<PAGE>   1





                    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 September 30, 1996

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.)

2 SHEPPARD AVENUE EAST, SUITE 1800
NORTH YORK, ONTARIO M2N 5Y7               
-------------------------------                           
(Address of principal executive offices)

Issuer's telephone number, including area code (416) 250-1212

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 September 30, 1996


Transactional Small Business Disclosure Format (check one):  Yes        No  X
                                                                 ---       ---
<PAGE>   2

                         PART 1 - FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS.

BASIS OF REPRESENTATION

General

         The accompanying unaudited financial statements have been prepared in
accordance with the instructions to Form 10-QSB and, therefore, do not indicate
all information and footnotes necessary for a complete presentation of
financial position, results of operations, cash flows and stockholders' equity
in conformity with generally accepted accounting principals.  In the opinion of
management, all adjustments considered necessary for a fair presentation of the
results of operations and financial position have been included and all such
adjustments are of a normal recurring nature.  Operating results for the
quarter ended September 30, 1996.

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 the
amount of $ 200,000 on the issuance of a 12.5 percent debenture which is
convertible into $0.001 par value Class A common shares at the rate of 10 cents
per share. 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 as brokers,money
mangers, financial planners, publishers and banking institutions.

         Based on current projections Management believes it is possible to
reach a significant portion of the 25-50 million investors who are currently
availing themselves of similar services now being provided on the Internet.The
Company recognizes that its  software will provide a service now available in
different forms by other Internet providers, and that the intensive competition
which now exists on the Internet for "advertising" dollars might preclude it
from ever establishing a viable business.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

The Company filed a report on Form 8-K, dated July 8, 1996, and an amendment to
such form on Form 8-KA, dated October 29, 1996, to report a change of control
of the Company as of July 2, 1996 and to report that the Company had issued its
12.5% convertible debenture in the amount of $200,000 on July 2, 1996.

<PAGE>   3




                          PERIPHERAL CONNECTIONS, INC.
                         (A Development Stage Company)

                                 Balance Sheet

                                     ASSETS
<TABLE>
<CAPTION>
                                                             Sept. 30,                  Dec. 31,
                                                                1996                      1995
CURRENT ASSETS                                              (Unaudited)                 (Audited)
--------------                                                -----------               -----------
<S>                                                          <C>                          <C>
         Cash in Bank                                          $200,000                 $     0
                                                               --------                 -------

         Total Current  Assets                                  200,000                       0
                                                               --------                 -------

OTHER ASSETS
------------

         Organizational Costs                                         0                       0
                                                               --------                 -------
                                                                      0                       0
                                                               --------                 -------

TOTAL ASSETS                                                   $200,000                 $     0
------------                                                   --------                 -------

                              LIABILITIES & EQUITY
LIABILITIES & EQUITIES

CURRENT LIABILITIES

         Accounts Payable                                      $      0                 $     0
                                                               --------                 -------

                 Total Current Liabilities                            0                       0
                                                               --------                 -------
         Convertible Debenture,
         12.5 percent, convertible
         into Common Shares at $.10
         per share                                             $200,000                 $     0
                                                               --------                 -------

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                                   (1,000)                 (1,000)
                                                               --------                 -------

                 Total Stockholders' Equity                           0                       0
                                                               --------                 -------


                                                               $200,000                 $     0
                                                               ========                 =======
                                                                                                   
</TABLE>
<PAGE>   4




                          PERIPHERAL CONNECTIONS, INC.
                         (A Development Stage Company)



                            Statement of Operations





<TABLE>
<CAPTION>
                                           For the nine months            March 14, 1990
                                           -------------------         (Date of inception)   
                                           ended Sept. 30               to Sept. 30, 1996       
                                           -------------------                   
                                   1996           1995                   
                                 --------       ---------                                                                  
<S>                              <C>             <C>                        <C>       
Net Sales                         $   0          $    0                      $     0
Cost of Sales                         0               0                            0
                                  -----          ------                      -------

         GROSS PROFIT                 0               0                            0

G & A expenses                        0               0                        1,000
                                  -----          ------                      -------

