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, 2007



[  ]

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
			 incorporation or organization) |  | (I.R.S. Employer
			 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 5, 2007, 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















TABLE OF CONTENTS

|        |                                                                              |    
|------- | ---------------------------------------------------------------------------- | ---
|Item 1. | Financial Statements                                                         |    
|        |                                                                              |    
|        | Condensed Consolidated Balance Sheet as of February 28, 2007
				(unaudited) | F-1
|        |                                                                              |    
|        | Condensed Consolidated Statements of Operations for the                      |    
|        | Three Months Ended February 28, 2007 and 2006
				(unaudited)                | F-2
|        |                                                                              |    
|        | Condensed Consolidated Statements of Operations for the                      |    
|        | Six Months Ended February 28, 2007 and 2006 (unaudited)                      | F-3
|        |                                                                              |    
|        | Condensed Consolidated Statements of Cash Flows for the                      |    
|        | Six Months Ended February 28, 2007 and 2006 (unaudited)                      | F-4
|        |                                                                              |    
|        | Notes to Condensed Consolidated Financial Statements as of                   |    
|        | February 28, 2007 and 2006 (unaudited)                                       | F-5
|        |                                                                              |    
|Item 2. | Management's Discussion and Analysis or Plan of Operation                    | 2  
|        |                                                                              |    
|Item 3. | Controls and Procedures                                                      | 5  
|        |                                                                              |    
|Item 4. | Submission of Matters to Vote of Security Holders.                           | 5  
|        |                                                                              |    
|Item 6. | Exhibits and Reports on Form 8-K                                             | 6  











1









ITEM 1.

FINANCIAL STATEMENTS



GOLF ROUNDS.COM, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEET

(Unaudited)



|                                                            |   |                  
|----------------------------------------------------------- | - | -----------------
|                                                            |   | February 28, 2007
|ASSETS                                                     
|                                                            |   |                  
|CURRENT ASSETS:                                             |   |                  
|                                                            |   |                  
|Cash and cash equivalents                                   | $ | 2,218,768        
|Prepaid expenses                                            |   | 12,840           
|                                                            |   |                  
|TOTAL CURRENT ASSETS                                        |   | 2,231,608        
|                                                            |   |                  
|TOTAL ASSETS                                                | $ | 2,231,608        
|                                                            |   |                  
|LIABILITIES AND STOCKHOLDERS EQUITY                       
|                                                            |   |                  
|CURRENT LIABILITIES:                                        |   |                  
|                                                            |   |                  
|Accounts payable and accrued expenses                       | $ | 50               
|                                                            |   |                  
|TOTAL CURRENT LIABILITIES                                   |   | 50               
|                                                            |   |                  
|STOCKHOLDERS EQUITY:                                       |   |                  
|                                                            |   |                  
|Common Stock, $.01 par value, 12,000,000 shares authorized, |   |                  
|3,447,377 issued and outstanding                            |   | 34,473           
|Additional capital in excess of par value                   |   | 4,861,339        
|Accumulated deficit                                         |   | (2,664,254)      
|                                                            |   |                  
|TOTAL STOCKHOLDERS EQUITY                                  |   | 2,231,558        
|                                                            |   |                  
|TOTAL LIABILITIES AND STOCKHOLDERS EQUITY                  | $ | 2,231,608        







The accompanying notes are an integral part of these condensed
		consolidated financial statements.



F-1









GOLF ROUNDS.COM, INC. AND SUBSIIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)



|                                                                             |                                             |           |   |          
|---------------------------------------------------------------------------- | ------------------------------------------- | --------- | - | ---------
|                                                                             | For the Three Months Ended
			 February 28,
|                                                                             |                                             | 2007      |   | 2006     
|EXPENSES:                                                                    |                                             |           |   |          
|General, administrative and other                                            | $                                           | 33,506    | $ | 34,379   
|                                                                             |                                             |           |   |          
|TOTAL EXPENSES                                                               |                                             | 33,506    |   | 34,379   
|                                                                             |                                             |           |   |          
|LOSS FROM OPERATIONS                                                         |                                             | (33,506)  |   | (34,379) 
|                                                                             |                                             |           |   |          
|OTHER  INCOME:                                                               |                                             |           |   |          
|Interest and dividends                                                       |                                             | 26,909    |   | 21,726   
|                                                                             |                                             |           |   |          
|TOTAL OTHER  INCOME                                                          |                                             | 26,909    |   | 21,726   
|                                                                             |                                             |           |   |          
|NET LOSS                                                                     | $                                           | (6,597)   | $ | (12,653) 
|                                                                             |                                             |           |   |          
|NET LOSS PER COMMON SHARE  BASIC AND DILUTED                                | $                                           | 0.00      | $ | 0.00     
|                                                                             |                                             |           |   |          
|WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING  BASIC
				AND DILUTED |                                             | 3,447,377 |   | 3,447,377



