SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-QSB
                                   (Mark One)

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities  Exchange
Act of 1934 For The Quarter Ended March 31, 2004 or

[ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934 For The Transition Period from _______to_______

                          Commission File No. 000-27773

                            PERFISANS HOLDINGS, INC.
             (Exact name of registrant as specified in its charter)



--------------------------------------------------------------------------------
          MARYLAND                                       91-1869317
--------------------------------------------------------------------------------
  (State of Incorporation)                  (I.R.S. Employer Identification No.)
--------------------------------------------------------------------------------


                4118 14TH AVE., UNIT #4, MARKHAM, ONTARIO L3R 0J6
                    (Address of principal executive offices)

Registrants' telephone number, including area code: (905) 943-9996
                                                     -------------

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 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the Registrant is an accelerated filer as defined
in Rule 12b-2 of the Exchange Act. Yes | | No |X|

                      APPLICABLE ONLY TO CORPORATE ISSUERS

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

As of May 14,  2004  there were  37,660,189  shares of common  stock,  par value
$0.001 per share, outstanding.


<PAGE>

                            PERFISANS HOLDINGS, INC.

<TABLE>

<S>                                                                                                    <C>
PART I - FINANCIAL INFORMATION


Item 1. Financial Statements ............................................................................1

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations ...........2

Item 3. Controls and Procedures .........................................................................6


PART II - OTHER INFORMATION


Item 1. Legal Proceedings................................................................................7

Item 2. Changes in Securities............................................................................7

Item 3. Defaults Upon Senior Securities..................................................................7

Item 4. Submission of Matters to a Vote of Security Holders..............................................7

Item 5. Other Information................................................................................7

Item 6. Exhibits and Reports on Form 8-K.................................................................7


SIGNATURES...............................................................................................8
</TABLE>

<PAGE>

                SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS


Certain  statements  contained  herein  including,   without  limitation,  those
concerning  (i) the strategy of Perfisans  Holdings,  Inc.  ("Perfisans"),  (ii)
Perfisans'  expansion plans and (iii) Perfisans' capital  expenditures,  contain
forward-looking  statements (within the meaning of Section 27A of the Securities
Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities
Exchange Act of 1934,  as amended (the  "Exchange  Act")  concerning  Perfisans'
operations,   economic  performance  and  financial   condition.   Because  such
statements involve risks and uncertainties, actual results may differ materially
from those expressed or implied by such forward-looking statements. Factors that
could cause such  differences  include,  but are not limited to, those discussed
under the caption  "Management's  Discussion and Analysis of Financial Condition
and Results of  Operations."  Perfisans  undertakes  no  obligation  to publicly
release the result of any revisions to these forward-looking statements that may
be made to reflect any future events or circumstances.

<PAGE>

                          PART I. FINANCIAL INFORMATION



ITEM 1.  FINANCIAL STATEMENTS







                            PERFISANS HOLDINGS, INC.

                    INTERIM CONSOLIDATED FINANCIAL STATEMENTS

                                 MARCH 31, 2004

                        (AMOUNTS EXPRESSED IN US DOLLARS)

                                   (UNAUDITED)







                                       1
<PAGE>


                            PERFISANS HOLDINGS, INC.

                    INTERIM CONSOLIDATED FINANCIAL STATEMENTS

                                 MARCH 31, 2004

                        (AMOUNTS EXPRESSED IN US DOLLARS)

                                   (UNAUDITED)



                                TABLE OF CONTENTS


<TABLE>
<S>                                                                                                       <C>
       Interim Consolidated Balance Sheets as of March 31, 2004
           and December 31, 2003                                                                     F-1 - F-2

       Interim Consolidated Statements of Operations for the three months
           ended March 31, 2004 and 2003                                                                   F-3

       Interim Consolidated Statements of Cash Flows for the three months ended
           March 31, 2004 and 2003                                                                         F-4

       Interim Consolidated Statements of Changes in Stockholders' Equity (Deficiency)
           for the three months ended March 31, 2004 and for the year ended
           December 31, 2003                                                                               F-5

       Notes to Interim Consolidated Financial Statements                                            F-6 - F-9
</TABLE>


<PAGE>

PERFISANS HOLDINGS, INC.
INTERIM CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2004 AND DECEMBER 31, 2003
(AMOUNTS EXPRESSED IN US DOLLARS)
(UNAUDITED)
                                                       March 31,    December 31,
                                                            2004            2003

                                                              $               $
                                     ASSETS
       CURRENT ASSETS

    Cash and cash equivalents                            596,761         484,848
    Accounts receivable                                  184,979          46,034
    Prepaid expenses and deposits                         28,694          62,665
    Inventory                                            106,371              --
                                                      ----------      ----------

                                                         916,805         593,547

PROPERTY, PLANT AND EQUIPMENT                            198,022         209,220

INTELLECTUAL PROPERTY                                          1               1
                                                      ----------      ----------










                                                       1,114,828         802,768
                                                     ===========      ==========







          The accompanying notes are an integral part of these interim
                       consolidated financial statements.


