INTERDYNE CO - Annual Report: 2015 (Form 10-K)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended June 30, 2015
ORo TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No. 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, CA
|
92604
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant's telephone number, including area code: (805) 322-3883
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock, no par value
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes ☐ No ☒
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 ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ☒ No ☐
Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-K contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒
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 the 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 ☒
|
Indicate by check whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐
Total revenues for registrants fiscal year ended June 30, 2015 were zero.
The aggregate market value of voting Common Stock held by non-affiliates of the Registration on December 31, 2014 was $212,999.
As of August 31, 2015, there were 39,999,942 shares of Common Stock, no par value, issued and outstanding.
Transfer Agent for the Company is: OTR Inc., 1001 SW Fifth Ave., Suite 1550, Portland, OR 97204-1143, Tel: 503-225-0375.
PART I
ITEM 1. | BUSINESS |
The Company is currently dormant and is looking for new opportunities.
ITEM 2. | PROPERTIES |
The Company uses the home office of an officer at 26 Briarwood, Irvine, CA 92604, and was charged management fees by the officer of $6,000 per annum during fiscal years 2015 and 2014 for the use of the home office and for providing accounting and other services.
ITEM 3. | LEGAL PROCEEDINGS |
The Company is not a party to any pending legal proceedings and no such proceedings are known to be contemplated.
ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
No matter was submitted to a vote of security holders of the Company during the fiscal year 2015.
PART II
ITEM 5. | MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS |
The following table sets forth the range of low and high bid prices for the Company's common stock, for each fiscal quarter commencing July 1, 2012 and ending June 30, 2015. The prices for year ended June 30, 2015 were extracted from the Nasdaq website. Such quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and do not necessarily represent actual transactions.
2012
|
Low
|
High
|
||||||
Quarter ended September 30
|
$
|
0.015
|
$
|
0.034
|
||||
Quarter ended December 31
|
$
|
0.0022
|
$
|
0.02
|
||||
2013
|
||||||||
Quarter ended March 31
|
$
|
0.01
|
$
|
0.02
|
||||
Quarter ended June 30
|
$
|
0.01
|
$
|
0.02
|
||||
Quarter ended September 30
|
$
|
0.0023
|
$
|
0.045
|
||||
Quarter ended December 31
|
$
|
0.022
|
$
|
0.022
|
||||
2014
|
||||||||
Quarter ended March 31
|
$
|
0.022
|
$
|
0.022
|
||||
Quarter ended June 30
|
$
|
0.015
|
$
|
0.022
|
||||
Quarter ended September 30
|
$
|
0.015
|
$
|
0.018
|
||||
Quarter ended December 31
|
$
|
0.015
|
$
|
0.0186
|
||||
2015
|
||||||||
Quarter ended March 31
|
$
|
0.015
|
$
|
0.0156
|
||||
Quarter ended June 30
|
$
|
0.015
|
$
|
0.02
|
As of August 31, 2015, the high and low bid prices for the Company's Common Stock were $0.0151 and $0.0151 respectively. There were approximately 1,624 record owners of such Common Stock. To management's knowledge, the Company has never paid dividends on its common stock. The Company does not intend to pay dividends in the foreseeable future.
ITEM 6. | MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS |
The following discussion should be read in conjunction with the Company’s financial statements.
The Company is currently dormant.
Between October 8, 1990 and June 30, 1991, the Company made advances to Acculogic, Inc., an affiliate, totaling $395,000. At June 30, 2015, the outstanding balance including interest totaled $196,899. The advances bear interest at a rate of 8.5% per annum and is payable on demand. Interest earned from the affiliate was $16,997 and $17,829 for the years ended June 30, 2015 and 2014, respectively.
The cash needs of the Company will be funded by collections from amounts due from its affiliate. (See paragraph on Certain Relationships and Related Transactions in Item 13).
Employees
The Company presently has no employees and is managed by the two incumbent directors: Sun Tze Whang, Chairman of the Board and Chief Executive Officer, and Kit Heng Tan, Chief Financial Officer/Principal Accounting Officer and Secretary. Kit Heng Tan charged the Company the sum of $6,000 per annum for fiscal years 2015 and 2014 for providing accounting and other services and also for the use of his home office. Neither of the Company's officers is currently represented by any labor union.
