# EDGAR Filing Document

**Accession Number:** 0001061164
**File Stem:** 0001477932-23-001513
**Filing Date:** 2023-3
**Character Count:** 49384
**Document Hash:** 60e95fe8b137a317b09bf46e0ff86c5f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477932-23-001513.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001477932-23-001513

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230315

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PEREGRINE INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0001061164
- **STANDARD INDUSTRIAL CLASSIFICATION:** GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC [3569]
- **IRS NUMBER:** 650611007
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-27511
- **FILM NUMBER:** 23736552

**BUSINESS ADDRESS:**
- **STREET 1:** 40 WALL STREET
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** 2124007198

**MAIL ADDRESS:**
- **STREET 1:** 40 WALL STREET
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

?xml version="1.0" encoding="utf-8"?pgid_10q.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

**☒** **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended **<u>January 31, 2023</u>**

Commission file number: **<u>0-27511</u>**

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|:---|
| **PEREGRINE INDUSTRIES, INC.** |
| (Exact Name Of Registrant As Specified In Its Charter) |

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|:---|:---|
| **Florida** | **65-0611007** |
| (State of Incorporation) | (I.R.S. Employer Identification No.) |
| **4525 W. Reno Avenue, Suite A5** <br>**Las Vegas, Nevada** | **89118** |
| (Address of Principal Executive Offices) | (ZIP Code) |

---

Registrant's Telephone Number, Including Area Code: **<u>(702) 888 1798</u>**

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 ☒ No ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer (as defined in Rule 12b-2 of the Exchange Act) or a smaller reporting company.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer  | ☐ | Smaller reporting company | ☒ |
| Accelerated filer | ☐ | Emerging growth company | ☒ |
| Non-accelerated Filer | ☒ |  |  |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

On January 31, 2023 the Registrant had 251,024,200 shares of common stock outstanding.

**TABLE OF CONTENTS**

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| | | | |
|:---|:---|:---|:---|
| **Item** | **Description** | **Page** | **Page** |
|  | [PART I - FINANCIAL INFORMATION](#p1) |  |  |
| [ITEM 1.](#i1) | [FINANCIAL STATEMENTS.](#i1) |  | 3 |
| [ITEM 2.](#i2) | [MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONS.](#i2) |  | 13 |
| [ITEM 3.](#i3) | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.](#i3) |  | 15 |
| [ITEM 4.](#i4) | [CONTROLS AND PROCEDURES.](#i4) |  | 15 |
|  | [PART II - OTHER INFORMATION](#p2) |  |  |
| [ITEM 1.](#it1) | [LEGAL PROCEEDINGS.](#it1) |  | 16 |
| [ITEM 1A.](#it1a) | [RISK FACTORS.](#it1a) |  | 16 |
| [ITEM 2.](#it2) | [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.](#it2) |  | 16 |
| [ITEM 3.](#it3) | [DEFAULT UPON SENIOR SECURITIES.](#it3) |  | 16 |
| [ITEM 4.](#it4) | [MINE SAFETY DISCLOSURE.](#it4) |  | 16 |
| [ITEM 5.](#it5) | [OTHER INFORMATION.](#it5) |  | 16 |
| [ITEM 6.](#exhibit) | [EXHIBITS.](#exhibit) |  | 17 |

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| 2 |
| *[**Table of Contents**](#TOC)* |

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**PART I - FINANCIAL INFORMATION**

ITEM 1. FINANCIAL STATEMENTS

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| | |
|:---|:---|
| [Condensed Balance Sheets (unaudited) – January 31, 2023 and (audited) July 31, 2022](#bs) | 4 |
| [Condensed Statements of Operations (unaudited)– Three and Six Months Ended January 31, 2023 and 2022](#soo) | 5 |
| [Condensed Statements of Shareholder Equity (unaudited) –Three and Six Months Ended January 31, 2023 and 2022](#equity) | 6 |
| [Condensed Statements of Cash Flows (unaudited) – Six Months Ended January 31, 2023 and 2022](#cf) | 7 |
| [Notes to Interim Financial Statements (unaudited)](#notes) | 8 |

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| 3 |
| *[**Table of Contents**](#TOC)* |