                                                                             F-1

<PAGE>

PERFISANS HOLDINGS, INC.
INTERIM CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2004 AND DECEMBER 31, 2003
(AMOUNTS EXPRESSED IN US DOLLARS)
(UNAUDITED)
                                                        March 31,  December 31,
                                                             2004          2003

                                                              $             $
                                   LIABILITIES
CURRENT LIABILITIES

    Accounts payable and accrued liabilities              609,595       302,325
    Current portion of long-term debt                      35,611        39,851
    Promissory note payable                               250,000            --
                                                       ----------    ----------

                                                          895,206       342,176

LOAN FROM A SHAREHOLDER                                   339,260       264,767
                                                       ----------    ----------

                                                        1,234,466       606,943
                                                       ----------    ----------

                        STOCKHOLDERS' EQUITY (DEFICIENCY)

CAPTIAL STOCK                                              37,660        37,660

ADDITIONAL PAID-IN CAPITAL                              6,161,823     6,117,173

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)             (97,846)      (94,459)

DEFICIT                                                (6,221,275)   (5,864,549)
                                                       ----------    ----------

                                                         (119,638)      195,825
                                                       ----------    ----------

                                                        1,114,828       802,768
                                                       ==========    ==========






          The accompanying notes are an integral part of these interim
                       consolidated financial statements.






                                                                             F-2
<PAGE>

PERFISANS HOLDINGS, INC.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(AMOUNTS EXPRESSED IN US DOLLARS)
(UNAUDITED)
                                                            2004           2003

                                                              $              $

              REVENUE                                    335,818             --

                  Cost of goods sold                     313,370             --
                                                     -----------    -----------

              GROSS PROFIT                                22,448             --
                                                     -----------    -----------

              OPERATING EXPENSES

                General and administration               460,466         71,257
                Interest                                     438            602
                Management salaries                       50,000         50,000
                Amortization                              15,428          6,816
                                                     -----------    -----------

              TOTAL OPERATING EXPENSES                   526,332        128,675
                                                     -----------    -----------

              OPERATING LOSS                            (503,884)      (128,675)

                  Interest income and research and
                  development tax refund                 147,158             64
                                                     -----------    -----------

              NET LOSS                                  (356,726)      (128,611)
                                                     ===========    ===========

              Loss per share, basic and diluted            (0.01)         (0.00)
                                                     ===========    ===========

              Weighted average shares outstanding     37,660,189     32,942,967
                                                     ===========    ===========





          The accompanying notes are an integral part of these interim
                       consolidated financial statements.







                                                                             F-3
<PAGE>

PERFISANS HOLDINGS, INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(AMOUNTS EXPRESSED IN US DOLLARS)
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                    2004        2003


                                                                      $           $
<S>                                                             <C>         <C>
     CASH FLOWS FROM OPERATING ACTIVITIES

    Net loss                                                    (356,726)   (128,611)
    Items not requiring an outlay of cash:
         Amortization                                             15,428       6,816
         Management salaries contributed                          50,000      50,000
         Increase in accounts receivable                        (138,667)     (3,220)
         Decrease in prepaid expenses and deposits                33,120       2,080
         Increase in accounts payable and accrued liabilities    307,402      32,707
         Increase in inventory                                  (105,785)         --


NET CASH USED IN OPERATING ACTIVITES                            (195,228)    (40,228)


CASH FLOWS FROM FINANCING ACTIVITIES

    Repayment of long-term debt                                   (3,794)     (8,280)
    Proceeds from promissory note payable                        250,000          --
    Proceeds from loan from a shareholder                         76,885          --
    Proceeds from issuance of shares                                  --     200,000
    Payment of share issue cost                                   (5,350)         --


NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES                  317,741     191,720


CASH FLOWS FROM INVESTING ACTIVITIES

    Purchase of property, plant and equipment                     (6,503)       (116)


NET CASH FLOWS USED IN INVESTING ACTIVITIES                       (6,503)       (116)


EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES                  (4,097)     10,698


NET INCREASE IN CASH AND CASH EQUIVALENTS
    FOR THE YEAR                                                 111,913     162,074

    Cash and cash equivalents, beginning of year                 484,848      28,188


CASH AND CASH EQUIVALENTS, END OF YEAR                           596,761     190,262
</TABLE>



          The accompanying notes are an integral part of these interim
                       consolidated financial statements.



                                                                             F-4

<PAGE>


PERFISANS HOLDINGS, INC.
INTERIM CONSOLIDATED  STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
FOR THE THREE  MONTHS  ENDED MARCH 31, 2004 AND FOR THE YEAR ENDED
DECEMBER 31,2003
(AMOUNTS EXPRESSED IN US DOLLARS)
(UNAUDITED)

