<PAGE>

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

                                   FORM 10-QSB

     (Mark One)

     [ X ] Quarterly report under Section 13 or 15(d) of the Securities Exchange
           Act of 1934

     For the quarterly period ended March 31, 2001

     [   ] Transition report under Section 13 or 15(d) of the Securities
           Exchange Act of 1934

     For the transition period from  _________  to  _________

     Commission File No. 0-29015


                         INTERNET GOLF ASSOCIATION, INC.
                 (Name of Small Business Issuer in Its Charter)

               NEVADA                                    84-0605867
(State or Other Jurisdiction of                        (IRS Employer
 Incorporation or Organization)                    Identification Number)


24921 Dana Point Harbor Drive, Suite  B-200
Dana Point, California                                     92629
(Address of Principal Executive Offices)                 (Zip Code)

                                 (949) 493-9546
                           (Issuer's Telephone Number)
          SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:
                                     (None)

           SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:
                         Common Stock, par value $0.001
                                (Title of Class)

     Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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
         -----       -----


     Indicate the number of shares outstanding of each of the issuer's class of
common stock as of the latest practicable date:

   Title of each class of Common Stock     Outstanding as March 31, 2001
   -----------------------------------     ---------------------------------
   Common Stock, $0.001 par value                    32,084,750



     Transitional Small Business Disclosure Format (check  one):

Yes        No   X
    -----     -----

                                        1

<PAGE>

                                TABLE OF CONTENTS
                                -----------------

                         PART I - FINANCIAL INFORMATION


Item  1.     Financial  Statements.

Consolidated Balance Sheets at March 31, 2001 (Unaudited) and             3
March 31, 2000 (Unaudited).

Consolidated Statements of Operations (Unaudited) for the                 4
three months ended March 31, 2001 and for the three months
ended March 31, 2000 (Unaudited) and for the period from
inception on February 4, 1999 to March 31, 2001 (Unaudited).

Consolidated Statements of Cash Flows for the three months                5
ended March 31, 2001 (Unaudited), for the three months ended
March 31, 2000 (Unaudited) and for the period from inception
on February 4, 1999 to March 31, 2001 (Unaudited).

Notes  to  Interim  Financial  Statements  (Unaudited)                    7
at March 31, 2001.


Item 2.     Management Discussion and Analysis.                          13


                           PART II - OTHER INFORMATION

Item 1.     Legal Proceedings.                                           15

Item 2.     Changes in Securities.                                       15

Item 3.     Defaults Upon Senior Securities.                             15

Item 4.     Submission of Matters to a Vote of Security Holders.         15

Item 5.     Other Information.                                           15

Item 6.     Exhibits and Reports on Form 8-K.                            15

                                        2


<PAGE>
                         PART I - FINANCIAL INFORMATION

ITEM  1  -  FINANCIAL  STATEMENTS

                INTERNET GOLF ASSOCIATION, INC. AND SUBSIDIARIES
                          (DEVELOPMENT STAGE COMPANIES)

                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                     MARCH 31,       MARCH 31,
                                                                       2001            2000
                                                                  --------------  --------------
<S>                                                               <C>             <C>
ASSETS

Current assets:
  Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $         465   $      10,201
  Accounts Receivable                                                     1,990               -
  Inventories. . . . . . . . . . . . . . . . . . . . . . . . . .         22,706          22,705
  Other current assets . . . . . . . . . . . . . . . . . . . . .              -           1,173
                                                                  --------------  --------------
    Total current assets . . . . . . . . . . . . . . . . . . . .         25,161          34,079
                                                                  --------------  --------------
Property and equipment, at cost:
  Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . .         18,936          18,935
  Computers. . . . . . . . . . . . . . . . . . . . . . . . . . .         15,118          15,118
  Furniture and fixtures . . . . . . . . . . . . . . . . . . . .          1,195           1,195
                                                                  --------------  --------------
                                                                         35,249          35,248
  Less accumulated depreciation. . . . . . . . . . . . . . . . .        (10,910)         (9,668)
                                                                  --------------  --------------
    Total property and equipment, net. . . . . . . . . . . . . .         24,339          25,580
                                                                  --------------  --------------
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . .            500               -
                                                                  --------------  --------------
                                                                  $      50,000   $      59,659
                                                                  ==============  ==============

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
  Accounts payable and accrued expenses. . . . . . . . . . . . .  $     211,533   $     229,101
  Accrued officers' salary . . . . . . . . . . . . . . . . . . .        105,000               -
  Short-term notes payable                                               40,500         187,500
  Notes payable to officers. . . . . . . . . . . . . . . . . . .         39,700          40,000
                                                                  --------------  --------------
    Total current liabilities. . . . . . . . . . . . . . . . . .        396,733         456,601
                                                                  --------------  --------------
Long-term liabilities:
  Convertible note payable, net of unamortized discount
    of $58,331 and $174,999 at March 31, 2001 and
    March 31, 2000, respectively. . . . . . . . . . . . . . . .         275,002         158,334
                                                                  --------------  --------------

