----

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| þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934     |
|--------|-----------------------------------------------------------------------------------------|
|   |                                                                                    |
|   | For the fiscal year ended: August 31, 2011                                              |
|   |                                                                                    |
| o      | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 |
|   |                                                                                    |
|   | For the transition period from _______________to.______________                         |

| Delaware                                                      |   | 59-1224913                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |

| Large accelerated filer                  | o      | Accelerated filer         | o      |
|-----------------------------------------------|--------|---------------------------|--------|
| Non-accelerated filer                         | o      | Smaller reporting company | x      |
| (Do not check if a smaller reporting company) |   |                      |   |

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| PART I     |                                                                                                               |
|------------|--------------------------------------------------------------------------------------------------------------------|
|       |                                                                                                               |   |   |   |
| Item 1.    | Description of Business                                                                                            |   |   | 4 |   |
| Item 2     | Description of Properties                                                                                          |   |   | 7 |   |
| Item 3     | Legal Proceedings                                                                                                  |   |   | 7 |   |
| Item 4.    | Submission of Matters to a Vote of Security Holders                                                                |   |   | 7 |   |
|       |                                                                                                               |   |   |   |   |
| PART II    |                                                                                                               |
|       |                                                                                                               |   |   |   |   |
| Item 5     | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |   |   | 8 |   |
| Item 6     | Selected Financial Data                                                                                            |   |   | 9 |   |
| Item 7.    | Management’s Discussion and Analysis of Financial Condition and Results of Operations                        |   |   | 9 |   |
| Item 8     | Financial Statements and Supplementary Data                                                                        |   |   | 12 |   |
|       |                                                                                                               |   |   |   |   |
| PART III   |                                                                                                               |
|       |                                                                                                               |   |   |   |
| Item 9     | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure                               |   |   | 24 |   |
| Item 9A    | Controls and Procedures                                                                                            |   |   | 24 |   |
| Item 9B.   | Other Information                                                                                                  |   |   | 24 |   |
| Item 10    | Directors, Executive Officers and Corporate Governance                                                             |   |   | 25 |   |
| Item 11    | Executive Compensation                                                                                             |   |   | 26 |   |
| Item 12.   | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters                     |   |   | 27 |   |
| Item 13    | Certain Relationships and Related Transactions, and Director Independence                                          |   |   | 28 |   |
| Item 14    | Principal Accountant Fees and Services                                                                             |   |   | 28 |   |
|       |                                                                                                               |   |   |   |   |
| PART IV    |                                                                                                               |
|       |                                                                                                               |   |   |   |   |
| Item 15.   | Exhibits, Financial Statement Schedules                                                                            |   |   | 29 |   |
|       |                                                                                                               |   |   |   |   |
| SIGNATURES |                                                                                                               |   | 30 |   |
| EX-31.1:   | Certification                                                                                                      |   |   |   |   |
| EX-32.1:   | Certification                                                                                                      |   |   |   |   |
| EX-99.1:   | Risk Factors                                                                                                       |   |   |   |   |

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|           |   | HIGH   |   |   | LOW    |   |
|----------------|--------|--------|--------|--------|--------|--------|
| PERIOD         |   | ($)    |   |   | ($)    |   |
| Fiscal 2012    |   |   |   |   |   |   |
| First Quarter* |   |   | 0.08   |   |   |   | 0.03 |   |
|           |   |   |   |   |   |   |   |   |
| Fiscal 2011    |   |   |   |   |   |   |   |   |
| First Quarter  |   |   | 0.67   |   |   |   | 0.06 |   |
| Second Quarter |   |   | 0.10   |   |   |   | 0.05 |   |
| Third Quarter  |   |   | 0.09   |   |   |   | 0.06 |   |
| Fourth Quarter |   |   | 0.06   |   |   |   | 0.05 |   |
|           |   |   |   |   |   |   |   |   |
| Fiscal 2010    |   |   |   |   |   |   |   |   |
| First Quarter  |   |   | 0.42   |   |   |   | 0.37 |   |
| Second Quarter |   |   | 0.45   |   |   |   | 0.31 |   |
| Third Quarter  |   |   | 0.37   |   |   |   | 0.35 |   |
| Fourth Quarter |   |   | 0.40   |   |   |   | 0.32 |   |

