<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB
(Mark One)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the quarterly period ended MARCH 31, 2001
                                        --------------

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the transition period from __________ to __________

         Commission file number:  0-17287
                                  -------

                              GLOBAL OUTDOORS, INC.
--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)

        Alaska                                             33-0074499
-------------------------                          ----------------------------
(State or other Juris-                             (IRS Employer Identification
 diction of incorporation                                   Number)
 or organization)

                      43445 BUSINESS PARK DRIVE, SUITE 113
                           TEMECULA, CALIFORNIA 92590
--------------------------------------------------------------------------------
              (Address and zip code of principal executive offices)

                                 (909) 699-4749
--------------------------------------------------------------------------------
                (Issuer's telephone number, including area code)

              (Former name, former address and former fiscal year,
                         if changed since last report)
--------------------------------------------------------------------------------

Check whether the Issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the Registrant was required to file
such reports), and (2) has been subject to the filing requirements for at least
the past 90 days. Yes [X ] NO [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:
                                                    Number of Shares Outstanding
           Class                                         at April 30, 2001
 ----------------------------                       ----------------------------
 Common Stock, $.02 par value                                 5,274,073





<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

                              FINANCIAL STATEMENTS
                                 PART I - ITEM 1

--------------------------------------------------------------------------------
                      FOR THE QUARTER ENDED MARCH 31, 2001
--------------------------------------------------------------------------------

                              GLOBAL OUTDOORS, INC.

                                      -2-





<PAGE>

                     GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                     ASSETS

                                                       March 31     December 31
                                                    -------------  -------------
                                                         2001           2000
                                                    -------------  -------------
                                                     (unaudited)
Current assets:
      Cash and cash equivalents                     $  1,529,010   $  1,844,449
      Accounts receivable, net of allowance for
        doubtful accounts of $451,766 and $206,766     1,872,393      1,613,167
      Inventories                                        117,080        116,957
      Deferred tax assets, net                         1,376,004      1,387,230
      Receivable from stockholders                        39,852         35,421
      Other current assets                                62,729         23,958
                                                    -------------  -------------
             Total current assets                      4,997,068      5,021,182
                                                    -------------  -------------

Property, plant and equipment, net:
      Membership recreational mining properties        1,367,546      1,378,611
      Alaska recreational mining properties            1,200,094      1,194,880
      Outdoor Channel equipment and improvements         750,911        670,084
      Other equipment and leasehold improvements         508,371        388,361
                                                    -------------  -------------
         Property, plant and equipment, net            3,826,922      3,631,936
                                                    -------------  -------------

Trademark, net of accumulated amortization of
      $61,002 and $57,357                                157,720        161,365
Deposits and other assets                                 93,739         84,775
                                                    -------------  -------------
             Totals                                 $  9,075,449   $  8,899,258
                                                    =============  =============

See Notes to Condensed Consolidated Financial Statements.

                                      -3-





<PAGE>

<TABLE>
                                    GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
                                    CONDENSED CONSOLIDATED BALANCE SHEETS

<CAPTION>
                                     LIABILITIES AND STOCKHOLDERS' EQUITY

                                                                                  March 31      December 31
                                                                               -------------  -------------
                                                                                    2001           2000
                                                                               -------------  -------------
                                                                                (unaudited)
<S>                                                                            <C>            <C>
Current liabilities:
      Accounts payable and accrued expenses                                    $    861,554   $  1,068,933
      Customer deposits                                                             410,707
      Current portion of notes and capital lease obligations payable                129,528        128,290
      Current portion of stockholder loans                                           77,075         76,259
                                                                               -------------  -------------
             Total current liabilities                                            1,478,864      1,273,482

Stockholder loans, net of current portion                                           479,473        613,594
Other notes and capital lease obligations payable, net of current portion           647,256        467,747
Deferred revenues                                                                 1,759,505      1,802,555

Deferred satellite rent obligations                                                 567,425        584,480
Deferred compensation                                                               342,000        308,750
                                                                               -------------  -------------
             Total liabilities                                                    5,274,523      5,050,608
                                                                               -------------  -------------
Commitments and contingencies