    Total liabilities. . . . . . . . . . . . . . . . . . . . . .        671,735         614,935
                                                                  --------------  --------------
Commitments and contingencies

Stockholders' deficit:
  Preferred stock, $0.001 par value; 5,000,000 shares
    authorized; no shares issued and outstanding . . . . . . . .              -               -
  Common stock, $0.001 par value; 100,000,000 shares
    authorized; 32,084,750 and 31,394,250 shares issued and outstanding at March
    31, 2001 and March 31, 1999 respectively (including 32,000 and 0 shares
    committed and not issued at March 31, 2001 and March 31,
    2000, respectively). . . . . . . . . . . . . . . . . . . . .         32,085          31,397
  Additional paid-in capital . . . . . . . . . . . . . . . . . .      1,289,111       1,117,924
  Deficit accumulated during the development stage . . . . . . .     (1,942,931)     (1,704,597)
                                                                  --------------  --------------
    Total stockholders' deficit. . . . . . . . . . . . . . . . .       (621,735)       (555,276)
                                                                  --------------  --------------
                                                                  $      50,000   $      59,659
                                                                  ==============  ==============
</TABLE>
                                        3

<PAGE>
                INTERNET GOLF ASSOCIATION, INC. AND SUBSIDIARIES
                          (DEVELOPMENT STAGE COMPANIES)

                      CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                                            FEBRUARY 4,
                                                                           1999 (DATE OF
                                                                            INCEPTION)
                                            THREE MONTHS    THREE MONTHS     THROUGH
                                            ENDED MARCH     ENDED MARCH       MARCH
                                             31, 2001        31, 2000        31, 2001
                                          --------------  --------------  --------------
<S>                                       <C>             <C>             <C>
Revenues . . . . . . . . . . . . . . . .  $           -   $      12,227   $      64,705

Cost of revenues . . . . . . . . . . . .              -           8,538          43,282
                                          --------------  --------------  --------------

Gross profit . . . . . . . . . . . . . .              -           3,689          21,423
                                          --------------  --------------  --------------

Operating expenses:
  General and administrative . . . . . .         22,138         301,986       1,266,426
  Payroll and related. . . . . . . . . .         45,710          59,489         397,613
  Advertising and related. . . . . . . .          1,344           3,936         511,349
  Depreciation . . . . . . . . . . . . .          1,260           5,052          10,910
                                          --------------  --------------  --------------
                                                 70,452         370,463       2,186,298
                                          --------------  --------------  --------------

Loss from operations . . . . . . . . . .        (70,452)       (366,774)     (2,164,875)

Interest expense, net of interest income
  of $0, $133 and $2,100, respectively .         36,210          38,989         261,331

Gain on conversion of debt to stock. . .              -               -         484,875
                                          --------------  --------------  --------------

Loss before provision for taxes. . . . .       (106,662)       (405,763)     (1,941,331)

Provision for taxes. . . . . . . . . . .              -               -           1,600
                                          --------------  --------------  --------------

Net loss . . . . . . . . . . . . . . . .  $    (106,662)  $    (405,763)  $  (1,942,931)
                                          ==============  ==============  ==============

Basic and diluted net loss per common
  share. . . . . . . . . . . . . . . . .  $       (0.01)  $       (0.01)
                                          ==============  ==============

Basic and diluted weighted average
  common shares outstanding. . . . . . .     27,901,088      31,395,050
                                          ==============  ==============
</TABLE>

                                        4


<PAGE>
                 INTERNET GOLF ASSOCIATION, INC. AND SUBSIDIARIES
                          (DEVELOPMENT STAGE COMPANIES)

                      CONSOLIDATED STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                                  FEBRUARY 4,
                                                                                 1999 (DATE OF
                                                                                  INCEPTION)
                                                  THREE MONTHS    THREE MONTHS     THROUGH
                                                  ENDED MARCH     ENDED MARCH       MARCH
                                                   31, 2001        31, 2000        31, 2001
                                                --------------  --------------  --------------
<S>                                             <C>             <C>             <C>
Cash flows from operating activities:
  Net loss . . . . . . . . . . . . . . . . . .  $    (106,626)  $    (405,763)  $  (1,942,931)
  Adjustments to reconcile net loss to net
    Cash used in operating activities:
    Depreciation and amortization. . . . . . .         30,536          34,219         170,974
    Value of shares issued for services. . . .              -           1,750         156,981
    Estimated fair market value of warrants
      Issued for services . . . . . . . . .  .              -         157,800         157,800
    Value of shares subscribed for services
      and beneficial conversion in connection
      with consulting services . . . . . . . .              -               -         146,500
    Issuance of stock for conversion of debt
      to capital . . . . . . . . . . . . . . .              -               -        (161,250)
    Write-off of note receivable to
      stockholder. . . . . . . . . . . . . . .              -               -          10,000
    Changes in operating assets and liabilities:
    Accounts Receivable. . . . . . . . . . . .          1,353               -          (1,990)
    Inventories. . . . . . . . . . . . . . . .              -              (1)        (22,706)
    Other current assets . . . . . . . . . . .              -            (520)              -
      Accounts payable and accrued expenses. .         29,046            6,441         211,533
      Other assets . . . . . . . . . . . . . .              -                -            (500)
      Accrued officer salary . . . . . . . . .         32,175                -         105,000
                                                --------------  --------------  --------------

