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:      September 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:                       to

Commission File Number: 0-24408

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

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

         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 November 5,
1999 was 17,870,980.


                                        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 September 30, 1999 and March 31, 1999

         Consolidated  Statements  of  Operations  for the three and six  months
         ended September 30, 1998 and 1999.

         Consolidated  Statements  of  Cash  Flows  for  the  six  months  ended
         September 30, 1999 and 1998.

         Notes to Consolidated Financial Statements.


                                        2

<PAGE>



                                 IJNT.net, Inc.
                           Consolidated Balance Sheet



<TABLE>
<CAPTION>
                                                                              September 30,         March 31,
                                                                                  1999                1999
                                                                           ------------------  -----------------
                                                                               (Unaudited)
ASSETS
   Current Assets
<S>                                                                        <C>                 <C>
     Cash                                                                  $        5,449,662  $         902,757
     Accounts Receivable                                                              715,916            291,642
     Less Allowance for doubtful                                                      (21,450)                 0
     Stockholder Receivable                                                                 0             79,693
     Prepaid Expenses                                                                       0            300,720
     Other Receivables                                                                      0            207,980
     Inventory                                                                        132,849             86,645
                                                                           ------------------  -----------------
                                                     Total Current Assets           6,276,977          1,869,437

   Property, Plant & Equipment                                                      6,021,890          2,313,953

   Other Assets
     Organizational Costs                                                               5,693              6,743
     Deposits                                                                         123,956             65,422
     Licenses and Other                                                             2,007,877          2,072,423
                                                                           ------------------  -----------------
                                                       Total Other Assets           2,137,526          2,144,588
                                                                           ------------------  -----------------

                                                             TOTAL ASSETS  $       14,436,393  $       6,327,978
                                                                           ==================  =================

LIABILITIES & SHAREHOLDERS EQUITY
   Current Liabilities
     Accounts Payable                                                      $          691,655  $         283,249
     Accrued Liabilities                                                              147,101            200,266
     Payroll Withholdings & Other                                                      68,128                  0
     Income Taxes Payable                                                               8,313              4,811
     Loans from Stockholders                                                                0            156,690
     Current Portion of Long-Term Debt                                                      0             26,497
                                                                           ------------------  -----------------
                                                Total Current Liabilities             915,197            671,513

   Long-Term Debt                                                                   9,849,884            195,679
                                                                           ------------------  -----------------

                                                        Total Liabilities          10,765,081            867,192

Shareholders Equity
   Series A Preferred Stock, $.01 par value:
     Authorized 1,000,000 shares
     Issued and Outstanding 3,200                                                          32                 20
     Additional paid-in capital - Preferred Stock                                   3,589,968          1,799,980
   Common Stock, $.001 par value;
     Authorized 20,000,000 shares;
     Issued and Outstanding 17,879,900                                                 17,870             15,975
     Additional Paid-in Capital                                                    11,790,986         11,291,396
   Retained Earnings (Deficit)                                                    (11,727,544)        (7,646,585)
                                                                           ------------------  -----------------
                                               Total Shareholder's Equity           3,671,312          5,460,786
                                                                           ------------------  -----------------

                                  TOTAL LIABILITIES & SHAREHOLDERS EQUITY  $       14,436,393  $       6,327,978
                                                                           ==================  =================
</TABLE>


See Notes to Consolidated Financial Statements.

                                        3

<PAGE>



                                 IJNT.net, Inc.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                      Three Months Ended                       Six Months Ended
                                                         September 30,                           September 30,
                                                   1999                1998                1999               1998
                                            ------------------  ------------------  -----------------   -----------------
<S>                                         <C>                 <C>                 <C>                 <C>
Revenues                                    $          883,442  $          372,875  $       2,036,693   $         544,067
Cost of Sales                                          770,005              64,571          1,278,663             144,532
                                            ------------------  ------------------  -----------------   -----------------
                              Gross Profit             113,437             308,304            758,030             399,535

