SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                               Amendment No. 2 to
                                   FORM 10-KSB/A

[x]  Annual Report  Pursuant to Section 13 or 15(d) of the  Securities  Exchange
     Act of 1934 [No Fee Required]

For the fiscal year ended March 31, 1999

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934 [No Fee Required]

For the transition period from                          to

Commission file number 0-24408

                                 IJNT.net, Inc.
              (Exact name of small business issuer in its charter)

         DELAWARE                                      33-0611753
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)

        2800 Post Oak Blvd.
           Houston, Texas                              77056
(Address of principal executive offices)             (Zip Code)

Registrant's telephone number, including area code:  (713) 462-4222
                                                    ----------------------

Securities registered pursuant to Section 12(b) of the Act:    None
                                                            --------------------

Securities  registered  pursuant to Section 12(g) of the Act: Common Stock,  par
value $.001

           Indicate  by check mark  whether the issuer (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 issuer
was  required  to file such  reports)  and (2) has been  subject to such  filing
requirements for the past 90 days.
                                                    YES   X        NO

           Check if disclosure  of delinquent  filers in response to Item 405 of
Regulation  S-B is not  contained  in  this  form,  and no  disclosure  will  be
contained, to the best of issuer's knowledge, in definitive proxy or information
statements  incorporated  by  reference  in part III of this Form  10-KSB or any
amendment to this Form 10-KSB. [ X ]

           State issuer's revenues for its most recent fiscal year:  $1,552,194

           The aggregate market value of the voting stock held by non-affiliates
of the issuer as of July 8, 1999 was equal to  $35,719,159  based on the average
bid and ask price of $3.75

           The number of shares  outstanding  of the issuer's  classes of Common
Stock as of July 8, 1999:

Common Stock, $.001 Par Value - 17,183,756 shares


                    DOCUMENTS INCORPORATED BY REFERENCE: NONE


                                        1

<PAGE>
                                EXPLANATORY NOTE


     This Annual Report on Form 10-KSB/A ("Form-KSB/A") is being filed as
Amendment No. 2 to the Registrant's Annual Report on Form 10-KSB for the fiscal
year ended March 31, 1999 filed with the Securities and Exchange Commission on
July 13, 1999 ("Form 10-KSB") for the purpose of making amendments to Item 7 of
Part II (in particular, changes to the Consolidated Statements of Operations)
and Item 13 of Part III of IJNT.net, Inc.'s Annual Report on Form 10-KSB.


                                       2
<PAGE>

                                 IJNT.net, Inc.
                                  Form 10-KSB/A
                    FOR THE FISCAL YEAR ENDED MARCH 31, 1999

                                     INDEX

                                                                            Page
                                    Part II
Item 7.   Financial Statements and Supplementary Data                         4


                                    Part III
Item 13.  Exhibits List and Reports on Form 8-K                              F-7

                                       3

<PAGE>


                                     PART II


Item 7.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The selected financial data presented below for the years ended March 31, 1999
and March 31, 1998 were derived from the consolidated financial statements of
the Company, which were audited by Smith & Company, independent certified public
accountants, and which are included elsewhere in this Form 10-KSB. This selected
consolidated financial data should be read in conjunction with "Management's
Discussion and Analysis of Financial Condition and Results of Operations" and
the Company's consolidated financial statements (including the notes thereto)
included elsewhere in this Form 10-KSB.

As the Company was not involved in operations  prior to the acquisition of IJNT,
Inc., the financial data has not been presented in a comparative format.


                                        4

<PAGE>



                                 IJNT.net, Inc.
                                and Subsidiaries
                     Condensed Consolidated Income Statement
              For the Years Ended March 31, 1999 and March 31, 1998

<TABLE>
<CAPTION>
                                                                     March 31, 1999        March 31, 1998
                                                                  --------------------  ------------------
<S>                                                               <C>                   <C>
     Sales                                                        $         1,552,194   $         147,057
     Cost of Sales                                                            543,657              66,405
                                                                  --------------------  ------------------
                                                  GROSS PROFIT              1,008,537              80,652

     General and Administrative Costs                                       5,851,475           2,044,431
     Depreciation and Amortization                                            270,173              82,874
     Interest and Bank Charges                                                 24,240              10,071
                                                                  --------------------  ------------------
                                      TOTAL OPERATING EXPENSES              6,145,888           2,137,376

     Net Operating Loss                                                    (5,137,351)         (2,056,724)

