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

                                   FORM 10-QSB

(Mark One)

[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of
    1934

                  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2007

[ ] Transition report under Section 13 or 15(d) of the Exchange Act

                 for the transition period from _______to_______

                          Commission File No. 000-23689

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

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

            UNITE 310, 19 CROWN STEEL DRIVE, MARKHAM, ONTARIO L3R 9X8
                    (Address of principal executive offices)

             7828 KENNEDY ROAD, UNIT #201, MARKHAM, ONTARIO L3R 5P1
                 (Former address of principal executive offices)

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

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or
for such shorter  period that the registrant was required to file such reports),
and (2)  has been  subject to  such  filing  requirements  for the past 90 days.
Yes [X] No [ ]

Indicate  by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Securities Exchange Act of 1934). 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 August 7, 2007 there were  133,762,773  shares of common stock,  par value
$0.001 per share, outstanding.

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


<PAGE>



                                TABLE OF CONTENTS
<TABLE>


<S>                                                                                          <C>
PART I - FINANCIAL INFORMATION.................................................................1

   Item 2.     Management's Discussion and Analysis or Plan of Operations......................2
   Item 3.     Controls and Procedures.........................................................9

PART II -- OTHER INFORMATION..................................................................10

   Item 1.     Legal Proceedings..............................................................10
   Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds....................10
   Item 3.     Defaults upon Senior Securities................................................10
   Item 4.     Submission of Matters to a Vote of Security Holders............................10
   Item 5.     Other information..............................................................10
   Item 6.     Exhibits.......................................................................10

SIGNATURES....................................................................................11
</TABLE>


                                       i


<PAGE>





                         PART I - FINANCIAL INFORMATION

                            PERFISANS HOLDINGS, INC.
                    INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2007
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)

                                TABLE OF CONTENTS


<TABLE>
<S>                                                                                                       <C>
Interim Consolidated Balance Sheets as of June 30, 2007 and December 31, 2006..............................F-1

Interim Consolidated Statements of Operations for the three months ended June 30, 2007 and 2006............F-2

Interim Consolidated Statements of Operations for the six months ended June 30, 2007 and 2006..............F-3

Interim Consolidated Statements of Cash Flows for the six months ended June 30, 2007 and 2006..............F-4

Interim Consolidated Statements of Changes in Stockholders' Deficiency for the six months
     ended June 30, 2007 and for the year ended December 31, 2006..........................................F-5

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

                                       1


<PAGE>


                            PERFISANS HOLDINGS, INC.
                       INTERIM CONSOLIDATED BALANCE SHEETS
                    AS OF JUNE 30, 2007 AND DECEMBER 31, 2006
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                JUNE 30,    DECEMBER 31,
                                                                  2007         2006
                                                                   $            $
                                                             -----------    -----------
<S>                                                               <C>            <C>
                        ASSETS
CURRENT ASSETS
  Cash and cash equivalents                                       13,321         21,556
  Prepaid expenses and deposits (note 6)                         350,689           --
  Inventory                                                         --             --
                                                             -----------    -----------
                                                                 364,010         21,556

PROPERTY, PLANT AND EQUIPMENT                                      8,238          8,708
  INTELLECTUAL PROPERTY                                                1              1
                                                             -----------    -----------
                                                                 372,249         30,265
                                                             ===========    ===========

                        LIABILITIES
CURRENT LIABILITIES
  Accounts payable and accrued liabilities                     2,400,179      2,765,664
  Promissory note payable (note 7)                               983,021        807,619
  Convertible term notes (note 4)                                 13,863        186,631
  Loan from shareholders                                         681,020        598,256
                                                             -----------    -----------
                                                               4,078,083      4,358,170
                                                             -----------    -----------
                 STOCKHOLDERS' DEFICIENCY
CAPITAL STOCK                                                    133,762         58,166
COMMON STOCK SUBSCRIBED                                        3,250,000      3,250,000
STOCK SUBSCRIPTIONS RECEIVABLE                                (3,250,000)    (3,250,000)
ADDITIONAL PAID - IN CAPITAL                                  15,453,957     13,112,355
ACCUMULATED OTHER COMPREHENSIVE LOSS                            (501,089)      (321,756)
ACCUMULATED DEFICIT                                          (18,792,464)   (17,176,670)
                                                             -----------    -----------
                                                              (3,705,834)    (4,327,905)
                                                             -----------    -----------
                                                                 372,249         30,265
                                                             ===========    ===========
</TABLE>




        SEE CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

                                       F-1


<PAGE>


                            PERFISANS HOLDINGS, INC.
                  INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
                FOR THE THREE MONTHS ENDED JUNE 30, 2007 AND 2006
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)


                                                        2007          2006
                                                         $              $
                                                 ------------    ------------
REVENUE                                               193,352            --
Cost and goods sold                                   188,473            --
                                                 ------------    ------------

GROSS PROFIT                                            4,879            --
                                                 ------------    ------------

OPERATING EXPENSES
  Stock-based compensation (Note 5)                    53,320          53,320
  General and administration                          269,843         250,953
  Interest                                             60,258          47,863
  Management salaries (note 8)                        217,059         100,000
  Amortization                                            623           9,647

                                                 ------------    ------------
TOTAL OPERATING EXPENSES                              601,103         461,783
                                                 ------------    ------------

OPERATING LOSS                                       (596,224)       (461,783)

  Interest income and other income                         66              58
  Beneficial Conversion Cost expensed (note 4)        (47,788)        (69,150)
  Discount on warrants expensed (note 4)              (12,223)       (104,156)
                                                 ------------    ------------

NET LOSS                                             (656,169)       (635,031)
                                                 ============    ============

Loss per share, basic and diluted                       (0.06)          (0.01)
                                                 ============    ============

Weighted average shares outstanding               103,623,643      43,440,272
                                                 ============    ============



        SEE CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

                                       F-2

<PAGE>


                            PERFISANS HOLDINGS, INC.
                  INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
                 FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND 2006
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)


                                                      2007          2006
                                                       $             $
                                                 -----------    -----------
REVENUE                                              216,069           --
Cost and goods sold                                  210,744           --
                                                 -----------    -----------

GROSS PROFIT                                           5,325           --
                                                 -----------    -----------

OPERATING EXPENSES
  Stock-based compensation (Note 5)                  106,640        106,640
  General and administration                         720,299        397,896
  Interest                                           114,645        125,739
  Management salaries                                615,604        200,000
  Amortization                                         1,208         19,570
                                                 -----------    -----------

TOTAL OPERATING EXPENSES                           1,558,396        849,845
                                                 -----------    -----------

OPERATING LOSS                                    (1,553,071)      (849,845)

  Interest income                                         66            127
  Beneficial Conversion Cost expensed (note 4)       (50,000)      (106,836)
  Discount on warrants expensed (note 4)             (12,789)      (160,920)
  Convertible term notes issue expense                  --             --
                                                 -----------    -----------

LOSS BEFORE INCOME TAX                            (1,615,794)    (1,117,474)
  Income tax                                            --               77
                                                 -----------    -----------

NET LOSS                                          (1,615,794)    (1,117,551)
                                                 ===========    ===========

Loss per share, basic and diluted                      (0.02)         (0.03)
                                                 ===========    ===========

Weighted average shares outstanding               87,407,944     44,324,825
                                                 ===========    ===========



