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

(MARK ONE)[**x**] AnnualReport Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For The Fiscal Year Ended September 30, 2003OR[  ] TransitionReport Pursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934For The Transition PeriodFrom  ___________ To ___________ Commission File No.: 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    1122**
            
**10022**

(Address of Principal Executive Offices)
            
(ZIP Code)

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

**SecuritiesRegistered Pursuant to Section 12(b) of The Act: None**

**SecuritiesRegistered Pursuant to Section 12(g) of The Act: Common Stock, $0.0001**

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  [  ]  No [X]Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 ofRegulation S-K is not contained herein, and will not be contained, to the best of theregistrant's knowledge, in the definitive proxy or information statements incorporated byreference in Part III of this Form 10-KSB or any amendment to this Form10-KSB.  [  ]

At June 30, 2004,the aggregate market value of the 4,075,833 voting common stock held by non-affiliates ofthe registrant was approximately $4,075. At June 30, 2004, the registrant had 29,270,000shares of common stock outstanding.

Issuers Involved inBankruptcy Proceeding During The Past Five YearsIndicate by check mark whether the registrant has filed all documents and reports requiredto be filed by Section 12, 13 or 15(b) of the Exchange Act after the distribution ofsecurities under a plan confirmed by a court. Yes [  ]  No [  ]
****
**TABLE OF CONTENTS**
Item    Description    Page
  **PART I**  
ITEM 1.
            
DESCRIPTION OF BUSINESS
        3  
ITEM 2.
            
DESCRIPTION OF PROPERTY
        9   
ITEM 3.
            
LEGAL PROCEEDINGS
        9   
ITEM 4.
            
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
        9   
  **PART II**   

ITEM 5.
            
MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED    STOCKHOLDER MATTERS
        10  
ITEM 6.
            
MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION
        10   
ITEM 7.
            
FINANCIAL STATEMENTS
        11   
ITEM 8.
            
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON    ACCOUNTING AND FINANCIAL DISCLOSURE
        11   
ITEM 8.A
            
CONTROLS AND PROCEDURES
        12   
  **PART III**   

ITEM 9.
            
DIRECTORS    AND EXECUTIVE OFFICERS OF THE REGISTRANT, COMPLIANCE WITH SECTION 16(A)
        12  
ITEM 10.
            
EXECUTIVE COMPENSATION
        13   
ITEM 11.
            
SECURITY    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
        13   
ITEM 12.
            
CERTAIN    RELATIONSHIPS AND RELATED TRANSACTIONS
        14   
ITEM 13.
            
EXHIBITS    AND REPORTS ON FORM 8-K
        14   
ITEM 14.
            
PRINCIPAL    ACCOUNTING FEES AND SERVICES
        14   ****
**PART I**

**ITEM 1. DESCRIPTION OF BUSINESS**Back to Table of Contents

General Background and Reports underthe Exchange Act

PeregrineIndustries, Inc., a Florida corporation, is sometimes referred to herein as"we", "us", "our", "Company" and the"Registrant". The Registrant was incorporated in Florida in 1995. The Company'sregistration statement on Form 10-SB, registering its common stock under the Exchange Act,was filed in October 1999. The Registrant has not been current in its filing obligationsunder the Exchange Act since 2001. The Registrant filed for bankruptcy under Chapter 11 ofthe Bankruptcy Code in June 2002, which proceeding was converted to Chapter 7 in September2002 as discussed below. At a board meeting on April 22, 2004, the board approved a changeof the Registrant's fiscal year from September 30 to June 30. The Registrant is filing itsannual reports on Form 10-KSB for the fiscal years ended September 30, 2003 and June 30,2004, which contain our audited financial statements for the respective periods, in orderto be deemed current in our Exchange Act reporting obligations. The Registrant has filedpast due Uniform Business Reports with the State of Florida and its corporate charter wasreinstated on April 2, 2004.

Change in Control following Bankruptcy

In June 2002, the Registrant andits subsidiaries filed a petition for Relief and Reorganization under Chapter 11 of theBankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Florida (caseno. 02-24188). In September 2002, the bankruptcy proceeding was converted to Chapter 7. Asa result of the conversion to Chapter 7, the Registrant's assets were transferred to aUnited States Trustee on September 4, 2002 and the Registrant terminated its businessoperations. During 2003, the Bankruptcy Trustee had disposed of substantially all of theassets of the Registrant and its subsidiaries. On February 12, 2004, the Trustee forPeregrine Industries, Inc. and Park Avenue Group, Inc. entered into a contract resultingin a change in control of Peregrine Industries, Inc. On March 15, 2004, the BankruptcyCourt granted an order approving the contract and finding that Park Avenue Group is a goodfaith purchaser within the meaning of 11 USC Section 363(m). On March 29, 2004, theU.S. Bankruptcy Court confirmed the order previously granted on March 15, 2004.

In connection withthe order of the U.S. Bankruptcy Court dated March 29, 2004, the Court authorized a changein control of the Registrant. The Court order further provided that the sale was free andclear of liens, claims and interests of others and that the sale was free and clear of anyand all real or personal property interests, including any interests in Peregrine'ssubsidiaries. The confirmed Court order provided that the existing officers and directorswere deemed removed from office and also authorized the following: (i) the appointment of new members to the Registrant's board of directors; (ii) the amendment ofRegistrant's Article of Incorporation to increase the number of authorized shares to100,000,000 shares; (iii) the issuance up to 30,000,000 shares of common stock, par value$0.0001 to the new management of the Registrant, which management was appointed by thenewly-constituted board of directors; (iv) the authority to implement a reverse split ofthe issued and outstanding shares in a ratio to be determined by the board of directors;(v) the cancellation and extinguishment of all common share conversion rights of any kind,including without limitation, warrants, options, convertible bonds, other convertible debtinstruments and convertible preferred stock; and (vi) the cancellation and extinguishmentof all preferred shares of every series and accompanying conversion rights of any kind.

Inconnection with the change in control of the Registrant, Thomas J. Craft, Jr., Ivo Heidenand Richard Rubin became the Registrant's officers and directors on March 30, 2004.

As of the date ofthis filing, the Registrant has paid a total of $7,456 for general and administrativeexpenses, including accounting fees, reinstatement fees, and other professional feesrelated to the preparation and filing of our reports under the Exchange Act. We believethat these filings will enable the Registrant to become current in its reportingobligations under the Exchange Act. While we are dependent upon interim funding providedby management or made on behalf of the Registrant by Park Avenue Group, Inc. to payprofessional fees and expenses, we have no written finance agreement with management orPark Avenue Group, Inc. to provide any continued funding.

BusinessObjectives

Asa result of the Chapter 7 proceeding, we have no present operations. Management determinedto direct its efforts and limited resources to pursue potential new business opportunitiesor business transactions with other companies. The Registrant does not intend to limititself to a particular industry and has not established any particular criteria upon whichit shall consider and proceed with a business opportunity.

Our common stock previously traded on the NASDAQ OTCBBunder the symbol HVAC. In January 2001, due to the Registrant's failure to file its annualreport on Form 10-KSB for the year ended September 30, 2000, the Registrant's shares weredeleted from the NASDAQ OTCBB market, following which the Registrant's common stock hasbeen subject to quotation on the pink sheets. There is currently no active trading marketin the Registrant's shares. There can be no assurance that there will be an active tradingmarket for our securities following any business combination. In the event that an activetrading market commences, there can be no assurance as to the market price of our sharesof common stock, whether any trading market will provide liquidity to investors, orwhether any trading market will be sustained.

On March 30, 2004, Thomas J. Craft, Ivo Heiden andRichard Rubin each subscribed to 5,000,000 restricted shares for a total of $7,500 toenable the Registrant to pay for expenses, including professional fees. The total issuedand outstanding shares following the issuance of 15,000,000 restricted shares to the newmanagement of the Registrant is 29,270,000 shares.

Ifthe board of directors seeks to acquire another business or pursue a business opportunity,management would have substantial flexibility in identifying and selecting a prospectivebusiness. Registrant would not be obligated nor does management intend to seekpre-approval by our shareholders. Under the laws of the State of Florida, the consent ofholders of a majority of the issued and outstanding shares, acting without a shareholdersmeeting, can approve an acquisition. We may be required to file an Information Statementon Schedule 14C with the SEC including disclosure about the acquired company and auditedfinancial statements.

The Registrant is entirely dependent on the judgment ofmanagement in connection with the selection process. In evaluating a prospective businessopportunity, we would consider, among other factors, the following: (i) costs associatedwith effecting a transaction; (ii) equity interest in and opportunity to control theprospective candidate; (iii) growth potential of the target business; (iv) experience andskill of management and availability of additional personnel; (v) necessary capitalrequirements; (vi) the prospective candidate's competitive position; (vii) stage ofdevelopment of the business opportunity; (viii) the market acceptance of the business itsproducts or services; (ix) proprietary features and degree of intellectual property; (x)the availability of audited financial statements of the potential business opportunity;and (xi) the regulatory environment that may be applicable to any prospective businessopportunity.

Theforegoing criteria are not intended to be exhaustive and there may be other criteria thatmanagement may deemed relevant. In connection with an evaluation of a prospective orpotential business opportunity, management may be expected to conduct a due diligencereview.

Thetime and costs required to pursue new business opportunities or to seek to acquire otherbusinesses, which includes negotiating and documenting relevant agreements and preparingrequisite documents for filing pursuant to applicable securities laws, can not beascertained with any degree of certainty. 

Managementdoes not intend to devote full time to the Registrant's affairs. Accordingly, the lengthof time required for the pursuit and negotiations related to any new businessopportunities is uncertain. Management will devote such time as it deems reasonablynecessary to carry out the Registrant's business affairs. No assurance can be made that wewill be successful in our efforts. We cannot project the time that our management willactually devote to the Registrant's business.