Minority interest in subsidiary                                                     644,020        631,183
                                                                               -------------  -------------
Stockholders' equity:
      Convertible preferred stock, nonvoting, 10% non-cumulative, no liquidation
         preference, $.001 par value; 10,000,000 shares
         authorized; 60,675 shares issued and outstanding                                61             61
      Common stock, $.02 par value; 50,000,000 shares authorized;
         5,274,073 shares issued and outstanding                                    105,481        105,481
      Less common stock subscriptions receivable                                   (221,250)      (221,250)
      Treasury Stock, at cost; 59,500 and 47,000 shares at
         March 31, 2001 and December 31, 2000, respectively                        (256,265)      (189,466)
      Additional paid-in capital                                                  3,429,272      3,429,272
      Retained Earnings                                                              99,607         93,369
                                                                               -------------  -------------
             Total stockholders' equity                                           3,156,906      3,217,467
                                                                               -------------  -------------

             Totals                                                             $ 9,075,449   $  8,899,258
                                                                               =============  =============
</TABLE>

See Notes to Condensed Consolidated Financial Statements.

                                      -4-





<PAGE>

                     GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                                   Three Months Ended March 31
                                                  ------------------------------
                                                           (unaudited)
Revenues:                                              2001            2000
                                                  -------------    -------------
       Advertising                                $  1,988,036     $  1,545,304
       Subscriber fees                                 690,111          607,394
       Membership services                             893,502          758,963
       Trips and outings                                38,134
       Other Income                                      4,678
                                                  -------------    -------------
            Total revenues                           3,614,461        2,911,661
                                                  -------------    -------------

Expenses:
       Satellite transmission fees                     552,629          526,088
       Advertising and programming                     634,441          212,804
       Trips and outings                                19,800
       Selling, general and administrative           2,362,723        1,652,399
                                                  -------------    -------------

            Total expenses                           3,569,593        2,391,291
                                                  -------------    -------------

Income  from operations                                 44,868          520,370

Other income (expense):
   Interest expense                                    (30,976)         (26,440)
   Interest income                                      19,347            9,104
                                                  -------------    -------------

Income before provision (credit) for
   income taxes and minority interest                   33,239          503,034

Provision (credit) for income taxes                     14,164         (150,000)
                                                  -------------    -------------

Income before minority interest                         19,075          653,034

Minority interest in net income of
   consolidated subsidiary                              12,837          107,848
                                                  -------------    -------------

Net income                                        $      6,238     $    545,186
                                                  =============    =============

Earnings per common share:
  Basic                                           $       0.00     $       0.10
                                                  =============    =============
  Diluted                                         $       0.00     $       0.10
                                                  =============    =============

Weighted average number of common shares outstanding:
  Basic                                              5,224,093        5,260,612
                                                  =============    =============
  Diluted                                            5,693,849        5,457,230
                                                  =============    =============

See Notes to Condensed Consolidated Financial Statements.

                                      -5-





<PAGE>

<TABLE>
                               GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
                          CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

<CAPTION>
                                                                  Three Months Ended March 31,
                                                                -------------------------------
                                                                     2001             2000
                                                                -------------------------------
                                                                          (unaudited)
<S>                                                             <C>              <C>
Operating activities:
    Net income                                                  $     6,238      $   545,186
    Adjustments to reconcile net income to net cash
        provided by operating activities:
        Depreciation and amortization                               116,425           60,546
        Provision for doubtful accounts                             245,000          (26,898)
        Deferred income taxes                                        11,226         (150,000)
        Interest on stock subscription receivable                    (4,431)          (2,212)

        Minority interest in net income of consolidated
           subsidiary                                                12,837          107,848
    Cash provided by changes in operating assets
        and liabilities:
        Accounts receivable                                        (504,226)        (273,476)
        Inventories                                                    (123)           1,568
        Other current assets                                        (38,771)         (55,048)
        Deposits and other assets                                    (8,964)           4,490
        Accounts payable and accrued expenses                       203,328          329,616
        Deferred revenues                                           (43,050)         (23,364)
        Deferred satellite rent obligations                         (17,055)           9,945
        Deferred compensation                                        33,250            4,499
                                                                ------------     ------------

           Net cash provided by operating activities                 11,684          532,700
                                                                ------------     ------------

Investing activities:
    Purchases of property, plant, and equipment                    (192,809)        (137,092)
                                                                ------------     ------------