     Other Income (Expense)
           Interest income                                                     65,474              12,947
           Acquisition costs                                                   (1,510)           (351,707)
                                                                  --------------------  ------------------

                                                      NET LOSS    $        (5,073,387)  $      (2,395,484)
                                                                  ====================  ==================

EARNINGS (LOSS) PER COMMON SHARE
           Net income (loss)                                      $        (5,073,387)  $      (2,395,484)
           Recognition of Beneficial Conversion Feature
              of Redeemable Preferred Stock (Quasi-dividend)                 (564,260)                  0
                                                                  --------------------  ------------------
                 Net loss used to compute net income per share    $        (5,637,647)  $      (2,395,484)
                                                                  ====================  ==================

                                            Net loss per share    $              (.39)  $            (.21)
                                                                  ====================  ==================

           Weighted average number of common shares
              used to compute net income (loss) per
              weighted average share                                       14,372,270          11,528,021



</TABLE>
                                       5
<PAGE>


                   INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

                           IJNT.NET, INC. CORPORATION
                                AND SUBSIDIARIES

                                                                            Page

Independent Auditor's Report...............................................  F-1

Consolidated Balance Sheet as of March 31, 1999............................  F-2

Consolidated Statements of Operations for the years ended
     March 31, 1999 and March 31, 1998.....................................  F-3

Consolidated Statements of Changes in Stockholders Equity for the years
     ended March 31, 1999 and March 31, 1998...............................  F-4

Consolidated Statements of Cash Flows for the years ended
     March 31, 1999 and March 31, 1998.....................................  F-5

Notes to the Consolidated Financial Statements.............................  F-6

Consolidated General and Administrative Expenses
     for the two years ended March 31, 1999 and March 31, 1998.............  F-9


                                       6
<PAGE>


Item 13. EXHIBITS AND REPORTS ON FORM 8-K

         (a) Exhibits. The following exhibits of the Company are included herein

                                                                  Sequential
     Exhibit No.        Document Description                       Page No.
         3.             Certificate of Incorporation and Bylaws       -
                        3.1  Articles of Incorporation(1)
                        3.2  Bylaws(1)

         27.1           Financial Data Schedule                       19

         99.1           Appraisal of Acquired Channel Rights(2)       20

(1)      Incorporated by reference to such exhibit as filed with the Company's
         registration statement on Form 10-SB, File No. 0-24408

(2)      Previously filed with Amendment No. 1 to the Company's Annual Report
         on Form 10-KSB/A for the fiscal year ended March 31, 1999.

         (b)            Reports on Form 8-K

                        None filed during the fourth quarter


                                        7



<PAGE>




                                      Smith
                                        &
                                     Company

           A Professional Corporation of Certified Public Accountants






Board of Directors
IJNT.net, Inc.
Salt Lake City, Utah


                          INDEPENDENT AUDITOR'S REPORT


We have audited the accompanying  consolidated  balance sheet of IJNT.net,  Inc.
and Subsidiaries as of March 31, 1999, and the related  consolidated  statements
of operations,  changes in  stockholders'  equity,  and cash flows for the years
ended March 31, 1999 and 1998. These consolidated  financial  statements are the
responsibility of the Company's management.  Our responsibility is to express an
opinion on these consolidated financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards  require that we plan and perform the audit to obtain reasonable
assurance  about  whether  the  consolidated  financial  statements  are free of
material  misstatement.  An audit includes examining,  on a test basis, evidence
supporting the amounts and disclosures in the consolidated financial statements.
An audit also includes assessing the accounting  principles used and significant
estimates  made by  management,  as well as  evaluating  the  overall  financial
statement  presentation.  We believe that our audit provides a reasonable  basis
for our opinion.

In our opinion, the consolidated  financial statements referred to above present
fairly, in all material respects,  the financial position of IJNT.net,  Inc. and
Subsidiaries as of March 31, 1999 and the results of their  operations,  changes
in stockholders'  equity,  and cash flows for the years ended March 31, 1999 and
1998 in conformity with generally accepted accounting principles.

Our audit was made for the  purpose of  forming  an opinion on the  consolidated
financial  statements  taken  as a  whole.  The  information  in  Schedule  1 is
presented for purposes of additional  analysis and is not a required part of the
basic financial statements.  Such information has been subjected to the auditing
procedures  applied in the audit of the basic financial  statements,  and in our
opinion,  is fairly  stated in all  material  respects  in relation to the basic
financial statements taken as a whole.


