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

                                   FORM 10-QSB
(Mark One)

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

     For the quarterly period ended: May 31, 2006
                                     ------------

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

     For the transition period from ________ to ________.

                         Commission file number 0-10093
                                                -------

                              GOLF ROUNDS.COM, INC.
 -------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

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

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

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

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

            Check whether the issuer (1) filed all reports required to be filed
by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.

                                  Yes [X]    No [ ]

            State the number of shares outstanding of each of the issuer's
classes of common equity as of the latest practicable date: As of July 14, 2006,
the issuer had 3,447,377 shares of common stock, par value $.01 per share,
outstanding.

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






                                TABLE OF CONTENTS

Item 1. Financial Statements

        Condensed Consolidated Balance Sheet as of May 31, 2006 (unaudited)..F-1

        Condensed Consolidated Statements of Operations for the
          Three Months Ended May 31, 2006 and 2005 (unaudited)...............F-2

        Condensed Consolidated Statements of Operations for the
          Nine Months Ended May 31, 2006 and 2005 (unaudited)............... F-3

        Condensed Consolidated Statements of Cash Flows for the
          Nine Months Ended May 31, 2006 and 2005 (unaudited)................F-4

        Notes to Condensed Consolidated Financial Statements as of
              May 31, 2006  (unaudited)......................................F-5

Item 2. Management's Discussion and Analysis or Plan of Operation..............2

Item 3. Controls and Procedures................................................5

Item 4. Submission of Matters to Vote of Security Holders......................5

Item 6. Exhibits and Reports on Form 8-K.......................................5












                                       1


ITEM 1. FINANCIAL STATEMENTS

                      GOLF ROUNDS.COM, INC. AND SUBSIDIARY
                      CONDENSED CONSOLIDATED BALANCE SHEET
                                   (UNAUDITED)

                                                                  MAY 31, 2006
                                                                  -------------
                                     ASSETS

CURRENT ASSETS:

      Cash and cash equivalents                                   $   2,215,528
      Prepaid expenses                                                   48,138
                                                                  -------------

            TOTAL CURRENT ASSETS                                      2,263,666
                                                                  -------------

TOTAL ASSETS                                                      $   2,263,666
                                                                  =============

                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

     Accounts payable and accrued expenses                        $         812
                                                                  -------------

            TOTAL CURRENT LIABILITIES                                       812
                                                                  -------------

STOCKHOLDERS' EQUITY:

     Common Stock, $.01 par value, 12,000,000 shares
        authorized, 3,447,377 issued and outstanding                     34,473
     Additional capital in excess of par value                        4,831,939
     Accumulated deficit                                             (2,603,558)
                                                                  -------------

     TOTAL STOCKHOLDERS' EQUITY                                       2,262,854
                                                                  -------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                        $   2,263,666
                                                                  =============


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


                                      F-1




                      GOLF ROUNDS.COM, INC. AND SUBSIIDIARY
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

                                                FOR THE THREE MONTHS ENDED
                                                          MAY 31,
                                               -----------------------------
                                                   2006              2005
                                               -----------       -----------
EXPENSES:

     General, administrative and other         $    36,526       $    33,048
                                               -----------       -----------

            TOTAL EXPENSES                          36,526            33,048
                                               -----------       -----------

LOSS FROM OPERATIONS                               (36,526)          (33,048)
                                               -----------       -----------

OTHER INCOME:

     Interest                                       25,588            15,221
                                               -----------       -----------

            TOTAL OTHER INCOME                      25,588            15,221
                                               -----------       -----------

NET LOSS                                       $   (10,938)      $   (17,827)
                                               ===========       ===========

NET LOSS PER COMMON SHARE - BASIC AND
   DILUTED                                     $      0.00       $     (0.01)
                                               ===========       ===========

WEIGHTED AVERAGE NUMBER OF COMMON
   SHARES OUTSTANDING - BASIC AND DILUTED        3,447,377         3,447,377
                                               ===========       ===========












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



                                      F-2



                      GOLF ROUNDS.COM, INC. AND SUBSIIDIARY
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

                                                 FOR THE NINE MONTHS ENDED
                                                           MAY 31,
                                               ------------------------------
                                                   2006             2005
                                               -----------       -----------

EXPENSES:

     General, administrative and other         $   115,318       $   126,029
                                               -----------       -----------

            TOTAL EXPENSES                         115,318           126,029
                                               -----------       -----------

LOSS FROM OPERATIONS                              (115,318)         (126,029)
                                               -----------       -----------

OTHER INCOME:

     Interest                                       67,824            34,943
                                               -----------       -----------

            TOTAL OTHER INCOME                      67,824            34,943
                                               -----------       -----------

NET LOSS                                       $   (47,494)      $   (91,086)
                                               ===========       ===========

NET LOSS PER COMMON SHARE - BASIC AND
   DILUTED                                     $     (0.01)      $     (0.03)
                                               ===========       ===========

