Peregrine Industries (PGID) 10-K 14 Oct 14 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Document and Entity Information:	'	'
Entity Registrant Name	'Peregrine Industries Inc.	'
Document Type	'10-K	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Entity Central Index Key	'0001061164	'
Current Fiscal Year End Date	'--06-30	'
Entity Common Stock, Shares Outstanding	524,200	'
Entity Public Float	'	$5,100
Entity Filer Category	'Smaller Reporting Company	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'FY	'

PEREGRINE_INDUSTRIES_INC_BALAN

PEREGRINE INDUSTRIES, INC. - BALANCE SHEETS (USD $)	Jun. 30, 2014		Jun. 30, 2013
Balance Sheets	'		'
Cash	$0		$0
Total current assets	0		0
Total Assets	0		0
Accounts payable - trade	1,200		0
Accrued interest expenses	75,903		73,125
Advances under loan agreement with related party	32,756		224,196
Convertible notes, shareholders	195,000		195,000
Total current liabilities	304,859		492,321
Total liabilities	304,859		492,321
Preferred stock	'	[1]	'	[1]
Common stock	52	[2]	52	[2]
Additional paid in capital	157,832		157,832
Accumulated deficit	-462,743		-650,205
Total Stockholders' Deficit	-304,859		-492,321
Total Liabilities and Stockholders' Deficit	$0		$0
[1]	$0.0001 par value; 5,000,000 shares authorized; none issued
[2]	$0.0001 par value; 100,000,000 shares authorized; 524,200 issued and outstanding at June 30, 2014 and 2013

PEREGRINE_INDUSTRIES_INC_STATE

PEREGRINE INDUSTRIES, INC. - STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Statements of Operations	'	'
Revenue	$0	$0
General and administrative	33,956	70,250
Interest expenses	2,778	23,400
Total costs and expenses	36,734	93,650
Forgiveness of debt	224,196	0
Net income (loss)	$187,462	($93,650)
Basic and diluted net loss	$0.36	($0.18)
Basic and diluted	524,200	524,200

PEREGRINE_INDUSTRIES_INC_STATE1

PEREGRINE INDUSTRIES, INC. - STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICT) (USD $)	Common Stock, Share	Common Stock, Amount	Additional Paid-In Capital	Accumulated Earnings (Deficit)	Total Shareholders' Equity (Deficit)
Balance at Jun. 30, 2012	$524,200	$52	$157,832	($556,555)	($398,671)
Net loss	'	'	'	-93,650	-93,650
Balance at Jun. 30, 2013	524,200	52	157,832	-650,205	-492,321
Balance at Jun. 30, 2013	'	'	'	'	'
Net loss	'	'	'	187,462	187,462
Balance at Jun. 30, 2014	$524,200	$52	$157,832	($462,743)	($304,859)

PEREGRINE_INDUSTRIES_INC_STATE2

PEREGRINE INDUSTRIES, INC. - STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Statements of Cash Flows	'	'
Net income (loss)	$187,462	($93,650)
Foregiveness of debt	-224,196	0
Fair value of services provided by related parties	0	65,500
Accounts payable - trade	1,200	0
Accrued interest expenses	2,778	23,400
Cash flows used by operating activities	-32,756	-4,750
Cash used in investing activities	0	0
Proceeds from issuance of common stock	0	0
Cash advances from related party	32,756	4,750
Cash provided by financing activities	32,756	4,750
Change in cash	0	0
Cash - beginning of year	0	0
Cash - end of year	$0	$0

Note_1_Basis_of_Presentation

Note 1. Basis of Presentation	12 Months Ended
	Jun. 30, 2014
Notes	'
Note 1. Basis of Presentation	'
	Note 1. Basis of Presentation
	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 GreenStone Industries Ltd (“GreenStone”). In addition, in contemplation of the private sale of the 324,000 shares to GreenStone, on July 2, 2013, Messrs. Rubin and Heiden agreed to waive liabilities owed to them, which totaled $224,196 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 note 3. On July 22, 2013, the Board of Directors appointed Yair Fudim, GreenStone's Chairman, as Chairman of the Company's Board of Directors and CEO of the Company and appointed Ofer Naveh, GreenStone's CFO, as CFO of the Company. On the same date, Richard Rubin resigned as CEO and CFO of the Company.
	The Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). In the opinion of management, the accompanying audited financial statements include all adjustments, consisting of only normal recurring accruals, necessary for a fair statement of financial position, results of operations, and cash flows.
	Accounting Policies
	Use of Estimates: 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.
	Cash and Cash Equivalents: For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents.
	Stock Based Compensation: Stock-based awards to non-employees are accounted for using the fair value method in accordance with Accounting Standard Codification (“ASC”) 505-50, Accounting for Stock-Based Compensation. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the third-party performance is complete or the date on which it is probable that performance will occur.
	Fair Value of Financial Instruments: ASC 825, Disclosures about Fair Value of Financial Instruments, requires disclosure of fair value information about financial instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2014. These financial instruments include accounts payable and accrued expenses. Fair values were assumed to approximate carrying values for these financial instruments since they are short-term in nature and their carrying amounts approximate fair values.
	Earnings per Common Share: Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed using the weighted average number of common and dilutive equivalent shares outstanding during the period. Dilutive common equivalent shares consist of options to purchase common stock (only if those options are exercisable and at prices below the average share price for the period) and shares issuable upon the conversion of issued and outstanding preferred stock. Due to the net losses reported, dilutive common equivalent shares were excluded from the computation of diluted loss per share, as inclusion would be anti-dilutive for the periods presented. There were no common equivalent shares required to be added to the basic weighted average shares outstanding to arrive at diluted weighted average shares outstanding as of June 30, 2014 or 2013.
	Income Taxes: The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes, which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized.
	ASC 740 also clarifies the accounting for uncertainty in tax positions. This guidance prescribes a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed “more-likely-than-not” to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. There are no uncertain tax positions taken by the Company on its tax returns. Tax years subsequent to 2003 remain open to examination by U.S. federal and state tax jurisdictions.
	Management of the Company is not aware of any additional needed liability for unrecognized tax benefits at June 30, 2014 and 2013. The Company has net operating losses of approximately $463,000, which begin to expire in 2024.
	Impact of recently issued accounting standards: There were no new accounting pronouncements that had a significant impact on the Company’s operating results or financial position.