Financing activities:
    Principal payments on long-term debt and capital leases        (285,448)        (131,293)
    Principal payments on stockholder loans                        (132,067)            (468)
    Proceeds from long term debt and capital leases                 350,000
    Purchase of treasury stock                                      (66,799)
                                                                ------------     ------------

           Net cash used in financing activities                   (134,314)        (131,761)
                                                                ------------     ------------

Net increase (decrease) in cash and cash equivalents               (315,439)         263,847

Cash and cash equivalents, beginning of period                    1,844,449          750,351
                                                                ------------     ------------

Cash and cash equivalents, end of period                        $ 1,529,010      $ 1,014,198
                                                                ============     ============
Supplemental disclosure of noncash investing and
  financing activities - acquisition of equipment under
  capital lease obligations                                     $   115,000
                                                                ============
</TABLE>

See Notes to Condensed Consolidated Financial Statements.

                                      -6-

<PAGE>

                     GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note 1.  Organization, Management Statement and Reference to Form 10-KSB

              Organization
              ------------

              Global Outdoors, Inc. (the "Company") owns a majority interest in
              The Outdoor Channel, Inc. ("The Outdoor Channel" or "Channel"), a
              national television network devoted primarily to traditional
              outdoor activities, such as hunting, fishing, shooting sports,
              rodeo and recreational gold prospecting. The Company has a variety
              of other business activities. The Company receives revenues from
              the sale of memberships in a gold prospecting club, Gold
              Prospectors' Association of America, Inc. ("GPAA") and from the
              sale of memberships in Lost Dutchman's (LDMA-AU, Inc.) which
              entitle members to engage in recreational prospecting on its
              California, Oregon, Alaska, Nevada, Arizona, Colorado, Georgia,
              North Carolina and South Carolina properties. The Company has
              signed a mutual use agreement with another organization whose
              members are entitled to engage in recreational mining on certain
              of each other's properties. The Company receives revenues from its
              trips and outings division which includes its "Alaska Trip," a
              recreational gold mining expedition to the Company's Cripple River
              property located near Nome, Alaska, advertising revenue in a
              bi-monthly magazine, advertising revenues through cable television
              programming on The Outdoor Channel, Inc. and through merchandise
              sales. Effective July 23, 1996, the Company changed its name from
              Global Resources, Inc. to Global Outdoors, Inc.

Note 2.  Unaudited Interim Financial Statements

              In the opinion of management, the accompanying unaudited condensed
              consolidated financial statements reflect all adjustments,
              consisting of normal recurring accruals, necessary to present
              fairly the financial position of the Company as of March 31, 2001
              and its results of operations and cash flows for the three months
              ended March 31, 2001 and 2000. Information included in the
              condensed consolidated balance sheet as of December 31, 2000 has
              been derived from, and certain terms used herein are defined in,
              the audited financial statements of the Company as of December 31,
              2000 and for the years ended December 31, 2000 and 1999 (the
              "Audited Financial Statements") included in the Company's Annual
              Report on Form 10-KSB (the "10-KSB") for the year ended December
              31, 2000 that was previously filed with the Securities and
              Exchange Commission (the "SEC"). Pursuant to the rules and
              regulations of the SEC, certain information and disclosures
              normally included in financial statements prepared in accordance
              with accounting principles generally accepted in the United States
              of America have been condensed or omitted from these financial
              statements unless significant changes have taken place since the
              end of the most recent fiscal year. Accordingly, these unaudited
              condensed consolidated financial statements should be read in
              conjunction with the Audited Financial Statements and the other
              information also included in the 10-KSB.

              The results of the Company's operations for the three months ended
              March 31, 2001 are not necessarily indicative of the results of
              operations for the full year ending December 31, 2001.

                                      -7-

<PAGE>

Note 3.  Earnings per share

              The Company has presented "basic" earnings per common share in the
              accompanying consolidated statements of operations in accordance
              with the provisions of Statement of Financial Accounting Standards
              No. 128, "Earnings per Share" ("SFAS 128"). Basic earnings per
              common share is calculated by dividing net income applicable to
              common stock by the weighted average number of common shares
              outstanding during each period. The calculation of diluted
              earnings per common share is similar to that of basic earnings per
              common share, except that the denominator is increased to include
              the number of additional common shares that would have been
              outstanding if all potentially dilutive common shares, such as
              those that could be issued upon the exercise of stock options and
              warrants and the conversion of preferred stock, were issued during
              the period.

