UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

     For the quarterly period ended: February 28, 2001
                                     ------------------

[ ]  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.
                -------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

        Delaware                                        59-1224913
   -----------------------                              ----------
(State or other jurisdiction of                      (I.R.S. Employer
 incorporation or organization)                      Identification No.)

            111 Village Parkway, Building 2, Marietta, Georgia 30067
            --------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

                                  770-951-0984
                          ---------------------------
                           (Issuer's telephone number)

                                       N/A
                             ------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)

     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 preceding
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
                             -----     ------

     State the number of shares outstanding of each of the issuer's classes of
common equity as of the latest practicable date: As of April 16, 2001, the
issuer had 3,447,377 shares of common stock, par value $.01 per share,
outstanding.

     Transitional Small Business Disclosure Format (check one):
                        Yes          No    X
                      ------            -----



<PAGE>
PART I - FINANCIAL INFORMATION
------   ---------------------

Item 1. -         Financial Statements



                              GOLF ROUNDS.COM, INC.
                                  BALANCE SHEET
                                   (Unaudited)


                                                                    February 28,
                                                                       2001
                                                                    -----------
ASSETS

    Current assets:
        Cash and cash equivalents                                   $ 3,163,896
        Prepaid expenses and other                                        9,391
                                                                    -----------
           Total current assets                                       3,173,287

    Equipment, net of accumulated depreciation of $1,299                  1,298
                                                                    -----------
           Total assets                                             $ 3,174,585
                                                                    ===========
LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:
        Accounts payable and accrued liabilities                    $    32,203
                                                                    -----------
    Stockholders' equity:
        Common stock, $.01 par value, 12,000,000
           shares authorized, 3,447,377
           shares issued and outstanding                                 34,473
        Additional capital in excess of par value                     4,773,866
        Accumulated deficit                                          (1,665,957)
                                                                    -----------
               Total stockholders' equity                             3,142,382
                                                                    -----------
               Total liabilities and stockholders' equity           $ 3,174,585
                                                                    ===========


            See accompanying notes to financial statements.


                                        2



<PAGE>




                              GOLF ROUNDS.COM, INC.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


                                                       For the three months
                                                      ended February 28 & 29,
                                                           2001           2000
                                                           ----           ----
Revenues:
    Interest                                         $    44,550    $    17,307
    Other                                                    100          1,246
                                                     -----------    -----------
        Total revenues                                    44,650         18,553
                                                     -----------    -----------
Expenses:
    General, administrative and other                     97,073        133,217
    Amortization and depreciation                            390         33,477
                                                     -----------    -----------
          Total expenses                                  97,463        166,664
                                                     -----------    -----------
Net (loss)                                           $   (52,813)   $  (148,111)
                                                     ===========    ===========
Basic and diluted net (loss) per share               $      (.02)   $      (.07)
                                                     ===========    ===========

Weighted average number of shares outstanding          3,447,377      2,099,000
                                                     ===========    ===========



             See accompanying notes to financial statements.


                                        3



<PAGE>




                              GOLF ROUNDS.COM, INC.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


                                                         For the six months
                                                       ended February 28 & 29
                                                           2001           2000
                                                           ----           ----
Revenues:
    Interest                                         $    93,587    $    47,483
    Other                                                    100          3,995
                                                     -----------    -----------
        Total revenues                                    93,687         51,478
                                                     -----------    -----------
Expenses:
    General, administrative and other                    205,904        243,041
    Amortization and depreciation                            780        100,291
                                                     -----------    -----------
          Total expenses                                 206,684        343,332
                                                     -----------    -----------
Net (loss)                                           $  (112,997)   $  (291,854)
                                                     ===========    ===========
Basic and diluted net (loss) per share               $      (.03)   $      (.14)
                                                     ===========    ===========

Weighted average number of shares outstanding          3,447,377      2,099,000
                                                     ===========    ===========



             See accompanying notes to financial statements.


