UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   FORM 10-QSB

(Mark One)

[X]     Quarterly  Report  pursuant to Section 13 or 15(d) of the Securities and
        Exchange Act of 1934 For the quarter period ended: June 30, 1999

                                       or

[]   Transition  report  pursuant to Section 13 or 15(d) of the  Securities  and
     Exchange Act of 1934 For the transition period from:

Commission file number:      0-24408

                                 IJNT.net, Inc.
             (Exact name of registrant as specified in its charter)

          Delaware                                       33-0611753
(State or other jurisdiction of                        (IRS Employer
incorporation or organization)                     Identification Number)

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

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

         Indicate by check mark whether the registrant (1) has filed all reports
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

          The number of shares  outstanding of the registrant's  common stock on
August 10, 1999 was 17,419,031

                                        1

<PAGE>



                         PART I - FINANCIAL INFORMATION

ITEM 1.           Financial Statements.

         The following  Consolidated Financial Statements of the Company and its
subsidiaries and related notes are included herein:


         Consolidated Balance Sheet as of June 30, 1999;

         Consolidated  Statements  of Income for the three months ended June 30,
         1999 and June 30, 1998;

         Consolidated  Statement  of Cash Flows for the three  months ended June
         30, 1999 and June 30, 1998;

         Notes to Consolidated Financial Statements.

                                        2

<PAGE>



                                 IJNT.net, Inc.
                           CONSOLIDATED BALANCE SHEET
                                  June 30, 1999

<TABLE>
<CAPTION>
ASSETS
Current Assets
<S>                                                                                          <C>
   Cash                                                                                      $         764,447
   Account Receivable                                                                                  670,704
   Prepaid Expenses                                                                                     90,676
   Other Receivables                                                                                   207,980
   Inventory                                                                                           166,338
                                                                                             -----------------
                                                                      Total Current Assets           1,900,145

Property, Plant, and Equipment                                                                       2,812,360

Other Assets
   Organizational Costs                                                                                  6,743
   Deposits                                                                                            179,287
   Licenses and Other                                                                                2,121,918
                                                                                             -----------------
                                                                                                     2,307,948
                                                                                             -----------------

                                                                              TOTAL ASSETS   $       7,020,453
                                                                                             =================

LIABILITIES & STOCKHOLDERS EQUITY
Current Liabilities
   Accounts Payable                                                                          $         510,648
   Accrued Liabilities                                                                                 122,874
   Payroll Withholding & Other                                                                          54,787
   Income Taxes Payable (State)                                                                          4,811
   Loans from Stockholders                                                                              16.690
   Current Portion of Long-term Debt                                                                    19,873
                                                                                             -----------------
                                                                 Total Current Liabilities             729,683

Long-term Debt                                                                                         191,430
                                                                                             -----------------
                                                                         Total Liabilities             921,113
Stockholders Equity
   Series A Preferred Stock, $.01 par value:
     Authorized 1,000,000 shares;
     Issued and Outstanding 3,200 shares                                                                    32
     Additional Paid-in Capital - Preferred Stock                                                    3,589,968
   Common Stock, $.001 par value;
     Authorized 20,000,000 shares;
     Issued and Outstanding 17,183,756                                                                  17,184
     Additional Paid-in Capital                                                                     11,789,777
   Retained Earnings (Deficit)                                                                      (9,297,621)
                                                                                             -----------------
                                                                 Total Stockholders Equity           6,099,340
                                                                                             -----------------

                                                   TOTAL LIABILITIES & STOCKHOLDERS EQUITY   $       7,020,453
                                                                                             =================
</TABLE>


See Notes to Consolidated Financial Statements.

                                        3

<PAGE>



                                 IJNT.net, Inc.
                        CONSOLIDATED STATEMENTS OF INCOME
                    Three months ended June 30, 1999 and 1998


<TABLE>
<CAPTION>
                                                                                1999               1998
                                                                         -----------------   -----------------
<S>                                                                      <C>                 <C>
Revenues                                                                 $       1,153,251   $         179,851
Cost of Sales                                                                      508,658              97,270
                                                                         -----------------   -----------------
                                                           Gross Profit            644,593              82,581

