<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  September 30, 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)

12835 East Arapahoe Road #600
Greenwood Village, CO                                               80112
(Address  of  Principal  Executive  Offices)             (Zip  Code)

                                 (303) 779-1900
                           (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 September 30, 2001
-----------------------------------------      ---------------------------------
       Common Stock, $0.001 par value                       61,084,750

     Transitional Small Business Disclosure Format (check one):

Yes  No   X
       ------
                                        1



<PAGE>
                                TABLE OF CONTENTS
                                -----------------

                         PART I - FINANCIAL INFORMATION

Item  1.     Financial  Statements.

Balance Sheets at September 30, 2001 (unaudited) and                      3
December 31, 2000(audited).

Statements of Operations (unaudited) for the nine months ended            4
September 30, 2001 and for the nine months ended
September 30, 2000(unaudited).

Statements of Operations for the nine months ended                        5
September 30, 2001 (unaudited), for the nine months ended
September 30, 2000 (unaudited), and for the period from inception
on February 4, 1999 through September 30, 2001 (unaudited).

Statements of Cash Flows for the nine months ended                        6
September 30, 2001 (unaudited), for the nine months ended
September 30, 2000 (unaudited) and for the period from inception
on February 4, 1999 to September 30, 2001 (unaudited).

Notes to Interim Financial Statements at September 30, 2001               8
(unaudited).

Item  2.     Plan of Operations.                                         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.
                          (DEVELOPMENT STAGE COMPANY)
                                BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                 SEPTEMBER 30,      DECEMBER 31,
                                                                     2001               2000
                                                                 -------------      ------------
<S>                                                              <C>              <C>
ASSETS

Current assets:
  Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $         76     $     10,481
  Accounts receivable. . . . . . . . . . . . . . . . . . . . . .            -            3,343
  Inventories. . . . . . . . . . . . . . . . . . . . . . . . . .            -           22,706
  Other current assets . . . . . . . . . . . . . . . . . . . . .            -                _
                                                                 -------------    -------------
    Total current assets . . . . . . . . . . . . . . . . . . . .           76           36,530
                                                                 -------------    -------------

Property and equipment, at cost:
  Equipment. . . . . . . . . . . . . . . . . . . . . . . . . . .            -           18,936
  Computers. . . . . . . . . . . . . . . . . . . . . . . . . . .            -           15,118
  Furniture and fixtures . . . . . . . . . . . . . . . . . . . .            -            1,195
                                                                 -------------    -------------
                                                                            -           35,249
  Less accumulated depreciation. . . . . . . . . . . . . . . . .            -           (9,651)
                                                                 -------------    -------------
    Total property and equipment, net. . . . . . . . . . . . . .            -           25,598
                                                                 -------------    -------------

Other assets . . . . . . . . . . . . . . . . . . . . . . . . . .            -              500
                                                                 -------------    -------------

                                                                 $         76     $     62,628
                                                                 =============    =============

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
  Accounts payable and accrued expenses. . . . . . . . . . . . .  $    72,295   $      182,487
  Accrued officers' salary . . . . . . . . . . . . . . . . . . .            -           72,825
  Notes payable to officers. . . . . . . . . . . . . . . . . . .            -           66,200
  Notes payable to a shareholder . . . . . . . . . . . . . . . .            -           10,500
                                                                  ------------  ---------------
    Total current liabilities. . . . . . . . . . . . . . . . . .       72,295          332,012
                                                                  ------------  ---------------

Long-term liabilities:
  Convertible note payable, net of unamortized discount
    of $58,331 and $87,498 at June 30, 2001 and
    December 31, 2000, respectively. . . . . . . . . . . . . . .      333,333          245,835
                                                                  ------------  ---------------

    Total liabilities. . . . . . . . . . . . . . . . . . . . . .      405,628          577,847
                                                                  ------------  ---------------

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; 61,084,750 and 32,084,750 shares issued and
    outstanding at September 30, 2001 and December 31, 2000,
    respectively  (including 0 and 32,000 shares committed and
    not issued at September 30, 2001 and December 31, 2000,
    respectively). . . . . . . . . . . . . . . . . . . . . . . .       61,085           32,085
  Additional paid-in capital . . . . . . . . . . . . . . . . . .    1,406,863        1,289,111
  Deficit accumulated during the development stage . . . . . . .   (1,873,500)      (1,836,415)
                                                                  ------------  ---------------
    Total stockholders' deficit. . . . . . . . . . . . . . . . .     (405,552)        (515,219)
                                                                  ------------  ---------------

