U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB
                             Quarterly Report Under
                       the Securities Exchange Act of 1934
                      For Quarter Ended: February, 28 2003
                         Commission File Number: 0-26673
                           GLOBAL GOLF HOLDINGS, INC.
                           --------------------------

        (Exact name of small business issuer as specified in its charter)
                                    DELAWARE
                                    --------

         (State or other jurisdiction of incorporation or organization)
                                   98-0207081
                                   ----------

                        (IRS Employer Identification No.)
                                8893 Brooke Road
                         Delta, British Columbia, Canada
                         -------------------------------

                    (Address of principal executive offices)
                                     V4C 4G5
                                   (Zip Code)
                                   ----------

                                 (604) 583-2036
                                 --------------
                           (Issuer's Telephone Number)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days:
                                                           Yes __X__  No  ____.

The number of shares of the registrant's only class of common stock issued and
outstanding, as of April 21, 2003 was 7,021,058 shares.


<PAGE>


                                     PART I

ITEM 1. FINANCIAL STATEMENTS.

Our unaudited financial statements for the nine month period ended February 28,
2003, are attached hereto.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

The following discussion should be read in conjunction with our unaudited
financial statements and notes thereto included herein. We generated no revenues
during the nine month period ended February 28, 2003. Our management anticipates
that we will not begin generating revenues until commencement of the 2003 golf
season in those geographic locations where our products are licensed, which is
expected to occur in March 2003, weather permitting. The financial statements
have not been reviewed by the Company's independent auditors. In connection
with, and because we desire to take advantage of, the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995, we caution readers
regarding certain forward looking statements in the following discussion and
elsewhere in this report and in any other statement made by, or on our behalf,
whether or not in future filings with the Securities and Exchange Commission.
Forward looking statements are statements not based on historical information
and which relate to future operations, strategies, financial results or other
developments. Forward looking statements are necessarily based upon estimates
and assumptions that are inherently subject to significant business, economic
and competitive uncertainties and contingencies, many of which are beyond our
control and many of which, with respect to future business decisions, are
subject to change. These uncertainties and contingencies can affect actual
results and could cause actual results to differ materially from those expressed
in any forward looking statements made by, or on our behalf. We disclaim any
obligation to update forward looking statements.

OVERVIEW

Global Golf Holdings, Inc. ("we," "us," "our," or the "Company") was
incorporated on December 18, 1997 pursuant to the laws of the State of Delaware
under the name of Autoeye Inc. On February 25, 2000, as part of an acquisition
of The Forest Industry Online Inc., we changed our name to forestindustry.com,
Inc. Prior to this acquisition, our Company was inactive. On October 25, 2002,
we entered into a share exchange agreement with Golflogix Systems Canada Inc.
(GolfLogix"), a British Columbia, Canada corporation which was incorporated in
February 2000, as West Coast Electric Distributors, Inc. Under the terms of the
Share Exchange Agreement, we acquired all of the outstanding shares of GolfLogix
in exchange for 2,500,000 shares of our common stock. As a result, GolfLogix is
now a wholly owned subsidiary of our Company.


<PAGE>


Prior to the acquisition of Golflogix, our business activities included
designing web sites and operating and maintaining a computer internet web site
for companies associated with the forest and wood product industries. However,
subsequent to the acquisition of this business we failed to generate
profitability and incurred negative cash flows from operations. We incurred a
loss of ($392,124) for our fiscal year ending May 31, 2002, and had a working
capital deficiency of ($515,454). Operations were financed mainly through the
issuance of our securities and our future operations were dependent upon
continued external funding and our ability to increase revenues and reduce
expenses. There were no assurances that the above conditions would occur and as
a result, our then management believed it to be in the best interest of our
shareholders to engage in the aforesaid transaction with GolfLogix. GolfLogix is
a distributor of golfing merchandise and has entered into an agreement to
purchase an exclusive licensing right to market and distribute the GolfLogix
System in Canada.

