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: May 31, 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 July 13, 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)


                                                                      May 31,
                                                                       2001
                                                                    -----------
ASSETS

    Current assets:
        Cash and cash equivalents                                   $ 3,142,022
        Prepaid expenses and other                                        1,695
                                                                    -----------
           Total current assets                                       3,143,717

    Equipment, net of accumulated depreciation of $1,689                    908
                                                                    -----------
           Total assets                                             $ 3,144,625
                                                                    ===========
LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:
        Accounts payable and accrued liabilities                    $    38,974
                                                                    -----------
    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                                          (1,702,688)
                                                                    -----------
               Total stockholders' equity                             3,105,651
                                                                    -----------
               Total liabilities and stockholders' equity           $ 3,144,625
                                                                    ===========


            See accompanying notes to financial statements.


                                       2


<PAGE>




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


                                                        For the three months
                                                            ended May 31,
                                                      --------------------------
                                                           2001           2000
                                                           ----           ----
Revenues:
    Interest                                         $    36,060    $   43,909
    Other                                                   -            1,662
                                                     -----------    -----------
        Total revenues                                    36,060         45,571
                                                     -----------    -----------
Expenses:
    General, administrative and other                     72,401        162,589
    Amortization and depreciation                            390         33,782
                                                     -----------    -----------
          Total expenses                                  72,791        196,371
                                                     -----------    -----------
Net (loss)                                           $   (36,731)   $  (150,800)
                                                     ===========    ===========
Basic and diluted net (loss) per share               $      (.01)   $      (.05)
                                                     ===========    ===========

Weighted average number of shares outstanding          3,447,377      3,254,833
                                                     ===========    ===========



             See accompanying notes to financial statements.


                                       3

<PAGE>




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


                                                         For the nine months
                                                              ended May 31,
                                                      --------------------------
                                                           2001           2000
                                                           ----           ----
Revenues:
    Interest                                         $   129,569    $    91,392
    Other                                                    177          5,657
                                                     -----------    -----------
        Total revenues                                   129,746         97,049
                                                     -----------    -----------
Expenses:
    General, administrative and other                    278,304        405,631
    Amortization and depreciation                          1,170        134,073
                                                     -----------    -----------
          Total expenses                                 279,474        539,704
                                                     -----------    -----------
Net (loss)                                           $  (149,728)   $  (442,655)
                                                     ===========    ===========
Basic and diluted net (loss) per share               $      (.04)   $      (.18)
                                                     ===========    ===========

Weighted average number of shares outstanding          3,447,377      2,525,194
                                                     ===========    ===========



             See accompanying notes to financial statements.




                                       4

<PAGE>


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


                                                         For the nine months
                                                             ended May 31,
                                                      --------------------------
                                                           2001           2000
                                                           ----           ----
Cash flows from operating activities:
Net (loss)                                           $  (149,728)   $  (442,655)
Adjustments to reconcile net loss to net
 cash used in operating activities:
  Amortization and depreciation                            1,170        134,073
  Loss on sale of assets                                   5,054              -
  Common stock issued as compensation                          -         38,437
  Increase or decrease in:
    Prepaid expenses and other                            27,893        (28,268)
    Accounts payable and accrued liabilities               3,959         20,319
                                                     -----------    -----------
Net cash used by
 operating activities                                   (111,652)      (278,094)
                                                     -----------    -----------

Cash flows from investing activities:
  Purchase of equipment                                        -         (5,588)
  Proceeds from sale of assets                             3,000              -
                                                     -----------    -----------
Net cash provided by (used in)
 investing activities                                      3,000         (5,588)
                                                     -----------    -----------

Cash flows from financing activities:
  Net proceeds from private placement
   of common stock                                             -      1,566,672
  Repurchase of common stock                                   -           (162)
                                                     -----------    -----------
Net cash provided by (used in)
 financing activities                                          -      1,566,510
                                                     -----------    -----------


Net (decrease) in cash and cash equivalents             (108,652)     1,282,828

Cash and cash equivalents at
 beginning of period                                   3,250,674      2,035,848
                                                     -----------    -----------
Cash and cash equivalents at end of period           $ 3,142,022    $ 3,318,676
                                                     ===========    ===========


                 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 May 31, 2001 and the unaudited statements of operations for the
three-month and nine-month periods ended May 31, 2001 and 2000 and the unaudited
statements of cash flows for the nine-month periods ended May 31, 2001 and 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.

