Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2019 | Jan. 23, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | INTERDYNE CO | |
Entity Central Index Key | 0000051011 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Common Stock, Shares Outstanding | 39,999,942 | |
Entity's Reporting Status Current | Yes | |
Amendment Flag | false | |
Entity Shell Company | true | |
Entity Small Business | true | |
Entitye Emerging Growth Company | true | |
Entity Excluded Transition Period | true |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
CURRENT ASSETS | ||
Cash | $ 85,205 | $ 100,392 |
Total current assets | 85,205 | 100,392 |
TOTAL ASSETS | 85,205 | 100,392 |
CURRENT LIABILITIES | ||
Accrued professional fees | 2,500 | 8,100 |
Due to related party | 18,000 | 15,000 |
Other accrued expenses | 3,741 | 3,742 |
Total current liabilities | 24,241 | 26,842 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, no par value, 50,000,000 shares authorized, 0 shares issued and outstanding | ||
Common stock, no par value, 100,000,000 shares authorized, 39,999,942 shares issued and outstanding as of December 31, 2019 and June 30, 2019 | 500,000 | 500,000 |
Accumulated deficit | (439,036) | (426,450) |
TOTAL STOCKHOLDERS' EQUITY | 60,964 | 73,550 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 85,205 | $ 100,392 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2019 | Jun. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 39,999,942 | 39,999,942 |
Common stock, shares outstanding | 39,999,942 | 39,999,942 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING EXPENSES | ||||
Professional fees | $ 2,500 | $ 2,500 | $ 5,025 | $ 5,025 |
General and administrative | 1,868 | 1,879 | 3,761 | 3,773 |
Management fees to related party | 1,500 | 1,500 | 3,000 | 3,000 |
Total expenses | 5,868 | 5,879 | 11,786 | 11,798 |
LOSS BEFORE INCOME TAXES | (5,868) | (5,879) | (11,786) | (11,798) |
INCOME TAX EXPENSE | (800) | (800) | ||
NET LOSS | $ (5,868) | $ (5,879) | $ (12,586) | $ (12,598) |
NET LOSS PER COMMON SHARE | ||||
BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
BASIC AND DILUTED | 39,999,942 | 39,999,942 | 39,999,942 | 39,999,942 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (12,586) | $ (12,598) |
Changes in operating assets and liabilities | ||
Due to related party | 3,000 | 3,000 |
Accrued professional fees | (5,600) | (4,000) |
Other accrued expenses | 24 | (1,175) |
Net cash used in operating activities | (15,162) | (14,773) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayment to related party | (25) | (25) |
Net cash used in financing activities | (25) | (25) |
NET DECREASE IN CASH | (15,187) | (14,798) |
CASH, BEGINNING OF PERIOD | 100,392 | 124,604 |
CASH, END OF PERIOD | 85,205 | 109,806 |
Supplemental Cash Flow Disclosures | ||
Income taxes paid | 800 | 800 |
Interest paid | ||
Non-Cash Transactions | ||
Operation expenses paid by related party | $ 25 | $ 25 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock | Accumulated Deficit | Total |
Beginning Balance, Shares at Jun. 30, 2018 | 39,999,942 | ||
Beginning Balance, Value at Jun. 30, 2018 | $ 500,000 | $ (395,315) | $ 104,685 |
Net Loss | (6,719) | (6,719) | |
Ending Balance, Shares at Sep. 30, 2018 | 39,999,942 | ||
Ending Balance, Value at Sep. 30, 2018 | $ 500,000 | (402,034) | 97,966 |
Beginning Balance, Shares at Jun. 30, 2018 | 39,999,942 | ||
Beginning Balance, Value at Jun. 30, 2018 | $ 500,000 | (395,315) | 104,685 |
Net Loss | (12,598) | ||
Ending Balance, Shares at Dec. 31, 2018 | 39,999,942 | ||
Ending Balance, Value at Dec. 31, 2018 | $ 500,000 | (407,913) | 92,087 |
Beginning Balance, Shares at Sep. 30, 2018 | 39,999,942 | ||
Beginning Balance, Value at Sep. 30, 2018 | $ 500,000 | (402,034) | 97,966 |
Net Loss | (5,879) | (5,879) | |
Ending Balance, Shares at Dec. 31, 2018 | 39,999,942 | ||
Ending Balance, Value at Dec. 31, 2018 | $ 500,000 | (407,913) | $ 92,087 |
Beginning Balance, Shares at Jun. 30, 2019 | 39,999,942 | 39,999,942 | |
Beginning Balance, Value at Jun. 30, 2019 | $ 500,000 | (426,450) | $ 73,550 |
Net Loss | (6,718) | (6,718) | |
Ending Balance, Shares at Sep. 30, 2019 | 39,999,942 | ||
Ending Balance, Value at Sep. 30, 2019 | $ 500,000 | (433,168) | $ 66,832 |
Beginning Balance, Shares at Jun. 30, 2019 | 39,999,942 | 39,999,942 | |
Beginning Balance, Value at Jun. 30, 2019 | $ 500,000 | (426,450) | $ 73,550 |
Net Loss | $ (12,586) | ||
Ending Balance, Shares at Dec. 31, 2019 | 39,999,942 | 39,999,942 | |
Ending Balance, Value at Dec. 31, 2019 | $ 500,000 | (439,036) | $ 60,964 |
Beginning Balance, Shares at Sep. 30, 2019 | 39,999,942 | ||
Beginning Balance, Value at Sep. 30, 2019 | $ 500,000 | (433,168) | 66,832 |
Net Loss | (5,868) | $ (5,868) | |
Ending Balance, Shares at Dec. 31, 2019 | 39,999,942 | 39,999,942 | |