Ifwe decide to enter into a business combination, Federal and state tax laws and regulationsmay have a significant impact upon the structuring of a business combination. We willevaluate the possible tax consequences of any prospective business combination and willendeavor to structure a business combination so as to achieve the most favorable taxtreatment for the Registrant's shareholders. There can be no assurance that the InternalRevenue Service or state tax authorities will ultimately agree with our tax treatment of apotential business combination. To the extent the Internal Revenue Service or any relevantstate tax authorities ultimately disagree with our proposed tax treatment and in factprevail in recharacterizing the tax treatment of a business combination, there may beadverse tax consequences to us and our shareholders. Tax considerations as well as otherrelevant factors will be evaluated in determining the precise structure of a potentialbusiness combination, which could be effected through various forms of a merger,consolidation or stock or asset acquisition.

Followingthe filing of the Registrant's annual reports on Form 10-KSB for its fiscal years endedSeptember 30, 2003 and June 30, 2004, the Registrant believes that it will be deemedcurrent in its reporting obligations under the Exchange Act. In the event of a materialacquisition, the Registrant will be required to file the last two years of certifiedfinancial statements for the acquired company.

TheRegistrant intends to conduct its activities so as to avoid being classified as an"Investment Company" under the Investment Company Act of 1940, and thereforeavoid application of the costly and restrictive registration and other provisions of theInvestment Company Act of 1940 and the regulations promulgated thereunder.

Potential impediments to an acquisitionof a business or a merger could arise if appraisal rights are afforded to the shareholdersof a prospective acquisition target under the laws of the state under which theprospective business is organized. This may prove to be deterrent to a particular businesscombination. In addition, under the laws of the State of Florida, a business combination,including a merger, generally requires the approval by a majority of all votes entitled tovote. The management of the Registrant has sufficient votes to approve a transaction.

Selection of a Target Business and Structuring of aBusiness Combination.

New management owns 15,000,000 shares or 51.25% of thetotal issued and outstanding shares. As a result, management will have substantialflexibility in identifying and selecting a prospective target business. The Registrantwill be almost entirely dependent on the judgment of its management in connection with theselection of a target business. In evaluating a prospective target business, we willconsider, among other factors, the following: (i) costs associated with effecting atransaction; (ii) equity interest in the prospective candidate, if any; (iii) growthpotential of the candidate; (iv) experience and skill of management and availability ofadditional personnel; (v) capital requirements necessary; (vi) the prospective candidate'scompetitive position; (vii) stage of development of the business opportunity; (viii) themarket acceptance of the business, products or services; (ix) proprietary features anddegree of intellectual property; (x) the availability of audited financial statements ofthe any potential business opportunity; and (xi) the regulatory environment that may beapplicable to any prospective business.

Theforegoing criteria are not intended to be exhaustive and there may be other criteria thatmanagement may deemed relevant. In connection with an evaluation of a potential businessopportunity, management may be expected to conduct a due diligence review and may seekassistance of independent third party consultants. Management may conduct a due diligencereview which will encompass, among other things, meeting with the target's incumbentmanagement, inspection of facilities, and the review of available  financial, legaland other information.

Thetime and costs required to select and evaluate a target business, including conducting adue diligence review, and to structure and consummate the business combination cannotpresently be ascertained. Management will devote such time as it deems reasonablynecessary to carry out our business objective and affairs, including the evaluation ofpotential target businesses and the negotiation of a business combination. As a result,the time devoted to the Registrant's business may vary depending upon whether we haveidentified a target business or are engaged in active negotiation of a businesscombination.

Weanticipate that various prospective target businesses will be brought to our attentionfrom various sources in the finance and investment community. We may also engage theservices of professional firms that specialize in finding candidates for businessacquisitions, in which event we may agree to pay a finder's fee or other compensation. Inno event will we pay a finder's fee or commission to management, or to any entity directlyor indirectly affiliated with management. We will not advertise nor utilize promoters toseek new business opportunities or prospective target businesses. We will not publishadvertisements in financial or trade publications seeking potential business acquisitions.

Conflicts of Interest

Ourmanagement is not required to commit its full time to our affairs. As a result, theconsummation of a business combination may require a greater period of time than if theywould devote their full time to our affairs. Management is not precluded from serving asofficers or directors of any other entity that is engaged in business efforts similar tothose of the Registrant. Management has not identified and is not currently negotiating abusiness combination for us. In the future, management may become associated or affiliatedwith entities engaged in business activities similar to those we intend to conduct,including seeking potential business combinations. In such event, management may haveconflicts of interest in determining to which entity a particular business opportunityshould be presented. In general, officers and directors of a Florida corporation arerequired to present certain business opportunities to such corporation. In the event thatour management develops multiple business affiliations, it may have similar legalobligations to present certain business opportunities to multiple entities. There can beno assurance that any conflicts will be resolved in our favor. The Registrant shall notenter into a transaction with a target business that is affiliated with management.

Business Experience of Management

Our present management, Messrs. ThomasJ. Craft, Jr., Richard Rubin and Ivo Heiden, serve as our officers and directors. Duringthe past five years, management has had experience in negotiating mergers, acquisitionsand stock purchase agreements involving several different private operating companies. Inconnection with or upon completion of such transactions, they resigned their managementpositions. The following table sets forth business transactions management was involvedduring the last five years.
**Company****Type and Date of Transaction****Subsequent Involvement**PlanetLink Communications, Inc.Merger between Fifth Avenue Acquisition I    Corp. and PlanetLink Communications, Inc., an operating company, in July 2001. PlanetLink    Communications, Inc. became the successor reporting company and  is subject to    quotation on the OTCBB.Messrs. Craft, Rubin and    Heiden resigned as officers and directors following the merger with PlanetLink.            Nettel Holdings Inc.Merger between Bio    Standard Corporation and Nettel Holdings, Inc., an operating company in May 2003. Nettel    became the successor reporting company and is subject to quotation on the OTCBB.Mr. Craft and Rubin    resigned as officers and directors following the merger with Nettel.          Lexor Holdings Inc.Merger between    Western-Silver Lead Corp. and Lexor Holdings Inc., an operating company in September 2003.    Lexor became the successor reporting company and is subject to quotation on the OTCBB.Messrs. Craft, Rubin and Heiden resigned as    directors following the merger with Lexor.          
**RISK FACTORS**

FORWARD-LOOKING STATEMENTSThis annual report on Form 10-KSB contains forward-looking statements that are based oncurrent expectations, estimates, forecasts and projections about us, our futureperformance, the industries in which we operate, our beliefs and our management'sassumptions. In addition, other written or oral statements that constitute forward-lookingstatements may be made by us or on our behalf. Words such as "expects,""anticipates," "targets," "goals," "projects,""intends," "plans," "believes," "seeks,""estimates," variations of such words and similar expressions are intended toidentify such forward-looking statements. These statements are not guarantees of futureperformance and involve certain risks, uncertainties and assumptions that are difficult topredict or assess. Therefore, actual outcomes and results may differ materially from whatis expressed or forecast in such forward-looking statements. Except as required under thefederal securities laws and the rules and regulations of the SEC, we do not have anyintention or obligation to update publicly any forward-looking statements after the filingof this Form 10-KSB, whether as a result of new information, future events, changes inassumptions or otherwise.

DEPENDENCEON KEY PERSONNELThe Registrant is dependent upon the continued services of its officers and directors.To the extent that their services become unavailable, the Registrant will be required toobtain other qualified personnel and there can be no assurance that it will be able torecruit and hire qualified persons upon acceptable terms.

LIMITED RESOURCES; NO PRESENT SOURCE OFREVENUES.At present, we have no business operations and our business activities are limited toseeking potential business opportunities. Due to our limited financial and personnelresources, there is only a limited basis upon which to evaluate our prospects forachieving our intended business objectives. We have only limited resources and have nooperating income, revenues or cash flow from operations. Our management is providing uswith limited funding, on an as needed basis, necessary for us to continue ourcorporate existence and our business objective to seek new business opportunities, as wellas funding the costs of remaining a reporting company under the Exchange Act. We have nowritten agreement with our management to provide any interim financing for any period. Inaddition, we will not generate any revenues unless and until we enter into a newbusiness or acquire an entity that generates revenues, of which there can be no assurance.There can be no assurance that any business that we may acquire   will generate anymaterial revenues or operate on a profitable basis.

BROAD DISCRETION OF MANAGEMENTAny person who invests in our securities will do so without an opportunity to evaluate thespecific merits or risks of any potential new prospective business in which we may engage.As a result, investors will be entirely dependent on the broad discretion and judgment ofmanagement in connection with the selection of a prospective business. There can be noassurance that determinations made by our management will permit us to achieve ourbusiness objectives.

ABSENCE OF SUBSTANTIVE DISCLOSURE RELATING TO PROSPECTIVE BUSINESS As of the period covered by this annual report, we have not yet identified any prospectivebusiness or industry in which we may seek to become involved and at present we  haveno substantive information concerning any prospective business. There can be no assurancethat any prospective business combination will benefit shareholders or prove to be morefavorable to shareholders than any other investment that may be made by shareholders andinvestors.

THERE IS NO ACTIVE MARKET FOR OUR COMMON STOCK AND NONE MAY DEVELOP OR BESUSTAINEDOur common stock previously traded on the NASDAQ OTCBB under the symbol HVAC. In 2001, theRegistrant did not remain current in its reporting obligations under the Exchange Act andits shares were subsequently deleted from the NASDAQ OTCBB market. Following deletion fromthe OTCBB, the Registrant's common stock has been subject to quotation on the pink sheets.There is currently no active trading market in our shares. There can be no assurance thatthere will be an active trading market for our securities following a business combinationor commencement of a new business. In the event that an active trading market commences,there can be no assurance as to the market price of our shares of common stock, whetherany trading market will provide liquidity to investors, or whether any trading market willbe sustained.

