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 September
         30, 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
Incorporation or Organization                                Identification 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  the  preceding  12 months  (of for such  shorter  period  that the
Registrant  was required to file such 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, $1.00 par value                                        12,000,553
Title of Class                                      Number of Shares outstanding
                                                           at November 12, 1997

Exhibit Index - NONE.


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<TABLE>
<CAPTION>


                                             INTERJET NET CORPORATION
                                       CONDENSED CONSOLIDATED BALANCE SHEETS
                                       MARCH 31, 1997 AND SEPTEMBER 30, 1997
                                                    (UNAUDITED)
                                                                        March 31,               September 30,
ASSETS                                                                    1997                      1997
------
Current Assets:
<S>                                                                <C>                     <C>                   
        Cash                                                       $                 0     $              992,243
        Prepaid Expenses                                                             0                     17,116
        Inventory                                                                    0                     47,416
             Total Current Assets                                  $                 0     $            1,056,775

Property, Plant & Equipment                                        $                 0     $              738,859

Other Assets:
        Organizational Costs                                       $                14     $               10,679
        Deposits                                                                     0                      6,580
        Licenses and Other                                                           0                    864,207
                                                                   $                14     $              881,466

TOTAL ASSETS                                                       $                14     $            2,677,100

LIABILITIES & SHAREHOLDERS EQUITY
Current Liabilities:
        Accounts Payable                                           $             2,252     $              305,730
        Accrued Liabilities                                                          0                     83,704
        Income Taxes Payable                                                         0                        800
        Current Portion of Long-Term Debt                                            0                      9,002
        Payable - Related Parties                                                    0                     15,000
             Total Current Liabilities                             $             2,252     $              414,236

Long-Term Debt                                                     $                 0     $               37,932
             Total Liabilities                                     $             2,252     $              452,168

Shareholders Equity:
        Common Stock, $.001 par value;
             Authorized 20,000,000 shares;
             Issued and Outstanding 993,537
             at March 31, 1997 and 12,000,553
             at September 30, 1997                                 $               994     $               12,000
        Additional Paid-in Capital                                                 252                  3,009,252
        Retained Earnings (Deficit)                                            (3,484)                  (796,320)
             Total Shareholder's Equity                            $           (2,238)     $            2,224,932

             TOTAL LIABILITIES & EQUITY                            $                14     $            2,677,100
</TABLE>

                      See Notes to Condensed Consolidated Financial Statements


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<TABLE>
<CAPTION>


                                             INTERJET NET CORPORATION
                                    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                  THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997
                                                    (UNAUDITED)

                                                                      Three Months               Nine Months
                                                                          Ended                     Ended
                                                                      September 30,             September 30,
                                                                          1997                      1997
<S>                                                                                        
Revenues                                                            <C>                    <C>
                                                                   $    0                 $         0

Cost of Sales                                                      $             5,744     $                5,744

Gross Profit                                                       $           (5,744)     $              (5,744)

General & Administrative Expenses                                  $           413,416     $              795,084

Interest Income                                                    $             5,308     $                5,308
State Income Taxes                                                 $                 0     $                  800

Net Income (Loss)                                                  $         (413,582)     $            (796,320)


</TABLE>
























                     See Notes to Condensed Consolidated Financial Statements


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<TABLE>
<CAPTION>

                                             INTERJET NET CORPORATION
                                  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
                                  THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997
                                                    (UNAUDITED)

                                                                      Three Months               Nine Months
                                                                          Ended                     Ended
                                                                      September 30,             September 30,
                                                                          1997                      1997
OPERATING ACTIVITIES
<S>                                                                <C>                     <C>                   
        Net Income (Loss)                                          $         (413,582)     $            (796,320)

        Adjustments:
             Depreciation and Amortization                         $            18,785     $               18,785
             Expenses Paid with Common Stock                                              0                         321,252
             Changes in Current Accounts                                       227,956                    349,143
Net Cash Required by Operating Activities                                            $     (166,841)            $          (107,140)

INVESTING ACTIVITIES
        Purchase of Fixed Assets                                   $         (498,252)     $            (693,276)
        Purchase of Licenses                                                 (125,605)                  (223,989)
Net Cash Required by Investing Activities                                            $     (623,857)            $          (917,265)

FINANCING ACTIVITIES
        Loans                                                      $            42,793     $               42,793
        Repayment of Loans                                                     (4,861)                    (4,861)
        Sale of Common Stock                                                 1,326,000                  1,978,716
Net Cash Provided (Required) by
        Investing Activities                                       $         1,363,932     $            2,016,648

