SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934
         For the quarterly period ended December 31, 1997

[        ] TRANSITION  REPORT  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 for the transition period from  __________________
         to __________________

         Commission File Number 0-24408

                            INTERJET NET CORPORATION
             (Exact Name of Registrant as specified in its Charter)


            Delaware                                                 33-0611753
(State or other Jurisdiction of                         I.R.S. Employer Identi-
Incorporation or Organization                                fication No.)

                  15554 FM 529, Suite 123, Houston, Texas 77095
(Address of Principal Executive Offices)                            (Zip Code)

                                                  (281) 463-7998
                        (Registrant's Telephone Number, including Area Code)

           Indicate by check mark whether the Registrant (i) has filed all
 reports required to be
filed by Section 13, or 15(d) of the Securities Exchange Act of 1934 during th
 preceding 12
months (of for such shorter period that the Registrant was required to file suc
 reports) and (ii)
has been subject to such filing requirements for the past 90 days.

                                           Yes    X           No

           Indicate the number of shares outstanding of each of the issuer's
classes of Common
Stock, as of the latest practicable date.

Common Stock, $.001 par value                                      12,298,183
Title of Class                                     Number of Shares outstanding
                                                           at February 12, 1998
No exhibits included.
<PAGE>



                         PART I - FINANCIAL INFORMATION

ITEM 1.      Financial Statements

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

        Condensed Consolidated Balance Sheet as of March 31, 1997 and December
 31, 1997;

        Condensed  Consolidated  Statements  of  Income  for the  three and nine
        months ended December 31, 1997 presented on a pro-forma basis reflecting
        the acquisition of Interjet Net, Inc;

        Condensed  Consolidated  Statements of Cash Flows for the three and nine
        months ended December 31, 1997 presented on a pro-forma basis reflecting
        the acquisition of Interjet Net, Inc;

        Notes to Condensed Consolidated Financial Statements.


                                                         2

<PAGE>



<PAGE>
<TABLE>
<CAPTION>



                            INTERJET NET CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                      MARCH 31, 1997 AND DECEMBER 31, 1997
                                   (UNAUDITED)
                                                                        March 31,               December 31,
ASSETS                                                                    1997                      1997
Current Assets:
<S>                                                                <C>                     <C>                   
        Cash                                                       $                 0     $              211,309
        Prepaid Expenses                                                             0                     12,243
        Inventory                                                                    0                     59,065
             Total Current Assets                                  $                 0     $              282,617

Property, Plant & Equipment                                        $                 0     $              912,971

Other Assets:
        Organizational Costs                                       $                14     $                9,555
        Deposits                                                                     0                      7,004
        Licenses and Other                                                           0                  1,063,474
                                                                   $                14     $            1,080,033
TOTAL ASSETS                                                       $                14     $            2,275,621

LIABILITIES & SHAREHOLDERS EQUITY Current Liabilities:
        Accounts Payable                                           $             2,252     $              289,230
        Accrued Liabilities                                                          0                     89,500
        Income Taxes Payable                                                         0                        800
        Current Portion of Long-Term Debt                                            0                    144,912
             Total Current Liabilities                             $             2,252     $              524,442

Long-Term Debt                                                     $                 0     $              178,514
             Total Liabilities                                     $             2,252     $              702,956

Shareholders Equity:
        Common Stock, $.001 par value;
             Authorized 20,000,000 shares;
             Issued and Outstanding 993,537
             at March 31, 1997 and 12,000,663
             at December 31, 1997                                  $               994     $               12,001
        Additional Paid-in Capital                                                 252                  3,009,251
        Retained Earnings (Deficit)                                            (3,484)                (1,448,587)
             Total Shareholder's Equity                            $           (2,238)     $            1,572,665

             TOTAL LIABILITIES & EQUITY                            $                14     $            2,275,621
</TABLE>

                      See Notes to Condensed Consolidated Financial Statements

                                                         3

<PAGE>

<TABLE>
<CAPTION>


                            INTERJET NET CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                  THREE AND NINE MONTHS ENDED DECEMBER 31, 1997
                                   (UNAUDITED)

                                                                      Three Months               Nine Months
                                                                          Ended                     Ended
                                                                      December 31,              December 31,
                                                                          1997                      1997
<S>                                                                <C>                     <C>                   
Revenues                                                           $            10,233     $               10,233

