UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  FORM 10-QSB/A
                                 Amendment No. 1

                                   (MARK ONE)
[X]      QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF The Securities
         Exchange Act of 1934

                  For the quarterly period ended March 31, 2002

[  ]     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF The Securities
         Exchange Act of 1934

                         Commission File Number 0-30786

                                 PEREGRINE, INC.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

             NEVADA                                           87-0627349
-------------------------------                         ------------------------
(State or other jurisdiction of                              (IRS Employer
Incorporation or Organization)                             Identification No.)

                              8200 E. PACIFIC PLACE
                                    SUITE 204
                                DENVER, CO 80232
                     --------------------------------------
                    (Address of Principal Executive offices)

          Registrant's telephone number, with area code: (303) 337-4811

     Indicate by, check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934 during the  preceding  twelve  months (or for such shorter  period that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
                                             ---  ---

     State the number of shares  outstanding of each of the issuer's  classes of
common equity as of the latest practicable date:

       Class                                         Outstanding at May 31, 2002
   --------------                                    ---------------------------
       Common                                                 19,511,456


<PAGE>

                                 PEREGRINE, INC.
                                TABLE OF CONTENTS
                                   FORM 10-QSB

                                     PART I
                              FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

        Condensed consolidated balance sheet as of March 31, 2002         3

        Condensed consolidated statements of operations for the
        three month periods ended March 31, 2002 and 2001                 4

        Condensed consolidated statement of changes in stockholders'
        deficit for the three month period ended March 31, 2002           5

        Condensed consolidated statements of cash flows for the
        three month periods ended March 31, 2002 and 2001                 6

        Notes to condensed consolidated financial statements            7-8

Item 2  Management's Discussion and Analysis or Plan of Operation      9-11

                           PART II
                      OTHER INFORMATION

Item 1  Legal proceedings                                                12

Item 2  Changes in securities and use of proceeds                        12

Item 3  Defaults upon senior securities                                  12

Item 4  Submission of matters to a vote of securities holders            12

Item 5  Other information                                                12

Item 6  Exhibits and Reports on Form 8-K                                 12



<PAGE>


                                 PEREGRINE, INC.
                CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
                                 MARCH 31, 2002

                      ASSETS

Current assets:
     Cash                                                   $      20,599
     Accounts receivable                                           22,401
     Inventories                                                   71,788
                                                            -------------
              Total current assets                                114,788
                                                            -------------

Furniture, fixtures and equipment, net                             17,083
Intangible assets, net                                            280,948
                                                            -------------

                                                                  298,031
                                                            -------------
                                                            $     412,819
                                                            =============
      LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
     Lines of credit:
       Related party                                        $      49,681
       Others                                                      62,184
     Notes payable:
       Related parties                                            286,481
       Others                                                      98,000
     Accounts payable                                             297,822
     Accrued expenses                                              93,662
                                                            -------------

              Total liabilities (all current)                     887,830
                                                            -------------


Stockholders' deficit (Notes 1 and 3):
     Preferred stock; $0.001 par value; 5,000,000 shares
       authorized; none issued and outstanding
     Common stock; $0.001 par value; 50,000,000 shares
       authorized; 19,461,456 issued and outstanding               19,461
     Additional paid-in capital                                 3,295,060
     Accumulated deficit                                       (2,633,403)
     Deferred compensation costs                               (1,037,500)
     Receivable from stockholder                                 (118,629)
                                                            -------------

              Total stockholders' deficit                        (475,011)
                                                            -------------

                                                            $     412,819
                                                            =============

            See Notes to condensed consolidated financial statements

                                       3
<PAGE>


                                 PEREGRINE, INC.
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                   THREE MONTHS ENDED MARCH 31, 2002 AND 2001

                                                Three months ended March  31,
                                                    2002            2001
                                                 -----------     ----------

Product sales, net                             $     46,284     $      16,530
Airtime sales, net                                   70,226
                                               ------------     -------------

                                                    116,510            16,530
                                               ------------     -------------

Cost of goods sold                                   25,455            19,836
Cost of airtime sold                                 41,117
                                               ------------     -------------

                                                     66,572            19,836
                                               ------------     -------------