         The results of operations for the three-month and nine-month periods
ended May 31, 2001 and 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 during the applicable period. Excluded from the net loss per
share calculations for the three-month and nine-month periods ended May 31, 2001
and 2000 are contingently issuable shares that, if included, would have an
antidilutive effect.

           The net loss per common share has been restated for the three-month
and nine-month periods ended May 31, 2000 based on the corrected weighted
average number of shares outstanding during the applicable period. The net loss
per common share increased by $.01 and $.05 for the three-month and nine-month
periods ended May 31, 2000, respectively, as a result of this restatement.














                                       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 prior 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 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 who 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
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.


                                       7
<PAGE>


Results of Operations

Three months ended May 31, 2001 as compared to the three months ended May 31,
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 May 31, 2001 interest income was $36,060 as compared to $43,909 for
the comparable period of the prior fiscal year. The decline in interest income
was due to the reduction in U.S. Treasury Securities and money market fund
investments owned by the Company, which are reported as cash and cash
equivalents, and lower rates of return on such investments.

        General, administrative and other expenses were $72,401 for the three
months ended May 31, 2001 as compared to $162,589 for the three months ended May
31, 2000. The decrease in general, administrative and other expenses was due
primarily to the reduction of rent, web consulting, medical insurance, and
salary expenses that resulted from closing the Kinnelon, N.J. office;
outsourcing maintenance of the Company's two web sites; terminating the
Company's medical insurance plan that included significant corporate
participation in the payment of medical costs incurred by covered employees; and
accepting the resignation of the Company's president as of October 31, 2000, who
has not yet been replaced. Amortization and depreciation expense was $390 for
the three months ended May 31, 2001 as compared to $33,782 for the three months
ended May 31, 2000. The amortization expense recognized for fiscal 2000 was
primarily incurred in connection with the acquisition of PKG Design, Inc., which
included the Company's two web sites, the cost of which was fully amortized by
the end of fiscal 2000.

Nine months ended May 31, 2001 as compared to the nine months ended May 31,
2000:

           Interest income for the nine months ended May 31, 2001 was $129,569
as compared to $91,392 for the comparable period of the prior fiscal year. The
increase in interest income was due to earnings on additional capital resulting
from the March 2000 private placement of common stock.

       General, administrative and other expenses were $278,304 for the nine
months ended May 31, 2001 as compared to $405,631 for the nine months ended May
31, 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 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 $1,170 for the nine months ended May 31, 2001 as compared to
$134,073 for the nine months ended May 31, 2000. The amortization expense
recognized for fiscal 2000 was primarily incurred in connection with the
acquisition of PKG Design, Inc., which included the Company's two web sites, the
cost of which was fully amortized by the end of fiscal 2000.

           General, administrative and other expenses for the nine-month period
ended May 31, 2001 consisted primarily of salary expenses of $74,725, web
consulting and hosting expenses of $34,698, director's and officer's liability
insurance expenses of $25,875, and legal expenses of $61,902.

           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, our Treasurer is performing most of these
services. Our Chairman and Treasurer are each paid $2,500 per month for their
services commencing September 1, 2000. During the nine months ended May 31,
2001, $14,725 additional compensation was paid to the Treasurer for extra
assistance.



                                       8
<PAGE>

         We had previously self-insured various amounts of our employees'
medical claims; however, as of March 31, 2000, we no longer self-insured 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 July 13, 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 May 31, 2001, cash and cash equivalents were $3,142,022. Working
capital was $3,104,743. U.S. Treasury Securities of approximately $2,534,267
mature on July 26, 2001 and earn interest at 3.77% annually. Money market funds
of $587,349 earn interest at 3.98% annually.

















                                       9
<PAGE>




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


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: July 13, 2001                By: ___________________________
                                        Robert H. Donehew
                                        Vice President and Treasurer
                                        (Principal Financial and
                                        Accounting Officer)






















                                       11