U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB


[X]  QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

For the quarterly period ended March 31, 1997

Commission File No. 33-55254-39

                          PERIPHERAL CONNECTIONS, INC.
        (Exact name of Small Business Issuer as specified in its charter)


                  NEVADA                         87-0485315
(State or other jurisdiction of                  (I.R.S. Employer
incorporation or organization)                   Identification No.)

3303 DON MILLS ROAD, SUITE 2603 NORTH YORK, ONTARIO,  CANADA M2J 4T6 (Address of
principal executive offices)

Issuer's telephone number, including area code (416) 490-8500

Check  whether  the issuer:  (1) has filed all  reports  required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 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 [X] No [ ]

State the number of shares outstanding of each of the issuer's classes of common
stock, as of the latest  practicable  date:  1,000,000 shares of $.001 par value
class A common stock outstanding as of March 31, 1997


Transitional Small Business Disclosure Format (check one):  Yes  [ ]   No [X]


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<PAGE>
                          PERIPHERAL CONNECTIONS, INC.
                         FORM 10-QSB FOR QUARTER ENDED

                                 MARCH 31, 1997
                                      INDEX

PART I - FINANCIAL INFORMATION                                         Page No.

         Item 1    Financial Statements

                   Balance Sheets as of
                   March 31, 1997 and December 31, 1996                   4

                   Statements of Operations for the
                   three month periods ended
                   March 31, 1997 and 1996                                5

                   Statements of Cash Flows for the
                   three month periods ended
                   March 31, 1997 and 1996.                               6

         Item 2    Management's Discussion and Analysis
                   and Plan of Operations                                 7

PART II - OTHER INFORMATION

         Item 1            Legal Proceedings                              8
         ------

         Item 2            Changes in Securities                          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 and Reports on Form 8-K               8
         ------






                                        2

<PAGE>
                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

         In the opinion of the management of Peripheral  Connections,  Inc. (the
Company) the accompanying unaudited financial statements contain all adjustments
(consisting  only of normal recurring  adjustments)  necessary to present fairly
the financial position as of March 31, 1997 and December 31, 1996 the results of
operations  for the three months period ended March 1997 and March 31, 1996, and
the cash flows for the three  month  periods  ended March 31, 1997 and March 31,
1996.

         While the Company believes that the disclosures  presented are adequate
to make the  information  not  misleading,  it is suggested that these condensed
financial  statements be read in conjunction  with the financial  statements and
the notes included in the Company's latest annual report on Form 10-KSB.






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<PAGE>
                          PERIPHERAL CONNECTIONS, INC.
                          (A Development Stage Company)

                                  Balance Sheet

                                     ASSETS
<TABLE>
<CAPTION>
                                                                  March 31,                   Dec. 31,
                                                                    1997                        1996
CURRENT ASSETS                                                   (Unaudited)                 (Audited)
                                                                 -----------                -----------
<S>                                                              <C>                        <C>        
         Cash                                                    $   125,252                $   163,476
         Loan Receivable                                              64,860                     27,860
         Accrued Interest                                              1,353                        225
                                                                 -----------                -----------

                  Total Current Assets                               191,465                    191,561
                                                                 -----------                -----------

                  TOTAL ASSETS                                    $  191,465                $   191,561
                                                                  ==========                ===========

                              LIABILITIES & EQUITY
LIABILITIES & EQUITIES

CURRENT LIABILITIES
         Accounts Payable and
         Interest Payable                                        $    13,333                $     3,333
                                                                 -----------                -----------

                  Total Current Liabilities                           13,333                      3,333
                                                                 -----------                -----------

         Convertible Debenture -                                 $   200,000                $   200,000
                                                                 -----------                -----------

                  Total Liabilities                              $   213,333                $   203,333
                                                                 -----------                -----------

STOCKHOLDERS' EQUITY

         Common Stock $0.001 par value
         authorized - 25,000,000 shares
         Issued and outstanding 1,000,000 shares                       1,000                      1,000

         Deficit accumulated during
         the development stage                                       (22,868)                   (12,772)
                                                                 -----------                -----------
                  Total Stockholders' Equity                         (21,868)                   (11,772)
                                                                 -----------                -----------

