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
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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 333-61801
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JURAK CORPORATION WORLD WIDE, INC.
(Exact name of registrant as specified in its charter)
MINNESOTA 88-0407679
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(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 15, 2002
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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 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
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Total current assets 72,044 125,395
Property, plant and equipment - net 28,738 45,538
Other assets 99,544 99,544
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$ 200,326 $ 270,477
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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
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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)
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(1,558,371) (1,228,912)
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$ 200,326 $ 270,477
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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.
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JURAK CORPORATION WORLD WIDE, INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
February 28 February 28
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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
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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)
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(24,779) (18,500) (68,121) (53,625)
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Loss before income taxes (151,939) (111,794) (329,459) (382,508)
Income taxes -- -- -- --
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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
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2002 2001
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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
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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)
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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
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End of period $ 35,120 $ 1,331
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See Notes to Condensed Financial Statements.
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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
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Raw materials $ 16,900 $ 16,900
Finished goods 19,836 74,961
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Totals $ 36,736 $ 91,861
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Note 3. Stockholders' Equity (Deficit):
During the nine months ended February 28, 2002, stockholders' deficit
changed for a net loss of $329,459.
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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.
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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.
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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
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Anthony Carl Jurak
Chairman of the Board and Director
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