<TABLE>
<CAPTION>
                                                      Common
                                                       stock         Common        Class A      Class A      Class B         Class B
                                                   number of          stock      number of       shares    number of          shares
                                                      shares         amount         shares       amount       shares          amount
                                                   ---------         ------     ----------     --------    ---------        --------
                                                                         $                       $                          $
<S>                                               <C>                <C>       <C>             <C>        <C>               <C>
Balance as of December 31, 2002                           --             --     21,350,000          195    1,475,005         43,515
Issuance of Class B shares for services                   --             --             --           --      110,000          7,000
Issuance of Class A convertible preference                --             --             --           --           --             --
   shares for services
Issuance of Class A shares as payment for                 --             --      1,142,500           --           --             --
   raising capital
Issuance of Class A convertible preference
   shares as payment for raising capital                  --             --             --           --           --             --
Issuance of Class A shares for cash                       --             --      1,500,000      744,598           --             --
Issuance of Class A convertible preference
   shares for cash                                        --             --             --           --           --             --
Recapitalization pursuant to reverse acquisition  37,786,519         37,786    (23,992,500)    (744,793)  (1,585,005)       (50,515)
Cancellation of Common stock                        (126,330)          (126)            --           --           --             --
Management salaries contributed                           --             --             --           --           --             --
Stock-based compensation                                  --             --             --           --           --             --
Foreign currency translation                              --             --             --           --           --             --
Net loss for the year                                     --             --             --           --           --             --
                                                 -----------    -----------    -----------  -----------  -----------    -----------
Balance as of December 31, 2003                   37,660,189         37,660             --           --           --             --
Share issue expense                                       --             --             --           --           --             --
Management salaries contributed                           --             --             --           --           --             --
Foreign currency translation                              --             --             --           --           --             --
Net loss for the year                                     --             --             --           --           --             --
                                                 -----------    -----------    -----------  -----------  -----------    -----------
Balance as of March 31, 2004                      37,660,189         37,660             --           --           --             --
                                                 ===========    ===========    ===========  ===========  ===========    ===========
<CAPTION>

                                                     Class A        Class A
                                                 convertible    convertible                                              Accumulated
                                                  preference     preference     Additional                                     other
                                                   number of         shares        paid-in              Comprehensive  comprehensive
                                                      shares         amount        capital      Deficit          loss   income(loss)
                                                 -----------    -----------     ----------   ---------- -------------  -------------
                                                                   $              $            $                 $           $
<S>                                               <C>                <C>       <C>             <C>        <C>               <C>
Balance as of December 31, 2002                    4,462,500      2,133,000      1,330,575   (3,978,846)          --          1,531
Issuance of Class B shares for services                   --             --             --           --           --             --
Issuance of Class A convertible preference           600,000        360,000             --           --           --             --
   shares for services
Issuance of Class A shares as payment for                 --             --             --           --           --             --
   raising capital
Issuance of Class A convertible preference
   shares as payment for raising capital             532,792             --             --           --           --             --
Issuance of Class A shares for cash                       --             --             --           --           --             --
Issuance of Class A convertible preference
   shares for cash                                 1,770,170        938,553             --           --           --             --
Recapitalization pursuant to reverse acquisition  (7,365,462)    (3,431,553)     4,189,074           --           --             --
Cancellation of Common stock                              --             --            126           --           --             --
Management salaries contributed                           --             --        200,000           --           --             --
Stock-based compensation                                  --             --        397,398           --           --             --
Foreign currency translation                              --             --             --           --      (95,990)       (95,990)
Net loss for the year                                     --             --             --   (1,885,703)  (1,885,703)            --
                                                 -----------    -----------    -----------  -----------  -----------    -----------
Balance as of December 31, 2003                           --             --      6,117,173   (5,864,549)  (1,981,693)       (94,459)
Share issue expense                                       --             --         (5,350)          --           --             --
Management salaries contributed                           --             --         50,000           --           --             --
Foreign currency translation                              --             --             --           --       (3,387)        (3,387)
Net loss for the year                                     --             --             --     (356,726)    (356,726)            --
                                                 -----------    -----------    -----------  -----------  -----------    -----------
Balance as of March 31, 2004                              --             --      6,161,823   (6,221,275)    (360,113)       (97,846)
                                                 ===========    ===========    ===========  ===========  ===========    ===========
</TABLE>





          The accompanying notes are an integral part of these interim
                       consolidated financial statements.

                                                                             F-5

<PAGE>


PERFISANS HOLDINGS, INC.
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2004
(AMOUNTS EXPRESSED IN US DOLLARS)
(UNAUDITED)



       1. NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

          The accompanying  unaudited interim consolidated  financial statements
          have been prepared in accordance with the  instructions to Form 10-QSB
          and do not  include  all the  information  and  footnotes  required by
          generally  accepted  accounting  principles  in the  United  Stated of
          America  for  complete  financial   statements.   In  the  opinion  of
          management,  all  adjustments  (consisting of all recurring  accruals)
          considered   necessary  for  fair  presentation  have  been  included.
          Operating   results  for  the  interim  periods  are  not  necessarily
          indicative  of the  results  that may be  expected  for the year ended
          December 31, 2004. Interim consolidated financial statements should be
          read in conjunction  with the company's  annual  audited  consolidated
          financial statements.


