☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
CALIFORNIA
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95-2563023
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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26 Briarwood, Irvine, California
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92604
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer ☐
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Accelerated filer ☐
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Non-accelerated filer ☐
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Smaller reporting company ☒
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Page
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PART I. FINANCIAL INFORMATION
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||
Item 1.
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Financial Statements
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3
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4
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5
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6
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Item 2.
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6
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Item 3.
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6
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PART II. OTHER INFORMATION
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Item 6.
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8 | |
9 |
Item 1. | Financial Statements |
12/31/2014
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6/30/2014
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|||||||
(Unaudited)
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(Audited)
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|||||||
ASSETS
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||||||||
CURRENT ASSETS
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||||||||
Cash
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$
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4,414
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$
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2,730
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||||
OTHER ASSETS
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||||||||
Due from affiliate
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196,554
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206,902
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||||||
TOTAL CURRENT ASSETS
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$
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200,968
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$
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209,632
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||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
CURRENT LIABILITIES
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||||||||
Accrued professional fees
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$
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5,500
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$
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8,300
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||||
Accrued management fees to related party
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12,500
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12,500
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||||||
Other accrued expenses
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3,593
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3,167
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||||||
TOTAL CURRENT LIABILITIES
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21,593
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$
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23,967
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|||||
STOCKHOLDERS' EQUITY
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||||||||
Preferred stock, no par value, 50,000,000 shares authorized, no shares outstanding
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-
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-
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||||||
Common stock, no par value, 100,000,000 shares authorized, 39,999,942 shares issued and to be issued
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500,000
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$
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500,000
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|||||
Accumulated deficit
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(320,625
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)
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(314,335
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)
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||||
-
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-
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|||||||
TOTAL STOCKHOLDERS' EQUITY
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179,375
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$
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185,665
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|||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$
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200,968
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$
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209,632
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Three Months Ended
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Six Months Ended
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|||||||||||||||
12/31/2014
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12/31/2013
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12/31/2014
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12/31/2013
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|||||||||||||
(Unaudited)
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(Unaudited)
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(Unaudited)
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(Unaudited)
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|||||||||||||
EXPENSES
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||||||||||||||||
Professional fees
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$
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3,550
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$
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3,450
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$
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7,315
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$
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6,965
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||||||||
General and administrative
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1,887
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1,939
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3,827
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3,944
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||||||||||||
Management Fees
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1,500
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1,500
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3,000
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3,000
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||||||||||||
TOTAL EXPENSES
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6,937
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6,889
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14,142
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13,909
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||||||||||||
OTHER INCOME - interest from affiliate
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4,232
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4,550
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8,652
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9,117
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||||||||||||
LOSS BEFORE INCOME TAXES
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(2,705
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)
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(2,339
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)
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(5,490
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)
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(4,792
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)
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||||||||
INCOME TAX EXPENSE
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-
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-
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(800
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)
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(800
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)
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||||||||||
NET LOSS
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$
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(2,705
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)
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$
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(2,339
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)
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$
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(6,290
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)
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$
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(5,592
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)
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||||
BASIC AND DILUTED LOSS PER SHARE
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$
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(0.00
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)
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$
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(0.00
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)
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$
