California
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95-2563023
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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26 Briarwood
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Irvine, CA
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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 o
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Accelerated filer o
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Non-accelerated filer o
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Smaller reporting company x
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ITEM 1.
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BUSINESS
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ITEM 2.
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PROPERTIES
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ITEM 3.
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LEGAL PROCEEDINGS
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ITEM 4.
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SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
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ITEM 5.
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MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
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2009
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||||||||
Quarter ended September 30
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$ | 0.01 | $ | 0.02 | ||||
Quarter ended December 31
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$ | 0.01 | $ | 0.02 | ||||
2010
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||||||||
Quarter ended March 31
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$ | 0.004 | $ | 0.01 | ||||
Quarter ended June 30
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$ | 0.004 | $ | 0.004 | ||||
Quarter ended September 30
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$ | 0.005 | $ | 0.005 | ||||
Quarter ended December 31
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$ | 0.005 | $ | 0.0052 | ||||
2011
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||||||||
Quarter ended March 31
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$ | 0.006 | $ | 0.01 | ||||
Quarter ended June 30
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$ | 0.007 | $ | 0.008 | ||||
Quarter ended September 30
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$ | 0.0074 | $ | 0.015 | ||||
Quarter ended December 31
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$ | 0.0074 | $ | 0.0075 | ||||
2012
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||||||||
Quarter ended March 31
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$ | 0.0075 | $ | 0.0075 | ||||
Quarter ended June 30
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$ | 0.0051 | $ | 0.045 |
ITEM 6.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS
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ITEM 7.
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FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
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BALANCE SHEET
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JUNE 30, 2012 AND 2011
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ASSETS
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2012
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2011
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||||||
CURRENT ASSETS:
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||||||||
Cash
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$ | 3,264 | $ | 9,265 | ||||
Due from affiliate
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236,796 | 236,615 | ||||||
Total current assets
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240,060 | 245,880 | ||||||
TOTAL ASSETS
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$ | 240,060 | $ | 245,880 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
CURRENT LIABILITIES:
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||||||||
Accrued professional fees
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$ | 9,250 | $ | 10,000 | ||||
Accrued management fees to related party
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21,500 | 15,500 | ||||||
Other accrued expenses
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2,365 | 2,350 | ||||||
Total current liabilities
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33,115 | 27,850 | ||||||
STOCKHOLDERS' EQUITY:
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||||||||
Preferred stock, no par value; authorized 50,000,000 shares; no shares outstanding
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||||||||
Common stock, no par value; 100,000,000 shares authorized; 39,999,942 shares issued and outstanding
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500,000 | 500,000 | ||||||
Accumulated deficit
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(293,055 | ) | (281,970 | ) | ||||
Total stockholders' equity
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206,945
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218,030 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 240,060 | $ | 245,880 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT
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FOR THE YEARS ENDED JUNE 30, 2012 AND 2011
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2012
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2011
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|||||||
EXPENSES:
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||||||||
Professional fees
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$ | 12,250 | $ | 11,200 | ||||
General and administrative
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12,216 | 7,364 | ||||||
Management fees to related party
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6,000 | 6,000 | ||||||
Total expenses
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30,466 | 24,564 | ||||||
OTHER INCOME – Interest from affiliate
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20,181 | 20,587 | ||||||
LOSS BEFORE INCOME TAXES
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(10,285 | ) | (3,977 | ) | ||||
INCOME TAXES
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800 | 800 | ||||||
NET LOSS
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(11,085 | ) | (4,777 | ) | ||||
ACCUMULATED DEFICIT, BEGINNING OF YEAR
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(281,970 | ) | (277,193 | ) | ||||
ACCUMULATED DEFICIT, END OF YEAR
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$ | (293,055 | ) | $ | (281,970 | ) | ||
NET LOSS PER SHARE BASIC AND DILUTED
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$ | 0.01 | $ | 0.01 | ||||
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED
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39,999,942 | 39,999,942 |
STATEMENTS OF CASH FLOWS
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FOR THE YEARS ENDED JUNE 30, 2012 AND 2011
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2012
|
2011
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
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||||||||
Net loss
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$ | (11,085 | ) | $ | (4,777 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities:
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||||||||
Changes in operating assets and liabilities:
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||||||||
Accrued interest
|
(20,181 | ) | (20,587 | ) | ||||
Accrued expenses
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5,265 | (3,178 | ) | |||||
Net cash used in operating activities
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(26, 001 | ) | (28,542 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
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||||||||
Cash received from affiliate
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20,000 | 30,000 | ||||||
Net cash provided by financing activities
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20,000 | 30,000 | ||||||
Net increase/(decrease) in cash
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(6,001 | ) | 1,458 | |||||
CASH, BEGINNING OF YEAR
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9,265 | 7,807 | ||||||
CASH, END OF YEAR
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$ | 3,264 | $ | 9,265 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Income tax paid
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$ | 800 | $ | 800 |
1.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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2.