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|                                                                                                    |   | Page   |   |
|---------------------------------------------------------------------------------------------------------|--------|--------|--------|
|                                                                                                    |   |   |   |
| Report of Independent Registered Public Accounting Firm                                                 |   |   | 13     |   |
|                                                                                                    |   |   |   |   |
| Consolidated Balance Sheets as of August 31, 2011 and 2010                                         |   |   | 14     |   |
|                                                                                                    |   |   |   |   |
| Consolidated Statements of Operations for the years ended August 31, 2011 and 2010                 |   |   | 15     |   |
|                                                                                                    |   |   |   |   |
| Consolidated Statements of Stockholders’ Equity for the years ended August 31, 2011 and 2010 |   |   | 16     |   |
|                                                                                                    |   |   |   |   |
| Consolidated Statements of Cash Flows for the years ended August 31, 2011 and 2010                 |   |   | 17     |   |
|                                                                                                    |   |   |   |   |
| Notes to Consolidated Financial Statements for the years ended August 31, 2011 and 2010            |   |   | 18-23  |   |

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|                                                                                                            |   | August 31, 2011  |       |          | August 31, 2010 |   |
|-----------------------------------------------------------------------------------------------------------------|--------|-----------------------|------------|---------------|-----------------|--------|
|  Assets                                                                                                    |
| Current assets:                                                                                                 |   |                  |       |          |            |   |
| Cash and cash equivalents                                                                                       |   | $                     | 53,401     |          |            | $      | 1,931,769 |   |
| Prepaid expenses                                                                                                |   |                  | 11,917     |          |            |   | 15,667 |   |
| Total current assets                                                                                            |   |                  | 65,318     |          |            |   | 1,947,436 |   |
|                                                                                                            |   |                  |       |          |            |   |   |   |
| Total assets                                                                                                    |   | $                     | 65,318     |          |            | $      | 1,947,436 |   |
| Liabilities and Stockholders' Equity                                                                            |
| Current liabilities:                                                                                            |   |                  |       |          |            |   |   |   |
| Accounts payable and accrued expenses  (including $7,700 and $22,200 due to related parties, respectively) |   | $                     | 7,925      |          |            | $      | 23,692 |   |
| Total current liabilities                                                                                       |   |                  | 7,925      |          |            |   | 23,692 |   |
| Stockholders' equity:                                                                                           |   |                  |       |          |            |   |   |   |
| Common stock, $0.01 par value; 12,000,000 shares authorized,                                                    |   |                  | 35,673     |          |            |   | 34,473 |   |
| 3,567,377 and 3,447,377 shares issued and outstanding, respectively                                             |   |                  |       |          |            |   |   |   |
| Additional paid-in capital                                                                                      |   |                  | 3,178,550  |          |            |   | 4,923,839 |   |
| Accumulated deficit                                                                                             |   |                  | (3,156,830 | )   |            |   | (3,034,568 | )  |
| Total stockholders' equity                                                                                      |   |                  | 57,393     |          |            |   | 1,923,744 |   |
| Total liabilities and stockholders' equity                                                                      |   | $                     | 65,318     |          |            | $      | 1,947,436 |   |