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| | | |
|:---|:---|:---|
| Peregrine Industries, Inc. | Peregrine Industries, Inc. | Peregrine Industries, Inc. |
| Balance Sheets | Balance Sheets | Balance Sheets |
| (unaudited) | (unaudited) | (unaudited) |
|  | **January 31** | **July 31** |
|  | **2023** | **2022** |
| Assets | Assets | Assets |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $478144 | $572972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 19384 | 22654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 736004 | 784294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 8485 | 13181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1242018 | 1393101 |
| Long term assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Production equipment - net |  | 4563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patents - cost | 265821 | 262731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right of use asset | 19779 | 30023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long term assets | 285600 | 297317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1527618 | $1690419 |
| Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity | Liabilities and Stockholders' Equity |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $10390 | $11122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liability | 19050 | 19113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 29440 | 30235 |
| Long term liability |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | 2609 | 11061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long term liabilities | 2609 | 11061 |
| Commitments and contingencies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SBA loan | 116700 | 116700 |
|  | 116700 | 116700 |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value; 5,000,000 authorized; none issued and outstanding as of January 31, 2023 and July 31, 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 500,000,000 shares authorized; 252,024,200 shares issued and outstanding as of January 31, 2023 and 251,024,221 as of July 31, 2022 | 25202 | 25102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital | 5951289 | 5941389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (4597622) | (4434068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1378869 | 1532423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1527618 | $1690419 |
| *(see accompanying notes which are an integral part of these unaudited financial statements)* | *(see accompanying notes which are an integral part of these unaudited financial statements)* | *(see accompanying notes which are an integral part of these unaudited financial statements)* |

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| 4 |
| *[**Table of Contents**](#TOCF)* |

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| | | | | |
|:---|:---|:---|:---|:---|
| Peregrine Industries, Inc. | Peregrine Industries, Inc. | Peregrine Industries, Inc. | Peregrine Industries, Inc. | Peregrine Industries, Inc. |
| Statement of Operations | Statement of Operations | Statement of Operations | Statement of Operations | Statement of Operations |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **January 31** | **January 31** | **January 31** | **January 31** |
|  | **2023** | **2022** | **2023** | **2022** |
| Revenue, net | $4124 | $4529 | $8077 | $10827 |
|  | 4124 | 4529 | 8077 | 10827 |
| Cost of sales |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product cost | 453 | 503 | 1330 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | 453 | 503 | 1330 | 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 3672 | 4026 | 6747 | 9280 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization and inventory impairment | 4563 | 23316 | 51919 | 51034 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 24232 | 39137 | 76462 | 75139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salary and payroll costs | 19509 | 61152 | 38195 | 66734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 48304 | 123605 | 166575 | 192908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (44633) | (119579) | (159828) | (183627) |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds on sale of land and buildings in excess of net book value | - | - | - | 198204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patent impairment |  |  | (3725) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payroll and other grants forgiven | - | - | - | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income | - | - | (3725) | 208204 |
| (Net loss) income for the year | $(44633) | $(119579) | $(163553) | $24577 |
| Basic and diluted income (loss) per share | $(0.00) | $(0.00) | $(0.00) | $0.00 |
| Weighted average shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | 251480722 | 250524200 | 251252461 | 250524200 |
| *(see accompanying notes which are an integral part of these unaudited financial statements)* | *(see accompanying notes which are an integral part of these unaudited financial statements)* | *(see accompanying notes which are an integral part of these unaudited financial statements)* | *(see accompanying notes which are an integral part of these unaudited financial statements)* | *(see accompanying notes which are an integral part of these unaudited financial statements)* |

