**WGL      ENTERTAINMENT HOLDINGS, INC**

**(Formerly      The World Golf League Inc)**

**December      31, 2006 and 2005**

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***TABLE      OF C O N T E N T S***

|                                                                         |   |
|------------------------------------------------------------------------------|--------|
|                                                                         |   |
| Description                                                                  | Page   |
|                                                                         |   |
| Balance                Sheets                                                | 3      |
|                                                                         |   |
| Statements                of Operations                                      | 4      |
|                                                                         |   |
| Statements                of Shareholders¡¦                Deficit | 5      |
|                                                                         |   |
| Statements                of Cash Flows                                      | 6      |
|                                                                         |   |
| Notes                to Consolidated Financial                Statements     | 7      |
|                                                                         |   |

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| WGL                ENTERTAINMENT HOLDINGS, INC(FORMERLY                THE WORLD GOLF LEAGUE, INC)                                                                                                                                           |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| BALANCE                SHEET                                                                                                                                                                                                                 |   |
| FOR                THE YEARS ENDED DECEMBER 31,                                                                                                                                                                                              |   |
|  Table              of Contents                                                                                                                                                                                                         |   |   |   |   |   |   |
|                                                                                                                                                                                                                                         |   | **2006** |   |   | **2005** |   |
|                                                                                                                                                                                                                                         |   | **UNAUDITED** |   |   | **AUDITED** |   |
| **ASSETS**                                                                                                                                                                                                                                   |   |   |   |   |   |   |
| Current                Assets                                                                                                                                                                                                                |   |   |   |   |   |   |
|                                                                                                                                                                                                                                         |   |   |   |   |   |   |
| Cash                and cash equivalents                                                                                                                                                                                                     |   |   | 8,601 |   |   |   | - |   |
|  Advance                to repurchase stock                                                                                                                                                                                             |   |   | - |   |   |   | 37,500 |   |
|  Accounts                Receivable                                                                                                                                                                                                     |   |   | 124,000 |   |   |   | - |   |
| Total                current assets                                                                                                                                                                                                          |   |   | 132,601 |   |   |   | 37,500 |   |
|                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Fixed                Assets                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Property                and equipment , net of accumulated Depreciation of $13,977 and $13,278,                respectively                                                                                                                  |   |   | 11,858 |   |   |   | 14,476 |   |
| Film                Production                                                                                                                                                                                                               |   |   | 682,827 |   |   |   | 642,349 |   |
| Other                assets                                                                                                                                                                                                                  |   |   | 1,875 |   |   |   | 1,875 |   |
| Deferred                Financing Costs                                                                                                                                                                                                      |   |   | 50,000 |   |   |   | - |   |
| **TOTAL                ASSETS**                                                                                                                                                                                                              |   |   | 879,161 |   |   |   | 696,200 |   |
|                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| **LIABILITIES                &  STOCKHOLDERS' EQUITY**                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Current                Liabilities                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |
| Accounts                Payable                                                                                                                                                                                                              |   |   | 78,573 |   |   |   | 125,694 |   |
| Accrued                Liabilities                                                                                                                                                                                                           |   |   | 83,381 |   |   |   | 81,205 |   |
| Total                Current Liabilities                                                                                                                                                                                                     |   |   | 161,954 |   |   |   | 206,899 |   |
|                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Long                Term Liabilities                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Advance                from related party                                                                                                                                                                                                    |   |   | 436,322 |   |   |   | 20,000 |   |
| Bank                Overdraft                                                                                                                                                                                                                |   |   |   |   |   |   | 10,738 |   |
| N/P                to former winners                                                                                                                                                                                                         |   |   | 274,081 |   |   |   | 281,081 |   |
| Convertible                Debentures                                                                                                                                                                                                        |   |   | 536,045 |   |   |   | 199,456 |   |
| Con                Deb Derivative Liability                                                                                                                                                                                                  |   |   | 780,282 |   |   |   | 1,637,344 |   |
| Total                Liabilities                                                                                                                                                                                                             |   |   | 2,188,684 |   |   |   | 2,355,518 |   |
|                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
| Stockholders¡¦                Deficit                                                                                                                                                                                              |   |   |   |   |   |   |   |   |
| Series                A Preferred stock, $0.001 par value per share; 10,000,000 shares                authorized;10,000,000 and 1,000,000 shares issued at December 31,2006                and                2005 respectively              |   |   | 10,000 |   |   |   | 1,000.00 |   |
| Common                Stock, $0.001 par value per share; 10,000,000,000 shares authorized;                5,201,138,996 and 1,280,689,054 shares  issued and outstanding                at December 31, 2006 and 2005 respectively |   |   | 5,201,139 |   |   |   | 1,280,689 |   |
| Additional                paid in capital                                                                                                                                                                                                    |   |   | 14,110,619 |   |   |   | 13,808,928 |   |
| Unissued                Common Stock                                                                                                                                                                                                         |   |   | 61,137 |   |   |   | 61,137 |   |
| Treasury                Stock, at cost  2,576,817 shares                                                                                                                                                                           |   |   | (162,018 | ) |   |   | (162,018 | ) |
| Accumulated                deficit                                                                                                                                                                                                           |   |   | (21,530,400 | ) |   |   | (16,649,054 | ) |
| Total                stockholders'  Equity  (deficit)                                                                                                                                                                    |   |   | (1,309,523 | ) |   |   | (1,659,318 | ) |
| **TOTAL                LIABILITIES &   STOCKHOLDERS' EQUITY                (EQUITY)**                                                                                                                                     |   |   | 879,161 |   |   |   | 696,200. |   |