----

|                                                                          |   | For the Year Ended August 31, 2011 |      |    | For the Year Ended August 31, 2010 |    |
|-------------------------------------------------------------------------------|--------|-----------------------------------------|-----------|---------|-----------------------------------------|---------|
| Expenses :                                                                    |   |                                    |      |    |                                    |    |
| General, administrative and other                                             |   | $                                       | 123,159   |    |                                    | $       | 167,262 |   |
| Total operating expenses                                                      |   |                                    | 123,159   |    |                                    |    | 167,262 |   |
|                                                                          |   |                                    |      |    |                                    |    |   |   |
| Loss from operations                                                          |   |                                    | (123,159  | )       |                                    |    | (167,262 | ) |
|                                                                          |   |                                    |      |    |                                    |    |   |   |
| Other income:                                                                 |   |                                    |      |    |                                    |    |   |   |
| Interest income                                                               |   |                                    | 897       |    |                                    |    | 9,800 |   |
| Total other income                                                            |   |                                    | 897       |    |                                    |    | 9,800 |   |
| Net loss                                                                      |   | $                                       | (122,262  | )       |                                    | $       | (157,462 | ) |
| Net loss per common share - basic and diluted                                 |   |  $                                 | (0.03     | )  |                                    |  $ | (0.05 | )  |
|                                                                          |   |                                    |      |    |                                    |    |   |   |
| Weighted average number of common shares outstanding - basic and diluted |   |                                    | 3,558,500 |    |                                    |    | 3,447,377 |   |

----

|                               |   | Common Stock |      |   | Additional  Paid-In |   |   | Accumulated  |   |   | TotalStockholders' |   |
|------------------------------------|--------|--------------|-----------|--------|-------------------------------|--------|--------|-------------------|--------|--------|--------------------|--------|
|                               |   | Shares       |      |   | Amount                        |   |   |  Capital     |   |   |  Deficit      |   |   | Equity |   |
|                               |   |         |      |   |                          |   |   |              |   |   |               |   |   |   |   |
| Balance, August 31, 2009           |   |         | 3,447,377 |   |                          | $      | 34,473 |              |   | $      | 4,892,639          |   |   | $ | (2,877,106 | ) |   | $ | 2,050,006 |   |
| Stock-based compensation           |   |         | -         |   |                          |   | -      |              |   |   | 31,200             |   |   |   | - |   |   |   | 31,200 |   |
| Net loss                           |   |         | -         |   |                          |   | -      |              |   |   | -                  |   |   |   | (157,462 | ) |   |   | (157,462 | ) |
| Balance, August 31, 2010           |   |         | 3,447,377 |   |                          |   | 34,473 |              |   |   | 4,923,839          |   |   |   | (3,034,568 | ) |   |   | 1,923,744 |   |
| Cash dividend paid to stockholders |   |         | -         |   |                          |   | -      |              |   |   | (1,783,689         | )      |   |   | - |   |   |   | (1,783,689 | ) |
| Stock options exercised            |   |         | 120,000   |   |                          |   | 1,200  |              |   |   | 38,400             |   |   |   | - |   |   |   | 39,600 |   |
| Net loss                           |   |         | -         |   |                          |   | -      |              |   |   | -                  |   |   |   | (122,262 | ) |   |   | (122,262 | ) |
| Balance, August 31, 2011           |   |         | 3,567,377 |   |                          | $      | 35,673 |              |   | $      | 3,178,550          |   |   | $ | (3,156,830 | ) |   | $ | 57,393 |   |