                                                          Smith & Company
                                                    CERTIFIED PUBLIC ACCOUNTANTS

Salt Lake City, Utah
July 7, 1999

         10 West 100 South, Suite 700 o Salt Lake City, Utah 84101-1554
              Telephone: (801) 575-8297   Facsimile: (801) 575-8306
                       E-mail: smith&co@smithandcocpa.com
           Members: American Institute of Certified Public Accountants
                 Utah Association of Certified Public Accountants

                                       F-1

<PAGE>


                         IJNT.net, INC. AND SUBSIDIARIES

                           CONSOLIDATED BALANCE SHEET

<TABLE>
<CAPTION>
                                                                                                            March 31,
                                                                                                               1999
                                                                                                        -----------------
ASSETS
CURRENT ASSETS
<S>                                                                                                     <C>
              Cash in bank                                                                              $         902,757
              Accounts receivable - Trade                                                                         291,642
              Stockholder receivable (Note 3)                                                                      79,693
              Other receivables                                                                                   207,980
              Inventory                                                                                            86,645
              Prepaid expenses                                                                                    300,720
                                                                                                        -----------------

                                                                               TOTAL CURRENT ASSETS             1,869,437

PROPERTY AND EQUIPMENT (Notes 1 and 4)                                                                          2,313,953

OTHER ASSETS
              Deposits                                                                                             65,422
              Organization costs (Note 1)                                                                           6,743
              Licenses and other (Note 5)                                                                       2,072,423
                                                                                                        -----------------

                                                                                 TOTAL OTHER ASSETS             2,144,588
                                                                                                        -----------------

                                                                                                        $       6,327,978
                                                                                                        =================

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
              Accounts payable                                                                          $         283,249
              Accrued liabilities                                                                                 200,266
              Income taxes payable                                                                                  4,811
              Note payable                                                                                              0
              Loans from stockholders (Note 3)                                                                    156,690
              Current portion of long-term debt (Note 6)                                                           26,497
                                                                                                        -----------------

                                                                          TOTAL CURRENT LIABILITIES               671,513

LONG-TERM LIABILITIES (Note 6)                                                                                    195,679
                                                                                                        -----------------

                                                                                  TOTAL LIABILITIES               867,192

REDEEMABLE PREFERRED STOCK (Note 10)
              Series A Preferred stock $.01 par value:
                Authorized 1,000,000 shares;
                Issued and outstanding 2,000 shares                                                             2,364,260

STOCKHOLDERS' EQUITY
              Common stock, $.001 par value:
                Authorized 20,000,000 shares;
                Issued and outstanding 15,975,129 shares                                                           15,975
                Additional paid-in capital                                                                     10,727,136
              Retained deficit                                                                                 (7,646,585)
                                                                                                        -----------------

                                                                         TOTAL STOCKHOLDERS' EQUITY             3,096,526
                                                                                                        -----------------

                                                                                                        $       6,327,978
                                                                                                        =================
</TABLE>


See Notes to the Consolidated Financial Statements.

                                       F-2

<PAGE>


                         IJNT.net, INC. AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS


<TABLE>
<CAPTION>
                                                                         Years ended March 31,
                                                                         1999                1998
                                                                  ------------------  ---------------
<S>                                                               <C>                 <C>
Sales                                                             $       1,552,194   $      147,057
Cost of sales                                                               543,657           66,405
                                                                  ------------------  ---------------
                                                    GROSS PROFIT          1,008,537           80,652

General and administrative expenses (Schedule 1)                          5,851,475        2,044,431
Depreciation and amortization (Note 1)                                      270,173           82,874
Interest and bank charges                                                    24,240           10,071
                                                                  ------------------  ---------------
                                                                          6,145,888        2,137,376
                                                                  ------------------  ---------------

Net operating loss                                                       (5,137,351)      (2,056,724)

Other Income (Expense)
           Interest income                                                   65,474           12,947
           Acquisition costs                                                 (1,510)        (351,707)
                                                                  ------------------  ----------------

                                                        NET LOSS  $      (5,073,387)  $   (2,395,484)
                                                                  ==================  ===============

EARNINGS (LOSS) PER COMMON SHARE
           Net income (loss)                                      $      (5,073,387)  $   (2,395,484)
           Recognition of Beneficial Conversion Feature
              of Redeemable Preferred Stock (Quasi-dividend)               (564,260)               0
                                                                  ------------------  ---------------
                  Net loss used to compute net income per share   $      (5,637,647)  $   (2,395,484)
                                                                  ==================  ===============

                                              Net loss per share  $            (.39)  $         (.21)
                                                                  ==================  ===============

           Weighted average number of common shares
              used to compute net income (loss) per
              weighted average share                                      14,372,270       11,528,021
                                                                  ==================  ===============
</TABLE>


See Notes to the Consolidated Financial Statements.