UNSPECIFIED INDUSTRY FOR NEW PROSPECTIVEBUSINESS OPPORTUNITIES; UNASCERTAINABLE RISKSThere is no basis forshareholders to evaluate the possible merits or risks of potential new businessopportunities or the particular industry in which we may ultimately operate. To the extentthat we effect a business combination with a financially unstable Registrant or an entitythat is in its early stage of development or growth, including entities withoutestablished records of revenues or income, we will become subject to numerous risksinherent in the business and operations of that financially unstable company. In addition,to the extent that we effect a business combination with an entity in an industrycharacterized by a high degree of risk, we will become subject to the currentlyunascertainable risks of that industry. An extremely high level of risk frequentlycharacterizes certain industries that experience rapid growth. Although management willendeavor to evaluate the risks inherent in a particular new prospective business orindustry, there can be no assurance that we will properly ascertain or assess all suchrisks or that subsequent events may not alter the risks that we perceive at the time ofthe consummation of any new business opportunity.

CONFLICTS OF INTERESTOur management is not required to commit its full time to our affairs. There may be aconflict of interest in allocating their time in the event that management engages insimilar business efforts for other entities. Our management will devote such time, intheir sole discretion, to conduct our business, including the evaluation of potential newbusiness opportunities and the negotiation and consummation of a business combination. Asa result, the amount of time devoted to our business and affairs may vary significantlydepending upon whether we have identified a new prospective business opportunity or areengaged in active negotiations related to the consummation of a business combination.

COMPETITIONWe expect to encounter intense competition from other entities seeking to pursue newbusiness opportunities or business combinations. Many of these entities arewell-established and have extensive experience in connection with identifying newprospective business opportunities or in effecting business combinations. Many of thesecompetitors possess greater financial, technical, human and other resources than we do andthere can be no assurance that we will have the ability to compete successfully. Basedupon our limited financial and personnel resources, we may lack the resources as comparedto those of many of our potential competitors.

REPORTING REQUIREMENTS MAY DELAY OR PRECLUDE ACQUISITION. Pursuant to the requirements of Section 13 of the Exchange Act, we are required to providecertain information about significant acquisitions and other material events. We willcontinue to be required to file quarterly reports on Form 10-QSB and annual reports onForm 10-KSB, which annual report must contain our audited financial statements. As areporting Registrant under the Exchange Act, following any business combination, we willbe required to file a report on Form 8-K or other form appropriate under the Exchange Act,which contains audited financial statements of the acquired entity. These auditedfinancial statements must be filed with the SEC within 60 days following the filing ofForm 8-K disclosing the transaction. While obtaining audited financial statements istypically the economic responsibility of the acquired company, it is possible that apotential target company may be a non-reporting company with unaudited financialstatements. The additional time and costs that may be incurred by some potential targetcompanies to prepare such audited financial statements may significantly delay or may evenpreclude consummation of an otherwise desirable transaction. Acquisition prospects that donot have or are unable to obtain the required audited statements may not be appropriatefor acquisition because we are subject to the reporting requirements of the Exchange Act.

ADDITIONAL FINANCING REQUIREMENTSWe have no revenues and are dependent upon the willingness of our management and ParkAvenue Group, an entity controlled by management, to fund the costs associated with thereporting obligations under the Exchange Act, and other administrative costsassociated with our corporate existence. As of the date of this filing, the Registrant has paid atotal of $7,456 for general and administrative expenses, including accounting fees,reinstatement fees, and other professional fees related to the preparation and filing ofour reports under the Exchange Act. We may depend upon the willingness of third parties toprovide services to us in exchange for restricted common stock in lieu of cashcompensation. We may not generate any revenues until the consummation of a businesscombination or our commencement of new business operations. We anticipate that we willhave available to us sufficient resources to continue to pay accounting and otherprofessional fees and other miscellaneous expenses that may be required until we commencebusiness operations or enter into a business combination. In the event that our availableresources from our management prove to be insufficient for the purpose of commencingoperations through a business combination or otherwise, we will be required to seekadditional financing. Our failure to secure additional financing could have a materialadverse affect on our ability to commence operations and pursue our business plan. We donot have any arrangements with any bank or financial institution to secure additionalfinancing and there can be no assurance that any such arrangement would be available onterms acceptable and in our best interests. We do not have any written agreement with ParkAvenue Group to provide funds for our operating expenses.

STATE BLUE SKY REGISTRATION; POTENTIAL LIMITATIONS ON RESALE OF THESECURITIESThe holders of our shares of common stock registered under the Exchange Act and thosepersons who desire to purchase them in any trading market that might develop in thefuture, should be aware that there may be state blue-sky law restrictions upon the abilityof investors to resell our securities. Accordingly, investors should consider thesecondary market for the Registrant's securities to be a limited one.

It is the intention of the Registrant's management following theconsummation of a business or business combination to seek coverage and publication ofinformation regarding the Registrant in an accepted publication manual which permits amanual exemption. The manual exemption permits a security to be distributed in aparticular state without being registered if the Registrant issuing the security has alisting for that security in a securities manual recognized by the state. However, it isnot enough for the security to be listed in a recognized manual. The listing entry mustcontain (1) the names of issuers, officers, and directors, (2) an issuer's balance sheet,and (3) a profit and loss statement for either the fiscal year preceding the balance sheetor for the most recent fiscal year of operations. Furthermore, the manual exemption is anonissuer exemption restricted to secondary trading transactions, making it unavailablefor issuers selling newly issued securities.

Most of the accepted manualsare those published in Standard and Poor's, Moody's Investor Service, Fitch's InvestmentService, and Best's Insurance Reports, and many states expressly recognize these manuals.A smaller number of states declare that they "recognize securities manuals" butdo not specify the recognized manuals. The following states do not have any provisions andtherefore do not expressly recognize the manual exemption: Alabama, Georgia, Illinois,Kentucky, Louisiana, Montana, South Dakota, Tennessee, Vermont and Wisconsin.

DIVIDENDS UNLIKELYWe do not expect to pay dividends for the foreseeable future because we have no revenuesor any potential business operations. The payment of dividends will be contingent upon ourfuture revenues and earnings, if any, capital requirements and overall financialconditions. The payment of any future dividends will be within the discretion of our boardof directors as then constituted. It is our expectation that future management following abusiness combination will determine to retain any earnings for use in business operationsand accordingly, we do not anticipate declaring any dividends in the foreseeable future.

POSSIBLE ISSUANCE OF ADDITIONAL SECURITIESOur Articles of Incorporation, as amended, authorize the issuance of 100,000,000 shares ofcommon stock, par value $0.001. As of June 30, 2004, we have 29,270,000 shares issued andoutstanding. We may issue additional shares for services or in connection with ourintention to pursue new business opportunities or enter into a business combination. Tothe extent that additional shares of common stock are issued, our shareholders wouldexperience dilution of their respective ownership interests in the Registrant. If we issueshares of common stock in connection with our intent to pursue new business opportunities,a change in control of the Registrant may occur. The issuance of additional shares ofcommon stock may adversely affect the market price of our common stock, in the eventthat an active trading market commences, of which there can be no assurance.

COMPLIANCE WITH PENNY STOCK RULESOur securities will  be considered a "penny stock" as defined in theExchange Act and the rules thereunder, unless the price of our shares of common stock isat least $5.00. We expect that our share price will be less than $5.00. Unless our commonstock is otherwise excluded from the definition of "penny stock," the pennystock rules apply. The penny stock rules require a broker-dealer prior to a transaction inpenny stock not otherwise exempt from the rules, to deliver a standardized risk disclosuredocument prepared by the SEC that provides information about penny stocks and the natureand level of risks in the penny stock market. The broker-dealer also must provide thecustomer with current bid and offer quotations for the penny stock, the compensation ofthe broker-dealer and its sales person in the transaction, and monthly account statementsshowing the market value of each penny stock held in the customer's account. In addition,the penny stock rules require that the broker-dealer, not otherwise exempt from suchrules, must make a special written determination that the penny stock is suitable for thepurchaser and receive the purchaser's written agreement to the transaction. Thesedisclosure rules have the effect of reducing the level of trading activity in thesecondary market for a stock that becomes subject to the penny stock rules. So long as thecommon stock is subject to the penny stock rules, it may become more difficult to sellsuch securities. Such requirements could result in reduction in the level of tradingactivity for our common stock and could make it more difficult for investors to sell ourcommon stock.

GENERAL ECONOMIC RISKSThe Registrant's current and future business plans are dependent, in large part, on thestate of the general economy. Adverse changes in economic conditions may may adverselyaffect our plan of operation. These conditions and other factors beyond the Registrant'scontrol include, but are not limited to regulatory changes.

**ITEM 2.DESCRIPTION OF PROPERTIES**Back to Table of Contents

The Registrant's corporate office islocated at the offices of Park Avenue Group, Inc., 115 East 57th Street, 11th Floor, NewYork, NY 10022, which space is  provided to us on a rent-free basis. These facilitiesconsist of approximately 300 square feet of executive office space and are leased by ParkAvenue Group, Inc. from an unaffiliated third party. The Registrant believes that theoffice facilities are sufficient for the foreseeable future and this arrangement willremain until we find a new business opportunity or consummate a business combination. 

**ITEM 3. LEGAL PROCEEDING**Back to Table of Contents

The Registrant's officers and directors are not aware of anythreatened or pending litigation to which the Registrant is a party or which any of itsproperty is the subject and which would have any material, adverse effect on theRegistrant. The Registrant, prior to its bankruptcy proceeding, was subject to severalclaims. As a result of the confirmed order of the U.S. Bankruptcy Court dated March 29,2004 pursuant to Section 363(f) of the Bankruptcy Code, the Registrant is free of allliens, claims and interests of others.