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| 5 |
| *[**Table of Contents**](#TOCF)* |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Peregrine Industries, Inc. | Peregrine Industries, Inc. | Peregrine Industries, Inc. | Peregrine Industries, Inc. | Peregrine Industries, Inc. | Peregrine Industries, Inc. |
| Statements of Stockholders' Equity | Statements of Stockholders' Equity | Statements of Stockholders' Equity | Statements of Stockholders' Equity | Statements of Stockholders' Equity | Statements of Stockholders' Equity |
| For the Six and Three Months Ended January 2023 and 2022  | For the Six and Three Months Ended January 2023 and 2022  | For the Six and Three Months Ended January 2023 and 2022  | For the Six and Three Months Ended January 2023 and 2022  | For the Six and Three Months Ended January 2023 and 2022  | For the Six and Three Months Ended January 2023 and 2022  |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
|  | **Common**<br>**Shares** | **Par Value** | **Additional Paid**<br>**in Capital** | **Accumulated**<br>**Deficit** | **Total Equity** |
| Balances, July 31. 2022 | 251024200 | $25102 | $5941389 | $(4434068) | $1532423 |
| Common shares issued for cash | 1000000 | 100 | 9900 |  | 10000 |
| Loss for the Six months | - | - | - | (163553) | (163553) |
| Balances, January 31, 2023 | 252024200 | $25202 | $5951289 | $(4597622) | $1378869 |
| Balances, October 31, 2022 | 251024200 | $25102 | $5941389 | $(4552989) | $1413502 |
| Common shares issued for cash | 1000000 | 100 | 9900 |  | 10000 |
| Loss for the three months | - | - | - | (44633) | (44633) |
| Balances, January 31, 2023 | 252024200 | $25202 | $5951289 | $(4597622) | $1378869 |
| Balances, July 31, 2021 | 250524200 | $25052 | $5891439 | $(4334370) | $1582121 |
| Income for the six months | - | - | - | 24577 | 24577 |
| Balances, January 31, 2022 | 250524200 | $25052 | $5891439 | $(4309793) | $1606698 |
| Balances, October 31, 2021 | 250524200 | $25052 | $5891439 | $(4190214) | $1726277 |
| Loss for the three months | - | - | - | (119579) | (119579) |
| Balances, January 31, 2022 | 250524200 | $25052 | $5891439 | $(4309793) | $1606698 |
| *(see accompanying notes which are an integral part of these unaudited financial statements)* | *(see accompanying notes which are an integral part of these unaudited financial statements)* | *(see accompanying notes which are an integral part of these unaudited financial statements)* | *(see accompanying notes which are an integral part of these unaudited financial statements)* | *(see accompanying notes which are an integral part of these unaudited financial statements)* | *(see accompanying notes which are an integral part of these unaudited financial statements)* |

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| 6 |
| *[**Table of Contents**](#TOCF)* |

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| | | |
|:---|:---|:---|
| Peregrine Industries, Inc. | Peregrine Industries, Inc. | Peregrine Industries, Inc. |
| Statements of Cash Flow | Statements of Cash Flow | Statements of Cash Flow |
| (unaudited) | (unaudited) | (unaudited) |
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **January 31** | **January 31** |
|  | **2023** | **2022** |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $(163553) | 24577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory impairment | 47356 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of patents | 3725 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;net cash used in used in operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on asset disposal |  | 437776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 4563 | 46632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in inventory | 933 | (461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in accounts receivable | 3269 | 2427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in prepaid expenses and other current assets | 4696 | 5031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) increase in accounts payable and accrued expenses | (731) | (17250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 1729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided by (used in) operating activities | (98013) | 498732 |
| CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash used to acquire patents | (6815) | (7150) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash used in investing activities | (6815) | (7150) |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale of common shares for cash | 10000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds form SBA Payroll Protection Plan |  | (10000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of related party loan | - | (50000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash flows provided by financing activities | 10000 | (60000) |
| NET (DECREASE) INCREASE IN CASH | (94828) | 431582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash at beginning of period | 572972 | 94282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash at end of period | $478144 | 525864 |
| *(see accompanying notes which are an integral part of these unaudited financial statements)* | *(see accompanying notes which are an integral part of these unaudited financial statements)* | *(see accompanying notes which are an integral part of these unaudited financial statements)* |

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| 7 |
| *[**Table of Contents**](#TOCF)* |

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Peregrine Industries, Inc.