                                       F-3

<PAGE>


                         IJNT.net, INC. AND SUBSIDIARIES

           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>
                                                                                                       Additional
                                          Series A Preferred Stock             Common Stock              Paid-In       Retained
                                            Shares         Amount         Shares          Amount         Capital        Deficit
                                        -------------  --------------  -------------  -------------  --------------  -------------
<S>                                     <C>            <C>             <C>            <C>            <C>             <C>
Balances at 3/31/97                                 0  $            0     10,388,886  $      10,389  $    1,677,259  $    (177,714)
   Issue stock for note payable
     7/31/97                                                                 155,000            155           1,400
   Stock split 2.339936535 for 1
     7/31/97                                                                 776,677            776            (776)
   Sale of shares in private
     placement 8/20/97                                                       680,000            680       1,325,320
   Issue shares to acquire Access
     Comm. 1/1/98                                                            211,000            211         421,789
   Issue shares for services
     1/27/98                                                                  15,000             15          31,485
   Sale of shares in private placement
     1/27/98                                                                  69,620             70         146,064
     2/1/98                                                                   48,200             48         101,172
     3/1/98                                                                    9,762             10          20,490
     3/10/98                                                                 500,000            500         890,635
   Net loss                                                                                                             (2,395,484)
                                        -------------  --------------  -------------  -------------  --------------  -------------
Balances at 3/31/98                                 0               0     12,854,145         12,854       4,614,838     (2,573,198)
   Issued stock to acquire WebIt
     4/17/98 (net of $43,878
     acquisition costs)                                                       20,000             20          15,102
   Issued stock for services:
     4/17/98                                                                  20,637             21          82,527
     7/2/98                                                                   11,500             11          45,988
     7/8/98                                                                   30,000             30         119,970
     8/7/98                                                                    2,000              2           7,998
     8/18/98                                                                  38,000             38         116,962
     9/14/98                                                                  22,000             22          87,978
     10/9/98                                                                  10,000             10          19,990
     10/23/98                                                                 89,550             90         223,785
     11/20/98                                                                 20,000             20          59,980
   Sale of shares in private
     placement 7/7/98                                                        100,000            100         204,860
   Sale of Reg. S shares 7/15/98                                             700,000            700       1,829,857
   Issue stock to acquire
     MRHM, Inc. 8/4/98 (net of                                                37,163             37         107,463
     $100,000 acquisition costs)
   Sale of Reg. D shares 8/18/98                                             563,950            564       1,156,619
   Issue stock for warrants 8/24/98                                          512,821            513         999,487
   Issue stock to retire debt 8/24/98                                         70,000             70          69,930
   Sale of Series A Preferred
     shares 12/31/98 (net of $200,000
     commissions)                               2,000       1,800,000
   Issue additional shares to settle
     prior year acquisition of
     Access Comm. 1/12/99                                                     30,333             30          (4,518)
   Issue stock for services:
     2/1/99                                                                  118,334            118         266,133
     2/4/99                                                                   25,091             25          49,975
     3/1/99                                                                   41,886             42          88,752
   Issue stock for assets:
     2/17/99                                                                 200,000            200         499,800
     3/31/99                                                                 207,719            208         688,170
   Issue stock to acquire Global
     Broadband 2/22/99 (net of                                               250,000            250         (60,250)
     $590,000 acquisition costs)
   Recognition of Beneficial Conversion
     Feature of Redeemable Preferred
     Stock (Note 10)                                          564,260                                      (564,260)
   Net loss                                                                                                             (5,073,387)
                                        -------------  --------------  -------------  -------------  --------------  -------------
Balances at 3/31/99                             2,000  $    2,364,260     15,975,129  $      15,975  $   10,727,136  $  (7,646,585)
                                        =============  ==============  =============  =============  ==============  =============
</TABLE>


See Notes to the Consolidated Financial Statements.