Cost of Sales                                                      $            40,542     $               46,286

Gross Profit                                                       $          (30,309)     $             (36,053)

General & Administrative Expenses:
        Professional Services                                                   25,858                    146,547
        Salaries - Officers                                                     73,400                    258,825
        Salaries - Others                                                      147,009                    285,050
        Payroll Taxes and Benefits                                              19,378                     33,499
        Office Expenses                                                         16,704                     54,352
        Advertising and Marketing                                               70,282                    102,203
        Auto Expense                                                            11,211                     34,683
        Travel and Entertainment                                                58,415                    129,595
        Depreciation and Amortization                                           25,535                     44,320
        Loss on Abandoned Projects                                               6,000                      6,000
        Channel Lease Payments                                                  88,552                     90,052
        Computer Expenses                                                        5,856                     10,529
        Postage and Delivery                                                     8,593                     19,144
        Insurance                                                                9,486                     32,221
        Interest Expense                                                         1,126                      7,051
        Rent                                                 34,102                   95,876
        Tower Lease Payments                                                     4,380                      7,295
        Seminars and Conventions                                                   425                      3,831
        Telephone Expense                                                       22,373                     61,369
        Taxes - Other                                                              525                      1,852
             Total General and Administrative Expenses                         629,210                  1,424,294

Interest Income                                                    $             7,252     $               12,560
State Income Taxes                                                 $                 0     $                  800

Net Income (Loss)                                                  $         (652,267)     $          (1,448,587)

</TABLE>

                      See Notes to Condensed Consolidated Financial Statements

                                                         4

<PAGE>
<TABLE>
<CAPTION>



                            INTERJET NET CORPORATION
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
                  THREE AND NINE MONTHS ENDED DECEMBER 31, 1997
                                   (UNAUDITED)

                                                                      Three Months               Nine Months
                                                                          Ended                     Ended
                                                                      December 31,              December 31,
                                                                          1997                      1997
OPERATING ACTIVITIES
<S>                                                                <C>                     <C>                   
        Net Income (Loss)                                          $         (652,267)     $          (1,448,587)

        Adjustments:
             Depreciation and Amortization                         $            25,535     $               44,320
             Expenses Paid with Common Stock                                         0                    321,252
             Changes in Current Accounts                                        58,669                    407,812
Net Cash Required by Operating Activities                          $         (568,063)     $            (675,203)

INVESTING ACTIVITIES
        Purchase of Fixed Assets                                   $         (216,003)     $            (909,279)
        Purchase of Licenses                                                 (262,450)                  (486,439)
Net Cash Required by Investing Activities                          $         (478,453)     $          (1,395,718)

FINANCING ACTIVITIES
        Loans                                                      $           287,343     $              330,136
        Repayment of Loans                                                    (21,761)                   (26,622)
        Sale of Common Stock                                                         0                  1,978,716
Net Cash Provided (Required) by
        Investing Activities                                       $           265,582     $            2,282,230

Increase (Decrease) in Cash and
        Cash Equivalents                                           $         (780,934)     $              211,309

Cash and Cash Equivalents at
        Beginning of Period                                        $           992,243     $                    0

Cash and Cash Equivalents at
        End of Period                                              $           211,309     $              211,309



</TABLE>



                    See Notes to Condensed Consolidated Financial Statements

                                                         5

<PAGE>


                            INTERJET NET CORPORATION
                             A DELAWARE CORPORATION
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                       FOR THE THREE AND NINE MONTHS ENDED
                                DECEMBER 31, 1997

NOTE 1:           BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principals for interim
financial information and with the instructions to Form 10-QSB 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.

The Company was  essentially  inactive prior to the acquisition of Interjet Net,
Inc., a Nevada  corporation (see Note 2 below).  As such,  comparable  financial
statements have not been presented as the management feels this  presentation is
immaterial. Where relevant,  comparable financial information has been presented
on a pro-forma basis.

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 InterJet Net, Inc. in  conjunction  with the purchase of
all of the  outstanding  stock of InterJet Net, Inc.  Immediately  following the
acquisition of InterJet Net, Inc., the Company  conducted a private placement of
680,000 shares of its common stock at a price of $1.95 per share.  This offering
was completed on August 27, 1997.

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.