Gross profit                                         49,938            (3,306)

Selling, general and administrative expenses        710,068           132,838
                                               ------------     -------------

Loss from operations                               (660,130)         (136,144)
                                               ------------     -------------

Interest expense:
     Related parties                                  5,095            41,750
     Other                                            2,960            31,150
                                               ------------     -------------

                                                      8,055            72,900
                                               ------------     -------------

Net loss                                       $   (668,185)    $    (209,044)
                                               ============     =============

Net loss per common share:
     Basic and diluted                         $     (0.04)     $      (0.02)
                                               ===========      ============

Weighted average number of common shares
     outstanding -    basic and diluted          17,796,923        10,368,889
                                               ============     =============

            See Notes to condensed consolidated financial statements

                                       4
<PAGE>


                                 PEREGRINE, INC.
          CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS'
                              DEFICIT (UNAUDITED)
                        THREE MONTHS ENDED MARCH 31, 2002
<TABLE>



                                  Common stock              Additional                    Deferred       Receivable
                           ----------------------------      paid-in      Accumulated   compensation        from       Stockholders'
                             Shares           Amount         capital       deficit         cost          stockholder      deficit
                           -----------    -------------    ------------  -------------   --------        ------------  -------------
<S>                        <C>            <C>              <C>           <C>             <C>             <C>

Balances, January 1,
  2002                      14,731,200    $    14,731     $ 3,169,790    $ (1,965,218)  $(1,556,250)    $  (118,629)   $ (455,576)

Common stock issued
  for cash                     130,000            130         129,870                                                     130,000

Amortization of deferred
  compensation cost                                                                         518,750                       518,750

Common stock retained by
   stockholders LSI
   Communications, Inc at
   date of reverse
   acquisition              4,600,256          4,600          (4,600)

Net loss                                                                     (668,185)                                   (668,185)
                          -------------    -------------    -----------    ------------   -------------  -------------  -----------

Balances, March 31,2002     19,461,456    $     19,461    $  3,295,060    $ (2,633,403)  $  (1,037,500) $    (118,629) $ (475,011)
                          =============    =============    ===========    ============   =============  =============  ===========

</TABLE>

            See Notes to condensed consolidated financial statements

                                       5

<PAGE>



                                 PEREGRINE, INC.
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                   THREE MONTHS ENDED MARCH 31, 2002 AND 2001

<TABLE>

                                                            Three months ended March 31,
                                                              2002                 2001
                                                           ------------         ----------
<S>                                                        <C>                  <C>


Net cash used in operating activities                      $ (118,208)        $   (99,784)
                                                           -----------          ----------

Cash flows from financing activities:
     Payments on notes payable, related parties               (25,000)
     Proceeds from notes payable, related parties               7,000
     Proceeds from notes payable, other                                             75,000
     Payments on notes payable, other                                              (25,000)
     Proceeds from line of credit, related party                  414               12,000
     Net (payments) advances on lines of credit, others        (3,918)              20,000
     Advances to stockholder                                                        (4,100)
     Net proceeds from the sale of common stock               130,000
                                                           -----------          -----------

Net cash provided by financing activities                     108,496               77,900
                                                           -----------          -----------

Net decrease in cash                                           (9,712)             (21,884)
Cash, beginning                                                30,311               23,714
                                                           -----------          -----------

Cash, ending                                              $    20,599          $     1,830
                                                           ===========          ===========

Supplemental disclosures of cash flow information:
     Cash paid for interest                               $     2,103          $     3,165
                                                           ===========          ===========

Supplemental disclosure of non-cash investing and
financing activities:

     Series A, 7% convertible preferred stock
       issued in satisfaction of notes payable                                  $   432,600
                                                                                ============

</TABLE>


            See Notes to condensed consolidated financial statements

                                       6

<PAGE>


                                 PEREGRINE, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                   THREE MONTHS ENDED MARCH 31, 2002 AND 2001
                                   (UNAUDITED)