Notes to Financial Statements

For the Six Months Ended January 31, 2023

**NOTE 1 - ORGANIZATION AND OPERATIONS:**

Peregrine Industries, Inc. (the "Company") was formed on October 1, 1995 for the purpose of manufacturing residential pool heaters. The Company was formerly located in Deerfield Beach, Florida. Products were primarily sold throughout the United States, Canada, and Brazil. In June 2002, the Registrant and its subsidiaries filed a petition for bankruptcy in the U.S. Bankruptcy Court for the Southern District of Florida. At present, the Company has no business operations and is deemed to be a shell company. The Company had a change in control on July 8, 2013 as a result of the sale by our former principal shareholders, Richard Rubin, Thomas J. Craft, Jr. and Ivo Heiden, of their 324,000 shares of common stock, representing approximately 61.8% of the Company's outstanding common stock, to Dolomite Industries Ltd ("Dolomite"). In connection with the private sale of their shares of common stock to Dolomite on July 2, 2013, Messrs. Rubin and Heiden agreed to waive a total of $224,196 in liabilities owed to them at June 30, 2013. In connection with the change of control transaction, two former principal shareholders transferred and assigned all $195,000 of their two convertible notes to three unaffiliated third parties and one affiliated party. See also note 3. On June 12, 2017, the Board of Directors of the Registrant appointed Mr. Zohar Shpitz as Chief Financial Officer (CFO) of the Registrant. Mr. Shpitz was appointed as CFO in connection with the resignation of Mr. Ofer Naveh as the Registrant's CFO, effective June 19, 2017. On July 21, 2017, new management acquired, 22,477,843 or 97.7% of the issued common restricted shares. The new management is developing a business plan which they anticipate implementing within the current fiscal year.

On September 3, 2021, through our wholly owned subsidiary Mace Merger, Corp., Mace, Corporation was merged into our Company, through the issuance to each shareholders of one share of Peregrine, Industries for each four share of Mace, Corporation which they held. A total of 250,000,000 were issued. The 22,477,843 shares held, by the new management, per the above paragraph, were returned to the Company for cancelation.

**NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES:**

<u>Basis of Presentation</u>

The accompanying unaudited interim financial statements of Peregrine Industries, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto for the period ended July 31, 2021 contained in the Company's Form 10K originally filed with the Securities and Exchange Commission on November 18, 2021. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the period ended July 31, 2022, filed on October 31, 2022, as reported in the Company's Form 10K, have been omitted.

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| 8 |
| *[**Table of Contents**](#TOCF)* |

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Peregrine Industries, Inc.

Notes to Financial Statements

For the Six Months Ended January 31, 2023

<u>Use of Estimates:</u>

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates.

<u>Cash, Land and Building</u>

On October 28, 2021, Mace Corporation completed the sale of its land and building, located at 9171 W Flamingo Rd., Las Vegas, Nevada. Net proceeds of $632,629, resulting from the sale price of $679,000, were held in escrow and received by the Company on November 2, 2021.

<u>Accounts Receivable and Allowance for Doubtful Accounts</u>

Accounts receivable are stated at the amount management expects to collect from outstanding balances. Accounts receivable as of January 31, 2023, and July 31, 2022 were $19,384 and $22,654, respectively. An allowance for doubtful accounts will be provided for those accounts receivable considered to be uncollectable based on historical experience and management's evaluation of outstanding accounts receivable at the end of the period. Management has reviewed the current accounts receivable and has concluded that no allowance was necessary as of January 31, 2023 and July 31, 2022. Bad debts will be written off against the allowance when identified.

<u>Inventory</u>

As at January 31, 2023 and July 31, 2022, respectively, the Company had $736,004 and $784,294 worth of inventory, stated at the lower of cost or market, valued on an average cost basis. The inventory is reviewed at least quarterly and adjusted for discrepancies and value. Managements' evaluation was that impairment of $47,356 was required on October 31, 2022. No additional impairment was required for the quarter ended January 31, 2023 nor on July 31, 2022.

<u>Production Molds</u>

The building of production molds is outsourced to specialists and is recorded at the total cost to acquire each. The molds are built to specifications that include the number of parts anticipated to be produced. The cost of the mold is depreciated on a straight line basis over 5 years. Cost of repairs and maintenance will be expensed as incurred. The value of each mold is reviewed quarterly and will be impaired, when necessary, based on managements' valuation of the molds continuing viability. Depreciation of $359,040 has been recorded through January 31, 2023. Because the molds were totally depreciated no depreciation was recorded for the six months ended January 31, 2023 compared to $39,705 for the six months ended January 31, 2022.

