Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Aug. 31, 2014 | Dec. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'INTERDYNE CO | ' | ' |
Entity Central Index Key | '0000051011 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Common Stock Shares Outstanding | ' | 39,999,942 | ' |
Entity Public Float | ' | ' | $105,080 |
Entity Well Known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Amendment Flag | 'false | ' | ' |
BALANCE_SHEET
BALANCE SHEET (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
CURRENT ASSETS: | ' | ' |
Cash | $2,730 | $6,427 |
OTHER ASSETS: | ' | ' |
Due from affiliate | 206,902 | 217,340 |
TOTAL ASSETS | 209,632 | 223,767 |
CURRENT LIABILITIES: | ' | ' |
Accrued professional fees | 8,300 | 8,300 |
Accrued management fees to related party | 12,500 | 15,500 |
Other accrued expenses | 3,167 | 3,943 |
Total current liabilities | 23,967 | 27,743 |
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; 39,999,942 shares issued and outstanding | 500,000 | 500,000 |
Accumulated deficit | -314,335 | -303,976 |
Total stockholders' equity | 185,665 | 196,024 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $209,632 | $223,767 |
BALANCE_SHEET_Parenthetical
BALANCE SHEET (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, par value (in Dollars per Share) | ' | ' |
Preferred stock, shares authorized (in Shares) | 50,000 | 50,000 |
Preferred stock, shares outstanding (in Shares) | ' | ' |
Common stock, par value (in Dollars per Share) | ' | ' |
Common stock, shares authorized (in Shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in Shares) | 39,999,942 | 39,999,942 |
Common stock, shares outstanding (in Shares) | 39,999,942 | 39,999,942 |
STATEMENTS_OF_OPERATIONS_AND_A
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
EXPENSES: | ' | ' |
Professional fees | $12,815 | $12,865 |
General and administrative | 8,573 | 10,496 |
Management fees to related party | 6,000 | 6,000 |
Total expenses | 27,388 | 29,361 |
OTHER INCOME - Interest from affiliate | 17,829 | 19,240 |
LOSS BEFORE INCOME TAXES | -9,559 | -10,121 |
INCOME TAXES | 800 | 800 |
NET LOSS | -10,359 | -10,921 |
ACCUMULATED DEFICIT, BEGINNING OF YEAR | -303,976 | -293,055 |
ACCUMULATED DEFICIT, END OF YEAR | ($314,335) | ($303,976) |
NET LOSS PER SHARE BASIC AND DILUTED (in Dollars per Share) | $0 | $0.01 |
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED (in Dollars per Share) | 39,999,942 | 39,999,942 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($10,359) | ($10,921) |
Changes In operating assets and liabilites | ' | ' |
Accrued interest | -17,829 | -19,240 |
Accrued expenses | -3,775 | -5,372 |
Net cash used in operating activities | -31,963 | -35,533 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Cash received from affiliate | 28,266 | 38,696 |
Net cash provided by financing activities | 28,266 | 38,696 |
Net increase/(decrease) in cash | -3,697 | 3,163 |
CASH, BEGINNING OF YEAR | 6,427 | 3,264 |
CASH, END OF YEAR | 2,730 | 6,427 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Income tax paid | $800 | $800 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |
Jun. 30, 2014 | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | |
1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Business - Interdyne Company (the "Company") was incorporated in October 1946 in the state of California. The Company is a dormant shell currently seeking new opportunities. On November 22, 1988, the Company filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Central District of California. On May 17, 1990, the Company’s Amended Plan of Reorganization (the “Plan”) was confirmed by Bankruptcy Court, and the Plan became effective May 29, 1990. On July 20, 1990, the Bankruptcy Court approved a stipulation for nonmaterial modifications to the Plan. All claims and interest have been settled in accordance with the terms of the Plan. On August 22, 1990, the Board of Directors approved a change in the Company’s year-end to June 30, pursuant to the Plan. | ||
Cash and Cash Equivalents – For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. | ||
Concentrations of Credit Risk – Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of a receivable due from an affiliate. Due to a guarantee of the amount by a different credit-worthy affiliate, an allowance for possible losses has not been made. | ||
Income Taxes – The Company accounts for income taxes in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) codified within Accounting Standards Codification (“ASC”) Topic No. 740-10, Income Taxes. Deferred income taxes are recognized for the temporary differences between the tax basis of assets and liabilities and their financial reporting amounts. The Company assesses, on an annual basis, the realizability of its deferred tax assets. A valuation allowance for deferred tax assets is established if, based upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. | ||
Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. These estimates and assumptions are based on the Company’s historical results as well as management’s future expectations. The Company’s actual results may vary from those estimates and assumptions. | ||
Net Loss per Share – The Company adopted ASC No. 260, “Earnings Per Share”, that requires the reporting of both basic and diluted earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In accordance with ASC No. 260, “Earnings Per Share”, any anti-dilutive effects on net income (loss) per share are excluded. The Company has no potentially dilutive securities outstanding for any years presented. Weighted average shares for computing net loss per share were 39,999,942 for each of the years presented. | ||
Recent Accounting Pronouncements –In July 2013, the FASB issued ASU No. 2013-11, Topic 740 - Income Taxes ("ASU 2013-11") which provides guidance to the presentation of an unrecognized tax benefit when a net operating loss carry forward, a similar tax loss, or a tax credit carry forward exists. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company intends to adopt this standard in the first quarter of fiscal 2014 and does not expect the adoption will have an impact on its consolidated financial statements. | ||
Management has reviewed other recent accounting pronouncements and determined that none will have a material impact on the Company’s present or future financial statements. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | |
Jun. 30, 2014 | ||