| WGL                ENTERTAINMENT HOLDINGS,                INC.(FORMERLY                THE WORLD GOLF LEAGUE, INC) |   |
|--------------------------------------------------------------------------------------------------------------------|--------|
| STATEMENTS                OF OPERATIONS                                                                            |   |
| FOR                THE YEARS ENDED DECEMBER 31,                                                                    |   |
|  Table              of Contents                                                                               |   | 2006 |   |   | 2005 |   |
|                                                                                                               |   | UNAUDITED |   |   | AUDITED |   |
| REVENUE                                                                                                            |   |   |   |   |   |   |
| Membership                fee revenue                                                                              |   |   | 11,097 |   |   |   | 553,948 |   |
|                                                                                                               |   |   |   |   |   |   |   |   |
| Total                Revenue                                                                                       |   |   | 11,097 |   |   |   | 553,948 |   |
| Operating,                General and administrative expenses                                                      |   |   | 3,208,536 |   |   |   | 2,952,272 |   |
| Net                Loss from operations                                                                            |   |   | (3,197,439 | ) |   |   | (2,398,324 | ) |
| Other                Income (expense)                                                                              |   |   |   |   |   |   |   |   |
| Interest                Expense                                                                                    |   |   | (630,739 | ) |   |   | (739,457 | ) |
| Gain                on Derivative Liability                                                                        |   |   | 247,142 |   |   |   | - |   |
| Gain/Loss                on Debt Extinguishment                                                                    |   |   | (274,224 | ) |   |   | - |   |
| Other                income                                                                                        |   |   | 30,073 |   |   |   | 117,681 |   |
| Other                expenses                                                                                      |   |   | (56,157 | ) |   |   | - |   |
| Net                Other Income                                                                                    |   |   | (3,881,344 | ) |   |   | (3,020,100 | ) |
|                                                                                                               |   |   |   |   |   |   |   |   |
| Weighted                average shares outstanding                                                                 |   |   | 5,852,267,504 |   |   |   | 253,660,882 |   |
|                                                                                                               |   |   |   |   |   |   |   |   |
| Net                loss per share                                                                                  |   |   | (0.010 | ) |   |   | (0.012 | ) |