----

|                                                                        |   | For the Year Ended |             |   | For the Year Ended |    |
|-----------------------------------------------------------------------------|--------|--------------------|------------------|--------|--------------------|---------|
|                                                                        |   | August 31, 2011    |             |   | August 31, 2010    |    |
|                                                                        |   |               |             |   |               |    |
| Cash flows from operating activities :                                      |   | $                  | (122,262         | )      |               | $       | (157,462 | ) |
| Net loss                                                                    |   |               |             |   |               |    |   |   |
| Adjustments to reconcile net loss to net cash used in operating activites : |   |               |             |   |               |    |   |   |
| Stock-based compensation                                                    |   |               | -                |   |               |    | 31,200 |   |
| Changes in operating as sets and liabilities :                              |   |               |             |   |               |    |   |   |
| Decrease in prepaid expenses                                                |   |               | 3,750            |   |               |    | 1,333 |   |
| (Decrease) increase in accounts payable and accrued expenses                |   |               | ( 15,767    | )      |               |    | (19,862 | ) |
| Net cash used in operating activities                                       |   |               | ( 134,279   | )      |               |    | (105,067 | ) |
|                                                                        |   |               |             |   |               |    |   |   |
| Cash flows from financing activities :                                      |   |               |             |   |               |    |   |   |
| Proceeds from stock options exercised                                       |   |               | 39,600           |   |               |    | - |   |
| Dividends paid to stockholders                                              |   |               | (1,783,689       | )      |               |    | - |   |
| Net cash used in financing activities                                       |   |               | ( 1,744,089 | )      |               |    | - |   |
|                                                                        |   |               |             |   |               |    |   |   |
| Net decrease in cash and cash equivalents                                   |   |               | 1,878,368        |   |               |    | (105,067 | ) |
|                                                                        |   |               |             |   |               |    |   |   |
| Cash and cash equivalents – beginning                                 |   |               | 1,931,769        |   |               |    | 2,036,836 |   |
|                                                                        |   |               |             |   |               |    |   |   |
| Cash and cash equivalents – ending                                    |   |  $            | 53,401      |   |               |  $ | 1,931,769  |   |

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|                                                                         |   | For the Year Ended August 31, 2010 |    |   | For the Year EndedAugust 31, 2011 |   |
|------------------------------------------------------------------------------|--------|------------------------------------|---------|--------|-----------------------------------|--------|
|                                                                         |   | $                                  | -       |   |                              | $      | - |   |
| Current (benefit) provision: federal                                         |   |                               | -       |   |                              |   | - |   |
| Current (benefit) provision: state        |   |                               | -       |   |                              |   | - |   |
| Total current provision                                                      |   |                               |    |   |                              |   |   |   |
|                                                                         |   |                               |    |   |                              |   |   |   |
| Deferred (benefit) provision: federal                              |   |                               |  - |   |                              |   | - |   |
| Deferred (benefit) provision: state                                     |   |                               | -       |   |                              |   | - |   |
| Total deferred provision                                                |   |                               |  - |   |                              |   | - |   |
|                                                                         |   |                               |    |   |                              |   |   |   |
| Total provision (benefit) for income taxes                                   |   |                               |    |   |                              |   |   |   |
| from continuing operations                                              |   | $                                  | -       |   |                              | $      | - |   |

----

|                                       |   | August 31, 2010 |     |    | August 31, 2011 |   |
|--------------------------------------------|--------|-----------------|----------|---------|-----------------|--------|
| Long-term deferred taxes :            |   |            |     |    |            |   |
| Operating loss carryforwards -federal |   |            | 617,000  |    |            |   | 580,000 |   |
| Operating loss carryforwards -state   |   |            | 117,000  |    |            |   | 109,000 |   |
| Total deferred taxes                  |   |            | 734,000  |    |            |   | 689,000 |   |
| Less: valuation allowance             |   |            | (734,000 | )  |            |   | (689,000 | )  |
| Net deferred tax assets               |   | $               | -        |    |            | $      | - |   |

| Year   |   | Federal |      |   | Georgia |   |
|--------|--------|---------|-----------|--------|---------|--------|
| 2011   |   | $       | 185,000   |   |    | $      | - |   |
| 2019   |   |    | 43,000    |   |    |   | - |   |
| 2020   |   |    | 389,000   |   |    |   | 89,000 |   |
| 2021   |   |    | 218,000   |   |    |   | 129,000 |   |
| 2022   |   |    | 187,000   |   |    |   | 207,000 |   |
| 2023   |   |    | 157,000   |   |    |   | 175,000 |   |
| 2024   |   |    | 321,000   |   |    |   | 340,000 |   |
| 2025   |   |    | 117,000   |   |    |   | 168,000 |   |
| 2026   |   |    | 72,000    |   |    |   | 165,000 |   |
| 2027   |   |    | 32,000    |   |    |   | 141,000 |   |
| 2028   |   |    | 86,000    |   |    |   | 134,000 |   |
| 2029   |   |    | 124,000   |   |    |   | 126,000 |   |
| 2030   |   |    | 139,000   |   |    |   | 139,000 |   |
| 2031   |   |    | 135,000   |   |    |   | 135,000 |   |
|   |   | $       | 2,205,000 |   |    | $      | 1,948,000 |   |