<u>Patents</u> 

Patent costs consist of the legal fees paid to prepare, file and process the patent applications. Patents will be amortized, utilizing the straight line method, over the useful life of the patent and will be reviewed quarterly to determine if impairment is required. Research and development costs are not included in the cost of patents, and, are expensed as incurred. Our company paid $3,090 new patent fees during the six months ended January 31, 2023 compared to $7,149 during the same six months last year. During the six months ended January 31, 2023, the Company reviewed and fully impaired patents with an original cost of $3,725.

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| 9 |
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Peregrine Industries, Inc.

Notes to Financial Statements

For the Six Months Ended January 31, 2023

<u>Recently Adopted Accounting Pronouncements</u>

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.

<u>Income taxes</u>

The Company follows ASC Topic 740 for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change.

Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse.

The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. ASC Topic 740 only allows the recognition of those tax benefits that have a greater than fifty percent likelihood of being sustained upon examination by the taxing authorities. As of July 31, 2020, the Company reviewed its tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihood of being sustained upon examination by the taxing authorities, therefore this standard has not had a material effect on the Company.

The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months.

The Company classifies tax-related penalties and net interest as income tax expense. As of January 31, 2023, no income tax expense has been incurred.

**NOTE 3 – GOING CONCERN:**

The Company's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business for the foreseeable future. The Company has accumulated losses aggregating $4,597,622 and $4,434,068 as of January 31, 2023, and July 31, 2022, respectively. During the six months ended January 31, 2023, the Company recorded a loss of $163,553, which included an inventory valuation write down of $47,356, compared to a profit for the six months ended January 31, 2022 of $24,577 which included profit of $198,204 derived from the sale of its building, plus $10,000 from debt forgiveness.

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Peregrine Industries, Inc.

Notes to Financial Statements

For the Six Months Ended January 31, 2023

The financial statements do not include any adjustment relating to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company is taking appropriate action to provide the necessary capital to continue its operations. These steps include, but are not limited to: 1) implementation of new business plan 2)focus on sales to minimize the need for capital at this stage; 3) raising equity financing; 4) continuous focus on reductions in cost where possible.

**NOTE 4 – RELATED PARTY TRANSACTIONS:**

On May 17, 2021, a related party loaned the Company $50,000 non-interest bearing, unsecured and without repayment terms. The loan was repaid on November 8, 2021.

The four controlling shareholders, as a condition of the Merger Agreement, returned, for cancellation, their 22,477,843 common restricted shares to the Company.

**NOTE 5 – STOCKHOLDERS' DEFICIT:**

Common Stock&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The articles of incorporation authorize the issuance of 500,000,000 shares of common stock, par value $0.0001. All issued shares of common stock are entitled to one vote per share of common stock. Effective July 31, 2021, the Company issued 250,000,000 common restricted shares to the Mace shareholders to acquire 100% of the Mace Corporation. The Company's controlling shareholders, simultaneously, returned, for cancellation, their 22,477,843 common shares.

During December 2022, the Company sold 1,000,000 of its common restricted shares, for $10,000 cash, or $0.01 per share.

Preferred Stock

The articles of incorporation authorize the issuance of 5,000,000 shares of preferred stock with a par value of $0.0001 per share. None are issued.

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Peregrine Industries, Inc.

Notes to Financial Statements

For the Six Months Ended January 31, 2023

**NOTE 6 – COMMITMENTS AND CONTINGIES**

**Leases**

Prior to April 1, 2022, our office was located in 9171 W Flamingo Rd, Las Vegas. We sold the property on October 28, 2021 and subsequently signed a lease agreement for the same building for approximately 8 months from October 28, 2021 to June 30, 2022. No ASC Topic 842 was implemented under this agreement since it's under 1 year. Effective April 1, 2022, we moved to 4525 W Reno Avenue, Las Vegas under a 24-month rental agreement covering April 1, 2022 through March 31, 2024, with an initial monthly rental rate of $1,525 in first year increasing to a monthly rate of $1,600 in second year. At January 31, 2023, in accordance with ASC Topic 842, we recognized a right of use ("ROU") asset of $19,779 and an operating lease liability of $21,659, of which $19,050 was classified as a current liability and $2,609 as non-current liability.. The lease liability is determined by discounting the future lease payments under the lease terms and applying a 5% per annum discount rate to determine the current lease liability.