                                                                  $        76   $       62,628
                                                                  ============  ===============
</TABLE>
                    See accompanying notes to financial statements

                                          3



<PAGE>

                        INTERNET GOLF ASSOCIATION, INC.
                          (DEVELOPMENT STAGE COMPANY)
                           STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                       THREE MONTHS ENDED    THREE MONTHS ENDED
                                                       SEPTEMBER 30, 2001    SEPTEMBER 30, 2000
                                                      --------------------  --------------------
<S>                                                   <C>                   <C>
Revenues . . . . . . . . . . . . . . . . . . . . . .  $                 -   $                70

Cost of revenues . . . . . . . . . . . . . . . . . .                    -                     -
                                                      --------------------  --------------------

Gross profit . . . . . . . . . . . . . . . . . . . .                    -                    70
                                                      --------------------  --------------------

Operating expenses:
  General and administrative . . . . . . . . . . . .               16,753               251,944
  Payroll and related. . . . . . . . . . . . . . . .                    -                51,068
  Advertising and related. . . . . . . . . . . . . .                    -                   226
  Depreciation . . . . . . . . . . . . . . . . . . .                    -                 2,937
                                                      --------------------  --------------------
                                                                   16,753               306,175
                                                      --------------------  --------------------

Loss from operations . . . . . . . . . . . . . . . .              (16,753)             (306,105)

Interest expense, net of interest income of $ 0 and
  $133, respectively . . . . . . . . . . . . . . . . .             35,832                40,682

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

Gain (loss) before provision for taxes. . . . . .  .              (52,585)              138,088

Provision for taxes. . . . . . . . . . . . . . . . .                    -                     -
                                                      --------------------  --------------------

Net gain (loss). . . . . . . . . . . . . . . . . . .  $           (52,585)  $           138,088
                                                      ====================  ====================

Basic and diluted net gain (loss)
   per common share. . . . . . . . . . . . . . . . .  $              0.00   $              0.00
                                                      ====================  ====================

Basic and diluted weighted average common
  shares outstanding . . . . . . . . . . . . . . . .           56,270,653            32,042,500
                                                      ====================  ====================

</TABLE>


                  See accompanying notes to financial statements

                                        4
<PAGE>
                        INTERNET GOLF ASSOCIATION, INC.
                          (DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>

                                                                            FEBRUARY 4, 1999
                                                                                (DATE OF
                                             NINE MONTHS     NINE MONTHS       INCEPTION)
                                                ENDED           ENDED           THROUGH
                                            SEPTEMBER 30,   SEPTEMBER 30,    SEPTEMBER 30,
                                                2001            2000             2001
                                          ----------------  -------------  ---------------
<S>                                       <C>                 <C>          <C>
Revenues . . . . . . . . . . . . . . . .  $               -   $   20,645   $       64,705

Cost of revenues . . . . . . . . . . . .                  -        9,972           43,282
                                          ------------------  -----------  ---------------

Gross profit . . . . . . . . . . . . . .                  -       10,673           21,423
                                          ------------------  -----------  ---------------

Operating expenses:
  General and administrative . . . . . .             50,369      611,013        1,294,657
  Payroll and related. . . . . . . . . .                  -      163,405          351,903
  Advertising and related. . . . . . . .                  -        6,097          510,150
  Depreciation . . . . . . . . . . . . .                  -       10,831            9,651
                                          ------------------  -----------  ---------------
                                                     50,369      791,346        2,166,361
                                          ------------------  -----------  ---------------

Loss from operations. . . . . . . . . .             (50,369)    (780,673)      (2,144,938)

Interest expense, net of interest income
  of $0, $133, and $2,100, respectively.            111,877      119,475          336,998

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

Gain on settlement of debt. . . . . . .             125,161            -          125,015
                                          ------------------  -----------  ---------------

Loss before provision for taxes. . . . .            (37,085)    (415,273)      (1,872,046)

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

Net loss . . . . . . . . . . . . . . . .  $         (37,085)  $ (415,273)  $   (1,873,646)
                                          ==================  ===========  ===============

Basic and diluted net gain (loss)
  per common share . . . . . . . . . . .  $            0.00   $    (0.01)
                                          ==================  ===========