After our acquisition of GolfLogix, on November 30, 2002, we entered into a
stock purchase agreement with Cherry Point Consulting, resulting in a
divestiture of the assets of Forest Industry Online. Under the agreement, Cherry
Point Consulting purchased all of the outstanding shares of the Forest Industry
Online and assumed all of the related assets and liabilities. In December 2002,
we changed our name to Global Golf Holdings, Inc. Results of Operations We
generated no revenues during the six month periods ended November 30, 2002 and
have not generated any revenues from operations to dateTherefore, we have not
presented a comparison of operations herein, as we are now engaged in a new
business venture. We had no costs of sales during the six month period ended
November 30, 2002

Selling, general and administrative expenses were $ during our nine month period
ended February 28, 2003. These expenses arose primarily from office expense. We
also incurred professional fees relating to costs associated with our being a
reporting company under the Securities Exchange Act of 1934, as amended, as well
as costs associated with the acquisition of GolfLogix and subsequent sale of
Forest Industry Online and interest expense on outstanding debt. As a result, we
incurred a net loss of ($) during the nine month period ended February 28, 2003
(less than $.01 per share).

PLAN OF OPERATION

Our current operations are generated through our wholly owned subsidiary,
GolfLogix Systems Canada Inc., which is engaged in the business of selling and
servicing the xCaddie Handheld GPS System, which is a device which measures
yardage to the middle of a green from anywhere on the golf course by use of
satellite technology. All references in this report to our business activity
relate to GolfLogix. We believe that the xCaddie Handheld GPS System is the
smallest, most effective handheld GPS tracking and distance system solution for
the golf industry.


<PAGE>


On January 24, 2003, we obtained the right to market the xCaddie Handheld GPS
System from GolfLogix, Inc., a privately held Arizona corporation ("GLI"),
pursuant to an exclusive 5 year licensing agreement for the distribution of the
system, when we acquired the rights in and to the Provence of British Columbia,
Canada, as well as the balance of Canada. This agreement requires that we pay
GLI a $25,000 licensing fee applicable to British Columbia, which has already
been paid. We are also obligated to pay a one time $100,000 fee on or before
March 15, 2003, to secure the rights to the balance of Canada. Additionally, to
maintain our rights in and to British Columbia, we are required to purchase
$100,000 in product from GLI within the initial 18 months following the
date of the agreement, with an additional $100,000 in equipment purchases each
12 month period thereafter. We believe that we can satisfy these obligations by
installing the system in 6 separate golf courses during the relevant time
periods. In the event we purchase more than the annual minimum purchase
requirement during any time period, the overage is added to the minimum purchase
requirement for the following period. Failure to make the minimum purchase
requirement will result in termination of our exclusive license, after a right
to cure expires.

Our obligations to maintain our license for the balance of Canada requires that
we purchase a minimum of $350,000 in product from GLI during the initial 18
months following the date of the agreement, and an additional $350,000 in
product every 12 months thereafter. The balance of the material terms are
consistent with our obligations for British Columbia. As of the date of this
report, we are currently negotiating with GLI to acquire the exclusive license
covering the states of Washington, Oregon and Idaho in the US, as well as
Mexico, Central America, the Caribbean and Bermuda, Australia, Tasmania, New
Zealand and Fiji. While we are optimistic about the likelihood of obtaining
these additional territories, there is no definitive agreement between us and
GLI to acquire the same. Our ability to successfully consummate the acquisition
of these additional territories is dependent upon our ability to raise
additional equity or debt capital, in order to meet our anticipated obligations
to GLI. See "Liquidity and Capital Resources" below. These locations have been
selected by us due in part to the perceived ability to maintain year round sales
and marketing activity and corresponding revenues. While it may appear that our
business is seasonal due to the nature of our offered products, because the golf
seasons in Canada, Oregon, Washington and Idaho are opposite from those other
jurisdictions. Our objective is to acquire the license for these additional
territories in order to generating year round revenues.