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 $17,829 and $19,240, respectively, for the years ended June 30, 2014 and 2013. The outstanding balance, including interest, was $206,902 as of June 30, 2014 and $217,340 as of June 30, 2013 and is guaranteed by another affiliated company, until the receivable has been satisfied or discharged. | ||
An officer of the Company charged a management fee totaling $6,000 for each of the years ended June 30, 2014 and 2013 for the use of a home office, accounting and other services. The amount payable was $12,500 and $15,500 as of June 30, 2014 and June 30, 2013, respectively. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |
Jun. 30, 2014 | ||
INCOME TAXES [Abstract] | ' | |
INCOME TAXES | ' | |
3 | INCOME TAXES | |
Income taxes for the years ended June 30, 2014 and 2013 represent state minimum franchise tax of $800. The Company had net operating loss carryovers for Federal income tax purposes totaling approximately $48,269 and $37,910, for the years ended June 30, 2014 and 2013, 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, in accordance with FASB ASC 740-10, a full valuation allowance has been provided against the gross deferred tax assets arising from these loss carryovers. If not utilized, the carryovers expire beginning in fiscal 2028. | ||
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, 2010 and earlier. |
MANAGEMENTS_PLANS_UNAUDITED
MANAGEMENT'S PLANS (UNAUDITED) | 12 Months Ended | |
Jun. 30, 2014 | ||
MANAGEMENT'S PLANS (UNAUDITED) [Abstract] | ' | |
MANAGEMENT'S PLANS (UNAUDITED) | ' | |
4 | MANAGEMENT'S PLANS (UNAUDITED) | |
Management is exploring opportunities for a merger candidate which will bring value to the Company. In addition, management is confident that amounts received from its receivable will be adequate to fund its cash needs through June 30, 2015. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2014 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' |
Nature of Business, Policy | ' Nature of Business - Interdyne Company (the "Company") was incorporated in October 1946 in the state of California. The Company is a dormant shell currently seeking new opportunities. On November 22, 1988, the Company filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Central District of California. On May 17, 1990, the Company’s Amended Plan of Reorganization (the “Plan”) was confirmed by Bankruptcy Court, and the Plan became effective May 29, 1990. On July 20, 1990, the Bankruptcy Court approved a stipulation for nonmaterial modifications to the Plan. All claims and interest have been settled in accordance with the terms of the Plan. On August 22, 1990, the Board of Directors approved a change in the Company’s year-end to June 30, pursuant to the Plan. |
Cash and Cash Equivalents, Policy | ' Cash and Cash Equivalents – For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. |
Concentrations of Credit Risk, Policy | ' Concentrations of Credit Risk – Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of a receivable due from an affiliate. Due to a guarantee of the amount by a different credit-worthy affiliate, an allowance for possible losses has not been made. |
Income Taxes, Policy | ' Income Taxes – The Company accounts for income taxes in accordance with the provisions of the Financial Accounting Standards Board (“FASB”) codified within Accounting Standards Codification (“ASC”) Topic No. 740-10, Income Taxes. Deferred income taxes are recognized for the temporary differences between the tax basis of assets and liabilities and their financial reporting amounts. The Company assesses, on an annual basis, the realizability of its deferred tax assets. A valuation allowance for deferred tax assets is established if, based upon available evidence, it is more likely than not that all or a portion of the deferred tax assets will not be realized. |
Use of Estimates, Policy | ' Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and the disclosure of contingent assets and liabilities. These estimates and assumptions are based on the Company’s historical results as well as management’s future expectations. The Company’s actual results may vary from those estimates and assumptions. |
Net Loss per Share, Policy | ' Net Loss per Share – The Company adopted ASC No. 260, “Earnings Per Share”, that requires the reporting of both basic and diluted earnings (loss) per share. Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. In accordance with ASC No. 260, “Earnings Per Share”, any anti-dilutive effects on net income (loss) per share are excluded. The Company has no potentially dilutive securities outstanding for any years presented. Weighted average shares for computing net loss per share were 39,999,942 for each of the years presented. |
Recent Accounting Pronouncements, Policy | ' Recent Accounting Pronouncements –In July 2013, the FASB issued ASU No. 2013-11, Topic 740 - Income Taxes ("ASU 2013-11") which provides guidance to the presentation of an unrecognized tax benefit when a net operating loss carry forward, a similar tax loss, or a tax credit carry forward exists. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company intends to adopt this standard in the first quarter of fiscal 2014 and does not expect the adoption will have an impact on its consolidated financial statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' |
Date of incorporation (Date) | 31-Oct-46 | ' |
Date voluntary petition for reorganization filed (Date) | 22-Nov-88 | ' |
Date Plan of Reorganization confirmed by Bankruptcy Court (Date) | 20-Jul-90 | ' |
Plan of Reorganization, date plan is effective (Date) | 29-May-90 | ' |
Potentially dilutive securities outstanding (in Shares) | '0 | '0 |
Weighted average shares for computing net loss per share (in Shares) | 39,999,942 | 39,999,942 |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Related Party Transaction [Line Items] | ' | ' |
Related party transaction, affiliate receivable interest rate per annum (in Percent) | 8.50% | 8.50% |
Related party transaction, interest income | $17,829 | $19,240 |
Related party transaction, due from affiliate | 206,902 | 217,340 |
Related party transaction, amount charged per year | 6,000 | 6,000 |
Related party transaction, amount payable to officer | $12,500 | $15,500 |
INCOME_TAXES_Narrative_Details
INCOME TAXES (Narrative) (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
INCOME TAXES [Abstract] | ' | ' |
Income taxes paid, state minimum franchise tax | $800 | $800 |
Operating Loss Carryforwards [Line Items] | ' | ' |
Operating loss carryforwards | $48,269 | $37,910 |
Operating loss carryforwards, beginning expiration date (Date) | 31-Dec-28 | 31-Dec-28 |