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| WGL                ENTERTAINMENT HOLDINGS,                INC(FORMERLY                THE WORLD GOLF LEAGUE, INC)STATEMENT                OF STOCKHOLDERS EQUITY DEFICIT(Unaudited)Table of Contents |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                 | Preferred                Stock | Common                Stock | Additional                Paid in Capital | Unissued                Common stock | Treasury                Stock |  Accumulated                Deficit |  Total                Equity |
| Shares                                                                                                                                                                                               | Amount | Shares | Par                Value |
| Balance                as of December 31, 2004                                                                                                                                                       |  1,000,000 | $  1,000 | 491,454,304 | $                491,454 | $12,196,556 | $23,111 |  $(162,018) | $(13,628,954) | $(1,078,0851) |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
| Common                stock issued for services                                                                                                                                                      | - | - | 374,798,412 | 374,798 | 1,271,029 | 45,026 | - | - | 1,690,853 |
| Issuance                of  unissued common stock                                                                                                                                          | - | - | 7,000,000 | 7,000 | - | (7,000) | - | - | - |
| Common                stock issued for Conversion of debentures and exercise of                warrants                                                                                              | - | - | 412,555,582 | 412,556 | 336,224 | - | - | - | 748,780 |
| Cancellation                of common stock                                                                                                                                                          | - | - | (5,119,244) | (5,119) | 5,119 | - | - | - | - |
| Net                Loss                                                                                                                                                                              | - | - | - | - | - | - | - | (3,020,100) | (3,020,100) |
| Balance                as of December 31, 2005                                                                                                                                                       | 1,000,000 | $1,000 | 1,280,689,054 | $1,280,689 | $13,808,928 | $61,137 | $(162,018) | $                (16,649,054) | $                (1,659,318) |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
| Common                stock issued for services                                                                                                                                                      | - | - | 1,101,911,705 | 1,101,912 | 304,457 | - | - | - | 1,406,369 |
| Preferred                stock issued for services                                                                                                                                                   | 9,000,000 | 9,000 | - | - | 1,851,000 | - | - | - | 1,860,000 |
| Convertible                Debenture and Warrants                                                                                                                                                    | - | - | 874,713,000 | 874,713 | (771,814) | - | - | - | 102,899 |
| Purchase                of warrants and options                                                                                                                                                      | - | - | 1,943,825,000 | 1,943,825 | (1,095,921) | - | - | - | 847,902 |
| Correction                to Derivative Liability                                                                                                                                                    |   |   |   |   | 13,972 |   |   |   | 13,972 |
| Net                Loss, December 31,2006                                                                                                                                                            |   |   |   |   |   |   |   |              (3,881,344) |      (3,881,344) |
|                                                                                                                                                                                                 |   |   |   |   |   |   |   |   |   |
| **Balance                as of December 31,2006**                                                                                                                                                    | **          10,000,000** | **           $10,000** | **        5,201,138,996** | **     $5,201,139** | **     $14,110,622** | **            $61,139** | **    $(162,018)** | **             $(20,530,398)** | **       $(1,309,520)** |