        SEE CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

                                       F-3


<PAGE>


                            PERFISANS HOLDINGS, INC.
                  INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
                 FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND 2006
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                         2006           2005
                                                                          $               $
                                                                      ----------    ----------
<S>                                                                   <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                              (1,615,794)   (1,117,551)
Items not requiring an outlay of cash:
  Amortization                                                             1,208        19,570
  Beneficial conversion cost expensed (note 4)                            50,000       106,836
  Discount on warrants expensed (note 4)                                  12,789       160,920
  Stock-based compensation                                               106,640       106,640
  Issue of shares for professional services (note 6)                     626,227       125,000
  Issue of shares in lieu of bonus to directors                          420,000          --
  Decrease in accounts receivable                                           --          59,408
  Increase in prepaid expenses and deposits**                            (45,916)       (5,503)
  Increase in accounts payable and accrued liabilities*                  175,351       336,487
  Interest portion of promissory notes                                   114,645       111,602
  Interest portion of shareholders loans                                  16,299
                                                                      ----------    ----------
NET CASH USED IN OPERATING ACTIVITES                                    (154,850)      (80,291)
                                                                      ----------    ----------

CASH FLOWS FROM FINANCING ACTIVITIES
  Proceeds from loan from shareholders                                    16,808        54,836
  Gross Proceeds from issue of convertible term notes (note 4)           150,000          --
                                                                      ----------    ----------

NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES                          166,808        54,836
                                                                      ----------    ----------

EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES                         (20,193)      (12,177)
                                                                      ----------    ----------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS FOR THE PERIOD       (8,235)      (37,632)
  Cash and cash equivalents, beginning of period                          21,556        46,741
                                                                      ----------    ----------

CASH AND CASH EQUIVALENTS, END OF PERIOD                                  13,321         9,109
                                                                      ==========    ==========
</TABLE>


*    Excludes non-cash settlement of liabilities by issue of  common shares  for
     $394,000.
**   Excludes increase in prepaid expense due to issue of shares



        SEE CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

                                       F-4


<PAGE>

                            PERFISANS HOLDINGS, INC.
     INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIENCY
 FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND FOR THE YEAR ENDED DECEMBER 31, 2006
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                                                       ACCUMULATED
                                    COMMON        COMMON     COMMON      ADDITIONAL                      OTHER            OTHER
                                     STOCK         STOCK      STOCK       PAID-IN                     COMPREHENSIVE   COMPREHENSIVE
                                   NUMBER OF      AMOUNT    SUBSCRIBED    CAPITAL          DEFICIT       LOSS             LOSS
                                     SHARES        $           $             $               $            $                 $
                                  ============   ========   =========    ==========     ============  ===========      ==========
<S>                                 <C>            <C>      <C>          <C>            <C>            <C>              <C>
Balance at December 31, 2005        43,305,847     43,305   3,250,000    11,376,095     (14,217,656)                   (332,189)
Issue of shares on conversion of
  convertible notes                  8,461,354      8,461                   642,380
Issue of shares for
  professional services              7,350,000      7,350                   879,650
Cancellation of shares issued
  for professional services           (950,000)      (950)                      950
Stock-based compensation                                                    213,280
Foreign currency translation                                                                              10,433         10,433
Net loss for the year                                                                    (2,959,014)  (2,959,014)
                                  ------------   --------   ---------    ----------     ------------  -----------      ----------
Balance at December 31,2006         58,167,201     58,166   3,250,000    13,112,355     (17,176,670)  (2,948,581)      (321,756)
                                  ------------   --------   ---------    ----------     ------------  -----------      ----------
Issue of shares on conversion
  of convertible notes               2,184,739      2,185                    84,200
Issue of shares in settlement
  of liabilities                     9,405,000      9,405                   384,595
Issue of shares to directors
  in lieu of bonus                   6,000,000      6,000                   294,000
Issue of shares for
  professional services              8,100,000      8,100                   396,900
Beneficial conversion for notes                                              50,000
Fair value of warrants issued                                                12,789
Stock-based compensation                                                    106,640
Issue of shares on conversion
  of convertible notes              13,755,833     13,756                   222,627
Issue of shares in settlement
  of liabilities                     5,000,000      5,000                   185,000
Issue of shares to directors
  in lieu of bonus                   6,000,000      6,000                   114,000
Issue of shares for
  professional services             10,405,917     10,406                   200,822
Issue of shares in advance
  for services                      14,744,083     14,744                   290,029
Foreign currency translation                                                                            (188,289)      (179,333)
Net loss for the period                                                                  (1,615,794)  (1,615,794)
                                  ------------   --------   ---------    ----------     ------------  -----------      ----------
Balance at June 30, 2007           133,762,773    133,762   3,250,000    15,453,957     (18,792,464)  (1,804,083)      (501,089)
                                  ============   ========   =========    ==========     ============  ===========      ==========
</TABLE>




        SEE CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

                                       F-5


<PAGE>

                            PERFISANS HOLDINGS, INC.
          CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2007
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)

1.       BASIS OF PRESENTATION

         The accompanying unaudited interim consolidated financial statements 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  normal  recurring  accruals,  considered
         necessary  for  a  fair   presentation  have  been  included  in  these
         consolidated  interim financial  statements.  Operating results for the
         interim periods are not necessarily  indicative of the results that may
         be expected for the year ended December 31, 2007. Interim  consolidated
         financial  statements  should be read in conjunction with the company's
         annual audited consolidated financial statements.

2.       GOING CONCERN AND NATURE OF OPERATIONS

         a) Going Concern

                  Certain  principal  conditions and events are prevalent  which
                  indicate  that  there  could be  substantial  doubt  about the
                  Company's  ability  to  continue  as a  going  concern  for  a
                  reasonable period of time.

                  These include:

                        1) Recurring operating losses

                        2) Stockholders deficiency

                        3) Working Capital deficiency

                        4) Non renewal of intellectual property licenses

                        5) Adverse key financial ratios

                        6) Delay in conversion of convertible debt

                  The  continuation  of  the  company  as  a  going  concern  is
                  dependent upon its ability to raise  additional  financing and
                  ultimately attain and maintain  profitable  operations.  These
                  consolidated  financial  statements  include certain estimated
                  adjustments  relating to the recoverability and classification
                  of recorded  asset amounts and  classification  of liabilities
                  resulting  from the  substantial  doubt  about  the  Company's
                  ability to continue as a going concern.

         b) Nature of operations

                  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.



                                      F-6


<PAGE>

                            PERFISANS HOLDINGS, INC.
          CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2007
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)


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

                  The Company released one product to the market in 2004. Due to
                  funding restrictions, the Company has deferred the development
                  of the Dual Channel Gigabit  network  interface chip and iSCSI
                  storage  chip.  The  Company  has  also  revised  the  product
                  development  plan based on the market and the current  funding
                  and  resources  situation.  These  products are focused on the
                  wired and wireless network interface semiconductor  integrated
                  circuits.

                  Product  1 -  Gigabit  Network  interface  chip - The  Company
                  released this network  interface chip in the second quarter of
                  2004. The chip is being tested by the potential  customers.  A
                  network  interface  card  (NIC) is also  produced  using  this
                  Gigabit Network interface chip.