Increase (Decrease) in Cash and
        Cash Equivalents                                           $           573,234     $              992,243

Cash and Cash Equivalents at
        Beginning of Period                                        $           419,009     $                    0

Cash and Cash Equivalents at
        End of Period                                              $           992,243     $              992,243

</TABLE>







                      See Notes to Condensed Consolidated Financial Statements


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                                          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 September
 30, 1997;

        Condensed  Consolidated  Statements  of  Income  for the  three and nine
        months  ended   September  30,  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   September  30,  1997  presented  on  a  pro-forma  basis
        reflecting the acquisition of Interjet Net, Inc;

        Notes to Condensed Consolidated Financial Statements.



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                                             INTERJET NET CORPORATION
                                              A DELAWARE CORPORATION
                            NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                        FOR THE THREE AND NINE MONTHS ENDED
                                                SEPTEMBER 30, 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-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.

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.

At September  30, 1996 the Company owed $15,000 to related  parties for expenses
paid on behalf of the Company.  No interest has been charged on this loan and it
was paid back in full on October 4, 1997.

NOTE 4:           INCOME TAXES

The  Company  has   available  at  September  30,  1997,   net  operating   loss
carryforwards  of  approximately  $3,500 which may provided  future tax benefits
expiring in June of 2010.



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NOTE 5:           WARRANTS TO PURCHASE COMMON STOCK

At  September  30,  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".



<PAGE>



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

         The  Company's  loss for the three months ended  September 30, 1997 was
equal to $413,582.  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 attributable
to the  Company's  General and  Administrative  Expenses of which  salaries  and
professional  services  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  are ready for  launch in the
quarter  subsequent  to this  filing.  Total  salaries of $118,350  were paid or
accrued for the three months ended  September 30, 1997. This equated to 28.6% of
the total expenses for the quarter which totaled $413,146. The total expense for
professional services, including legal, accounting and engineering fees, totaled
$89,663 for the three months ended  September  30, 1997.  Professional  services
expense amounted to 21.7% of total General and  Administrative  Expenses for the
quarter ended September 30, 1997.

         The  Company's  loss for the nine months ended  September  30, 1997 was
equal to $796,320.  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 General and Administrative Expenses of which salaries and professional
services  made up the largest  amount.  Total  salaries of $323,446 were paid or
accrued for the nine months ended  September 30, 1997.  This equated to 40.7% of
the total expenses for the period which totaled $795,084. The total expenses for
professional services, including legal, accounting and engineering fees, totaled
$120,689 for the nine months ended  September  30,  1997.  Professional  service
expenses amounted to 15.1% of total General and Administrative  Expenses for the
nine month period ended September 30, 1997.

         As of  September  30,  1997,  the Company  has yet to begin  generating
revenues,  but as  previously  mentioned  both the Salt Lake  City and  Beaumont
systems are projected to begin generating  revenue in the quarter  subsequent to
this filing.

         The Company has current  assets  totaling  $1,056,775  at September 30,
1997 with total net working capital of $642,539. This equates to a current ratio
of approximately 2.55.




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                                            PART II - OTHER INFORMATION

ITEM 5.           Other Information

         Letter of Intent to Acquire Access Communications,  Inc. On October 22,
1997,  the Company  entered into a Letter of Intent with Access  Communications,
Inc.  ("Access") to acquire all of the assets and certain  liabilities of Access
in exchange for 100,000 shares of the Company's  common stock. The Access assets
include an  operating  Internet  service  provider  in  Houston,  Texas.  Access
currently serves  approximately  1,400  subscribers.  The Company and Access are
currently  working  towards the execution of a Definitive  Agreement to complete
the proposed transaction.

         Letter of Intent to Acquire  Sunbury,  Pennsylvania  MMDS Licenses.  On
October 4, 1997,  the Company  entered  into a Letter of Intent  with  Shoreline
Wireless Cable TV Partnership  ("Shoreline") to lease with an option to purchase
a ninety  percent  interest in the MMDS licenses in Sunbury,  Pennsylvania.  The
purchase  price is based on the number of  commercial  MMDS channels that can be
secured by Shoreline as the winning bidder in the MDS Auctions  conducted by the
Federal  Communications  Commission.  The Company and  Shoreline  are  currently
working towards the execution of a Definitive Agreement to complete the proposed
transaction.

ITEM 6.           Exhibits and Reports on Form 8-K

Reports of Form 8-K

Report filed on August 22, 1997.



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                                                    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:                                                        November 12, 1997
                                              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 and
                                                                 Director



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