10-Q 1 jurak021914_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 February 28, 2002 ------------------------------------------------- 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 April 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 February 28, 2002 (Unaudited) and May 31, 2001 1 Statements of Income Three months ended February 28, 2002 (Unaudited) and Nine Months Ended February 28, 2002 and 2001 (Unaudited) 2 Condensed Statements of Cash Flows Nine months ended February 28, 2002 and 2001 (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 1. FINANCIAL STATEMENTS JURAK CORPORATION WORLD WIDE, INC. CONDENSED BALANCE SHEETS
February 28, May 31, ASSETS 2002 2001 ------------ ------------ (Unaudited) (Audited) Cash (including savings) $ 35,120 $ 33,346 Accounts receivable 188 188 Inventories 36,736 91,861 ------------ ------------ Total current assets 72,044 125,395 Property, plant and equipment - net 28,738 45,538 Other assets 99,544 99,544 ------------ ------------ $ 200,326 $ 270,477 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Accounts payable $ 24,482 $ 23,678 Accrued compensation 276,663 164,373 Payable to related party 160,336 88,336 Payable to stockholder, officer 1,297,216 1,223,002 ------------ ------------ Total current liabilities 1,758,697 1,499,389 STOCKHOLDERS' EQUITY (DEFICIT): Common stock 15,528 15,528 Additional paid-in capital 569,158 569,158 Accumulated deficit (2,143,057) (1,813,598) ------------ ------------ (1,558,371) (1,228,912) ------------ ------------ $ 200,326 $ 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 Nine Months Ended February 28 February 28 ----------------------------- ----------------------------- 2002 2001 2002 2001 ------------ ------------ ------------ ------------ Sales $ 347,308 $ 276,553 $ 1,069,972 $ 663,284 Cost of sales 63,337 38,159 132,968 83,910 ------------ ------------ ------------ ------------ Gross profit 283,931 238,394 937,004 579,374 Selling, general and administrative expense 411,091 331,688 1,198,342 908,257 ------------ ------------ ------------ ------------ Loss from operations (127,160) (93,294) (261,338) (328,883) ------------ ------------ ------------ ------------ Other income (expense): Interest income -- -- 40 460 Interest expense (24,779) (18,500) (68,161) (54,085) ------------ ------------ ------------ ------------ (24,779) (18,500) (68,121) (53,625) ------------ ------------ ------------ ------------ Loss before income taxes (151,939) (111,794) (329,459) (382,508) Income taxes -- -- -- -- ------------ ------------ ------------ ------------ Net loss $ (151,939) $ (111,794) $ (329,459) $ (382,508) ============ ============ ============ ============ Loss per common share $ (.01) $ (.01) $ (.02) $ (.02) ============ ============ ============ ============ Loss per common share assuming dilution $ (.01) $ (.01) $ (.02) $ (.02) ============ ============ ============ ============ 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)
Nine Months Ended February 28 ----------------------------- 2002 2001 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (329,459) $ (382,508) Depreciation 18,900 22,448 Changes in current assets and liabilities: Accounts receivable -- 300 Inventories 55,125 79,849 Accounts payable 804 56,100 Accrued compensation 112,290 105,014 Payable to related party 72,000 -- Payable to stockholder, officer 74,214 144,060 ------------ ------------ Net cash provided by operating activities 3,874 25,263 CASH FLOWS FROM INVESTING AND OTHER ACTIVITIES: Purchase of equipment (2,100) (590) Restricted cash -- (36,241) ------------ ------------ Net cash used in investing and other activities (2,100) (36,831) Net increase (decrease) in cash and savings 1,774 (11,568) Cash and savings: Beginning of period 33,346 12,899 ------------ ------------ End of period $ 35,120 $ 1,331 ============ ============
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 February 28, 2002, the statement of operations for the three-month and nine-month periods ended February 28, 2002 and 2001, 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 28, 2002 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 February 28, 2002 are not necessarily indicative of the operating results for the full year. Note 2. Inventories: Inventories consist of the following: February 28, May 31, 2002 2001 ------------ ------------ Raw materials $ 16,900 $ 16,900 Finished goods 19,836 74,961 ------------ ------------ Totals $ 36,736 $ 91,861 ============ ============ Note 3. Stockholders' Equity (Deficit): During the nine months ended February 28, 2002, stockholders' deficit changed for a net loss of $329,459. 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 $347,308 during the three months ended February 28, 2002, compared to $276,553 for the same period in 2001. There were cost of sales of $63,337 in 2002, and cost of sales in 2001 was $38,159, for a gross profit of $283,931 in 2002, compared to a gross profit of $238,394 in 2001. During the same period the Company expended selling, general, and administrative expenses of $411,091 in 2002 for a net loss of $151,939; in 2001 it expended selling, general and administrative expenses of $331,688 for a net loss of $111,794. The net loss for both years was $.01 per share. There were sales of $1,069,972 during the nine months ended February 28, 2002, compared to $663,284 for the same period in 2001. There were cost of sales of $132,968 in 2002, and cost of sales in 2001 was $83,910, for a gross profit of $937,004 in 2002, compared to a gross profit of $579,374 in 2001. During the same period the Company expended selling, general, and administrative expenses of $1,198,342 in 2002 for a net loss of $329,459; in 2001 it expended selling, general and administrative expenses of $908,257 for a net loss of $382,508. The net loss for both years was $.02 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 nine months ended February 28, 2002. 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: April 15, 2002 By: /s/ Anthony Carl Jurak ------------------------------------ Anthony Carl Jurak Chairman of the Board and Director 7