  Net cash used in operating activities. . . .        (13,516)       (206,074)     (1,170,589)
                                                --------------  --------------  --------------

Cash flows from investing activities:
  Issuance of note receivable to stockholder .              -               -        (10,000)
  Purchases of property and equipment. . . . .              -               -        (35,249)
  Cash paid for transaction costs. . . . . . .              -               -       (125,000)

                                                --------------  --------------  --------------

  Net cash used in investing activities. . . .              -               -       (170,249)
                                                --------------  --------------  --------------

Cash flows from financing activities:
  Proceeds from sale of common stock . . . . .              -               -         616,940
  Payments for redemption of common stock. . .              -         (15,000)        (15,000)
  Issuance costs of shares sold  . . . . . . .                              -        (120,637)
  Proceeds from short-term note payable. . . .              -         187,500         228,000
  Proceeds from notes payable to officers. . .           (300)         40,000          39,700
  Proceeds from convertible note payable . . .              -               -         200,000
  Proceeds from other short-term borrowings. .          3,800               -         132,300
                                                --------------  --------------  --------------

  Net cash provided by financing activities. .          3,500         212,500       1,081,303
                                                --------------  --------------  --------------

Net change in cash . . . . . . . . . . . . . .        (10,016)          6,426        (259,535)

Cash at beginning of period. . . . . . . . . .         10,481           3,775               -

Cash acquired. . . . . . . . . . . . . . . . .              -                         260,000
                                                --------------  --------------  --------------

Cash at end of period. . . . . . . . . . . . .  $         465   $      10,201   $         465
                                                ==============  ==============  ==============
</TABLE>


                                        5


<PAGE>

                 INTERNET GOLF ASSOCIATION, INC. AND SUBSIDIARIES
                          (DEVELOPMENT STAGE COMPANIES)

                       STATEMENT OF CASH FLOWS - CONTINUED

<TABLE>
<CAPTION>
                                                                                  FEBRUARY 4,
                                                                                 1999 (DATE OF
                                                                                  INCEPTION)
                                                  THREE MONTHS   THREE MONTHS      THROUGH
                                                  ENDED MARCH    ENDED MARCH        MARCH
                                                   31, 2001        31, 2000        31, 2001
                                                --------------  --------------  --------------
<S>                                             <C>             <C>             <C>
Supplemental disclosure of cash flow
information:
    Cash paid during the period for:
       Interest. . . . . . . . . . .            $      36,210   $           -   $
261,331
                                                ==============  ==============  ==============
       Income taxes. . . . . . . . .            $           -   $           -   $       1,600
                                                ==============  ==============  ==============
</TABLE>

                                        6

<PAGE>

                INTERNET GOLF ASSOCIATION, INC. AND SUBSIDIARIES
                          (DEVELOPMENT STAGE COMPANIES)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                 March 31, 2001


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
-----------------------------------------------------------
PRINCIPLES
----------

Management's Representation
---------------------------

The financial statements included herein have been prepared by Internet Golf
Association, Inc. and subsidiaries (the "Company"), without audit, pursuant to
the rules and regulations of the Securities and Exchange Commission. Certain
information normally included in the financial statements prepared in accordance
with generally accepted accounting principles has been omitted pursuant to such
rules and regulations. However, the Company believes that the disclosures are
adequate to make the information presented not misleading. It is suggested that
the financial statements be read in conjunction with the audited financial
statements and notes for the fiscal year ended December 31, 2000 included in the
Company's amended 10-KSB filed with the Securities and Exchange Commission on
April 16, 2001. The interim results are not necessarily indicative of the
results for the full year.

Development Stage Company
-------------------------

The Company has been in the development stage since its formation. During the
development stage, the Company is primarily engaged in raising capital,
obtaining financing, advertising and promoting the Company and administrative
functions along with developing the interface and related web site
(www.igalinks.com). The Company will host state-of-the-art online interactive
multimedia golf tournaments via an online interface with Access Software's Links
LS '99. This site will allow golf enthusiasts to compete in interactive,
multi-media, PGA-style golf tournaments over the internet for potential cash
prizes and access a variety of related products and services.