                  Product 2 - Single Chip Gigabit  network  interface chip - The
                  Company   plans  to  market  this   product  to  network  card
                  manufacturers  who are  marketing  products  geared toward the
                  enterprise market. Due to funding  restrictions the release of
                  this  product has been  delayed  and  depending  upon  funding
                  availability,  this product  will be released,  but not before
                  the end of 2007.

                  Product 3 - Wireless Network  Processor - This product will be
                  targeted for high performance and cost sensitive markets.  The
                  Company  plans to market this  product  primarily  to wireless
                  product manufacturers who are marketing products geared toward
                  the consumer market.  Due to funding  restrictions the release
                  of this  product has been delayed and  depending  upon funding
                  availability,  this product  will be released,  but not before
                  the end of 2007.

3.       CONTINGENCIES

         On May 10,  2006,  the  Company  received  an invoice  of $47,681  from
         Concord Idea, the landlord of the building located at 4118 14th Avenue,
         Markham   Ontario,   Canada,   where  the  Company's  former  corporate
         headquarters were located,  for the fees that Concord Idea spent on the
         termination of the Company's lease. The Company is unaware of such fees
         as there was no  agreement on  acceptance  of this fee.  Management  is
         negotiating  with Concord Idea and no agreement has been  finalized and
         agreed to by both parties.

         The Company was served with a Notice  dated July 21, 2006 from a former
         employee and  investor of Griffin  Industries  (prior to the  Company's
         name change to Perfisans Holdings Inc.) for specific performance of the
         March 24, 1999 Rescission  Agreement entered into by Griffin Industries
         and the former  employee.  The former  employee is seeking  replacement
         warrants  equivalent in value to the price of stock on October 19, 1998
         calculated  at  150,000  shares  priced  at $3.00 per share for a total
         consideration  of $450,000.  Management is  evaluating  the contents of
         this claim and no expense has been accrued in the financial statements.



                                      F-7
<PAGE>


                            PERFISANS HOLDINGS, INC.
          CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2007
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)


4. CONVERTIBLE TERM NOTES AND DETACHABLE STOCK WARRANTS

         a) On March 21, 2005,  the Company  entered into a Securities  Purchase
         Agreement,  dated as of March 21,  2005,  by and among the  Company and
         Alpha Capital  ("Alpha"),  Platinum  Partners  Value  Arbitrage Fund LP
         ("Platinum"),  Nite Capital,  Ltd. ("Nite") and Whalehaven Capital Fund
         Limited  ("Whalehaven").  Alpha,  Platinum,  Nite  and  Whalehaven  are
         collectively  referred to as the "Purchasers."  The Company  authorized
         the sale to the Purchasers of Convertible Term Notes (the "2005 Notes")
         in the aggregate principal amount of $1,200,000, with an over allotment
         option of $240,000.  The offering was made  pursuant to Section 4(2) of
         the Securities Act of 1933, as amended. The Company received a total of
         $1,275,000  and retained the over  allotment  amount of $75,000.  These
         Notes are convertible into common stock of the Company at a final price
         of $0.3375 per share.  In  connection  with the  offering,  the Company
         issued an aggregate of 8,300,000  warrants to purchase  common stock at
         prices  ranging  from  $0.3375  to $2.00 per  share.  Of the  warrants,
         1,777,778  are  exercisable  for a period of three  years at $0.675 per
         share,  3,500,000 are  exercisable for a period of three years at $2.00
         per  share,  1,777,778  are  exercisable  for a period of six months at
         $0.3375 per share,  888,888 are  exercisable for a period of six months
         at $0.675 per share and 355,556 are  exercisable  for a period of three
         years at $0.54 per share.  The proceeds of the offering will be used to
         fund acquisitions and for working capital.

         The  company has  allocated  the  proceeds  between  the  warrants  and
         debenture without warrants based on their relative fair values. Paid in
         capital has been  credited  with the value of warrants in the amount of
         $766,270  and the 2005 Notes has been  allocated an amount of $508,730.
         The value of the beneficial conversion feature calculated at $1,208,889
         is  restricted  to the fair value of the 2005 Notes of  $508,730 as per
         EITF 98-5. In accordance  with Para 19 of EITF 00-27,  this  beneficial
         conversion amount of $508,730 and discount on warrants of $766,270 will
         be accreted from the date of issuance to the stated  redemption date of
         the convertible instrument.

         Beginning  on August 17, 2005 (and  continuing  on the same day of each
         successive month thereafter), the Company must repay 1/13th of the face
         amount of each note issued,  in cash or common stock,  at the option of
         the  Company  ("Monthly  Amount").  If the  Company  repays the monthly
         amount in cash,  the holder has to be repaid an amount equal to 110% of
         the Monthly  Amount due and owing.  If the Monthly  Amount is repaid in
         shares of common  stock,  the  Company is required to issue a number of
         shares of its common  stock  determined  by  dividing  (x) the  Monthly
         Amount to be  converted  into  shares of common  stock by (y) an amount
         equal to a 25%  discount to the volume  weighted  average  price of its
         common stock for the ten (10) trading days  immediately  preceding  the
         date the Monthly Amount is due.

         During the year ended December 31, 2005 a total of $437,527 of the 2005
         Notes  were  converted  into  common  stock  by the note  holders.  The
         conversions  were done at varying  rates ranging from $0.090 to $0.3375
         which  resulted  in the  issue of an  additional  2,420,646  of  common
         shares.  An additional  2,512 common shares were also issued in lieu of
         accrued interest.

         During the three month  period ended March 31, 2006 a total of $132,538
         of the 2005 Notes were  converted  into common stock.  The  conversions
         were done at varied  rates  ranging  from  $0.087 to $0.110  per common
         share which resulted in the issue of 1,344,793 of common shares.


                                      F-8
<PAGE>

                            PERFISANS HOLDINGS, INC.
          CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2007
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)


         During the three month  period  ended June 30, 2006 a total of $172,769
         of the 2005 Notes were  converted  into common stock.  The  conversions
         were done at varied  rates  ranging  from  $0.180 to $0.204  per common
         share which resulted in the issue of 914,504 of common shares.

         During the three  month  period  ended  September  30,  2006 a total of
         $172,769  of the 2005 Notes  were  converted  into  common  stock.  The
         conversions were done at varied rates ranging from $0.083 to $0.133 per
         common share which resulted in the issue of 1,748,137 of common shares.

         During  the three  month  period  ended  December  31,  2006 a total of
         $172,765  of the 2005 Notes  were  converted  into  common  stock.  The
         conversions were done at varied rates ranging from $0.038 to $0.040 per
         common share which resulted in the issue of 4,453,920 of common shares.

         For the year ended December 31, 2006 the beneficial conversion cost and
         the discount on warrants  have been  expensed in the amount of $114,182
         and $171,986 respectively.

         During the three month  period  ended March 31, 2007 a total of $86,385
         of the 2005 Notes were  converted  into common stock.  The  conversions
         were done at rate of $0.04 per common share which resulted in the issue
         of 2,184,739 of common shares.

         During the three month period ended June 30, 2007 a total of $86,383 of
         the 2005 Notes were converted into common stock.  The conversions  were
         done at rate of $0.023 per common share which  resulted in the issue of
         3,755,833 of common shares.