General & Administrative Expenses
   Professional Services                                                           195,656             142,537
   Salaries - Officers                                                              88,250              52,200
   Salaries - Others                                                               738,127             226,139
   Payroll Taxes & Benefits                                                         69,749              26,860
   Office Expenses                                                                  74,893              19,193
   Advertising & Marketing                                                         282,337             105,253
   Auto Expense                                                                     24,936               7,816
   Travel & Entertainment                                                           81,722              96,730
   Computer Expenses                                                                18,666               9,067
   Depreciation & Amortization                                                     167,377              40,609
   Channel Lease Payments                                                                0              13,750
   Equipment Lease Payment                                                               0              11,281
   Postage & Delivery                                                               18,479              10,848
   Insurance                                                                        32,325              23,227
   Interest Expenses                                                                     0                   7
   Rent                                                                            131,365              36,020
   Temporary Help & Outside Services                                                 2,703              11,107
   Tower Lease Payments                                                                  0               4,640
   Telephone Expense                                                               352,695              24,002
   Taxes - Other                                                                     1,999               3,656
                                                                         -----------------   -----------------
                                Total General & Administrative Expenses          2,281,279             864,942

Interest Income                                                                          0               1,080
Provision for Income Tax                                                            14,352                   0
                                                                         -----------------   -----------------

                                                      NET PROFIT (LOSS)  $      (1,651,038)  $        (781,281)
                                                                         =================   =================
</TABLE>


See Notes to Consolidated Financial Statements.

                                        4

<PAGE>



                                 IJNT.net, Inc.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                    Three months ended June 30, 1999 and 1998


<TABLE>
<CAPTION>
                                                                                1999               1998
                                                                         -----------------   -----------------
OPERATING ACTIVITIES
<S>                                                                      <C>                 <C>
   Net Income (Loss)                                                     $      (1,651,038)  $        (781,281)
   Adjustments:
     Depreciation and Amortization                                                 167,377              40,609
     Expenses Paid with Common Stock                                                     0              88,948
     Changes in current accounts                                                   (31,155)           (162,564)
                                                                         -----------------   -----------------
                              Net Cash Required by Operating Activities         (1,514,816)           (814,288)

INVESTING ACTIVITIES
   Purchase of Inventory                                                           (79,693)           (165,677)
   Purchase of Fixed Assets                                                       (665,782)           (104,407)
   Deposits and Other                                                             (163,360)                  0
                                                                         -----------------   -----------------
                              Net Cash Requited by Investing Activities           (908,835)           (270,084)

FINANCING ACTIVITIES
   Loans                                                                                 0              (4,250)
   Repayment of Loans                                                               (4,249)            (17,540)
   Sale of Common Stock                                                          2,289,590           1,486,620
                                                                         -----------------   -----------------
                   Net Cash Provided (Required) by Investing Activities          2,285,341           1,464,830
                                                                         -----------------   -----------------

Increase (Decrease) in Cash and Cash Equivalents                                  (138,310)            380,458

Cash and Cash Equivalents at Beginning of Period                                   902,757              63,303
                                                                         -----------------   -----------------

Cash and Cash Equivalents at End of Period                               $         764,447   $         443,761
                                                                         =================   =================
</TABLE>


See Notes to Consolidated Financial Statements.

                                        5

<PAGE>



                            INTERJET NET CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                        Three Months Ended June 30, 1999


NOTE 1:           BASIS OF PRESENTATION

The  accompanying  unaudited  condensed  consolidated  financial  statements  of
IJNT.net,   Inc.  and  its  wholly-owned   subsidiaries   IJNT,   Inc.,   Access
Communications,  Inc., WebIt of Utah, Inc.,  UrJet Backbone  Network,  Inc., Man
Rabbit House  Multimedia,  Inc., and Global Broadband  Services,  Inc. have been
prepared in accordance with generally accepted accounting principals for interim
financial  information and with the  instructions to Form 10-Q and Rule 10-01 of
Regulation  S-X.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principals  for complete
financial  statements.   In  the  opinion  of  the  Company's  management,   all
adjustments  (consisting  of normal  accruals)  considered  necessary for a fair
presentation of these financial statements have been included.

NOTE 2:           CAPITALIZATION

The Company was incorporated in the State of Delaware under the name Picometrix,
Inc. on June 11, 1992 and authorized 20,000,000 shares of $0.01 par value common
stock.  On June 30, 1997 the Company  effected a  2.3399365-for-1  share forward
stock split.  The split increased the total  outstanding  shares from 579,600 to
1,356,377.  On  August  8,  1997 the  Company  issued  9,964,286  shares of post
forward-split  stock to IJNT,  Inc.  (formerly  known as InterJet Net,  Inc.) in
conjunction with the purchase of all of the outstanding stock of IJNT, Inc.