Risks and Uncertainties
-----------------------

The Company is a start up company subject to the substantial business risks and
uncertainties inherent to such an entity, including the potential risk of
business failure.

The accompanying financial statements have been prepared assuming the Company
will continue as a going concern, which contemplates, among other things, the
realization of assets and satisfaction of liabilities in the normal course of
business. The Company's losses from operations through March 31, 2001 and lack
of operational history, among other matters, raise substantial doubt about its
ability to continue as a going concern. The Company intends to fund operations
through additional debt and equity financing arrangements which management
believes will be sufficient to fund its capital expenditures, working capital
requirements and other cash requirements through its proposed public offering.
There is no assurance the Company will be able to obtain sufficient additional
funds when needed, or that such funds, if available, will be obtainable on terms
satisfactory to the Company.

                                        7

<PAGE>

                INTERNET GOLF ASSOCIATION, INC. AND SUBSIDIARIES
                          (DEVELOPMENT STAGE COMPANIES)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                 MARCH 31, 2001



NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
-----------------------------------------------------------
PRINCIPLES, CONTINUED
---------------------

The future of the Company's operations depends in part on its continuing
alliance with Access Software, creator of Links LS '99 (the golf software
program the Company plans to use to provide the gameplay for the online
tournaments). The Company has no reason to believe that this alliance will not
continue; however, if it does not continue, it could have a significant adverse
effect on the Company's operations.

Principles of Consolidation
---------------------------

The consolidated financial statements include the accounts of Executive Golf
Outings, LLC ("EGO"), a company that organizes and hosts corporate golf events.
All significant intercompany balances and transactions have been eliminated in
consolidation. Minority interest related to EGO is not reported separately in
the financial statements as the amount is immaterial as of and for the period
ended March 31, 2001.

Use  of  Estimates
------------------

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of
contingent assets and liabilities at the date of the financial statements, as
well as the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.

Organization  Costs
-------------------

The Company adopted Statement of Position No. 98-5 ("SOP 98-5"), "Reporting the
Costs of Start-up Activities." SOP 98-5 requires that all non-governmental
entities expense the costs of start-up activities, including organizational
costs as those costs are incurred.

Inventories
-----------

The Company's inventories consist primarily of brochures and promotional
software.

Earnings Per Share
------------------

The Company has adopted Statement of Financial Accounting Standards No. 128
("SFAS 128"), "Earnings Per Share." Under SFAS 128, basic earnings per share is
computed by dividing income available to common shareholders by the
weighted-average number of common shares assumed to be outstanding during the
period of computation. Diluted earnings per share is computed similar to basic
earnings per share except that the denominator is increased to include the
number of additional common shares that would have been outstanding if the
potential common shares had been issued and if the additional common shares were
dilutive. Because the Company has incurred net losses, basic and diluted loss
per share are the same as additional potential common shares would be
anti-dilutive.



                                        8
<PAGE>

                INTERNET GOLF ASSOCIATION, INC. AND SUBSIDIARIES
                          (DEVELOPMENT STAGE COMPANIES)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                 MARCH 31, 2001


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
-----------------------------------------------------------
PRINCIPLES, CONTINUED
---------------------

Segment Information
-------------------

The Company has adopted Statement of Financial Accounting Standards No. 131
("SFAS 131"), "Disclosures about Segments of an Enterprise and Related
Information." SFAS 131 changes the way public companies report information about
segments of their business in their annual financial statements and requires
them to report selected segment information in their quarterly reports issued to
shareholders. It also requires entity-wide disclosures about the products and
services an entity provides, the material countries in which it holds assets and
reports revenues and its major customers. As the Company is currently in the
development stage, the Company does not yet have any reportable segments.

Property  and  Equipment
------------------------

Property and equipment are recorded at cost and are depreciated using the
straight-line method over the estimated useful lives of the related assets,
ranging from three to five years. Depreciation expense for the year ended
December 31, 2000 and 1999 was $5,035 and $4,616 respectively. Maintenance and
repairs are charged to expense as incurred. Significant renewals and betterments
are capitalized. At the time of retirement or other disposition of property and
equipment, the cost and accumulated depreciation are removed from the accounts
and any resulting gain or loss is reflected in operations.


Software  Development
---------------------

In March 2000, the Emerging Issues Task Force ("EITF") reached a consensus on
Issue No. 00-2 "Accounting for Web Site Development Costs" to be applicable to
all web site development costs incurred for the quarter beginning after June 30,
2000. The adoption of this EITf did not have a material impact on the Company's
results of operations or financial position. The consensus states that for
specific web site development costs, the accounting for such costs should be
accounted for under AICPA Statement of Position 98-1 (SOP 98-1), "Accounting for
the Costs of Computer Software Developed or Obtained for Internal Use."