                                       F-4

<PAGE>


                         IJNT.net, INC. AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF CASH FLOWS


<TABLE>
<CAPTION>
                                                                Years ended March 31,
                                                                1999                1998
                                                          -----------------  ----------------
OPERATING ACTIVITIES
<S>                                                       <C>                <C>
   Net loss                                               $      (5,073,387) $     (2,395,484)
   Add items not requiring the use of cash
     Stock issued for services                                    1,170,467            31,500
     Amortization and depreciation                                  270,173            82,874
     Acquisition costs                                                    0           351,707
   Changes in assets and liabilities:
     Accounts receivable                                            254,922           (39,912)
     Inventory                                                      (41,811)          (44,834)
     Prepaid expenses                                              (288,612)          (12,108)
     Accounts payable                                              (106,495)          401,262
     Accrued liabilities                                            153,874           (41,108)
     Income taxes                                                     4,011               800
                                                          -----------------  ----------------

                                   NET CASH REQUIRED BY
                                   OPERATING ACTIVITIES          (3,656,858)       (1,665,303)

INVESTING ACTIVITIES
   Purchase equipment                                            (1,323,229)                0
   Deposits                                                         (56,515)           (8,907)
   Organization costs                                                  (401)           (8,978)
                                                          -----------------  ----------------

                                   NET CASH REQUIRED BY
                                   INVESTING ACTIVITIES          (1,380,145)          (17,885)

FINANCING ACTIVITIES
   Sale of preferred stock                                        1,800,000                 0
   Sale of common stock                                           4,192,700         1,690,664
   Proceeds from loans                                                    0            83,690
   Principal payments on loans and leases                          (116,243)          (27,863)
                                                          -----------------  ----------------

                                   NET CASH PROVIDED BY
                                   FINANCING ACTIVITIES           5,876,457         1,746,491
                                                          -----------------  ----------------

                                   INCREASE IN CASH AND
                                       CASH EQUIVALENTS             839,454            63,303

   Cash and cash equivalents at beginning of period                  63,303                 0
                                                          -----------------  ----------------

                              CASH AND CASH EQUIVALENTS
                                       AT END OF PERIOD   $         902,757  $         63,303
                                                          =================  ================

Supplemental Disclosures of Cash Flow Information
   Cash paid during the period for:
     Interest                                             $          24,240  $         10,071
</TABLE>

Noncash investing and financing activities
     During the period ended March 31, 1999,  the Company  issued 745,215 shares
     of common stock for assets  valued at  $1,246,512,  and the Company  issued
     70,000 shares to satisfy debt. Equipment at a cost of $377,344 was acquired
     by incurring contracts and leases payable in the same amount.

See Notes to the Consolidated Financial Statements.

                                       F-5

<PAGE>


                         IJNT.net, INC. AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 March 31, 1999


NOTE 1:      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
             Principles of Consolidation
             The consolidated financial statements for 1998 include the accounts
             of the Company and its wholly-owned  subsidiaries IJNT, Inc., which
             was  incorporated  January  15, 1997 under the laws of the State of
             Nevada, and Access Communications, Inc., a Texas corporation, which
             was  purchased   January  1,  1998.  The   consolidated   financial
             statements  for 1999  include  the  accounts of the Company and its
             wholly-owned subsidiaries IJNT, Inc., Access Communications,  Inc.,
             WebIt of Utah, Inc., a Utah  corporation  purchased April 17, 1998;
             UrJet Backbone  Network,  Inc.,  which was incorporated in December
             1998 under the laws of Nevada; Man Rabbit House Multimedia, Inc., a
             California  corporation  purchased  August  14,  1998;  and  Global
             Broadband Services,  Inc., a Nevada corporation  purchased February
             22, 1999. All significant  intercompany  balances and  transactions
             have been eliminated in consolidation.

             Business Activity
             The  Company  was  incorporated  on June 11,  1992 in  Delaware  as
             Picometrix, Inc. On August 8, 1997 the name was changed to Interjet
             Net Corporation. During the year ended March 31, 1999, the name was
             changed to IJNT.net Corporation,  then to IJNT International,  Inc.
             and finally to IJNT.net,  Inc. The Company acquired the bulk of its
             assets July 31, 1997 with the acquisition of IJNT, Inc. The Company
             and its  subsidiaries  are  engaged in the  business  of  providing
             wireless  internet  access through  microwave  technology,  dial-up
             internet  access,  web site  design,  web hosting  services,  fiber
             backbone connectivity,  and a variety of telecommunications carrier
             services.

             Basis of Accounting
             The  consolidated  financial  statements  are  prepared  using  the
             accrual  basis of accounting  where  revenues are  recognized  when
             earned and expenses are recognized when incurred. Wireless internet
             service  requires certain hardware items which must be installed at
             the customer's location. The sale of the equipment and installation
             labor  are  recognized  as  revenue  in the  period in which it was
             installed.  Internet access revenue is recognized  monthly as it is
             billed.  Web site development  services revenue is recognized based
             on stages of  development,  typically over a period of one to three
             months, as the stages are authenticated by the customer.

