INTERDYNE CO - Quarter Report: 2013 December (Form 10-Q)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 10-Q

For the quarterly period ended December 31, 2013

OR

For the transition period from: Not applicable

Commission file number 0-4454

INTERDYNE  COMPANY

(Exact name of registrant as specified in its charter)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x No o

As of December 31, 2013, there were 39,999,942 shares of Common Stock, no par value, issued and outstanding.

Exhibit Index Page No.:  8

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INTERDYNE COMPANY

FORM 10-Q

INDEX

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		12/31/2013				6/30/2013
		(Unaudited)				(Audited)
ASSETS
CURRENT ASSETS
Cash		$	12,626			$	6,427
OTHER ASSETS
Due from affiliate			203,171				217,340
TOTAL ASSETS		$	215,797			$	223,767
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accrued professional fees		$	5,350			$	8,300
Accrued management fees to related party			18,500				15,500
Other accrued expenses			1,515				3,943
TOTAL LIABILITIES			25,365				27,743
STOCKHOLDERS' EQUITY
Preferred stock, no par value, 50,000,000 shares authorized, no shares outstanding			-				-
Common stock, no par value, 100,000,000 shares authorized, 39,999,942 shares issued and outstanding			500,000				500,000
Accumulated deficit			(309,568	)			(303,976	)
TOTAL STOCKHOLDERS' EQUITY			190,432				196,024
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	215,797			$	223,767

		For the Three Months Ended								For the Six Months Ended
		12/31/2013				12/31/2012				12/31/2013				12/31/2012
EXPENSES
Professional fees		$	3,450			$	3,500			$	6,965			$	7,065
General and administrative			1,939				2,366				3,944				4,763
Management fees to related party			1,500				1,500				3,000				3,000
TOTAL EXPENSES			6,889				7,366				13,909				14,828
OTHER INCOME - Interest from affiliate			4,550				4,818				9,117				9,743
LOSS BEFORE INCOME TAXES			(2,339	)			(2,548	)			(4,792	)			(5,085	)
INCOME TAX EXPENSE			-				-				(800	)			(800	)
NET LOSS		$	(2,339	)		$	(2,548	)		$	(5,592	)		$	(5,885	)
BASIC AND DILUTED LOSS PER SHARE		$	-			$	-			$	-			$	-
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING			39,999,942				39,999,942				39,999,942				39,999,942

		For the Six Months Ended
		12/31/2013				12/31/2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(5,592	)		$	(5,885	)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilites:
Accrued interest			(9,117	)			(9,743	)
Accrued expenses			(2,378	)			(5,029	)
NET CASH USED BY OPERATING ACTIVITIES			(17,087	)			(20,657	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash received from affiliate			23,286				21,000
NET CASH PROVIDED BY FINANCING ACTIVITIES			23,286				21,000
INCREASE IN CASH			6,199				343
CASH, BEGINNING OF PERIOD			6,427				3,264
CASH, END OF PERIOD		$	12,626			$	3,607
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Income taxes		$	800			$	800

INTERDYNE  COMPANY

NOTES TO CONDENSED FINANCIAL STATEMENTS

DECEMBER 31, 2013

(UNAUDITED)

Note 1.

Interim Financial Statements

The accompanying financial statements are unaudited, but in the opinion of the management of the Company, contain all adjustments, consisting of only normal recurring accruals, necessary to present fairly the financial position as of December 31, 2013 and the results of operations for the three and six months ended December 31, 2013 and 2012 and changes in cash flows for the six months ended December 31, 2013 and 2012.  Certain information and footnote disclosures normally included in financial statements that have been prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, although management of the Company believes that the disclosures contained in these financial statements are adequate to make the information presented therein not misleading.  For further information, refer to the financial statements and footnotes thereto included in the Company's Annual Report in Form 10-K as of June 30, 2013, as filed with the Securities and Exchange Commission.  The results of operations for the quarter ended December 31, 2013 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending June 30, 2014.

Note 2.

Changes in Significant Accounting Policies

 

There are no newly issued accounting pronouncements that the Company expects to have a material effect on the financial statements and there have been no changes in our significant accounting policies.

Note 3.

Due from affiliate

In prior years, the Company made advances to Acculogic, Inc., an affiliated company through common ownership and management.  The advances bear interest at 8.5% per annum, payable on demand.  The balance including interest is guaranteed by another affiliated company.  During the three and six months ended December 31, 2013 the Company received $15,486 and $23,286, respectively from Acculogic, Inc. as repayments against the advances and accrued interest due.

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

The Company is at present dormant and is looking for new opportunities.

The cash needs of the Company will be funded by collections from amount due from its affiliate.

Item 3.

Quantitative and Qualitative Disclosures about Market Risk.

N/A

Item 4.

Controls and Procedures

Our management, comprising the Chief Executive Officer and the Chief Financial Officer/Principal Accounting Officer, is responsible for establishing and maintaining disclosure controls and procedures for the Company.  It has designed such disclosure controls and procedures to ensure that material information is made known to it, particularly during the period in which this report was prepared.

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As of the end of the period covered by this report, our management carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (or Exchange Act)).  Based on this evaluation, as of the end of the period covered by this report, our management has concluded that our disclosure controls and procedures are not effective considering the fact that our Chief Financial Officer/Principal Accounting Officer (1) handles all accounting transactions (consisting of primarily collecting funds from a related party and paying all expenses, including fees to this same officer); (2) reconciles the bank account and (3) prepares all financial statement disclosures. The above duties have no supervision or review to insure proper segregation of duties and review of disclosures..

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f).  Our management conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2013 based on the criteria set forth in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organization of the Treadway Commission.  Based on this evaluation, our management concluded that our internal control over financial reporting was not effective as of December 31, 2013 considering the fact that the Company is dormant and only has one person on staff to handle all duties of the Company.

Our independent auditors have not audited and are not required to audit this assessment of our internal control over financial reporting for the period covered by this report.

During our most recent fiscal quarter, there has not occurred any change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II

OTHER INFORMATION

Item 1.

Legal Proceedings

None

Item 1A.

Risk Factors.

None

Item 2.

Unregistered Sale of Equity Securities and Use of Proceeds.

None

Item 3.

Defaults Upon Senior Securities.

None

Item 4.

Mine Safety Disclosures.

None.

Item 5.

Other Information.

None

Item 6.

Exhibits

 

a.	31.1 Certification of the Company's Chief Executive Officer, Sun Tze Whang, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
b.	31.2 Certification of the Company's Chief Financial Officer/Principal Accounting Officer, Kit H. Tan, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
c.	32 Certification of the Company's Chief Executive Officer and Chief Financial Officer/Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
d.	101.INS XBRL Instance Document
e.	101.SCH XBRL Taxonomy Extension Schema Document
f.	101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
g.	101.LAB XBRL Taxonomy Extension Label Linkbase Document
h.	101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

 

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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.

 

 

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