Basic and diluted weighted average
  common shares outstanding. . . . . . .         49,081,087   31,056,702
                                          ==================  ===========
</TABLE>



                  See accompanying notes to financial statements

                                        5



<PAGE>

                        INTERNET GOLF ASSOCIATION, INC.
                          (DEVELOPMENT STAGE COMPANY)
                            STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                             FEBRUARY 4, 1999
                                                                                 (DATE OF
                                                NINE MONTHS     NINE MONTHS     INCEPTION)
                                                   ENDED           ENDED          THROUGH
                                               SEPTEMBER 30,   SEPTEMBER 30,   SEPTEMBER 30,
                                                   2001            2000            2001
                                              --------------   ------------- ---------------
<S>                                           <C>              <C>           <C>
Cash flows from operating activities:
  Net loss . . . . . . . . . . . . . . . . . . . $  (37,085)     $(415,273)     $(1,873,500)
  Adjustments to reconcile net loss to net
    cash used in operating activities:
    Depreciation and amortization. . . . . . . .     77,849         98,332          232,645
    Value of shares issued for services. . . . .          -         29,323          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)        (161,250)
    Write-off of note receivable to stockholder.          -              -           10,000
    Changes in operating assets and liabilities:
      Inventories. . . . . . . . . . . . . . . .     22,705              -                -
      Prepaid expenses.  . . . . . . . . . . . .          -              -                -
      Accounts receivable  . . . . . . . . . . .      3,343         (3,413)               -
      Other current assets . . . . . . . . . . .          -        (64,698)               -
      Accounts payable and accrued expenses. . .   (110,192)       (37,268)          57,295
      Other assets . . . . . . . . . . . . . . .        500           (500)               -
      Accrued officer salary . . . . . . . . . .    (72,825)        64,950                -
                                                  ----------     ----------     ------------

  Net cash used in operating activities. . . . . . (115,705)      (331,997)      (1,273,529)
                                                  ----------     ----------     ------------

Cash flows from investing activities:
  Issuance of note receivable to stockholder . .          -              -          (10,000)
  (Purchases) dispositions of property
    and equipment. . . . . . . . . . . . . . . .     35,248              -                -
  Cash paid for transaction costs. . . . . . . .          -              -         (125,000)
  Loan to related party. . . . . . . . . . . . .          -              -                -
  Software development costs . . . . . . . . . .          -              -                -
                                                  ----------     ----------     ------------

  Net cash used in investing activities. . . . .     35,248              -         (135,000)
                                                  ----------     ----------     ------------

Cash flows from financing activities:
  Proceeds from sale/issuance of common stock. .    146,752              -          763,692
  Payments for redemption of common stock. . . .          -        (15,000)               -
  Issuance costs of shares sold  . . . . . . . .          -              -         (120,637)
  Proceeds from short-term note payable. . . . .          -        187,500          187,500
  Proceeds from notes payable to officers. . . .    (66,200)        40,000                -
  Proceeds from convertible note payable . . . .          -              -          200,000
  Proceeds from other short-term borrowings. . .    (10,500)       118,050          118,050
                                                  ----------     ----------     ------------

  Net cash provided by financing activities. . .     70,052        330,550        1,148,605
                                                 ----------      ----------     ------------

Net change in cash . . . . . . . . . . . . . . .    (10,405)        (1,447)        (259,924)

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

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

Cash at end of period. . . . . . . . . . . . . .  $      76      $   2,328      $        76
                                                  ==========     ==========     ============
</TABLE>
                  See accompanying notes to financial statements

                                        6

<PAGE>

                        INTERNET GOLF ASSOCIATION, INC.
                          (DEVELOPMENT STAGE COMPANY)
                     STATEMENT OF CASH FLOWS - CONTINUED

<TABLE>
<CAPTION>

                                                                            FEBRUARY 4, 1999
                                                                                (DATE OF
                                              NINE MONTHS      NINE MONTHS     INCEPTION)
                                                 ENDED            NINE          THROUGH
                                             SEPTEMBER 30,    SEPTEMBER 30,   SEPTEMBER 30,
                                                 2001             2000            2001
                                           ---------------  --------------  ---------------
<S>                                        <C>              <C>             <C>
Supplemental disclosure of cash flow
information:
    Cash paid during the period for:
       Interest. . . . . . . . . . . . .    $           -      $   119,475   $     155,984
                                            ==============    ============  ===============
       Income taxes. . . . . . . . . . .    $           -     $        800   $       1,600
                                            ==============    ============  ===============
</TABLE>