ITEM 7. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
The audited financial statements as of June 30, 2015 and June 30, 2014 and for the years then ended are set forth on the following pages.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Shareholders of Interdyne Company:
We have audited the accompanying balance sheets of Interdyne Company (the "Company") as of June 30, 2015 and 2014, and the related statements of operations and accumulated deficit, and cash flows for each of the years in the two-year period ended June 30, 2015. The Company’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Interdyne Company as June 30, 2015 and 2014, and the results of its operations and its cash flows for each of the years in the two-year period ended June 30, 2015 in conformity with accounting principles generally accepted in the United States of America.
s/s Farber Hass Hurley LLP
Camarillo, California
September 22, 2015
INTERDYNE COMPANY
BALANCE SHEETS
JUNE 30, 2015 AND 2014
|
||||||||
|
||||||||
ASSETS
|
2015
|
2014
|
||||||
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash
|
$
|
7,565
|
$
|
2,730
|
||||
|
||||||||
OTHER ASSETS:
|
||||||||
Due from affiliate
|
196,899
|
206,902
|
||||||
|
||||||||
TOTAL ASSETS
|
$
|
204,464
|
$
|
209,632
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accrued professional fees
|
$
|
10,000
|
$
|
8,300
|
||||
Accrued management fees to related party
|
15,500
|
12,500
|
||||||
Other accrued expenses
|
4,758
|
3,167
|
||||||
Total current liabilities
|
30,258
|
23,967
|
||||||
|
||||||||
STOCKHOLDERS' EQUITY:
|
||||||||
Preferred stock, no par value; authorized 50,000,000 shares; 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
|
(325,794
|
)
|
(314,335
|
)
|
||||
Total stockholders' equity
|
174,206
|
185,665
|
||||||
|
||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
204,464
|
$
|
209,632
|
See accompanying notes to financial statements.
2
INTERDYNE COMPANY
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
FOR THE YEARS ENDED JUNE 30, 2015 AND 2014
|
||||||||
|
||||||||
|
2015
|
2014
|
||||||
EXPENSES:
|
||||||||
Professional fees
|
$
|
13,315
|
$
|
12,815
|
||||
General and administrative
|
8,341
|
8,573
|
||||||
Management fees to related party
|
6,000
|
6,000
|
||||||
Total expenses
|
27,656
|
27,388
|
||||||
|
||||||||
OTHER INCOME – Interest from affiliate
|
16,997
|
17,829
|
||||||
|
||||||||
LOSS BEFORE INCOME TAXES
|
(10,659
|
)
|
(9,559
|
)
|
||||
|
||||||||
INCOME TAXES
|
800
|
800
|
||||||
|
||||||||
NET LOSS
|
(11,459
|
)
|
(10,359
|
)
|
||||
ACCUMULATED DEFICIT, BEGINNING OF YEAR
|
(314,335
|
)
|
(303,976
|
)
|
||||
|
||||||||
ACCUMULATED DEFICIT, END OF YEAR
|
$
|
(325,794
|
)
|
$
|
(314,335
|
)
|
||
|
||||||||
NET LOSS PER SHARE BASIC AND DILUTED
|
$
|
0.00
|
$
|
0.00
|
||||
|
||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED
|
39,999,942
|
39,999,942
|
See accompanying notes to financial statements.
3
INTERDYNE COMPANY
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, 2015 AND 2014
|
||||||||
2015
|
2014
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(11,459
|
)
|
$
|
(10,359
|
)
|
||
Adjustments to reconcile net loss to net cash provided by/(used by) operating activities:
|
||||||||
Changes in operating assets and liabilities:
|
||||||||
Accrued interest
|
(16,997
|
)
|
(17,828
|
)
|
||||
Accrued expenses
|
6,291
|
(3,776
|
)
|
|||||
Net cash used in operating activities
|
(22,165
|
)
|
(31,963
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Cash received from affiliate
|
27,000
|
28,266
|
||||||
Net cash provided by financing activities
|
27,000
|
28,266
|
||||||
Net increase/(decrease) in cash
|
4,835
|
(3,697
|
)
|
|||||
CASH, BEGINNING OF YEAR
|
2,730
|
6,427
|
||||||
CASH, END OF YEAR
|
$
|
7,565
|
$
|
2,730
|
||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Income tax paid
|
$
|
800
|
$
|
800
|
See accompanying notes to financial statements.