|                                               |   | For the Year Ended August 31, 2011 |   |   | For the Year Ended August 31, 2010 |   |
|----------------------------------------------------|--------|------------------------------------|--------|--------|------------------------------------|--------|
| Federal tax benefit (provision) rate               |   |                               | 28     | %      |                               |   | 28 | % |
| State tax benefit (provision) rate                 |   |                               | 4      | %      |                               |   | 4 | % |
| Temporary differences                              |   |                               | 3      | %      |                               |   | 3 | % |
| Permanent differences                         |   |                               | 0      | %      |                               |   | -6 | % |
| Change in valuation allowance                 |   |                               | -35    | %      |                               |   | -29 | % |
| Effective Income tax (benefit) provision rate |   |                               |   |   |                               |   |   |   |
| from continuing operations                    |   |                               | 0      | %      |                               |   | 0 | % |

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| Assumptions             |   | For the Year Ended August 31, 2011 |   |   | For the Year Ended August 31, 2010 |   |
|-------------------------|--------|-----------------------------------------|--------|--------|-----------------------------------------|--------|
| Expected volatility     |   |                                    | N/A    |   |                                    |   | 71.1 | % |
| Expected life (years)   |   |                                    | N/A    |   |                                    |   | 10.0 |   |
| Risk-free interest rate |   |                                    | N/A    |   |                                    |   | 3.07 | % |
| Dividend yield          |   |                                    | N/A    |   |                                    |   | 0.0 | % |

|                                           |   | No. of shares |     |   | Weighted Average Exerices Price |   |   | Weighted Average Remaining Contractual Term |   |   | Aggregate Intrinsic Value |   |
|------------------------------------------------|--------|---------------|----------|--------|---------------------------------|--------|--------|---------------------------------------------|--------|--------|---------------------------|--------|
|  Balance outstanding at September 1, 2010 |   |          | 705,000  |   |                            | $      | 0.65   |                                        |   |   |                      |   |   |   |
|  Granted                                  |   |          | -        |   |                            |   |   |                                        |   |   |                      |   |   |   |
|  Exercised                                |   |          | (120,000 | )      |                            | $      | 0.33   |                                        |   |   |                      |   |   |   |
|  Expired                                  |   |          | (65,000  | )      |                            | $      | 1.30   |                                        |   |   |                      |   |   |   |
|  Balance outstanding at August 31, 2011   |   |          | 520,000  |   |                            | $      | 0.65   |                                        |   |   | 2.8                       |   |   | $ | - |   |
|  Exercisable at August 31, 2011           |   |          | 520,000  |   |                            | $      | 0.65   |                                        |   |   | 2.8                       |   |   | $ | - |   |

----

----

|              |   |   |   |                                          |
|-------------------|--------|--------|--------|-----------------------------------------------|
| Name              |   | Age    |   | Position                                      |
| Robert H. Donehew |   | 59     |   | President, Treasurer, Secretary and Director* |
|              |   |   |   |                                          |

