Interdyne (ITDN) 10-Q 2013 Q2 Quarterly report

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, 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). Yesx    No o

As of December 31, 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

INDEX

		Page
PART I.   FINANCIAL INFORMATION
Item 1.	Financial Statements
	Condensed Balance Sheets as of December 31, 2012 and June 30, 2012	3
	Condensed Statements of Operations for the Quarter and Six Months ended December 31, 2012 and December 31, 2011	4
	Condensed Statements of Cash Flows for the Quarter and Six Months ended December 31, 2012 and December 31, 2011	5
	Notes to Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	6
Item 3.	Controls and Procedures	6
PART II.  OTHER INFORMATION
Item 6.	Exhibits	8
Signatures		9

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

INTERDYNE COMPANY

CONDENSED BALANCE SHEETS

	12/31/2012			6/30/2012
	(Unaudited)			(Audited)
ASSETS
CURRENT ASSETS
Cash	$	3,607		$	3,264
Due from affiliate		225,539			236,796
TOTAL CURRENT ASSETS	$	229,146		$	240,060
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accrued professional fees	$	5,300		$	9,250
Accrued management fees to related party		21,500			21,500
Other accrued expenses		1,286			2,365
TOTAL CURRENT LIABILITIES		28,086			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 outstanding		500,000			500,000
Accumulated deficit		(298,940	)		(293,055	)
TOTAL STOCKHOLDERS' EQUITY		201,060			206,945
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	229,146		$	240,060

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

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INTERDYNE COMPANY

CONDENSED STATEMENTS OF OPERATIONS

	Quarter Ended						Six Months Ended
	12/31/2012			12/31/2011			12/31/2012			12/31/2011
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
EXPENSES
Professional fees	$	3,500		$	3,000		$	7,065		$	6,000
General and administrative		2,366			2,780			4,763			5,518
Management Fees		1,500			1,500			3,000			3,000
		7,366			7,280			14,828			14,518
OTHER INCOME - interest from affiliate		4,818			5,027			9,743			10,091
GROSS (LOSS)/PROFIT BEFORE TAXATION		(2,548	)		(2,253	)		(5,085	)		(4,427	)
TAXATION		-			-			(800	)		(800	)
NET LOSS AFTER TAXATION	$	(2,548	)	$	(2,253	)	$	(5,885	)	$	(5,227	)
NET LOSS PER SHARE	$	(0.0001	)	$	(0.0001	)	$	(0.0001	)	$	(0.0001	)

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

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INTERDYNE COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

	Six Months Ended
	12/31/2012			12/31/2011
	(Unaudited)			(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(5,885	)	$	(5,227	)
Adjustments to reconcile net loss to net cash generated from/(used in) operating activities :
Increase/decrease resulting from changes in :
Accrued interest income		(9,743	)		(10,091	)
Accrued expense		(5,029	)		7,270
Net cash used by operating activities		(20,657	)		(8,048	)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash received from affiliate		21,000			8,000
Net cash provided by financing activities		21,000			8,000
NET INCREASE (DECREASE) IN CASH		343			(48	)
CASH, BEGINNING OF PERIOD		3,264			9,265
CASH, END OF PERIOD	$	3,607		$	9,217

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

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INTERDYNE  COMPANY

NOTES TO FINANCIAL STATEMENTS

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, 2012 and the results of operations for the three and six months ended December 31, 2012 and 2011 and changes in cash flows for the six months ended December 31, 2012 and 2011.  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, 2012, as filed with the Securities and Exchange Commission.  The results of operations for the quarter ended December 31, 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 three and six months ended December 31, 2012 the Company received $6,000 and $21,000, 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.

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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 December 31, 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 December 31, 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.

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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

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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: February 1, 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

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