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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
  þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended: February 28, 2010
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to .
 Commission file number 0-10093
 Golf
Rounds.com, Inc.
  Delaware
    
    59-1224913(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 111 Village Parkway, Building #2, Marietta, Georgia 30067
 (Registrants telephone number)
 (Former name, former address and former fiscal year,
  þ o
   Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
(Do not check if a smaller reporting company)
    
    Smaller reporting company þ
  þ o




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TABLE OF CONTENTS
 PART I  FINANCIAL INFORMATION
    
    
    F-1Item 1. Financial Statements
    
    
    F-1Condensed Consolidated Balance Sheets
    
    
    F-1Condensed Consolidated Statements of Operations
    
    
    F-2Condensed Consolidated Statements of Cash Flows
    
    
    F-3Notes to Condensed Consolidated Financial Statements
    
    
    F-4Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    3Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    6Item 4T. Controls and Procedures
    
    
    6PART II  OTHER INFORMATION
    
    
    6Item 1. Legal Proceedings*Item 1A. Risk Factors*Item 2. Unregistered Sales of Equity Securities and Use of Proceeds*Item 3. Defaults Upon Senior Securities*Item 4. Submission of Matters to a Vote of Security Holders*Item 5. Other Information*Item 6. Exhibits
    
    
    6SIGNATURES
    
    
    7EXHIBIT INDEXExhibit 31.1Exhibit 32.1
 
 *
    
    Omitted in accordance with the instruction to Part II of Form 10-Q because the item is
inapplicable or the answer to the item is negative.EX-31.1EX-32.1




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PART I
 FINANCIAL INFORMATION
 
 ITEM 1.
    
    FINANCIAL STATEMENTS.
 GOLF ROUNDS.COM, INC. AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED BALANCE SHEETS
 February 28, 2010
    
    
    August 31, 2009(Unaudited)AssetsCurrent assets:Cash and cash equivalents
    
    $
    1,984,044
    
    
    $
    2,036,836Prepaid expenses
    
    
    8,000
    
    
    
    17,000Total current assets
    
    
    1,992,044
    
    
    
    2,053,836Total assets
    
    $
    1,992,044
    
    
    $
    2,053,836Liabilities and Stockholders EquityCurrent liabilities:Accounts payable and accrued expenses
    
    $
    50
    
    
    $
    3,830Total current liabilities
    
    
    50
    
    
    
    3,830Stockholders equity:Common stock, $0.01 par value; 12,000,000 shares authorized,
3,447,377 issued and outstanding
    
    
    34,473
    
    
    
    34,473Additional paid-in capital
    
    
    4,892,639
    
    
    
    4,892,639Accumulated deficit
    
    
    (2,935,118
    )
    
    
    (2,877,106
    )Total stockholders equity
    
    
    1,991,994
    
    
    
    2,050,006Total liabilities and stockholders equity
    
    $
    1,992,044
    
    
    $
    2,053,836
  F -1




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GOLF
ROUNDS.COM, INC. AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 For the Three
    
    
    For the Three
    
    
    For the Six
    
    
    For the SixMonths Ended
    
    
    Months Ended
    
    
    Months Ended
    
    
    Months EndedFebruary 28, 2010
    
    
    February 28, 2009
    
    
    February 28, 2010
    
    
    February 28, 2009Expenses:General, administrative and other
    
    $
    26,163
    
    
    $
    30,903
    
    
    $
    62,216
    
    
    $
    70,389Total operating expenses
    
    
    26,163
    
    
    
    30,903
    
    
    
    62,216
    
    
    
    70,389Loss from operations
    
    
    (26,163
    )
    
    
    (30,903
    )
    
    
    (62,216
    )
    
    
    (70,389
    )Other income:Interest income
    
    
    2,715
    
    
    
    5,586
    
    
    
    4,204
    
    
    
    9,637Total other income
    
    
    2,715
    
    
    
    5,586
    
    
    
    4,204
    
    
    
    9,637Net loss
    
    $
    (23,448
    )
    
    $
    (25,317
    )
    
    $
    (58,012
    )
    
    $
    (60,752
    )Net loss per common share  basic and
diluted
    
    $
    (0.01
    )
    
    $
    (0.01
    )
    
    $
    (0.02
    )
    
    $
    (0.02
    )Weighted average number of common shares
outstanding  basic and diluted
    
    
    3,447,377
    
    
    
    3,447,377
    
    
    
    3,447,377
    
    
    
    3,447,377
  F -2




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GOLF
ROUNDS.COM, INC. AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 For the Six
    
    
    For the SixMonths Ended
    
    
    Months EndedFebruary 28, 2010
    
    
    February 28, 2009Cash flows from operating activities:Net loss
    
    $
    (58,012
    )
    
    $
    (60,752
    )Adjustments to reconcile net loss to net cash
used in operating activities:Changes in operating assets and liabilities:Decrease in prepaid expenses
    
    
    9,000
    
    
    
    16,500Decrease in accounts payable and accrued expenses
    
    
    (3,780
    )
    
    
    (2,882
    )Net cash used in operating activities
    
    
    (52,792
    )
    
    
    (47,134
    )Net decrease in cash and cash equivalents
    
    
    (52,792
    )
    
    
    (47,134
    )Cash and cash equivalents  beginning
    
    
    2,036,836
    
    
    
    2,137,198Cash and cash equivalents  ending
    
    $
    1,984,044
    
    
    $
    2,090,064
  F -3




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GOLF
ROUNDS.COM, INC. AND SUBSIDIARY
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARYY 28, 2010 AND 2009
(Unaudited)
 NOTE 1  BASIS OF PRESENTATION
 (A) Interim Financial Statements
   (B) Principles of Consolidation
  (C) Loss Per Share
  (D) Use of Estimates
  (E) Codification Update
   F-4




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GOLF ROUNDS.COM, INC. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED FEBRUARYY 28, 2010 AND 2009
(Unaudited)
 NOTE 2  FAIR VALUE OF FINANCIAL INSTRUMENTS
      F-5




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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
 Forward-looking statements
   Overview
 General
    Our Business Plan
   3




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Critical Accounting Policies and Use of Estimates
  Codification Update
   4




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Results of Operations
  Three months ended February 28, 2010 compared to three months ended February 28, 2009
    Six months ended February 28, 2010 compared to six months ended February 28, 2009
    Liquidity and Capital Resources
 General
     Contractual obligations
 5




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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
  
 ITEM 4T. CONTROLS AND PROCEDURES.
 Disclosures and Procedures
   Changes in Internal Controls
  
 PART II
 OTHER INFORMATION
 
 ITEM 6. EXHIBITS.
   6




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SIGNATURE
  GOLF ROUNDS.COM, INC.Dated: March 31, 2010
    By:
    /s/ Robert H. DonehewRobert H. DonehewPresident (Principal Executive Officer) and

Treasurer (Principal Financial Officer) 7