| * |   | Member of audit committee |
|---|--------|---------------------------|

----

|                        |   |   |   |                   |   |         |   |      |   |         |   | Long-Term |    |   |
|-----------------------------|--------|--------|--------|------------------------|--------|--------------|--------|-----------|--------|--------------|--------|-----------|---------|--------|
|                        |   |   |   |                   |   | Compensation |   |      |
|                        |   |   |   | Annual Compensation(1) |   | Number of    |   | All Other |
| Name and Principal Position |   | Year   |   | Salary                 |   | Bonus        |   | Options   |   | Compensation |
| Robert H. Donehew           |   | 2011   |   | $                      | 34,108 |         |   | $         | 0      |         |   |      | 0       |   |   | $ | 0 |   |
| President and Principal     |   | 2010   |   | $                      | 30,000 |         |   | $         | 0      |         |   |      | 120,000 |   |   | $ | 0 |   |
| Accounting Officer          |   | 2009   |   | $                      | 30,000 |         |   | $         | 0      |         |   |      | 0       |   |   | $ | 0 |   |

| (1) | The above compensation does not include other personal benefits, the total value of which does not exceed the lesser of $50,000 or 10% of such person’s or persons’ cash compensation). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|              |   | Number of          |   | Percent of Total    |   |              |   |     |       |         |   |
|-------------------|--------|--------------------|--------|---------------------|--------|-------------------|--------|----------|------------|--------------|--------|
|              |   | Securities         |   | Options Granted to  |   |              |   |     |       | Market Price |   |
|              |   | Underlying Options |   | Employees in Fiscal |   | Exercise Price of |   | on Date  | Expiration |
| Name of Executive |   | Granted            |   | Year                |   | Options           |   | of Grant | Date       |
| Robert H. Donehew |   |               | 0      |                |   |              | 100    | %        |       |         | N/A    |   |   |   | N/A |   | N/A  |

|              |   |        |    |          |   |            |   |             |   |   |   |   |   |   |   |   |
|-------------------|--------|-------------|---------|---------------|--------|-----------------|--------|------------------|--------|--------|--------|--------|--------|--------|--------|--------|
| Name              |   | Exercisable |    | Unexercisable |   | Exercisable (1) |   | Unexercisable(1) |
| Robert H. Donehew |   |        | 265,000 |          |   |            | 0      |             |   | $      | 0      |   |   | $      | 0      |   |
|              |   |        |    |          |   |            |   |             |   |   |   |   |   |   |   |   |

| (1) | These values are based on the difference between the closing sale price of our common stock on August 31, 2011 (the last trading day of the fiscal year) of $0.05 and the exercise prices of the options, multiplied by the number of shares of common stock subject to the options. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | • |   | each of our directors;                                  |
|--------|---------|--------|---------------------------------------------------------|
|   |    |   |                                                    |
|   | • |   | each of our named executive officers; and               |
|   |    |   |                                                    |
|   | • |   | all of our directors and executive officers as a group. |