             Earnings (Loss) Per Share
             Earnings  (loss)  per share  amounts  are  calculated  based on the
             weighted average number of shares outstanding during the period.

             Organization costs
             Organization costs are being amortized over a five year period.

             Property and Equipment
             Property and equipment are depreciated  over their estimated useful
             lives.   Depreciation   and   amortization   are   computed   using
             straight-line  methods  over an  estimated  life  of five to  seven
             years.

             Cash and Cash Equivalents
             For financial statement purposes,  the Company considers all highly
             liquid  investments  with an original  maturity of three  months or
             less when purchased to be cash equivalents.

             Income Taxes
             The Company  records the income tax effect of  transactions  in the
             same year that the  transactions  enter into the  determination  of
             income,  regardless of when the transactions are recognized for tax
             purposes. Tax credits are recorded in the year realized.

             The Company  utilizes the liability method of accounting for income
             taxes as set forth in Statement of Financial  Accounting  Standards
             No.  109,  "Accounting  for Income  Taxes"  (SFAS  109).  Under the
             liability  method,  deferred  taxes  are  determined  based  on the
             difference between the financial  statement and tax bases of assets
             and  liabilities  using enacted tax rates in effect in the years in
             which the differences are expected to reverse. An allowance against
             deferred  tax assets is  recorded  when it is more  likely than not
             that such tax benefits will not be realized.

                                       F-6

<PAGE>


                         IJNT.net, INC. AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
                                 March 31, 1999


             Estimates
             The   preparation  of  financial   statements  in  conformity  with
             generally accepted  accounting  principles  requires  management to
             make estimates and assumptions  that affect the reported amounts of
             assets,  liabilities,  revenues and expenses  during the  reporting
             period.  Estimates also affect the disclosure of contingent  assets
             and  liabilities  at the date of the financial  statements.  Actual
             results could differ from these estimates.

NOTE 2:      FORMER DEVELOPMENT STAGE COMPANY
             The Company was in the  development  stage from its inception until
             December  31,  1997.  Commencing  January 1, 1998,  the Company has
             sufficient  revenue  through  operations of its  subsidiaries  that
             management considers it to be no longer in the development stage.

NOTE 3:      RELATED PARTY TRANSACTIONS
             During 1997, the Company's  subsidiary,  IJNT, Inc. acquired assets
             valued at $699,000  from an officer in exchange for 1,000 shares of
             common stock. The officer paid costs of $321,252 on behalf of IJNT,
             Inc. as  additional  consideration  for the stock.  The assets were
             recorded  on IJNT,  Inc.'s  books at their  historical  cost to the
             officer.

             In March 1999, the Company  acquired  channel rights from a related
             party for $450,000, which was the book value of the acquired assets
             on the books of the  seller.  The Company  obtained an  independent
             appraisal  supporting  such  valuation as an  approximation  of the
             market value of the acquired assets.

             The  officers  and  directors  of the Company are involved in other
             business  activities  and may,  in the future,  become  involved in
             other business  opportunities.  If a specific business  opportunity
             becomes  available,  such  persons may face a conflict in selecting
             between the Company and their other business interests. The Company
             has not formulated a policy for the resolution of such conflicts.

             At March 31,  1999,  the Company  owed two  stockholders  $156,690,
             payable  within the next 12 months without  interest.  At that date
             the Company was owed $79,693 by a  stockholder,  payable within the
             next 12 months without interest.

NOTE 4:      PROPERTY AND EQUIPMENT
             Property  and  equipment  as of March 31,  1999 are  summarized  as
             follows:
<TABLE>
<CAPTION>
                                                           Cost         Depreciation       Net Book Value
                                                     --------------   ----------------   ------------------
<S>                                                  <C>              <C>                <C>
               Furniture                             $      180,075   $         40,940   $          139,135
               Equipment                                    620,145            118,534              501,611
               Transmission Equipment                     1,865,789            202,144            1,663,645
               Leased Vehicle                                12,749              3,187                9,562
                                                     --------------   ----------------   ------------------
                                                     $    2,678,758   $        364,805   $        2,313,953
                                                     ==============   ================   ==================
</TABLE>