<PAGE>


SALES AND MARKETING

In order to market our golf related products, we intend to employ a combination
of an in- house direct sales force, along with independent distributors who are
already engaged in selling golf related products to our target market, including
public and private golf courses and standalone practice facilities. As of the
date of this report, we have one in-house salesman and are in the process of
hiring an additional 2 salespersons. It is anticipated that these in-house
representatives will concentrate on selling our product in British Columbia. As
of the date of this report, we have sold the GolfLogix system to three (3) golf
courses, including an upgrade to Whistler Golf Club and a new installation to
Morgan Creek Golf Course, each located in British Columbia and a new
installation at Algonquin Golf Course, New Brunswick, Canada. Our golf course
sales department will be responsible for prospecting, securing golf courses,
installing and training staff and management for the GolfLogix system. Our sales
manager will oversee all sales functions in Canada, with the Quebec region being
handled by independent sales representatives, who will also be responsible for
selling our full product line. Our sales force will initially concentrate on
closing the larger golf course management companies within the Canadian market
Additionally we intend to also concentrate on securing placement of the
GolfLogix system at a select number of high profile golf courses, as well as to
gain acceptance of the system from golf teaching professionals. We believe that
this will increase exposure of our products, as well as adding credibility and
aid in developing relationships with other golf courses across Canada. Because
year round play is available in the southwest region of British Columbia, we
intend to emphasize this region in our initial sales and marketing activities.
Because of year round play, our system can generate additional revenue per
course. This additional revenue is expected to be derived as a result of our
system increasing the pace of play, thus providing the larger, busier golf
courses with the opportunity to generate additional revenue from additional
rounds they can sell to other golfers.

Once our system has been accepted by the golfing community in British Columbia,
the balance of our sales activities throughout Canada will be addressed by our
sale to independent distributors who are already engaged in the golf industry.
We intend to sell a non-exclusive license to these distributors, who will pay us
a fee for this license. In addition, the applicable license agreement will also
include a minimum equipment purchase to allow us to meet our obligations under
the GLI agreement.


<PAGE>


LIQUIDITY AND CAPITAL RESOURCES

At February 28, 2003, we had no cash and total current assets of $ 9,217 As of
the date of this report, we require additional capital investments or borrowed
funds to meet cash flow projections and carry forward our new business
objectives. Since our acquisition of GolfLogix, we have attempted to reduced
expenses to cover monthly cash requirements. There can be no assurance that we
will be able to raise capital from outside sources in sufficient amounts to fund
our new business. The failure to secure adequate outside funding would have an
adverse affect on our plan of operation and results therefrom and a
corresponding negative impact on shareholder liquidity. At February 28, 2003, we
had outstanding loans payable to a minority shareholder in the amount of
$67,952. This obligation is convertible by the holder into shares of our common
stock at a conversion price of $.10 per share, is due on demand, and is
interest-free.

TRENDS

Once considered a sport for the affluent, golf has moved into the mainstream of
sports and is being embraced by all facets of the population. This explosive
growth is seen by the increase in development of golf course facilities and a
new trend in the last five years, Standalone Practice Facilities. This is
forcing golf facilities into a much more competitive market for both attracting
and retaining golfers, creating an opportunity for companies to market new and
innovative products which address these concerns.

Our current management has identified certain key marketing opportunities for
our growth, including (i) growth in popularity of GPS systems applicable for use
on the golf course; (ii) costly implementation of existing "Cart-Mount" GPS
systems (60% to 80% greater than the xCaddie system); (iii) limited direct
competition in handheld GPS systems; (iv) The company focus on revenue stream
generating product, with direct delivery business model; and (v) growth in the
number of golf facilities. We intend to direct our sales and marketing efforts
with these opportunities in mind.

Our primary target market for both product divisions is direct to the golf
course facility and standalone practice facilities. We are currently marketing
our products through direct sales presentations. In the future, once we are able
to obtain the necessary financing, we intend to utilize telemarketing, web
portal, advertisements in industry trade magazines, direct mailers, press
release campaigns and participation in key industry events and associations. We
will also target wholesale distributors for the sale and distribution of
accessory products in regions that this business model is beneficial.

Our main focus is to become the largest global distribution and holding company
specializing in the golf industry. We anticipate that the acquisition of
GolfLogix Systems Canada Inc. will be the first of several organizations that
will exist under our umbrella. However, as of the date of this report, while we
have had discussions with various potential acquisition candidates, there are no
definitive agreements with any third party who has agreed to be acquired by us
and there can be no assurances that any such agreements will be forthcoming in
the foreseeable future. Our mission is to acquire or invest in companies that
are providing cutting-edge technology, along with products and services that
target the $36.3 billion dollar golf industry.