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RELATED PARTY TRANSACTIONS
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3.
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INCOME TAXES
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4.
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MANAGEMENT'S PLANS (UNAUDITED)
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ITEM 8.
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CHANGES IN AND DISAGREEMENT WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
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ITEM 8A.
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CONTROLS AND PROCEDURES
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ITEM 8B.
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OTHER INFORMATION
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ITEM 9.
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DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
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Name
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Age
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Position
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Dr. Sun Tze Whang
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68
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Chairman of the Board and Chief Executive Officer
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Kit Heng Tan
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62
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Chief Financial Officer/Principal Accounting Officer and Secretary
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ITEM 10.
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EXECUTIVE COMPENSATION
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ITEM 11.
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
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Shares Owned
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||
Beneficially
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||
Beneficial Owner
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and of Record
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Percent of Class
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Carlee Electronics Pte. Ltd. 159 Gul Circle Singapore 629617
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25,800,000
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64.5%
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Officers and directors as a group (two persons)
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(1)
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(1)
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ITEM 12.
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CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
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ITEM 14.
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PRINCIPAL ACCOUNTANT FEES AND SERVICES
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ITEM 15.
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Exhibits, Financial Statement Schedules.
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a.
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The following financial statements are filed as part of this report:
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b.
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No financial statement schedules are filed as part of this report.
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c.
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The following exhibits are filed as part of this report:
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Exhibit No.
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Description
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Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002
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Certification of Chief Financial Officer/ Principal Accounting Officer pursuant to Section302 of Sarbanes-Oxley Act of 2002
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Section 1350 Certification
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d.
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The following XBRL documents are filed as part of this report:
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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Dated: September 1, 2012
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INTERDYNE COMPANY | ||
(Registrant) | ||
By:
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/s/ Kit H. Tan
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Kit H. Tan
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Chief Financial Officer/
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Principal Accounting Officer
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Signature & Title
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Capacity
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Date
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/s/ Sun Tze Whang
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||||
Sun Tze Whang
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Director and
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September 1, 2012
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Chief Executive Officer
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Chief Executive Officer
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|||
/s/ Kit H. Tan
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||||
Kit H. Tan
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Director and
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September 1, 2012
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Chief Financial Officer/
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Chief Financial Officer/
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|||
Principal Accounting Officer
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Principal Accounting Officer
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1.
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I have reviewed this Annual Report Form 10-K for the fiscal year ended June 30, 2012 of Interdyne Company;
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2.
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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;
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3.
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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;
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4.
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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 financing reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:
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a.
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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;
|
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b.
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Designed such internal control over financing reporting, or caused such internal control over financing 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;
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c.
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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;
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d.
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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
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5.
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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):
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a.
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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
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b.
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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.
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By: |
/s/ Sun Tze Whang
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|
Sun Tze Whang
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||
Chief Executive Officer
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1.
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I have reviewed this Annual Report Form 10-K for the fiscal year ended June 30, 2012 of Interdyne Company;