|                                                         |   |                 |    |             |   |   |   |   |
|--------------------------------------------------------------|--------|----------------------|---------|------------------|--------|--------|--------|--------|
|                                                         |   | Amount and Nature of |
|                                                         |   | Beneficial           |    |             |
| Name and Address of Beneficial Owner                         |   | Ownership            |    | Percent of Class |
|                                                         |   |                 |    |             |   |   |   |   |
| Paul O. Koether                                              |   |                 | 484,690 | (1)              |   |   | 13.6   | %      |
| 211 Pennbrook Road                                           |   |                 |    |             |   |   |   |   |
| Far Hills, New Jersey 07931                                  |   |                 |    |             |   |   |   |   |
|                                                         |   |                 |    |             |   |   |   |   |
| Robert H. Donehew                                            |   |                 | 520,000 | (2)              |   |   | 13.6   | %      |
| Donehew Capital, LLC                                         |   |                 |    |             |   |   |   |   |
| 111 Village Parkway, Building #2                             |   |                 |    |             |   |   |   |   |
| Marietta, Georgia 30067                                      |   |                 |    |             |   |   |   |   |
|                                                         |   |                 |    |             |   |   |   |   |
| Shamrock Associates                                          |   |                 | 409,470 | (3)              |   |   | 11.5   | %      |
| 211 Pennbrook Road                                           |   |                 |    |             |   |   |   |   |
| Far Hills, New Jersey 07931                                  |   |                 |    |             |   |   |   |   |
|                                                         |   |                 |    |             |   |   |   |   |
| Ronald I. Heller                                             |   |                 | 325,980 | (4)              |   |   | 9.1    | %      |
| 74 Farview Road                                              |   |                 |    |             |   |   |   |   |
| Tenafly, New Jersey 07670                                    |   |                 |    |             |   |   |   |   |
|                                                         |   |                 |    |             |   |   |   |   |
| John W. Galuchie, Jr.                                        |   |                 | 212,166 | (5)              |   |   | 5.9    | %      |
| 376 Main Street                                              |   |                 |    |             |   |   |   |   |
| Bedminster, New Jersey 07921                                 |   |                 |    |             |   |   |   |   |
|                                                         |   |                 |    |             |   |   |   |   |
| Asset Value Holdings, Inc.                                   |   |                 | 200,000 |             |   |   | 5.6    | %      |
| 211 Pennbrook Road                                           |   |                 |    |             |   |   |   |   |
| Far Hills, New Jersey 07931                                  |   |                 |    |             |   |   |   |   |
|                                                         |   |                 |    |             |   |   |   |   |
| Galt Asset Management                                        |   |                 | 200,000 |             |   |   | 5.6    | %      |
| c/o Brian Vitale                                             |   |                 |    |             |   |   |   |   |
| 125 West Shore Road                                          |   |                 |    |             |   |   |   |   |
| Huntington, New York 11743                                   |   |                 |    |             |   |   |   |   |
|                                                         |   |                 |    |             |   |   |   |   |
| All directors and executive officers as a group (one person) |   |                 | 520,000 | (6)              |   |   | 13.6   | %      |

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|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)    |   | Includes 209,470 shares of common stock beneficially owned by Shamrock Associates, of which Mr. Koether is the general partner, 200,000 shares held by Asset Value Holdings, Inc., of which Mr. Koether is President, 7,166 shares owned by Sun Equities Corporation, of which Mr. Koether is Chairman and a principal stockholder; 1,666 shares held by Mr. Koether’s IRA, 20,000 shares owned by Mr. Koether’s wife; and 15,000 shares held in discretionary accounts for Mr. Koether’s brokerage customers.                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (2)    |   | Includes 100,000 shares of common stock owned by Donehew Fund Limited Partnership, of which Donehew Capital LLC, a Georgia limited liability company, is the general partner; Mr. Donehew is the manager of Donehew Capital LLC. Also includes 265,000 shares of common stock issuable upon exercise of exercisable options and 155,000 shares of common stock.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (3)    |   | Includes 200,000 shares of common stock held by Asset Value Holding, of which Shamrock Associates is the ultimate parent. Shamrock Associates disclaims beneficial ownership of these shares.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (4)    |   | Includes 144,615 shares of common stock held of record by the Ronald I. Heller Revocable Trust dated 12/23/97 (“Ronald Trust”), 144,615 shares of common stock held of record by the Joyce L. Heller Revocable Trust dated 12/23/97 (“Joyce Trust”) and 36,750 shares of common stock held of record by the Delaware Charter Guarantee & Trust Co., for the benefit of the Ronald I. Heller IRA (“Ronald IRA”). Joyce L. Heller does not directly own any shares of common stock. As the co-trustee of the Ronald Trust and Joyce Trust, Joyce has shared voting and dispositive power over the shares held in such trusts. Although Joyce disclaims any voting or dispositive power over the 36,750 shares of common stock held for the benefit of the Ronald IRA, which Ronald has sole voting and dispositive power over, Joyce may be deemed to beneficially own such shares pursuant to interpretations of the Securities and Exchange Commission. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (5)    |   | Includes 200,000 shares of common stock held by Asset Value Holdings, Inc., of which Mr. Galuchie is the Treasurer. Mr. Galuchie disclaims beneficial ownership of the shares held by Asset Value Holdings. Also includes 7,166 shares owned by Sun Equities Corporation, of which Mr. Galuchie is a director and officer. Mr. Galuchie disclaims beneficial ownership of the shares held by Sun Equities Corporation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| (6)    |   | Includes the shares of common stock deemed to be included in the respective beneficial holdings of Robert H. Donehew.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