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(0.00
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)
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$
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(0.00
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)
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||||
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING
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39,999,942
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39,999,942
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39,999,942
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39,999,942
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Six Months Ended
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|||||||
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12/31/2014
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12/31/2013
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||||||
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(Unaudited)
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(Unaudited)
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||||||
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||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
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||||||||
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||||||||
Net loss
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$
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(6,290
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)
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$
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(5,592
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)
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||
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||||||||
Adjustments to reconcile net loss to net cash used by operating activities :
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||||||||
Increase/decrease resulting from changes in :
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||||||||
Accrued interest income
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(8,652
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)
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(9,117
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)
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||||
Accrued expense
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(2,374
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)
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(2,378
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)
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||||
Net cash used by operating activities
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(17,316
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)
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(17,087
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)
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||||
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||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
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||||||||
Cash received from affiliate
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19,000
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23,286
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||||||
Net cash provided by financing activities
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19,000
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23,286
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||||||
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||||||||
NET INCREASE IN CASH
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1,684
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6,199
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||||||
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||||||||
CASH, BEGINNING OF PERIOD
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2,730
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6,427
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||||||
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||||||||
CASH, END OF PERIOD
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$
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4,414
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$
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12,626
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||||
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||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
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||||||||
Income taxes paid
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$
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800
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$
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800
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Item 1. | Legal Proceedings |
Item 1A. | Risk Factors. |
Item 2. | Unregistered Sale of Equity Securities and Use of Proceeds. |
Item 3. | Defaults upon Senior Securities. |
Item 4. | Submission of Matters to a Vote of Security Holders. |
Item 5. | Other Information. |
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/Principal Accounting 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/Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
d. | 101.INSXBRL Instance Document |
e. | 101.SCHXBRL Taxonomy Extension Schema Document |
f. | 101.CALXBRL Taxonomy Extension Calculation Linkbase Document |
g. | 101.LABXBRL Taxonomy Extension Label Linkbase Document |
h. | 101.PREXBRL Taxonomy Extension Presentation Linkbase Document |
INTERDYNE COMPANY
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(Registrant)
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Date: February 2, 2015
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By:
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/s/Sun Tze Whang
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Sun Tze Whang
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Director /Chief Executive Officer
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By:
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/s/Kit H. Tan
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Kit H. Tan
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Director /Chief Financial Officer/Principal Accounting Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Interdyne Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: February 2, 2015
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By:
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/s/Sun Tze Whang
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1. | I have reviewed this quarterly report on Form 10-Q of Interdyne Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: February 2, 2015
|
By:
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/s/Kit H. Tan
|
1. | The Report fully complies with the requirements of section 3(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
Date: February 2, 2015
|
By:
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/s/Sun Tze Whang
|
By:
|
/s/Kit H. Tan
|
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Due from affiliate (Narrative) (Details) (USD $)
|
6 Months Ended | |
---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
|
Due from affiliate [Abstract] | ||
Annual interest on advances (in Percent) | 8.50% | |
Cash received from affiliate | $ 19,000 | $ 23,286 |
Due from affiliate
|
6 Months Ended |
---|---|
Dec. 31, 2014
|
|
Due from affiliate [Abstract] | |
Due from affiliate |
Note 3. Due from affiliate
In prior years, the Company made advances to Acculogic, Inc., an affiliated company through common ownership and management. The advances bear interest at 8.5% per annum, payable on demand. The balance including interest is guaranteed by another affiliated company. During the six months ended December 31, 2014 the Company received $19,000 from Acculogic, Inc. as repayments against the advances and accrued interest due.
|
Interim Financial Statements
|
6 Months Ended |
---|---|
Dec. 31, 2014
|
|
Interim 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 the Company, contain all adjustments, consisting of only normal recurring accruals, necessary to present fairly the financial position as of December 31, 2014 and the results of operations for the three and six months ended December 31, 2014 and 2013 and changes in cash flows for the six months ended December 31, 2014 and 2013. 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, 2014, as filed with the Securities and Exchange Commission. The results of operations for the three months ended December 31, 2014 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending June 30, 2015.
|
Changes in Significant Accounting Policies
|
6 Months Ended |
---|---|
Dec. 31, 2014
|
|
Changes in Significant Accounting Policies [Abstract] | |
Changes in Significant Accounting Policies |
Note 2. Changes in Significant Accounting Policies
There are no newly issued accounting pronouncements that the Company expects to have a material effect on the financial statements and there have been no changes in our significant accounting policies.
|
Document and Entity Information
|
6 Months Ended |
---|---|
Dec. 31, 2014
|
|
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-Q |
Document Period End Date | Dec. 31, 2014 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q2 |
Entity Common Stock Shares Outstanding | 39,999,942 |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Amendment Flag | false |
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2014
|
Dec. 31, 2013
|
|
EXPENSES | ||||
Professional fees | $ 3,550 | $ 3,450 | $ 7,315 | $ 6,965 |
General and administrative | 1,887 | 1,939 | 3,827 | 3,944 |
Management Fees | 1,500 | 1,500 | 3,000 | 3,000 |
TOTAL EXPENSES | 6,937 | 6,889 | 14,142 | 13,909 |
OTHER INCOME - interest from affiliate | 4,232 | 4,550 | 8,652 | 9,117 |
LOSS BEFORE INCOME TAXES | (2,705) | (2,339) | (5,490) | (4,792) |
INCOME TAX EXPENSE | (800) | (800) | ||
NET LOSS | $ (2,705) | $ (2,339) | $ (6,290) | $ (5,592) |
BASIC AND DILUTED LOSS PER SHARE (in Dollars per Share) | $ 0 | $ 0 | $ 0 | $ 0 |
BASIC AND DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING (in Shares) | 39,999,942 | 39,999,942 | 39,999,942 | 39,999,942 |