Ending Balance, Value at Dec. 31, 2019 | $ 500,000 | $ (439,036) | $ 60,964 |
Interim Financial Statements
Interim Financial Statements | 6 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Financial Statements | Note 1. Interim Financial Statements The accompanying financial statements are unaudited, but in the opinion of the management of Interdyne Company (“the Company”), contain all adjustments, consisting of only normal recurring accruals, necessary to present fairly the financial position as of December 31, 2019 and the results of operations, cash flows and changes in stockholders’ equity for interim periods presented. Certain information and footnote disclosures normally included in financial statements that have been prepared in accordance with accounting principles generally accepted in the United States 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, 2019, as filed with the Securities and Exchange Commission. The results of operations for the six months ended December 31, 2019 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending June 30, 2020. |
Changes in Significant Accounti
Changes in Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Changes in Significant Accounting Policies | Note 2. Changes in Significant Accounting Policies In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. Under ASU 2016-02, lessees will be required to recognize all leases (with the exception of short-term leases) at the commencement date including a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use (ROU) asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. In December 2017, January 2018, July 2018, December 2018 and March 2019, the FASB issued ASU 2017-13, ASU 2018-01, ASU 2018-10 & 11, ASU 2018-20 and ASU 2019-01, respectively, which contain modifications and improvements to ASU 2016-02. The amendments provide entities with an additional (and optional) transition method to adopt the new leases standard. Under the Optional Transition Method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. On July 1, 2019, the Company adopted ASC Topic 842 using the modified retrospective approach and elected to utilize the Optional Transition Method. The adoption did not impact the Company’s previously reported financial statements nor did it result in a cumulative effect adjustment to retained earnings as of July 1, 2019. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 3. Related Party Transactions An officer of the Company charged a management fee totalling $3,000 and $3,000 for the six months ended December 31, 2019 and 2018, respectively, for the use of a home office, accounting and other services. During the six months ended December 31, 2019 and 2018, the officer also paid operating expense of $25 and $25, respectively, on behalf of the Company and these payments were fully reimbursed to him. The balances due to this officer as of December 31, 2019 and June 30, 2019 were $18,000 and $15,000, respectively. The amounts due to this officer are unsecured, bearing no interest and are repayable on demand. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 4. Commitments and Contingencies In March 2017, the Company received a letter from the County of Santa Clara, California, which claimed that the Company is delinquent on its property taxes relating to tax year 1988/1989 in the amount of $80,238.07 including penalties which should be paid immediately. The Company believes that these property taxes were related to the period prior to the filing of the reorganization of the Company under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Central District of California on November 22, 1988 and the eventual confirmation of the Company’s Amended Plan of Reorganization (the “Plan”) by the Bankruptcy Court on May 17, 1990, and thus have been settled in accordance with the terms of the Plan and are therefore invalid. The Company has informed the County of Santa Clara that if it wants to assert its claim, it would have to petition to the Bankruptcy Court for relief. The Company does not recognize the said claim and therefore has not recorded any tax liabilities related to this claim. If the County of Santa Clara claim is adjudicated to be valid and the Company is liable, the tax liabilities imposed could have a material effect on the Company’s result of operations and financial position. |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |||||
Management fees to company officer | $ 1,500 | $ 1,500 | $ 3,000 | $ 3,000 | |
Operation expenses paid by related party | 25 | $ 25 | |||
Accrued management fees to related party | $ 18,000 | $ 18,000 | $ 15,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) | Mar. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Santa Clara County property tax claim related to pre-1990 Chapter 11 filing, settled under Plan and unaccrued | $ 8,023,807 |