The accompanying notes are an integral part of these condensed
		consolidated financial statements.







F-2









GOLF ROUNDS.COM, INC. AND SUBSIIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)



|                                                                             |                                           |           |   |          
|---------------------------------------------------------------------------- | ----------------------------------------- | --------- | - | ---------
|                                                                             | For the Six Months Ended
			 February 28,
|                                                                             |                                           | 2007      |   | 2006     
|EXPENSES:                                                                    |                                           |           |   |          
|General, administrative and other                                            | $                                         | 74,174    | $ | 78,792   
|                                                                             |                                           |           |   |          
|TOTAL EXPENSES                                                               |                                           | 74,174    |   | 78,792   
|                                                                             |                                           |           |   |          
|LOSS FROM OPERATIONS                                                         |                                           | (74,174)  |   | (78,792) 
|                                                                             |                                           |           |   |          
|OTHER  INCOME:                                                               |                                           |           |   |          
|Interest and dividends                                                       |                                           | 54,038    |   | 42,235   
|                                                                             |                                           |           |   |          
|TOTAL OTHER  INCOME                                                          |                                           | 54,038    |   | 42,235   
|                                                                             |                                           |           |   |          
|NET LOSS                                                                     | $                                         | (20,136)  | $ | (36,557) 
|                                                                             |                                           |           |   |          
|NET LOSS PER COMMON SHARE  BASIC AND DILUTED                                | $                                         | (0.01)    | $ | (0.01)   
|                                                                             |                                           |           |   |          
|WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING  BASIC
				AND DILUTED |                                           | 3,447,377 |   | 3,447,377



The accompanying notes are an integral part of these condensed
		consolidated financial statements.





F-3











GOLF ROUNDS.COM, INC. AND SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)





|                                                                                              |                                       |           |   |          
|--------------------------------------------------------------------------------------------- | ------------------------------------- | --------- | - | ---------
|                                                                                              | For the Six Months Ended February 28,
|                                                                                              |                                       | 2007      |   | 2006     
|CASH FLOWS FROM OPERATING ACTIVITIES:                                                         |                                       |           |   |          
|Net loss                                                                                      | $                                     | (20,136)  | $ | (36,557) 
|Adjustments to reconcile net loss to net cash provided by (used in)
				operating activities: |                                       |           |   |          
|                                                                                              |                                       |           |   |          
|Changes in operating assets and liabilities:                                                  |                                       |           |   |          
|Decrease in prepaid expenses                                                                  |                                       | 23,532    |   | 24,000   
|                                                                                              |                                       |           |   |          
|Decrease in accounts payable and accrued expenses                                             |                                       | (3,200)   |   | (1,589)  
|                                                                                              |                                       |           |   |          
|                                                                                              |                                       |           |   |          
|NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                           |                                       | 196       |   | (14,146) 
|                                                                                              |                                       |           |   |          
|NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                          |                                       | 196       |   | (14,146) 
|                                                                                              |                                       |           |   |          
|CASH AND CASH EQUIVALENTS  beginning                                                         | $                                     | 2,218,572 | $ | 2,275,488
|                                                                                              |                                       |           |   |          
|CASH AND CASH EQUIVALENTS  ending                                                            | $                                     | 2,218,768 | $ | 2,261,342





The accompanying notes are an integral part of these condensed
		consolidated financial statements.







