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: November 30, 2002

                         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 February 18, 2003 was 6,371,058 shares.



<PAGE>

                                     PART I


ITEM 1. FINANCIAL STATEMENTS.

     Our unaudited financial  statements for the six month period ended November
30, 2002, 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 six month period ended November 30, 2002. 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.

     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.

     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

                                        2

<PAGE>

($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 date.. Therefore, 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 $8,473 during our six
month period ended November 30, 2002. 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  ($12,193)  during the six month
period ended November 30, 2002 (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.

     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

                                        3

<PAGE>

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.

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

                                        4

<PAGE>

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.

Liquidity and Capital Resources

     At November 30, 2002, we had no cash and total current assets of $61,447

     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  November  30,  2002,  we had  outstanding  loans  payable to a minority
shareholder  in the amount of $62,087.  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.  In  addition,  we had two other loans
payable,  including a $25,000 note payable to Toronto Dominion Bank,  Vancouver,
British  Columbia,  Canada,  which is due March 5, 2003, and accrues interest at
the rate of 9.86% per  annum and  $30,359  due to a  non-affiliated  individual,
which is currently due and accrues  interest at the rate of 9% per annum. We are
currently in discussions  with this  individual  and, while no assurances can be
provided, we expect to extend this obligation.

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.


                                        5

<PAGE>

     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.

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 six month period ended  November
30, 2002.

                           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
November 30, 2002.

                                        6

<PAGE>

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.

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.


                                        7

<PAGE>

                           GLOBAL GOLF HOLDINGS, INC.
                       (formerly FORESTINDUSTRY.COM,INC.)
                              FINANCIAL STATEMENTS
                       SIX MONTHS ENDED NOVEMBER 30, 2002
                                   (UNAUDITED)

                                TABLE OF CONTENTS


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



Consolidated Balance  Sheet  -  November 30, 2002 (Unaudited)       F-2

Consolidated Statements  of  Operations  -  For the Three
 and Six Months Ended Nov. 30, 2001 and 2002  (Unaudited)           F-3

Consolidated Statements  of  Cash  Flows  -  For  the
 Six Months Ended November 30, 2001 and 2002  (Unaudited)           F-4

Notes to Consolidated Financial Statements                          F-5

                                       F-1

                                       8
<PAGE>

                           GLOBAL GOLF HOLDINGS, INC.
                       (formerly FORESTINDUSTRY.COM,INC.)
                           CONSOLIDATED BALANCE SHEET
                          NOVEMBER 30, 2002 (UNAUDITED)



ASSETS

Current Assets
   Cash                                               $         -
   Accounts receivable                                     10,048
                                                      -----------
   Total Current Assets                                    10,048

Equipment - net                                             2,695
Inventory                                                  48,704
                                                      -----------
Total Assets                                               61,447
                                                      ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities

Current Liabilities
   Overdrafts                                              27,971
   Accounts payable                                       102,439
   Due to shareholder                                      62,097
                                                      -----------
   Total Current Liabilities                              192,507

Bank loan                                                  25,383
Loan - other                                               30,359
                                                      -----------
Total Liabilities                                         248,249
                                                      -----------
Stockholders' equity
   Common stock, $0.0001 par value, 30 million shares
     authorized, 5,771,058 issued and
     outstanding                                              577
   Preferred stock, $0.0001 par value, 5 million shares
     authorized                                                -
Additional paid in capital                              1,538,643
Accumulated other comprehensive gain (loss)                 6,862
Accumulated deficit                                    (1,732,884)
                                                      -----------

Stockholders' equity                                     (186,802)
                                                      -----------
Liabilities and Stockholders' Equity                       61,447
                                                      ===========

                 See Notes to Consolidated Financial Statements

                                      F-2

                                       9
<PAGE>
                           GLOBAL GOLF HOLDINGS, INC.
                       (formerly FORESTINDUSTRY.COM,INC.)
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                       Three Months Ended Six Months Ended
                            November 30, November 30,
                                2001        2002        2001        2002
                             ---------   ---------   ---------   ---------


Sales                        $       -   $       -   $       -   $       -

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

Gross profit

Operating expenses                           8,473                   8,473
                             ---------   ---------   ---------   ---------
Income (loss) from
 operations                                 (8,473)                 (8,473)

Other income (expense):

  Interest expense                          (1,425)                 (1,425)
  Interest income
                             ---------   ---------   ---------   ---------

Income (loss) from
 continuing operations                      (9,898)                 (9,898)
                             ---------   ---------   ---------   ---------
Discontinued Operations
  Loss from operation of
   discontinued forestry
   business                   (211,664)     (2,661)   (243,195)     (5,378)
  Gain on disposal of
   forestry related
   assets & liabilities                      3,083                   3,083
                             ---------   ---------   ---------   ---------
                              (211,664)        422    (243,195)     (2,295)
                             ---------   ---------   ---------   ---------