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

During the year ended September 30, 2003, no matterswere submitted to a vote of our security holders.

**PART II**

**ITEM 5.MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTER**Back to Table of Contents

(a) Market Price InformationThe Registrant's common stockis subject to quotation on the pink sheets under the symbol HVAC. To the best knowledge ofthe Registrant, there has been no active trading activity for approximately the past twoyears. The following table shows the high and low bid prices for the Registrant's commonstock during the last two fiscal years as reported by the National Quotation BureauIncorporated. These prices reflect inter-dealer quotations without adjustments for retailmarkup, markdown or commission, and do not necessarily represent actual transactions.
        High    Low
Year Ended June 30, 2004
                                        
Quarter ended June 30,    2004
              $0.00        $0.00  
Quarter ended March 31,    2004
                0.00          0.00     Quarter ended    December 31, 20030.000.00
Year Ended September 30,    2003
                                        
Quarter ended September    30, 2003
              $0.00        $0.00  
Quarter ended June 30,    2003
                0.00          0.00  
Quarter ended March 31,    2003
                0.00          0.00  
Quarter ended December 31,    2002
                0.03          0.03    
Year Ended September 30,    2002
                                        
Quarter ended September    30, 2002
              $0.10        $0.00  
Quarter ended June 30,    2002
                0.01          0.00  
Quarter ended March 31,    2002
                0.20          0.00  
Quarter ended December 31,    2001
                0.06          0.00  
(b) Approximate Number of Holders of Common StockOn June 30, 2004, there were approximately 176 shareholders of our common stock.

(c) DividendsWe currently do not pay cash dividends on our common stock and have no plans to reinstatea dividend on our common stock.

(d) Sale of Unregistered SecuritiesDuring the year ended ended September 30, 2003, the Registrant did not issue anyrestricted shares.

(e) Equity Compensation PlansWe have no equity compensation plans.

**ITEM 6.MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION**Back to Table of Contents

The following discussion containsforward-looking statements. Forward-looking statements give our current expectations orforecasts of future events. You can identify these statements by the fact that they do notrelate strictly to historical or current facts. They use of words such as"anticipate," "estimate," "expect," "project,""intend," "plan," "believe," and other words and terms ofsimilar meaning in connection with any discussion of future operating or financialperformance. From time to time, we also may provide forward-looking statements in othermaterials we release to the public.

OverviewOur current activities are related to seeking a new business opportunity or businesscombination. We will use our limited personnel and financial resources in connection withsuch activities. It may be expected that entering into a new business opportunity orbusiness combination will involve the issuance of restricted shares of common stock. AtSeptember 30, 2003, we have no cash or other liquid assets

Liquidity and Capital Resources

Duringthe year ended September 30, 2003, we raised no funds through the sale of securities.While we are dependent upon interim funding provided by management or made on behalf ofthe Registrant by Park Avenue Group, Inc. to pay professional fees and expenses, we haveno written finance agreement with management or Park Avenue Group, Inc. to provide anycontinued funding.

Aspart of our intent to seek new business opportunities and/or in effecting a businesscombination, we may determine to seek to raise funds from the sale of equity or debtsecurities. We have no agreements to issue any debt or equity securities and cannotpredict whether equity or debt financing will become available at terms acceptable to us,if at all. 

We anticipate that in connection withthe commencement of a new business opportunity or consummation of a business combination,we will issue a substantial number of additional restricted shares or other securities. Ifsuch additional securities are issued, our shareholders will experience a dilution intheir ownership interest in the Company. If a substantial number of shares are issued inconnection with a business combination, a change in control may be expected to occur.

Thereare no limitations in our articles of incorporation on our ability to borrow funds orraise funds through the issuance of restricted common stock to effect a businesscombination. Our limited resources and lack of operating history may make it difficult todo borrow funds or raise capital. Our inability to borrow funds or raise funds through theissuance of restricted common stock required to effect or facilitate a businesscombination may have a material adverse effect on our financial condition and futureprospects, including the ability to complete a business combination. 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, including debtof an acquired business. 

**ITEM7. FINANCIAL STATEMENTS**Back to Table of Contents

The Registrant's audited financial statements for thefiscal years ended September 30, 2003 and June 30, 2004 are attached to this annualreport.

FinancialStatements

**ITEM8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE**Back to Table of Contents

The Registrantreported on Form 8-K/A filed on July 6, 2004, a change in certifying accountants. Prior tothe Registrant's petition for Relief and Reorganization under Chapter 11 of the BankruptcyCode in the U.S. Bankruptcy Court for the Southern District of Florida filed on June 4,2002, which proceeding was converted to Chapter 7 on September 4, 2002,PricewaterhouseCoopers LLP ceased to provide independent audit services to the Registrant,effectively resigning as the Registrant's independent accountants because of non-payment.

(a)(1) PreviousIndependent Accountant
(i) The    Registrant reported a change in certifying accountants, which involved the effective    resignation of PricewaterhouseCoopers LLP which took place in about 2001.(ii)    The audit report of PricewaterhouseCoopers LLP dated December 21, 1999 on the financial    statements of the Registrant included in the Registrant's annual reports on Form 10-KSB    for the years ended September 30, 1999 and 1998, filed on January 13, 2000, contained no    adverse opinion or disclaimer of opinion and was not qualified or modified as to    uncertainty, audit scope, or accounting principles.(iii)    The decision of PricewaterhouseCoopers LLP to effectively resign, the Registrant believes,    was based upon Registrant's non-payment and preceded the Registrant filing for Chapter 11    in June 2002. During the Chapter 11 proceeding from June to September 2002 and following    the conversion of the proceeding to Chapter 7, PricewaterhouseCoopers LLP did not provide    any services to the Registrant or the Chapter 7 Trustee. (iv)    During the audit of the Registrant's financial statements for the fiscal years ended    September 30, 1999 and 1998 through the date of the effective resignation of    PricewaterhouseCoopers LLP, the Registrant's former accountant did not have any    disagreements with the Registrant on any matter of accounting principles or practices,    financial statement disclosure, or auditing scope or procedure and there were no    "reportable events" with PricewaterhouseCoopers LLP, as described in Items    304(a)(1)(iv) and (v) of Regulation S-K, respectively. (v) The    Registrant's new accountant, Michael F. Cronin, CPA, has telephonically contacted    Registrant's former independent accountant, PricewaterhouseCoopers LLP, on more than one    occasion in June and July 2004 to request a letter stating whether PricewaterhouseCoopers    LLP agrees with the above statements. As of the date of this annual report on Form 10-KSB,    the Registrant has not received a letter or any response to these requests.
(a)(2) Engagement ofNew Independent Accountant.On May 6, 2004, the Registrant's board of directors approved the engagement of Michael F.Cronin, CPA, 687 Lee Road, Suite 210, Rochester, New York, as its independent accountantto audit the Registrant's financial statements for its fiscal years ended September 30,2003 and June 30, 2004.

(a)(3) TheRegistrant, by its new independent accountant, has telephonically contactedPricewaterhouseCoopers LLP, its former accountant, for the purpose of providing the formeraccountant with a copy of the Registrant's disclosure contained in Item 4 prior to thefiling of Form 8-K/A on July 21, 2004 and to request that the former accountant furnish aletter addressed to the Commission stating whether it agrees with the statements made bythe Company and, if not, the respect in which it does not agree. The former accountant hasnot responded and the Registrant has not been able to obtain such letter. In the eventthat Registrant or its new accountant receive a letter from the former accountant, theRegistrant will file an amendment to Form 8-K/A.

**ITEM 8A. CONTROLS AND PROCEDURES**Back to Table of Contents

As of the end of June 30, 2004, our new managementconducted an evaluation of the Registrant's disclosure controls and procedures (as definedin Rules 13a-15(e) and 15d-15(e) under the  Exchange Act. Based on this evaluation,management concluded that the Registrant's disclosure controls and procedures areeffective to ensure that information required to be disclosed in reports that it files orsubmits under the Exchange Act is recorded, processed, summarized and reported within thetime periods specified in Securities and Exchange Commission rules and forms.

 

The Registrant also maintains a system of internal controlover financial reporting (as defined in Rules 13A-15(f) and 15d-15(f)) designed to providereasonable assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with accounting principlesgenerally accepted in the United States.  New management was appointed in connectionwith a change in control on March 30, 2004. New management adopted disclosure controls andprocedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act inconnection with this annual report.

 

The executive officers of the Registrant do not expectthat the Registrant's disclosure controls and procedures or internal controls andprocedures will prevent all errors and all fraud. A control system, no matter how wellconceived and operated, can provide only reasonable, not absolute, assurance that theobjectives of the control system are met. Further, the design of a control system mustreflect the fact that there are resource constraints, and the benefits of controls must beconsidered relative to their costs. Because of the inherent limitations in all controlsystems, no evaluation of controls can provide absolute assurance that all control issuesand instances of fraud, if any, within the Company have been detected. These inherentlimitations include the realities that judgments in decision-making can be faulty, andthat breakdowns can occur because of simple error or mistake. Additionally, controls canbe circumvented by the individual acts of some persons, by collusion of two or morepeople, or by management override of the control. The design of any system of controlsalso is based in part upon certain assumptions about the likelihood of future events, andthere can be no assurance that any design will succeed in achieving its stated goals underall potential future conditions; over time, control may become inadequate because ofchanges in conditions, or the degree of compliance with the policies or procedures maydeteriorate. Because of the inherent limitations in a cost-effective control system,misstatements due to error or fraud may occur and not be detected.