NOTE 5:      LICENSES AND OTHER
             The Company owns various  MMDS,  ITFS,  and LPTV  (wireless  cable)
             licenses  to  operate  in  various  cities.  The  Company  has also
             recently  purchased  customer  bases from two entities and signed a
             non-compete agreement with an officer. These assets are recorded at
             cost and  amortized on a  straight-line  basis over the life of the
             assets (up to 10 years).  The Company reviewed  publicly  available
             documents concerning acquisitions of similar licenses and rights by
             the following companies:

                                       F-7
<PAGE>


                         IJNT.net, INC. AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
                                 March 31, 1999


             1.       Sprint's acquisition of Videotron USA for approximately
                      $108.0 million in May 1999.
             2.       Antilles  Wireless,  LLC acquisition of wireless cable
                      channel rights from American  Telecasting, Inc. for
                      approximately $6.2 million in April 1999.
             3.       MCI Worldcom Inc.'s  acquisition of entire capital stock
                      of CAI for approximately  $408.0 million in April 1999.
             4.       Sprint's acquisition of People's Choice TV Corp. for
                      approximately $100.2 million in April 1999.

             The Company has also consulted with Mr. Andrew Nestor,  an industry
             expert,  regarding  the valuation of its licenses and lease rights.
             Based on the  above-described  research  and  analysis,  management
             believes  that the cost of  assets  as  carried  on the books is an
             appropriate  approximation  of the fair value of such  licenses and
             lease rights.

             A summary is as follows:

                 MMDS Channel rights (see Note 3)         $     450,000
                 LPTV rights and licenses (see Note 3)          699,000
                 ITFS rights                                    634,746
                 Customer bases                                 238,677
                 Non-compete agreement                           50,000
                                                          -------------
                                                          $   2,072,423
                                                          =============

NOTE 6:      LONG-TERM LIABILITIES
             Long-term debt at March 31, 1999 is detailed as follows:
<TABLE>
<CAPTION>
                                               Interest                          Principal Balance
                                                 Rate          Payment         Current       Long-term
                                            --------------  -------------  -------------  --------------
<S>                                         <C>             <C>            <C>            <C>
                Vehicle contract                      9.75  $       1,099  $      13,183  $       19,097
                Vehicle contract                     13.30            378          4,536           8,384
                Vehicle lease                         9.90            531          8,778           3,604
                Note payable to consultant               0              0              0         133,344
                Note payable to corporation              0              0              0          31,250
                                            --------------  -------------  -------------  --------------
                                                                           $      26,497  $      195,679
                                                                           =============  ==============
</TABLE>


             Scheduled principal reductions of the debt are as follows:

                            2000            $       26,497
                            2001                   175,969
                            2002                    19,710
                                            --------------

                                            $      222,176
                                            ==============

NOTE 7:      COMMITMENTS AND CONTINGENCIES
             The Company  conducts its  operations  in leased  facilities  under
             noncancellable operating leases expiring through 2001. In addition,
             the Company leases equipment under noncancellable  operating leases
             expiring through 2007. The minimum future rental  commitments under
             operating leases are as follows:


                                       F-8

<PAGE>


                         IJNT.net, INC. AND SUBSIDIARIES

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
                                 March 31, 1999


<TABLE>
<CAPTION>
                        Year ending
                         March 31,            Facilities      Equipment         Total
                  ----------------------    --------------  -------------  -------------
<S>               <C>                       <C>             <C>            <C>
                           2000             $      535,002  $      82,028  $     617,030
                           2001                    487,272         71,400        558,672
                           2002                    466,272         71,400        537,672
                           2003                    434,404         71,400        505,804
                        Beyond 2003                185,334         71,400        256,734
                                            --------------  -------------  -------------

                                            $    2,108,284  $     367,628  $   2,475,912
                                            ==============  =============  =============
</TABLE>

             Payments under these leases (included in general and administrative
             expenses)  were  $317,417  for the year  ended  March 31,  1999 and
             $190,944 for the year ended March 31, 1998.

NOTE 8:      INCOME TAXES
             No federal  income taxes were due for the years ended March 31,1999
             or 1998.

             At March 31,  1999,  the Company has a federal net  operating  loss
             carryover of approximately $7,500,000. The federal loss will expire
             starting March 31, 2012.

             At March 31,  1999,  the  Company  has a deferred  tax asset in the
             amount of $0. There is a potential asset based on future  reduction
             of income  taxes using the net  operating  loss  carryforward.  The
             amount  has  been  reserved  100%  due  to  the  Company's  losses.
             Management believes that the Company will realize sufficient income
             in the  future to  utilize  the net  operating  loss  carryforward.
             However,  since future income can only be  estimated,  there is not
             sufficient  basis for recognition of any deferred tax asset at this
             time.