         As of June 30, 2007,  the 2005 Notes are reflected in the Balance Sheet
         as under:

           Convertible debt                                       $1,275,000
           Less: Converted into common shares                    $(1,261,137)
           Less: Unamortized beneficial conversion cost                  nil
           Less: Unamortized discount on warrants                        nil
                                                                 -----------
           As per Balance Sheet                                      $13,863
                                                                 ===========

         b) On March 21, 2007,  the Company  entered into a Securities  Purchase
         Agreement,  dated as of March 12,  2007,  by and among the  Company and
         Alfred Morgan Capital Ltd ("AMC").  The Company  authorized the sale to
         AMC of  Convertible  Term  Notes (the  "2007  Notes") in the  aggregate
         principal amount of $150,000. The offering was made pursuant to Section
         4(2) of the  Securities  Act of 1933,  as  amended.  The 2007 Notes are
         convertible  into common stock of the Company at a final price of $0.10
         per share or it will be equal to  Seventy  Five  (75%)  percent  of the
         five-day  average  closing price for the five days  preceding,  but not
         including, the Closing Date whichever is the lowest. In connection with
         the offering,  the Company  issued an aggregate of 750,000  warrants to
         purchase  common stock at price of $0.06 per share.  These warrants are
         exercisable  to March 14, 2009. The $150,000  principal  amount of 2007
         Notes is part of a contemplated private placement of up to $10,000,000.
         The proceeds of the offering will be used to fund  acquisitions and for
         working capital.


                                      F-9
<PAGE>


                            PERFISANS HOLDINGS, INC.
          CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2007
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)


         The  Company has  allocated  the  proceeds  between  the  warrants  and
         debenture without warrants based on their relative fair values. Paid in
         capital has been  credited  with the value of warrants in the amount of
         $12,789 and the 2007 Notes has been  allocated  an amount of  $137,211.
         The value of the beneficial  conversion  feature has been calculated at
         $50,000.  In  accordance  with Para 19 of EITF 00-27,  this  beneficial
         conversion  amount of $50,000 and  discount on warrants of $12,789 will
         be accreted from the date of issuance to the stated  redemption date of
         the convertible instrument.

         Beginning on September 12, 2007 (and continuing on the same day of each
         successive month thereafter), the Company must repay 1/24th of the face
         amount of each note issued,  in cash or common stock,  at the option of
         the  Company  ("Monthly  Amount").  If the  Company  repays the monthly
         amount in cash,  the holder has to be repaid an amount equal to 102% of
         the Monthly  Amount due and owing.  If the Monthly  Amount is repaid in
         shares of common  stock,  the  Company is required to issue a number of
         shares of its common  stock  determined  by  dividing  (x) the  Monthly
         Amount to be  converted  into  shares of common  stock by (y) an amount
         equal to a 20%  discount to the volume  weighted  average  price of its
         common stock for the ten (10) trading days  immediately  preceding  the
         date the Monthly Amount is due.

         During the three month period  ended June 30, 2007 the entire  $150,000
         of the 2007 Notes were  converted  into common stock.  The  conversions
         were done at rate of $0.015  per common  share  which  resulted  in the
         issue  of  10,000,000  of  common  shares.  The  balance  lying  in the
         beneficial  conversion  amount of $47,788  and  discount on warrants of
         $12,223 was fully expensed in the second quarter ended June 30, 2007.

         As of June 30, 2007,  the 2007 Notes are reflected in the Balance Sheet
         as under:

         Convertible debt                                      $150,000
         Less: Converted into common shares                    (150,000)
         Less: Unamortized beneficial conversion cost                 -
         Less: Unamortized discount on warrants                       -
                                                              ----------
         As per Balance Sheet                                      $Nil
                                                              ==========

5. STOCK BASED COMPENSATION

         In December  2004,  the  Financial  Accounting  Standards  Board (FASB)
         issued  Statement of Financial  Accounting  Standards  No. 123 (Revised
         2004),  "Share-Based  Payment"  (SFAS 123 (R)).  SFAS 123 (R)  requires
         companies to recognize compensation cost for employee services received
         in exchange for an award of equity  instruments based on the grant-date
         fair value of the award. The Company adopted the provisions of SFAS 123
         (R) on January 1, 2006.

         As of June 30, 2007 there was $426,561 of unrecognized  expense related
         to  non-vested  stock-based  compensation   arrangements  granted.  The
         financial  statements  for the six months ended June 30, 2007 recognize
         compensation  cost for the  portion of  outstanding  awards  which have


                                      F-10
<PAGE>


                            PERFISANS HOLDINGS, INC.
          CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2007
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)



         vested during the period. The stock-based  compensation expense for the
         six month period ended June 30, 2007 was $106,640.

         No options were granted during the six month period ended June 30, 2007
         under the Company's stock-option plan.

6.       ISSUE AND CANCELLATION OF SHARES

         Year ended December 31, 2006

         During the three month  period ended March 31, 2006 a total of $132,538
         of the 2005 Notes were  converted  into common stock.  The  conversions
         were done at varied  rates  ranging  from  $0.087 to $0.110  per common
         share which resulted in the issue of 1,344,793 of common shares.

         During the three month period ended March 31, 2006,  the Company issued
         1,000,000  common shares to two consultants for  professional  services
         rendered.  Out of these,  500,000 shares were issued @ $0.10 per common
         share and balance 500,000 issued @ $0.15 per share.

         During the  three  month  period  ended  March 31,  2006,  the  company
         cancelled  950,000 common shares issued to two  consultants  during the
         third  quarter of 2005.  The  cancellation  of these  shares was due to
         early termination of the each consulting agreement.

         During the three month  period  ended June 30, 2006 a total of $172,769
         of the 2005 Notes were  converted  into common stock.  The  conversions
         were done at varied  rates  ranging  from  $0.180 to $0.204  per common
         share which resulted in the issue of 914,504 of common shares.

         During the three  month  period  ended  September  30,  2006 a total of
         $172,769  of the 2005 Notes  were  converted  into  common  stock.  The
         conversions were done at varied rates ranging from $0.083 to $0.133 per
         common share which resulted in the issue of 1,748,137 of common shares.

         During the three  month  period  ended  September  30, 2006 the Company
         issued  2,000,000  common  shares  to  a  consultant  for  professional
         services.  These shares were issued @$0.12 per share for services to be
         provided  for the six month period  commencing  July 1, 2006 and ending
         December 31, 2006.  Out of the total  compensation  for  consulting fee
         valued at $240,000,  the Company  expensed  $120,000 during the quarter
         ended  September  30, 2006 and  deferred  the balance  cost of $120,000
         which was expensed in the last quarter of 2006.

         During  the three  month  period  ended  December  31,  2006 a total of
         $172,765  of the 2005 Notes  were  converted  into  common  stock.  The
         conversions were done at varied rates ranging from $0.038 to $0.040 per
         common share which resulted in the issue of 4,453,920 of common shares.

         On  October  6, 2006 the  Company  issued  4,350,000  common  shares to
         various consultants for professional  services valued @$0.12 per share,
         resulting in an expense of $522,000 as per the  resolution as of August
         23,  2006.  The  Company  expensed to general  and  administration  for



                                      F-11
<PAGE>


                            PERFISANS HOLDINGS, INC.
          CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2007
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)


         $282,000 during the three month period ended September 30, 2006 and the
         balance of $240,000 was expensed in the last quarter of 2006.

