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**UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549**___________________**FORM 10-Q**___________________

**ý                                QUARTERLY REPORT PURSUANTTO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

  

For the quarterly period endedMarch 31, 2011

  

OR

  

** ̈                                TRANSITION REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

 

For the transition period from       to

   

Commissionfile number: 0-27511

  

**PEREGRINEINDUSTRIES, INC.**(Exact Name Of RegistrantAs Specified In Its Charter)
| Florida                                     | 65-0611007                              |
|---------------------------------------------|-----------------------------------------|
| (State of Incorporation)                    | (I.R.S. Employer    Identification No.) |
|                                        |                                    |
| 40    Wall Street, 20th Floor, New York, NY | 10005                                   |
| (Address of Principal    Executive Offices) | (ZIP Code)                              |

Registrant'sTelephone Number, Including Area Code: (212) 400-7198

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or forsuch shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days. Yes x No  ̈Indicate by check mark whether the registrant is a shell company (asdefined in Rule 12b-2 of the Exchange Act). Yes x No  ̈

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer (asdefined in Rule 12b-2 of the Exchange Act) or a smallerreporting company.
| Large accelerated    filer  ̈ | Accelerated filer  ̈  | Non-Accelerated    filer  ̈  | Smaller reporting    company x |
|----------------------------------|-------------------------------|--------------------------------------|------------------------------------|

On March 31, 2011,the Registrant had 524,200 shares of common stock outstanding.

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**TABLE OF CONTENTS**
| Item                                  |                          | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  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| **PART I - FINANCIAL    INFORMATION** |
|                                  |
| ITEM 1.                               |      |    FINANCIAL    STATEMENTS.
    3  
ITEM 2.
    
   MANAGEMENT'S    DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.
    8   ITEM 3.   QUANTITATIVE    AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK9
ITEM 4.
    
   CONTROLS    AND PROCEDURES.
    10     
**PART II - OTHER    INFORMATION**
  
ITEM 1.
    
   LEGAL    PROCEEDINGS.
    10  ITEM 1A.   RISK FACTORS10
ITEM 2.
    
   UNREGISTERED SALES    OF EQUITY SECURITIES AND USE OF PROCEEDS
    10   
ITEM 3.
    
   DEFAULT    UPON SENIOR SECURITIES.
    10   
ITEM 4.
    
   SUBMISSION    OF MATERS TO A VOTE OF SECURITY HOLDERS.
    10   
ITEM 5.
    
   OTHER    INFORMATION.
    10   ITEM 6.   EXHIBITS.10
 
****
**PART I - FINANCIAL INFORMATION**

ITEM1. FINANCIAL STATEMENTS****Back to Table of Contents
Financial Statements for the Three    and Nine-Months Ended March 31, 2011 and 2010   Balance Sheets3   Statement of Operations4   Statement of Cash Flows5Notes to Financial Statements6
 

**Peregrine Industries, Inc.**
Balance Sheet
Back to Table of Contents**  ****March 31, 2011****Fiscal Year Ended**(Unaudited)**June 30, 2010**
ASSETSCurrent assets:      Cash$0$0   Advances to related    parties00     Total    current assets00               **Total Assets**$0$0  
LIABILITIES    AND STOCKHOLDERS' EQUITY (DEFICIENCY)  Current liabilities:   Accounts    payable-trade$27,776$22,926   Accrued interest    expenses11,7002,925   Advances from and    accruals due to related party64,00016,000         Total current liabilities103,47641,851     Convertible notes,    related parties195,000195,000          Total liabilities$298,476$236,851  Stockholders' deficiency:   Preferred stock,    $.0001 par value; 5,000,000 authorized, none issued- -    Common stock,    $.0001 par value; 100,000,000 shares authorized;      524,200    issued and outstanding at March 31, 2011 and June 30, 20105252   Additional paid in    capital157,832157,832   Accumulated deficit(456,360)(394,735)        Stockholders' deficiency(298,476)(236,851)          **Total Liabilities and Stockholders' deficiency**$0
$0  See Summary of    Significant Accounting Policies and Notes to Financial Statements.**Peregrine    Industries, Inc.**Statements of Operations
Back to Table of Contents  **Three Months****Three Months****Nine Months****Nine Months****Ended****Ended****Ended****Ended****March 31, 2011****March 31, 2010****March 31, 2011****March 31, 2010**(Unaudited)(Unaudited)(Unaudited)(Unaudited)  Revenue$0$0$0$0Costs and expenses:   General and administrative16,95016,95055,77551,850Total costs and expenses16,95016,95055,77551,850  Interest expenses2,92508,7750  **     **Net loss(19,875)$(16,950)$(64,550)$(51,850)  Earnings (loss) per share, basic$(0.04)$(0.03)$(0.12)$(0.10)  Weighted average number of    shares outstanding524,200524,200524,200524,200  See notes to    unaudited interim financial statements**Peregrine    Industries, Inc.**Statement of Cash FlowsBack to Table of Contents
        **Nine Months****Nine Months****Ended****Ended****March 31, 2011****March 31, 2010**  (Unaudited)(Unaudited)Cash flows from operating activities:Net loss$(64,550)$(51,850)Adjustments to reconcile net loss to cash used    in operating activities:   Fair value of services provided by    related parties48,00047,000   Increase (decrease) in accounts    payable and accrued expenses16,5504,850     Cash    flows used by operating activities00  Cash flows from investing    activities:         Cash    used in investing activities00   Cash flows from financing activities:   Advances from related parties00     Cash    generated by financing activities00       Change in cash00Cash - beginning of period00Cash - end of period$0$0  See notes to    unaudited interim financial statements**PEREGRINE INDUSTRIES, INC.Notes toUnaudited Interim Financial StatementsMarch 31, 2011Backto Table of Contents**1. Basis of Presentation