       2. SECURITIES EXCHANGE AGREEMENT AND REVERSE ACQUISITION

          On December 19, 2003, Griffin Industries, Inc. ("Griffin"), a publicly
          traded company,  entered into an Acquisition  Agreement with Perfisans
          Networks  Corporation,  a  Canadian  corporation   ("Perfisans").   In
          exchange for the  acquisition  of the 100% interest in Perfisans,  the
          shareholders  of Perfisans  were issued a total of  32,942,967  Common
          shares of Griffin. Following the acquisition,  the former shareholders
          of Perfisans  hold 87.5% of the  37,660,189  shares of common stock of
          Griffin. Consequently, even though Griffin is the legal acquirer, this
          transaction  will be treated as an acquisition of Griffin by Perfisans
          and as a recapitalization by Perfisans for accounting purposes.

          As part of this transaction, the company changed its name from Griffin
          Industries,  Inc.  to  Perfisans  Holdings,  Inc.  Accordingly,  these
          financial   statements  are  titled  Perfisans   Holdings,   Inc.  The
          comparative   financial   statements  are  those  of  Perfisans,   the
          accounting acquirer.


       3. NATURE OF OPERATIONS AND GOING CONCERN

          Perfisans Holdings,  Inc. (the "Company") is a technology  development
          company.  The  principal  activity  of the  Company  is the design and
          development of integrated circuits for commercial purposes.

          The Company was  previously  in the  development  stage and  commenced
          earning  revenue  during the first  quarter of 2004.  The  Company has
          incurred  losses since its  incorporation.  The Company has funded its
          operations to date through the issuance of shares.

          The Company  plans to  introduce  products to the market  beginning in
          2004.  Three products are planned for release in 2004.  These products
          are  focused  on  the  network  interface   semiconductor   integrated
          circuits.

          Product 1 - SNA 1020A. The Company anticipates  releasing this network
          interface chip towards the end of the 2nd quarter of 2004.

                                                                             F-6
<PAGE>

PERFISANS HOLDINGS, INC.
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2004
(AMOUNTS EXPRESSED IN US DOLLARS)
(UNAUDITED)



       3. NATURE OF OPERATIONS AND GOING CONCERN (cont'd)

          Product 2 - SNA 1000. Low cost,  single chip Gigabit network interface
          chip.  Management is marketing this product  primarily to network card
          manufacturers  who are marketing  products  geared toward the consumer
          market.  The Company plan on releasing  this  network  interface  chip
          towards the end of the 2nd quarter of 2004.

          Product  3 -  SNA  1010.  Management  plans  to  market  this  product
          primarily to network card  manufacturers  who are  marketing  products
          geared toward the consumer  market.  The Company plans to release this
          product in the fourth quarter of 2004.

          Despite having limited revenue since  inception,  the Company believes
          that  its  management   has  developed  a  business   plan,   that  if
          successfully  implemented  could  substantially  improve the Company's
          operational results and financial conditions. However, the Company can
          give no  assurances  that its current cash flows from  operations,  if
          any, and  proceeds  from the sale of  securities,  will be adequate to
          fund its  expected  operating  and  capital  needs for the next twelve
          months.  The adequacy of cash resources over the next twelve months is
          primarily dependent on its operating results and the ability to obtain
          proceeds from the sales of securities.  The projected cash requirement
          for the next twelve  months will be 10 million  dollars.  The proceeds
          from the sale of  4,000,000  shares  to SBI and  Westmoreland  will be
          adequate to fund its expected operating and capital needs for the next
          twelve months.


       4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

           a.   Inventory

                Inventory comprises of work-in-progress items and is recorded at
                the lower of cost and net realizable  value.  Cost is determined
                on the first-in, first-out basis.

           b.   Revenue Recognition

                Sales   represent  the  invoiced  value  of  goods  supplied  to
                customers.  Revenues are recognized upon the passage of title to
                the  customers,  provided that the collection of the proceeds of
                sales is reasonably assured.




                                                                             F-7
<PAGE>

PERFISANS HOLDINGS, INC.
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2004
(AMOUNTS EXPRESSED IN US DOLLARS)
(UNAUDITED)



       5. INTELLECTUAL PROPERTY
                                                  March 31,        December 31,
                                                       2004                2003

                                                         $                   $

          Intellectual property                     327,324             327,324
          Less:  Impairment write down             (327,323)           (327,323)
                                                -----------         -----------

                                                          1                   1
                                                ===========         ===========

          Intellectual  property  represents licenses to use, modify and prepare
          derivative  works  of  licensors'  source  material.  Licenses  may be
          subject to annual and usage fees.  The terms of the licenses  continue
          indefinitely  unless  breached by the terms of the  agreements.  As at
          March 31, 2004 and December 31, 2003, the Company had three  licensing
          agreements,  which it entered into  between  April 2002 and July 2002.
          These  licenses are  non-transferable,  non-sublicensable  and royalty
          free. The Company must pay annual support and maintenance  fees to the
          licensors to maintain the terms of the agreements. These licenses give
          the  Company  the  right to  incorporate  licensor  software  into the
          Company's   internally-developed  software  and  the  products  it  is
          developing.

          Annual support and maintenance fees are expensed as they become due.

