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 September 30, 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 October 31, 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
<PAGE>
INTERDYNE COMPANY
INDEX
FINANCIAL INFORMATION
Page No.
--------
Item 1. Financial Statements
Balance Sheets as of
September 30, 1999 and June 30, 1999................................ 3
Statements of Operations for the Quarter ended
September 30, 1999 and September 30, 1998........................... 4
Statements of Cash Flows for the Quarter ended
September 30, 1999 and September 30, 1998........................... 5
Notes to Financial Statements....................................... 6
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations .......................................... 6
2
<PAGE>
FINANCIAL INFORMATION
Item 1. Financial Statements
INTERDYNE COMPANY
BALANCE SHEETS
<TABLE>
<CAPTION>
30-Sep-99 30-Jun-99
(Unaudited) (Audited)
$ $
----------- ---------
<S> <C> <C>
ASSETS
CURRENT ASSETS
Cash 3,234 3,159
Due from affiliate 223,136 219,240
-------- --------
TOTAL CURRENT ASSETS 226,370 222,399
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Due to affiliates 7,886 7,886
Accrued expenses 9,074 6,810
-------- --------
TOTAL CURRENT LIABILITIES 16,960 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 (290,590) (292,297)
-------- --------
TOTAL STOCKHOLDERS' EQUITY 209,410 207,703
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 226,370 222,399
======== ========
</TABLE>
3
<PAGE>
INTERDYNE COMPANY
STATEMENTS OF OPERATIONS
Quarter Ended
30-Sep-99 30-Sep-98
--------- ---------
(Unaudited) (Unaudited)
$ $
INCOME
Interest earned 5,246 5,066
EXPENSES
General and administrative 2,539 643
Management Fees 1,000 1,000
------- -------
3,539 1,643
------- -------
NET INCOME BEFORE TAXATION 1,707 3,423
TAXATION 0 0
------- -------
NET INCOME AFTER TAXATION 1,707 3,423
======= =======
NET INCOME PER SHARE $0.0000 $0.0001
======= =======
4
<PAGE>
INTERDYNE COMPANY
STATEMENTS OF CASH FLOWS
For Quarter Ended
30-Sep-99 30-Sep-98
--------- ---------
(Unaudited) (Unaudited)
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
Net profit 1,707 3,423
------ ------
Adjustments to reconcile net profit from
operations to net cash generated from
operating activities :
Increase/decrease resulting from
changes in :
Due from affiliate - (increase) (3,896) (3,567)
Other accounts payable and
accrued expenses - increase 2,264 384
------ ------
Total adjustments (1,632) (3,183)
------ ------
NET CASH GENERATED FROM OPERATING ACTIVITIES 75 240
Cash at beginning of period 3,159 3,126
------ ------
Cash at end of period 3,234 3,366
====== ======
5
<PAGE>
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, 1999 and the results of operations for the quarter ended September
30, 1999 and 1998 and changes in cash flows for the quarter ended September 30,
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 September 30, 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.
6
<PAGE>
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)
Dated : November 12, 1999 By: /s/ Kit H. Tan
-------------------------------------
Kit H. Tan
Director/Chief Financial Officer
7
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the Form
10-Q and is qualified in it's entirety by reference to such financial
statements.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> JUN-30-2000
<PERIOD-START> JUL-1-1999
<PERIOD-END> SEP-30-1999
<CASH> 3,234
<SECURITIES> 0
<RECEIVABLES> 223,136
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 226,370
<CURRENT-LIABILITIES> 16,960
<BONDS> 0
0
0
<COMMON> 500,000
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 226,370
<SALES> 0
<TOTAL-REVENUES> 5,246
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 3,539
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,707
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,707
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