Peregrine Industries, Inc. (the "Company") was formed on October 1, 1995 forthe purpose of manufacturing residential pool heaters. 

The Financial Statements presented herein have been prepared by us in accordance withthe accounting policies described in our June 30, 2010 Annual Report on Form 10-K andshould be read in conjunction with the Notes to Financial Statements which appear in thatreport.

The preparation of these financial statements in conformity with accounting principlesgenerally accepted in the United States requires us to make estimates and judgments thataffect the reported amounts of assets, liabilities, revenues and expenses, and relateddisclosure of contingent assets and liabilities. On an ongoing basis, we evaluate ourestimates, including those related intangible assets, income taxes, insurance obligationsand contingencies and litigation. We base our estimates on historical experience and onvarious other assumptions that are believed to be reasonable under the circumstances, theresults of which form the basis for making judgments about the carrying values of assetsand liabilities that are not readily apparent from other resources. Actual results maydiffer from these estimates under different assumptions or conditions.

In the opinion of management, the information furnished in this Form 10-Q reflects alladjustments necessary for a fair statement of the financial position and results ofoperations and cash flows as of and for the nine-month periods ended March 31, 2011 and2010. All such adjustments are of a normal recurring nature. The Financial Statements havebeen prepared in accordance with the instructions to Form 10-Q and therefore do notinclude some information and notes necessary to conform with annual reportingrequirements.
**“Fresh Start” Accounting: We adopted "fresh-start" accountingas of September 5, 2002 in accordance with procedures specified by AICPA Statement ofPosition ("SOP") No. 90-7, "Financial Reporting by Entities inReorganization under the Bankruptcy Code.

In accordance with SOP No. 90-7, the reorganized value of the Company was allocated tothe Company's assets based on procedures specified by SFAS No. 141, "BusinessCombinations". Each liability existing at the plan sale date, other than deferredtaxes, was stated at the present value of the amounts to be paid at appropriate marketrates. It was determined that the Company's reorganization value computed immediatelybefore September 5, 2002 was $0. We adopted "fresh-start" accounting becauseholders of existing voting shares immediately before filing and confirmation of the salereceived less than 50% of the voting shares of the emerging entity and its reorganizationvalue is less than its post-petition liabilities and allowed claims.
**2. Earnings/Loss Per Share**
Basic earnings per share is computed by dividing income available to commonshareholders (the numerator) by the weighted-average number of common shares outstanding(the denominator) for the period. Diluted earnings per share assume that any dilutiveconvertible securities outstanding were converted, with related preferred stock dividendrequirements and outstanding common shares adjusted accordingly. It also assumes thatoutstanding common shares were increased by shares issuable upon exercise of those stockoptions for which market price exceeds the exercise price, less shares which could havebeen purchased by us with the related proceeds. In periods of losses, diluted loss pershare is computed on the same basis as basic loss per share as the inclusion of any otherpotential shares outstanding would be anti-dilutive.
**3. New Accounting Standards**
In December 2007, the Financial Accounting Standards Board issued FASB StatementNo. 141 (Revised 2007), Business Combinations (“SFAS 141R”). SFAS 141Rprovides additional guidance on improving the relevance, representational faithfulness,and comparability of the financial information that a reporting entity provides in itsfinancial reports about a business combination and its effects. This Statementapplies prospectively to business combinations for which the acquisition date is on orafter the beginning of the first annual reporting period beginning on or afterDecember 15, 2008. 