4
INTERDYNE COMPANY
NOTES TO FINANCIAL STATEMENTS
1. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Nature of Business - Interdyne Company (the "Company") was incorporated in October 1946 in the state of California. The Company is a dormant shell currently seeking new opportunities. On November 22, 1988, the Company filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Central District of California. On May 17, 1990, the Company’s Amended Plan of Reorganization (the “Plan”) was confirmed by Bankruptcy Court, and the Plan became effective May 29, 1990. On July 20, 1990, the Bankruptcy Court approved a stipulation for nonmaterial modifications to the Plan. All claims and interest have been settled in accordance with the terms of the Plan. On August 22, 1990, the Board of Directors approved a change in the Company’s year-end to June 30, pursuant to the Plan.
Cash and Cash Equivalents – For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.
Concentrations of Credit Risk – Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of a receivable due from an affiliate. Due to a guarantee of the amount by a different credit-worthy affiliate, an allowance for possible losses has not been made.
Income Taxes – The Company accounts for income taxes in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) codified within Accounting Standards Codification (“ASC”) Topic No. 740-10, Income Taxes. Deferred income taxes are recognized for the temporary differences between the tax basis of assets and liabilities and their financial reporting amounts. The Company assesses, on an annual basis, the realizability of its deferred tax assets. A valuation allowance for deferred tax assets is established if, based upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized.
Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. These estimates and assumptions are based on the Company’s historical results as well as management’s future expectations. The Company’s actual results may vary from those estimates and assumptions.
Net Loss per Share – The Company adopted ASC No. 260, “Earnings Per Share”, that requires the reporting of both basic and diluted earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In accordance with ASC No. 260, “Earnings Per Share”, any anti-dilutive effects on net income (loss) per share are excluded. The Company has no potentially dilutive securities outstanding for any years presented. Weighted average shares for computing net loss per share were 39,999,942 for each of the years presented.
Recent Accounting Pronouncements –Management has reviewed all recent accounting pronouncements and determined that none will have a material impact on the Company’s present or future financial statements.
5
2. | RELATED PARTY TRANSACTIONS |
In prior years, the Company made advances to Acculogic, Inc., an affiliated company through common ownership and management. The advances bear interest at a rate of 8.5% per annum and are payable on demand. Interest recorded from the affiliate totaled $16,997 and $17,829, respectively, for the years ended June 30, 2015 and 2014. The outstanding balance, including interest, was $196,899 as of June 30, 2015 and $206,902 as of June 30, 2014 and is guaranteed by another affiliated company, until the receivable has been satisfied or discharged.
An officer of the Company charged a management fee totaling $6,000 for each of the years ended June 30, 2015 and 2014 for the use of a home office, accounting and other services. The amount payable was $15,500 and $12,500 as of June 30, 2015 and June 30, 2014, respectively.
3. | INCOME TAXES |
Income taxes for the years ended June 30, 2015 and 2014 represent state minimum franchise tax of $800. The Company had net operating loss carryovers for federal income tax purposes totaling approximately $59,728 and $48,269, as of the years ended June 30, 2015 and 2014, respectively. The ultimate realization of such loss carryovers will be dependent on the Company attaining future taxable earnings. Based on the level of historical operating results and projections of future taxable earnings, management believes that it is more likely than not that the Company will not be able to utilize the benefits of these carryovers. Therefore, a full valuation allowance has been recorded against the gross deferred tax assets arising from these loss carryovers. If not utilized, the carryovers expire beginning in fiscal 2028.
The Company files income tax returns in the U.S. federal jurisdiction and in the state of California. With few exceptions, the Company is no longer subject to U.S. federal and state tax examinations by tax authorities for the years ending June 30, 2011 and earlier.
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
The Company has not had any disagreements with its independent auditor on any matter of accounting principles or practices or financial statements disclosure.
ITEM 9A. | CONTROLS AND PROCEDURES |
Disclosure Controls - The Company’s management, comprising the Chief Executive Officer and Chief Financial Officer/Principal Accounting Officer, are responsible for establishing and maintaining disclosure controls and procedures for the Company. Management has designed such disclosure controls and procedures to ensure that material information is made known to them, particularly during the period in which this report was prepared. 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 the Company, being dormant, has only one person on staff, the Chief Financial Officer/Principal Accounting Officer, to (1) handle all accounting transactions (consisting of primarily collecting funds from a related party and paying all expenses, including fees to this same officer); (2) reconcile the bank account, and (3) prepare all financial statement disclosures. The above duties have no supervision or review to insure proper segregation of duties and review of disclosures.