F-4









GOLF ROUNDS.COM, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

As of February 28, 2007 and 2006



NOTE 1  BASIS OF PRESENTATION

(A)

Interim Financial Statements

The accompanying unaudited condensed consolidated balance sheet of Golf
		Rounds.com, Inc. and its wholly owned subsidiary, DPE Acquisition Corp.
		(collectively, the Company), as of February 28, 2007 and the
		unaudited condensed consolidated statements of operations for the three and six
		months ended February 28, 2007 and 2006 and the unaudited condensed
		consolidated statements of cash flows for the six months ended February 28,
		2007 and 2006 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 condensed
		consolidated financial statements should be read in conjunction with the
		year-end audited consolidated financial statements and notes thereto included
		in the Companys Annual Report on Form 10-KSB for the year ended August
		31, 2006, as filed with the Securities and Exchange Commission on December 5,
		2006.

The results of operations for the three- and six-month periods ended
		February 28, 2007 and 2006 are not necessarily indicative of the results to be
		expected for the entire fiscal year or for any other period.

(B)

Principles of Consolidation

The condensed consolidated financial statements include the accounts of
		Golf Rounds.com, Inc. and its wholly owned subsidiary DPE Acquisition Corp.
		(formed on September 2, 2003).

(C)

Loss per Share

Net loss per common share is based on the weighted average number of
		shares of common stock outstanding during the applicable period.  Excluded
		from the net loss per share calculations for the three- and six-month periods
		ended February 28, 2007 and 2006 are contingently issuable shares of 795,251
		and 725,251, respectively, which, if included, would have an anti-dilutive
		effect.

(D)

Use of Estimates

In preparing condensed consolidated financial statements in conformity
		with accounting principles generally accepted in the United States of America,
		management is required to make estimates and assumptions that affect the
		reported amounts of assets and liabilities and the disclosure of contingent
		assets and liabilities at the date of the condensed consolidated financial
		statements and revenues and expenses during the reported period.  Actual
		results could differ from those estimates.





F-5











ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Forward-looking statements

When used in this Report, words or phrases such as will likely
		result, management expects, we expect, will
		continue, is anticipated, estimated or similar
		expressions are intended to identify forward-looking statements
		within the meaning of the Private Securities Litigation Reform Act of 1995.
		 You are cautioned not to place undue reliance on any such forward-looking
		statements, each of which speak only as of the date made.  Such statements
		are subject to certain risks and uncertainties that could cause actual results
		to differ materially from historical earnings and those presently anticipated
		or projected.  We have no obligation to publicly release the result of any
		revisions which may be made to any forward-looking statements to reflect
		anticipated or unanticipated events or circumstances occurring after the date
		of such statements.  Forward-looking statements involve a number of risks
		and uncertainties including, but not limited to, general economic conditions,
		our ability to find a suitable company to effect a business combination with,
		competitive factors and other risk factors as set forth in Exhibit 99.1 of our
		Annual Report on Form 10-KSB for the year ended August 31, 2004.

The following discussion should be read in conjunction with the financial
		statements and related notes included in this Report.

OVERVIEW

General

Golf Rounds.com, Inc. (the Company) was incorporated in 1968
		as a Delaware corporation, which is also authorized to conduct business in New
		Jersey and Georgia. Until the fourth quarter of fiscal 1992, the Company was
		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, the Company liquidated its assets and did not
		conduct any business operations until May 1999.  In May 1999, the Company
		acquired the assets of PKG Design, Inc., the developer of two (2) sports -
		related Internet websites: golfrounds.com and skiingusa.com.  In
		connection with the acquisition of these websites, the Company changed its name
		to Golf Rounds.com, Inc.

In August 2001, the Company determined to cease operations of its
		golfrounds.com and skiingusa.com websites since continued maintenance of these
		websites was not a productive use of the Companys resources.  The
		Company owns the rights to these domain names and may sell them in connection
		with a business combination.

On September 19, 2003, the Company and its wholly owned subsidiary, DPE
		Acquisition Corp., (formed on September 2, 2003), entered into an agreement and
		plan of reorganization and merger with Direct Petroleum Exploration, Inc.
		(DPE), which was not consummated.  The Company continues to
		maintain the subsidiary for use in any other potential future acquisition.
		 This subsidiary is currently inactive and has no operations.



2







Our Business Plan

Our current business plan is to serve as a vehicle for the acquisition of
		or merger or consolidation with another company (a target
		business).  We intend to use our available working capital
		($2,231,558 as of February 28, 2007), capital stock, debt or a combination of
		these to effect a business combination with a target business which we believe
		has significant growth potential.  The business combination may be with a
		financially stable, mature company or a company that is in its early stages of
		development or growth, which could include companies seeking to obtain capital
		and to improve their financial stability.

