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

 

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

 

**For thequarterly period ended March 31, 2005**

 

**OR**

 

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

 

**For thetransition period from               to              **

 

**Commission file 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.)

 
                           
**115 EAST 57TH STREET, SUITE    1118, New York, NY 10022**
            
**10022**

(Address of Principal Executive Offices)
            
(ZIP Code

 Registrant'sTelephone Number, Including Area Code: (212) 688-5688

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 90days.  Yes  [X]  No [  ]At March 31, 2005, the Registrant had 29,270,000 shares of common stock outstanding.

 

 

**TABLE OF CONTENTS**
Item    Description    Page
**PART I - FINANCIAL INFORMATION**
  
ITEM 1.
            
FINANCIAL STATEMENTS.
        3  
ITEM 2.
            
MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.
        24   
ITEM 3.
            
CONTROLS AND    PROCEDURES.
        24     
**PART II - OTHER INFORMATION**
  
ITEM 1.
            
LEGAL PROCEEDINGS.
        26  
ITEM 2.
            
CHANGES IN    SECURITIES.
        26   
ITEM 3.
            
DEFAULT    UPON SENIOR SECURITIES.
        26   
ITEM 4.
            
SUBMISSION OF MATERS TO A VOTE OF SECURITY HOLDERS.
        27   
ITEM 5.
            
OTHER    INFORMATION.
        27   ITEM 6.EXHIBITS AND REPORTS ON FORM 8-K.****
**PART I - FINANCIAL INFORMATION**

**ITEM1. FINANCIAL STATEMENTS**Backto Table of Contents

The Registrant's financial statements for the three- andnine-month periods ended March 31, 2005 and 2004 are attached to this quarterly report.

Financial Statements

**ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION**Back to 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. We had operatingexpenses of $450 during the three-month period ended March 31, 2005. 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 board of directors seeks toacquire another business or pursue a business opportunity, management would havesubstantial flexibility in identifying and selecting a prospective business. Registrantwould not be obligated nor does management intend to seek pre-approval by ourshareholders. Under the laws of the State of Florida, the consent of holders of a majorityof the issued and outstanding shares, acting without a shareholders meeting, can approvean 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.

The Registrant intends to conduct itsactivities so as to avoid being classified as an "Investment Company" under theInvestment Company Act of 1940, and therefore avoid application of the costly andrestrictive registration and other provisions of the Investment Company Act of 1940 andthe regulations promulgated thereunder.

Liquidity and Capital Resources

We will use our limited personnel andfinancial resources in connection with seeking new business opportunities, includingseeking an acquisition or merger with an operating company. It may be expected thatentering into a new business opportunity or business combination will involve the issuanceof a substantial number of restricted shares of common stock. At March 31, 2005, we had29,270,000 shares outstanding. At March 31, 2005, we had no liquid assets and we hadliabilities of $1,873. During the three-month period ended March 31, 2005, the Registrantraised no funds through the sale of securities or other proceeds.

There are no limitations on our abilityto borrow funds or raise funds through the issuance of restricted common stock or theissuance of debt to effect a business combination.. However, our limited resources andlack of revenues or operating cash flow may make it difficult to do so. To the extent thatdebt financing ultimately proves to be available, any borrowing will subject us to variousrisks traditionally associated with indebtedness, including the risks of interest ratefluctuations and insufficiency of cash flow to pay principal and interest. Our inabilityto borrow funds or raise funds through the issuance of restricted common stock required toeffect or facilitate a business combination, or to provide funds for an additionalinfusion of capital into a target business, may have a material adverse effect on ourfinancial condition and future prospects.

**ITEM 3.CONTROLS AND PROCEDURES**Back toTable of Contents
*Evaluation of disclosure controls and procedures.As of March 31, 2005, the Company's chief executive officerand chief financial officer conducted an evaluation regarding the effectiveness of theCompany's disclosure controls and 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 officer and chief financial officer concluded that our disclosurecontrols and procedures were effective as of the end of the period covered by this report.

*Changes in internal controls*. During the quarterly period covered by this report, no changesoccurred in our internal control over financial reporting that materially affected, or isreasonably likely to materially affect, our internal control over financial reporting.

**PART II - OTHER INFORMATION**

**ITEM 1. LEGALPROCEEDINGS**Back to Table ofContents

The Registrant's officers and directorsare not aware of any threatened or pending litigation to which the Registrant is a partyor which any of its property is the subject and which would have any material, adverseeffect on the Registrant.

**ITEM 2.CHANGES IN SECURITIES**Back toTable of Contents

None.

**ITEM 3. DEFAULTS UPON SENIORSECURITIES**Back to Table ofContents

None.

**ITEM4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**Back to Table of Contents

None.

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

None.

**ITEM 6. EXHIBITS AND REPORTS ONFORM 8-K**Back to Table ofContents

(a) The following documents are filed as exhibits tothis report on Form 10-QSB or incorporated by reference herein. Any document incorporatedby reference is identified by a parenthetical reference to the SEC filing that includedsuch document.

Exhibit    No.Description31.1Certification of Chief    Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act pursuant to    Section 302 of the Sarbanes-Oxley Act of 2002.31.2Certification of Chief    Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act pursuant to    Section 302 of the Sarbanes-Oxley Act of 2002.32.1Certification of Chief    Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of    the Sarbanes-Oxley Act of 2002.32.2Certification of Chief    Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of    the Sarbanes-Oxley Act of 2002.
(b) Reports on Form 8-K during the quarter covered by this report:

The Registrant did not filed a Form 8-K during the quarter ended March31, 2005.