Selling General & Administrative
   Expenses:
     Professional Services                             328,443             335,866            524,099             475,635
     Salaries - Officers                               129,166              65,395            217,416             117,595
     Salaries - Others                                 885,406             365,246          1,623,533             591,384
     Payroll Taxes & Benefits                           11,917              53,061             81,666              92,141
     Office Expenses                                    78,990              35,659            153,883              57,819
     Advertizing & Marketing                            89,262             109,267            371,599             213,829
     Auto Expense                                       17,553               7,930             42,489              15,746
     Travel & Entertainment                            109,744              24,823            191,466             122,081
     Computer Expenses                                  45,271              12,383             63,937              16,916
     Depreciation & Amortization                       230,164              57,457            397,541              98,067
     Channel Lease Payments                                  0             (15,605)                 0              (1,855)
     Equipment Lease Payments                                0              16,922                  0              40,991
     Postage & Delivery                                 20,992              10,935             39,471              21,026
     Insurance                                          64,391              12,645             96,716              23,654
     Interest Expense                                        0               1,097                  0               1,098
     Rent                                              275,102              36,719            406,467              72,741
     Temporary Help & Outside
       Services                                         30,944              12,187             33,647              24,409
     Tower Lease Payments                                    0               3,195                  0               7,835
     Telephone Expense                                 137,914             108,436            490,609             132,437
     Taxes - Other                                      78,005              (1,469)            80,004               2,187
     Allowance for Doubtful Accounts                    21,450                   0             21,450                   0
                                            ------------------  ------------------  -----------------   -----------------

                   TOTAL SELLING, GENERAL,
                 & ADMINISTRATIVE EXPENSES           2,554,714           1,252,149          4,835,993           2,125,736
                                            ------------------  ------------------  -----------------   -----------------

                        NET OPERATING LOSS          (2,441,277)           (943,845)        (4,077,963)         (1,726,201)

Interest Income                                         13,253              18,569             13,253              19,649

Provision for Income Tax                                     0                   0            (14,352)                  0
                                            ------------------  ------------------  -----------------   -----------------

                         NET PROFIT (LOSS)  $       (2,428,024) $         (925,276) $      (4,079,062)  $      (1,706,552)
                                            ==================  ==================  =================   =================
</TABLE>


See Notes to Consolidated Financial Statements.

                                        4

<PAGE>



                                 IJNT.net, Inc.
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                                             Six Months Ended
                                                                                               September 30,
                                                                                           1999               1998
                                                                                    -----------------   -----------------
OPERATING ACTIVITIES
<S>                                                                                 <C>                 <C>
   Net Income (Loss)                                                                $      (4,079,062)  $      (1,706,552)
   Adjustments:
     Depreciation and Amortization                                                            396,608              98,067
     Expenses Paid with Common Stock                                                                0             481,548
     Changes in current accounts                                                              429,253             129,782
                                                                                    -----------------   -----------------
                                         Net Cash Required by Operating Activities         (3,253,201)           (997,155)

INVESTING ACTIVITIES
   Purchase of Inventory                                                                      (46,204)           (268,961)
   Purchase of Fixed Assets                                                                (4,106,442)           (325,137)
   Deposits and Other                                                                           7,062             (38,440)
                                                                                    -----------------   -----------------
                                         Net Cash Required by Investing Activities         (4,145,584)           (632,538)

FINANCING ACTIVITIES
   Loans                                                                                    9,654,205             (51,117)
   Repayment of Loans                                                                               0             (49,946)
   Sale of Common Stock                                                                     2,291,485           4,149,800
                                                                                    -----------------   -----------------
                              Net Cash Provided (Required) by Financing Activities         11,945,690           4,048,737
                                                                                    -----------------   -----------------

Increase (Decrease) in Cash and Cash Equivalents                                            4,546,905           2,419,044

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

Cash and Cash Equivalents at End of Period                                          $       5,449,662   $       2,482,347
                                                                                    =================   =================
</TABLE>


See Notes to Consolidated Financial Statements.

                                        5

<PAGE>



                                 IJNT.net, Inc.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               September 30, 1999

NOTE 1:           BASIS OF PRESENTATION

The accompanying  un-audited consolidated financial statements of IJNT.net, Inc.
(the  "Company")  and  its  wholly  -owned   subsidiaries   (collectively   "the
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  principles 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  required by generally  accepted  accounting
principles 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 $.01 par value common
stock.  On June 30, 1997,  the Company  effected  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.net,  Inc. (formerly known as InterJet Net, Inc. and
IJNT, 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  Regulation 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
2,000  shares of  Preferred  Series A Stock,  which  netted an  additional  $1.8
million to the Company.  Through September 30, 1999  approximately 800 shares of
Preferred  Stock have 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 year
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 can require the Investors to purchase  additional shares
of Preferred  Stock 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

Some of 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 person
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.

NOTE 4:           INCOME TAXES

The Company has  available  at  September  30, 1999,  net  operating  loss carry
forwards of  approximately  $11.7 million which may provide  future tax benefits
expiring in September of 2011.