1.   Basis of presentation:

     In November 2001, Peregrine,  Inc. (the  "Company"),  formerly known as LSI
     Communications, Inc. sold the assets and liabilities of its investment in a
     majority owned subsidiary to a major stockholder.  On February 1, 2002, the
     Company acquired  Peregrine Control  Technologies,  Inc. ("PCT") a Colorado
     company. The transaction represents a reverse acquisition of the Company by
     PCT, since PCT owns approximately 76% of the post acquisition shares of the
     consolidated entity immediately after the completion of the transaction. At
     the date of the  transaction,  the Company was a shell  company with no net
     assets.  For  accounting  purposes,  the  acquisition  was  treated  as  an
     acquisition  of the  Company  by PCT and a  recapitalization  of  PCT.  The
     historical stockholders' deficit of PCT has not been retroactively restated
     since the shares exchanged in the transaction were on a one-for-one  basis.
     The accompanying  condensed  consolidated  financial statements include the
     accounts of Peregrine, Inc., and its subsidiary PCT.

     Interim financial statements:

     The  condensed   consolidated  financial  statements  of  the  Company  and
     subsidiary for the three month periods ended March 31, 2002 and 2001,  have
     been prepared by the Company  without  audit by the  Company's  independent
     auditors.  In the  opinion of the  Company's  management,  these  financial
     statements reflect all adjustments, including normal recurring adjustments,
     considered necessary to present fairly the Company's condensed consolidated
     financial position at March 31, 2002 and the condensed consolidated results
     of  operations  and cash flows for the three month  periods ended March 31,
     2002 and 2001,  and the statement of changes in  stockholders'  deficit for
     the three months ended March 31, 2002.

     Certain information and note disclosures normally included in the Company's
     annual  financial   statements   prepared  in  accordance  with  accounting
     principles  generally  accepted in the United  States of America  have been
     condensed or omitted.  These condensed  consolidated  financial  statements
     should be read in  conjunction  with a reading of the financial  statements
     and notes thereto  included in the Company's  Form 10-KSB annual report for
     2001 filed with the Securities and Exchange Commission (the "SEC"), and the
     Company's  Form 8-K/A  filed with the SEC on June 4, 2002.  The  results of
     operations  for the three months  ended March 31, 2002 are not  necessarily
     indicative of the results to be expected for the full year.

     Going concern, results of operations and management's plans:

     The Company has incurred  operating losses for several years.  These losses
     have caused the Company to operate with limited  liquidity and have created
     a  stockholders'  deficit and working  capital  deficiency  of $475,011 and
     $773,042,  respectively,  as of March  31,  2002.  These  conditions  raise
     substantial  doubt  about the  Company's  ability  to  continue  as a going
     concern. Management's plans to address these concerns include:

     1.   Raising working capital through additional borrowings.
     2.   Raising equity funding through sales of the Company's  common stock or
          preferred stock.
     3.   Development of new designs and markets for the Company's products.


                                       7
<PAGE>

1.   Basis of presentation (continued):

     Going concern, results of operations and management's plans (continued):

     The  accompanying  financial  statements  do not  include  any  adjustments
     relating to the  recoverability and classification of assets or the amounts
     of liabilities  that might be necessary  should the Company be unsuccessful
     in implementing  these plans, or otherwise be unable to continue as a going
     concern.

2.   Related party transactions:

     During the three  months ended March 31,  2002,  the Company  issued a note
     payable to a family  member of the  Company's  chief  executive  officer in
     exchange for cash of $7,000. The note is non-interest bearing and is due on
     demand.  During the same period,  the Company  repaid  $25,000 on a related
     party note payable.

3.   Stock transactions:

     During the three month period ended March 31,  2002,  the Company  received
     $130,000 in exchange for 130,000 shares of its common stock.  Subsequent to
     March 31, 2002, the Company received an additional  $50,000 in exchange for
     50,000 shares of its common stock.

4.   Major customers and business segments:

     During the three  months ended March 31, 2002,  the  Company's  two largest
     customers  accounted  for  approximately  54% and 20% of  sales,  all  from
     product  sales.  During the three months ended March 31, 2001,  no customer
     accounted for 10% or more of sales.

     The Company  operates in two business  segments:  sales of control  devices
     that can turn electrical devices on and off utilizing paging technology and
     sales of wireless paging airtime.  The Company evaluates  performance based
     on  operating  earnings of the  respective  business  units.  For the three
     months  ended  March 31,  2001,  the  Company  operated in only the control
     device segment.