The Company has adopted Statement of Position 98-1 ("SOP 98-1"), "Accounting for
the Cost of Computer Software Developed or Obtained for Internal Use." At March
31, 2001, the Company has no material internal-use computer software development
costs.


Impairment  of  Long-Lived  Assets
----------------------------------

Management of the Company assesses the impairment of long-lived assets by
comparing the future undiscounted net cash flows (without interest charges) from
the use and ultimate disposition of such assets with their carrying amounts. The
amount of impairment, if any, is measured based on fair value and is charged to
operations in the period in which such impairment is determined by management.
There was no impairment of long-lived assets identified for the year ended
December 31, 2000. There can be no assurance however that market conditions will
not change or demand for the Company's services will continue which could result
in impairment on long lived assets in the future.


                                        9

<PAGE>

                INTERNET GOLF ASSOCIATION, INC. AND SUBSIDIARIES
                          (DEVELOPMENT STAGE COMPANIES)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                 MARCH 31, 2001


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
-----------------------------------------------------------
PRINCIPLES, CONTINUED
---------------------

Income  Taxes
-------------

The Company accounts for income taxes under Statement of Financial Accounting
Standards No. 109 ("SFAS 109"), "Accounting for Income Taxes." Under SFAS 109,
deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax
bases. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. A valuation allowance is
provided for significant deferred tax assets when it is more likely than not
that such assets will not be recovered.


Stock  Based  Compensation
--------------------------

The Financial Accounting Standards Board (the "FASB") issued Statement of
Financial Accounting Standards No. 123 ("SFAS 123"), "Accounting for Stock-Based
Compensation," which defines a fair value based method of accounting for
stock-based compensation. However, SFAS 123 allows an entity to continue to
measure compensation cost related to stock and stock options issued to employees
using the intrinsic method of accounting prescribed by Accounting Principles
Board Opinion No. 25 ("APB 25"), "Accounting for Stock Issued to Employees."
Entities electing to remain with the accounting method of APB 25 must make pro
forma disclosures of net income (loss), as if the fair value method of
accounting defined in SFAS 123 had been applied. The Company has elected to
account for its stock-based compensation to employees under APB 25.

In March 2000, the FASB issued Interpretation No. 44 ("FIN 44"),"Accounting for
Certain Transactions involving Stock Compensation," an interpretation of APB 25.
FIN 44 clarifies the application of APB 25 for (a) the definition of employee
for purposes of applying APB 25, (b) the criteria for determining whether a plan
qualifies as a noncompensatory plan, (c) the accounting consequence for various
modifications to the terms of a previously fixed stock option or award, and (d)
the accounting for an exchange of stock compensation awards in a business
combination. FIN 44 is effective July 1, 2000, but certain provisions cover
specific events that occur after either December 15, 1998, or January 12, 2000.
The adoption of certain other provisions of FIN 44 prior to March 31, 2000 did
not have a material effect on the financial statements. The adoption of FIN 44
did not have a material effect on the financial statements.

Revenue  Recognition
--------------------

In December 1999, the Securities and Exchange Commission issued Staff Accounting
Bulletin 101 ("SAB 101"), "Revenue Recognition," which outlines the basic
criteria that must be met to recognize revenue and provides guidance for
presentation of revenue and for disclosure related to revenue recognition
policies in financial statements filed with the Securities and Exchange
Commission. The effective date of this pronouncement is the fourth quarter of
the fiscal year beginning after December 15, 1999. The adoption of SAB 101 did
not have a material effect on the financial statements.

The Company will recognize revenue during the month in which services are
provided and on a straight-line basis over the life of the membership dues
received. Revenues recognized during the years ended December 31, 2000 and 1999
are from EGO, which recognizes revenue from the organization and hosting of
corporate golf events when the events are completed.


                                       10

<PAGE>

                INTERNET GOLF ASSOCIATION, INC. AND SUBSIDIARIES
                          (DEVELOPMENT STAGE COMPANIES)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                 MARCH 31, 2001


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
-----------------------------------------------------------
PRINCIPLES, CONTINUED
---------------------

Advertising
-----------

Advertising costs are expensed as incurred.


Comprehensive  Income
---------------------

The Company has adopted Statement of Financial Accounting Standards No. 130
("SFAS 130"), "Reporting Comprehensive Income." SFAS 130 establishes standards
for reporting and display of comprehensive income and its components in a full
set of general-purpose financial statements. SFAS 130 had no effect on the
Company's financial statements as it had no comprehensive income components.

Common  Stock  Dividend
-----------------------

Effective September 13, 1999, the Company's Board of Directors approved a
two-for-one stock dividend. Par value remained at $.001 per share. All
references throughout these financial statements to number of shares, per share
amounts, stock option data and market prices of the Company's common stock have
been restated to reflect the stock dividend.

