Peregrine Industries (PGID) 10-Q 16 Nov 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	3 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Document and Entity Information:
Entity Registrant Name	Peregrine Industries Inc.
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Trading Symbol	pgid
Amendment Flag	false
Entity Central Index Key	1,061,164
Current Fiscal Year End Date	--06-30
Entity Common Stock, Shares Outstanding	524,200
Entity Public Float		$ 80,000
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	2,016
Document Fiscal Period Focus	Q1

PEREGRINE INDUSTRIES, INC. - BA

PEREGRINE INDUSTRIES, INC. - BALANCE SHEETS		Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)
Current assets:
Cash		$ 0	$ 0
Total current assets		0	0
Total Assets		0	0
Current Liabilities:
Accounts payable - trade		$ 590	$ 0
Accrued interest expenses		78,977	78,324
Advances under loan agreement with related party		87,268	76,842
Convertible notes		$ 35,500	$ 35,500
Convertible notes, control shareholders		159,500	159,500
Total current liabilities		$ 361,835	$ 350,166
Total liabilities		$ 361,835	$ 350,166
Stockholders' deficit:
Preferred stock	[1]
Common stock	[2]	$ 52	$ 52
Additional paid in capital		157,832	157,832
Accumulated deficit		(519,719)	(508,050)
Total Stockholders' Deficit		(361,835)	(350,166)
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 September 30, 2015 and 2014

PEREGRINE INDUSTRIES, INC. - ST

PEREGRINE INDUSTRIES, INC. - STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Statements of Operations
Revenue	$ 0	$ 0
Costs and expenses:
General and administrative	10,426	10,000
Interest expenses	653	568
Total costs and expenses	11,079	10,568
Net income (loss)	$ (11,079)	$ (10,568)
Basic and diluted per share amounts:
Basic and diluted net loss	$ (0.02)	$ (0.02)
Weighted average shares outstanding
Basic and diluted	524,200	524,200

PEREGRINE INDUSTRIES, INC. - S4

PEREGRINE INDUSTRIES, INC. - STATEMENTS OF CASH FLOWS	3 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Cash flows from operating activities:
Net income (loss)	(11,079)	(10,568)
Adjustments to reconcile net loss to cash used in operating activities:
Increase in accounts payable and accrued expenses	653	3,068
Cash flows used by operating activities	$ (10,426)	$ (7,500)
Cash flows from investing activities:
Cash used in investing activities	$ 0	$ 0
Cash flows from financing activities:
Cash advances from related party	10,426	7,500
Cash provided by financing activities	$ 10,426	$ 7,500
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	3 Months Ended
	Sep. 30, 2015
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. The former principal shareholders of the Company sold their control shareholdings to GreenStone Industries Ltd ("GreenStone"). 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. In the opinion of management, the accompanying unaudited interim 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. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and the accompanying notes included in our Annual Report on Form 10-K for the year ended June 30, 2015. The accounting policies are described in the "Notes to the Financial Statements" in the 2015 Annual Report on Form 10-K and updated, as necessary, in this Form 10-Q. The year-end balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (US GAAP). The results of operations for the three months ended September 30, 2015 are not necessarily indicative of the operating results for the full year or for any other subsequent interim period. 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: Stock Based Compensation: Fair Value of Financial Instruments: Earnings per Common Share: Income Taxes: 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 September 30, 2015 and June 30, 2015. The Company has net operating losses of about $519,719, which begin to expire in 2025. Impact of recently issued accounting standards:

Note 2. Going Concern

Note 2. Going Concern	3 Months Ended
	Sep. 30, 2015
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 $519,719 and has insufficient working capital to meet operating needs for the next twelve months as of September 30, 2015, all of which raise substantial doubt about the Company's ability to continue as a going concern.

Note 3. Convertible Notes-share

Note 3. Convertible Notes-shareholders	3 Months Ended
	Sep. 30, 2015
Notes
Note 3. Convertible Notes-shareholders	Note 3. 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, 2013. 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 to three unaffiliated third parties, 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, 2016. The conversion rate of all convertible notes is $0.05 per share. As of September 30, 2015, 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 September 30, 2015, the outstanding balance on this loan was $87,268. 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. In April 2010, when the convertible notes were originally 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 the conversion price was a better measure of fair market value. Based on that decision, no beneficial conversion feature was reflected in the financial statements.

Note 4. Related Party Transacti

Note 4. Related Party Transactions	3 Months Ended
	Sep. 30, 2015
Notes
Note 4. Related Party Transactions	Note 4. Related Party Transactions Fair value of services: An entity affiliated by common management with two of our former directors provided securities compliance services related to SEC filings valued at $7,500 during the three months ended September 30, 2015 and 2014. 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 September 30, 2015, total due to related party was $324,175, of which $159,500 relates to a convertible note held by our control shareholder, $77,407 in accrued interest and $87,268 relates to advances from our control shareholder As of June 30, 2015, total due to related party was $299,782, of which $159,500 relates to a convertible note held by our control shareholder, $63,440 in accrued interest and $76,842 relates to advances from our control shareholder.

Note 1. Basis of Presentation_

Note 1. Basis of Presentation: Use of Estimates, Policy (Policies)	3 Months Ended
	Sep. 30, 2015
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 Presentation10

Note 1. Basis of Presentation: Cash and Cash Equivalents, Policy (Policies)	3 Months Ended
	Sep. 30, 2015
Policies
Cash and Cash Equivalents, Policy	Cash and Cash Equivalents:

Note 1. Basis of Presentation11

Note 1. Basis of Presentation: Stock-Based Compensation, Policy (Policies)	3 Months Ended
	Sep. 30, 2015
Policies
Stock-Based Compensation, Policy	Stock Based Compensation:

Note 1. Basis of Presentation12

Note 1. Basis of Presentation: Fair Value of Financial Instruments, Policy (Policies)	3 Months Ended
	Sep. 30, 2015
Policies
Fair Value of Financial Instruments, Policy	Fair Value of Financial Instruments:

Note 1. Basis of Presentation13

Note 1. Basis of Presentation: Earnings Per Common Share, Policy (Policies)	3 Months Ended
	Sep. 30, 2015
Policies
Earnings Per Common Share, Policy	Earnings per Common Share:

Note 1. Basis of Presentation14

Note 1. Basis of Presentation: Income Taxes, Policy (Policies)	3 Months Ended
	Sep. 30, 2015
Policies
Income Taxes, Policy	Income Taxes: 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 September 30, 2015 and June 30, 2015. The Company has net operating losses of about $519,719, which begin to expire in 2025.

Note 1. Basis of Presentation15

Note 1. Basis of Presentation: Impact of Recently Issued Accounting Standards, Policy (Policies)	3 Months Ended
	Sep. 30, 2015
Policies
Impact of Recently Issued Accounting Standards, Policy	Impact of recently issued accounting standards: