**OUR              AUDITORS HAVE NOT AUDITED OR REVIEWED THESE FINANCIAL              STATEMENTS**

**WGL        ENTERTAINMENT HOLDINGS, INC**

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

**(UNAUDITED)**

**December        31, 2006 and 2005**

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**OUR              AUDITORS HAVE NOT AUDITED OR REVIEWED THESE FINANCIAL              STATEMENTS**

***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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**OUR              AUDITORS HAVE NOT AUDITED OR REVIEWED THESE FINANCIAL              STATEMENTS**

| WGL                  ENTERTAINMENT HOLDINGS, INC(FORMERLY                  THE WORLD GOLF LEAGUE, INC)                                                                                                                                                                                                                                       |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| BALANCE                  SHEET                                                                                                                                                                                                                                                                                                               |   |
| December                  31, 2006 and 2005                                                                                                                                                                                                                                                                                                  |   |
| (UNAUDITED)                                                                                                                                                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                                                                                                                                                         |   | **2006** |   |   | **2005** |   |
| **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 $13,978 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 |   |
| Advance                  from related party                                                                                                                                                                                                                                                                                                  |   |   | 436,322 |   |   |   | 20,000 |   |
| Bank                  overdraft                                                                                                                                                                                                                                                                                                              |   |   |   |   |   |   | 10,738 |   |
| Note                  payable to former winners                                                                                                                                                                                                                                                                                              |   |   | 274,081 |   |   |   | 281,081 |   |
| Convertible                  debentures, net of discount of $___ and $618,456,                  respectively                                                                                                                                                                                                                                 |   |   | 536,045 |   |   |   | 199,456 |   |
| Convertible debenture derivative                  liability                                                                                                                                                                                                                                                                        |   |   | 780,282 |   |   |   | 1,637,344 |   |
| Total                  current liabilities                                                                                                                                                                                                                                                                                                   |   |   | 2,188,683 |   |   |   | 2,355,518 |   |
| Total                  liabilities                                                                                                                                                                                                                                                                                                           |   |   | 2,188,683 |   |   |   | 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 |   |
| 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 at December 31, 2006                  and 2005 respectively; 5,198,562,179 and 1,278,112,237 shares outstanding                  at December 31, 2006 and 2005 respectively |   |   | 52,011 |   |   |   | 12,807 |   |
| Additional                  paid in capital                                                                                                                                                                                                                                                                                                  |   |   | 19,320,271 |   |   |   | 15,137,336 |   |
| Unissued                  common stock                                                                                                                                                                                                                                                                                                  |   |   | 611 |   |   |   | 611 |   |
| Treasury                  stock, at cost, 2,576,817 shares                                                                                                                                                                                                                                                                                   |   |   | (162,018 | ) |   |   | (162,018 | ) |
| Accumulated                  deficit                                                                                                                                                                                                                                                                                                         |   |   | (20,530,398 | ) |   |   | (16,649,054 | ) |
| Total                  stockholders'  Equity  (deficit)                                                                                                                                                                                                                                                                  |   |   | (1,309,523 | ) |   |   | (1,659,318 | ) |
| **TOTAL                  LIABILITIES                  &   STOCKHOLDERS' DEFICIT**                                                                                                                                                                                                                                    |   | $ | 879,161 |   |   | $ | 696,200. |   |

| WGL                  ENTERTAINMENT HOLDINGS, INC.(FORMERLY                  THE WORLD GOLF LEAGUE, INC) |   |
|---------------------------------------------------------------------------------------------------------|--------|
| STATEMENTS                  OF OPERATIONS                                                               |   |
| FOR                  THE YEARS ENDED DECEMBER 31,                                                       |   |
| (UNAUDITED)                                                                                             |   |
|                                                                                                    |   | 2006 |   |   | 2005 |   |
| 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                                                    |   |   | 27,554,059 |   |   |   | 253,609 |   |
|                                                                                                    |   |   |   |   |   |   |   |   |
| Net                  loss per share                                                                     |   | $ | (0.141 | ) |   | $ | (1.191 | ) |

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**OUR              AUDITORS HAVE NOT AUDITED OR REVIEWED THESE FINANCIAL              STATEMENTS**