                                        4




<PAGE>


                              GOLF ROUNDS.COM, INC.
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)


                                                           For the six months
                                                         ended February 28 & 29,
                                                           2001           2000
                                                           ----           ----
Cash flows from operating activities:
Net (loss)                                           $  (112,997)   $  (291,854)
Adjustments to reconcile net loss to net
cash used in operating activities:
  Amortization and depreciation                              780        100,291
  Loss on sale of assets                                   5,054              0
  Increase or decrease in:
    Prepaid expenses and other                            20,196         (2,550)
    Accounts payable and accrued liabilities              (2,811)        42,785
                                                     -----------    -----------
Net cash used  by
 operating activities                                    (89,778)      (151,328)
                                                     -----------    -----------
Cash flows from investing activities:
  Purchase of equipment                                        0         (2,855)
  Proceeds from sale of assets                             3,000              0
                                                     -----------    -----------
Net cash provided by (used in)                             3,000         (2,855)
  investing activities                               -----------    -----------

Net (decrease) in cash and cash                          (86,778)      (154,183)
 equivalents

Cash and cash equivalents at beginning
    of period                                          3,250,674      2,035,848
                                                     -----------    -----------
Cash and cash equivalents at end of period           $ 3,163,896    $ 1,881,665
                                                     ===========    ===========


                 See accompanying notes to financial statements.


                                        5



<PAGE>



                              GOLF ROUNDS.COM, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

1.       Basis of Presentation

         The accompanying unaudited balance sheet of Golf Rounds.com, Inc. (the
"Company") as of February 28, 2001 and the unaudited statements of operations
for the three-month and six-month periods ended February 28, 2001 and February
29, 2000 and the unaudited statements of cash flows for the six-month periods
ended February 28, 2001 and February 29, 2000 reflect all material adjustments
which, in the opinion of management, are necessary for a fair presentation of
results for the interim periods. Certain information and footnote disclosures
required under generally accepted accounting principles have been condensed or
omitted pursuant to the rules and regulations of the Securities and Exchange
Commission, although the Company believes that the disclosures are adequate to
make the information presented not misleading. These financial statements should
be read in conjunction with the year-end financial statements and notes thereto
included in the Company's Annual Report on Form 10-KSB for the year ended August
31, 2000, as filed with the Securities and Exchange Commission on December 14,
2000 and in the Company's Quarterly Report on Form 10-QSB for the quarter ended
November 30, 2000, as filed with the Securities and Exchange Commission on
January 19, 2001.

         The results of operations for the three-month and six-month periods
ended February 28, 2001 and February 29, 2000 are not necessarily indicative of
the results to be expected for the entire fiscal year or for any other period.
Prior year's financial statements have been reclassified to conform to the
current year's presentation.

2.       Loss Per Share

         Net loss per common share is based on the weighted average number of
shares outstanding. Excluded from the net loss per share calculations for the
six-month periods ended February 28, 2001 and February 29, 2000 are contingently
issuable shares that, if included, would have an antidilutive effect.

                                        6


<PAGE>





Item 2. - Management's Discussion and Analysis of Financial Condition and
          Results of Operations

         This Form 10-QSB contains forward-looking statements that may involve
known and unknown risks, uncertainties and other factors that may cause the
Company's actual results and performance in future periods to be materially
different from any future periods or performance suggested by these statements.

Overview

         Golf Rounds.com, Inc. was incorporated in 1968. Until the fourth
quarter of fiscal 1992, we were engaged in the wholesale distribution of
aluminum alloys, steel and other specialty metals under the name American Metals
Service, Inc. In the fourth quarter of fiscal 1992, we liquidated our assets and
did not conduct any business operations until May 1999. At that time, we
acquired the assets of PKG Design, Inc., the developer of our two websites,
golfrounds.com and skiingusa.com. The golfrounds.com website provides news and
stories on professional and amateur golf, local tee time services, local golf
course reviews and information on tournaments and activities. Skiingusa.com is a
similar website devoted to skiing. In connection with the acquisition of these
websites, we changed our name to Golf Rounds.com, Inc.