Note_2_Going_Concern

Note 2. Going Concern	12 Months Ended
	Jun. 30, 2014
Notes	'
Note 2. Going Concern	'
	Note 2. 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. Since adopting "fresh-start" accounting as of September 5, 2002, the Company has accumulated losses aggregating to $462,743 and has insufficient working capital to meet operating needs for the next twelve months as of June 30, 2014, all of which raise substantial doubt about the Company's ability to continue as a going concern.

Note_3_Stockholders_Deficit

Note 3. Stockholders' Deficit	12 Months Ended
	Jun. 30, 2014
Notes	'
Note 3. Stockholders' Deficit	'
	Note 3. Stockholders' Deficit
	Common Stock
	The articles of incorporation authorize the issuance of 100,000,000 shares of common stock, par value $0.0001. All issued shares of common stock are entitled to one vote per share of common stock.
	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
	Stock Based Compensation
	There were no grants of employee or non-employee stock or options in either fiscal period ended June 30, 2014 or 2013.

Note_4_Convertible_Notesshareh

Note 4. Convertible Notes-shareholders	12 Months Ended
	Jun. 30, 2014
Notes	'
Note 4. Convertible Notes-shareholders	'
	Note 4. Convertible Notes-Shareholders
	In April 2010, we issued two convertible promissory notes in the amount of $97,500 to two shareholders, bearing interest at 12% per annum until paid or converted. Interest is payable upon the maturity date at December 31, 2014. The initial conversion rate of the notes had been $0.10 per share. The notes formalized a like amount due through the accretion of cash advances and the fair value of services provided without cost covering several years. In connection with the change of control transaction, two former principal shareholders transferred and assigned all $195,000 of their two convertible notes, of which $159,500 of these convertible notes were subsequently transferred to GreenStone, two convertible notes each in the amount of $8,500 were transferred to two unaffiliated parties and one convertible note in the amount of $18,500 was transferred to a third unaffiliated party. On July 11, 2013, the annual interest rate for the $195,000 of convertible notes was adjusted from 12% to 1%. Interest is payable upon the maturity date at June 30, 2015. The conversion rate of all convertible notes is $0.05 per share. As of June 30, 2014, we have four convertible promissory notes outstanding totaling $195,000, bearing interest at the rate of 1% per annum until paid or converted.
	On September 12, 2013, we entered into a Loan Agreement with GreenStone under which we receive funding for general operating expenses from time-to-time as needed by the Company. The GreenStone Loan bears interest of 1% per annum and shall be due and payable on a date 366 days from the date of the loan. As of June 30, 2014, the outstanding balance on this loan was $32,756.
	In accordance with ASC # 815, Accounting for Derivative Instruments and Hedging Activities, we evaluated the note holder’s non-detachable conversion right provision and liquidated damages clause, contained in the terms governing the Note to determine whether the features qualify as an embedded derivative instruments at issuance. Such non-detachable conversion right provision and liquidated damages clause did not need to be accounted as derivative financial instruments. Additionally, since the conversion price was below the current stock price a further evaluation needed to be performed for the existence of a beneficial conversion feature.
	At April 2010, when the convertible notes were issued the price of our stock was $3.99, such price would have created a beneficial conversion feature but as the Company is and has been so thinly traded during the last 3 years, the fair value of the stock price was deemed not to be a fair value the conversion feature. Management decided that because the Company's ability to continue as a going concern was in question and that it has no revenue sources that a conversion price of $0.05 was a better measure of fair market value. Based on that decision, no beneficial conversion feature was reflected in the financial statements.