NOTE 5:           WARRANTS OR OPTIONS TO PURCHASE COMMON STOCK

At  September 5, 1999,  there are warrants or options to purchase  shares of the
Company's Common Stock in the form of (Nortel Warrants).  As described in Note 2
above,  the outstanding  Preferred  Series A Stock is convertible into shares of
Common Stock in the Company.


                                        6

<PAGE>



                                 IJNT.net, Inc.
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
                               September 30, 1999


NOTE 6:           DEBT

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 term of
the  Agreement,  Nortel  Networks  will  provide the Company  with $7 million in
operating  capital,  to be repaid from future public equity  fund-raising 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 build-out 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
video-conferencing  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 network in service in November
1999.



                                        7

<PAGE>



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

The Company  produced  gross  revenues of $883,442  during the quarter  ended on
September 30, 1999.  This represents an increase of 136.93% when compared to the
revenue of $372,872 for the quarter ended September 30, 1998.

The Man  Rabbit  House  subsidiary,  which  was  acquired  in  August  of  1998,
contributed   $175,039  in  revenues  for  the  current  quarter.   Last  year's
contribution for the same period was $124,814.

The Salt Lake City system  generated gross revenues of $193,485,  an increase of
56.46% compared with revenues of $123,670 in the same period a year ago.

The  revenues of the  Beaumont  system  increased to $61,785 from $23,259 in the
quarter ended September 30, 1998. This represents an increase of 165.64%.

The Houston  office  generated  gross  revenues of $143,585 in the quarter ended
September 30, 1999,  compared with gross  revenues of $94,237 in the same period
last year. This represents an increase of 52.37%.

The  Irvine  office  operations  have been  added  since the  beginning  of this
calendar year. The current quarter's revenues totaled $32,451.

Fair Auction  operations  have been added since the  beginning of this  calendar
year. The current quarter's revenues totaled $209,541.

The Northern  California  operations have been added since the beginning of this
calendar year. The current quarter's revenues totaled $25,047.

The Company recognized $42,509 related to on-line ISP subscriptions,  which were
not specific to any sales office during the quarter ended September 30, 1999.

UrJet Backbone  Network ("UBN") 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  telecommuncation  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
co-locations/interconnection  facilities  in 13 major  cities  across the United
States.

The  Company's  loss for the three months ended  September 30, 1999 was equal to
$2,428,024.  This compared to a loss for the three-month  period ended September
30, 1998 of $925,276.  The current quarter's loss increased  dramatically due to
the aggressive  expansion of the Company's  Selling,  General and Administrative
Expenses of which  salaries,  professional  services,  advertising and marketing
made up the largest amount.  The increased expenses also reflect the activity of
the newly acquired and  incorporated  subsidiaries of the Company,  particularly
the  development of the UBN subsidiary  which has taken partial  delivery of the
Nortel  DMS-500  switch  in Los  Angeles.  UBN  has  also  entered  into a lease
agreement for an additional  6,000 square feet of office space, and co- location
space  to  accommodate  the  DMS-500  switch  and  it's  related  technical  and
administrative  support team.  Total salaries of $1,014,572 were paid or accrued
for the three months ended  September  30,  1999,  representing  39.92% of total
Selling,  General,  and  Administrative  Expenses as compared to $430,641 in the
same  quarter  last  year.  The  Company   incurred   expenses  of  $328,443  in
professional fees, including attorneys, accountants,  engineers and consultants.
This amount represented 12.92% of the total Selling, General, and Administrative
Expenses for the quarter.  In the same quarter a year ago, $335,866 was expended
to professional  services.  The Company anticipates  continuing to incur a large
amount of  professional  services as it continues to rapidly  expand.  The total
cost of advertising and marketing increased this quarter to $89,262 (or 3.51% of
total Selling, General and Administrative Expenses) compared to $109,267 for the
three months ended September 30, 1998 (8.86% of total expenses for the quarter.

The Company has current  assets  totaling  $6,276,977 at September 30, 1999 with
total net working  capital of  $5,361,780.  This  equates to a current  ratio of
approximately 6.86/1.


                                        8

<PAGE>



                           PART II - OTHER INFORMATION

ITEM 5.           OTHER INFORMATION

None.

ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

None


                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  and Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

Dated:   November 10, 1999         IJNT.net, Inc.



                                   Jon H. Marple, President, Chairman, and
                                   Chief Financial Officer



                                   Mary E. Blake, Vice President and Director


                                        9