<PAGE>


INFLATION

Although management expects that our operations will be influenced by general
economic conditions, we do not believe that inflation had a material effect on
our results of operations during the nine month period ended February 28, 2003.

                           PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are indebted to various trade creditors and have received correspondence
advising that unless payment arrangements are made, actions may be filed against
us to collect balances due. However, as of the date of this report, there are no
material legal proceedings which are pending or have been threatened against us
of which management is aware.

ITEM 2. CHANGES IN SECURITIES

We did not issue any of our securities during the three month period ended
February 28, 2003.

SUBSEQUENT EVENT

In January 2002, we agreed to issue an aggregate of 600,000 shares of our common
stock in exchange for services to our legal counsel (200,000 shares) and a
consultant (400,000 shares). These shares were valued at $.13 per share, the
market price for our common stock as traded on the OTC Bulletin Board on the
date the stock was issued. We relied upon the exemption from registration
provided by Regulation S (where applicable) and Section 4(2) promulgated under
the Securities Act of 1933, as amended, to issue these shares.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES - NONE

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS -
NONE.


<PAGE>


ITEM 5. OTHER INFORMATION - NONE.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K -

(a) Exhibits
99.1 Certification of Financial Statements in accordance with Sarbanes-Oxley Act
(b) Reports on Form 8-K
On October 25, 2002, we filed a report on Form 8-K, advising of the closing of
the Share Exchange Agreement described hereinabove and the acquisition of
GolfLogix Systems Canada, Inc., as well as the change in control of our Company
as a result thereof.
On September 30, 2002, we filed a report on Form 8-K, advising of the closing of
a public offering undertaken under prior management.


<PAGE>


                           GLOBAL GOLF HOLDINGS, INC.
                       (formerly FORESTINDUSTRY.COM,INC.)

                              FINANCIAL STATEMENTS
                       NINE MONTHS ENDED FEBRUARY 28, 2003
                                   (UNAUDITED)
                                TABLE OF CONTENTS


                                                                 Page No.
                                                                 ---------


Consolidated Balance Sheet - February, 28 2002 (Unaudited)          F-2

Consolidated Statements of Operations - For the Three
and Nine Months Ended Feb. 28, 2002 and 2003 (Unaudited)            F-3

Consolidated Statements of Cash Flows - For the
Nine Months Ended February 28, 2002 and 2003 (Unaudited)            F-4

Notes to Consolidated Financial Statements                          F-5


<PAGE>


                           GLOBAL GOLF HOLDINGS, INC.
                       (formerly FORESTINDUSTRY.COM,INC.)

                           CONSOLIDATED BALANCE SHEET
                          FEBRUARY 28, 2003 (UNAUDITED)
ASSETS

Current Assets
   Cash                                               $         -
   Accounts receivable                                      9,217
                                                      -----------
   Total Current Assets                                     9,217

Equipment - net                                             4,526
Inventory                                                  52,508
                                                      -----------
Total Assets                                               66,251
                                                      ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Current Liabilities
   Overdrafts                                              19,407
   Accounts payable                                        51,912
   Due to shareholder                                      67,952
                                                      -----------
   Total Current Liabilities                              139,271


Loan - other                                               32,181
                                                      -----------
Total Liabilities                                         171,452
                                                      -----------
Stockholders' equity
   Common stock, $0.0001 par value, 30 million shares
     authorized, 6,371,058 issued and
     outstanding                                            6,371
   Preferred stock, $0.0001 par value, 5 million shares
     authorized                                                -
Additional paid in capital                                 40,777
Accumulated deficit                                      (152,738)
Translation                                                   389
                                                      -----------

Stockholders' equity                                     (105,201)
                                                      -----------
Liabilities and Stockholders' Equity                       66,251
                                                      ===========

                 SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                       F-2


<PAGE>


                           GLOBAL GOLF HOLDINGS, INC.
                       (formerly FORESTINDUSTRY.COM,INC.)