In December 2007, the Financial Accounting Standards Board issued FASB StatementNo. 160,*Noncontrolling Interests in Consolidated Financial Statements—anamendment of ARB No. 51* (“SFAS 160”). SFAS 160 amends ARB No. 51to establish accounting and reporting standards for the noncontrolling interest in asubsidiary and for the deconsolidation of a subsidiary. This Statement is effectivefor fiscal years and interim periods within those fiscal years, beginning on or afterDecember 15, 2008. The Company is currently evaluating the impact of adopting SFAS160 on our financial statements.

In May 2008, the FASB issued SFAS No. 162, “*The Hierarchy of Generally AcceptedAccounting Principles.*” SFAS 162 identifies the sources of accounting principlesand the framework for selecting the principles used in the preparation of financialstatements of nongovernmental entities that are presented in conformity with generallyaccepted accounting principles (GAAP) in the United States. SFAS 162 is effective 60 daysfollowing the SEC’s approval of the Public Company Accounting Oversight Boardamendments to AU Section 411, *The Meaning of Present Fairly in Conformity WithGenerally Accepted Accounting Principles*. Our Company is currently evaluating theimpact of SFAS 162 on its financial statements but does not expect it to have a materialeffect.

Management does not anticipate that the adoption of these standards will have amaterial impact on the financial statements.
**5. Related Party Transactions not Disclosed Elsewhere**
Amounts due to related parties consist of corporate expenses paid by the principalshareholder, cash advances made to the company as well as the fair value of servicesprovided without cost and the use of office space provided without cost. Such itemstotaled $64,000 at March 31, 2011. We expensed the fair value of services by an accrual of$16,000 for the nine-month period ended March 31, 2011.
**6. Going Concern**
The Company's financial statements have been prepared on a going concern basis, whichcontemplates the realization of assets and settlement of liabilities and commitments inthe normal course of business for the foreseeable future. Since adopting"fresh-start" accounting as of September 5, 2002, the Company has accumulatedlosses aggregating to $456,360 and has insufficient working capital to meet operatingneeds for the next twelve months as of March 31, 2011, all of which raise substantialdoubt about the Company's ability to continue as a going concern.

ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONBackto Table of Contents

Some of the statements contained in this quarterlyreport of Peregrine Industries, Inc. (hereinafter the "Company", "We"or the "Registrant") discuss future expectations, contain projections of ourplan of operation or financial condition or state other forward-looking information.Forward-looking statements give our current expectations or forecasts of future events.You can identify these statements by the fact that they do not relate strictly tohistorical or current facts. They use of words such as "anticipate,""estimate," "expect," "project," "intend,""plan," "believe," and other words and terms of similar meaning inconnection with any discussion of future operating or financial performance. From time totime, we also may provide forward-looking statements in other materials we release to thepublic.

Plan of Operation

We have no present operations orrevenues and our current activities are related to seeking new business opportunities,including seeking an acquisition or merger with an operating company. The Registrant doesnot intend to limit itself to a particular industry and has not established any particularcriteria upon which it shall consider and proceed with a business opportunity.

If the Company seeks to acquire anotherbusiness or pursue a business opportunity, management would have substantial flexibilityin identifying and selecting a prospective business. Registrant would not be obligated nordoes management intend to seek pre-approval by our shareholders. Under the laws of theState of Florida, the consent of holders of a majority of the issued and outstandingshares, acting without a shareholders meeting, can approve an acquisition.

The Registrant is entirely dependent onthe judgment of management in connection with the selection process for a target company.In evaluating a prospective business opportunity, we would consider, among other factors,the following: (i) costs associated with effecting a transaction; (ii) equity interest inand opportunity to control the prospective candidate; (iii) growth potential of the targetbusiness; (iv) experience and skill of management and availability of additionalpersonnel; (v) necessary capital requirements; (vi) the prospective candidate'scompetitive position; (vii) stage of development of the business opportunity; (viii) themarket acceptance of the business its products or services; (ix) the availability ofaudited financial statements of the potential business opportunity; and (x) the regulatoryenvironment that may be applicable to any prospective business opportunity.