 

**PART III**

**ITEM9. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT, COMPLIANCE WITH SECTION 16(A)**Back to Table of Contents
**Name****Age****Title****Date Became    Executive Officer**Thomas J. Craft, Jr.39President and Director03/2004Ivo Heiden  37  Vice President and    Director03/2004Richard Rubin62Secretary and Chairman of the Board03/2004
All of the officers have held these positions and/or directorships withus since March 2004. Officers are not elected for a fixed term of office but hold officeuntil their successors have been elected.

Thomas J. Craft, Jr., 39, has been president and adirector of the Registrant since March 30, 2004. Mr. Craft is an attorney practicing lawunder the laws of the State of Florida, with offices in Palm Beach County, FL. From 1996through 2001, Mr. Craft served as the secretary and a director of GlobeTel Communications,Inc., a public company with headquarters in Miami, FL.  From October 2000 untilAugust 2001, Mr. Craft served as an officer and director of Fifth Avenue Acquisition ICorp., and resigned in connection with a business combination with PlanetLinkCommunications, Inc. Mr. Craft became an officer and director of Bio Standard Corporation,a reporting company, in February 2002 and resigned in connection with a businesscombination with Nettel Holdings in March 2003. In November 2002, Mr. Craft became adirector of American International Industries, Inc.  Mr. Craft served as a directorof Western-Silver-Lead Corporation, a public reporting company, from August 2002 toSeptember 2003, resigning in connection with a business combination with Lexor Holdings.

Ivo Heiden, 37, has been vice president and a directorof the Registrant since March 30. 2004. During the past five years, Mr. Heiden has beenengaged in the business of providing corporate securities consulting services to publicand private companies. From October 2000 until August 2001, Mr. Heiden served as anofficer and director of Fifth Avenue Acquisition I Corp., and resigned in connection witha business combination with PlanetLink Communications, Inc. Mr. Heiden served also as adirector of Western-Silver-Lead Corporation, a public reporting company from August 2002to September 2003, resigning in connection with a business combination with LexorHoldings. 

Richard Rubin, 62, has been secretary and a director ofthe Registrant since March 30, 2004. During the past five years, Mr. Rubin has beenengaged in the business of providing corporate securities consulting services to publiccompanies. From October 2000 until August 2001, Mr. Rubin served as an officer anddirector of Fifth Avenue Acquisition I Corp., and resigned in connection with a businesscombination with PlanetLink Communications, Inc. In February 2002, Mr. Rubin also becamean officer and director of Bio Standard Corporation, a reporting company and resigned asofficer and director in May 2003 in connection with a business combination with NettelHoldings. Mr. Rubin served as a director of Western-Silver-Lead Corporation, a publicreporting company from August 2002 to September 2003, resigning in connection with abusiness combination with Lexor Holdings.

**ITEM 10.EXECUTIVE COMPENSATION**Back to Table of Contents

No executive compensation was paid during the fiscalyear ended September 30, 2003 by the Registrant. The Registrant has no employmentagreement with any of its officers and directors. 

**ITEM11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT**Back to Table of Contents

The table below disclosesany person (including any "group") who is known to the Registrant to be thebeneficial owner of more than five (5%) percent of the Registrant's voting securities. Asof June 30, 2004, the Registrant had 29,270,000 shares of common stock issued.

**Title of    Class**
**Name and    Address of Beneficial Owner**
**Amount    and Nature of Beneficial Owner**
**Percent of Class**Common StockThomas J. Craft, Jr.    11000 Prosperity Farms Road, Palm Beach Gardens, FL 334015,000,000 shares17.08%Common    StockRichard Rubin    115 East 57th Street, 11th Fl., New York, NY 100225,000,000 shares17.08%Common StockIvo Heiden    115 East 57th Street, 11th Fl., New York, NY 100225,000,000 shares17.08%
Common    StockRichard Szelewicki    22384 Siesta Key Drive, Boca Raton, FL 334281,912,500 shares6.53%
Common StockMerrill and Debra Yarbrough, JTTEN    2905 Via Napoli, Deerfield Beach, FL 33442 (1)8,731,667 shares29.83%
Common    StockAll officers and    directors as a group (3 people)15,000,000 shares51.25%(1) Includes 61,667 shares owned of record and    beneficially by Mr. Yarbrough individually.
To the knowledge of the Registrant, thereare no arrangements which may result in a change in control of the Registrant. However, inthe event that the Registrant enters into a business combination with an operating entity,it may be expected that it will experience a change in control.

**ITEM 12. CERTAINRELATIONSHIPS AND RELATED TRANSACTIONS**Back to Table of Contents

Duringthe last two fiscal years, to the knowledge of the Registrant, there was no person who hador has a direct or indirect material interest in any transaction or proposed transactionto which the Registrant was or is a party. Transactions in this context relate to anytransaction which exceeds $60,000.

**ITEM13. EXHIBITS AND REPORTS ON FORM 8-K**Back to Table of Contents

(a) The following documents are filed as exhibits tothis report on Form 10-KSB or incorporated by reference herein. Any document incorporatedby reference is identified by a parenthetical reference to the SEC filing that includedsuch document.
**Exhibit Number****Description**2(i)1Order Confirming Sale of Public Shell Entity to    Park Avenue Group, Inc., filed with the Registrant's Form 8-K on July 6, 2004.3(i)1Articles of Incorporation of    the Registrant, as amended, filed with the Registrant's Form 8-K on July 6, 2004.3(ii)1By-Laws of the Registrant, filed with the    Registrant's Form 8-K on July 6, 2004.
(b) Reports on Form 8-K During the Last Quarter of the Fiscal YearCovered by this Report:

The Registrant did not file a Form 8-K during the last quarter of thefiscal year covered by this annual report. On July 6, 2004 the Registrant filed a Form8-K.

**ITEM 14. PRINCIPAL ACCOUNTING FEESAND SERVICES**Back to Table of Contents

Independent PublicAccountantsThe Registrant's Board of Directors has appointed Michael F. Cronin, CPA as independentpublic accountant for the fiscal year ending September 30, 2003 and June 30, 2004.

 

Principal Accounting FeesThe following table presents the fees for professional audit services rendered by MichaelF. Cronin, CPA for the audit of the Registrant's annual financial statements for the yearsended September 30, 2003 and June 30, 2004, and fees billed for other services rendered byMichael F. Cronin, CPA during those periods. 

  

**Year Ended ****June    30,  2004****September    30, 2003**
Audit fees    (1)$ 7,750   $ N/A
Audit-related fees (2)  N/A     N/A
Tax fees    (3)  N/A     N/A
All other fees   N/A     N/A________________(1) Audit fees consist of    audit and review services, consents and review of documents filed with the SEC. (2) Audit-related fees    consist of assistance and discussion concerning financial accounting and reporting    standards and other accounting issues. (3) Tax fees consist of    preparation of federal and state tax returns, review of quarterly estimated tax payments,    and consultation concerning tax compliance issues. 
 

Code of Ethics The Corporation has adopted a Code of Ethics that are designed to deter wrongdoing and topromote honest and ethical conduct, full, fair, accurate, timely and understandabledisclosure in the Registrant's SEC reports and other public communications. The Code ofEthics promotes compliance with applicable governmental laws, rules and regulations.

 
**Section16(a) ComplianceSection 16(a) of the Securities and Exchange Act of 1934 requires the Registrant'sdirectors and executive officers, and persons who own beneficially more than ten percent(10%) of the Registrant's Common Stock, to file reports of ownership and changes ofownership with the Securities and Exchange Commission. Copies of all filed reports arerequired to be furnished to the Registrant pursuant to Section 16(a). Based solely on thereports received by the Registrant and on written representations from reporting persons,the Registrant was informed that all of its officers and directors have filed all reportsrequired under Section 16(a). The Registrant has not been furnished with any reports forMerrill and Debra Yarbrough, who beneficially own 8,731,667 shares or 29.83%.

**SIGNATURES**Back to Table of Contents

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/ IVO HEIDEN    VICE PRESIDENT    Ivo Heiden*  Vice President, Treasurer  and Director      Dated: July 22, 2004*
                                  
/s/ RICHARD RUBIN    SECRETARY AND CHAIRMAN OF THE BOARD    Richard Rubin*  Secretary and Chairman    Dated: July 22, 2004*
                            
Certification of Ivo Heiden,Vice President, Treasurer of Peregrine Industries, Inc., pursuant to 18 U.S.C. ss.1350, asadopted pursuant to ss. 302 of the Sarbanes-Oxley Act of 2002.

I, Ivo Heiden, certify that:

1. I have reviewed this annual report on Form10-KSB of Peregrine Industries, Inc.;

2. Based on my knowledge, this annual report doesnot contain any untrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstances under which suchstatements were made, not misleading with respect to the period covered by this annualreport; 

3. Based on my knowledge, the financialstatements, and other financial information included in this annual report, fairly presentin all material respects the financial condition, results of operations and cash flows ofthe registrant as of, and for, the periods presented in this annual report; 

4. As the registrant's certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (asdefined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a) designed such disclosure controls andprocedures to ensure that material information relating to the registrant, including itsconsolidated subsidiaries, is made known to the undersigned by others within thoseentities, particularly during the period in which this annual report is being prepared;b) evaluated the effectiveness of the registrant's disclosure controls and procedures asof a date within 90 days prior to the filing date of this annual report (the"Evaluation Date"); andc) presented in this annual report management's conclusions about the effectiveness of thedisclosure controls and procedures based on my evaluation as of the Evaluation Date;

5.  I have disclosed, based on my mostrecent evaluation, to the registrant's auditors:

a) all significant deficiencies in the design oroperation of internal controls which could adversely affect the registrant's ability torecord, process, summarize and report financial data and have identified for theregistrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management who have a significantrole in the registrant's internal controls; and

6.  I have indicated in this annual reportwhether there were significant changes in internal controls or in other factors that couldsignificantly affect internal controls subsequent to the date of our most recentevaluation, including any corrective actions with regard to significant deficiencies andmaterial weaknesses.

