INTERDYNE CO - Quarter Report: 2015 September (Form 10-Q)

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		9/30/2015				6/30/2015
		(Unaudited)				(Audited)
ASSETS
CURRENT ASSETS
Cash		$	12,039			$	7,565
OTHER ASSETS
Due from affiliate			191,969				196,899
TOTAL ASSETS		$	204,008			$	204,464
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accrued professional fees		$	12,000			$	10,000
Accrued management fees to related party			17,000				15,500
Other accrued expenses			4,518				4,758
Total current liabilities		$	33,518			$	30,258
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			(329,510	)			(325,794	)
TOTAL STOCKHOLDERS' EQUITY		$	170,490			$	174,206
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	204,008			$	204,464

		Three Months Ended
		9/30/2015				9/30/2014
		(Unaudited)				(Unaudited)
EXPENSES
Professional fees		$	3,500			$	3,765
General and administrative			1,986				1,940
Management fees to related party			1,500				1,500
Total expenses			6,986				7,205
OTHER INCOME - Interest from affiliate			4,070				4,420
LOSS BEFORE INCOME TAXES			(2,916	)			(2,785	)
INCOME TAXES			(800	)			(800	)
NET LOSS		$	(3,716	)		$	(3,585	)
BASIC AND DILUTED LOSS PER SHARE			-				-
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING			39,999,942				39,999,942

		Three Months Ended
		9/30/2015				9/30/2014
		(Unaudited)				(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(3,716	)		$	(3,585	)
Adjustments to reconcile net loss to net cash used in operating activities
Changes in operating assets and liabilites
Accrued interest			(4,070	)			(4,420	)
Accrued expenses			3,260				3,026
Tax payable			-				800
Net cash used in operating activities			(4,526	)			(4,179	)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash received from affiliate			9,000				6,000
Net cash provided by financing activities			9,000				6,000
INCREASE IN CASH			4,474				1,821
CASH, BEGINNING OF PERIOD			7,565				2,730
CASH, END OF PERIOD		$	12,039			$	4,551
Supplemental Cash Flow Disclosures:
Cash paid for:
Income taxes		$	800			$	800

INTERDYNE  COMPANY

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2015

Note 1.

Interim Financial Statements

The accompanying condensed financial statements are unaudited, but in the opinion of the management of  Interdyne Company (“the Company”), contain all adjustments, consisting of only normal recurring accruals, necessary to present fairly the financial position at September 30, 2015 and the results of operations for the three months ended September 30, 2015 and 2014 and changes in cash flows for the three months ended September 30, 2015 and 2014.  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, 2015, as filed with the Securities and Exchange Commission.  The results of operations for the three months ended September 30, 2015 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending June 30, 2016.

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 three months ended September 30, 2015 and 2014 the Company received $9,000 and $6,000, respectively, 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.

 

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.

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, 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 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 three months, 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.

 

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

 

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.