NOTE 4:           INCOME TAXES

The Company has available at December 31, 1997, net operating loss carryforwards
of approximately  $3,500 which may provided future tax benefits expiring in June
of 2010.



                                                         6

<PAGE>



NOTE 5:           WARRANTS TO PURCHASE COMMON STOCK

At December 31, 1997, there are outstanding 512,821 warrants to purchase 512,821
shares of common stock at $1.95 per share.  These warrants  expire on August 27,
1998.

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's  loss for the three months  ended  December 31, 1997 was
equal to $652,267.  This amount was prepared on a pro-forma  consolidated  basis
reflecting the  acquisition  of InterJet Net, Inc.,  which is now a wholly-owned
subsidiary of the Company.  Prior to this  acquisition the Company was virtually
inactive  and  thus  the  management  does  not  believe  comparative  financial
information  would be relevant.  The loss for the current  quarter was primarily
attributable to the Company's Selling,  General and  Administrative  Expenses of
which salaries,  travel and marketing made up the largest amount.  The increased
loss this quarter, compared to the losses in the previous quarters, reflects the
implementation of the Company's aggressive growth strategy. Operating systems in
both Salt Lake City, Utah and Beaumont,  Texas were  successfully  launched this
quarter.  Total  salaries of $220,409  were paid or accrued for the three months
ended  December  31, 1997.  This equated to 35.0% of the total  expenses for the
quarter which totaled $629,210. Travel and related costs equaled $58,415 for the
quarter, or approximately 9.3% of total expenses. The total cost advertising and
marketing  expenses for the quarter  totaled  $70,282 for the three months ended
December  31, 1997.  This  represented  to 11.2% total  expenses for the quarter
ended December 31, 1997.

         As a result of the  launching of the  operational  systems in Salt Lake
City, Utah (in October of 1997) and Beaumont,  Texas (in late December of 1997),
the Company  produced  gross  revenues of $10,233 for the quarter ended December
31, 1997. These revenues represent the first since the Company's inception.

         The  Company's  loss for the nine months  ended  December  31, 1997 was
equal to $1,44,587.  This amount was prepared on a pro-forma  consolidated basis
reflecting the  acquisition  of InterJet Net, Inc.,  which is now a wholly-owned
subsidiary of the Company.  Prior to this  acquisition the Company was virtually
inactive  and  thus  the  management  does  not  believe  comparative  financial
information  would be relevant.  The loss for this period was  attributed to the
Company's  Selling,  General  and  Administrative  Expenses  of which  salaries,
professional fees, travel, marketing, and rent made up the largest amount. Total
salaries of $543,875 were paid or accrued for the nine months ended December 31,
1997.  This equated to 38.2% of the total  expenses for the period which totaled
$1,424,294.  The total  expenses for  professional  services,  including  legal,
accounting  and  engineering  fees,  totaled  $146,547 for the nine months ended
December  31, 1997.  Professional  service  expenses  amounted to 10.3% of total
General and Administrative Expenses for the nine month period ended December 31,
1997. Total travel and related costs of $129,595 were incurred in the nine month
period. This equated to 9.1% of the total expenses. The total expense marketing,
including  printing and advertising,  totaled $102,203 for the nine months ended
December 31, 1997.  This  amounted to 7.2% of total  General and  Administrative
Expenses for the nine month period ended December 31, 1997.

         The Company has current assets  totaling  $282,617 at December 31, 1997
with total net working  capital  deficit of $241,825.  This equates to a current
ratio of approximately -1.85.



                                                         8

<PAGE>



                           PART II - OTHER INFORMATION

ITEM 5.           Other Information

         Acquisition of Access Communications, Inc.  Effective January 1, 1998,
 the Company
acquired Access Communications, Inc. ("Access") as a wholly-owned subsidiary.
  Access is an
operating Internet service provider in Houston, Texas.  Access currently serves
approximately
1,800 subscribers.  The Company exchanged 211,000 shares of its common stock for
 all of the
outstanding stock of Access.

ITEM 6.           Exhibits and Reports on Form 8-K

Reports of Form 8-K

None.


                                                         9

<PAGE>



                                   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:   February 12, 1998                        INTERJET NET CORPORATION


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


                                                    By:    /s/ Mary E. Blake
                                             Mary E. Blake, Vice President,
                                            Director and duly authorized officer


                                                        10

<PAGE>



[TEXT]