Date: July 22, 2004, Ivo Heiden, Vice President,Treasurer and Director                                  /s/ Ivo Heiden

Statement Pursuant to Section906 of Sarbanes-Oxley Act of 2002

The undersigned, Ivo Heiden, Vice President,Treasurer and Director of Peregrine Industries, Inc., a Florida corporation, hereby makesthe following certification as required by Section 906(a) of the Sarbanes-Oxley Act of2002, with respect to the following of this annual report filed pursuant to Section 15(d)of the Securities Exchange Act of 1934: Annual Report of Form 10-KSB for the year endedSeptember 30, 2003.

The undersigned certifies that the above annualreport fully complies with the requirements of Section 15(d) of the Securities ExchangeAct of 1934, and information contained in the above annual report fairly presents, in allrespects, the financial condition of Peregrine Industries, Inc. and results of itsoperations.

Date: July 22, 2004, Ivo Heiden, Vice President,Treasurer and Director                                  /s/ Ivo Heiden

Certification of Richard Rubin,Secretary and Chairman of Peregrine Industries, Inc., pursuant to 18 U.S.C.ss.1350, asadopted pursuant to ss. 302 of the Sarbanes-Oxley Act of 2002.

I, Richard Rubin, certify that:

1. I have reviewed this annual report on Form10-KSB of Peregrine Industries, Inc.;

2. Based on my knowledge, this annual report doesnot contain any untrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstances under which suchstatements were made, not misleading with respect to the period covered by this annualreport; 

3. Based on my knowledge, the financialstatements, and other financial information included in this annual report, fairly presentin all material respects the financial condition, results of operations and cash flows ofthe registrant as of, and for, the periods presented in this annual report; 

4. As the registrant's certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (asdefined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a) designed such disclosure controls andprocedures to ensure that material information relating to the registrant, including itsconsolidated subsidiaries, is made known to the undersigned by others within thoseentities, particularly during the period in which this annual report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures asof a date within 90 days prior to the filing date of this annual report (the"Evaluation Date"); andc) presented in this annual report management's conclusions about the effectiveness of thedisclosure controls and procedures based on my evaluation as of the Evaluation Date;

5.  I have disclosed, based on my mostrecent evaluation, to the registrant's auditors:

a) all significant deficiencies in the design oroperation of internal controls which could adversely affect the registrant's ability torecord, process, summarize and report financial data and have identified for theregistrant's auditors any material weaknesses in internal controls; and b) any fraud, whether or not material, that involves management who have a significantrole in the registrant's internal controls; and

6.  I have indicated in this annual reportwhether there were significant changes in internal controls or in other factors that couldsignificantly affect internal controls subsequent to the date of our most recentevaluation, including any corrective actions with regard to significant deficiencies andmaterial weaknesses.

Date: July 22, 2004, Richard Rubin, Secretary andChairman                                  /s/ Richard Rubin

Statement Pursuant to Section906 of Sarbanes-Oxley Act of 2002

The undersigned, Richard Rubin, Secretary andChairman of Peregrine Industries, Inc., a Florida corporation, hereby makes the followingcertification as required by Section 906(a) of the Sarbanes-Oxley Act of 2002, withrespect to the following of this annual report filed pursuant to Section 15(d) of theSecurities Exchange Act of 1934: Annual Report of Form 10-KSB for the year ended September30, 2003.

The undersigned certifies that the above annualreport fully complies with the requirements of Section 15(d) of the Securities ExchangeAct of 1934, and information contained in the above annual report fairly presents, in allrespects, the financial condition of American International Industries, Inc. and resultsof its operations.

Date: July 22, 2004, Richard Rubin. Secretary andChairman                                  /s/ Richard Rubin

**FinancialStatements**Back to Table of Contents
Report of Independent AuditorsFinancial Statements for the Years    Ended June 30, 2004 and September 30, 2003   Balance Sheets   Statement of Operations   Statement of Stockholders' Equity   Statement of Cash FlowsNotes to Financial Statements**PEREGRINE INDUSTRIES, INC.REPORT OF INDEPENDENT AUDITORSBack to Table of Contents

To the Board of Directors and StockholdersPeregrine Industries, Inc.

I have audited the accompanying balance sheet ofPeregrine Industries, Inc as of June 30, 2004 and September 30, 2003 and the relatedstatements of operations, changes in stockholders' equity and cash flows for the yearsthen ended. These financial statements are the responsibility of the Company's management.My responsibility is to express an opinion on these financial statements based on myaudit.

I conducted my audit in accordance with auditingstandards generally accepted in the United States of America. Those standards require thatI plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statement presentation. Ibelieve that my audit provides a reasonable basis for my opinion.

In my opinion, the financial statements referred toabove present fairly, in all material respects, the financial position of PeregrineIndustries, Inc. as of June 30, 2004 and September 30, 2003 and the results of itsoperations and its cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America..

The Company adopted "fresh-start" accountingas of May 1, 2004. The impact of this is more fully described in note I of the financialstatements.

Michael F. Cronin, CPA

Rochester, New York

July 22, 2004

**Peregrine Industries, Inc.**
Balance SheetBack    to Table of Contents
     SuccessorPredecessorCompanyCompany
ASSETSJune 30, 04
September 30, 03Current    assets:Cash$0$0Advances    to related parties5660      Total current assets5660  Assets    from discontinued operations held for sale:Inventory00Equipment00Patents, trademarks and other00  00             **Total Assets**$566$0  
LIABILITIES AND STOCKHOLDERS' EQUITY  Current    liabilities:Accountants    payable-trade$523$0Reserve    for estimated cost during the period of liquidation00   Total current liabilities5230  Stockholders'    equity:      Preferred stock, $.0001 par value; 5,000,000 authorized,         200,000 designated Series A 5% cumulative, convertible,         canceled May 2004, (133,663 shares outstanding in 2003)014      Common stock, $.0001 par value; 100,000,000 shares authorized;         29,270,000 issued and outstanding June 2004,      14,270,000 shares issued in 20032,9271,427      Additional paid in capital4,573
2,478,491      Accumulated deficit(7,457)(2,479,932)        Total equity43
0          **Total Liabilities and Equity**$566
$
0  See Summary of Significant Accounting Policies and Notes to Financial Statements.**Peregrine Industries, Inc.**Statement of OperationsFiscal Periods Ended  Back to Table of ContentsSuccessorCompany
Predecessor Company
Fiscal Year Ended 6/30/042 Months7 MonthsFiscal YearEndedEndedEnded06/30/200404/30/20049/30/2003Revenue$0$0$0Costs and Expenses:   General and    administrative7,45600   Depreciation    and amortization000   Impairment    charge000   Other000      Interest000Total costs and expenses7,45600  Loss from continuing    before income taxes    and    discontinued operations(7,456)00Income    taxes000Loss from continuing    operations before discontinued operations(7,456)00  Discontinued operations:      Loss from discontinued operations (net of taxes)000   Estimated    loss on disposal of assets used        in discontinued operations000  **Net loss**$(7,456)$0$0  Per shares amounts:0Basic and diluted from    continuing operations$(0.00)$0.00$0.00**Basic and diluted    net loss**$(0.00)$0.00$0.00  **Weighted average    shares outstanding (basic and diluted)**29,270,00014,270,00014,270,000  See Summary    of Significant Accounting Policies and Notes to Financial Statements.
 

**Peregrine Industries, Inc.**
Statement    of Stockholders' Equity
Back to    Table of ContentsPreferredCommonCommonAdditionalStockPaid-In
Accumulated
Shares
Par Value
Shares
Amount
Capital
Deficit**Balance    at September 30, 2001**
133,363
$14
$14,270,000$
1,427
$
2,066,610
$(2,105,904)      Shareholder loans forfeited under chapter 7411,880      Net loss        
  (374,028)**Balance    at September 30, 2002**
133,3631414,270,0001,427
2,478,490(2,479,932)      Net loss      
  
  
0**Balance    at September 30, 2003**
133,3631414,270,000
$
1,427
2,478,490(2,479,932)      Stock issued for cash15,000,0001,5006,000      Cancellation of Preferred Stock(133,363)(14)14      Effect of "Fresh Start" accounting(2,479,931)2,479,931      Net loss          (7,457)**Balance    at June 30, 2004**0$029,270,000$2,927$4,573$(7,457)  See Summary of Significant Accounting Policies and Notes to Financial Statements.
**Peregrine Industries, Inc.**
Statement of Cash    Flows
Fiscal Periods Ended
Back to    Table of ContentsSuccessorCompanyPredecessor    CompanyFiscal    Year Ended 06/30/2004  2 Months7 Months
Fiscal Year  EndedEndedEnded  06/30/200404/30/200409/30/2003  Cash flows from operating    activities:$(7,456)$0$0Net    lossAdjustments required to    reconcile net loss  to cash used in    operating activities:   Increase    (decrease) in accounts payable and accrued expenses52300        **Cash flows used by operating activities**(6,933)00  Cash    flows from investing activities:   Purchase of    equipment000        **Cash used in investing activities**000   Cash flows from financing    activities:      Proceeds from issuance of common stock7,50000   Loans to    related parties(7,500)00   Repayment of    related party loans6,93300        **Cash generated by financing activities**6,93300  Change in cash0Cash - Beginning of    period000**Cash    - End of period**$0$0$0  See Summary    of Significant Accounting Policies and Notes to Financial Statements.
**PEREGRINE INDUSTRIES, INC.**BACKGROUND ANDSIGNIFICANT ACCOUNTING POLICIESJune 30, 2004Back toTable of Contents
**The Company**
Peregrine Industries, Inc. (the"Company") was formed on October 1, 1995 for the purpose of manufacturingresidential pool heaters. The Company was formerly located in Deerfield Beach, Florida.Products were primarily sold throughout the United States, Canada, and Brazil. InSeptember 1998, the Company formed a wholly-owned subsidiary, Alcool, Inc., in Montgomery,Alabama, in order to expand its manufacturing capacity and product line. Canadianoperations were conducted through a wholly owned subsidiary Thermopompe Peregrine HeatPump, a Quebec corporation.
*Change in Fiscal Year

On April 22, 2004 we elected tochange our fiscal year end from September 30 to June 30. Accordingly, the 2004 results ofoperations, cash flows and statement of stockholders' equity Reflect transactions for thenine month transition period ended June 30, 2004.
*Bankruptcy Proceedings*
On June 4, 2002, we filed apetition for Relief and Reorganization under Chapter 11 of the Bankruptcy Code in the U.S.Bankruptcy Court for the Southern District of Florida (case no. 0224188). On September 4,2002, the bankruptcy proceedings were converted to Chapter 7 for liquidation of theCompany's business. As a result of the conversion of the Company's reorganization, to acase under Chapter 7, all of our properties were transferred to a United States Trusteeand we terminated all of our business operations. The Bankruptcy Trustee has disposed ofall of the assets.