         Quarter ended March 31, 2007

         On January 17, 2007 a total of $86,383 of the 2005 Notes were converted
         into common stock.  The conversions were done at $0.04 per common share
         which resulted in the issue of 2,184,739 of common shares.

         The Company  issued  7,625,000  common  shares valued @$0.04 per common
         share to five  consultants  as  consulting  fee for services  valued at
         $305,000 and accrued as of December 31, 2006. Four of these consultants
         whose services were valued at $60,000 each, were each issued  1,500,000
         common shares, and one consultant whose services were valued at $65,000
         was issued 1,625,000 common shares.

         The Company issued  1,780,000 common shares to settle legal fee accrual
         for $89,000 as of December  31,  2006.  The shares were valued at $0.04
         per common share.

         The Company authorized the issuance of 3,000,000 common shares each, to
         two directors as bonus compensation.  These shares were valued at $0.05
         per common share. The Company expensed $300,000 to management  salaries
         in first quarter of 2007.

         The Company  authorized the issuance of 8,100,000  common shares to six
         consultants for services.  These shares were valued at $0.05 per common
         share. The Company expensed consulting expense of $405,000.

         Quarter ended June 30, 2007

         On June 19,  2007 a total of $86,383  of the 2005 Notes were  converted
         into common stock. The conversions were done at $0.023 per common share
         which resulted in the issue of 3,755,833 of common shares.

         On May 24, 2007 a total of  $150,000  of the 2007 Notes were  converted
         into common stock. The conversions were done at $0.015 per common share
         which resulted in the issue of 10,000,000 of common shares.

         On May 24, 2007 the Company authorized the issuance of 1,500,000 common
         shares to settle  legal fee accrual  for $30,000 as of March 31,  2007.
         The shares were valued at $0.02 per common share.

         On May 24, 2007 the Company authorized the issuance of 3,000,000 common
         shares valued  @$0.05 per common share to one  consultant as consulting
         fee for services valued at $150,000 and accrued as of March 31, 2007.



                                      F-12
<PAGE>

                            PERFISANS HOLDINGS, INC.
          CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2007
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)



         On May 24, 2007 the Company  authorized  the issuance of 600,000 common
         shares  valued  @$0.02 per common share for payment of rent for the six
         month period of February  2007 to July,  2007 at $2,000 per month.  The
         sum of $2,000 is reflected as prepaid expenses and deposits.

         On May 24, 2007 the Company authorized the issuance of 3,000,000 common
         shares each, to two directors as bonus compensation.  These shares were
         valued at $0.02 per common  share.  The  Company  expensed  $120,000 to
         management salaries in second quarter of 2007.

         On May 24, 2007 the Company authorized the issuance of 3,000,000 common
         shares valued @$0.02 per common share to one  consultant for management
         of the Company's office in Taiwan.

         On May 24,  2007 The Company  authorized  the  issuance  of  13,500,000
         common  shares to four  consultants  for  services.  These  shares were
         valued at $0.02 per common  share and  covered the period of six months
         commencing May 13, 2007.  The Company  expensed  consulting  expense of
         $71,901 and reflected  the balance of $198,099 in prepaid  expenses and
         deposits.

         On May 24, 2007 The Company authorized the issuance of 3,250,000 common
         shares to two  consultants  for  services.  These shares were valued at
         $0.02  per  common  share  and  covered  the  period  of  three  months
         commencing  May 1, 2007.  The Company  expensed  consulting  expense of
         $43,333 and  reflected  the balance of $21,667 in prepaid  expenses and
         deposits.

         On May 24, 2007 The Company authorized the issuance of 4,000,000 common
         shares to two  consultants  for  services.  These shares were valued at
         $0.02 per common share and covered the period of six months  commencing
         May 1, 2007.  The Company  expensed  consulting  expense of $26,667 and
         reflected the balance of $53,333 in prepaid expenses and deposits.

         On May 24, 2007 The Company authorized the issuance of 1,300,000 common
         shares to a consultant for services.  These shares were valued at $0.03
         per common  share and covered the period of six months  commencing  May
         18,  2007.  The  Company  expensed  consulting  expense  of $9,015  and
         reflected the balance of $28,685 in prepaid expenses and deposits.

7.       PROMISSORY NOTE PAYABLE

         On April 19, 2005, the Company executed a Promissory Note in the amount
         of  $983,021,  bearing  interest at 3% per month,  with  principal  and
         interest  payable at December 31, 2005.  Management and the note holder
         have  agreed on a new term of 2% per month  (prior 3% per month) with a
         monthly pay down of CAD $2,000 starting from January 1, 2007.

8.       MANAGEMENT SALARIES

         Includes the cost of issuance of a total of 12,000,000 common shares to
         two directors, 6,000,000 common shares each, as bonus compensation. Out
         of these,  6,000,000  common  shares  issued in the first quarter ended
         March 31,  2007 were  valued at $0.05 per  common  share and  6,000,000
         common  shares  issued in the second  quarter  ended June 31, 2007 were
         valued at $0.02 per



                                      F-13
<PAGE>


                            PERFISANS HOLDINGS, INC.
          CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2007
                        (AMOUNTS EXPRESSED IN US DOLLARS)
                                   (UNAUDITED)


         common share. The Company expensed  $300,000 and 120,000 to  management
         salaries in the first and second quarters of 2007, respectively.

9.       LETTER OF INTENT

         On April 24, 2006,  the Company  entered  into a non binding  Letter of
         Intent  with  Zhejiang  Fibersense   Communication  Technology  Company
         Limited  ("Zhejiang  Fibersense") to enter into a definitive  agreement
         with the shareholders of the Company pursuant to which the Company will
         acquire from Zhejiang  Fibersense  shareholders  100% of the issued and
         outstanding  share  capital of Zhejiang  Fibersense in exchange for the
         issuance of the Company's  common shares in an amount to be determined.
         The Company  cancelled the non-binding  agreement in the second quarter
         of 2007.



                                      F-14
<PAGE>



ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN 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  "anticipated,"
"believe," "expect,  "plan," "intend," "seek,"  "estimate,"  "project," "could,"
"may,"  and  similar  expressions  are  intended  to  identify   forward-looking
statements. These statements include, among others, information regarding future
operations,  future  capital  expenditures,  and  future  net  cash  flow.  Such
statements reflect our management's  current views with respect to future events
and  financial  performance  and  involve  risks and  uncertainties,  including,
without  limitation,  general  economic  and  business  conditions,  changes  in
foreign, political, social, and economic conditions,  regulatory initiatives and
compliance with governmental regulations,  the ability to achieve further market
penetration and 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,  actual results
may vary materially and adversely from those anticipated, believed, estimated or
otherwise indicated. Consequently, all of the forward-looking statements made in
this filing are  qualified by these  cautionary  statements  and there can be no
assurance of the actual results or developments.



OVERVIEW

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 on December 19, 2003.

This transaction was accounted for as a reverse acquisition. We changed our name
to Perfisans Holdings, Inc. in conjunction with the reverse acquisition.

Because we have not generated  sufficient  revenue to date, we 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 affect 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  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




                                        2
<PAGE>



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.

The Company through its wholly owned subsidiary Perfisans Networks  Corporation,
an Ontario  corporation,  is engaged in development of integrated  circuits that
will accelerate the network protocol processing.

