10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

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 incorporation or organization)	(I.R.S Employer Identification No.)
26 Briarwood, Irvine, California	92604
(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 ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☒
(do not check if smaller reporting company)
	Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☒  No ☐

As of November 2, 2018, there were 39,999,942 shares of Common Stock, no par value, issued and outstanding.

1

INTERDYNE COMPANY

FORM 10-Q

INDEX

	Page
PART I. FINANCIAL INFORMATION	3
Item 1. Financial Statements	3
Balance Sheets as of September 30, 2018 (unaudited) and June 30, 2018	3
Statements of Operations for the Three Months ended September 30, 2018 and 2017 (unaudited)	4
Statements of Cash Flows for the Three Months ended September 30, 2018 and 2017 (unaudited)	5
Notes to Unaudited Financial Statements	6
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	7
Item 3. Quantitative and Qualitative Disclosures about Market Risk	7
Item 4. Controls and Procedures	7
PART II. OTHER INFORMATION	8
Item 1. Legal Proceedings	8
Item 1A. Risk Factors	8
Item 2. Unregistered Sale of Equity Securities and Use of Proceeds	8
Item 3. Defaults upon Senior Securities	8
Item 4. Submission of Matters to a Vote of Security Holders	8
Item 5. Other Information	8
Item 6. Exhibits	9
Signatures	10

2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

INTERDYNE COMPANY

BALANCE SHEETS

	September 30, 2018			June 30, 2018
		(Unaudited)
ASSETS
CURRENT ASSETS
Cash	$	114,811		$	124,604
Total current assets	$	114,811		$	124,604
TOTAL ASSETS	$	114,811		$	124,604
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accrued professional fees	$	2,500		$	7,100
Due to related party		10,525			9,000
Other accrued expenses		3,820			3,819
Total current liabilities		16,845			19,919
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 September 30, 2018 and June 30, 2018		500,000			500,000
Accumulated deficit		(402,034	)		(395,315	)
Total stockholders’ equity	$	97,966		$	104,685
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	114,811		$	124,604
The accompanying notes are an integral part of these unaudited financial statements.

3

INTERDYNE COMPANY

STATEMENTS OF OPERATIONS

	Three Months Ended
	September 30, 2018			September 30, 2017
	(Unaudited)			(Unaudited)
OPERATING EXPENSES
Professional fees	$	2,525		$	2,525
General and administrative		1,894			2,143
Management fees to related party		1,500			1,500
Total expenses		5,919			6,168
LOSS BEFORE INCOME TAXES		(5,919	)		(6,168	)
INCOME TAX EXPENSE		(800	)		(800	)
NET LOSS	$	(6,719	)	$	(6,968	)
NET LOSS PER COMMON SHARE BASIC AND DILUTED	$	(0.00	)	$	(0.00	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING BASIC AND DILUTED		39,999,942			39,999,942
The accompanying notes are an integral part of these unaudited financial statements.

4

 INTERDYNE COMPANY

STATEMENTS OF CASH FLOWS

	Three Months Ended
	September 30, 2018			September 30, 2017
	(Unaudited)			(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(6,719	)	$	(6,968	)
Adjustments to reconcile net loss to net cash used in operating activities
Changes in operating assets and liabilities
Due to related party		1,500			1,500
Accrued professional fees		(4,600	)		(725	)
Other accrued expenses		26			2,143
Net cash used in operating activities		(9,793	)		(4,050	)
NET DECREASE IN CASH		(9,793	)		(4,050	)
CASH, BEGINNING OF PERIOD		124,604			147,611
CASH, END OF PERIOD	$	114,811		$	143,561
Supplemental Cash Flow Disclosures
Income taxes paid	$	800		$	800
Interest paid	$	—		$	—
NON-CASH TRANSACTION
Operating expenses paid by related party	$	25		$	25
The accompanying notes are an integral part of these unaudited financial statements.

5

INTERDYNE COMPANY 

NOTES TO UNAUDITED 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 September 30, 2018 and the results of operations for the three months ended September 30, 2018 and 2017 and changes in cash flows for the three months ended September 30, 2018 and 2017. 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, 2018, as filed with the Securities and Exchange Commission. The results of operations for the three months ended September 30, 2018 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending June 30, 2019.

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.

Note 3. Related Party Transactions

An officer of the Company charged a management fee totaling $1,500 for the three months ended September 30, 2018 and 2017, respectively, for the use of a home office, accounting and other services. During the three months ended September 30, 2018 and 2017, the officer also paid operating expense of $25 and $25, respectively, on behalf of the Company. The balances due to this officer as of September 30, 2018 and June 30, 2018 were $10,525 and $9,000, respectively. The amounts due to this officer are unsecured, bearing no interest and are repayable on demand.

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.

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.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

N/A

Item 4. Controls and Procedures

Our management, comprising the Chief Executive Officer and Chief Financial Officer/Principal Accounting 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 not effective considering the fact that the Company, being dormant, has only one person on staff, the Chief Financial Officer/Principal Accounting Officer, to (1) handle all accounting transactions (consisting of primarily paying all expenses, including fees to this same officer); (2) reconcile the bank account, and (3) prepare all financial statement disclosures. The above duties have no supervision or review to insure proper segregation of duties and review of disclosures. As a result, material weaknesses over disclosure controls and procedures exist.

