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.
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.
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 April 30, 2020 of $651,070.
In addition, the Company's development activities since inception have been
financially sustained through loans from related parties.
The ability of the Company to continue as a going concern is dependent upon its
ability to raise additional capital from the sale of common stock or through
debt financing and, ultimately, the achievement of significant operating
revenues.
Results of Operations during the three month period ended April 30, 2020 as
compared to the three month period ended April 30, 2019.
Our new management acquired control during the three months ended September 30,
2017 and has not generated any revenue as of April 30, 2020. Because of no
business nor administrative activity during the nine months ended April 30, 2020
and the nine months ended April 30, 2019, the Company recorded administrative
expenses, only.
13
Liquidity and Capital Resources
On April 30, 2020, we had $3,000 cash on hand, and a loan payable from a related
party of $52,386 compared to July 31, 2019, when we had $3,000 cash, and a loan
payable, of $40,079, to a related party.
Due to the lack of activity, during the nine months ended April 30, 2020 and the
nine months ended April 30, 2019 we required additional cash, in the amounts of
$12,307 and $17,366 respectively to cover administrative costs.
The Company currently plans to satisfy its cash requirements for the next 12
months through borrowings from its controlling shareholders and believes it can
satisfy its cash requirements so long as it is able to obtain financing from its
controlling shareholders. The Company expects that money borrowed will be used
during the next 12 months to satisfy the Company's operating costs, professional
fees and for general corporate purposes.
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