We have  completed  the  design  of a  single  port  gigabit  network  interface
controller  ENA1001 and released the product to the market. The Company has also
commenced meeting prospective customers with samples of this product.

We have also  completed  the design of a single port gigabit  network  interface
adapter card ENA5031 using our single port gigabit network interface  controller
ENA1001.  This adapter serves two purposes.  One is as the demonstration vehicle
for the ENA1001  controller.  We will also sell this single port gigabit network
interface adapter card ENA5031 to the computer system integrators.

In response to the market and current  funding  and  resources  conditions,  the
Company is in the process of re-structuring. Since our vendors and customers are
in Asia,  more  focus has been put on the China and Taiwan  operations.  In July
2005,  resources  were  reallocated  from the  Canadian  operation  to China and
Taiwan;  this move has  resulted in lower  operating  costs.  In response to the
re-structuring,  the Company  moved to smaller  premises in November of 2005. On
May 20, 2007,  the Company  relocated its offices again to 18 Crown Steel Drive,
Unit 310, Markham, Ontario, Canada.

We have also  revised  the product  development  plan  accordingly.  The Company
products  are  focused on the  network  and  consumer  semiconductor  integrated
circuits.  In addition to developing our own products,  we also start  marketing
products from other semiconductor development companies under our own brand.

Along with  Canada,  Taiwan and China are key  regions  for us to  penetrate  to
implement  our plan of  operation.  Manufacturers  Agents  (known as "reps") and
Distributors  (known  as  "distis")  will  be  contracted  to  market  and  sell
Perfisans'  chips. A disti buys,  resells and maintains local inventories of the
computer chips that the Company will provide.  The disti is responsible  for the
costs  of  selling  to  customers,  accounts  receivables,  collections  and the
maintenance of local inventories,  that otherwise would fall on Perfisans. A rep
earns  commissions on the sales of Perfisans'  chips. A rep is a separate,  arms
length company that negates or minimizes the need for Perfisans to staff its own
field sales force,  thereby  minimizing  Perfisans' cost of sales. In some cases
the rep and disti will be one and the same  company  capable of acting in either
rep or disti mode  according to local market needs.  In rep mode,  the rep earns
commissions on sales of our chips. In disti mode, the disti buys and resells our
chips and maintains local  inventories.  The current  industry trend is for reps
and distis to be combined in one company.



                                        3
<PAGE>


Our sales costs are:

     o    Travel  costs by the sales  people to the  market  areas at  intervals
          dictated by sales activity and priorities,

     o    The  commission  that has to be paid for the reps which will be pegged
          at 10% to 15% of the selling price, and

     o    The costs of locally based  support  staffs as determined by the needs
          of penetrating and maintaining specific strategic customers.

We have signed up distributors in Canada, the US and China. In addition, we have
identified  Taiwan  and China as key  regions  and will  continue  to search for
appropriate  candidates  for the  distribution  of our  products  in  these  two
geographical   areas.   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 product introduction plans.

Despite having limited revenue since  inception,  we believe that our management
has  developed  a  business  plan  that,  if  successfully  implemented,   could
substantially   improve  the   Company's   operational   results  and  financial
conditions.  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 $5 million.

We have an agreement with SBI Brightline Consulting LLC ("SBI") and Westmoreland
PFNC LLC  ("Westmoreland")  for a $4 million  funding.  Seven  hundred and fifty
thousand dollars has been received by the company from SBI and Westmoreland. SBI
and  Westmoreland  have signed  promissory notes on the balance that has not yet
been  received.  The  Company  believes  that the  possibility  of  getting  the
remaining  fund is low. The Company is planning to write off the amount if funds
are not received in the near future.

We had executed  convertible  debenture  agreements  totaling $1.2 million as at
March 21, 2005.  Details of the agreement can be obtained  through the Company's
Current  Report on Form 8-K filed  with SEC on March 23,  2005.  We will have to
secure the anticipated  requisite remainder of funding through other means, such
as sales of additional securities or other financing initiatives.  We started to
re-pay each month the principal of these  convertible notes commencing on August
17, 2005.  The payments  are made through the issuance of the  Company's  common
stock.

On March 21, 2007, we entered into a Securities  Purchase  Agreement dated as of
March 12, 2007,  by and among  Perfisans  Holdings,  Inc. (the  "Company"),  and
Alfred Morgan Capital Ltd ("AMC").  Whereby,  the Company authorized the sale to
AMC of a Convertible Term Note (the "2007 Notes") in the principal amount of One
Hundred  Fifty  Thousand  ($150,000).  The offering was made pursuant to Section
4(2) of the Securities Act of 1933, as amended.  The 2007 Notes are  convertible
into  common  stock of the  Company,  as set  forth in the  Securities  Purchase
Agreement  filed as Exhibit  99.2 to the  Company's  Current  Report on Form 8-K
filed with the SEC on November 13, 2006.  In connection  with the offering,  the
Company issued an aggregate of 750,000  warrants to purchase  common stock.  The
$150,000  principal  amount  of 2007  Notes  is part of a  contemplated  private
placement of up to  $10,000,000.  The  proceeds of the offering  will be used to
fund acquisitions and for working capital.

The  conversions  of the 2007  Notes are  subject to an  effective  Registration
Statement.  The net  proceeds of the  financing  are to be utilized  for general
working capital.



                                        4
<PAGE>



In May, 2007, AMC has requested the conversion of the $150,000  principal amount
of 2007 Notes into restricted  shares.  The conversion was done on June 19, 2007
with  conversion  price at $0.02 per share  with 25%  discount  which  amount to
10,000,000 shares.

We have hired contractors and consultants  working for the Company in Taiwan and
China  as of to  date.  We plan to hire  additional  contractors  in the area of
engineering, sales and marketing.

We have appointed three corporate advisors in San Jose, California for corporate
development.  We have  leased an  office  space in San  Jose,  California  since
January 1, 2007. We also plan to hire some  contractors  in the area of business
development and marketing.

As a moving  forward  plan,  we are  seeking  for some  merger  and  acquisition
targets.  We also have  strategic  planning  of  spinning  off the  Intellectual
Property (IP) of the Company into an IP licensing company.

We have explored business  opportunities in marketing and sales of products that
are not produced by us. We believe such  opportunities  can bring in revenue and
profit.  However the plan of the Company is to develop a marketing  strategy for
its own internally developed chips.

On May 8, 2007 the Company's Board of Directors  passed a resolution and decided
to terminate the previous  non-binding Letter of Intent with Zhejiang Fibersense
Communication  Technology Company Limited signed April 24, 2006. Currently,  the
Company is negotiating  with another company in Hong Kong, and expects to have a
plan in the next three months.



RESULTS OF OPERATIONS FOR PERFISANS HOLDINGS, INC.

RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2007

We have  reported  revenues of $216,069  during this six month period ended June
30, 2007 (revenue for the six month period ended June 30, 2006 was $Nil). We are
currently working on marketing our two products ENA1001 and ENA5031 to potential
customers.

Total  operating  expenses  increased for the  six-month  period ending June 30,
2007, from $849,845 to $1,558,396 from the corresponding prior year period. This
increase  was  primarily  due to the  increase in  management  compensation  and
consultant cost included in general and administrative expenses.

General and  Administration  fees increased for the six-month  period ended June
30, 2007, from $397,896 to $720,299,  or 81% from the  corresponding  prior year
period, primarily as a result of increase in consultant fees.