Over the past two years, the Company has entered into various private  placement
offerings as well as offerings  under  Regulations D and S of the Securities and
Exchange Act of 1933.

On  December  4, 1998,  the  Company  entered  into an  Agreement  with  Private
Investors (the "Investors")  whereby the Investors purchased 2,000 shares of the
Company's  Preferred Series A Stock (the "Preferred  Stock") for a price of $1.8
million. In May of 1999, the agreement was amended to include an additional 2000
shares of Preferred Series A Stock,  which netted an additional $ 1.8 million to
the Company.  Through June 30, 1999  approximately 800 shares of Preferred Stock
has been converted to 800,000 shares of Common Stock.  The Preferred Stock has a
par value of $.01 per share.  A dividend of 8% per annum accrues on  unconverted
Preferred  Shares  held by the  investors.  The  investors  have the  ability to
convert the Preferred  Stock into Common Stock of the Company at a rate of 1,000
shares of Common Stock for each share of Preferred Stock converted.  The Company
has the ability to put  additional  shares of Preferred  Stock to the  Investors
based on the  market  price and  average  daily  volume of shares  traded of the
Company's common stock. The maximum total  investment,  which can be made by the
investors under the Agreement, is $10 million.

NOTE 3:           RELATED PARTY TRANSACTIONS

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 business
interests.  The Company has not  formulated a policy for the  resolution of such
conflicts,  except that the Company has adopted a policy that its executives are
not  permitted to accept  positions  to serve as  directors of any  organization
which does business with the Company without the prior approval of the Company's
CEO.



                                        6

<PAGE>



                            INTERJET NET CORPORATION
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
                        Three Months Ended June 30, 1999


NOTE 4:           INCOME TAXES

The Company has available at March 31, 1999,  net operating  loss carry forwards
of approximately $9.3 million which may provide future tax benefits which expire
starting in June of 2010.

NOTE 5:           WARRANTS OR OPTIONS TO PURCHASE COMMON STOCK

At June 30,  1999,  there are  outstanding  no  outstanding  warrants or options
purchase shares of the Company's common stock. As described in Note 2 above, the
outstanding  Preferred Series A Stock is convertible into shares of common stock
in the Company.

NOTE 6:           SUBSEQUENT EVENTS

See "PART II - Item 5. Other Information".



                                        7

<PAGE>



ITEM 2.   Management's  Discussion  and Analysis of Financial  Condition and
          Results of Operations.

The Company  produced gross revenues of $1,153,251 for the quarter ended on June
30, 1999.  This  represents an increase of 541 % when compared to the revenue of
$179,851 for the quarter ended June 30, 1998.

The Man  Rabbit  House  subsidiary,  which  was  acquired  in  August  of  1998,
contributed $354,612 in revenues for the current quarter.

The Salt Lake City system  generated  gross  revenues of $171,110 an increase of
212%  compared  with  revenues  of  $54,801 in the same  period a year ago.  The
wireless subscriber base in Salt Lake increased to 273 as of June 30, 1999. This
is a 170%  increase  from the 101  subscribers  signed  up as of June 30,  1998.
Currently,  there are 1898 dial-up  subscribers  on the Salt Lake  systems.  The
gross revenues from wireless subscribers totaled $18,208 in the current quarter.

Similarly, the revenues of the Beaumont system increased to $118,301 from $7,095
in the quarter ended June 30, 1998. This represents an increase of 1567 %.

The Houston  office  generated  gross  revenues of $187,224 in the quarter ended
June 30, 1999,  compared with gross revenues of $117,955 in the same period last
year.  This represents an increase of 59 %. The Houston system has been expanded
to offer wireless  Internet access in the current  quarter.  This development is
expected to dramatically increase revenues in the upcoming quarters.

The Northern  California  operations have been added since the beginning of this
calendar year. The current quarter's revenues totaled $27,432.

