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 December 31, 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 February 1, 2009, there were 39,999,942 shares of Common Stock, no par
value, issued and outstanding.
INTERDYNE COMPANY
INDEX
FINANCIAL INFORMATION
Page
No.
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets as of December 31, 2008 and June 30, 2008............ 3
Statements of Income for the Quarter and Six Months
ended December 31, 2008 and December 31, 2007 ...................... 4
Statements of Cash Flows for the Six Months ended
December 31, 2008 and December 31, 2007............................. 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 ............................................ 7
PART II. OTHER INFORMATION
Item 6. Exhibits ........................................................... 8
Signatures ................................................................. 8
2
FINANCIAL INFORMATION
Item 1. Financial Statements
INTERDYNE COMPANY
BALANCE SHEETS
Dec-31-08 30-Jun-08
--------- ---------
(Unaudited) (Audited)
$
ASSETS
CURRENT ASSETS
Cash 1,373 $ 1,618
Due from affiliates 259,898 263,830
------------ ------------
TOTAL CURRENT ASSETS 261,271 $ 265,448
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accrued professional fees 4,950 $ 9,350
Accrued management fees to related party 21,670 18,670
Other accrued expenses 4,640 5,454
------------ ------------
TOTAL CURRENT LIABILITIES 31,260 $ 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 (269,989) (268,026)
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 230,011 $ 231,974
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 261,271 $ 265,448
============ ============
3
INTERDYNE COMPANY
STATEMENTS OF INCOME
Quarter Ended Six Months Ended
Dec-31-08 Dec-31-07 Dec-31-08 Dec-31-07
--------- --------- --------- ---------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
$ $ $ $
INCOME
Interest earned 5,486 5,360 11,030 10,808
-------------- -------------- -------------- --------------
TOTAL INCOME 5,486 5,360 11,030 10,808
-------------- -------------- -------------- --------------
EXPENSES
General and administrative 5,179 3,704 9,193 7,511
Management Fees 1,500 1,500 3,000 3,000
-------------- -------------- -------------- --------------
6,679 5,204 12,193 10,511
-------------- -------------- -------------- --------------
NET PROFIT/(LOSS)
BEFORE TAXATION (1,193) 156 (1,163) 297
TAXATION 0 0 (800) (800)
-------------- -------------- -------------- --------------
NET PROFIT/(LOSS)
AFTER TAXATION (1,193) 156 (1,963) (503)
============== ============== ============== ==============
EARNING/(LOSS) PER SHARE ($0.00003) $ 0.00000 ($0.00005) ($0.00001)
============== ============== ============== ==============
4
INTERDYNE COMPANY
STATEMENTS OF CASH FLOWS
For Six Months Ended
Dec-31-08 Dec-31-07
--------- ---------
(Unaudited) (Unaudited)
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss (1,963) (503)
------------ ------------
Adjustments to reconcile net loss
to net cash used in operating activities :
Change in operating assets and liabilities:
Due from affiliate 3,932 1,692
Accrued expenses (2,214) (1,098)
------------ ------------
Total adjustments 1,718 594
------------ ------------
Net cash generated/(used)
in operating activities (245) 91
CASH, BEGINNING OF PERIOD 1,618 2,960
------------ ------------
CASH, END OF PERIOD 1,373 3,051
============ ============
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
December 31, 2008 and the results of operations for the quarter and six months
ended December 31, 2008 and 2007 and changes in cash flows for the six months
ended December 31, 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 December 31, 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 opportunities.
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 the 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 December 31, 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 December 31, 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.
7
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 : February 2, 2009 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