On April 19,  2005,  the  Company  executed a  Promissory  Note in the amount of
$983,021,  bearing interest at 3% per month, with principal and interest payable
at December 31, 2005.  Management  and the note holder have agreed on a new term
of 2% per month  (prior 3% per  month)  with a  monthly  pay down of CAD  $2,000
starting from January 1, 2007.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2007

We have reported  revenues of $193,352 during this three month period ended June
30, 2007  (revenue for the three month period ended June 30, 2006 was $Nil).  We
are  currently  working on  marketing  our two  products  ENA1001 and ENA5031 to
potential customers.




                                        5
<PAGE>


Total operating  expenses  increased for the three-month  period ending June 30,
2007, from $461,783 to $601,103 from the corresponding  prior year period.  This
increase  was  primarily  due to the  increase in  management  compensation  and
consultant cost included in general and administrative expenses.

General and Administration  fees increased for the three-month period ended June
30, 2007, from $250,953 to $269,843,  or 7.5% from the corresponding  prior year
period, primarily as a result of increase in consultant fees.


LIQUIDITY AND CAPITAL RESOURCES

For the six months  ended June 30, 2007,  net cash used in operating  activities
amounted  to  $154,850,  as compared to $80,291 for the same period in the prior
year. The increase in cash used is primarily due to the increase in our business
activities during the six months ended June 30, 2007.

In March 2004, we borrowed $250,000 from an unaffiliated  lender. The loan bears
interest  at 2% per month and was payable on July 3, 2004 or upon our receipt of
at least  $4,000,000 of proceeds from the sale of stock.  In October 30, 2004 we
increased  the borrowed  amount from the same lender to $392,208  which bears an
interest at 3% per month.  On April 19, 2005, the Company  executed a Promissory
Note in the total  amount of  $983,021  bears  interest  at 3% per  month,  with
principal  and interest  payable at December 31, 2005.  Management  and the note
holder  have  agreed on a new term of 2% per month  (prior 3% per month)  with a
monthly pay down of CAD $2,000 starting from January 1, 2007. We intend to repay
such loans out of proceeds from the sale of stock.

At June 30, 2007, we had no material  commitments for capital expenditures other
than for  those  expenditures  incurred  in the  ordinary  course  of  business.
Additional capital could be required in excess of our liquidity, requiring us to
raise additional capital through an equity offering or secured or unsecured debt
financing.  The  availability  of additional  capital  resources  will depend on
prevailing  market  conditions,  interest  rates,  and  our  existing  financial
position and results of operations.


OFF-BALANCE SHEET ARRANGEMENTS

None.


CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS:

Contractual obligations as of June 30, 2007 are as follows:

<TABLE>
<CAPTION>

----------------------------------------------------------------------------------------------------------------
CONTRACTUAL OBLIGATIONS                   TOTAL             LESS THAN 1 YEAR       AFTER 1-3 YEARS     3-5 YEARS
----------------------------------------------------------------------------------------------------------------
<S>                                       <C>                    <C>                   <C>                 <C>
BUILDING LEASES                           $58,290                $19,430               $38,860             $0
----------------------------------------------------------------------------------------------------------------
EQUIPMENT LEASES                               --                     --                    --             --
----------------------------------------------------------------------------------------------------------------
CONVERTIBLE TERM NOTE                     $13,863                $13,863                    --             --
----------------------------------------------------------------------------------------------------------------
PROMISSORY NOTE                          $983,021               $983,021                    --             --
----------------------------------------------------------------------------------------------------------------
TOTAL                                  $1,055,174             $1,016,314               $38,860             $0
----------------------------------------------------------------------------------------------------------------
</TABLE>


                                        6
<PAGE>



RECENT ACCOUNTING PRONOUNCEMENTS

In May  2005,  the FASB  issued  SFAS No.  154,  "Accounting  Changes  and Error
Corrections",  which replaces APB Opinion No. 20, "Accounting Changes", and SFAS
No. 3,  "Reporting  Accounting  Changes in  Interim  Financial  Statements  - An
Amendment  of APB  Opinion  No.  28".  SFAS No.  154  provides  guidance  on the
accounting  for and  reporting  of changes in  accounting  principles  and error
corrections.  SFAS No. 154 requires  retrospective  application  to prior period
financial  statements of voluntary changes in accounting  principles and changes
required by new accounting standards when the standard does not include specific
transition  provisions,  unless it is  impracticable to do so. SFAS No. 154 also
requires  certain  disclosures for  restatements  due to correction of an error.
SFAS No. 154 is effective for accounting  changes and corrections of errors made
in fiscal  years  beginning  after  December  15,  2005,  and are required to be
adopted by the Company as of January 1, 2006.  The impact  that the  adoption of
SFAS No. 154 will have on the  Company's  results of  operations  and  financial
condition will depend on the nature of future accounting  changes adopted by the
Company and the nature of transitional  guidance  provided in future  accounting
pronouncements.

In February 2006, the FASB issued SFAS No. 155,  "Accounting  for Certain Hybrid
Financial  Instruments - an amendment of FASB  Statements No. 133 and 140". This
Statement  permits  fair  value  of  re-measurement  for  any  hybrid  financial
instrument  that contains an embedded  derivative  that otherwise  would require
bifurcation;  clarifies which interest-only strips and principal-only strips are
not subject to the  requirements  of SFAS No. 133,  "Accounting  for  Derivative
Instruments  and Hedging  Activities";  establishes  a  requirement  to evaluate
interests  in  securitized  financial  assets  to  identify  interests  that are
freestanding  derivatives or that are hybrid financial  instruments that contain
an embedded derivative requiring  bifurcation;  clarifies that concentrations of
credit  risk in the form of  subordination  are not  embedded  derivatives;  and
amended  SFAS No. 140,  "Accounting  for  Transfers  and  Servicing of Financial
Assets and  Extinguishments  of Liabilities",  to eliminate the prohibition on a
qualifying special-purpose entity from holding a derivative financial instrument
that pertains to a beneficial  interest other than another derivative  financial
instrument.  SFAS No. 155 is effective for all financial  instruments  acquired,
issued,  or subject to a  re-measurement  (new basis) event  occurring after the
beginning of an entity's first fiscal year that begins after September 15, 2006.
The Company is currently  reviewing  the effect,  if any, the proposed  guidance
will have on its financial position and operations.

In March  2006,  the FASB  issued SFAS No. 156,  "Accounting  for  Servicing  of
Financial  Assets",  which amends SFAS No. 140,  "Accounting  for  Transfers and
Servicing  of  Financial  Assets  and  Extinguishments  of  Liabilities".  In  a
significant change to current guidance, SFAS No. 156 permits an entity to choose
either  of the  following  subsequent  measurement  methods  for  each  class of
separately   recognized   servicing  assets  and  servicing   liabilities:   (1)
Amortization  Method  or (2) Fair  Value  Measurement  Method.  SFAS No.  156 is
effective as of the beginning of an entity's first fiscal year that begins after
September 15, 2006. The Company is currently  reviewing the effect,  if any, the
proposed guidance will have on its financial position and operations.