6
Management's Report on Internal Control Over Financial Reporting – The Company’s 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). The Company’s management conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of June 30, 2015 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 has concluded that our internal control over financial reporting was not effective as of June 30, 2015 considering the fact that the Company, being dormant, has only has one person on staff to handle all duties of the Company.
The independent auditors have not audited and are not required to audit this assessment of our internal control over financial reporting for the fiscal year ended June 30, 2015.
Changes in Internal Controls - During the year ended June 30, 2015, there has not been any change in the Company’s 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, the Company’s internal control over financial reporting.
ITEM 9B. | OTHER INFORMATION |
None
PART III
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
The following table sets forth the names and ages of the directors and executive officers of the Company as of the date of this report, and indicates all positions and offices with the Company held by each person:
Name
|
Age
|
Position
|
||
Dr. Sun Tze Whang
|
71
|
Chairman of the Board and Chief Executive Officer
|
||
Kit Heng Tan
|
65
|
Chief Financial Officer/Principal Accounting Officer and Secretary
|
The terms of office of each director of the Company ends at the next annual meeting of the Company's shareholders or when his or her successor is elected and qualified. No date for the next annual meeting of shareholders has been fixed by the Board of Directors. The term of office of each officer of the Company ends at the next annual meeting of the Company's Board of Directors which is expected to take place immediately after the next annual meeting of shareholders. Except as otherwise indicated below, no organization by which any officer or director previously has been employed is an affiliate, parent, or subsidiary of the Company. The Company's Bylaws provide that the number of directors of the Company shall be not less than five nor more than nine. The exact number of directors is set at five unless changed within the foregoing limits by a bylaw adopted by the Board of Directors or the shareholders. At present, there are two persons serving as directors and three vacancies on the Board of Directors.
Dr. Sun Tze Whang has been Chairman of the Board and Chief Executive Officer since August 17, 1990. From December 1994 to the present, Dr. Whang has been a director of Metal Containers Pte Ltd ("Metal Containers"), a company incorporated in the Republic of Singapore, engaged in the manufacturing and sale of metal containers and in investment activities. Metal Containers is the ultimate parent company of Acculogic, Inc. From January 1985 to the present, Dr. Whang has also been a director of Riviera Development Pte. Ltd. ("Riviera"), a company incorporated in the Republic of Singapore, whose principal business is investment. Riviera is a 53.2% owned subsidiary of Metal Containers. From May 1985 to the present, Dr. Whang has also been the Chairman and a director of Carlee Electronics Pte. Ltd. ("Carlee Electronics"), a company incorporated in the Republic of Singapore, whose principal business is the manufacture and sale of industrial electronic products. Carlee is a 64.3% owned subsidiary of Riviera and a majority shareholder of the Company. From October 1972 to the present, Dr. Whang has been a director of Lam Soon (Hong Kong) Limited, a company incorporated in Hong Kong and listed on the Stock Exchange of Hong Kong. From October 1984 to the present, Dr. Whang has been a director of AMT Datasouth Corp. (previously known as Advanced Matrix Technology, Inc.), a California corporation, which is an affiliate of Metal Containers.
7
Kit Heng Tan has been Chief Financial Officer/Principal Accounting Officer, Secretary and a director of the Company since August 17, 1990. On June 8, 2006, Mr. Tan was appointed as director of Metal Containers. From October 1989 to the present, Mr. Tan has been a director and also the Chief Financial Officer of Acculogic, Inc., a California corporation, which is an affiliate of Metal Containers. From April 1990 to the present, Mr. Tan has been the Chief Financial Officer and a director of AMT Datasouth Corp. (previously known as Advanced Matrix Technology, Inc.), a California corporation, which is an affiliate of Metal Containers. Mr. Tan is a Chartered Accountant of England & Wales and a Chartered Accountant of Singapore.