We will not restrict our search to any particular industry.  Rather,
		we may investigate businesses of essentially any kind or nature and participate
		in any type of business that may, in our managements opinion, meet our
		business objectives as described in this report.  We emphasize that the
		description in this report of our business objectives is extremely general and
		is not meant to restrict the discretion of our management to search for and
		enter into potential business opportunities. We have not chosen the particular
		business in which we will engage and have not conducted any market studies with
		respect to any business or industry for you to evaluate the possible merits or
		risks of the target business or the particular industry in which we may
		ultimately operate.  To the extent we enter into a business combination
		with a financially unstable company or an entity in its early stage of
		development or growth, including entities without established records of sales
		or earnings, we will become subject to numerous risks inherent in the business
		and operations of financially unstable and early stage or potential emerging
		growth companies.  In addition, to the extent that we effect a business
		combination with an entity in an industry characterized by a high level of
		risk, we will become subject to the currently unascertainable risks of that
		industry.  An extremely high level of risk frequently characterizes
		certain industries that experience rapid growth.  In addition, although we
		will endeavor to evaluate the risks inherent in a particular industry or target
		business, we cannot assure you that we will properly ascertain or assess all
		significant risk factors.

Results of Operations

We generated no revenues (other than interest and dividend income) since
		1992 and will not generate any revenues (other than interest and dividend
		income) until, at the earliest, the completion of a business combination.
		 There can be no assurance that we will be able to consummate a business
		combination.

Three months ended February 28, 2007 compared to three months ended
		February 28, 2006

For the three months ended February 28, 2007, other income (interest) was
		$26,909 as compared to $21,726 for the three months ended February 28, 2006.
		 The increase in interest income was due to the higher rates of interest
		paid to us on our U.S. Treasury Securities and money market fund investments,
		which are reported as cash and cash equivalents.

General, administrative and other expenses were $33,506 for the three
		months ended February 28, 2007, as compared to $34,379 for the three months
		ended February 28, 2006.  The decrease in expenses was due to lower audit
		and accounting fee expenses of $3,090, directors and officers liability
		insurance expenses of $234, dues and subscriptions expenses of $150, payroll
		expenses of $56 offset by higher legal expenses of $2,317, taxes and licenses
		of $296 and bank charges of $44.

General, administrative and other expenses for the three months ended
		February 28, 2007 consisted of directors' and officers' liability insurance
		expenses of $11,766, payroll expenses of $8,074, audit and accounting fee
		expenses of $4,447, legal expenses of $3,989, office sharing expenses of
		$2,700,



3







stockholder service expenses of $1,500, taxes and license expenses of
		$955 and bank charge expenses of $75.

Six months ended February 28, 2007 compared to six months ended
		February 28, 2006

For the six months ended February 28, 2007, other income (interest) was
		$54,038 as compared to $42,235 for the six months ended February 28, 2006.
		 The increase in interest income was due to the higher rates of interest
		paid to us on our U.S. Treasury Securities and money market fund investments,
		which are reported as cash and cash equivalents.

General, administrative and other expenses were $74,174 for the six
		months ended February 28, 2007, as compared to $78,792 for the six months ended
		February 28, 2006.  The decrease in expenses was due to lower audit and
		accounting fee expenses of $4,464, directors and officers liability
		insurance expenses of $468 and payroll expenses of $56 offset by higher taxes
		and licenses of $296, bank charges of $38, legal expenses of $28 and dues and
		subscriptions expenses of $8.

General, administrative and other expenses for the six months ended
		February 28, 2007 consisted of directors' and officers' liability insurance
		expenses of $23,532, audit and accounting fee expenses of $16,448, payroll
		expenses of $16,148, legal expenses of $7,840, office sharing expenses of
		$5,400, stockholder service expenses of $3,000, taxes and license expenses of
		$1,524, dues and subscriptions of $157 and bank charge expenses of $125.

Liquidity and capital resources

General

At February 28, 2007, cash and cash equivalents were $2,218,768, which
		includes $2,131,080 that is invested in U.S. Treasury Securities that matures
		in May 2007 yielding 5.08%, $81,078 invested in a money market with an
		effective yield of 4.30% and $6,610 in a non-interest bearing checking account.
		 At February 28, 2007, working capital was $2,231,558.