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      Three Months Ended Nine Months Ended
                                        February 28,   February 28,
                                            2003           2003
                                         ---------      ---------


Sales                                    $       -      $       -

Cost of goods sold
                                         ---------      ---------

Gross profit

Operating expenses                          21,517        43,903
                                         ---------      ---------
Income (loss) from
 operations                                (21,517)      (43,903)

Other income (expense):

  Interest expense                          (1,709)       (3,473)
  Interest income
                                          ---------      ---------

Income (loss) from
 continuing operations                     (23,226)      (47,376)
                                          ---------      ---------



     Income (loss) before provision
 for income taxes                          (23,226)       (47,376)

Provision for income tax                      -               -
                                         ---------       ---------

Net income (loss)                        $ (23,226)      $(47,376)
                                         =========       =========

Net income (loss) per share
(Basic and fully diluted)
   Continuing operations                 $      *         $      *
   Discontinued operations                      *                *
                                        ---------        ---------
   Net loss per share                    $      *         $      *
                                        =========        =========
*(less than $.01 per share)

Weighted average number of
common shares outstanding               5,969,058        6,071,058
                                        =========        =========

                 SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                       F-3


<PAGE>


                           GLOBAL GOLF HOLDINGS, INC.
                       (formerly FORESTINDUSTRY.COM,INC.)

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

                                                Nine Months Ended
                                                   February 28,
                                                       2003
                                                    ---------

Cash Flows From Operating Activities:

   Net income (loss)                                    $ (47,376)

   Adjustments to reconcile net income (loss)
   to net cash provided by (used for)
   operating activities:

       Depreciation & amortization                         12,403
       Accounts receivable                                 13,659
       Accrued liabilities                                (57,569)
                                                         ---------
         Net cash provided
         by (used for)
         operating activities                             (78,883)
                                                         ---------

Cash Flows from Investing Activities:

     Purchase of fixed assets                              (9,095)
     Inventory                                            (52,508)
                                                         ---------
         Net cash provided
         by (used for)
         investing activities                             (61,603)
                                                         ---------

Cash Flows from Financing Activities:

     Sales of common and preferred stock                  165,000
     Payments  on  notes  payable                         (25,383)
                                                         ---------
         Net cash provided
         by (used for)
         financing activities                             139,617
                                                         ---------

Foreign exchange effect on cash                               389

Net Increase (Decrease) In Cash                              (869)

Cash At The Beginning Of The Period                           480
                                                         ---------

Cash At The End Of The Period                           $       0
                                                         =========

                 SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                       F-4


<PAGE>


                          GLOBAL GOLF HOLDINGS, INC.
                       (formerly FORESTINDUSTRY.COM,INC.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       NINE MONTHS ENDED FEBRUARY 28, 2003

NOTE 1 UNAUDITED FINANCIAL STATEMENTS
The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-Q and Rule 310(b) of Regulation SB.
Accordingly, they do not include all of the information and footnote disclosures
normally included in complete financial statements prepared in accordance with
generally accepted accounting principles. For further information, including
significant accounting policies followed by the Company, refer to the notes to
the Company's audited financial statements at May 31, 2002 - Form 10KSB. In the
opinion of management, the unaudited financial statements include all necessary
adjustments (consisting of normal, recurring accruals) for a fair presentation
of the financial position, results of operations and cash flow for the interim
periods presented. Preparing financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets,
liabilities, revenues and expenses. Actual results may differ from these
estimates. Interim results are not necessarily indicative of results for a full
year. The results of operations for the nine month period ended February 28,
2003 are not necessarily indicative of operating results to be expected for a
full year. The Company's independent auditors have not reviewed the financial
statements.

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES GOING CONCERN:

These financial statements have been prepared on the going concern basis, which
assumes the realization of assets and liquidation of liabilities and commitments
in the normal course of business. As of February 28, 2003, the Company had a
working capital deficiency of $130,054 and an accumulated deficiency of $152,738
and has suffered recurring losses from operations. The application of the going
concern concept is dependent on the Company's ability to generate future
profitable operations and receive continued financial support from its
shareholders and other investors. These consolidated financial statements do not
give effect to any adjustments should the Company be unable to continue as a
going concern and, therefore, be required to realize its assets and discharge
its liabilities in other than the normal course of business and at amounts
differing from those reflected in the consolidated financial statements.
Management plans to obtain sufficient working capital from external financing to
meet the Company's liabilities and commitments as they become payable over the
next twelve months. The Company plans to obtain the approval of its shareholders
to increase the total number of authorized shares to allow for conversion of
debentures and sell additional common shares for cash. As of April 21 2003, the
Company did not have any firm commitments to obtain adequate financing. There
can be no assurance that management's plans will be successful. Failure to
obtain sufficient working capital from such external financing will cause the
Company to curtail its operations.