         On February 3, 2000,  Paul O.  Koether,  John W.  Galuchie,  Jr. and
Thomas K. Van Herwarde resigned as directors of our board of directors and
Robert H. Donehew, Larry Grossman and John F. McCarthy, III took office as our
new directors. The change in composition of the board occurred in connection
with the sale on January 24, 2000 by Messrs. Koether, Galuchie and Van Herwarde
and certain other sellers of an aggregate of 500,000 shares of our common stock
to seven purchasers, some of whom are affiliated with the brokerage firm of M.
H. Meyerson & Co., Inc. ("MHM").

         On March 16, 2000, we sold 1,333,005 shares of our common stock at a
purchase price of $1.375 per share, representing aggregate net proceeds of
approximately $1,567,000, to 29 accredited investors in a private placement
offering. MHM acted as the placement agent for the offering.

         On October 31, 2000, Thomas Van Herwarde resigned as our president. We
have not designated a successor at this time. We have closed our Kinnelon, N.J.
office and sold the furniture and equipment. We sublet this space for about one
half of the lease cost until the lease expired on March 31, 2001, and did not
renew the lease.

Current Business Plan

         Although we are seeking to maintain and, possibly, to expand our
websites, our primary business objective is to locate a target business that we
believe will have significant growth potential and effect a business combination
with that target. We intend to use our available cash (currently approximately
$3 million), capital stock, debt or a combination of these to effect the
business combination. A business combination may involve the acquisition of, or
merger with, a financially stable, mature company that desires to establish a
public trading market for its securities while avoiding what it may deem to be
adverse consequences of undertaking a public offering itself, such as time
delays, significant expense, loss of voting control and other burdens (including
significant professional fees) related to compliance with various federal and


                                        7



<PAGE>




state securities laws. In the alternative, a business combination may involve a
company that may be financially unstable or in its early stages of development
or growth.

Results of Operations

Three months ended February 28, 2001 as compared to the three months ended
February 29, 2000:

         We have had no significant revenues (other than interest income) since
1999 and will not achieve any significant revenues (other than interest income)
until, at the earliest, the completion of a business combination. For the three
months ended February 28, 2001 interest income was $44,550 compared to $17,307
for the comparable period of the prior fiscal year. The increase in interest
income was due to additional capital resulting from the private placement of
common stock in March 2000 and higher rates of return on U.S. Treasury
Securities and money market funds owned by the Company.

         General, administrative and other expenses were $97,093 for the three
months ended February 28, 2001 compared to $133,217 for the three months ended
February 29, 2000. The decrease in general, administrative and other expenses
was due primarily to the reduction of rent, web consulting and medical insurance
expenses that resulted from the closing the Kinnelon, N.J. office, outsourcing
maintenance of the Company's two web sites, and eliminating the medical
insurance plan that included significant corporate participation in the payment
of medical costs incurred by covered employees. Amortization and depreciation
expense was $390 for the three months ended February 28, 2001 as compared to
$33,477 for the three months ended February 29, 2000

Six months ended February 28, 2001 as compared to the six months ended February
29, 2000:

           For the six months ended February 28, 2001 interest income was
$93,587 compared to $47,483 for the comparable period of the prior fiscal year.
The increase in interest income was due to additional capital resulting from the
private placement of common stock in March 2000 and higher rates of return on
U.S. Treasury Securities and money market funds owned by the Company.

         General, administrative and other expenses were $205,904 for the six
months ended February 28, 2001 compared to $243,041 for the six months ended
February 29, 2000. The decrease in general, administrative and other expenses
was due primarily to the reduction of rent, web consulting and medical insurance
expenses that resulted from the closing the Kinnelon, N.J. office, out sourcing
maintenance of the Company's two web sites, and eliminating the medical
insurance plan that included significant corporate participation in the payment
of medical costs incurred by covered employees. Amortization and depreciation
expense was $780 for the six months ended February 28, 2001 as compared to
$100,291 for the six months ended February 29, 2000.