|          |   |   |   |   |   |   |   |   |
|---------------|--------|--------|--------|--------|--------|--------|--------|--------|
|          |   | 2011   |   |   | 2010   |   |
| Audit Fees(1) |   | $      | 18,250 |   |   | $      | 18,250 |   |
| Tax Fees      |   |   | 0      |   |   |   | 0      |   |
| Total         |   | $      | 18,250 |   |   | $      | 18,250 |   |

| (1) |   | Represents the aggregate fees incurred for professional services rendered by our principal accountant for the audit of our annual financial statements for the years ended August 31, 2011 and 2010 and review of financial statements included in our quarterly reports on Form 10-Q or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those periods. |
|-----|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (a)    |   | Exhibits Filed.                                        |
|--------|--------|--------------------------------------------------------|
|   |   |                                                   |
|   |   | See Exhibit Index appearing later in this Report. |
|   |   |                                                   |
| (b)    |   | Reports on Form 8-K.                                   |
|   |   |                                                   |
|   |   | Not applicable.                                        |

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|                       | GOLF ROUNDS.COM, INC.(Registrant) |                  |
|----------------------------|-----------------------------------|-----------------------|
|                       |                              |                  |   |
| Dated: March 8, 2012  | By:                     | /s/ Robert H. Donehew |   |
|                       |                              | Name:            | Robert H. Donehew  |   |
|                       |                              | Title:      | President, Treasurer and Secretary  |   |

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|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | Incorporated By |   |     |
|---------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|--------|----------|
| Exhibit |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | Reference from  |   | No. in   |
| Number  |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Document        |   | Document |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |            |   |     |
| 1.1     |   | Agreement and Plan of Merger between American Metals, Inc. and American Metals Service, Inc.                                                                                                                                                                                                                                                                                                                                                                              |   | A               |   | 2        |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |            |   |     |
| 3.1     |   | Certificate of Incorporation                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | A               |   | 3(I)     |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |            |   |     |
| 3.1.1   |   | Bylaws                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | A               |   | 3(II)    |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |            |   |     |
| 10.1    |   | Stock Purchase Agreement, dated January 18, 2000, among Asset Value Holdings, Inc., Bradford Trading Company, Paul Koether, Shamrock Associates, Sun Equities Corporation, Thomas K. Van Herwarde, The Rachel Beth Heller1997 Trust Dated 7/9/97, The Evan Todd Heller Trust Dated 6/17/97, Martan & Co., Donehew Fund Limited Partnership, Jonathan & Nancy Glaser Family Trust Dated 12/16/98, W. Robert Ramsdell and Nagelberg Family Trust Dated 9/24/97 |   | B               |   | 2.1      |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |            |   |     |
| 10.2    |   | Form of option agreement for executives and directors                                                                                                                                                                                                                                                                                                                                                                                                                     |   | C               |   | 10.6     |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |            |   |     |
| 10.4    |   | Code of Ethics                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | D               |   | 10.16    |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |            |   |     |
| 31.1    |   | Section 302 Certification                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | Filed herewith  |   | —  |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |            |   |     |
| 32.1    |   | Section 906 Certification                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | Filed herewith  |   | —  |

| A      |   | Company’s Quarterly Report on Form 10-QSB for the quarter ended May 31, 1999. |
|--------|--------|------------------------------------------------------------------------------------------|
|   |   |                                                                                     |
| B      |   | Company’s Current Report on Form 8-K, filed with the SEC on January 19, 2000. |
|   |   |                                                                                     |
| C      |   | Company’s Annual Report on Form 10-KSB for the year ended August 31, 2005.    |
|   |   |                                                                                     |
| D      |   | Company’s Annual Report on Form 10-KSB for the year ended August 31, 2004.    |

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