U.S. Small Business Administration Loan and Agreement

On February 19, 2022 the U.S. Small Business Administration authorized a secured loan, in the amount of $116,700, to Mace Corporation. The loan balance, bearing interest of 3.75%, with payments of $602 per month beginning 24 months after the aforementioned date, will be due and payable in 30 years.

**NOTE 7 – SUBSEQUENT EVENTS:**

Subsequent to March 7, 2023 and through the date when this report was completed, the Company has evaluated subsequent events through the date the financial statements were issued and has not identified any reportable events.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION

Some of the statements contained in this quarterly report of Peregrine Industries, Inc. (hereinafter the "Company", "We" or the "Registrant") discuss future expectations, contain projections of our plan of operation or financial condition or state other forward-looking information. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use of words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. From time to time, we also may provide forward-looking statements in other materials we release to the public.

*Recent Developments*

On July 17, 2017, Peregrine Industries, Inc., issued a total of 22,477,843 of its restricted common shares, par value $0.0001, to Dolomite Holdings Ltd., the corporate parent and principal shareholder of the Registrant. The Shares were issued upon the conversion by Dolomite, effective July 14, 2017, of principal and accrued interest owed by the Registrant to Dolomite evidenced by convertible notes and other short-term debt in the aggregate amount of $443,800, representing all of the liabilities of the Registrant at its fiscal year-ended June 30, 2017. The issuance of the Shares was made in reliance upon the exemptions provided in Section 4(2) of the Securities Act of 1933, as amended and Regulation S promulgated by the United States Securities and Exchange Commission under the Securities Act of 1933, as amended.

Effective July 21, 2017, Dolomite sold, transferred and assigned a total of 22,477,843 restricted shares of the Registrant's common stock, par value $0.0001, that it acquired upon the conversion of all liabilities owed by the Registrant to Dolomite, to four persons, none of whom were affiliated with the Registrant or with Dolomite. The 22,477,843 Shares represented in excess of 97% of the Registrant's total issued and outstanding Shares at July 21, 2017, on which date the Registrant had one remaining liability of $1,024.

On July 30, 2021, through our wholly owned subsidiary Mace Merger, Corp., Mace, Corporation was merged into our Company, through the issuance to each shareholders of one share of Peregrine, Industries for each four share of Mace, Corporation which they held. A total of 250,000,000 were issued. The 22,477,843 shares held per the above paragraph were returned to the Company for cancelation.

Overview

Although our activities have been related to seeking new business opportunities, new management is developing a business plan, based on the manufacture and sale of products, in addition to those possessed by the target acquisition, designed for use by babies, which it intends to implement within the current fiscal year**.**

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The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. Since its inception, the Company has been engaged in a variety of activities, including developing its business plan. As a result, the Company incurred accumulated net losses through January 31, 2023 of $4,597,622 compared to $4,434,068 on July 31, 2022.

*Results of Operations during the 6 month period ended January 31, 2023 as compared to the 6 month period ended January 31, 2022.*

Our management acquired control during the three months ended September 30, 2017 and had not generated any revenue previous to the merger on October 31, 2021. During the six months ended January 31, 2023, Mace generated revenue, of $8,077 from the sale of its baby products compared to $10,827 during the six months ended January 31, 2022. During the same period gross margin for the six months ended January 31, 2023 was $6,747 compared to $9,280 for the six months ended January 31, 2022. Overhead during the same six month period was $166,575, which included an inventory impairment of $47,356, compared to $192,808 for the previous year's six months. The land and building occupied by the Companies administrative offices was sold on October 30, 2021 for $679,000 resulting in a cash receipt $632,629 on November 1, 2021 and a profit of $198,204.