NOTE 9:      ACQUISITION OF SUBSIDIARIES
             The Company issued 548,496 shares to acquire subsidiaries  (treated
             as purchase transactions) as follows:

<TABLE>
<CAPTION>
<S>            <C>                      <C>                                  <C>
                January 1, 1998         Access Communications, Inc.                241,333
                April 17, 1998          WebIt of Utah, Inc.                         20,000
                August 4, 1998          Man Rabbit House Multimedia, Inc.           37,163
                February 22, 1999       Global Broadband Services, Inc.            250,000
                                                                             -------------

                                                                                   548,496
                                                                             =============
</TABLE>

NOTE 10:     REDEEMABLE PREFERRED STOCK

             At December 1, 1998,  The Company  issued  2,000 shares of Series A
             Preferred Stock with $0.01 par value and $1,000  liquidation value.
             The  base  carrying   value  (net  of  $200,000   commissions)   is
             $1,800,000.  These  shares  were  immediately  convertible  (at the
             shareholder's  option) to common stock at a 20%  discount  from the
             average  closing  price for the five days  immediately  preceding a
             request for conversion.  Based on the quoted closing prices (OTCBB:
             LJNT) for the period from November  25-30,  1998,  the 2,000 shares
             could have been  immediately  converted to 687,285 shares of common
             stock with fair market value of $2,364,260. A Beneficial Conversion
             Feature  in the  amount  of  $564,260  has been  recognized  in the
             balance sheet, along with an immediate offset to additional paid-in
             capital because the Company has not retained earnings from which to
             pay dividends.  At March 31, 1999 none of the preferred  shares had
             been converted.


                                       F-9

<PAGE>


                                                                      SCHEDULE 1
                         IJNT.net, Inc. AND SUBSIDIARIES

                CONSOLIDATED GENERAL AND ADMINISTRATIVE EXPENSES




                                       Years ended March 31,
                                        1999               1998
                                 -----------------  ----------------
Accounting                       $          51,375  $         26,035
Automobile expense                          42,368            35,947
Bad debts                                      554                 0
Computer expense                           116,268            85,311
Consulting                                 646,727           131,489
Insurance                                  106,034            48,280

Lease - channel                             70,620           136,682
Legal                                      269,548            82,852
Marketing and advertising                  567,073            60,933
Meals and entertainment                     57,306            25,779
Office expense                             360,572            72,215

Outside services                           117,211            40,061
Payroll taxes and benefits                 215,154            60,666
Postage                                     54,203            23,005
Relocation expense                           7,755             5,310

Repairs and maintenance                      7,294             4,039
Rent expense                               317,417           190,944
Salaries                                 2,154,535           713,482
Taxes and licenses                          13,459             9,498

Telephone                                  473,651           113,928
Travel                                     202,351           177,975
                                 -----------------  ----------------

                                 $       5,851,475  $      2,044,431
                                 =================  ================


                                      F-10
<PAGE>

                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) 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 October 7, 1999.

                                 IJNT.net, Inc.


                                 By:    /s/ Jon Marple
                                        Jon H. Marple
                                        President

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following  persons on behalf of the  Registrant and
in the capacities indicated on October 7, 1999.


By:  /s/ Jon H. Marple          President, Treasurer, Chief Executive Officer,
    --------------------------  Chief Financial Officer and Chairman
        Jon H. Marple

By:  /s/ Mary E. Blake          Vice President, Secretary and Director
    --------------------------
        Mary E. Blake

By:  /s/ Richard W. Torney      Director
    --------------------------
        Richard W. Torney

By:  /s/ Robert B. Santore      Director, Web Site Design Director
    --------------------------
        Robert B. Santore

By:  /s/ Jeffrey R. Matsen      Director
    --------------------------
        Jeffrey R. Matsen

<PAGE>


                                 EXHIBIT INDEX



                                                                  Sequential
     Exhibit No.        Document Description                       Page No.
         3.             Certificate of Incorporation and Bylaws       -
                        3.1  Articles of Incorporation(1)
                        3.2  Bylaws(1)

         27.1           Financial Data Schedule                       19

         99.1           Appraisal of Acquired Channel Rights(2)       20

(1)      Incorporated by reference to such exhibit as filed with the Company's
         registration statement on Form 10-SB, File No. 0-24408

(2)      Previously filed with Amendment No. 1 to the Company's Annual Report
         on Form 10-KSB/A for the fiscal year ended March 31, 1999.