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 September 30, 2018 based on the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organization of the Treadway Commission. Based on this evaluation, our management has concluded that our internal control over financial reporting was not effective as of September 30, 2018 because of the following material weaknesses as of September 30, 2018: (i) lack of supervision or review to insure proper internal control over financial reporting, (ii) inadequate segregation of duties and effective risk assessment, (iii) lack of well-established procedures to authorize and approve related party transactions. As a result, material weaknesses over internal control over financial reporting exist.

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 three months, 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 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

None.

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds.

None.

Item 3. Defaults upon Senior Securities.

None.

Item 4. Submission of Matters to a Vote of Security Holders.

None.

Item 5. Other Information.

None.

8

Item 6. Exhibits

Exhibit No.	Description
31.1	Certification of the Company's Chief Executive Officer, Sun Tze Whang, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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.
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.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

9

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: November 2, 2018	By:	/s/ Sun Tze Whang
		Sun Tze Whang
		Director / Chief Executive Officer
Date: November 2, 2018	By:	/s/ Kit H. Tan
		Kit H. Tan
		Director / Chief Financial Officer / Principal Accounting Officer

10

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Sun Tze Whang, certify that:

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: November 2, 2018	By:	/s/ Sun Tze Whang
		Sun Tze Whang
		Director/Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER/PRINCIPAL ACCOUNTING OFFICER

I, Kit H. Tan, certify that:

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: November 2, 2018	By:	/s/ Kit H. Tan
		Kit H. Tan
		Director/Chief Financial Officer/Principal Accounting Officer

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Interdyne Company on Form 10-Q for the quarter ended September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Sun Tze Whang, Chief Executive Officer, and Kit H. Tan, Chief Financial Officer/Principal Accounting Officer, of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

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: November 2, 2018	By:	/s/ Sun Tze Whang
		Sun Tze Whang
		Director/Chief Executive Officer
Date: November 2, 2018	By:	/s/ Kit H. Tan
		Kit H. Tan
		Director/Chief Financial Officer/Principal Accounting Officer

XML

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2018	Nov. 02, 2018
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	Sep. 30, 2018
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		39,999,942
Entity's Reporting Status Current	Yes
Amendment Flag	false
Entity Small Business	true
Entitye Emerging Growth Company	true
Entity Excluded Transition Period	true

XML

Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2018	Jun. 30, 2018
CURRENT ASSETS
Cash	$ 114,811	$ 124,604
Total current assets	114,811	124,604
TOTAL ASSETS	114,811	124,604
CURRENT LIABILITIES
Accrued professional fees	2,500	7,100
Due to related party	10,525	9,000
Other accrued expenses	3,820	3,819
Total current liabilities	16,845	19,919
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 September 30, 2018 and June 30, 2018	500,000	500,000
Accumulated deficit	(402,034)	(395,315)
TOTAL STOCKHOLDERS' EQUITY	97,966	104,685
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 114,811	$ 124,604

XML

Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2018	Jun. 30, 2018
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

XML

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
OPERATING EXPENSES
Professional fees	$ 2,525	$ 2,525
General and administrative	1,894	2,143
Management fees to related party	1,500	1,500
Total expenses	5,919	6,168
LOSS BEFORE INCOME TAXES	(5,919)	(6,168)
INCOME TAX EXPENSE	(800)	(800)
NET LOSS	$ (6,719)	$ (6,968)
NET LOSS PER COMMON SHARE
BASIC AND DILUTED	$ (0.00)	$ (0.00)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
BASIC AND DILUTED	39,999,942	39,999,942

XML

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (6,719)	$ (6,968)
Changes in operating assets and liabilities
Due to related party	1,500	1,500
Accrued professional fees	(4,600)	(725)
Other accrued expenses	26	2,143
Net cash used in operating activities	(9,793)	(4,050)
NET INCREASE (DECREASE) IN CASH	(9,793)	(4,050)
CASH, BEGINNING OF PERIOD	124,604	147,611
CASH, END OF PERIOD	114,811	143,561
Supplemental Cash Flow Disclosures
Income taxes paid	800	800
Interest paid
Non-Cash Transactions
Operation expenses paid by related party	$ 25	$ 25

XML

Interim Financial Statements

3 Months Ended

Sep. 30, 2018

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 September 30, 2018 and the results of operations for the three months ended September 30, 2018 and 2017 and changes in cash flows for the three months ended September 30, 2018 and 2017. 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, 2018, as filed with the Securities and Exchange Commission. The results of operations for the three months ended September 30, 2018 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending June 30, 2019.

XML

Changes in Significant Accounting Policies

3 Months Ended

Sep. 30, 2018

New Accounting Pronouncements and Changes in Accounting Principles [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.

XML

Related Party Transactions

3 Months Ended

Sep. 30, 2018

Related Party Transactions [Abstract]

Related Party Transactions

Note 3. Related Party Transactions

An officer of the Company charged a management fee totaling $1,500 for the three months ended September 30, 2018 and 2017, respectively, for the use of a home office, accounting and other services. During the three months ended September 30, 2018 and 2017, the officer also paid operating expense of $25 and $25, respectively, on behalf of the Company. The balances due to this officer as of September 30, 2018 and June 30, 2018 were $10,525 and $9,000, respectively. The amounts due to this officer are unsecured, bearing no interest and are repayable on demand.

XML

Commitments and Contingencies

3 Months Ended

Sep. 30, 2018

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.

XML

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Jun. 30, 2018
Related Party Transactions [Abstract]
Management fees to company officer	$ 1,500	$ 1,500
Operation expenses paid by related party	25	$ 25
Accrued management fees to related party	$ 10,525		$ 9,000

XML

Commitments and Contingencies (Details Narrative)	Mar. 31, 2017 USD ($)
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