     During the three  months  ended March 31, 2002 the segment  results were as
     follows:

                                        Control        Paging
                                        devices        airtime        Total
                                      ------------    ---------     ----------
              Revenues                $    46,300    $   70,200     $ 116,500
              Segment operating loss     (634,600)      (25,500)     (660,100)
              Total assets                111,500       301,300       412,800



                                       8
<PAGE>

Item 2. Management's Discussion and Analysis or Plan of Operation

Forward-Looking Statements

Discussions  and information in this document,  which are not historical  facts,
should be considered forward-looking  statements. With regard to forward-looking
statements,  including  those  regarding the potential  revenues from  increased
sales, and the business prospects or any other aspect of Peregrine,  Inc. actual
results and business  performance  may differ  materially from that projected or
estimated in such forward-looking  statements.  Peregrine, Inc. has attempted to
identify in this document certain of the factors that it currently  believes may
cause  actual  future   experience  and  results  to  differ  from  its  current
expectations.  Differences may be caused by a variety of factors,  including but
not  limited  to,  adverse  economic  conditions,  entry  of  new  and  stronger
competitors,  inadequate  capital and the inability to obtain funding from third
parties.

The  following  information  should be read in  conjunction  with the  unaudited
condensed  consolidated  financial statements included herein which are prepared
in accordance with accounting principles generally accepted in the United States
of America for interim financial information.


The Three Months  Ended March 31, 2002  Compared to the Three Months Ended March
31, 2001

Net sales for the three month  period  ended March 31,  2002 were  $116,510,  an
increase of $99,980 or 605% from the $16,530 for the corresponding period of the
prior year. This increase  consists of an increase of $29,754 or 180% in product
sales and the  addition  of  $70,226 in  airtime  sales.  There were no sales of
airtime in the prior period.

Cost of goods sold  increased by $46,736 or 236% to $66,572 for the three months
ended March 31,  2002 from  $19,836  for the  corresponding  period of the prior
year. This increase  reflected an increase of $5,619 or 28% in product sales and
the  addition  of $41,117 in costs of airtime  sales.  Gross  profit  margins on
equipment sales were 45% for the three months ended March 31, 2002 compared to a
negative 20% for the  corresponding  period of the prior year.  This increase in
margin  resulted  from the  Company  being able to purchase in volume at reduced
rates during the  quarterly  period  ended March 31,  2002.  The gross margin on
airtime sold was 41%.

Selling,  general and  administrative  expenses for the three months ended March
31, 2002  increased by $577,230 or 436% to $710,068  from $132,838 for the three
month period March 31, 2001.  The increase is primarily due to the  amortization
of deferred  compensation,  which  totaled  $518,750  for the three months ended
March 31, 2002.  Without the  amortization of the deferred  compensation  costs,
selling general and administrative  expenses would have increased by $58,480, or
44%, principally because of increased staffing and increased professional fees.

Interest  expense  decreased  by $64,845,  or 89% to $8,055 for the three months
ended March 31,  2002 from  $72,900  for the  corresponding  period of the prior
year.  This  decrease  resulted  from  reduced  borrowings,  as a portion of the
Company's debt was converted into common stock.

The net loss for the  three  month  period  ended  March 31,  2002 was  $668,185
compared  to $209,044  for the three month  period  ended  March 31,  2001.  The
increase  in  net  loss  is  attributable  to  increased  selling,  general  and
administrative  expense,  principally the amortization of deferred  compensation
costs which was  partially  offset by higher gross  profit and reduced  interest
expense.

                                       9
<PAGE>

Liquidity and Capital Resources

The  Company's  financial  statements  for the three months ended March 31, 2002
have been prepared on a going concern basis,  which contemplates the realization
of assets and the settlement of liabilities and commitments in the normal course
of business.  For the three months ended March 31, 2002, the Company  reported a
net loss of $668,185 and has a stockholders'  deficit of $475,011.  In addition,
the Company had cash of $20,599 but a working  capital  deficiency  of $773,042.
This compares with cash of $30,311 and a working capital  deficiency of $783,724
at March 31, 2001. The Independent  Auditors' Report on the Company's  financial
statements  as of and for the year ended  December  31,  2001  included a "going
concern"   explanatory   paragraph  which  means  that  the  auditors  expressed
substantial doubt about the Company's ability to continue as a going concern.