Note_5_Related_Party_Transacti

Note 5. Related Party Transactions	12 Months Ended
	Jun. 30, 2014
Notes	'
Note 5. Related Party Transactions	'
	Note 5. Related Party Transactions
	Fair value of services:
	An entity affiliated by common management with two of our directors provided securities compliance services related to SEC filing services valued at $27,465 during the year ended June 30, 2014 and $24,000 during the same period in 2013. These amounts are reflected in the statement of operations as general and administrative expenses.
	Due to Related Parties:
	Amounts due related parties consist of amounts related to our Loan Agreement with Greenstone, our controlling shareholder.
	As of June 30, 2014, total due to related party was $253,888, of which $159,000 relates to a convertible note held by our control shareholder, $62,132 in accrued interest and $32,756 relates to advances from our control shareholder. As of June 30, 2013, total due from related party was $419,196, of which $195,000 of these amounts were presented as convertible notes in the accompanying balance sheets.
	In July 2013, $224,196 of the total due to related party of $419,196 was waived. The Company recorded a $224,196 gain related to forgiveness of debt in connection with the change in control. The convertible notes were transferred as part of a change in control. The liability that was waived was recorded as forgiveness of debt in the income statement.

Note_6_Commitments_and_Conting

Note 6. Commitments and Contingencies	12 Months Ended
	Jun. 30, 2014
Notes	'
Note 6. Commitments and Contingencies	'
	Note 6. Commitments and Contingencies
	There are no pending or threatened legal proceedings as of June 30, 2014. The Company has no non-cancellable operating leases.

Note_7_Subsequent_Events

Note 7. Subsequent Events	12 Months Ended
	Jun. 30, 2014
Notes	'
Note 7. Subsequent Events	'
	Note 7. Subsequent Events
	None.

Note_1_Basis_of_Presentation_U

Note 1. Basis of Presentation: Use of Estimates, Policy (Policies)	12 Months Ended
	Jun. 30, 2014
Policies	'
Use of Estimates, Policy	'
	Use of Estimates: 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.

Note_1_Basis_of_Presentation_C

Note 1. Basis of Presentation: Cash and Cash Equivalents, Policy (Policies)	12 Months Ended
	Jun. 30, 2014
Policies	'
Cash and Cash Equivalents, Policy	'
	Cash and Cash Equivalents: For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents.

Note_1_Basis_of_Presentation_S

Note 1. Basis of Presentation: Stock Based Compensation, Policy (Policies)	12 Months Ended
	Jun. 30, 2014
Policies	'
Stock Based Compensation, Policy	'
	Stock Based Compensation: Stock-based awards to non-employees are accounted for using the fair value method in accordance with Accounting Standard Codification (“ASC”) 505-50, Accounting for Stock-Based Compensation. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the third-party performance is complete or the date on which it is probable that performance will occur.

Note_1_Basis_of_Presentation_F

Note 1. Basis of Presentation: Fair Value of Financial Instruments, Policy (Policies)	12 Months Ended
	Jun. 30, 2014
Policies	'
Fair Value of Financial Instruments, Policy	'
	Fair Value of Financial Instruments: ASC 825, Disclosures about Fair Value of Financial Instruments, requires disclosure of fair value information about financial instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2014. These financial instruments include accounts payable and accrued expenses. Fair values were assumed to approximate carrying values for these financial instruments since they are short-term in nature and their carrying amounts approximate fair values.

Note_1_Basis_of_Presentation_E

Note 1. Basis of Presentation: Earnings Per Common Share, Policy (Policies)	12 Months Ended
	Jun. 30, 2014
Policies	'
Earnings Per Common Share, Policy	'
	Earnings per Common Share: Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed using the weighted average number of common and dilutive equivalent shares outstanding during the period. Dilutive common equivalent shares consist of options to purchase common stock (only if those options are exercisable and at prices below the average share price for the period) and shares issuable upon the conversion of issued and outstanding preferred stock. Due to the net losses reported, dilutive common equivalent shares were excluded from the computation of diluted loss per share, as inclusion would be anti-dilutive for the periods presented. There were no common equivalent shares required to be added to the basic weighted average shares outstanding to arrive at diluted weighted average shares outstanding as of June 30, 2014 or 2013.

Note_1_Basis_of_Presentation_I

Note 1. Basis of Presentation: Income Tax, Policy (Policies)	12 Months Ended
	Jun. 30, 2014
Policies	'
Income Tax, Policy	'
	Income Taxes: The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes, which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized.
	ASC 740 also clarifies the accounting for uncertainty in tax positions. This guidance prescribes a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed “more-likely-than-not” to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. There are no uncertain tax positions taken by the Company on its tax returns. Tax years subsequent to 2003 remain open to examination by U.S. federal and state tax jurisdictions.
	Management of the Company is not aware of any additional needed liability for unrecognized tax benefits at June 30, 2014 and 2013. The Company has net operating losses of approximately $463,000, which begin to expire in 2024.