              The computations of diluted earnings per common share for the
              quarters ended March 31, 2001 and 2000 take into account the
              effects on the weighted average number of common shares
              outstanding of the assumed exercise of all of the Company's
              outstanding stock options and warrants, adjusted for the
              application of the treasury stock method, and the conversion of
              all of the Company's outstanding shares of preferred stock.

              The following table presents the calculation of the number of
              shares outstanding for the calculation of basic and diluted
              earnings per share in the quarters ended March 31, 2001 and 2000:

<TABLE>
<CAPTION>
                                                                                     2001           2000
                                                                                  ------------  ------------
                       <S>                                                          <C>           <C>
                       Weighted average common shares outstanding and basic
                           earnings per common share                                5,224,093     5,260,612

                       Dilutive effect of potential common shares issuable
                           upon conversion of preferred stock                          60,675        60,675

                       Dilutive effect of potential common shares issuable upon
                           exercise of stock options and warrants, as adjusted
                           for the application of the treasury
                           stock method                                               409,081       135,943
                                                                                  ------------  ------------
                       Diluted weighted average common shares
                           outstanding and diluted earnings per
                           common share                                             5,693,849     5,457,230
                                                                                  ============  ============
</TABLE>

                                      -8-

<PAGE>

                     GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note 4.  Segment information

              The Company follows the provisions of Statement of Financial
              Accounting Standards No. 131, DISCLOSURES ABOUT SEGMENTS OF AN
              ENTERPRISE AND RELATED INFORMATION ("SFAS 131"). Pursuant to the
              provisions of SFAS 131, the Company is reporting segment
              information in the same format reviewed by the Company's
              management (the "management approach"). The Company segregates its
              business activities into the major areas that generate revenues.
              LDMA-AU and GPAA membership sales and related activities are
              reported separately as they deal with recreational prospecting and
              rights to use land and facilities for camping and recreational
              vehicle parking. Trips and outings constitute another business
              activity of the Company whereby members can participate in a group
              prospecting activity at a Company site, usually lasting for a week
              or less. The annual Alaska trip, included in this category, allows
              members to travel to the Company's Alaska property from one to six
              weeks to participate in prospecting activities. The Outdoor
              Channel is a separate business activity whereby the subsidiary
              broadcasts television programming on "The Outdoor Channel" 24
              hours a day, seven days a week, and recognizes advertising and
              subscription revenues.

                                      -9-

<PAGE>

                     GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note 4.  Segment information (concluded)

              Information with respect to these reportable business segments for
              the quarter ended March 31, 2001 is as follows:

<TABLE>
<CAPTION>
                                             Income (Loss)                     Depreciation     Additions to
                                                Before           Total             and         Property, Plant
                              Revenues       Income Taxes       Assets         Amortization    and Improvements
                            ------------     ------------     ------------     ------------     ------------
<S>                         <C>              <C>              <C>              <C>              <C>
Quarter ended March 31, 2001

Trips and Outings           $    38,134      $    18,334      $ 2,567,640      $    17,322      $    56,644
The Outdoor Channel           2,636,194          133,722        3,895,342           44,172          123,140
Membership sales
   of recreational
   prospecting and
   mineral rights and
   merchandise sales            940,133         (118,817)       2,612,467           54,931           13,025
                            ------------     ------------     ------------     ------------     ------------

      Totals                $ 3,614,461      $    33,239      $ 9,075,449      $   116,425      $   192,809
                            ============     ============     ============     ============     ============
</TABLE>

              Information with respect to these reportable business segments for
              the quarter ended March 31, 2000 is as follows:

<TABLE>
<CAPTION>
                                             Income (Loss)                     Depreciation     Additions to
                                                Before           Total             and         Property, Plant
                              Revenues       Income Taxes       Assets         Amortization    and Improvements
                            ------------     ------------     ------------     ------------     ------------
<S>                         <C>              <C>              <C>              <C>              <C>
Quarter ended March 31, 2000