On March 29, 2004, the U.S.Bankruptcy Court confirmed the sale of the Peregrine corporate shell entity. The accountsof the former subsidiaries were not included in the sale and have not been carriedforward.
**Basis of Presentation:**
On March 29, 2004, the U.S.Bankruptcy Court for the Southern District of Florida confirmed the order previouslygranted on March 15, 2004 for the sale of Peregrine as a shell entity and the Company'semergence from bankruptcy became effective on that date (the "Effective Date").We adopted "fresh-start" accounting as of May 1, 2004 in accordance withprocedures specified by AICPA Statement of Position ("SOP") No. 90-7,"Financial Reporting by Entities in Reorganization under the Bankruptcy Code".

Prior to May 1, 2004, we hadadopted the liquidation basis of accounting for all periods beginning after October 1,2001. In accordance with the liquidation basis of accounting, we adjusted our assets totheir estimated net realizable value and liabilities were adjusted to estimated settlementamounts, including estimated costs associated with carrying out the liquidation. Thevaluation of assets held for sale was based on then current contracts, estimates and otherindication of sales value net of estimated selling costs (including brokerage commissions,transfer taxes, legal costs). Additionally, we suspended recording any furtherdepreciation expense.
*Reserve for Estimated Costsduring the Period of Liquidation

Under the liquidation basis ofaccounting, we were required to estimate and accrue the non-operating costs associatedwith executing the plan of liquidation. These amounts can vary significantly due to, amongother things, the timing and realized proceeds from property sales, the costs of retainingagents and trustees to oversee the liquidation, including the costs of insurance, thetiming and amounts associated with discharging known and contingent liabilities and thenon-operating costs associated with cessation of operations. These non-operating costswere paid out over the liquidation period. Such costs do not include costs incurred inconnection with ordinary operations.
**Significant Accounting Policies:**
*Use of Estimates:*The preparation of financial statements in conformity with generally accepted accountingprinciples requires management to make estimates and assumptions that affect reportedamounts of assets and liabilities and disclosure of contingent assets and liabilities atthe date of the financial statement and the reported amounts of revenues and expensesduring the reporting period. Actual results could differ from the estimates.

*Cash and Cash Equivalents*:For financial statement presentation purposes, the Company considers those short-term,highly liquid investments with original maturities of three months or less to be cash orcash equivalents.

*Property and Equipment:*New property and equipment are recorded at cost. Property and equipment included in thebankruptcy proceedings and transferred to the Trustee had been valued at liquidationvalue. Depreciation is computed using the straight-line method over the estimated usefullives of the assets, generally 5 years. Expenditures for renewals and betterments arecapitalized. Expenditures for minor items, repairs and maintenance are charged tooperations as incurred. Gain or loss upon sale or retirement due to obsolescence isreflected in the operating results in the period the event takes place.

*Valuation of Long-LivedAssets:* We review the recoverability of our long-lived assets including equipment,goodwill and other intangible assets, when events or changes in circumstances occur thatindicate that the carrying value of the asset may not be recoverable. The assessment ofpossible impairment is based on our ability to recover the carrying value of the assetfrom the expected future pre-tax cash flows (undiscounted and without interest charges) ofthe related operations. If these cash flows are less than the carrying value of suchasset, an impairment loss is recognized for the difference between estimated fair valueand carrying value. Our primary measure of fair value is based on discounted cash flows.The measurement of impairment requires management to make estimates of these cash flowsrelated to long-lived assets, as well as other fair value determinations.

*Stock Based Compensation:*Stock-based awards to non-employees are accounted for using the fair value method inaccordance with SFAS No. 123, *Accounting for Stock-Based Compensation,*and EITFIssue No. 96-18, *Accounting for Equity Instruments that are Issued to Other ThanEmployees for Acquiring, or in Conjunction with Selling Goods or Services.*Alltransactions in which goods or services are the consideration received for the issuance ofequity instruments are accounted for based on the fair value of the consideration receivedor the fair value of the equity instrument issued, whichever is more reliably measurable.The measurement date used to determine the fair value of the equity instrument issued isthe earlier of the date on which the third-party performance is complete or the date onwhich it is probable that performance will occur.

In December 2002, the FinancialAccounting Standards Board ("FASB") issued SFAS No. 148, *Accounting forStock-Based Compensation-Transition and Disclosure,*effective for fiscal years endingafter December 15, 2002. SFAS No. 148 amends SFAS No. 123 to provide alternative methodsof transition to the fair value method of accounting for stock-based employeecompensation. SFAS No. 148 also amends the disclosure provisions of SFAS No. 123 torequire disclosure in the summary of significant accounting policies of the effects of anentity's accounting policy with respect to stock-based employee compensation on reportednet income and earnings per share in annual and interim financial statements. SFAS No. 148does not amend SFAS No. 123 to require companies to account for their employee stock-basedawards using the fair value method. The disclosure provisions are required, however, forall companies with stock-based employee compensation, regardless of whether they utilizethe fair value method of accounting described in SFAS No. 123 or the intrinsic valuemethod described in Accounting Principles Board ("APB") Opinion No. 25, *Accountingfor Stock Issued to Employees.*

We account for stock-based awardsto employees using the intrinsic value method in accordance with APB Opinion No. 25 andFIN No. 44. As permitted by SFAS No. 123, as amended by SFAS No. 148, we have chosen tocontinue to account for our employee stock-based compensation plans under APB Opinion No.25 and provide the expanded disclosures specified in SFAS No. 123, as amended by SFAS No.148.

We have adopted the disclosurerequirements of SFAS No. 148 effective October 1, 2003. The adoption of this standard hadno impact on our financial condition or operating results.

*Fair Value of FinancialInstruments:* Statements of Financial Accounting Standards No. 107,"Disclosures about Fair Value of Financial Instruments," requires disclosure offair value information about financial instruments. Fair value estimates discussed hereinare based upon certain market assumptions and pertinent information available tomanagement as of June 30, 2004. The respective carrying value of certain on-balance sheetfinancial instruments approximated their fair values.

These financial instrumentsinclude cash and cash equivalents, accounts payable and accrued expenses. Fair values wereassumed to approximate carrying values for these financial instruments since they areshort-term in nature and their carrying amounts approximate fair values or they arereceivable or payable on demand.

*Earnings per Common Share:*Basic net loss per share is computed using the weighted average number of common sharesoutstanding during the period. Diluted net loss per common share is computed using theweighted average number of common and dilutive equivalent shares outstanding during theperiod. Dilutive common equivalent shares consist of options to purchase common stock(only if those options are exercisable and at prices below the average share price for theperiod) and shares issuable upon the conversion of our Preferred Stock. Due to the netlosses reported, dilutive common equivalent shares were excluded from the computation ofdiluted loss per share, as inclusion would be anti-dilutive for the periods presented.

There were no common equivalentshares required to be added to the basic weighted average shares outstanding to arrive atdiluted weighted average shares outstanding in 2004. In 2003 133,663 common shares wouldhave been added from the conversion of the Preferred stock.

*Income Taxes:* TheCompany accounts for income taxes in accordance with Statement of Financial AccountingStandards No. 109, "Accounting for Income Taxes", ("SFAS 109") whichrequires recognition of estimated income taxes payable or refundable on income tax returnsfor the current year and for the estimated future tax effect attributable to temporarydifferences and carry-forwards. Measurement of deferred income tax is based on enacted taxlaws including tax rates, with the measurement of deferred income tax assets being reducedby available tax benefits not expected to be realized.
**Recent Accounting Pronouncements**
In June 2002, the FASB issuedSFAS No. 146, "Accounting for Exit or Disposal Activities." This statementaddresses the recognition, measurement, and reporting of costs associated with exit anddisposal activities. SFAS No. 146 is applicable to restructuring activities and costsrelated to terminating a contract that is not a capital lease and one time benefitarrangements received by employees who are involuntarily terminated. SFAS No. 146supersedes EITY Issue No. 94-3, "Liability Recognition for Certain EmployeeTermination Benefits and Other Costs to Exit an Activity (including Certain Costs Incurredin a Restructuring)." Under SFAS No. 146 the cost associated with an exit or disposalactivity is recognized in the periods in which it is incurred rather than at the date theCompany committed to the exit plan. This statement is effective for exit or disposalactivities initiated after December 31, 2002, with earlier adoption encouraged.

Previously issued financialstatements will not be restated. The provisions of EITF Issue No. 94-3 will continue toapply for exit plans initiated prior to the adoption of SFAS No. 146. As of June 30, 2004,management has not determined the impact of SFAS No. 146 on the Company's financialstatements.