Income (loss) before provision
 for income taxes             (211,664)     (9,476)   (243,195)    (12,193)

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

Net income (loss)            $(211,664)  $  (9,476)  $(243,195)  $ (12,193)
                             =========   =========   =========   =========

Net income (loss) per share
(Basic and fully diluted)
   Continuing operations     $           $      *    $           $      *
   Discontinued operations       (.13)          *        (.15)          *
                             ---------   ---------   ---------   ---------
   Net loss per share        $   (.13)   $      *    $   (.15)   $      *
                             =========   =========   =========   =========
*(less than $.01 per share)

Weighted average number of
common shares outstanding    1,621,058   3,554,391   1,571,058   2,587,725
                             =========   =========   =========   =========

                 See Notes to Consolidated Financial Statements

                                       F-3

                                       10
<PAGE>
                     GLOBAL GOLF HOLDINGS, INC.
                (formerly FORESTINDUSTRY.COM,INC.)
               CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (UNAUDITED)

                                                Nine Months Ended
                                                   November 30,
                                                2001          2002
                                             ---------     ---------

Cash Flows From Operating Activities:

   Net income (loss)                         $(243,195)    $ (12,193)

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

       Depreciation & amortization              43,940        12,403
       Accounts receivable                       5,689        27,110
       Work in process                           5,358         1,148
       Prepaid expenses and deposits                 6
       Inventories                                               (33)
       Accrued liabilities                     112,827      (224,913)
       Unearned revenues                        (2,013)
       Other                                                  12,304
                                             ---------     ---------
         Net cash provided
         by (used for)
         operating activities                  (77,388)     (184,174)
                                             ---------     ---------

Cash Flows from Investing Activities:

     Purchase of fixed assets                                 (9,095)
                                             ---------     ---------
         Net cash provided
         by (used for)
         investing activities                                 (9,095)
                                             ---------     ---------

Cash Flows from Financing Activities:

     Sales of common and preferred stock                     165,000
     Notes payable                              60,401            20
     Payments on notes payable                                  (706)
                                             ---------     ---------
         Net cash provided
         by (used for)
         financing activities                   60,401       164,314
                                             ---------     ---------

Foreign exchange effect on cash                                  504

Net Increase (Decrease) In Cash                (16,987)      (28,955)

Cash At The Beginning Of The Period             27,551           480
                                             ---------     ---------

Cash At The End Of The Period                $  10,564     $ (27,971)
                                             =========     =========


                 See Notes to Consolidated Financial Statements

                                      F-4

                                       11
<PAGE>

                        GLOBAL GOLF HOLDINGS, INC.
                    (formerly FORESTINDUSTRY.COM,INC.)
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       SIX MONTHS ENDED NOVEMBER 30, 2002

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 six month period ended November 30, 2002
are not  necessarily  indicative of operating  results to be expected for a full
year.

NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

                                       12
<PAGE>

                        GLOBAL GOLF HOLDINGS, INC.
                    (formerly FORESTINDUSTRY.COM,INC.)
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       SIX MONTHS ENDED NOVEMBER 30, 2002


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

                                       13
<PAGE>

                        GLOBAL GOLF HOLDINGS, INC.
                    (formerly FORESTINDUSTRY.COM,INC.)
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       SIX MONTHS ENDED NOVEMBER 30, 2002

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.

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 November 30, 2002 the Company had approximately  $1,105,000  ($1,730,000 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

                                       14
<PAGE>
                        GLOBAL GOLF HOLDINGS, INC.
                    (formerly FORESTINDUSTRY.COM,INC.)
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                       SIX MONTHS ENDED NOVEMBER 30, 2002


NOTE 3 INCOME TAXES - CONTINUED

                                      June 30,
                                        2001
                                   --------------
Deferred tax liability             $           -
Deferred tax asset arising from:
  Net operating loss carryforwards       641,144
  Book depreciation in excess of
    tax depreciation                      28,486
                                   --------------
                                         669,630
Valuation allowance                     (669,630)
                                   --------------
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.

NOTE 5 GOING CONCERN UNCERTAINTY

These financial statements are presented assuming the Company will continue as a
going  concern.  The Company  has no  established  source of revenue,  recurring
losses  from  operations,  negative  working  capital and  stockholders'  equity
deficiency.  This  raises  substantial  doubt about its ability to continue as a
going concern.  Management's  plan in regard to these matters  includes  raising
working  capital to assure the Company's  viability,  through  private or public
equity  offerings  and/or debt financing  and/or through the  acquisition of new
business or private ventures.


                                       F-8

                                       15
<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 19th day of February,
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


                                       16

<PAGE>


          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: February 19, 2003                    s/  Ford Sinclair
                                            ------------------------------------
                                            Ford Sinclair, President


                                       17