Trips and Outings                                             $ 1,315,966      $    19,272
The Outdoor Channel         $ 2,091,904      $   624,235        2,861,486           33,444      $   119,545
Membership sales
   of recreational
   prospecting and
   mineral rights and
   merchandise sales            819,757         (121,201)       3,343,992            7,830           17,547
                            ------------     ------------     ------------     ------------     ------------

      Totals                $ 2,911,661      $   503,034      $ 7,521,444      $    60,546      $   137,092
                            ============     ============     ============     ============     ============
</TABLE>

                                      -10-

<PAGE>
                     GLOBAL OUTDOORS, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Note 5.   Income Taxes

              The Company had an income tax provision of $14,164 included in the
              accompanying condensed consolidated statements of operations for
              the three months ended March 31, 2001, which was comprised of
              current tax expense of $2,938 and deferred tax expense of $11,226.
              The Company had a credit for income taxes of $150,000 for the
              quarter ended March 31, 2000, which was comprised of a deferred
              credit for federal income taxes.

              During the quarter ended March 31, 2000, the Company was able to
              increase revenues substantially, generate pre-tax income for
              financial statement and tax reporting purposes and utilize a
              portion of its net operating loss carryforwards as shown above. In
              addition, management believes that it is more likely than not that
              the Company will be able to generate sufficient future taxable
              income to enable it to utilize all but approximately $421,000 of
              the remaining net operating loss carryforwards available as of
              March 31, 2000. Accordingly, the Company reduced its valuation
              allowance by $150,000 and recognized a credit for Federal income
              taxes in the quarter ended March 31, 2000.

              The provision (credit) for income taxes reflected the accompanying
              condensed consolidated statements of operations for the three
              months ended March 31, 2001 and 2000 is different than it would be
              computed based on the applicable statutory Federal income tax rate
              of 34% as shown below:

                                                      March 31,     March 31,
                                                        2001          2000
                                                        ----          ----

              Federal income tax provision
                at statutory income tax rate         $  11,301      $ 171,032

              Effect of utilization of net
                operating loss carryforwards                 -       (171,032)

              Effect of reduction in valuation
                allowance for recognition of
                future utilization of net
                operating loss carryforwards                 -       (150,000)

              State tax provision net of Federal
                tax benefit                              2,863              -
                                                     ----------     ----------

              Provision (credit) for income taxes    $  14,164      $(150,000)
                                                     ==========     ==========

Note 6.  Change in Notes Payable/Stockholder Loans Payable

              The Company entered into an agreement with US Bank on March 31,
              2001, securing a note for $350,000 with a variable interest rate
              based on the lenders prime rate and will be adjusted periodically,
              with the note commencing on March 31, 2001 and the final payment
              due on March 1, 2005. The note paid off and replaced an existing
              line of credit to Wells Fargo Bank with a balance remaining of
              approximately $200,000, and also paid off a principle stockholder
              loan in the amount of approximately $150,000 which included
              principal and accrued interest as of March 31, 2001.

Note 7.  Litigation

              The Company is from time to time involved in litigation as both
              plaintiff and defendant arising in the ordinary course of
              business. In the opinion of management, the results of the pending
              litigation should not have a material adverse effect on the
              Company's financial position, results of operations, or cash
              flows.

                                      -11-

<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

This report on Form 10-QSB contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. The Company intends that such forward-looking
statements be subject to the safe harbors created thereby. This report should be
read in conjunction with the Company's report on Form 10-KSB for the year ended
December 31, 2000.

COMPARISON OF QUARTERS ENDED MARCH 31, 2001 AND MARCH 31, 2000

     REVENUES. The Company's revenues include revenues from advertising fees,
subscriber fees, GPAA and Lost Dutchman's membership sales, product sales and
trips and outings sales. Advertising fees result from the sale of advertising
time on The Outdoor Channel and from advertising space in publications such as
the Gold Prospector magazine. Revenues for the quarter ended March 31, 2001 were
$3,614,461, an increase of $702,800, or 24%, compared to revenues of $2,911,661
for the quarter ended March 31, 2000. This increase was the result of changes in
several items composing revenue. Advertising increased to $1,988,036 for the
quarter ended March 31, 2001 from $1,545,304 for the quarter ended March 31,
2000, primarily due to an increase in advertising revenue on The Outdoor
Channel. Subscriber fees increased to $690,111 for the quarter ended March 31,
2001 from $607,394 for the quarter ended March 31, 2000, primarily due to
increases in cable affiliate subscriber fees. Membership services increased to
$893,502 for the quarter ended March 31, 2001 from $758,963 for the quarter
ended March 31, 2000 due to the increased distribution of The Outdoor Channel.