<PAGE>


BUSINESS
--------

Global Golf Holdings, Inc. (the "Company", "GGHI") was incorporated in Delaware,
U.S.A on December 18, 1997 under the name Autoeye, Inc. On February 25, 2000 the
Company changed its name to forestindustry.com, Inc. in conjunction with its
reverse acquisition of Forest Industy Online, Inc. ("Forest"). In October, 2002
the Company acquired Golflogix Systems Canada Inc., a firm specializing in the
marketing and distribution of golfing merchandise. The Company in January, 2003
changed its name to Global Golf Holdings, Inc. In November, 2002 the Company
divested itself of its forest products marketing business, and henceforth plans
to concentrate on domestic and international marketing and sales of its golfing
products.
                                      F-5


<PAGE>


                           GLOBAL GOLF HOLDINGS, INC.
                       (formerly FORESTINDUSTRY.COM,INC.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       SIX MONTHS ENDED February 28, 2003

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED PRINCIPLES OF

CONSOLIDATION
-----------------------------
The accompanying consolidated financial statements include the accounts of
Global Golf Holdings, Inc. and its wholly owned subsidiary. All intercompany
accounts and transactions have been eliminated.

USE OF ESTIMATES
------------------
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make certain estimates and
assumptions that directly affect the results of reported assets and liabilities
and disclosure of contingent assets and liabilities as of the balance sheet
date, and the reported amounts of revenues and expenses for the period
presented. Actual results could differ from these estimates.

INVENTORY
---------
Inventory consists of finished golfing merchandise. Inventories are valued at
the lower of cost or market using the first-in, first-out (FIFO)method.

CASH AND CASH EQUIVALENTS
----------------------------
The Company considers all cash and cash equivalents highly liquid investments
with an original maturity of three months or less to be cash equivalents.

NET INCOME (LOSS) PER SHARE
-------------------------------
The net income (loss) per share is computed by dividing the net income (loss) by
the weighted average number of shares of common outstanding. Warrants, stock
options, and common stock issuable upon conversion of the Company's preferred
stock are not included in the computation if the effect of such inclusion would
be anti-dilutive and would increase the earnings or decrease loss per share.

EQUIPMENT
---------
Equipment is stated at cost less accumulated depreciation. Depreciation is
recorded on a straight-line basis over the estimated useful of the equipment,
ranging from 3-5 years.
                                      F-6


<PAGE>


                           GLOBAL GOLF HOLDINGS, INC.
                       (formerly FORESTINDUSTRY.COM,INC.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       NINE MONTHS ENDED FEBRUARY 28, 2003

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

LONG LIVED-ASSETS
------------------

In accordance with Statement of Financial Accounting Standard 121 "Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
of", the Company regularly reviews the carrying value of intangible and other
long-lived assets for the existence of facts or circumstances, both internally
and externally, that may suggest impairment. To date, no such impairment has
been indicated. Should there be an impairment in the future, the Company will
recognize the amount of the impairment based on discounted expected future cash
flows from the impaired assets.

FINANCIAL INSTRUMENTS
----------------------
The carrying value of the Company's financial instruments, including cash and
cash equivalents, accounts payable, and due to related parties, as reported in
the accompanying balance sheet, approximates fair value.

Foreign currency translation
------------------------------

The Company's functional currency is the Canadian dollar. The financial
statements are translated into U.S. dollars using the period end exchange rate
for assets and liabilities and weighted average exchange rates for the period
for revenues and expenses. Translation gains and losses are deferred and
accumulated as a component of other comprehensive income in stockholders'
equity. Net gains and losses resulting from foreign exchange transactions are
included in the statement of operations.