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*Liquidity and Capital Resources*

On January 31, 2023 we had $478,144 cash on hand, compared to cash on hand of $572,972 at July 31, 2022, both of which included $632,629 received on November 1, 2021 as proceeds from the sale of the building.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We have not entered into, and do not expect to enter into, financial instruments for trading or hedging purposes.

ITEM 4. CONTROLS AND PROCEDURES

*Evaluation of disclosure controls and procedures.*

As of January 31, 2023 the Company's chief executive officer and chief financial officer conducted an evaluation regarding the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act. Based upon the evaluation of these controls and procedures as provided under the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013), our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were ineffective as at January 31, 2023. Management has identified corrective actions for the weakness and will periodically re-evaluate the need to add personnel and implement improved review procedures during the fiscal year ended July 31, 2023.

*Changes in internal controls.*

During the quarterly period covered by this report, no changes occurred in our internal control over financial reporting that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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**PART II - OTHER INFORMATION**

ITEM 1. LEGAL PROCEEDINGS

None.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part 1, "Item 1. Description of Business, subheading Risk Factors" in our Annual Report on Form 10-K for the year ended July 31, 2022 which could materially affect our business, financial condition or future results.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURE

None.

ITEM 5. OTHER INFORMATION

None.

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ITEM 6. EXHIBITS

(a) The following documents are filed as exhibits to this report on Form 10-Q or incorporated by reference herein. Any document incorporated by reference is identified by a parenthetical reference to the SEC filing that included such document.

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| | |
|:---|:---|
| **Exh. No.** | **Description** |
| [31.1](pgid_ex311.htm) | [Certification of CEO pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](pgid_ex311.htm) |
| [31.2](pgid_ex312.htm) | [Certification of CFO pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](pgid_ex312.htm) |
| [32.1](pgid_ex321.htm) | [Certification of CEO pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](pgid_ex321.htm) |
| [32.2](pgid_ex322.htm) | [Certification of CFO pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](pgid_ex322.htm) |
| 101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |

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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.

PEREGRINE INDUSTRIES INC.

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| By: | */s/ Miaohong Hanson* |
|  | Miaohong Hanson |
|  | Chief Executive Officer and Chairman |
|  | (Principal Executive Officer) |

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Date: March 15, 2023

## Exhibit 31.1

**EXHIBIT 31.1**

PEREGRINE INDUSTRIES, INC.

OFFICER'S CERTIFICATE PURSUANT TO SECTION 302

I, Miaohong Hanson certify that:

1. I have reviewed this Form 10-Q of Peregrine Industries, Inc.;

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

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

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: March 15, 2023

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| By: | */s/ Miaohong Hanson* |
|  | Miaohong Hanson |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

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## Exhibit 31.2

**EXHIBIT 31.2**

PEREGRINE INDUSTRIES, INC.

OFFICER'S CERTIFICATE PURSUANT TO SECTION 302

I, Ronaldo Panida certify that:

1. I have reviewed this Form 10-Q of Peregrine Industries, Inc.;

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

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

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: March 15, 2023

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|:---|:---|
| By: | */s/ Ronaldo Panida* |
|  | Ronaldo Panida |
|  | Chief Financial Officer |

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## Exhibit 32.1

**EXHIBIT 32.1**

PEREGRINE INDUSTRIES, INC.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Peregrine Industries, Inc. (the Registrant) on Form 10-Q for the period ended January 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Miaohong Hanson, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to Miaohong Hanson and will be retained by Peregrine Industries and furnished to the Securities and Exchange Commission or its staff upon request.

Dated: March 15, 2023

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|:---|:---|
| By: | */s/ Miaohong Hanson* |
|  | Miaohong Hanson |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

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## Exhibit 32.2

**EXHIBIT 32.2**

PEREGRINE INDUSTRIES, INC.

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Peregrine Industries, Inc. (the Registrant) on Form 10-Q for the period ended January 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, T Ronaldo Panida Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to Ronaldo Panida and will be retained by Peregrine Industries, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

Dated: March 15, 2023

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| By: | */s/ Ronaldo Panida* |
|  | Rinaldo Panida |
|  | Chief Financial Officer |

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