During the first quarter of 2002, besides using receipts from normal operations,
the Company was able to meet its financial  obligations by borrowing monies from
a related  party of $7,000  and by  issuing  130,000  shares of common  stock in
exchange for $130,000.

The Company  continues  to be cash flow  negative  from  operations.  Management
expects that with  improved  sales and lower costs the Company will be cash flow
positive by the third quarter of 2002. However,  there can be no assurances that
the Company's ongoing  operations will begin to generate a positive cash flow or
that  unforeseen  events may not require more  working  capital than the Company
currently has at its disposal.

For the three  months ended March 31,  2002,  the Company  used  $118,208 in its
operating  activities,  compared to $99,784 used in its operating activities for
the three months ended March 31, 2001. Although the Company generated a net loss
of $668,185,  non-cash  depreciation and  amortization of deferred  compensation
costs resulted in cash used in operations of $118,208.

The Company  had no cash flows from  investing  activities  for either the three
months ended March 31, 2002 or March 31, 2001.

For the three months  ended March 31, 2002,  the Company had net cash flows from
financing activities totaling $108,496 compared to $77,900 for the corresponding
period of the prior  year.  During  the  current  period the  Company  had a net
repayment  of loans of $28,918  and  received  proceeds  from the sale of common
stock totaling $130,000.  All of the proceeds for the prior period were from the
issuance of promissory notes.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and disclosure of contingent  assets and liabilities at the date of
the financial statements and the reported amounts of revenue and expenses during
the reporting period. Actual results could differ from those estimates.

                                       10
<PAGE>

We believe that the following are some of the more critical  accounting policies
that currently affect our financial condition and results of operations:


o        intangible assets
o        stock based compensation

Intangible assets

Intangible  assets include patent costs, a non-compete  agreement and a customer
base,  and  are  stated  at  cost.  Amortization  is  provided  by  use  of  the
straight-line method over the estimated lives as follows:

                  Patents                                     Ten years
                  Customer base                               Three years
                  Non-compete agreement                       One year

Stock based compensation

SFAS No. 123, Accounting for Stock-Based Compensation defines a fair-value based
method  of  accounting  for   stock-based   employee   compensation   plans  and
transactions  in which an entity issues its equity  instruments to acquire goods
or services from non-employees, and encourages but does not require companies to
record  compensation cost for stock-based  employee  compensation  plans at fair
value.  The Company has chosen to continue to account for  employee  stock-based
compensation   using  the  intrinsic  value  method   prescribed  in  Accounting
Principles Board Opinion No. 25,  Accounting for Stock Issued to Employees ("APB
No. 25") and related interpretations.  Accordingly,  compensation cost for stock
options  granted to employees  is measured as the excess,  if any, of the quoted
market price of the Company's  stock at the date of the grant over the amount an
employee must pay to acquire the stock.

                                       11
<PAGE>

                           PART II - OTHER INFORMATION



Item 1   Legal proceedings

         None.

Item 2   Changes in securities and use of proceeds

         None.

Item 3   Defaults upon senior securities

         None

Item 4   Submission of matters to a vote of securities holders

         On April 29,  2002,  the Company  elected new  directors,  ratified its
         selection of verifying  accountants  and voted to change the  corporate
         name.

Item 5   Other information

         None

Item 6   Exhibits and Reports

         A Form 8-K,  dated  February  1, 2002,  reporting  the  acquisition  of
Peregrine Control Technologies, Inc.



                                   SIGNATURES


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



                                              Peregrine, Inc.
                                              (Registrant)


Date:  June 25, 2002                          By: /s/ Steven Jacobson
                                              -------------------------------
                                              Steven Jacobson
                                              Chief Executive Officer

Date:  June 25, 2002                          By: /s/ Myron Anduri
                                              -------------------------------
                                              Myron Anduri
                                              Chief Financial Officer

                                       12