In January 2003, FASB issuedInterpretation No. 46, *Consolidation of Variable Interest Entities*("FIN46"). In general, a variable interest entity is a corporation, partnership, trust orany other legal structure used for business purposes that either (a) does not have equityinvestors with voting rights or (b) has equity investors that do not provide sufficientfinancial resources for the entity to support its activities. FIN 46 requires certainvariable interest entities to be consolidated by the primary beneficiary of the entity ifthe investors do not have the characteristics of a controlling financial interest or donot have sufficient equity at risk for the entity to finance its activities withoutadditional subordinated financial support from other parties. The consolidationrequirements of FIN 46 apply immediately to variable interest entities created afterJanuary 3 1, 2003. The Company adopted the provisions of FIN 46 effective February 1, 2003and such adoption did not have a material impact on its consolidated financial statementssince it currently has no variable interest entities. In December 2003, the FASB issuedFIN 46R with respect to variable interest entities created before January 31, 2003, whichamong other things, revised the implementation date to the first fiscal year or interimperiod ending after March 15, 2004, with the exception of Special Purpose Entities("SPE"). The consolidation requirements apply to all SPE's in the first fiscalyear or interim period ending after December 15, 2003. The Company adopted the provisionsof FIN 46R effective December 29, 2003 and such adoption did not have a material impact onits consolidated financial statements since it currently has no SPE's.

**PEREGRINE INDUSTRIES, INC.**NOTES TO FINANCIAL STATEMENTSJune 30, 2004
**1. Liquidation of Business and"Fresh Start" Accounting:**
Prior to May 1, 2004, we hadadopted the liquidation basis of accounting for all periods beginning after October 1,2001. In accordance with the liquidation basis of accounting, we adjusted our assets totheir estimated net realizable value and liabilities were adjusted to estimated settlementamounts ($1,593,311), including estimated costs associated with carrying out theliquidation. An unaudited summary of the valuation carried out in 2002 (accounting periodnot covered by these financial statements) is as follows:
Patents,Consolidatedtrademarks    and Deferred    taxValuationTotalInventoryEquipmentother    assetsassetsHistorical cost (net)$4,169,424$754,619$3,172,488$242,317$1,207,263Liquidation value1,593,311487,2581,045,05161,0020Impairment charge3,783,376267,3612,127,437181,3151,207,263
On September 4, 2002 all assetswere transferred to the chapter 7 trustee in settlement of all outstanding corporateobligations.

On March 29, 2004, the U.S.Bankruptcy Court for the Southern District of Florida confirmed the order previouslygranted on March 15, 2004 for the sale of Peregrine as a shell entity and the Company'semergence from bankruptcy became effective on that date (the "Effective Date").We adopted "fresh-start" accounting as of May 1, 2004 in accordance withprocedures specified by AICPA Statement of Position ("SOP") No. 90-7,"Financial Reporting by Entities in Reorganization under the Bankruptcy Code."We determined that our selection of May 1, 2004 versus March 29, 2004 for the"fresh-start" date was more convenient for financial reporting purposes and thatthe results for the period from March 29, 2004 to May 1, 2004 were immaterial to thefinancial statements.

All results for periods prior tothe Effective Date are referred to as those of the "Predecessor Company" and allresults for periods including and subsequent to the Effective Date are referred to asthose of the "Successor Company".

In accordance with SOP No. 90-7,the reorganized value of the Company was allocated to the Company's assets based onprocedures specified by SFAS No. 141, "Business Combinations". Each liabilityexisting at the plan sale date, other than deferred taxes, was stated at the present valueof the amounts to be paid at appropriate market rates. It was determined that theCompany's reorganization value computed immediately before the Effective Date was $0. Weadopted "fresh-start" accounting because holders of existing voting sharesimmediately before filing and confirmation of the sale received less than 50% of thevoting shares of the emerging entity and its reorganization value is less than itspost-petition liabilities and allowed claims, as shown below:
Pre-confirmationLiquidationReorganizedPredecessorBasis    DebtSuccessorCompanyDischargeFresh    StartCompany(unaudited)(unaudited)Adjustments(05/01/04)Assets:Cash$0$$7,500(a)$7,500Receivables00Inventory487,258(487,258)(b)  0   Total    current assets487,258(487,258)(b)7,5007,500  Property & equipment1,045,051(1,045,051)(b)0Trademarks & patents33,359(33,359)(b)0Security deposits & other27,643(27,643)(b)  0   Total    assets$1,593,311$(1,593,311)$7,500$7,500  Liabilities subject to compromise:Creditors holding secured claims2,075,479(2,075,479)(b)0Creditors holding unsecured priority    claims108,319(108,319)(b)0Creditors holding unsecured    non-priority claims3,329,794(3,329,794)(b)0   Total    liabilities5,513,592(5,513,592)(0)  Equity:Preferred stock14(14)0Common stock1,4271,5002,927Additional paid-in capital2,066,610411,880(2,473,917)4,573Accumulated deficit(5,988,332)3,508,4012,479,9310   Total Equity(3,920,281)    7,500   Total    liabilities & equity$1,593,311$(1,593,311)$7,500$7,500(a) Investment made by new control    persons(b) transfer of assets to trustee**2. Income Taxes:**
The Company had approximately $808,000 in net operatingloss carryovers available to reduce future income taxes. These carryovers were reduced tozero or eliminated through our bankruptcy proceedings. We have adopted SFAS 109 whichprovides for the recognition of a deferred tax asset based upon the value the losscarry-forwards will have to reduce future income taxes and management's estimate of theprobability of the realization of these tax benefits. We have determined it more likelythan not that our net operating loss carry-forwards will not be utilized; therefore wehave provided for a valuation allowance against the related deferred tax asset A summaryof the deferred tax asset presented on the accompanying balance sheets is as follows:
June 30, 2004September 30, 2003Federal Deferred Tax Asset Relating to Net    Operating Losses$1,050$0State Deferred Tax Asset Relating to Net    Operating Losses3500Less: Valuation Allowance(1,400)0Total Deferred Tax Asset$0$0**3. Commitments:**
The Company, prior to its bankruptcy, was a party tonumerous lawsuits and claims. As a result of the bankruptcy and the subsequent transfer bythe Bankruptcy Trustee of the Company's corporate shell entity free of all liens, claimsand encumbrances pursuant to Section 363(f) of the US Bankruptcy Code, the Company is nolonger party to any litigation.The Company is not a party to any leases and does not have any commitments
**4. Stockholders' Equity:***Common Stock

In April 2004, we increased our authorized shares ofcommon stock to 100,000,000 par value $0.0001. 15 million shares were issued to 3 of ourofficers in exchange for $7,500 in cash. These shares are restricted as totransferability. All issued shares of common stock are entitled to vote on a 1 share/ 1vote basis.
*Preferred Stock

The articles of incorporation were amended in September,1998 to authorize the issuance of 5,000,000 shares of 5% cumulative, convertible preferredstock with a par value of $.0001 per share. At the same time, Series A of such stock wasdesignated, consisting of 200,000 shares. The holders of the Series A preferred stock donot have voting rights and can convert such shares into the Company's common stock on aone to one ratio. The Company may redeem the Series A preferred stock at any time at thestated value of $5 per share plus accrued but unpaid dividends.On May 12, 2004 and pursuant to authority granted to it by the bankruptcy court, the Boardcancelled and extinguished all issued and outstanding preferred stock. All relateddividends obligations were also extinguished.
*Stock Based Compensation*
Stock based compensation is accounted for by using theintrinsic value based method in accordance with Accounting Principles Board Opinion No.25, "Accounting for Stock Issued to Employees" ("APB 25"). The Companyhas adopted Statements of Financial Accounting Standards No. 123, "Accounting forStock Based Compensation, ("SFAS 123") which allows companies to either continueto account for stock based compensation to employees under APB 25, or adopt a fair valuebased method of accounting. The Company has elected to continue to account for stock basedcompensation to employees under APB 25. APB 25 recognizes compensation expense for optionsgranted to employees only when the market price of the stock exceeds the grant exerciseprice at the date of the grant. The amount reflected as compensation expense is measuredas the difference between the exercise price and the market value at the date of thegrant.There were no employee or non-employee options granted in either fiscal period endedSeptember 30, 2003 or June 30, 2004.
**4. Change of Control/Related Parties:***Change of Control

On February 12, 2004, the Trustee for Peregrine and ParkAvenue Group, Inc. entered into a contract resulting in a change in control of Peregrine.On March 15, 2004, the Bankruptcy Court granted an order approving the contract andfinding that Park Avenue Group is a good faith purchaser within the meaning of I I USCSection 363(m). On March 29, 2004, the U.S. Bankruptcy Court for the Southern District ofFlorida confirmed the order previously granted on March 15, 2004.

The confirmed Court order provided that the existingofficers and directors were deemed removed from office and also authorized the following:(i) the appointment of new members to the board of directors; (ii) the amendment of theArticle of Incorporation to increase the number of authorized shares to 100,000,000shares; (iii) the issuance of up to 30,000,000 shares of common stock, par value $0.0001to the new management;(iv) the authority to implement a reverse split of the issued andoutstanding shares in a ratio to be determined by the board of directors; (v) thecancellation and extinguishment of all common share conversion rights of any kind,including without limitation, warrants, options, convertible bonds, other convertible debtinstruments and convertible preferred stock; and (vi) the cancellation and extinguishmentof all preferred shares of every series and accompanying conversion rights of any kind.

On March 30, 2004, the three new officers and directorseach subscribed to 5 million restricted shares for a total of $7,500 or $.0005 per share.After the issuance, each officer owns 17.1% of our common stock. Management collectivelycontrols 51.2% of the issued and outstanding shares.

*Related Party Transactions*

Amounts receivable from related parties are summarizedbelow:
BalanceBalance10/01/2003AdditionsReductions06/30/04Park Avenue Group, Inc.$0$7,500$6,934$566********* |
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