                  See accompanying notes to financial statements

                                        7
<PAGE>
                        INTERNET GOLF ASSOCIATION, INC.
                          (DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 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. (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 10-KSB filed with the Securities and Exchange Commission on April 17,
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 hosted state-of-the-art online interactive
multimedia golf tournaments via an online interface with Access Software's Links
LS '99. This site allowed 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. A lack of working
capital prevented the full implementation of these interactive golf tournaments.
Consequently, this web site and its related liabilities have been distributed to
one of the officers of the Company, in partial settlement of the note payable
owed to said officer.

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 September 30, 2001 and
lack of operational history, among other matters, raise substantial doubt about
its ability to continue as a going concern. The Company has halted operations of
the principal line of business, spun off its subsidiary, Executive Golf Outings,
and is currently seeking a merger candidate with adequate financial resources to
continue its existence, pursuing the line of business of the merger candidate.
There can be no assurance that the Company will be able to locate a merger
candidate with sufficient financial resources, or that if located, a merger will
be consummated on terms satisfactory to the Company.

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.

                                        8
<PAGE>
                        INTERNET GOLF ASSOCIATION, INC.
                          (DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2001

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

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.

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.

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
September 30, 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. However market conditions have changed as well as demand for
the Company's services. Consequently, all long-lived assets (predominately used
computers and office furniture) have been distributed in a partial settlement of
notes payable and accrued salaries due to officers and directors of the Company.

                                     9
<PAGE>

                        INTERNET GOLF ASSOCIATION, INC.
                          (DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 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 has 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.

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

Advertising costs are expensed as incurred.

                                            10
<PAGE>

                        INTERNET GOLF ASSOCIATION, INC.
                          (DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2001

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

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 spun off its non-productive web site,
and its related liabilities, to an officer and director of the Company in
partial settlement of the note payable and accrued salary due to him.

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

Certain reclassifications have been made to the February 4, 1999 (date of
inception) through September 30, 2001 financial statements in order to conform
to the classification used in the current quarter.

                                        11



<PAGE>
                        INTERNET GOLF ASSOCIATION, INC.
                          (DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2001

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 had been extended until January 1, 2001. Settlement of this note,
accrued interest, and accrued salaries was made during the quarter ended June
30, 2001, including a $20,000.00 cash payment and distribution of fixed assets
and web site t o the two officers and directors. See note four, "Dissolution of
the Corporation."

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 nine months
ended September 30, 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 nine months ended
September 30, 2001, no 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 nine months ended
September 30, 2001, 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.

On April 23, 2001, the Company issued 9,000,000 shares of the Company's common
stock at $0.033 per share to a non-related third party in settlement of an
outstanding note payable of $30,000 and forgiveness of accrued interest.

On April 23, 2001, the Company issued 20,000,000 shares of the Company's common
stock at $0.0059 per share to a stockholder in settlement of a $10,500 note
payable, forgiveness of accrued interest, assumption off all of the Company's
debt with the exception of the convertible note payable to Triton, provide cash
to continue operations and insure the timely compliance with Security and
Exchange Commissions filings requirements through September 30, 2001, and
services rendered and to be rendered in locating and consummating a suitable
merger candidate.

NOTE 4 - DISSOLUTION OF THE CORPORATION
---------------------------------------

The Company was out of money and could not pay its bills. All fund raising
activities had been futile. Zenith Petroleum, a major stockholder, had
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.
All five founders of the Company have signed over all but 1,000,000 shares each
of their stock to Zenith Petroleum, and have issued 20,000,000 shares from
unissued stock to give Zenith Petroleum a 51% interest in the Company. If the
Company did not act immediately it would not have be able to operate and file
the March 31, 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 has rescinded its merger with Executive Golf
Outings and spun off the IGA assets, and is currently seeking a suitable
merger candidate.

                                           12


<PAGE>

                        INTERNET GOLF ASSOCIATION, INC.
                          (DEVELOPMENT STAGE COMPANY)
                         NOTES TO FINANCIAL STATEMENTS

                               SEPTEMBER 30, 2001

NOTE 5 - SUBSEQUENT EVENTS
------------------------------

As of October 15, 2001 the Company has filed with the State of Nevada the
requisite paperwork for a reverse stock split of 100 to 1. Any shareholder with
less than 100 shares will receive one full share. Because of this, the total
number of shares after the reverse stock split cannot be determined at this
time.