Fair  Value  of  Financial  Instruments
---------------------------------------

The Company has adopted Statement of Financial Accounting Standards No. 107
("SFAS 107"), "Disclosures About Fair Value of Financial Instruments." SFAS 107
requires disclosure of fair value information about financial instruments when
it is practicable to estimate that value. The carrying amount of the Company's
cash, receivables, accounts payable and accrued expenses approximates their
estimated fair values due to the short-term maturities of those financial
instruments.

Recent Accounting Pronouncements
--------------------------------

The FASB issued Statement of Financial Accounting Standards No. 133 ("SFAS
133"), "Accounting for Derivative Instruments and Hedging Activities." SFAS 133
establishes accounting and reporting standards for derivative instruments,
including certain derivative instruments embedded in other contracts, and for
hedging activities. It requires that an entity recognize all derivatives as
either assets or liabilities on the balance sheet at their fair value. This
statement, as amended by SFAS 137, is effective for financial statements for all
fiscal quarters of all fiscal years beginning after June 15, 2000. The Company
does not expect the adoption of this standard to have a material impact on its
results of operations, financial position or cash flows as it currently does not
engage in any derivative or hedging activities.


In March 2000, the Emerging Issues Task Force ("EITF") reached a consensus on
Issue No. 00-2 "Accounting for Web Site Development Costs" to be applicable to
all web site development costs incurred for the quarter beginning after June 30,
2000. The consensus states that for specific web site development costs, the
accounting for such costs should be accounted for under AICPA Statement of
Position 98-1 (SOP 98-1), "Accounting for the Costs of Computer Software
Developed or Obtained for Internal Use." Accordingly, certain web site
development costs which are presently being expensed as incurred, will be
capitalized and amortized. The Company has not yet assessed the potential effect
of the adoption of EITF Issue No. 00-2 on the financial statements.

                                       11

<PAGE>

                INTERNET GOLF ASSOCIATION, INC. AND SUBSIDIARIES
                          (DEVELOPMENT STAGE COMPANIES)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                 MARCH 31, 2001

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
-----------------------------------------------------------
PRINCIPLES, CONTINUED
---------------------

In December 1999, the Securities and Exchange Commission issued Staff Accounting
Bulletin 101 ("SAB 101"), "Revenue Recognition," which outlines the basic
criteria that must be met to recognize revenue and provides guidance for
presentation of revenue and for disclosure related to revenue recognition
policies in financial statements filed with the Securities and Exchange
Commission. The effective date of this pronouncement is the fourth quarter of
the fiscal year beginning after December 15, 1999. The Company believes that
adopting SAB 101 will not have a material impact on its financial position and
results of operations.

In March 2000, the FASB issued Interpretation No. 44 ("FIN 44"),"Accounting for
Certain Transactions involving Stock Compensation," an interpretation of APB 25.
FIN 44 clarifies the application of APB 25 for (a) the definition of employee
for purposes of applying APB 25, (b) the criteria for determining whether a plan
qualifies as a noncompensatory plan, (c) the accounting consequence for various
modifications to the terms of a previously fixed stock option or award, and (d)
the accounting for an exchange of stock compensation awards in a business
combination. FIN 44 is effective July 1, 2000, but certain provisions cover
specific events that occur after either December 15, 1998, or January 12, 2000.
The adoption of certain other provisions of FIN 44 prior to March 31, 2000 did
not have a material effect on the financial statements. The Company does not
expect that the adoption of the remaining provisions will have a material effect
on the financial statements.

Reclassification
----------------

Certain reclassifications have been made to the February 4, 1999 (date of
inception) through March 31, 2001 financial statements in order to conform to
the classification used in the current quarter.

NOTE 2 - NOTES PAYABLE
----------------------

Notes Payable to Officers
-------------------------

In March 2000, the Company borrowed $40,000 for working capital purposes from
officers of the Company. The notes require monthly interest payments of 8% with
all unpaid principal and accrued interest due on demand. During the quarter
ended March 31, 2001 $800.00 of interest expense was recognized. The due date on
this note has been extended until January 1, 2001.


                                       12

<PAGE>

                INTERNET GOLF ASSOCIATION, INC. AND SUBSIDIARIES
                          (DEVELOPMENT STAGE COMPANIES)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                 MARCH 31, 2001


NOTE 3 - STOCKHOLDERS' EQUITY
-----------------------------

On January 3, 2000, the Company issued warrants to purchase 40,000 shares of the
Company's common stock to outside consultants pursuant to various agreements.
The warrants, which have exercise prices ranging from $1.83 to $2.00, vest
immediately and are exercisable through January 1, 2002. During the three months
ended March 31, 2001, no SFAS 123 expense was recognized.

On March 1, 2000, the Company issued warrants to purchase 19,000 shares of the
Company's common stock to outside consultants pursuant to a consulting
agreement. The warrants, which have an exercise price of $2.00, vest immediately
and are exercisable through March 1, 2002. During the three months ended March
31, 2001, 20 SFAS 123 expense recognized.