UrJet Backbone  Network ("UBN") is a wholly owned subsidiary of the Company that
was formed in the last quarter of 1998 to deploy fiber backbone connectivity and
a variety of  telecommunications  carrier  services.  Competitive Local Exchange
Carrier  (CLEC)  registration  is  currently  pending  in several  states.  Upon
approval of this registration,  UBN will compete with local telephone  companies
to deliver various telecommunication services to customers. UBN's fiber backbone
is now in place in such markets as Los Angeles, San Francisco and Orange County.
Los Angeles,  Dallas,  Houston,  Salt Lake City, Phoenix,  San Diego and several
other major  markets  should be fully  connected by the end of the 1999 calendar
year.  UBN  also has  rights  to fiber  routes  and  collocation/interconnection
facilities in 13 major cities across the U.S. In the current  quarter,  UBN will
begin recognizing  revenues in fiscal Q2, 1999. The revenues of UBN are expected
to increase  greatly  after the  granting of CLEC status,  which is  anticipated
soon.

The  Company's  loss for the  three  months  ended  June 30,  1999 was  equal to
$1,651,038. This is compared to a loss for the three-month period ended June 30,
1998 of $781,281.  The current quarter's loss increased  dramatically due to the
aggressive  expansion of the  Company's  business.  The  expenses are  primarily
attributable to the Company's Selling,  General and  Administrative  Expenses of
which salaries,  professional fees and marketing made up the largest amount. The
increased  expenses  also  reflect  the  activity  of  the  newly  acquired  and
incorporated subsidiaries of the Company.

Total  salaries of $826,377 were paid or accrued for the three months ended June
30,  1999.  This  equated to 36.2 % of the total  expenses  for the quarter that
totaled $2,281,279. This salary expense is compared to $278,339 (which was 32.2%
of total expenses of $864,942) incurred by the Company in the three months ended
June 30, 1998. The Company incurred  expenses of $195,656 in professional  fees,
including  attorneys,  accountants,   engineers  and  consultants.  This  amount
represented  8.6 % of total G&A expenses for the quarter.  In the same quarter a
year ago, $142,537 was expended on professional fees, or 16.5%

                                        8

<PAGE>



of total expenses for the quarter. The Company anticipates continuing to incur a
large amount of professional  fees as it continues to rapidly expand.  The total
cost advertising and marketing  increased this quarter to $282,337 (or 12.4 % of
total G&A  expenses)  compared to $105,253  for the three  months ended June 30,
1998. This represented 12.2% total expenses for the quarter.

The Company has current assets  totaling  $1,900,145 at June 30, 1999 with total
net  working  capital  of  $1,170,462.  This  equates  to  a  current  ratio  of
approximately 2.60.

                           PART II - OTHER INFORMATION

ITEM 5.           Other Information.

On or about July 30, 1999, the Company entered into a Master Purchase  Agreement
and  secured  line  of  credit  agreement  with  Nortel  Networks,   a  Canadian
corporation which manufactures  telecommunications equipment. Under the terms of
the  Agreement,  Nortel  Networks  will  provide the Company  with $7 million in
operating  capital,  to be repaid from future public equity  fundraising  by the
Company.  Nortel  Networks  will also deliver $8.2 million worth of equipment to
the Company for installation in its Los Angeles office and surrounding locations
as part of a network being built to offer DSL (Digital  Subscriber Line) service
and other telecommunications  services to the Company's customers. The Agreement
also extends a $37 million  line of credit to the Company to purchase  goods and
services  from Nortel  Networks  over the next two years for the buildout of the
DSL network. The network planned by Nortel and the Company's engineers under the
agreement will  accommodate DSL service,  other dial-up and high-speed  Internet
access  services,   traditional   telephone  service,   fax,  video,  audio  and
videoconferencing  services,  as well  as  other  data  transport  products  and
services. The network is scalable such that additional locations may be added to
the  network  in the  future  as  components  without  altering  the core of the
network. Initially, Nortel will deliver a DMS-500 telecommunications switch, and
an extensive  list of associated  hardware and software,  including  one-megabit
modems(TM)  for customer  premises  equipment  and  StarHub(TM)  network  access
devices.  The Company  anticipates placing the first customers on the network in
service in October 1999, and placing approximately 15,000 DSL subscribers on the
network in Phase I of the network development.

ITEM 6.           Exhibits and Reports on Form 8-K

Reports of Form 8-K

None.

                                   SIGNATURES

         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.

Dated:            August 16, 1999
                                      IJNT.net, Inc.

                                        s:/ Jon H. Marple
                                      Jon H. Marple, President, Chairman
                                      and Chief Financial Officer

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

                                        9