The foregoing criteria are not intendedto be exhaustive and there may be other criteria that management may deemed relevant. Inconnection with an evaluation of a prospective or potential business opportunity,management may be expected to conduct a due diligence review.

We had operating expenses of $19,875 and $16,950 during the three-monthperiods ended March 31, 2011 and 2010, respectively, consisting mainly of accounting fees,professional fees and general and administrative expenses. The Company does not expect itsoperating expenses to increase significantly until it starts to pursue a new businessopportunity or enters into a business combination.

Liquidity and Capital Resources

We are dependent upon interim funding provided by management and/orrelated parties to pay professional fees and other expenses. We have no written financeagreement with management and/or related parties to provide any continued funding.

On March 31, 2011, we had no assets and $298,476 in liabilities.

As part of our intent to seek new business opportunities, we maydetermine to seek to raise funds from the sale of equity or debt securities. We have noagreements to issue any debt or equity securities and cannot predict whether equity ordebt financing will become available at terms acceptable to us, if at all.

We anticipate that in connection with the commencement of a newbusiness opportunity or consummation of a business combination, we will issue asubstantial number of additional restricted shares or other securities. If such additionalsecurities are issued, our shareholders will experience a dilution in their ownershipinterest in the Company. If a substantial number of shares are issued in connection with abusiness combination, a change in control may be expected to occur.

There are no limitations in our articles of incorporation on ourability to borrow funds or raise funds through the issuance of restricted common stock topursue new business opportunities. Our limited resources and lack of operating history maymake it difficult to do borrow funds or raise capital. Our inability to borrow funds orraise funds through the issuance of restricted common stock required to facilitate newbusiness opportunities may have a material adverse effect on our financial condition andfuture prospects.

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKBackto Table of Contents

We have not enteredinto, and do not expect to enter into, financial instruments for trading or hedgingpurposes.

ITEM 4.CONTROLS AND PROCEDURES****Backto Table of Contents

*Evaluation of disclosure controls and procedures.*As of March 31, 2011, the Company's chief executive officer/chief financial officerconducted an evaluation regarding the effectiveness of the Company's disclosure controlsand procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the  Exchange Act.Based upon the evaluation of these controls and procedures, our chief executive officerand chief financial officer concluded that our disclosure controls and procedures wereeffective as of the end of the period covered by this report.

*Changes in internal controls.*During the quarterly period covered by this report, no changes occurred in our internalcontrol over financial reporting that materially affected, or is reasonably likely tomaterially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

ITEM 1. LEGALPROCEEDINGS****  Backto Table of Contents

None.

ITEM 1A.RISK FACTORSBack to Table of Contents

In addition to the otherinformation set forth in this report, you should carefully consider the factors discussedin Part I, “Item 1. Description of Business, subheading Risk Factors” inour Annual Report on Form 10-K for the year ended June 30, 2010, which couldmaterially affect our business, financial condition or future results. The risks describedin our Annual Report on Form 10-K are not the only risks facing our company.Additional risks and uncertainties not currently known to us or that we currently deem tobe immaterial also may materially adversely affect our business, financial conditionand/or operating results. 

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDSBackto Table of Contents

None.

ITEM3. DEFAULTS UPON SENIOR SECURITIES****Backto Table of Contents

None.

ITEM4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSBackto Table of Contents

None.

ITEM5. OTHER INFORMATION****Backto Table of Contents

None.

ITEM6. EXHIBITS****Backto Table of Contents

(a) The following documentsare filed as exhibits to this report on Form 10-Q or incorporated by reference herein. Anydocument incorporated by reference is identified by a parenthetical reference to the SECfiling that included such document.

Exhibit    No.Description31Certification of President    and CFO pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act pursuant to Section    302 of the Sarbanes-Oxley Act of 2002.32Certification of President    and CFO pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the    Sarbanes-Oxley Act of 2002.
SIGNATURES

Pursuant to therequirements of the Securities Exchange Act of 1934, this report has been signed below bythe following persons on behalf of the registrant and in the capacities and on the dateindicated.

/s/ RichardRubinRichard Rubin   *CEO, CFO and Chairman**   Dated: May 11, 2011******* |