ITEM 11. | EXECUTIVE COMPENSATION |
For the fiscal years ended June 30, 2015 and 2014, there was no cash compensation paid to executive officers of the Company other than a sum of $6,000 per annum charged by an officer of the Company for each of the fiscal years 2015 and 2014 for providing accounting and other services and for the use of a home office.
ITEM 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
The following sets forth information, as of June 30, 2015, with respect to the beneficial ownership of the Company's Common Stock, no par value, by each person known by the Company to be the beneficial owner of more than five percent (5%) of the outstanding Common Stock, by each of the Company's directors, and by the officers and directors of the Company as a group:
Beneficial Owner
|
Shares Owned
Beneficially
and of Record
|
Percent of Class
|
||
Carlee Electronics Pte. Ltd.
159 Gul Circle
Singapore 629617
|
25,800,000
|
64.5%
|
||
Officers and directors as a group (two persons)
|
(1)
|
(1)
|
(1) By virtue of Dr. Sun Tze Whang's direct and indirect ownership of Carlee Electronics Pte. Ltd., he may be deemed the beneficial owner of the shares held by Carlee Electronics Pte. Ltd. in the Company.
The Company is not aware of any voting trusts.
The Company's capital consists of 100,000,000 shares of Common Stock, no par value and 50,000,000 shares of Preferred Stock, no par value. As of the date hereof, 39,999,942 shares of Common Stock have been issued and are outstanding.
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE |
Between October 8, 1990 and June 30, 1991, the Company made advances to Acculogic, Inc., an affiliate, totaling $395,000. At June 30, 2015, the outstanding balance including interest was $196,899. The advances bear interest at a rate of 8.5% per annum and are payable on demand. Interest earned from the affiliate was $16,996 and $17,829, for the years ended June 30, 2015 and 2014, respectively.
The Company uses the home office of an officer at 26 Briarwood, Irvine, CA 92604, and was charged management fees of $6,000 per annum by the officer for each of the fiscal years 2015 and 2014 for the use of the home office and for providing accounting and other services.
Dr. Sun Tze Whang may be considered to be the indirect beneficial owner of the shares of the Company's stock owned by Carlee Electronics, and thus Dr. Whang would be considered a control person of the Company.
8
ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Audit Fees
The aggregate fees billed to the Company for professional services rendered for the audit of the Company's annual financial statements, review of the Company's quarterly financial statements, and other services normally provided in connection with statutory and regulatory filings or engagements was $12,815 in the fiscal year ended June 30, 2015, and $12,315 in the fiscal year ended June 30, 2014.
Other Fees
Other fees billed to the Company by its independent registered public accounting firm for the preparation of its required federal and state income tax returns totaled $500 in each of the fiscal years ended June 30, 2015, and June 30, 2014.
ITEM 15. |
Exhibits, Financial Statement Schedules.
|
a. | The following financial statements are filed as part of this report: |
Report of Independent Registered Public Accounting Firm
Interdyne Company Balance Sheet at June 30, 2015 and 2014
Interdyne Company Statements of Income and Accumulated Deficit for the Years Ended June 30, 2015 and 2014
Interdyne Company Statements of Cash Flows for the Years Ended June 30, 2015 and 2014
Notes to Financial Statements
b. | No financial statement schedules are filed as part of this report. |
c. | The following exhibits are filed as part of this report: |
Exhibit No.
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Description
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Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002
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Certification of Chief Financial Officer/ Principal Accounting Officer pursuant to Section302 of Sarbanes-Oxley Act of 2002
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Section 1350 Certification
|
d. | The following XBRL documents are filed as part of this report: |
101.INS
|
XBRL Instance Document
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101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
|
101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
9
SIGNATURE
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 hereunto duly authorized.
Dated: September 22, 2015
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INTERDYNE COMPANY
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(Registrant)
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By:
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/s/ Kit H. Tan
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Kit H. Tan
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Chief Financial Officer/
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Principal Accounting Officer
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In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated.
Signature & Title
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Capacity
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Date
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|
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/s/ Sun Tze Whang
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|
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Sun Tze Whang
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Director and
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September 22, 2015
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Chief Executive Officer
|
Chief Executive Officer
|
|
|
|
|
/s/ Kit H. Tan
|
|
|
Kit H. Tan
|
Director and
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September 22, 2015
|
Chief Financial Officer/
|
Chief Financial Officer/
|
|
Principal Accounting Officer
|
Principal Accounting Officer
|
|
10