          The Company evaluates the recoverability of the intellectual  property
          and reviews the impairment on an annual basis and at any other time if
          events occur or  circumstances  change that would more likely than not
          reduce the fair value below its carrying amount utilizing the guidance
          of SFAS 142, "Goodwill and other Intangible  Assets".  Several factors
          are used to evaluate  the  intellectual  property,  including  but not
          limited to, management's plans for future operations, recent operating
          results and projected  undiscounted  cash flows.  As at March 31, 2004
          and December 31,  2003,  significant  doubt exists with respect to the
          recoverability of these licenses. Consequently,  intellectual property
          has been written-down to a nominal value of $1.


       6. PROMISSORY NOTE PAYABLE

          Promissory note payable bears interest at 2% per month, with principal
          and interest  payable at the earlier of i) July 2004;  or ii) upon the
          Company's receipt of at least $4,000,000 in gross proceeds from public
          or private sale of the company's securities.



                                                                             F-8
<PAGE>

PERFISANS HOLDINGS, INC.
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2004
(AMOUNTS EXPRESSED IN US DOLLARS)
(UNAUDITED)



       7. RELATED PARTY TRANSACTION

          Included in cost of sales are $143,200 of purchases from a shareholder
          of the company.  As at March 31, 2004, there are $142,026  included in
          accounts payable due to this shareholder.


       8. CONTINGENT LIABILITY

          The Company has received a Job Creation Loan in the amount of $77,000.
          If job  creation  under the loan  program  does not  materialize,  the
          penalty will be a  retroactive  increase in the interest rate to prime
          plus 2.5%, per annum, from prime plus 0.25% per annum.

          Management  is unable to  determine  the  likelihood  of this  penalty
          materializing  as at March 31, 2004.  Any expense that may result from
          this  penalty  will be  recognized  in the  period in which it becomes
          known.


       9. REGISTRATION STATEMENT

          On February  12,  2004,  the Company  filed a  registration  statement
          whereby the company is offering up to 4,000,000 shares of common stock
          in two  tranches.  Tranche 1 is  2,000,000  shares  at $2.00  each and
          Tranche 2 is 2,000,000 shares at $3.00 each. As at March 31, 2004, the
          offering is in the process of being  reviewed  by the  Securities  and
          Exchange Commission.




                                                                             F-9
<PAGE>

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS
The following  discussion and analysis  should be read in  conjunction  with the
financial  statements and notes appearing  elsewhere in this Quarterly Report on
Form 10-QSB.

This  filing  contains  forward-looking   statements.  The  words  "anticipate,"
"believe," "expect,  "plan," "intend," "seek,"  "estimate,"  "project," "could,"
"may,"  and  similar  expressions  are  intended  to  identify   forward-looking
statements.  Such statements  include  references to future  operations,  future
capital  expenditures,  future  net cash flow and other  measures  of  financial
performance.  As such, these statements  involve risks and  uncertainties  which
include,  without  limitation,  those relating to general  economic and business
conditions,  changes in foreign,  political,  social,  and economic  conditions,
regulatory initiatives and compliance with governmental regulations, our ability
to achieve  further market  penetration  and obtain  additional  customers,  and
various other matters, many of which are beyond our control.  Should one or more
of these risks or uncertainties occur, or should underlying assumptions prove to
be incorrect,  our actual  results may vary  materially and adversely from those
anticipated,  believed,  estimated or  otherwise  indicated.  Consequently,  all
forward-looking  statements  made in this  Quarterly  Report on Form  10-QSB are
qualified by reference to these cautionary statements.

OVERVIEW

On December 19, 2003, Perfisans Holdings,  Inc., a Maryland corporation formerly
known  as  Griffin  Industries,  Inc.,  acquired  100% of the  capital  stock of
Perfisans Networks Corporation, an Ontario corporation.

This transaction was accounted for as a reverse acquisition. We changed our name
to  Perfisans  Holdings,  Inc.  ("Perfisans")  in  conjunction  with the reverse
acquisition.  We are the  surviving  entity for legal  purposes  and the Ontario
corporation is the surviving entity for accounting purposes.

Accordingly, the financial statements include the following:

The  statements  of  operations  include the  operations  of Perfisans  Networks
Corporation for the periods presented.

Pursuant to the acquisition,  all capital stock shares and amounts and per share
data were retroactively restated.

Because we have recorded nominal  revenues to date, our independent  accountants
have  prepared  our  financial  statements  with the  assumption  that  there is
substantial  doubt  that we can  continue  as a going  concern.  Our  ability to
continue as a going  concern is  dependent  on our ability to effect our Plan of
Operations.

PLAN OF OPERATIONS
We were  incorporated  in Maryland on October 14, 1997, to be a venture  capital
vehicle for  investors.  As such,  we were  qualified as a business  development
company under the Investment  Company Act of 1940 and voluntarily

                                       2
<PAGE>

complied  with  the  Securities  and  Exchange   Commission's  public  reporting
requirements.  As a  business  development  company,  we were  eligible  to make
investments in qualifying  companies and would have earned returns, if any, upon
the sale of those investments.

In the  summer of 1998,  we  terminated  our  status as a  business  development
company,  and regulation  under the  Investment  Company Act of 1940, due to our
intention  to  acquire  100% of the  assets  or  shares  of  heavy  construction
equipment companies.

