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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, D.C.  20549
FORM 10-Q
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2013
 
OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from : Not applicable

Commission file number 0-4454
 
INTERDYNE  COMPANY
 (Exact name of registrant as specified in its charter)

CALIFORNIA
 
  95-2563023
(State or other jurisdiction of incorporation or organization)
 
(I.R.S.  Employer Identification No.)
 
 
 
   26 Briarwood, Irvine, California
 
92604
(Address of principal executive offices)
 
(Zip Code)

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):

Large accelerated filer      o
Accelerated filer                      o
Non-accelerated filer        o
Smaller reporting company    x
(do not check if a smaller reporting company)

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 September 30, 2013, there were 39,999,942 shares of Common Stock, no par value, issued and outstanding.

Exhibit Index Page No. 8
 
INTERDYNE COMPANY

FORM 10-Q

INDEX
 
 
 
Page
 
 
 
PART I.
FINANCIAL INFORMATION
 
 
 
 
Item 1.
 
 
 
 
 
3
 
 
 
 
4
 
 
 
 
5
 
 
 
 
6
 
 
 
Item 2.
6
 
 
 
Item 3.
6
 
 
 
Item 4.
6
 
 
 
PART II.
OTHER INFORMATION
 
 
 
 
Item 6.
8
 
 
 
9

2
PART I. FINANCIAL INFORMATION
 
Item 1.
Financial Statements
 
INTERDYNE COMPANY
CONDENSED BALANCE SHEETS

 
  
9/30/2013
   
6/30/2013
 
 
  
(Unaudited)
    
(Audited)
  
 
ASSETS
  
   
 
CURRENT ASSETS
  
   
 
Cash
  
$
10,086
    
$
6,427
  
 
                
OTHER ASSETS
                
Due from affiliate
    
214,107
      
217,340
  
 
    
-
      
-
  
TOTAL ASSETS
  
$
224,193
    
$
223,767
  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
CURRENT LIABILITIES
                
Accrued professional fees
  
$
11,815
    
$
8,300
  
Accrued management fees to related party
    
17,000
      
15,500
  
Other accrued expenses
    
2,607
      
3,943
  
 
Total liabilities
  
$
31,422
    
$
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
    
(307,229
)
    
(303,976
)
 
TOTAL STOCKHOLDERS' EQUITY
  
$
192,771
    
$
196,024
  
 
    
 
      
-
  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  
$
224,193
    
$
223,767
  

The accompanying notes are an integral part of the financial statements.

3
INTERDYNE COMPANY CONDENSED STATEMENTS OF OPERATIONS
 
 
  
Three Months Ended
  
 
  
9/30/2013
    
9/30/2012
  
 
  
(Unaudited)
    
(Unaudited)
  
EXPENSES
  
   
 
Professional fees
  
$
3,515
    
$
3,565
  
General and administrative
    
2,005
      
2,397
  
Management fees to related party
    
1,500
      
1,500
  
 
    
 
      
 
  
Total expenses
    
7,020
      
7,462
  
 
                
OTHER INCOME - Interest from affiliate
    
4,567
      
4,925
  
 
                
LOSS BEFORE INCOME TAXES
    
(2,453
)
    
(2,537
)
 
                
INCOME TAXES
    
(800
)
    
(800
)
 
    
 
      
 
  
NET LOSS
  
$
(3,253
)
  
$
(3,337
)
 
BASIC AND DILUTED LOSS PER SHARE
    
-
      
-
  
 
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING
    
39,999,942
      
39,999,942
  

The accompanying notes are an integral part of the financial statements.
4
INTERDYNE COMPANY
CONDENSED STATEMENTS OF CASH FLOWS

 
  
Three Months Ended
  
 
  
9/30/2013
    
9/30/2012
  
 
  
(Unaudited)
    
(Unaudited)
  
 
  
   
 
CASH FLOWS FROM OPERATING ACTIVITIES
  
   
 
Net loss
  
$
(3,253
)
  
$
(3,337
)
 
                
Adjustments to reconcile net loss to net cash used in operating activities
                
Changes in operating assets and liabilites
                
Accrued interest
    
(4,567
)
    
(4,925
)
Accrued expenses
    
3,679
      
840
  
 
    
 
      
 
  
Net cash used in operating activities
    
(4,141
)
    
(7,422
)
 
    
 
      
 
  
CASH FLOWS FROM FINANCING ACTIVITIES
                
Cash received from affiliate
    
7,800
      
15,000
  
 
    
 
      
 
  
Net cash provided by financing activities
    
7,800
      
15,000
  
 
                
INCREASE IN CASH
    
3,659
      
7,578
  
 
                
CASH, BEGINNING OF PERIOD
    
6,427
      
3,264
  
 
    
 
      
 
  
CASH, END OF PERIOD
  
$
10,086
    
$
10,842
  
 
  
 
    
 
  
Supplemental Cash Flow Disclosures:
                
 
                
Cash paid for:
                
Income taxes
  
$
800
    
$
800
  

The accompanying notes are an integral part of the financial statements.
5
INTERDYNE  COMPANY

NOTES TO CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 2013
 
Note 1.
Interim Financial Statements

The accompanying condensed 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 at September 30, 2013 and the results of operations for the quarters ended September 30, 2013 and 2012 and changes in cash flows for the quarters ended September 30, 2013 and 2012.  Certain information and footnote disclosures normally included in financial statements that have been prepared in accordance with accounting principles generally accepted in the United States 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 September 30, 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 the 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 quarter ending September 30, 2013 the Company received $7,800 on the receivable from Acculogic, Inc.

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 opportunity.

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 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.
6
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 effective considering the fact that the Company is dormant.

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 September 30, 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 effective as of September 30, 2013 considering the fact that the Company is dormant.

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.
7
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.
Submission of Matters to a Vote of Security Holders.

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

8
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.

INTERDYNE COMPANY
(Registrant)
 
Date : October 31, 2013
 
By :
 /s/Sun Tze Whang
Sun Tze Whang
Director /Chief Executive Officer
 
         :    
By :
/s/Kit H. Tan
Kit H. Tan
Director /Chief Financial Officer/Principal Accounting Officer
 
 
9