Comprehensive loss
-------------------

The Company has adopted Statement of Financial Accounting Standards No. 130,
"Reporting Comprehensive Income". Other comprehensive gain and loss, which
currently includes only foreign currency translation adjustments, is shown as a
component of stockholders' equity.


<PAGE>


RECENT ACCOUNTING PRONOUNCEMENTS:

In July 2001, the FASB issued Statement of Financial Accounting Standards No.
141 ("SFAS No. 141"), "Business Combinations," which is effective for business
combinations initiated after June 30, 2001. SFAS No. 141 eliminates the pooling
of interest method of accounting for business combinations and requires that all
business combinations occurring after July 1, 2001 are accounted for under the
purchase method. The Company has implemented the provisions of SFAS No. 141 and
has concluded that the adoption does not have a material impact on the Company's
financial statements, since the Company has not entered into such transactions.
In July 2001, the FASB issued Statement of Financial Accounting Standards No.
142 ("SFAS No. 142"), "Goodwill and Other Intangible Assets," which is effective
for fiscal years beginning after December 15, 2001. Early adoption is permitted
for entities with fiscal years beginning after March 15, 2001, provided that the
first interim financial statements have not been previously issued. SFAS No. 142
addresses how intangible assets that are acquired individually or with a group
of other assets should be accounted for in the financial statements upon their
acquisition and after they have been initially recognized in the financial
statements. SFAS No. 142 requires that goodwill and intangible assets that have
indefinite useful lives not be amortized but rather be tested at least annually
for impairment, and intangible assets that have finite useful lives be amortized
over their useful lives. SFAS No. 142 provides specific guidance for testing
goodwill and intangible assets that will not be amortized for impairment. In
addition, SFAS No. 142 expands the disclosure requirements about goodwill and
other intangible assets in the years subsequent to their acquisition. Impairment
losses for goodwill and indefinite-life intangible assets that arise due to the
initial application of SFAS No. 142 are to be reported as resulting from a
change in accounting principle. However, goodwill and intangible assets acquired
after June 30, 2001 will be subject immediately to the provisions of SFAS No.
142. The Company has implemented the provisions of SFAS No. 142 and has
concluded that the adoption does not have a material impact on the Company's
financial statements.

In July 2001, the FASB issued Statement of Financial Accounting Standards No.
143 ("SFAS No. 143"), "Accounting for Asset Retirement Obligations." SFAS No.
143 establishes standards associated with the retirement of tangible long-lived
assets and the associated asset retirement costs. This statement is effective
for financial statements issued for fiscal years beginning after June 15, 2002.
The Company has not yet assessed the impact, SFAS No. 143 may have on its
financial statements, but does not expect SFAS No. 143 to have a material impact
on its financial statements.


<PAGE>


In August 2001, the FASB issued Statement of Financial Accounting Standards No.
144 ("SFAS No. 144"), "Accounting for the Impairment or Disposal of Long-Lived
Assets." SFAS No. 144 addresses financial accounting and reporting for the
impairment of long-lived assets and for long-lived assets to be disposed of. The
provisions of SFAS No. 144 are effective for financial statements issued for
fiscal years beginning after December 15, 2001, and interim periods within these
fiscal years, with early adoption encouraged. The Company has implemented the
provisions of SFAS No. 144 and has concluded that the adoption does not have a
material impact on the Company's financial statements.

During April 2002, the FASB issued Statement No. 145, "Rescission of FASB
Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical
Corrections." This statement rescinds FASB Statement No. 4, "Reporting Gains and
Losses from Extinguishments of Debt," and an amendment of that Statement, FASB
Statement No. 64, "Extinguishments of Debt Made to Satisfy Sinking-Fund
Requirements," and FASB Statement No. 44, "Accounting for Intangible Assets of
Motor Carriers." This Statement amends FASB Statement No. 13, "Accounting for
Leases," to eliminate an inconsistency between the required accounting for
sale-leaseback transactions and the required accounting for certain lease
modifications that have economic effects that are similar to sale-leaseback
transactions. The Company does not expect the adoption of FASB No. 145 to have a
material impact on the Company's financial position or results of operations.