                  TOTAL LIABILITIES AND
                  STOCKHOLDERS' EQUITY                           $   191,465                $   191,561
                                                                 ===========                ===========
</TABLE>

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<PAGE>
                          PERIPHERAL CONNECTIONS, INC.
                          (A Development Stage Company)



                             Statement of Operations

                                                For the 3 months ended March 31

                                                     1997                 1996
                                                ---------            ---------

Revenue                                      $          0         $          0

Expenses
         Administration                             7,765                    0
         Net Interest Expense                       2,331                    0
                                              -----------          -----------

                                                   10,096                    0

Net Loss for Period                               (10,096)                   0

Deficit - beginning of Period                     (12,772)                   0
                                              -----------          -----------

Deficit - end of Period                           (22,868)                   0

Net Loss per Share                                  (0.01)                   0

Average shares outstanding                      1,000,000            1,000,000
used to calculate net loss
per share

                                        5
<PAGE>
                          PERIPHERAL CONNECTIONS, INC.
                          (A Development Stage Company)



                            Statements of Cash Flows


                                               For the 3 months ended March 31

                                                     1997                 1996
                                                ---------            ---------

Cash flows from
Operating Activities                              (10,096)                   0

Adjustments to reconcile
net loss to cash
used by operating activities

Changes in assets and
Liabilities                                        10,000                    0
                                                ---------            ---------

Net cash used by operating activities                 (96)                   0

Investing Activities
Loans to related party
and accrued interest                              (38,128)                   0
                                                ---------            ---------

Net cash used by
investing activities                              (38,128)                   0
                                                ---------            ---------
Decrease in cash                                  (38,224)                   0

Cash - beginning of period                        163,476                    0
                                                ---------            ---------

Cash - end of period                              125,252                    0
                                                ---------            ---------


                                        6
<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATION.

         The  Company  has no  operational  history  and  has yet to  engage  in
business of any kind. All risks inherent in a new and  inexperienced  enterprise
are inherent in the  Company's  business.  On July 2, 1996,  the Company  raised
$200,000 through the issuance of a 12.5 percent  debenture which was convertible
into $0.001 par value  Class A common  shares at the rate of 10 cents per share.
The debenture was subsequently  refinanced with a debenture having substantially
similar terms and an interest  rate that is now 8 percent.  With the proceeds of
this $200,000  financing the Company plans to construct a new  search-engine for
financial  products now being  presented on the  Internet.  The Company plans to
assemble the personnel and  infrastructure to create the requisite Web software,
which, in its opinion, when operational,  can attract such potential advertisers
in the  financial  world such as brokers,  money  mangers,  financial  planners,
publishers and banking institutions.

         The discussions below highlight certain of the more material changes in
results of  operations  and changes in financial  condition for the fiscal three
month period ended March 31, 1997 and 1996.  The Company  continues to focus its
energies on the creation of Web software.

Results of Operations.

         During the first quarter of fiscal 1997 the Company  incurred  expenses
related to consulting,  legal and accounting  assistance,  interest  expense and
share registration. Administrative expenses on both a cash and accrued basis are
being  kept to  minimum  levels  while the whole of the  Company's  efforts  are
directed  to  the  realization  of  a  positive  cash  flow  from  its  software
development.

Financial Condition.

         There were no significant changes to the net financial condition of the
Company in the three  month  period  ended March 31,  1997.  Cash  decreased  by
$38,224  mainly as a result of  administration  expense  and a loan to a related
party.  The  Company  continues  to  believe  it has the  support  of its  major
stockholders and that financing is available to meet all requirements.


                                        7

<PAGE>
PART II

                                Other Information

Item 1.           Legal proceedings:                 None

Item 2.           Changes in Securities:             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

Item 6.           Exhibits and Reports on Form 8-K

                  (a)  Exhibits:             None
                  (b)  Reports:              None





                                        8
<PAGE>
                                   SIGNATURES

         In accordance with the requirements of the Securities and Exchange Act,
the registrant  caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.



                                  PERIPHERAL CONNECTIONS, INC.


Dated:  April 29, 1997                /s/ Melvyn Moscoe
                                  ---------------------
                                  Melvyn Moscoe, Director, Chief
                                  Financial Officer

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