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, 1999
OR
|_| 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 (I.R.S. Employer
incorporation or organization) Identification No.)
7 Whatney, Irvine, California 92618
(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 |_|
As of January 30, 1999, there were 40,000,000 shares of Common Stock, no par
value, issued and outstanding.
Exhibit Index Page No. - None
Page 1 of 7
INTERDYNE COMPANY
INDEX
FINANCIAL INFORMATION
Page No.
--------
Item 1. Financial Statements
Balance Sheets as of
December 31, 1999 and June 30, 1999............................. 3
Statements of Operations for the Quarter and Six Months ended
December 31, 1999 and December 31, 1998......................... 4
Statements of Cash Flows for the Six Months ended
December 31, 1999 and December 31, 1998......................... 5
Notes to Financial Statements................................... 6
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations..................................... 6
2
FINANCIAL INFORMATION
Item 1. Financial Statements
INTERDYNE COMPANY
BALANCE SHEETS
Dec-31-99 Jun-30-99
--------- ---------
(Unaudited) (Audited)
$ $
ASSETS
CURRENT ASSETS
Cash 1,430 3,159
Due from affiliates 220,381 219,240
--------- ---------
TOTAL CURRENT ASSETS 221,811 222,399
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Due to affiliates 7,886 7,886
Accrued expenses 2,660 6,810
--------- ---------
TOTAL CURRENT LIABILITIES 10,546 14,696
--------- ---------
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, 40,000,000 shares
issued and to be issued 500,000 500,000
Deficit since May 29, 1990 (288,735) (292,297)
--------- ---------
TOTAL STOCKHOLDERS' EQUITY 211,265 207,703
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 221,811 222,399
========= =========
3
INTERDYNE COMPANY
STATEMENTS OF OPERATIONS
Quarter Ended Six Months Ended
Dec-31-99 Dec-31-98 Dec-31-99 Dec-31-98
--------- --------- --------- ---------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
$ $ $ $
INCOME
Interest earned 5,245 5,064 10,491 10,130
-------- -------- -------- --------
TOTAL INCOME 5,245 5,064 10,491 10,130
-------- -------- -------- --------
EXPENSES
General and administrative 1,590 1,124 4,129 1,767
Management Fees 1,000 1,000 2,000 2,000
-------- -------- -------- --------
2,590 2,124 6,129 3,767
-------- -------- -------- --------
NET PROFIT
BEFORE TAXATION 2,655 2,940 4,362 6,363
TAXATION (800) (800) (800) (800)
-------- -------- -------- --------
NET PROFIT
AFTER TAXATION 1,855 2,140 3,562 5,563
======== ======== ======== ========
EARNING/(LOSS) PER SHARE $0.00005 $0.00005 $0.00009 $0.00014
======== ======== ======== ========
4
INTERDYNE COMPANY
STATEMENTS OF CASH FLOWS
For Six Months Ended
Dec-31-99 Dec-31-97
--------- ---------
(Unaudited) (Unaudited)
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit 3,562 5,563
------ ------
Adjustments to reconcile net profit from
operations to net cash used in operating activities :
Increase/decrease resulting from changes in :
Due from affiliates - decrease/(increase) (1,141) (545)
Accrued expenses - (decrease) (4,150) (4,960)
------ ------
Total adjustments (5,291) (5,505)
------ ------
NET CASH GENERATED/(USED)
IN OPERATING ACTIVITIES (1,729) 58
Cash at beginning of period 3,159 3,126
------ ------
Cash at end of period 1,430 3,184
====== ======
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INTERDYNE COMPANY
NOTE 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 at
December 31, 1999 and the results of operations for the quarter and six months
ended December 31, 1999 and 1998 and changes in cash flows for the six months
ended December 31, 1999 and 1998. 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, 1999, as filed with the Securities and Exchange Commission.
The results of operations for the quarter ended December 31, 1999 are not
necessarily indicative of the results of operations to be expected for the full
fiscal year ending June 30, 2000.
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.
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SIGNATURE
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)
Dated : February 14, 2000 By: /s/ Kit H. Tan
-------------------------------------
Kit H. Tan
Director/Chief Financial Officer
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