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 October 31, 2022 of $4,552,989 compared to
$4,434,068 on July 31, 2022.
Results of Operations during the 3 month period ended October 31, 2022 as
compared to the 3 month period ended October 31, 2021.
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 three months ended October 31, 2022, Mace generated revenue, of
$3,953 from the sale of its baby products compared to $6,298 during the three
months ended October 31, 2021. During the same period gross margin for the three
months ended October 31, 2022 was $3,075 compared to $5,255 for the three months
ended October 31, 2021. Overhead during the same three month period was
$118,271, which included an inventory impairment of $47,356, and $69,302
respectively. 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 October 31, 2022 we had $531,787 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, .
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PEREGRINE INDUSTRIES, INC. 
