Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Sep. 23, 2016 | Dec. 31, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | INTERDYNE CO | ||
Entity Central Index Key | 51,011 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --06-30 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 120,700 | ||
Entity Common Stock, Shares Outstanding | 39,999,942 | ||
Trading Symbol | ITDN | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
CURRENT ASSETS: | ||
Cash | $ 2,065 | $ 7,565 |
Due from related party | 194,104 | 196,899 |
Total current assets | 196,169 | 204,464 |
TOTAL ASSETS | 196,169 | 204,464 |
CURRENT LIABILITIES: | ||
Accrued professional fees | 6,600 | 10,000 |
Accrued management fees to related party | 21,500 | 15,500 |
Other accrued expenses | 4,615 | 4,758 |
Total current liabilities | 32,715 | 30,258 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, no par value; 50,000,000 shares authorized; 0 shares issued and outstanding | ||
Common stock, no par value; 100,000,000 shares authorized; 39,999,942 shares issued and outstanding as of June 30, 2016 and 2015, respectively | 500,000 | 500,000 |
Accumulated deficit | (336,546) | (325,794) |
Total stockholders' equity | 163,454 | 174,206 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 196,169 | $ 204,464 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Jun. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 39,999,942 | 39,999,942 |
Common stock, shares outstanding | 39,999,942 | 39,999,942 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING EXPENSES: | ||
Professional fees | $ 10,915 | $ 13,315 |
General and administrative | 9,217 | 8,341 |
Management fees to related party | 6,000 | 6,000 |
Total expenses | 26,132 | 27,656 |
OPERATING LOSS | (26,132) | (27,656) |
OTHER INCOME: | ||
Interest from related party | 16,180 | 16,997 |
Total other income | 16,180 | 16,997 |
LOSS BEFORE INCOME TAXES | (9,952) | (10,659) |
INCOME TAX EXPENSE | (800) | (800) |
NET LOSS | $ (10,752) | $ (11,459) |
NET LOSS PER COMMON SHARE | ||
BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||
BASIC AND DILUTED | 39,999,942 | 39,999,942 |
Statements of Shareholders' Equ
Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning Balance at Jun. 30, 2014 | $ 500,000 | $ (314,335) | $ 185,665 | |
Beginning Balance, shares at Jun. 30, 2014 | 39,999,942 | |||
Net Loss | (11,459) | (11,459) | ||
Ending Balance at Jun. 30, 2015 | $ 500,000 | (325,794) | 174,206 | |
Ending Balance, shares at Jun. 30, 2015 | 39,999,942 | |||
Net Loss | (10,752) | (10,752) | ||
Ending Balance at Jun. 30, 2016 | $ 500,000 | $ (336,546) | $ 163,454 | |
Ending Balance, shares at Jun. 30, 2016 | 39,999,942 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (10,752) | $ (11,459) |
Changes in operating assets and liabilities: | ||
Interest due from related party | (16,180) | (16,997) |
Accrued expenses | 2,457 | 6,291 |
Net cash used in operating activities | (24,475) | (22,165) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash received from related party | 18,975 | 27,000 |
Net cash provided by investing activities | 18,975 | 27,000 |
Net increase/ (decrease) in cash | (5,500) | 4,835 |
CASH, BEGINNING OF YEAR | 7,565 | 2,730 |
CASH, END OF YEAR | 2,065 | 7,565 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Income taxes paid | 800 | 800 |
Interest paid | $ 0 | $ 0 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Cash and Cash Equivalents Related party Concentrations of Credit Risk Income Taxes Financial Accounting Standards Board (FASB) codified within Accounting Standards Codification (ASC) Topic No. 740-10, Income Taxes Use of Estimates Reclassifications Net Loss per Share Earnings Per Share Earnings Per Share Fair value of Financial Instruments- Fair value Measurement- Fair Value Hierarchy The Company has categorized its financial instruments, based on the priority of inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Financial assets and liabilities recorded on the balance sheet are categorized based on the inputs to the valuation techniques as follows: Level 1 Financial assets and liabilities for which values are based on unadjusted quoted prices for identical assets or liabilities in an active market that management has the ability to access. Level 2 Financial assets and liabilities for which values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability (commodity derivatives and interest rate swaps). Level 3 Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect managements own assumptions about the assumptions a market participant would use in pricing the asset or liability. When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. The carrying amounts of cash, accrued expenses, and due to related party approximate fair value because of the short-term nature of these items. Per ASC Topic 820 framework these are considered Level 3 inputs where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. Recent Accounting Pronouncements |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 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 $16,180 and $16,997, respectively, for the years ended June 30, 2016 and 2015. The Company recorded payments of $18,975 and $27,000 from the affiliate, respectively, for the years ended June 30, 2016 and 2015.The outstanding balance, including interest, was $194,104 as of June 30, 2016 and $196,899 as of June 30, 2015. The notes receivable is guaranteed by AMT Datasouth Corp., another affiliated company controlled by the Companys Chief Executive Officer, until it has been satisfied or discharged. On July 25, 2016, the total amount due from Acculogic, Inc. has been repaid in full and consequently the guarantee ceased to be valid. An officer of the Company charged a management fee totaling $6,000 for each of the years ended June 30, 2016 and 2015 for the use of a home office, accounting and other services. The amount payable was $21,500 and $15,500 as of June 30, 2016 and June 30, 2015, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 3. INCOME TAXES Income taxes for the years ended June 30, 2016 and 2015 represent state minimum franchise tax of $800. The Company had net operating loss carryovers for federal income tax purposes totaling approximately $70,480 and $59,728, as of the years ended June 30, 2016 and 2015, 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 the June 30, 2016 and 2015 loss carryovers which based on using 34% enacted federal tax rate is $23,964 and $20,308, respectively. If not utilized, the carryovers expire beginning in fiscal 2026. 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. According to Section 382 of the Internal Revenue Code of 1986, as amended (the "Code"), ownership changes may limit the amount of the NOL carry forwards that can be utilized annually to offset future taxable income and tax, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 4. SUBSEQUENT EVENTS On July 25, 2016, the Company received the full payment of the amount due from Acculogic, Inc., a related party, in the amount of $195,204. |
Nature of Business and Summar11
Nature of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Related Party | Related party |
Concentrations of Credit Risk | Concentrations of Credit Risk |
Income Taxes | Income Taxes Financial Accounting Standards Board (FASB) codified within Accounting Standards Codification (ASC) Topic No. 740-10, Income Taxes |
Use of Estimates | Use of Estimates |
Reclassifications | Reclassifications |
Net Loss Per Share | Net Loss per Share Earnings Per Share Earnings Per Share |
Fair Value of Financial Instruments | Fair value of Financial Instruments- |
Fair Value Measurement | Fair value Measurement- Fair Value Hierarchy The Company has categorized its financial instruments, based on the priority of inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Financial assets and liabilities recorded on the balance sheet are categorized based on the inputs to the valuation techniques as follows: Level 1 Financial assets and liabilities for which values are based on unadjusted quoted prices for identical assets or liabilities in an active market that management has the ability to access. Level 2 Financial assets and liabilities for which values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability (commodity derivatives and interest rate swaps). Level 3 Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. When the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. The carrying amounts of cash, accrued expenses, and due to related party approximate fair value because of the short-term nature of these items. Per ASC Topic 820 framework these are considered Level 3 inputs where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Nature of Business and Summar12
Nature of Business and Summary of Significant Accounting Policies (Details Narrative) - shares | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Accounting Policies [Abstract] | ||
Weighted average shares for computing net loss per share | 39,999,942 | 39,999,942 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Related Party Transactions [Abstract] | ||
Percentage of annual interest rate earned on advances to affiliated company | 8.50% | |
Interest recorded from affiliate | $ 16,180 | $ 16,997 |
Payments from affiliate | 18,975 | 27,000 |
Due from affiliate outstanding balance including interest | 194,104 | 196,899 |
Management fees charged by related party | 6,000 | 6,000 |
Accrued management fees payable to related party | $ 21,500 | $ 15,500 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income tax, representing state minimum franchise tax | $ 800 | $ 800 |
Percentage of federal tax rate | 34.00% | 34.00% |
Deferred tax assets federal tax | $ 23,964 | $ 20,308 |
Operating loss carryovers expire date | 2,026 | |
Federal Income Tax [Member] | ||
Operating loss carryovers net | $ 70,480 | $ 59,728 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Jul. 25, 2016 | Jun. 30, 2016 | Jun. 30, 2015 |
Cash received from related party | $ 18,975 | $ 27,000 | |
Subsequent Event [Member] | Acculogic, Inc [Member] | |||
Cash received from related party | $ 195,204 |