On February 24, 2000, the Company issued 2,000 restricted shares and warrants to
purchase 200,000 shares of the Company's common stock to directors. The
warrants, which have an exercise price of $1.00, vest immediately and are
exercisable through February 24, 2002. During the three months ended March 31,
2000, no expense for the stock issuance and no SFAS 123 expense for the warrant
issuance recognized.

On August 14, 2000 the Company issued 332,200 shares of the Company's common
stock at $1.00 to the Company's attorney for services rendered, and a
independent consultant for services rendered or to be rendered.

NOTE 4 - SUBSEQUENT EVENTS
--------------------------


DISSOLUTION OF THE CORPORATION

The Company is out of money and cannot pay its bills. All fund raising
activities have been futile. Jack Johnson of Zenith Petroleum, a major
stockholder, has offered to clean up the Company' bills, settle the note payable
with Triton, settle the other outstanding debts, as well as to get the current
10-QSB filed and the next 10-QSB. All five founders of the Company will sign
over all but 1,000,000 shares each of their stock to Zenith Petroleum, plus
issue enough shares from unissued stock to give Zenith Petroleum a 51% interest
in the Company. If the Company does not act immediately it will not be able to
operate and file the current 10-QSB or the June 30, 2001 10-QSB. The Company
counsel, Joseph Pittera agreed that this was the only way to salvage the Company
and uphold the directors' fiduciary responsibility to all stockholders. It was
agreed upon by the Board of Directors to accept Zenith's proposal and fulfill
all the requirements as quickly as possible. The Company will rescind its merger
with Champion and spin off the IGA assets, then sell the shell to a new merger
candidate.

                                       13

<PAGE>

ITEM 2. Management Discussion and Analysis

CAUTIONARY STATEMENTS:

This Quarterly Report on Form 10-QSB contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. The Company intends that such
forward-looking statements be subject to the safe harbors created by such
statutes. The forward-looking statements included herein are based on current
expectations that involve a number of risks and uncertainties. Accordingly, to
the extent that this Quarterly Report contains forward-looking statements
regarding the financial condition, operating results, business prospects or any
other aspect of the Company, please be advised that the Company's actual
financial condition, operating results and business performance may differ
materially from that projected or estimated by the Company in forward-looking
statements. The differences may be caused by a variety of factors, including but
not limited to adverse economic conditions, intense competition, including
intensification of price competition and entry of new competitors and products,
adverse federal, state and local government regulation, inadequate capital,
unexpected costs and operating deficits, increases in general and administrative
costs, lower sales and revenues than forecast, loss of customers, customer
returns of products sold to them by the Company, termination of contracts, loss
of supplies, technological obsolescence of the Company's products, technical
problems with the Company's products, price increases for supplies, inability to
raise prices, failure to obtain new customers, litigation and administrative
proceedings involving the Company, the possible acquisition of new businesses
that result in operating losses or that do not perform as anticipated, resulting
in unanticipated losses, the possible fluctuation and volatility of the
Company's operating results, financial condition and stock price, inability of
the Company to continue as a going concern, losses incurred in litigating and
settling cases, adverse publicity and news coverage, inability to carry out
marketing and sales plans, loss or retirement of key executives, changes in
interest rates, inflationary factors and other specific risks that may be
alluded to in this Quarterly Report or in other reports issued by the Company.
In addition, the business and operations of the Company are subject to
substantial risks that increase the uncertainty inherent in the forward-looking
statements. The inclusion of forward-looking statements in this Quarterly Report
should not be regarded as a representation by the Company or any other person
that the objectives or plans of the Company will be achieved.

COMPANY OVERVIEW

Internet Golf organizes and conducts interactive golf tournaments on the
internet. Through our web site, which became operational in May 1999 and which
is located at www.IGALinks.com, persons interested in participating can become a
member of the Internet Golf Association, also called the IGA. Once a member,
participants can enroll in one or more virtual golf tournaments and, if their
score is good enough relative to other members playing in the same tournament,
potentially win cash prizes. To date we have held two test tournaments on our
web site.

On February 4, 1999, our founders formed Internet Golf Association, Inc. in the
State of Nevada for the purpose of organizing and hosting internet based,
interactive golf tournaments. On May 7, 1999, Internet Golf Association, Inc.
was acquired by another Nevada corporation named Champion Ventures, Inc.
Champion had previously been in several different industries, most recently
mining, but had no significant operations for the three years prior to their
acquisition of us. Immediately following the transaction, our founders owned a
majority of the outstanding stock of Champion, and thus had control of Champion.
For accounting purposes we recorded the transaction as a reverse acquisition
whereby Internet Golf Association, Inc. was treated as having acquired Champion.
Following the transaction, Champion changed its name to Internet Golf
Association, Inc., and the former Internet Golf Association, which is now a
wholly-owned subsidiary of Champion, changed its name to IGAT, Inc.

The material steps in the organization and development of our business during
the next twelve months (assuming receipt of adequate funding) include the
following:

*    Complete the functionality of our web site;
*    Form new strategic alliances in the golf industry to enhance our golf
     portal and improve our name recognition in the golf industry;
*    Develop and subsequently increase our advertising revenues; and
*    Increase IGA memberships.
                                       14


<PAGE>


These steps involve substantial risk to our business. The biggest risks to our
Company's success involve the potential inability to generate sufficient members
for our site which would make generation of advertising revenues difficult or
impossible.


RESULTS OF OPERATIONS

Internet Golf has been in its development stage since its inception on February
4, 1999. The Company had no operations prior to the May 7, 1999 combination with
Champion. For the three month period ended March 31, 2000, the Company generated
$12,227 in revenues and gross profit of $3,689, and a total loss from operations
of $366,774. For the three month period ended March 31, 2001, the Company
generated no revenues and gross profit of $0, and a total loss from operations
of $106,662. From inception through March 31, 2001, Internet Golf has generated
$64,705 in gross revenues with gross profit of $21,423 and a total loss of
operations of $2,164,875

Operating expenses and costs for the three month period ended March 31, 2000
were $370,463 and consisted primarily of payroll and general and administrative
expenses. Operating expenses and costs for the three month period ended March
31, 2001 were $70,452 and consisted primarily of payroll and general and
administrative expenses.

FINANCIAL CONDITION

Our financial statements at December 31, 2000 include an auditors' report
containing a modification regarding an uncertainty about our ability to continue
as a going concern. Our financial statements also include an accumulated deficit
of $1,942,931 as of March 31, 2001 and other indications of weakness in our
present financial position.

As of March 31, 2001, Internet Golf had assets of $50,000, consisting primarily
of cash of $465, accounts receivable of $1,990, inventories of $22,706,
property, plants and equipment of $35,249 and other long term assets of $500.

Liabilities at March 31, 2001 consist of accounts payable and accrued expenses
of $211,533, a note to two principal shareholders and officers of the company
for $39,700 due January 1, 2001 and accrued salary and payroll taxes for the
same two officers of $105,000. Short-term borrowings total $40,500.

Stockholders' deficit consists of common stock of $32,085 (31,054,750 shares at
$.001 par value), and additional paid-in capital of $1,298,111, offset by an
accumulated deficit of $1,942,111.

LIQUIDITY AND CAPITAL RESOURCES

To date Internet Golf has financed its operations through the sale of securities
in private placements to investors, which to date have totaled $616,250 in gross
proceeds to Internet Golf, as well as a convertible note of $200,000 from an
unaffiliated investor, a note from another unaffiliated investor for $187,500,
other short-term borrowings of $40,500 and loans from officers of $40,000.

On May 18, 2000, Internet Golf commenced a registered offering of common stock
through an offering registered on Form SB-2. This offering is for a total of
3,000,000 shares of common stock at $1.00 per share. The offering provided that
only after $650,000 had been placed in escrow could the Company receive proceeds
from this offering. The escrow had to be met by August 15, 2000. As of August
14, 2000 the Company had received sufficient proceeds and has advised the escrow
agent to release the escrow.

Internet Golf had cash of $465 as of March 31, 2001.

For the three-month period ended March 31, 2001, Internet Golf used cash of
$13,516 for operations, and was provided cash of $3,500 from financing
activities.

Internet Golf presently has no outstanding commitments for material capital
expenditures.



                                       15

<PAGE>


At the Company's current level of cash expenditures, cash needs cannot be met
from existing resources (assuming no substantial cash inflow from operations).
If the Company is unable to sell stock, it would be required to seek alternative
financing to remain in business. That financing could include debt or equity
offerings.









                                       16

<PAGE>

                           PART II - OTHER INFORMATION

ITEM 1 - LEGAL PROCEEDINGS

The Company may from time to time be involved in various claims, lawsuits,
disputes with third parties, actions involving allegations of discrimination, or
breach of contract actions incidental to the operation of its business. The
Company is not currently involved in any such litigation that it believes could
have a materially adverse effect on its financial condition or results of
operations.

ITEM 2 - CHANGES IN SECURITIES

None.

ITEM 3 - DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were submitted to the security holders for a vote during the period
covered by this report

ITEM 5 - OTHER INFORMATION

None.

ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

(A)      REPORTS ON FORM 8-K

8K at January 31, 2001
8K/A at February 28, 2001

                                       17


<PAGE>
                                   SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.




                                        INTERNET GOLF ASSOCIATION, INC.

                                        By  /s/  Vincent Castagnola
                                        ----------------------------------
                                        Vincent Castagnola
                                        President  &  CEO

Dated: May 15, 2001

                                       18