WEIGHTED AVERAGE NUMBER OF COMMON
   SHARES OUTSTANDING - BASIC AND DILUTED        3,447,377         3,447,377
                                               ===========       ===========












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



                                      F-3



                      GOLF ROUNDS.COM, INC. AND SUBSIDIARY
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)



                                                                FOR THE NINE MONTHS ENDED MAY 31,
                                                                ---------------------------------
                                                                    2006                  2005
                                                                -----------           -----------

CASH FLOWS FROM OPERATING ACTIVITIES:

   Net loss                                                      $   (47,494)         $   (91,086)
   Adjustments to reconcile net loss to net cash used in
     operating activities:

     Changes in operating assets and liabilities:

         Increase in prepaid expenses                                (11,138)             (10,667)

         Decrease in accounts payable and accrued expenses            (1,328)             (14,973)
                                                                 -----------          -----------


NET CASH USED IN OPERATING ACTIVITIES                                (59,960)            (116,726)
                                                                 -----------          -----------

NET DECREASE IN CASH AND CASH EQUIVALENTS                            (59,960)            (116,726)

CASH AND CASH EQUIVALENTS - beginning                              2,275,488            2,394,843
                                                                 -----------          -----------

CASH AND CASH EQUIVALENTS - ending                               $ 2,215,528          $ 2,278,117
                                                                 ===========          ===========



















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





                                      F-4



                      GOLF ROUNDS.COM, INC. AND SUBSIDIARY
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)
                               AS OF MAY 31, 2006


NOTE 1 - BASIS OF PRESENTATION

         (A)      INTERIM FINANCIAL STATEMENTS

         The accompanying unaudited condensed consolidated balance sheet of Golf
Rounds.com, Inc. and its wholly owned subsidiary, DPE Acquisition Corp.
(collectively, the "Company"), as of May 31, 2006, and the unaudited condensed
consolidated statements of operations for the three- and nine-month periods
ended May 31, 2006 and 2005 and the condensed consolidated statements of cash
flows for the nine-month periods ended May 31, 2006 and 2005 reflect all
material adjustments which, in the opinion of management, are necessary for a
fair presentation of results for the interim periods. Certain information and
footnote disclosures required under generally accepted accounting principles
have been condensed or omitted pursuant to the rules and regulations of the
Securities and Exchange Commission, although the Company believes that the
disclosures are adequate to make the information presented not misleading. These
condensed consolidated financial statements should be read in conjunction with
the year-end audited consolidated financial statements and notes thereto
included in the Company's Annual Report on Form 10-KSB for the year ended August
31, 2005, as filed with the Securities and Exchange Commission on December 12,
2005.

         The results of operations for the three- and nine-month periods ended
May 31, 2006 and 2005 are not necessarily indicative of the results to be
expected for the entire fiscal year or for any other period. Certain amounts
from prior periods have been reclassified to conform to the current period's
presentation.

         (B)      PRINCIPLES OF CONSOLIDATION

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

         (C)      LOSS PER SHARE

         Net loss per common share is based on the weighted average number of
shares of common stock outstanding during the applicable period. Excluded from
the net loss per share calculations for the three- and nine-month periods ended
May 31, 2006 and 2005 are contingently issuable shares of 725,251 and 695,251,
respectively, which, if included, would have an anti-dilutive effect.

         (D)      USE OF ESTIMATES

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




                                      F-5



                      GOLF ROUNDS.COM, INC. AND SUBSIDIARY
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)
                         AS OF MAY 31, 2006 (CONTINUED)


         (E)      STOCK-BASED COMPENSATION

         The Company has adopted SFAS No. 123(R) "Share-Based Payment" which
revises the accounting for stock-based compensation under SFAS No. 123 and APB
No. 25, "Accounting for Stock Issued to Employees" during the quarter ended May
31, 2006. All options granted by the Company to date were issued prior to August
31, 2005 (its last fiscal year end) and are non-plan, non-incentive and vested
immediately upon grant. Therefore, the Company has not recognized any expense
for the period ended May 31, 2006 from the adoption of SFAS No. 123(R).








































                                      F-6


ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

FORWARD-LOOKING STATEMENTS

         When used in this Report, words or phrases such as "will likely
result," "management expects," "we expect," "will continue," "is anticipated,"
"estimated" or similar expressions are intended to identify "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. You are cautioned not to place undue reliance on any such
forward-looking statements, each of which speak only as of the date made. Such
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from historical earnings and those presently
anticipated or projected. We have no obligation to publicly release the result
of any revisions which may be made to any forward-looking statements to reflect
anticipated or unanticipated events or circumstances occurring after the date of
such statements. Forward-looking statements involve a number of risks and
uncertainties including, but not limited to, general economic conditions, our
ability to find a suitable company to effect a business combination with,
competitive factors and other risk factors as set forth in Exhibit 99.1 of our
Annual Report on Form 10-KSB for the year ended August 31, 2005.

