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EXCEL - IDEA: XBRL DOCUMENT - INTERDYNE COFinancial_Report.xls
EX-32 - EXHIBIT 32 - INTERDYNE COex32.htm
EX-31.1 - EXHIBIT 31.1 - INTERDYNE COex31_1.htm
EX-31.2 - EXHIBIT 31.2 - INTERDYNE COex31_2.htm


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 SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2012

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, 2012, 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



 
2


PART I. FINANCIAL INFORMATION
 
Item 1.
Financial Statements

INTERDYNE COMPANY
CONDENSED BALANCE SHEET

   
9/30/2012
   
6/30/2012
 
   
(Unaudited)
   
(Audited)
 
             
ASSETS
           
CURRENT ASSETS
           
Cash
  $ 10,842     $ 3,264  
Due from affiliate
    226,721       236,796  
              -  
TOTAL CURRENT ASSETS
  $ 237,563     $ 240,060  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
CURRENT LIABILITIES
               
Accrued professional fees
  $ 11,565     $ 9,250  
Accrued management fees to related party
    20,000       21,500  
Other accrued expenses
    2,390       2,365  
                 
TOTAL CURRENT LIABILITIES
    33,955       33,115  
                 
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 to be issued
    500,000       500,000  
Accumulated deficit
    (296,392 )     (293,055 )
                 
TOTAL STOCKHOLDERS' EQUITY
    203,608       206,945  
                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  $ 237,563     $ 240,060  

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

 
3

 
INTERDYNE COMPANY
CONDENSED STATEMENTS OF OPERATIONS

   
Quarter Ended
 
   
9/30/2012
   
9/30/2011
 
   
(Unaudited)
   
(Unaudited)
 
             
EXPENSES
           
Professional fees
  $ 3,565     $ 3,000  
General and administrative
    2,397       2,737  
Management Fees
    1,500       1,500  
                 
      7,462       7,237  
OTHER INCOME - Interest from affiliate
    4,925       5,064  
                 
GROSS (LOSS)/PROFIT BEFORE TAX
    (2,537 )     (2,173 )
                 
INCOME TAXES
    (800 )     (800 )
                 
NET LOSS
  $ (3,337 )   $ (2,973 )
                 
NET LOSS PER SHARE
  $ (0.0001 )   $ (0.0001 )

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

 
4

 
INTERDYNE COMPANY
CONDENSED STATEMENTS OF CASH FLOWS

   
Quarter Ended
 
   
9/30/2012
   
9/30/2011
 
   
(Unaudited)
   
(Unaudited)
 
             
CASH FLOWS FROM OPERATING ACTIVITIES
           
Net loss
  $ (3,337 )   $ (2,973 )
                 
Adjustments to reconcile net loss to net cash generated from/(used in) operating activities
               
Changes In operating assets and liabilites
               
Accrued interest
    (4,925 )     (5,064 )
Accrued expense
    840       3,049  
                 
Net cash used by operating activities
    (7,422 )     (4,988 )
                 
CASH FLOWS FROM FINANCING ACTIVITIES
               
Cash received from affiliate
    15,000       0  
                 
Net cash provided by financing activities
    15,000       0  
                 
NET INCREASE/(DECREASE) IN CASH
    7,578       (4,988 )
                 
CASH, BEGINNING OF PERIOD
    3,264       9,265  
                 
CASH, END OF PERIOD
  $ 10,842     $ 4,277  

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

 
INTERDYNE  COMPANY

NOTE TO CONDENSED FINANCIAL STATEMENTS

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, 2012 and the results of operations for the quarters ended September 30, 2012 and 2011 and changes in cash flows for the quarters ended September 30, 2012 and 2011.  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, 2012, as filed with the Securities and Exchange Commission.  The results of operations for the quarter ended September 30, 2012 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending June 30, 2013.

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 quarter ending September 30, 2012 the Company received $15,000 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, 2012 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, 2012 considering the fact that the Company is dormant.

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.
 
 
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

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, 2012
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