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Table of Contents
| WGL                ENTERTAINMENT HOLDINGS, INC(FORMERLY THE                WORLD GOLF LEAGUE, INC) |   |
|---------------------------------------------------------------------------------------------------------|--------|
| CONDENSED                STATEMENT OF CASH FLOWS                                                        |   |
| FOR                THE YEAR ENDED DECEMBER 31,2005                                                      |   |
|                                                                                                    |   |   |   |   |   |   |
|                                                                                                    |   | **2006** |   |   | **2005** |   |
|                                                                                                    |   | UNAUDITED |   |   | AUDITED |   |
| Cash                Flows From Operating Activities                                                     |   |   |   |   |   |   |
| Net                income (loss)                                                                        |   |   | (3,881,344 | ) |   |   | (3,020,100 | ) |
| Adjustments                to reconcile net loss to cash                                                |   |   |   |   |   |   |   |   |
|   provided                by (used in) operating activities                                   |   |   |   |   |   |   |   |   |
|   Depreciation                and Amortization                                                |   |   | 2,663 |   |   |   | 3,300 |   |
|     Amortization                of Discount on Convertible debentures               |   |   | 254,054 |   |   |   | 86,389 |   |
|   Gain                on Derivative Liability                                                 |   |   | (247,142 | ) |   |   | 558,652 |   |
|   Gain/Loss                on Debt Extinguishment                                             |   |   | 274,224 |   |   |   | - |   |
|    Shares                issued for Services                                             |   |   | 3,266,369 |   |   |   | 1,690,853 |   |
| Changes                in:                                                                              |   |   |   |   |   |   |   |   |
|    Accounts                Receivable                                                    |   |   | (124,000 | ) |   |   |   |   |
|   Accounts                payable                                                             |   |   | (47,122 | ) |   |   | 73,148 |   |
|     Other                Assets                                                     |   |   | (50,000 | ) |   |   | (18,826 | ) |
|    Bank                Overdraft                                                         |   |   | (10,738 | ) |   |   | 10,738 |   |
|   Accrued                Expenses                                                             |   |   | 142,445 |   |   |   | (93,458 | ) |
|   Deferred                Revenues                                                            |   |   | - |   |   |   |   |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Net                Cash (Used)Provided by Operating Activities                                          |   |   | (420,595 | ) |   |   | (709,304 | ) |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Cash                Flows from Investing Activities                                                     |   |   |   |   |   |   |   |   |
|    Capital                Expenditures                                                   |   |   | (45 | ) |   |   | (1,319 | ) |
|     Increase                in Film Production Cost                                 |   |   | (40,478 | ) |   |   | (642,349 | ) |
|                                                                                                    |   |   |   |   |   |   |   |   |
|     Net                Cash used in Investing Activities                            |   |   | (40,523 | ) |   |   | (643,668 | ) |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Cash                Flows from Financing Activities                                                     |   |   |   |   |   |   |   |   |
|    Advance                to purchase Treasury Stock                                     |   |   | 37,500 |   |   |   | - |   |
|       Payments                on Advance from Related party               |   |   | - |   |   |   | - |   |
|     Advance                from Related Party                                       |   |   | 276,053 |   |   |   | 20,000 |   |
|     Net                payment to Prize winners                                     |   |   | (7,000 | ) |   |   | (36,093 | ) |
|       Proceeds                from exercise of warrants                   |   |   | 847,900 |   |   |   |   |   |
|    Proceeds                from Issuance of New Debt                                     |   |   | 294,259 |   |   |   | 604,912 |   |
| Proceeds                from issuance of common stock                                                   |   |   |   |   |   |   | 748,780 |   |
|     Debt                repayment                                                   |   |   | (978,997 | ) |   |   | - |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Net                cash Provided in (Used)in Financing Activities                                       |   |   | 469,719 |   |   |   | 1,337,599 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Net                Increase (Decrease) in Cash                                                          |   |   | 8,601 |   |   |   | (15,373. | ) |
| Cash                at beginning of year                                                                |   |   | - |   |   |   | 15,373 |   |
| Cash                at end of year                                                                      |   |   | 8,601 |   |   |   | - |   |
|                                                                                                    |   |   |   |   |   |   |   |   |

**Table      of Contents**

**NOTE      A - SUMMARY OF  SIGNIFICANT ACCOUNTING      POLICIES**

**Revenue      Recognition**

**Cash      and Cash Equivalents**

**Property      and Equipment**

**Stock  Based  Compensation**

**Derivative      Valuation**

**Income      Taxes**

**Use      of Estimates**

**Note      B ¡V Property and Equipment**

| **Description**                         | **Life** | **2006**               | **2005**           |
|-----------------------------------------|----------|------------------------|--------------------|
| Leasehold                improvements   | 7        | $                2,060 | $  2,060 |
| Equipment                               | 7        | $15,795                | $13,713            |
| Furniture                & fixtures | 7        | $                7,981 | $11,981            |

**Note      C ¡V Capitalized Film Production Costs**

**Note      D ¡V Accounts Payable and Accrued Expenses**

| **Description**                         | **2006**                                 | **2005**            |
|-----------------------------------------|------------------------------------------|---------------------|
| Trade                                   | $  78,573                      | $125,694            |
| Accrued                interest payable | $                68,936                  | $  39,789 |
| Legal                Settlement Payable | $      818 | $  10,750 |
| Other                                   |  $                13,627            | $  23,303 |

**Note      E ¡V Debt**

**Note      Payable**

| **Description**                                                                                                                                                                                                                                                                                                                                                    | **2006** | **2005** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|----------|
| Note                payable to former winner  which represent notes entered into                with winners of the 2001 World Golf League National Tournament with                aggregate original principal in the amount of $300,000; bearing interest                at 5% per annum. The amounts are in default and due on                demand. | $274,081 | $281,081 |
|                                                                                                                                                                                                                                                                                                                                                               |     |     |

**Convertible      Debentures**

**Note      F ¡V Stockholders¡¦ Equity**

**Common      Stock**

**Preferred      Stock**

**Debt      Conversion**

**Warrants      and Options Exercised**

**Note      G ¡V Related Party**

**NOTE      H - CONCENTRATIONS OF CREDIT RISK**