Due to a downturn  in the private  and public  capital  markets in late 1998 and
early 1999, and in particular in the valuations of heavy construction  equipment
companies,  we abandoned the  acquisition  plan and after  conducting  extensive
research,  our board of directors  decided to pursue a business plan that called
for the acquisition of companies that provide services via the Internet.

Since 2000, we have explored a variety of potential  business  opportunities and
did not  actively  conduct  significant  operations  while  complying  with  SEC
reporting requirements in order to maintain our status as a public company until
a suitable acquisition candidate was found.

Consequently,  after devoting years in various attempts to develop a profitable,
ongoing  business,  and without  realistic  sources of  additional  financing in
sight, our former management was receptive when approached by representatives of
Perfisans  Networks  concerning  a  possible  business  combination.  Subsequent
discussions led to the execution of the Acquisition Agreement in December 2003.

As a  consequence  of the change in control of our  company  resulting  from the
transactions  contemplated by the Acquisition  Agreement,  we have adopted a new
plan of operations, as set forth immediately below.

We plan to introduce  products to the market  starting in 2004.  There are three
products planned for release in 2004. These products relate to network interface
semiconductor integrated circuits.

1. Product 1 - SNA1020  Perfisans  anticipates  releasing this network interface
chip towards the end of the 2nd quarter of 2004.

2. Product 2 - SNA 1000.  Management plans to market this low cost,  single chip
Gigabit network  interface chip primarily to network card  manufacturers  market
products  geared toward the consumer  market.  We plan on releasing this product
towards the end of the 2nd quarter of 2004.

3.  Product 3 - SNA  1010.  This  product  will  also be  targeted  for low cost
consumer products.  Management plans to market this product primarily to network
card manufacturers who are marketing products geared toward the consumer market.
We plan to release this product in the 4th quarter of 2004.

We have finished the designs of 2 Ethernet Accelerator chips, the "SNA1020A" and
"SNA  1000".  These chips are now in course of  manufacture  and are planned for
release  towards the end of the 2nd quarter of 2004. For the next twelve months,
the engineering team will be concentrated on the support and further development
of these two chips.  The  development  of a further  integrated  solution of the
product SNA1010 will begin.  The  engineering  team will also work on the design
aspect of future iSCSI product.

Taiwan  and  China  are key  regions  and  Perfisans  is  currently  setting  up
agreements with  representatives and distributors who have strong  relationships
with, and are in our  management's  opinion equipped to penetrate and serve, the
identified strategic customers in these regions.  Perfisans has identified a few
potential  distributors  and  representatives  in these areas.  Plans are set to
visit these key  customers  with our new chips and reference  designs,  together
with our  representatives  and  distributors,  starting  in May 2004.  It is our
intention to establish  agreements with these distributors and  representatives.
Our Marketing and Product Development teams have collaborated on the planning of
our new product  roadmap,  and sales and business  development  activity will be
synchronized with the


                                       3
<PAGE>

product introduction plans.

A similar process will be followed in North America, the UK, Europe, Scandinavia
and the Middle East; however,  Taiwan and China are considered to be the initial
priorities.

Despite  our  minimal  revenues  to date,  we believe  that our  management  has
developed a business plan that if successfully  implemented could  substantially
improve our operational results and financial  conditions.  The adequacy of cash
resources  over the next twelve  months will depend  primarily on our  operating
results  and the ability to obtain  proceeds  from the sales of  securities.  We
currently estimate our projected cash requirement for the operation for the next
twelve  months to be  approximately  $6 million.  The  remaining  portion of the
funding  in the  amount of $4  million  will be used for  working  capital.  The
proceeds  from the sales of these  securities  to SBI and  Westmoreland  will in
Management's  estimation be adequate to fund our expected  operating and capital
needs for at least the next eighteen  months.  In case of a shortage of cash, we
may  reduce  the  amount  of  inventory  and  consider  the  sale of  additional
securities.

We plan to spend  approximately $1 million in Computer Aided Design (CAD) tools.
A total of $1.5 million is allocated for non-recurring Engineering (NRE) Charges
for development of the Semiconductor chips.

We plan to  increase  the total  number of  employees  from 20 to 24 in the next
twelve months.  There will be an additional sales and marketing person added and
the other three will be primarily R&D people.

RESULTS OF OPERATIONS FOR PERFISANS HOLDINGS, INC.

Our revenue to date came from the sale of ADSL  modems and ADSL load  balancers.
This represented a business opportunity that arose during the first quarter. The
Company  may  continue to explore  such  business  opportunities  in the future.
However  the plan of the  company is develop a  marketing  strategy  for its own
internally  developed chips. There is total revenue of $335,818 with a profit of
$22,448 for the period.

Total operating cost increased for the three-month period ending March 31, 2004,
from $128,675 to $526,332 or 309% from the corresponding prior year period. This
increase was  primarily due to the increase in operating  activities  during the
period.

General and  Administration  fees increased for the three month ending March 31,
2004, from $71,257 to 460,466 or 546% from the corresponding  prior year period,
primarily as a result of the larger operation and more overseas activities. This
period also included $46,471 being the annual  maintenance fees having been paid
for Computer Aid Design (CAD) Software and Intellectual Property (IP).

