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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 December 31, 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 December 31, 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 1.
8
 
 
 
Item 1A.
8
 
 
 
Item 2.
8
 
 
 
Item 3.
8
 
 
 
Item 4.
8
 
 
 
Item 5.
8
 
 
 
Item 6.
8
 
 
 
9

 
PART I. FINANCIAL INFORMATION

Item 1.           Financial Statements

INTERDYNE COMPANY
CONDENSED BALANCE SHEETS
AS OF DECEMBER 31, 2013 AND JUNE 30, 2013

 
 
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
 

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

3

INTERDYNE COMPANY
CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2013 AND 2012
(UNAUDITED)

 
 
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
 

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

4

INTERDYNE COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2013 AND 2012
(UNAUDITED)

 
 
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
 

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

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.
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 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.
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.
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
 
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: January 25, 2014
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