| WGL                  ENTERTAINMENT HOLDINGS, INC(FORMERLY                  THE WORLD GOLF LEAGUE, INC)STATEMENT                  OF STOCKHOLDERS EQUITY DEFICIT(Unaudited)  |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                             | Preferred                  Stock | Common                  Stock | Additional                  Paid in Capital | Unissued                  Common stock | Treasury                  Stock |  Accumulated                  Deficit |  Total                  Equity |
| Shares                                                                                                                                                                           | Par                  Value | Shares | Par                  Value |
| Balance                  as of December 31, 2004 (post split)                                                                                                                    |  1,000,000 | $  1,000 | 491,454,304 | $                  4,915 | $12,705,975 | $231 |  $(162,018) | $(13,628,954) | $(1,078,851) |
|                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |
| Common                  stock issued for services                                                                                                                                | - | - | 374,798,412 | 3,748 | 1,686,655 | 450 | - | - | 1,690,853 |
| Issuance                  of unissued common stock                                                                                                                               | - | - | 7,000,000 | 70 | - | (70) | - | - | - |
| Common                  stock issued for conversion of debentures and exercise of                  warrants                                                                      | - | - | 412,555,582 | 4,126 | 744,654 | - | - | - | 748,780 |
| Cancellation                  of common stock                                                                                                                                    | - | - | (5,119,244) | (51) | 51 | - | - | - | - |
| Net                  loss                                                                                                                                                        | - | - | - | - | - | - | - | (3,020,100) | (3,020,100) |
| Balance                  as of December 31, 2005                                                                                                                                 | 1,000,000 | $1,000 | 1,280,689,054 | $12,808 | $15,137,335 | $611 | $(162,018) | $                  (16,649,054) | $                  (1,659,318) |
|                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |
| Common                  stock issued for services                                                                                                                                | - | - | 1,004,139,792 | 10,041 | 295,386 | - | - | - | 305,428 |
| Stock                  options issued for services                                                                                                                               | - | - | - | - | 228,470 | - | - | - | 228,470 |
| Preferred                  stock issued for services                                                                                                                             | 9,000,000 | 9,000 | - | - | 1,851,000 | - | - | - | 1,860,000 |
| Common                  stock issued for conversion of debentures and exercise of                  warrants                                                                      | - | - | 2,818,538,237 | 28,185 | 831,074 | - | - | - | 859,259 |
| Common                  stock issued for private placement                                                                                                                       | - | - | 58,460,543 | 585 | 19,876 | - | - | - | 20,461 |
| Common                  stock issued for commitment fee                                                                                                                          |   |   | 40,000,000 | 400 | 15,600 |   |   |   | 16,000 |
| Reduction                  in derivative liability for conversion of debentures and exercise                  of                  warrants                                       |   |   |   |   | 936,073 |   |   |   | 936,079 |
| Warrants                  issued for private placement                                                                                                                           |   |   |   |   | 55,442 |   |   |   | 55,442 |
| Common                  stock cancelled                                                                                                                                          |   |   | (688,630) | (7) | (49,993) |   |   |   | (50,000) |
| Net                  loss                                                                                                                                                        |   |   |   |   |   |   |   |   (3,881,344) |  (3,881,344) |
|                                                                                                                                                                             |   |   |   |   |   |   |   |   |   |
| **Balance                  as of December 31,2006**                                                                                                                              | **          10,000,000** | **           $10,000** | **        5,201,138,996** | **$52,011** | **     $19,320,271** | **$611** | **    $(162,018)** | **             $(20,530,398)** | **       $(1,309,523)** |

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**OUR              AUDITORS HAVE NOT AUDITED OR REVIEWED THESE FINANCIAL              STATEMENTS**

| WGL                  ENTERTAINMENT HOLDINGS, INC(FORMERLY THE                  WORLD GOLF LEAGUE, INC) |   |
|-------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED                  STATEMENT OF CASH FLOWS                                                          |   |
| FOR                  THE YEAR ENDED DECEMBER 31,2005                                                        |   |
| (UNAUDITED)                                                                                                 |   |
|                                                                                                        |   |   |   |   |   |   |
|                                                                                                        |   | **2006** |   |   | **2005** |   |
| 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 |   |   | $ | - |   |
|                                                                                                        |   |   |   |   |   |   |   |   |

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**OUR                AUDITORS HAVE NOT AUDITED OR REVIEWED THESE FINANCIAL                STATEMENTS**

**WGL        ENTERTAINMENT HOLDINGS, INC.**

**SUMMARY        OF SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO FINANCIAL        STATEMENTS**

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

**Revenue        Recognition**

**Cash        and Cash Equivalents**

**Property        and Equipment**

**Stock        Based Compensation**

*Share-Based Payment*
*Accounting for Stock-Based        Compensation*
*Accounting        for Stock Issued to Employees, *

*Accounting for Stock Issued to Employees*

**Derivative        Valuation**

**Income        Taxes**

**Use        of Estimates**

**NOTE        B - GOING CONCERN**

**Note        C – 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        D – Capitalized Film Production Costs**

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**OUR                AUDITORS HAVE NOT AUDITED OR REVIEWED THESE FINANCIAL                STATEMENTS**

**Note        E – 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          | $  30,666 |

**Note        F – 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        G – Stockholders’ Equity**

**Common        Stock**

**Preferred        Stock**

**Debt        Conversion**

**Warrants        and Options Exercised**

**Note        H – Related Party**

**NOTE        I - CONCENTRATIONS OF CREDIT RISK**