At the end of March,  Perfisans  started the process of  registering a branch in
Taiwan.  We  anticipate  that the Taiwan  branch will promote  efficiency in our
communications  and  transactions  with Taiwanese  customers.  The  registration
process was completed in April, 2004.

Perfisans has issued  promissory notes for up to $250,000 as bridge financing at
an interest of 2% per month with principal and interest payable by July 25, 2004
or upon the receipt of at least  $4,000,000  in gross  proceeds from sale of the
company's securities.

During the quarter,  the Company  received an  additional  loan  $107,250 from a
shareholder,  General  Resources  Company,  at an interest of 2% per month.  The
repayment date has not as yet been formalized.

OFF-BALANCE SHEET ARRANGEMENTS
None.


                                       4
<PAGE>

CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS:
Contractual obligations as of March 31, 2004 are as follows:

                          PAYMENTS DUE BY END OF PERIOD

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
CONTRACTUAL             TOTAL       LESS THAN 1 YEAR  AFTER 1-3 YEARS     3-5 YEARS       MORE THAN 5
OBLIGATIONS                                                                                 YEARS
--------------------------------------------------------------------------------------------------------
<S>                        <C>              <C>              <C>              <C>               <C>
BUILDING LEASES            $852,831         $162,444         $324,888         $324,888          $40,611
--------------------------------------------------------------------------------------------------------
EQUIPMENT LEASES                 --               --               --               --               --
--------------------------------------------------------------------------------------------------------
LONG-TERM DEBT              $35,994          $15,426          $20,568               --               --
--------------------------------------------------------------------------------------------------------
SHORT-TERM DEBT            $250,000         $250,000               --               --               --
--------------------------------------------------------------------------------------------------------
     TOTAL               $1,138,825         $427,870         $345,456         $324,988          $40,611
--------------------------------------------------------------------------------------------------------
</TABLE>

RECENT ACCOUNTING PRONOUNCEMENTS:
During April 2002,  the FASB issued SFAS No. 145,  Rescission  of SFAS No. 4, 44
and 64, Amendment of SFAS No. 13 and Technical  Corrections (SFAS 145). SFAS No.
145 rescinds SFAS No. 4, Reporting Gains and Losses From Extinguishments of Debt
(SFAS No. 4), which required all gains and losses from  extinguishments  of debt
to be aggregated and, if material,  classified as an extraordinary  item, net of
related  income tax  effect.  As a result of the  rescission  of SFAS No. 4, the
classification  of gain and losses  arising from debt  extinguishments  requires
consideration of the criteria for extraordinary accounting treatment provided in
APB No. 30,  Reporting the Results of Operations.  In the absence of SFAS No. 4,
debt extinguishments that are not unusual in nature and infrequent in occurrence
would  be  treated  as a  component  of  net  income  or  loss  from  continuing
operations. SFAS No. 145 is effective for financial statements issued for fiscal
years beginning after May 15, 2002. The adoption of this standard  currently has
no financial reporting implications.

During November 2002, the FASB issued Interpretation 45, Guarantor's  Accounting
and Disclosure  Requirements for Guarantees,  Including  Indirect  Guarantees of
Indebtedness of Others  (Interpretation 45). Under Interpretation 45 guarantees,
contracts and  indemnification  agreements are required to be initially recorded
at fair value.  Current  practice  provides for the  recognition  of a liability
under such agreements only when a loss is probable and reasonably estimable,  as
those terms are  defined  under SFAS No. 5,  Accounting  for  Contingencies.  In
addition,  Interpretation  45  requires  significant  new  disclosures  for  all
guarantees even if the likelihood of the guarantor having to make payments under
the guarantee is remote. The disclosure requirements are effective for financial
statements of interim and annual  periods  ending after  December 15, 2002.  The
initial  recognition  and  measurement   provisions  of  Interpretation  45  are
applicable on a prospective  basis to guarantees,  contracts or  indemnification
agreements  issued or modified after December 31, 2002. We do not currently have
any  guarantees,  contracts or  indemnification  agreements  that would  require
accounting recognition under the new standard.

In  January  2003,  the FASB  issued  Interpretation  No. 46,  Consolidation  of
Variable  Interest  Entities.  This  interpretation  clarifies rules relating to
consolidation  where  entities  are  controlled  by means  other than a majority
voting interest and instances in which equity investors do not bear the residual
economic  risks.  This  interpretation  is  effective  immediately  for variable
interest  entities  created  after  January  31, 2003 and for interim and annual
periods  beginning  after  December  15, 2003 for  interests  acquired  prior to
February 1, 2003. We currently have no ownership in variable  interest  entities
and,  therefore,  adoption of this standard currently has no financial reporting
implications.  In  April  2003,  the FASB  issued  SFAS No.  149,  Amendment  of
Statement 133 on Derivative  Instruments and Hedging  Activities.  The statement
amends and  clarifies  accounting  and  reporting  for  derivative  instruments,
including  certain  derivative  instruments  embedded  in other  contracts,  and
hedging  activities.  This statement is designed to improve financial  reporting
such that contracts with comparable characteristics are accounted for


                                       5
<PAGE>

similarly.  The statement,  which is generally  effective for contracts  entered
into or modified  after June 30, 2003, is not  anticipated to have a significant
effect on our financial position or results of operations.