In July 2006, the FASB issued Interpretation No. 48, "Accounting for Uncertainty
in Income Taxes" ("FIN 48"). FIN 48 clarifies the accounting for  uncertainty in
income taxes  recognized in an enterprise's  financial  statements in accordance
with  SFAS  No.  109,  "Accounting  for  Income  Taxes".  FIN  48  prescribes  a
recognition  threshold and measurement  attributable for the financial statement
recognition and measurement of a tax position taken or expected to be taken in a
tax return.  FIN 48 also  provides  guidance on  derecognizing,  classification,
interest  and  penalties,   accounting  in  interim  periods,   disclosures  and
transitions.  FIN 48 is effective for fiscal years  beginning after December 15,
2006. The Company is currently reviewing the effect, if any, FIN 48 will have on
its financial position and operations.



                                       7
<PAGE>



In September  2006, the FASB issued SFAS No. 157, "Fair Value  Measures"  ("SFAS
No.  157").  SFAS No. 157  defines  fair  value,  establishes  a  framework  for
measuring  fair value in  generally  accepted  accounting  principles  ("GAAP"),
expands  disclosures  about fair value  measurements,  and  applies  under other
accounting  pronouncements that require or permit fair value measurements.  SFAS
No. 157 does not  require  any new fair value  measurements;  however,  the FASB
anticipates that for some entities,  the application of SFAS No. 157 will change
current practice.  SFAS No. 157 is effective for financial statements issued for
fiscal years beginning  after November 15, 2007,  which for the Company would be
its fiscal year beginning January 1, 2008. The implementation of SFAS No. 157 is
not expected to have a material  impact on the  Company's  results of operations
and financial condition.

In September 2006, the Financial Accounting Standards Board ("FASB") issued SFAS
No.  158,   "Employers'   Accounting  for  Defined  Benefit  Pension  and  Other
Postretirement  Plans - an  amendment  of FASB  Statements  No. 87, 88, 106, and
132(R)".  This  statement  requires  employers to recognize  the  overfunded  or
underfunded  status of a  defined  benefit  postretirement  plan  (other  than a
multiemployer  plan) as an asset or  liability  in its  statement  of  financial
position and to recognize changes in that funded status in the year in which the
changes occur through  comprehensive  income of a business  entity or changes in
unrestricted  net assets of a not-for-profit  organization.  This statement also
requires an  employer  to measure the funded  status of a plan as of the date of
its year-end  statement  of financial  position,  with limited  exceptions.  The
provisions  of SFAS No. 158 are effective  for  employers  with publicly  traded
equity  securities  as of the end of the fiscal year ending  after  December 15,
2006. The adoption of this  statement is not expected to have a material  effect
on the Company's future reported financial position or results of operations. In
September  2006,  the Securities  and Exchange  Commission  ("SEC") issued Staff
Accounting  Bulletin No. 108 (Topic 1N),  "Quantifying  Misstatements in Current
Year Financial Statements" ("SAB No. 108"). SAB No. 108 addresses how the effect
of prior year  uncorrected  misstatements  should be considered when quantifying
misstatements  in current year  financial  statements.  SAB No. 108 requires SEC
registrants  (i) to  quantify  misstatements  using a  combined  approach  which
considers  both the  balance  sheet and  income  statement  approaches;  (ii) to
evaluate  whether  either  approach  results  in  quantifying  an error  that is
material in light of relevant quantitative and qualitative factors; and (iii) to
adjust their  financial  statements  if the new combined  approach  results in a
conclusion  that an error is material.  SAB No. 108  addresses  the mechanics of
correcting  misstatements  that include  effects from prior years.  It indicates
that the current year  correction of a material  error that includes  prior year
effects may result in the need to correct prior year financial  statements  even
if the  misstatement  in the prior year or years is considered  immaterial.  Any
prior  year  financial  statements  found to be  materially  misstated  in years
subsequent to the issuance of SAB No. 108 would be restated in  accordance  with
SFAS No. 154,  "Accounting Changes and Error Corrections."  Because the combined
approach  represents  a change  in  practice,  the SEC  staff  will not  require
registrants  that followed an  acceptable  approach in the past to restate prior
years' historical financial statements. Rather, these registrants can report the
cumulative  effect of adopting the new approach as an  adjustment to the current
year's beginning balance of retained earnings. If the new approach is adopted in
a quarter other than the first quarter,  financial  statements for prior interim
periods  within the year of  adoption  may need to be  restated.  SAB No. 108 is
effective for fiscal years ending after November 15, 2006, which for the Company
would be its fiscal year beginning  January 1, 2007. The  implementation  of SAB
No. 108 is not expected to have a material  impact on the  Company's  results of
operations and financial condition.

In February  2007,  the FASB  issued SFAS No. 159 ("SFAS  159") - the fair value
option for financial assets and liabilities  including in amendment of SFAS 115.
This Statement permits entities to choose to measure many financial  instruments
and certain  other items at fair value.  The  objective is to improve  financial
reporting by providing  entities with the opportunity to mitigate  volatility in
reported earnings caused by measuring related assets and liabilities differently
without having to apply complex hedge accounting  provisions.  This Statement is
expected to expand the use of fair value  measurement  objectives for accounting
for financial instruments. This Statement is effective as of the beginning of an
entity's




                                        8
<PAGE>


first fiscal year that begins  after  November  15,  2007,  and interim  periods
within those fiscal years.  Early adoption is permitted as of the beginning of a
fiscal year that begins on or before November 15, 2007, provided the entity also
elects  to  apply  the   provisions  of  FASB  Statement  No.  157,  Fair  value
measurements.  The Company is currently evaluating the impact of SFAS No. 159 on
its consolidated financial statement.


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

Our Chief Executive Officer and Principal Accounting Officer has evaluated as of
the last day of the period  covered by this  report,  the  effectiveness  of the
design and operation of our  disclosure  controls and  procedures (as defined in
Rule  13a-15(e) or 15d-15(e)  under the Securities  Exchange Act of 1934).  This
evaluation was carried out under the supervision and with the  participation  of
our  management,   including  our  principal  executive  officer  and  principal
accounting  officer.  Based on this evaluation,  this officer has concluded that
the  design  and  operation  of  our  disclosure  controls  and  procedures  are
effective.

There were no changes in the Company's internal control over financial reporting
(as defined in Rule 13a-15 or Rule 15d-15 under the  Securities  Exchange Act of
1934) during the quarter ended June 30, 2007 that has materially affected, or is
reasonably  likely to materially  affect,  the Company's  internal  control over
financial reporting.


                                        9
<PAGE>



                           PART II - OTHER INFORMATION



ITEM 1.    LEGAL PROCEEDINGS

None.


ITEM 2.    UNREGISTERED SALES OF EQUITY 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

     There were no matters  required to be disclosed in a Current Report on Form
8-K during the fiscal quarter covered by this report that were not so disclosed.

     There were no changes  to the  procedures  by which  security  holders  may
recommend  nominees to the  Company's  Board of  Directors  since  Company  last
disclosed these procedures.

ITEM 6.    EXHIBITS

EXHIBIT
NUMBER   EXHIBIT
--------------------------------------------------------------------------------

31       Certification  of Chief  Executive  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



                                       10


<PAGE>




                                   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.



Date:  August 10, 2007                 PERFISANS HOLDINGS, INC.


                                       By:   /s/ Bok Wong
                                       ---------------------------------------
                                       Name:  Bok Wong
                                       Title: Chief Executive Officer
                                              and Principal Accounting Officer


                                       11