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

                                    OVERVIEW

         General

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

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

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

OUR BUSINESS PLAN

         We intend to use our available working capital ($2,262,854 as of May
31, 2006), capital stock, debt or a combination of these to effect a business
combination with a company that desires to establish a public trading market for
its securities while avoiding what it may deem to be adverse consequences of


                                       2


undertaking a public offering itself, such as time delays, significant expense,
loss of voting control and other burdens including significant professional
fees. The business combination may be with a financially stable, mature company
or a company that is in its early stages of development or growth, which could
include companies seeking to obtain capital and to improve their financial
stability.

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

RESULTS OF OPERATIONS

         We have had no revenues (other than interest and dividend income) since
1992 and will not generate any revenues (other than interest and dividend
income) until, at the earliest, the completion of a business combination.

         Three months ended May 31, 2006 compared to three months ended May 31,
2005

         For the three months ended May 31, 2006, other income (interest) was
$25,588 as compared to $15,221 for the three months ended May 31, 2005. The
increase in interest income was due to the higher rates of interest paid to us
on our U.S. Treasury Securities and money market fund investments, which are
reported as cash and cash equivalents.

         General, administrative and other expenses were $36,526 for the three
months ended May 31, 2006, as compared to $33,048 for the three months ended May
31, 2005. The increase in expenses over last year's expenses was due to
increased legal expenses of $3,401, audit and accounting fee expenses of $1,377
and payroll expenses of $56 offset by decreased due diligence expenses of $777,
directors and officer's liability insurance expenses of $411 and $168 of other
expenses.

         General, administrative and other expenses for the three months ended
May 31, 2006 consisted of directors' and officers' liability insurance expenses
of $11,922, payroll expenses of $8,132, audit and accounting fee expenses of
$5,577, legal expenses of $4,883, office sharing expenses of $2,700, taxes and
license expenses of $1,569, stockholder service expenses of $1,500, and $243 of
other expenses.

         Nine months ended May 31, 2006 compared to nine months ended May 31,
2005

         For the nine months ended May 31, 2006, other income (interest) was
$67,824 as compared to $34,943 for the nine months ended May 31, 2005. The
increase in interest income was due to the higher


                                       3


rates of interest paid to us on our U.S. Treasury Securities and money market
fund investments, which are reported as cash and cash equivalents.

         General, administrative and other expenses were $115,318 for the nine
months ended May 31, 2006, as compared to $126,029 for the nine months ended May
31, 2005. The decrease in expenses over last year's expenses was due to
reductions in due diligence expenses of $10,733, legal expenses of $3,511,
directors and officer's liability insurance expenses of $1,411, other expenses
of $132, stockholder service expenses of $120 and taxes and license expenses of
$25 offset by increases in audit and accounting fee expenses of $5,109 and
payroll expenses of $112.

         General, administrative and other expenses for the nine months ended
May 31, 2006 consisted of directors' and officers' liability insurance expenses
of $35,922, audit and accounting fee expenses of $26,489, payroll expenses of
$24,335, legal expenses of $12,696, office sharing expenses of $8,100,
stockholder service expenses of $4,500, taxes and license expenses of $2,796 and
$480 of other expenses.

LIQUIDITY AND CAPITAL RESOURCES

         General

         At May 31, 2006, cash and cash equivalents were $2,215,528, which
includes $2,174,364 that is invested in U.S. Treasury Securities that matures in
July 2006 yielding 4.76% and $41,164 invested in a money market and checking
accounts with an effective yield of 4.0%. At May 31, 2006, working capital was
$2,262,854.

         Cash flows used in operating activities for the nine months ended May
31, 2006 of $59,960 primarily relate to general and administrative
expenses.

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

         Contractual obligations

         The Company has no material contractual obligations other than those
relating to employment as described in our Annual Report on Form 10-KSB for the
year ended August 31, 2005.






                                       4



ITEM 3.  CONTROLS AND PROCEDURES

         An evaluation of the effectiveness of our disclosure controls and
procedures was made as of May 31, 2006 under the supervision and with the
participation of our management, including our chairman, president and
treasurer. Based on that evaluation, they concluded that our disclosure controls
and procedures are effective to ensure that information required to be disclosed
by us in reports that we file or submit under the Securities Exchange Act of
1934 is recorded, processed, summarized and reported within the time periods
specified in Securities and Exchange Commission rules and forms. During the most
recently completed fiscal quarter, there has been no significant change in our
internal control over financial reporting that has materially affected, or is
reasonably likely to materially affect, our internal control over financial
reporting.

ITEM 4.  SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS.

         None.

                                     PART II

                                OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibits Filed.

                  Exhibit 31.1   Section 302 Certification of President
                  Exhibit 32.1   Section 906 Certification

         (b)      Reports on Form 8-K.

                  None




















                                       5





                                    SIGNATURE

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



                                GOLF ROUNDS.COM, INC.



Dated: July 14, 2006            By: /s/ Robert H. Donehew
                                    --------------------------------------------
                                    Robert H. Donehew
                                    President (Principal Executive Officer)
                                    and Treasurer (Principal Financial Officer)



























                                       6