NET LOSS                          $   0          $    0                      $(1,000)
                                  -----          ------                      -------

Net (loss) per
weighted average shares           $0.00          $(0.00)                     $ (0.00)
                                  =====          ======                      =======
                                                                                                         

</TABLE>

<PAGE>   5




                          PERIPHERAL CONNECTIONS, INC.
                         (A Development Stage Company)



                  Statement of Changes in Stockholders' Equity

<TABLE>
<CAPTION>
                                                          Common Stock        
                                                   --------------------       Additional          
                                                        Par Value $.001          Paid-in        Retained
                                                   --------------------          -------        --------
                                   Shares               Amount                   Capital        Deficit
                                   ------               ------                   -------        -------
<S>                                <C>                 <C>                    <C>               <C>
Balances at 3/14/90
(Date of inception)                - 0 -               $ - 0 -                $  - 0 -         $  - 0 -
Issuance of common
stock (restricted) at
$.001 per share at
3/14/90                         1,000,000                1,000                   - 0 -           (1,000) 
Net loss for period             ---------              -------                ---------        --------
                                                                                                
Balances at 12/31/90            1,000,000                1,000                   - 0 -           (1,000)
     Net loss for year                                                                            - 0 -
                                ---------              -------                ---------        --------
                                                          
Balances at 12/31/91            1,000,000                1,000                   - 0 -           (1,000)
     Net loss for year                                                                            - 0 -
                                ---------              -------                ---------        --------
                                                              
Balances at 12/31/92            1,000,000                1,000                   - 0 -           (1,000)
     Net loss for year                                                                            - 0 -
                                ---------              -------                ---------        --------
                                                          
Balances at 12/31/93            1,000,000                1,000                   - 0 -           (1,000)
     Net loss for year                                                                            - 0 -
                                ---------              -------                ---------        --------
                                                                 
Balances at 12/31/94            1,000,000                1,000                   - 0 -           (1,000)
     Net loss for year                                                                            - 0 -
                                ---------              -------                ---------        --------
                                                                
Balances at 12/31/95            1,000,000                1,000                   - 0 -           (1,000)
     Net loss for year                                                                            - 0 -
                                ---------              -------                ---------        --------
                                                        

Balances at 9/30/96             1,000,000              $ 1,000                $  - 0 -         $ (1,000)
                                =========              =======                =========        ========
                                                                                                  
</TABLE>
<PAGE>   6




                          PERIPHERAL CONNECTIONS, INC.
                         (A Development Stage Company)



                            Statements of Cash Flows



<TABLE>
<CAPTION>
                                                           For the nine months              March 14, 1990
                                                           -------------------            (Date of inception)
                                                              ended Sept. 30               to Sept. 30, 1996         
                                                           -------------------            -------------------
                                                                                              
                                                   1996                    1995              
                                                 ---------               ---------                              
<S>                                            <C>                     <C>                    <C>
OPERATING ACTIVITIES

Net (Loss)                                     $      0                 $    0                $(1,000)

NET CASH USED BY
OPERATING ACTIVITIES                                  0                      0                 (1,000)
                                               --------                 ------                -------



FINANCING ACTIVITIES
Proceeds from sale
of common stock                                       0                      0                  1,000

Proceeds from sale
of  12.5% Convertible
Debenture                                      $200,000                 $    0                $     0
                                               --------                 ------                -------

NET CASH PROVIDED BY
FINANCING ACTIVITIES                           $200,000                      0                $ 1,000

INCREASE IN CASH

CASH AT BEGINNING
OF PERIOD                                             0                      0                      0
                                               --------                 ------                -------

CASH AT END
OF PERIODS                                     $200,000                 $    0                $     0
                                               ========                 ======                =======
                                                                                                         
</TABLE>
<PAGE>   7




                                   SIGNATURES

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



                                                    PERIPHERAL CONNECTIONS, INC.
                                                    ---------------------------



Dated:  October 29, 1996                            Milton Klyman 
                                                    ---------------------------
                                                    Milton Klyman,
                                                    President and Director