------
Net loss $ (136,252) $ (65,142) $ (253,270) $ (152,619)
============ ============ ============ ============
Loss per common share $ (.01) $ (.01) $ (.02) $ (.01)
============ ============ ============ ============
Loss per common share assuming dilution $ (.01) $ (.01) $ (.02) $ (.01)
============ ============ ============ ============
Weighted average outstanding shares 15,527,750 15,473,250 15,527,750 15,473,250
============ ============ ============ ============
</TABLE>
See Notes to Condensed Financial Statements.
2
<PAGE>
JURAK CORPORATION WORLD WIDE, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
November 30
-----------------------------
1999 1998
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (253,270) $ (152,619)
Depreciation 6,000 --
Changes in current assets and liabilities:
Accounts receivable (757) --
Prepaid expenses -- 3,000
Inventories 20,057 --
Accounts payable (4,761) (2,102)
Accrued expenses (3,261) --
Payable to stockholder, officer 263,333 (112,376)
------------ ------------
Net cash provided by (used in) operating activities 27,341 (264,097)
CASH FLOWS FROM INVESTING AND OTHER ACTIVITIES:
Purchase of equipment (2,619) (19,761)
Other -- (15,860)
Restricted cash (11,531) (22,046)
------------ ------------
Net cash used in investing and other activities (14,150) (57,667)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock -- 130,000
------------ ------------
Net increase (decrease) in cash and savings 13,191 (191,764)
Cash and savings:
Beginning of period 6,836 251,132
------------ ------------
End of period $ 20,027 $ 59,368
============ ============
</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 November 30, 1999, the statement of
operations for the three-month and six-month periods ended November 30,
1999 and 1998, and the condensed statement of cash flows for the
six-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
November 30, 1999 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 November 30, 1999 are not necessarily indicative
of the operating results for the full year.
Note 2. Inventories:
Inventories consist of the following:
November 30, May 31,
1999 1999
------------ ------------
Raw materials $ 41,644 $ 41,644
Finished goods 141,750 161,807
------------ ------------
Totals $ 183,394 $ 203,451
============ ============
Note 3. Stockholders' Equity (Deficit):
During the six months ended November 30, 1999, stockholders' deficit
changed for net loss of $253,270.
4
<PAGE>
JURAK CORPORATION WORLD WIDE, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Company has begun to get revenue from sales of its products. There
were sales of $2,044 during the six months ended November 30, 1998, and there
were sales of $191,772 in the six months ended November 30, 1999. There were
cost of sales of $11,335 in 1998, and cost of sales in 1999 was $26,521, for a
gross profit of $165,251. During the same period the Company expended general,
administrative and pre-operating expenses of $144,836 in 1998 for a net loss of
$154,127; in 1999 it expended general administrative expense of $361,438 and
interest expense of $57,500 for a net loss of $253,270. 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 six months ended
November 30, 1999.
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: January 15, 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> SEP-01-1999
<PERIOD-END> NOV-30-1999
<CASH> 20,027
<SECURITIES> 0
<RECEIVABLES> 768
<ALLOWANCES> 0
<INVENTORY> 183,394
<CURRENT-ASSETS> 204,189
<PP&E> 56,526
<DEPRECIATION> 12,781
<TOTAL-ASSETS> 311,848
<CURRENT-LIABILITIES> 832,885
<BONDS> 0
0
0
<COMMON> 15,528
<OTHER-SE> (536,565)
<TOTAL-LIABILITY-AND-EQUITY> 311,848
<SALES> 112,389
<TOTAL-REVENUES> 112,389
<CGS> 15,062
<TOTAL-COSTS> 221,285
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 12,500
<INCOME-PRETAX> (136,252)
<INCOME-TAX> 0
<INCOME-CONTINUING> (136,252)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (136,252)
<EPS-BASIC> (0.01)
<EPS-DILUTED> (0.01)
</TABLE>