In July 2002, the FASB issued SFAS No. 146 "Accounting for Exit or Disposal
Activities." The provisions of this statement are effective for disposal
activities initiated after December 31, 2002, with early application encouraged.
The Company does not expect the adoption of FASB No. 146 to have a material
impact on the Company's financial position or results of operations.

NOTE 3 INCOME TAXES

Deferred income taxes arise from the temporary differences between financial
statement and income tax recognition of net operating losses. These loss
carryovers are limited under the Internal Revenue Code should a significant
change in ownership occur.

At February 28, 2003 the Company had approximately $152,738 ($224,614 CDN) of
unused Canadian net operating loss carryforwards for Canadian income tax
purposes, which begin to expire in the year 2004. A deferred tax asset has been
offset by a 100% valuation allowance. The Company accounts for income taxes
pursuant to SFAS 109. The components of the Company's deferred tax assets and
liabilities are as follows:

                                      F-7


<PAGE>


                           GLOBAL GOLF HOLDINGS, INC.
                       (formerly FORESTINDUSTRY.COM,INC.)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       NINE MONTHS ENDED FEBRUARY 28, 2003

NOTE 3 INCOME TAXES - CONTINUED
                                               February 28,
                                                  2003
                                             --------------
Deferred tax liability                        $    -
Deferred tax asset arising from:
  Net operating loss carryforwards               66,945
  Book depreciation in excess of
    tax depreciation
                                             --------------
                                                 66,945
Valuation allowance                             (66,945)
                                             --------------

NET DEFERRED TAXES                                 $  0

NOTE 4 ACQUISITION AND DIVESTITURE

On October 25, 2002 the Company acquired all of the issued and outstanding
shares of Golflogix Systems Canada Inc. ("Golflogix") in exchange for 2,500,000
common shares of the Company. The transaction was accounted for as a purchase,
and recorded at the net book value of Golflogix $(119,929) on the date of
acquisition. Results of operations from the acquisition have been consolidated
from October 26, 2002 forward.

On November 30, 2002 the Company entered into an agreement with Cherry Point
Consulting to divest itself of its subsidiary Forest Industry Online Inc. Under
the agreement, Cherry Point Consulting purchased all of the outstanding shares
and assumed all of the assets and liabilities of Forest Industry Online Inc.

                                      F-8


<PAGE>


                                   SIGNATURES

Pursuant to the requirements of Section 12 of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized, this 21st day of April, 2003

                           GLOBAL GOLF HOLDINGS, INC.
                                  (Registrant)
                               By:s/ Ford Sinclair
                               -------------------

                            FORD SINCLAIR, PRESIDENT
                                 CERTIFICATIONS
I, Ford Sinclair, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Global Golf Holdings,
Inc. (the "Registrant" or the "Company");

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary in order
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
quarterly report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Registrant as of, and for, the periods presented in this quarterly report;

4. I am responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the
Registrant and have;

a. designed such disclosure controls and procedures to ensure that material
information relating to the Registrant, including its consolidated subsidiaries,
is made known to me/us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

b. evaluated the effectiveness of the Registrant's disclosure controls and
procedures as of a date within ninety (90) days of the filing date of this
quarterly report (the "Evaluation Date"); and

c. presented in this quarterly report my/our conclusions about the effectiveness
of the disclosure controls and procedures based on my/our evaluation as of the
Evaluation Date;

5. I have disclosed, based on my most recent evaluation, to the Registrant's
auditors and the Audit Committee of the Registrant's Board of Directors (or
persons performing the equivalent function):

a. all significant deficiencies in the design or operation of internal controls
which could adversely affect the Registrant's ability to record, process,
summarize and report financial data and have identified for the Registrant's
auditors any material weakness in internal controls; and

b. any fraud, whether or not material, that involves management or other
employees who have a significant role in the Company's internal controls; and

6. I have indicated in this quarterly report whether or not there were
significant changes in internal controls or in other factors that could
significantly affect internal controls subsequent to the date of my most recent
evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.

Dated: April 21, 2003                    /s/ Ford Sinclair
                                         ------------------------------------
                                             Ford Sinclair, President