10-Q 1 jurak020275_10q.txt JURAK CORPORATION WORLD WIDE, INC. FORM 10-Q 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, 2001 ------------------------------------------------- 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 333-61801 --------------------------------------------------------- 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 ------------------------------------------------------------- (Address of principal executive offices) (702) 914-9688 ------------------------------------------------------------- (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, 2002 ---------- 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, 2001 (Unaudited) and May 31, 2001 1 Statements of Operations Three months ended November 30, 2001 (Unaudited) and Six Months Ended November 30, 2001 and 2000 (Unaudited) 2 Condensed Statements of Cash Flows Six months ended November 30, 2001 and 2000 (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 Part I. FINANCIAL INFORMATION Item I. FINANCIAL STATEMENTS JURAK CORPORATION WORLD WIDE, INC. CONDENSED BALANCE SHEETS
November 30, May 31, ASSETS 2001 2001 ------------ ------------ (Unaudited) (Audited) Cash (including savings) $ 27,807 $ 33,346 Accounts receivable 188 188 Inventories 95,882 91,861 ------------ ------------ Total current assets 123,877 125,395 Property, plant and equipment - net 32,938 45,538 Other assets 99,544 99,544 ------------ ------------ $ 256,359 $ 270,477 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Accounts payable $ 45,613 $ 23,678 Accrued expenses 234,238 164,373 Payable to related party 136,336 88,336 Payable to stockholder, officer 1,246,604 1,223,002 ------------ ------------ Total current liabilities 1,662,791 1,499,389 STOCKHOLDERS' EQUITY (DEFICIT): Common stock 15,528 15,528 Additional paid-in capital 569,158 569,158 Accumulated deficit (1,991,118) (1,813,598) ------------ ------------ (1,406,432) (1,228,912) ------------ ------------ $ 256,359 $ 270,477 ============ ============
Note: The balance sheet at May 31, 2001 has been taken from the audited financial statements at that date, and has been condensed. See Notes to Condensed Financial Statements. 1 JURAK CORPORATION WORLD WIDE, INC. STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended Six Months Ended November 30 November 30 ----------------------------- ----------------------------- 2001 2000 2001 2000 ------------ ------------ ------------ ------------ Sales $ 324,502 $ 228,302 $ 722,664 $ 386,731 Cost of sales 32,339 33,710 69,591 45,751 ------------ ------------ ------------ ------------ Gross profit 292,163 194,592 653,073 340,980 Selling, general and administrative expense 402,216 327,333 787,251 576,569 ------------ ------------ ------------ ------------ Loss from operations (110,053) (132,741) (134,178) (235,589) ------------ ------------ ------------ ------------ Other income (expense): Interest income 40 230 40 460 Interest expense (21,032) (18,154) (43,382) (35,585) ------------ ------------ ------------ ------------ (20,992) (17,924) (43,342) (35,125) ------------ ------------ ------------ ------------ Loss before income taxes (131,045) (150,665) (177,520) (270,714) Income taxes -- -- -- -- ------------ ------------ ------------ ------------ Net loss $ (131,045) $ (150,665) $ (177,520) $ (270,714) ============ ============ ============ ============ Loss per common share $ (.01) $ (.01) $ (.01) $ (.01) ============ ============ ============ ============ Loss per common share assuming dilution $ (.01) $ (.01) $ (.01) $ (.01) ============ ============ ============ ============ Weighted average outstanding shares 15,527,750 15,527,750 15,527,750 15,527,750 ============ ============ ============ ============
See Notes to Condensed Financial Statements. 2 JURAK CORPORATION WORLD WIDE, INC. CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended November 30 ----------------------------- 2001 2000 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (177,520) $ (270,714) Depreciation 12,600 14,748 Changes in current assets and liabilities: Accounts receivable -- 100 Inventories (4,021) 42,992 Accounts payable 21,935 11,610 Accrued expenses 69,865 81,071 Payable to related party 48,000 -- Payable to stockholder, officer 23,602 121,582 ------------ ------------ Net cash provided by (used in) operating activities (5,539) 1,389 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of equipment -- (590) Restricted cash -- (2,071) ------------ ------------ Net cash used in investing activities -- (2,661) Net increase (decrease) in cash and savings (5,539) (1,272) Cash and savings: Beginning of period 33,346 12,899 ------------ ------------ End of period $ 27,807 $ 11,627 ============ ============
See Notes to Condensed Financial Statements. 3 JURAK CORPORATION WORLD WIDE, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS (Unaudited) Note 1. Condensed Financial Statements: The condensed balance sheet as of November 30, 2001, the statement of operations for the three-month and six-month periods ended November 30, 2001 and 2000, 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, 2001 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, 2001 audited financial statements. The results of operations for the period ended November 30, 2001 are not necessarily indicative of the operating results for the full year. Note 2. Inventories: Inventories consist of the following: November 30, May 31, 2001 2001 ------------ ------------ Raw materials $ 16,900 $ 16,900 Finished goods 78,982 74,961 ------------ ------------ Totals $ 95,882 $ 91,861 ============ ============ Note 3. Stockholders' Deficit: During the six months ended November 30, 2001, stockholders' deficit changed for net loss of $177,520. 4 JURAK CORPORATION WORLD WIDE, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The Company has continued to increase its revenue from sales of its products. There were sales of $324,502 during the three months ended November 30, 2001, compared to $228,302 for the same period in 2000. There were cost of sales of $32,339 in 2001, and cost of sales in 2000 was $33,710, for a gross profit of $292,163 in 2001, compared to a gross profit of $194,592 in 2000. During the same period the Company expended selling, general, and administrative expenses of $327,333 in 2000 for a net loss of $150,665; in 2001 it expended selling, general and administrative expenses of $402,216 for a net loss of $131,405. The net loss for both years was $.01 per share. There were sales of $722,664 during the six months ended November 30, 2001, compared to $386,731 for the same period in 2000. There were cost of sales of $69,591 in 2001, and cost of sales in 2000 was $45,751, for a gross profit of $653,073 in 2001, compared to a gross profit of $340,980 in 2000. During the same period the Company expended selling, general, and administrative expenses of $576,569 in 2000 for a net loss of $270,714; in 2001 it expended selling, general and administrative expenses of $787,251 for a net loss of $177,520. The net loss for both years was $.01 per share. 5 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, 2001. 6 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, 2002 By: /s/ Anthony Carl Jurak ------------------------------------ Anthony Carl Jurak Chairman of the Board and Director 7