In May 2003,  the FASB  issued SFAS No. 150,  Accounting  for Certain  Financial
Instruments with  Characteristics of Both Liabilities and Equity. This statement
establishes  standards  for  how  an  issuer  classifies  and  measures  certain
financial  instruments with characteristics of both liabilities and equity. This
statement is effective for financial  instruments entered into or modified after
May 31, 2003,  and is otherwise  effective at the beginning of the first interim
period  beginning  after June 15,  2003.  We  currently  have no such  financial
instruments  outstanding or under  consideration and therefore  adoption of this
standard currently has no financial reporting implications.

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements in accordance with accounting principles
generally  accepted  in the United  States  requires  us 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  revenues  and  expenses  during  the
reporting period. We regularly evaluate our estimates and assumptions based upon
historical experience and various other factors that we believe to be reasonable
under  the  circumstances,  the  results  of which  form the  basis  for  making
judgments  about the  carrying  values of assets  and  liabilities  that are not
readily  apparent from other  sources.  To the extent actual results differ from
those  estimates,  our future results of operations may be affected.  We believe
the following critical accounting policies affect the more significant judgments
and estimates used in the preparation of our consolidated financial statements.

ALLOWANCE FOR DOUBTFUL ACCOUNTS
We maintain allowances for doubtful accounts for estimated losses resulting from
the  inability of our  customers to make  required  payments.  If the  financial
condition of our customers were to deteriorate, our actual losses may exceed our
estimates, and additional allowances would be required.

SOFTWARE DEVELOPMENT COSTS
Development  costs related to software  products are expensed as incurred  until
technological  feasibility  of the  product has been  established.  Based on our
product  development  process,  technological  feasibility is  established  upon
completion of a working model.  Costs  incurred by us between  completion of the
working  model and the point at which the product is ready for  general  release
have not been significant. Accordingly, no costs have been capitalized to date.


ITEM 3.  CONTROLS AND PROCEDURES

Based on an evaluation  as of the date of the end of the period  covered by this
Form  10-QSB,  our Chief  Executive  Officer and  Principal  Accounting  Officer
conducted an evaluation of the  effectiveness of the design and operation of our
disclosure controls and procedures,  as required by Exchange Act Rule 13a-15(e).
Based on that evaluation,  our Chief Executive Officer and Principal  Accounting
Officer concluded that our disclosure  controls and procedures were effective to
ensure that  information  required to be  disclosed by us in the reports that we
file or submit under the Exchange Act is  recorded,  processed,  summarized  and
reported within the time periods specified by the SEC's rules and forms.

Changes in Internal Controls

There have been no changes in our internal control over financial reporting that
occurred during the period covered by this report that have materially affected,
or are  reasonably  likely to  materially  affect,  our  internal  control  over
financial reporting.


                                       6
<PAGE>

Limitations on the Effectiveness of Controls

We believe that a control  system,  no matter how well  designed  and  operated,
cannot provide absolute  assurance that the objectives of the control system are
met, and no  evaluation  of controls  can provide  absolute  assurance  that all
control  issues  and  instances  of fraud,  if any,  within a company  have been
detected.


                            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 SECURITY HOLDERS
None.

ITEM 5. OTHER INFORMATION
None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a)     Exhibits

4.1     Promissory  Note in the principal face amount of $250,000  issued to the
        Concord Idea Corp. and dated March 25, 2004.*

4.2     Loan Agreement in the principal face amount of $107,250 entered into by
        Perfisans Networks Corporation, a wholly owned subsidiary of the
        registrant and General Resources Company and dated March 25, 2004.*

31      Certification  of  Chief  Financial  Officer  and  Principal  Accounting
        Officer, pursuant to Rule 13a - 14(a).*

32      Certification  of  Chief  Executive  Officer  and  Principal  Accounting
        Officer,  pursuant to 18 U.S.C.  Section  1350,  as adopted  pursuant to
        Section 906 of the Sarbanes-Oxley Act of 2002.*

* Filed herewith



(b)     Reports on Form 8-K.

1       On  January  5, 2004 the  Registrant  filed a Form 8-K  relating  to the
        completion of its previously announced acquisition of Perfisans Networks
        Corporation.

2       On March 30, 2004,  the  registrant  filed a Form 8-K/A  disclosing  the
        termination  of its former  independent  auditor Dohan & Company and the
        appointment  of Schwartz  Levitsky  Feldman  llp as its new  independent
        auditor. In addition, the Form 8-K/A filed by the registrant amended the
        Form 8-K filed on  January  5, 2004 to include  the  required  financial
        statements of the business acquired and pro forma financial information.


                                       7
<PAGE>

                                   SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                       PERFISANS HOLDINGS, INC.


May 18, 2004           By: /s/ To-Hon Lam
                           ---------------

                       To-Hon Lam
                       Chief Executive Officer and Principal Accounting Officer

                                       8