     EXPENSES. The Company's expenses consist primarily of the cost of satellite
transponder and uplink facilities, programming, advertising and promotion, trips
and outings expenses, sales and administrative salaries, office expenses and
general overhead. Expenses for the quarter ended March 31, 2001 were $3,569,593
an increase of $1,178,302, or 49%, compared to $2,391,291 for the quarter ended
March 31, 2000. This increase was primarily the result of an increase in
selling, general and administrative expenses which increased significantly to
$2,362,723 for the quarter ended March 31, 2001, compared to $1,652,399 for the
quarter ended March 31, 2000. This increase was due to several factors. First,
growth at The Outdoor Channel resulted in significant increases in personnel
related costs. Second, it was determined to increase the allowance for doubtful
accounts for the likely default of one significant advertising customer and
several smaller advertising customers of The Outdoor Channel. Advertising and
programming increased to $634,441 for the quarter ended March 31, 2001, compared
to $212,804 for the quarter ended March 31, 2000, due to The Outdoor Channel's
consumer and trade awareness campaigns. Satellite transmission fees remained
near the same level at $552,629 for the quarter ended March 31, 2001 compared to
$526,088 for the quarter ended March 31, 2000.

     INCOME BEFORE PROVISION (CREDIT) FOR INCOME TAXES AND MINORITY INTEREST.
Income before provision (credit) for income taxes and minority interest was
lower as a percentage of revenues at 1% for the quarter ended March 31, 2001
compared to 17% for the quarter ended March 31, 2000. This was due primarily to
the Company incurring the expenses referred to above and to a softness in
advertising sales at The Outdoor Channel for the quarter end March 31, 2001,
compared to the quarter ended March 31, 2000.

GENERAL

     Global Outdoors, Inc. (the "Company" or "Global") is the principal owner of
The Outdoor Channel, Inc. which owns and operates The Outdoor Channel ("The
Outdoor Channel" or "Channel"), the first national television network devoted
primarily to traditional outdoor activities, such as hunting, fishing, shooting
sports, rodeo and recreational gold prospecting. The Company also owns and
operates related businesses which serve the interests of viewers of The Outdoor

                                      -12-

<PAGE>

Channel and other outdoor enthusiasts. These related businesses include,
LDMA-AU, Inc. ("Lost Dutchman's"), Gold Prospectors' Association of America,
Inc. ("GPAA") and the Trips Division. Lost Dutchman's is a national recreational
gold prospecting campground club with over 6,000 members and properties in
California, Oregon, Nevada, Arizona, Colorado, Georgia, South Carolina and North
Carolina. GPAA is the largest recreational gold prospecting club in the world
with approximately 32,000 active members. GPAA also sells products and services
related to recreational gold prospecting and is the publisher of the Gold
Prospector magazine. The Company's Trips and outings Division sponsors unique
recreational prospecting trips to the historic Mother Lode area of California
and to the Company's 2300 acre camp, located 11 miles west of Nome, Alaska.

     The Company together with its predecessors has been selling its GPAA club
memberships since 1968. GPAA membership sales took a marked upswing in 1992 in
conjunction with the airing of the "Gold Prospector Show," a show the Company
has owned and produced since 1990. During 1992, the "Gold Prospector Show" was
broadcast on various television and cable channels, for which the Company
purchased air time. In 1993, GPAA launched The Outdoor Channel and, since then,
broadcasts of the "Gold Prospector Show" and related sales of GPAA memberships
have occurred almost exclusively on The Outdoor Channel. The Company intends
that The Outdoor Channel be used as a primary vehicle to promote the Company's
services and products and anticipates that it will be a factor in the future
growth of GPAA, Lost Dutchman's and the Trips Division. In that regard, in 1998
the Company entered into a long term contract with The Outdoor Channel whereby
the Company has the rights to ten hours of programming time and thirty sixty
second advertising spots per week. The Outdoor Channel became profitable and
cash flow positive in 1999. Subsequently, the Company has directed more
resources to other Company divisions.