Cash flows provided by operating activities for the three months ended
		February 28, 2007 of $196 relates to a decrease in prepaid expenses, offset by
		the net loss and a decrease in accounts payable and accrued expenses.

Currently, our working capital is sufficient to last for more than 24
		months.  If we acquire a business, our-post acquisition capital needs may
		be more substantial and our current capital resources may not be sufficient to
		meet our requirements.  We currently believe that if we need capital in
		the future, we will be able to raise capital through sales of equity and
		institutional or investor borrowings, although we cannot assure you we will be
		able to obtain such capital.  We anticipate that after any acquisition we
		may complete in accordance with our business plan, we will use substantially
		all our then existing working capital to fund the operations of the acquired
		business. In addition, we believe that the new business operations will require
		additional capital to fund operations and the further development and marketing
		of the acquired technologies.



4







Contractual obligations

The Company has no material contractual obligations other than those
		relating to employment as described in our Annual Report on Form 10-KSB for the
		year ended August 31, 2006.

Recent accounting pronouncements

In September 2006, the FASB issued SFAS No. 157, Fair Value
		Measurements, which provides enhanced guidance for using fair value to
		measure assets and liabilities.  SFAS No. 157 provides a common definition
		of fair value and establishes a framework to make the measurement of fair value
		in generally accepted accounting principles more consistent and comparable.
		 SFAS No. 157 also requires expanded disclosures to provide information
		about the extent to which fair value is used to measure assets and liabilities,
		the methods and assumptions used to measure fair value, and the effect of fair
		value measures on earnings.  SFAS No. 157 is effective for financial
		statements issued in fiscal years beginning after November 15, 2007 and to
		interim periods within those fiscal years.  The Company is currently in
		the process of evaluating the effect, if any, the adoption of SFAS No. 157 will
		have on its results of operations, financial position, or cash flows.

In September 2006, the Securities and Exchange Commission issued Staff
		Accounting Bulletin (SAB) No. 108, Considering the Effects of
		Prior Year Misstatements when Quantifying Misstatements in Current Year
		Financial Statements.  SAB No. 108 was issued in order to eliminate
		the diversity in practice surrounding how public companies quantify financial
		statement misstatements.  SAB No. 108 requires that registrants quantify
		errors using both a balance sheet (iron curtain) approach and an income
		statement (rollover) approach then evaluate whether either approach results in
		a misstated amount that, when all relevant quantitative and qualitative factors
		are considered, is material.  SAB No. 108 is effective for fiscal years
		ending after November 15, 2006.  The Company has adopted the bulleting
		during 2006.  The adoption did not have a material effect on results of
		operations, financial position, or cash flows.

ITEM 3.

CONTROLS AND PROCEDURES

An evaluation of the effectiveness of our disclosure controls and
		procedures was made as of February 28, 2007 under the supervision and with the
		participation of our management, including our chairman, president and
		treasurer.  Based on that evaluation, they concluded that our disclosure
		controls and procedures are effective to ensure that information required to be
		disclosed by us in reports that we file or submit under the Securities Exchange
		Act of 1934 is recorded, processed, summarized and reported within the time
		periods specified in Securities and Exchange Commission rules and forms.
		 During the most recently completed fiscal quarter, there has been no
		significant change in our internal control over financial reporting that has
		materially affected, or is reasonably likely to materially affect, our internal
		control over financial reporting.

ITEM 4.

SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS.

None.



5







PART II

OTHER INFORMATION

ITEM 6.

EXHIBITS AND REPORTS ON FORM 8-K

(a)

Exhibits Filed.



Exhibit 31.1

Section 302 Certification of President

Exhibit 32.1

Section 906 Certification



(b)

Reports on Form 8-K.



None



6









SIGNATURE



In accordance with the requirements of the Exchange Act, the registrant
		caused this Form 10-QSB to be signed on its behalf by the undersigned,
		thereunto duly authorized.





|                      |     |                                            
|--------------------- | --- | -------------------------------------------
|                      |     | GOLF ROUNDS.COM, INC.                      
|                      |     |                                            
|Dated: April 10, 2007 | By: | /s/ Robert H.
				Donehew                  
|                      |     | Robert H. Donehew                          
|                      |     | President (Principal Executive Officer)    
|                      |     | and Treasurer (Principal Financial Officer)



7