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2.
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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;
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3.
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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;
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4.
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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 financing reporting (as defined in Exchange Act Rules 13-a-15(f) and 15d-15(f) for the registrant and have:
|
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a.
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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;
|
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b.
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Designed such internal control over financing reporting, or caused such internal control over financing 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;
|
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c.
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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;
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d.
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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
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5.
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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):
|
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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.
|
By: |
/s/ Kit H. Tan
|
|
H. Tan
|
||
Financial Officer/
|
||
Principal Accounting Officer
|
By: |
/s/ Sun Tze Whang
|
|
Sun Tze Whang
|
||
Chief Executive Officer
|
By: |
/s/ Kit H. Tan
|
|
Kit H. Tan
|
||
Chief Financial Officer/
|
||
Principal Accounting Officer
|
MANAGEMENT'S PLANS (UNAUDITED)
|
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2012
|
|||
Management's Plans [Abstract] | |||
Management's Plans |
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, 2013. |
INCOME TAXES
|
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2012
|
|||
Income Taxes [Abstract] | |||
Income Taxes |
Income taxes for the years ended June 30, 2012 and 2011 represent state minimum franchise tax of $800. At June 30, 2012, the Company had net operating loss carryforwards for Federal income tax purposes totaling approximately $26,989. The ultimate realization of such loss carryforwards 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 carryforwards. 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 carryforwards. The total deferred tax asset is $5,938, as of June 30, 2012. This is calculated by applying an estimated tax rate of 22% (the combined Federal and State tax rates) to the cumulative net operating losses of $26,989. For the year ended June 30, 2011 the deferred tax asset was $3,498. This was calculated using the 2011 NOL carryforward of $15,902 multiplied by a 22% estimated tax rate. If not utilized, these carryforwards will 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 December 31, 2006 and earlier. |
BALANCE SHEETS (USD $)
|
Jun. 30, 2012
|
Jun. 30, 2011
|
---|---|---|
CURRENT ASSETS: | ||
Cash | $ 3,264 | $ 9,265 |
Due from affiliate | 236,796 | 236,615 |
Total current assets | 240,060 | 245,880 |
TOTAL ASSETS | 240,060 | 245,880 |
CURRENT LIABILITIES: | ||
Accrued professional fees | 9,250 | 10,000 |
Accrued management fees to related party | 21,500 | 15,500 |
Other accrued expenses | 2,365 | 2,350 |
Total current liabilities | 33,115 | 27,850 |
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 | (293,055) | (281,970) |
Total stockholders' equity | 206,945 | 218,030 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 240,060 | $ 245,880 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2012
|
|||
Summary of Significant Accounting Policies [Abstract] | |||
Summary of Significant Accounting Policies |
Nature of Business - Interdyne Company (the "Company") was incorporated in October 1946 in the state of California. 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. 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, Income Taxes, formerly the Statement of Financial Accounting Standards No. 109, “Accounting for Income Taxes” (see Note 4). Use of Estimates – Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities to prepare these financial statements in conformity with accounting principles generally accepted in the United States. Actual results may differ from those estimates. Net Loss per Share – Net loss per share is computed on the basis of the weighted average number of common shares outstanding during each year. Weighted average shares for computing net loss per share were 39,999,942 for each of the years presented. There were no dilutive securities for any years presented. Recent Accounting Pronouncements –
In May 2011, the Financial Accounting Standards Board (FASB) issued an accounting standard update (“ASU”) ASU 2011-04 to provide guidance on achieving a consistent definition of and common requirements for measurement of and disclosure concerning fair value between U.S. GAAP and International Reporting Standards. ASU 2011-04 is effective for fiscal years beginning after December 15, 2011. The Company is currently evaluating the impact of this accounting standard update on its Consolidated Financial Statements but does not expect it will have a material impact. |
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RELATED PARTY TRANSACTIONS
|
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2012
|
|||
Related Party Transactions [Abstract] | |||
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 8.5% per annum, payable on demand. Interest recorded from the affiliate totaled $20,181 and $20,587, respectively, for the years ended June 30, 2012 and 2011. The outstanding balance including interest of $236,796 as of June 30, 2012 and $236,615 as of June 30, 2011 is guaranteed by another affiliated company. The full balance is guaranteed by another affiliated company until June 30, 2013.
An officer of the Company charged a management fee totaling $6,000 for each of the years ended June 30, 2012 and 2011 for the use of a home office, accounting and other services. The amount payable as of June 30, 2012 is $21,500. |
BALANCE SHEETS (Parenthetical) (USD $)
|
Jun. 30, 2012
|
Jun. 30, 2011
|
---|---|---|
STOCKHOLDERS' EQUITY | ||
Preferred stock, par value (in Dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued and outstanding (in shares) | 39,999,942 | 39,999,942 |
Document and Entity Information (USD $)
|
12 Months Ended | ||
---|---|---|---|
Jun. 30, 2012
|
Aug. 31, 2012
|
Dec. 31, 2011
|
|
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 | Jun. 30, 2012 | ||
Document Fiscal Year Focus | 2012 | ||
Document Fiscal Period Focus | Q4 | ||
Amendment Flag | false | ||
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 |
STATEMENTS OF OPERATIONS AND ACCUMULATED DEFICIT (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
EXPENSES: | ||
Professional fees | $ 12,250 | $ 11,200 |
General and administrative | 12,216 | 7,364 |
Management fees to related party | 6,000 | 6,000 |
Total expenses | 30,466 | 24,564 |
OTHER INCOME - Interest from affiliate | 20,181 | 20,587 |
LOSS BEFORE INCOME TAXES | (10,285) | (3,977) |
INCOME TAXES | 800 | 800 |
NET LOSS | (11,085) | (4,777) |
ACCUMULATED DEFICIT, BEGINNING OF YEAR | (281,970) | (277,193) |
ACCUMULATED DEFICIT, END OF YEAR | $ (293,055) | $ (281,970) |
NET LOSS PER SHARE BASIC AND DILUTED (in Dollars per share) | $ 0.01 | $ 0.01 |
WEIGHTED AVERAGE SHARES OUTSTANDING BASIC AND DILUTED (in Dollars per share) | 39,999,942 | 39,999,942 |
STATEMENTS OF CASH FLOWS (USD $)
|
12 Months Ended | |
---|---|---|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (11,085) | $ (4,777) |
Changes in operating assets and liabilities: | ||
Accrued interest | (20,181) | (20,587) |
Accrued expenses | 5,265 | (3,178) |
Net cash used in operating activities | (26,001) | (28,542) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash received from affiliate | 20,000 | 30,000 |
Net cash provided by financing activities | 20,000 | 30,000 |
Net increase/ (decrease) in cash | (6,001) | 1,458 |
CASH, BEGINNING OF YEAR | 9,265 | 7,807 |
CASH, END OF YEAR | 3,264 | 9,265 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Income tax paid | $ 800 | $ 800 |
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