**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/ Richard Rubin    Richard Rubin*   Chief Executive Officer      Dated: May 6, 2005*
                                  
/s/ Ivo Heiden    Ivo Heiden       *Chief Financial Officer**   Dated: May 6, 2005*
                            
**FinancialStatements**Back to Tableof Contents
**Peregrine Industries, Inc.**Balance    Sheets as of March 31, 2005 (Unaudited) and June 30, 2004     (Unaudited)March 31, 2005June 30, 2004
ASSETSCurrent assets:Cash$0$0Advances to related parties566566      Total current assets566566               **Total Assets**$566$566  
LIABILITIES    AND STOCKHOLDERS' EQUITY  Current liabilities:Accountants payable-trade$1,873$523      Total current liabilities1,873523  Stockholders' equity:   Common stock,    $.0001 par value; 100,000,000 shares authorized;         29,270,000 issued and outstanding at March 31, 2005 and June 30, 20042,9272,927   Additional paid in    capital4,5734,573   Accumulated deficit(8,807)(7,457)     Total    equity(1,307)43          **Total Liabilities and Equity**$566$566  See Notes to Unaudited Interim Financial Statements
 

 
**Peregrine    Industries, Inc.**Unaudited Statements    of Operations For the Three and Nine Months ended March 31, 2005 and 2004  Three MonthsThree MonthsNine MonthsNine MonthsEndedEndedEndedEndedMarch    31, 2005March 31, 2004March 31, 2005March 31, 2004Revenue$0$0$0$0Costs and Expenses:   General and    administrative45001,3500Total costs and expenses45001,3500  Income taxes0000Loss from continuing    operations before discontinued operations(450)0(1,350)0  **Net loss**$(450)$0$(1,350)$0  Per shares amounts:0Basic and diluted from continuing operations$(0.00)$(0.00)$(0.00)$0.00**Basic and diluted net loss**$(0.00)$(0.00)$(0.00)$0.00  Weighted average shares    outstanding (basic and diluted)29,270,00014,270,00029,270,00014,270,000  See Notes to    Unaudited Interim Financial Statements
 

 
**Peregrine Industries, Inc.**Unaudited Statements of Cash Flows for the Nine Months ended March 31, 2005 and    2004
        Nine MonthsNine Months  EndedEnded  March 31, 2005March 31, 2004Cash flows from operating    activities:Net    loss$(1,350)$0Adjustments required to    reconcile net loss to cash used in operating activities:   Increase    (decrease) in accounts payable and accrued expenses1,3500        **Cash flows used by operating activities**00  Cash    flows from investing activities:   Purchase of    equipment00        **Cash used in investing activities**00   Cash flows from financing    activities:      Proceeds from issuance of common stock00   Loans to    related parties00   Repayment of    related party loans00        **Cash generated by financing activities**00  Change in cash00Cash - Beginning of    period00**Cash    - End of period**$0$0  See Notes to Unaudited Interim Financial Statements
 
**PEREGRINE INDUSTRIES, INC.Notes to Unaudited Interim Financial StatementsMarch 31, 2005
**1. Basis of Presentation

The Financial Statements presented herein have beenprepared by us in accordance with the accounting policies described in our June 30, 2004audited financial statements. and should be read in conjunction with the notes tofinancial statements which appear as part of those financial statements.

The preparation of these financial statements inconformity with accounting principles generally accepted in the United States of Americarequires us to make estimates and judgments that affect the reported amounts of assets,liabilities, revenues and expenses, and related disclosure of contingent assets andliabilities. On an on going basis, we evaluate our estimates, including those related tointangible assets, income taxes, insurance obligations and contingencies and litigation.We base our estimates on historical experience and on various other assumptions that arebelieved to be reasonable under the circumstances, the results of which form the basis formaking judgments about the carrying values of assets and liabilities that are not readilyapparent from other resources. Actual results may differ from these estimates underdifferent assumptions or conditions.

In the opinion of management, the information furnishedin these interim financial statements reflects all adjustments necessary for a fairstatement of the financial position and results of operations and cash flows as of and forthe three- and nine-month periods ended March 31, 2005 and 2004. All such adjustments areof a normal recurring nature. The Financial Statements have been prepared in accordancewith the instructions to Form 10-QSB and therefore do not include some information andnotes necessary to conform with annual reporting requirements. 
**2. Earnings/Loss Per Share 

Basic earnings per share is computed by dividing incomeavailable to common shareholders (the numerator) by the weighted-average number of commonshares outstanding (the denominator) for the period. Diluted earnings per share assumesthat any dilutive convertible securities outstanding were converted, with relatedpreferred stock dividend requirements and outstanding common shares adjusted accordingly.It also assumes that outstanding common shares were increased by shares issuable uponexercise of those stock options for which market price exceeds the exercise price, lessshares which could have been purchased by us with the related proceeds. In periods oflosses, diluted loss per share is computed on the same basis as basic loss per share asthe inclusion of any other potential shares outstanding would be anti-dilutive.

There were no common equivalent shares required to beadded back to the basic weighted average shares outstanding in order to compute thediluted weighted average shares outstanding.******* |
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