     Although The Outdoor Channel is not aligned with any sizable entertainment
or cable company, as are many emerging channels, it has, to date, achieved
substantial visibility in the cable industry. The Outdoor Channel is committed
to converting visibility for the Channel's programming into greater distribution
into cable households. Greater distribution will allow The Outdoor Channel to
charge higher advertising rates, command higher subscriber fees from cable
affiliates, attract more advertisers and receive greater revenues for the
Company's products.

     A primary objective of the Company is for The Outdoor Channel to obtain
distribution. To accomplish this objective the Channel seeks to sign national
carriage agreements with multi system cable operators ("MSOs") and thereafter
carriage agreements with the MSOs' individual cable affiliates and to obtain
distribution with direct broadcast satellite ("DBS") companies. As of May 2001,
The Outdoor Channel was launched on approximately 2,900 cable and DBS systems
with availability to approximately 30 million households of which The Outdoor
Channel has approximately 9.8 million subscribers. From January 1, 2000 to April
30, 2001, the Channel grew by approximately 2 million cable and DBS subscribers.

                                      -13-

<PAGE>

    In April 2001, the press noted that ESPN may launch an outdoors network. The
Company is continuing to evaluate its strategic alternatives and options in
light of this new potential competitor.

    Although advertising revenue was up significantly for the quarter ended
March 31, 2001 compared to the quarter ended March 31, 2000, it was short of
management's expectations. This was due primarily to softness in short form
advertising for the first quarter at The Outdoor Channel. Short form advertising
sales which consists of thirty second to two minute spots has recovered
significantly so far in the second quarter, but it is too early to determine
whether The Outdoor Channel will meet its goals in this area. Although expenses
for the first quarter 2001 were up significantly compared to the first quarter
of 2000, the Company met its overall goal for total expenses for the first
quarter of 2001. There would have been significant savings on its target except
the allowance for doubtful accounts was increased by approximately $250,000 to
provide for the likely default of a long form advertising customer and several
short form customers of The Outdoor Channel. The Company anticipates that
allowance for doubtful accounts will have to be increased in the second quarter.

    As of May 2001, the Company is generating sufficient cash flow from
operations to meet its short-term cash flow requirements. The Outdoor Channel is
also meeting its short-term cash flow requirements and is profitable. Management
believes that the Company's existing cash resources and anticipated cash flow
from operations will be sufficient to fund the Company's operations at current
and moderately expanded levels for the next twelve months. In the event that the
Company desires to grow at an accelerated rate, to the extent that its
anticipated cash flow is insufficient to finance the Company's working capital
requirements, the Company could be required to seek financing. There can be no
assurance that equity or debt financing will be available if needed, or, if
available, will be on terms favorable to the Company or its shareholders.
Significant dilution may be incurred by present shareholders as a result of any
such financing. At the current level of operations, the Company is retiring some
of its existing debt and intends to make further improvements to some of its
other properties. At the current level of operations, the Channel has increased
its promotional activities and augmented its professional staff.

     Since July 30, 1997, the Company's Common Stock has been traded on the
NASD's over the counter Bulletin Board under the symbol "GLRS." Price quotes on
the Company's Common Stock can be obtained from any stockbroker. Also, price
quotes can be obtained from a number of other sources including internet sites
on America On Line, Yahoo Finance and cnbc.com.

                                      -14-

<PAGE>

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

    (a)  Exhibits
         --------

     Exhibit
     Number
     ------

     None.

    (b)  Reports on Form 8-K
         -------------------

         None.

                                      -15-

<PAGE>

                                   SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                        GLOBAL OUTDOORS, INC.
                                        (Registrant)

Dated:  May 14, 2001                    By:    /S/ PERRY T. MASSIE
                                            ----------------------------
                                            PERRY T. MASSIE,
                                            President and Chief
                                            Executive Officer

Dated:  May 14, 2001                    By:    /S/ RICHARD K. DICKSON II
                                            ----------------------------
                                            RICHARD K. DICKSON II,
                                            Interim Chief Financial Officer
                                            (Principal Financial and Accounting
                                            Officer)

                                      -16-