ITEM 2. PLAN OF OPERATION

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 previously organized and conducted interactive golf tournaments on
the internet. Through the Company 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 they 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 the Company had held two test
tournaments on the Company web site, which has now been distributed to a officer
and director, along with the web sites related liabilities, in partial
settlement of notes payable and accrued interest due to the officer.

                                       13



<PAGE>

ITEM 2. PLAN OF OPERATION -CONTINUED

On February 4, 1999, the Company 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, the founders owned a
majority of the outstanding stock of Champion, and thus had control of Champion.
For accounting purposes the Company 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 the Company business
during the next twelve months (assuming receipt of adequate funding) include the
following:

*    Complete the payment off all vendors.
*    Locate a suitable merger candidate.
*    Consummate a merger on terms beneficial to the shareholders of the Company.

These steps involve substantial risk to the Company business. The biggest risks
to the Company's success involve the potential inability to a suitable merger
candidate.

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 September 30, 2001, the Company
Generated no revenues and no gross profit, and a total loss from operations of
$52,585. For the nine month period ended September 30, 2001, the Company
generated no revenues and no gross profit, and a total loss from operations of
$37,085. From inception through September 30, 2001, Internet Golf has generated
$64,705 in gross revenues with gross profit of $21,423 and a total loss of
operations from $2,144,938.

Operating expenses and costs for the three month period ended September 30, 2001
were $16,753 and consisted primarily of general and administrative expenses.
Operating expenses and costs for the nine month period ended September 30, 2001
were $50,369 and consisted primarily of general and administrative expenses.
Interest expense for the three months ended September 30, 2001 was $35,832.
Interest expense for the nine months ended September 30, 2001 was $111,877.
During the quarter ended September 30, 2001 the Company recorded a gain of
$125,161 on the settlement of its debt.

The net loss for the quarter ended September 30, 2001 was $37,085.

FINANCIAL CONDITION

The Company's financial statements at December 31, 2000 include an auditors'
report containing a modification regarding an uncertainty about its ability to
continue as a going concern. The December 31, 2000 financial statements also
include an accumulated deficit of $1,836,415. As of September 30, 2001 the
financial statements included an accumulated deficit of $1,873,500 and other
indications of weakness in the Company's present financial position.

As of September 30, 2001, Internet Golf had assets of $76, consisting of cash.

Liabilities as of September 30, 2001 consist of accounts payable and accrued
expenses of $72,295 and a long term convertible note of $333,333.

Stockholders' deficit consists of common stock of $61,085 (61,084,750 shares at
$.001 par value), and additional paid-in capital of $1,406,863, offset by an
accumulated deficit of $1,873,500.

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,
and loans from officers of $40,000.

                                       14



<PAGE>

ITEM 2. PLAN OF OPERATION -CONTINUED

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 September
30, 2000, the escrow had not been broken. As of the date of this 10-QSB,
however, the Company has received sufficient proceeds and has advised the escrow
agent to release the escrow.

Internet Golf had cash of $76 as of September 30, 2001.

For the nine month period ended September 30, 2001, Internet Golf used cash of
$115,705 for operations, and was provided cash of $70,052 from financing
activities (from the proceeds of the sale or issuance of stock of $146,752,
offset by reduction of $76,700 on notes payable in the settlement of debt).

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

On January 12, 2000, the Company entered into a promissory note with Alster
Finance, an unrelated entity. Alster invested $187,500 in Internet Golf in the
note. The note is unsecured, and is payable in one payment together with accrued
interest at 8% per annum on August 31, 2000. The due date for the note was
extended by Alster and Alster converted the Note to common stock at $1.00 per
share.

                           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

No securities were issued during the period covered by this report.

ITEM 3 - DEFAULTS UPON SENIOR SECURITIES

The Company is in default with respect to the payment of interest on the
promissory notes described in Note 2 to the financial statements which are part
of this report. The total unpaid interest on those promissory notes to date is
$55,555.


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

None

                                 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/  Patricia Johnston
                                        ----------------------------------
                                        Patricia Johnston
                                        President  &  CEO

Dated: October 31, 2001

                                     15