           General, administrative and other expenses for the six-month period
ended February 28, 2001 consisted primarily of salary expenses of $75,375, web
consulting and hosting expenses of $26,898, director's and officer's liability
insurance expenses of $17,250, legal expenses of $33,071, rent expenses of
$8,699, and the loss on the sale of fixed assets of $5,054. Amortization
expenses of $98,608 was incurred in the six months ended February 29, 2000 in
connection with the acquisition of PKG Design, Inc.; however, there was no such
expense in the six months ended February 28, 2001 as these assets had been fully
amortized by the end of fiscal 2000. Until March 31, 2000, a management fee of
$12,500 per quarter was paid to a company, with which we were affiliated, for
accounting, financial and administrative management. The fee was based on the
former affiliate's estimated costs. Since the change of control, most of these
services are being performed by our Treasurer. Our Chairman and Treasurer are
each paid $2,500 per month for such services. $14,725 additional compensation
was paid to the Treasurer during the six months ended February 28, 2001 for
additional assistance that was non-recurring and unusual.



                                        8


<PAGE>


         We had previously self-insured various amounts of our employees'
medical claims, however, as of March 31, 2000, we were not self-insuring our
employees' and their families' medical claims. As of April 1, 2000, we purchased
medical insurance that eliminates the Company's liability for future medical
claims of our employees' and their families'.

          On November 28, 2000, the Company became aware of a potential claim of
approximately $145,000, which is reasonably possible of being asserted under the
Company's previous medical insurance plan. Management of the Company has been
advised that at least a portion of the potential claim may have been for
treatment that may have been considered experimental under the plan documents on
which the Company's "stop loss" (excess) insurance was based. The plan of
treatment was nevertheless approved by the entity engaged as administrator of
the plan. No demand for reimbursement by the Company of this claim has been made
as of April 16, 2001. Although the outcome of any potential claim cannot be
predicted with certainty, if a claim is made, management of the Company and the
Company's legal counsel believe that it is reasonably possible that the Company
will recover at least a portion of the potential claim from the administrator
and/or others; however, the amount of the potential loss, if any, and recovery
cannot be estimated. In the event a claim is asserted, management of the Company
intends to vigorously pursue its remedies.


Liquidity and Capital Resources

         On March 16, 2000, we sold an aggregate of 1,333,005 shares of common
stock in a private placement that resulted in $1,566,672 of additional net
capital.

         At February 28, 2001, cash and cash equivalents were $3,163,896.
Working capital was $3,141,084. U.S. Treasury Securities of approximately
$3,023,943 mature at various dates through June 1, 2001 and bear interest rates
ranging from 4.91% to 5.192%. Money market funds of $139,953 bear an interest
rate of 4.77%

                                        9



<PAGE>




PART II - OTHER INFORMATION
-------   -----------------

Item 2. - Changes in Securities and Use of Proceeds


(c)        Recent Sale of Unregistered Securities
           --------------------------------------

           During the quarter ended February 28, 2001, we made the following
           sales of unregistered securities.


<TABLE>
<CAPTION>
                                              Consideration received
                                                and description of                      If option, warrant
                                              Underwriting or other                       or convertible
                                               discounts to market     Exemption from    security terms of
                 Title of                        price offered to       registration        exercise or
 Date of Sale     Security      Number Sold         Purchasers             claimed          conversions
 ------------     --------      -----------         ----------             -------          -----------
<S>              <C>            <C>             <C>                        <C>           <C>
   12/28/00      Option to        65,000      No cash consideration         4(2)          Exercisable in
              purchase common                received until exercise                      full upon grant
              stock issued to                                                             for five years
                 directors                                                               from the date of
                                                                                            grant at an
                                                                                         exercise price of
                                                                                          $1.30 per share
</TABLE>



Item 6. - Exhibits and Reports on Form 8-K


(a)      Exhibits

         None.


(b)      Reports on Form 8-K

         None.

                                       10





<PAGE>


                                    SIGNATURE

         In accordance with the requirements of the Exchange Act, the registrant
caused this amendment to be signed on its behalf by the undersigned, thereunto
duly authorized.


                                       GOLF ROUNDS.COM, INC.

                                            /s/ Robert H. Donehew
Dated: April 16, 2001                By: ___________________________
                                             Robert H. Donehew
                                             Vice President and Treasurer
                                             (Principal Financial and
                                              Accounting Officer)