UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
FORM 10-QSB
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended September 30, 2008
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.)
2 Flagstone Apt 425, Irvine, California 92606
(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 November 1, 2008, there were 39,999,942 shares of Common Stock, no par
value, issued and outstanding.
INTERDYNE COMPANY
FORM 10-QSB
INDEX
Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets as of September 30, 2008 and June 30, 2008......... 3
Statements of Operations for the Quarter ended
September 30, 2008 and September 30, 2007......................... 4
Statements of Cash Flows for the Quarter ended
September 30, 2008 and September 30, 2007......................... 5
Notes to Financial Statements..................................... 6
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations..................... 7
Item 3. Controls and Procedures .......................................... 7
PART II. OTHER INFORMATION
Item 6. Exhibits ......................................................... 8
Signatures ............................................................... 8
2
FINANCIAL INFORMATION
Item 1. Financial Statements
INTERDYNE COMPANY
BALANCE SHEET
30-Sep-08 30-Jun-08
--------- ---------
(Unaudited) (Audited)
ASSETS
CURRENT ASSETS
Cash $ 2,119 $ 1,618
Due from affiliate 262,374 263,830
------------ ------------
TOTAL CURRENT ASSETS $ 264,493 $ 265,448
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accrued professional fees $ 8,950 $ 9,350
Accrued management fees to related party 20,170 18,670
Other accrued expenses 4,169 5,454
------------ ------------
TOTAL CURRENT LIABILITIES $ 33,289 $ 33,474
------------ ------------
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 (268,796) (268,026)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY $ 231,204 $ 231,974
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 264,493 $ 265,448
------------ ------------
3
INTERDYNE COMPANY
STATEMENTS OF OPERATIONS
Quarter Ended
30-Sep-08 30-Sep-07
--------- ---------
(Unaudited) (Unaudited)
INCOME
Interest earned $ 5,544 $ 5,448
EXPENSES
General and administrative 4,014 3,807
Management Fees 1,500 1,500
------------ ------------
$ 5,514 $ 5,307
------------ ------------
NET INCOME BEFORE TAXATION $ 30 $ 141
TAXATION (800) (800)
------------ ------------
NET INCOME AFTER TAXATION $ (770) $ (659)
============ ============
NET INCOME PER SHARE $ (0.0000) $ (0.0000)
============ ============
4
INTERDYNE COMPANY
STATEMENTS OF CASH FLOWS
For Quarter Ended
30-Sep-08 30-Sep-07
--------- ---------
(Unaudited) (Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (770) $ (659)
------------ ------------
Adjustments to reconcile net loss
to net cash generated from/(used in) operating activities:
Increase/decrease resulting from changes in :
Due from affiliate - decrease/(increase) 1,456 (5,448)
Other accounts payable and
accrued expenses - (decrease)/increase (185) 3,866
------------ ------------
Total adjustments 1,271 (1,582)
------------ ------------
NET CASH GENERATED FROM/(USED IN)
OPERATING ACTIVITIES 501 (2,241)
Cash at beginning of period 1,618 2,960
------------ ------------
Cash at end of period $ 2,119 $ 719
============ ============
5
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
September 30, 2008 and the results of operations for the quarter ended September
30, 2008 and 2007 and changes in cash flows for the quarter ended September 30,
2008 and 2007. 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-KSB as of
June 30, 2008, as filed with the Securities and Exchange Commission. The results
of operations for the quarter ended September 30, 2008 are not necessarily
indicative of the results of operations to be expected for the full fiscal year
ending June 30, 2009.
6
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. Controls and Procedures
Our management, comprising the Chief Executive Officer and Chief Financial
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.
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, 2008 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, 2008 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 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,
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 pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
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 : November 7, 2008 By : /s/Sun Tze Whang
-----------------
Sun Tze Whang
Director /Chief Executive Officer
By : /s/Kit_ H. Tan
---------------
Kit H. Tan
Director /Chief Financial Officer
8