0001477932-12-004846.txt : 20121213 0001477932-12-004846.hdr.sgml : 20121213 20121213163455 ACCESSION NUMBER: 0001477932-12-004846 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120831 FILED AS OF DATE: 20121213 DATE AS OF CHANGE: 20121213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLF ROUNDS COM INC CENTRAL INDEX KEY: 0000319016 STANDARD INDUSTRIAL CLASSIFICATION: [9995] IRS NUMBER: 223664872 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10093 FILM NUMBER: 121262471 BUSINESS ADDRESS: STREET 1: 376 MAIN STREET STREET 2: PO BOX 74 CITY: BEDMINSTER STATE: NJ ZIP: 07921 BUSINESS PHONE: 9089019250 MAIL ADDRESS: STREET 1: 376 MAIN STREET STREET 2: P O BOX 74 CITY: BEDMINSTER STATE: NJ ZIP: 07921 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN METALS SERVICE INC DATE OF NAME CHANGE: 19920703 10-K 1 teee_10k.htm FORM 10-K teee_10k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

(Mark One)

þ
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
   
 
For the fiscal year ended: August 31, 2012
   
o
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 registrant as specified in its charter)

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

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

770-951-0984
(Registrant’s telephone number)

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

Check whether the registrant (1) has 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 þ           No o

State the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: As of December 13, 2012, the issuer had 3,567,377 shares of common stock, par value $.01 per share, outstanding.

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recent completed second fiscal quarter.  As of February 28, 2012, the aggregate market value was $282,769.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o
Accelerated filer o
Non-accelerated filer o
Smaller reporting company þ
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):

Yes þ           No o

 
 
 
TABLE OF CONTENTS
 
PART I
        
         
Item 1. Description of Business
     3  
Item 2. Description of Properties
     6  
Item 3. Legal Proceedings
     6  
Item 4. Mine Safety Disclosures
     6  
         
PART II
        
         
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
     7  
Item 6. Selected Financial Data
     8  
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
     8  
Item 8. Financial Statements and Supplementary Data
     11  
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
     12  
Item 9A(T). Controls and Procedures
     12  
Item 9B. Other Information
     12  
         
PART III
        
         
Item 10. Directors, Executive Officers and Corporate Governance
     12  
Item 11. Executive Compensation
     13  
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
     15  
Item 13. Certain Relationships and Related Transactions, and Director Independence
     17  
Item 14. Principal Accountant Fees and Services
     17  
         
PART IV
        
         
Item 15. Exhibits, Financial Statement Schedules
     18  
         
SIGNATURES
     19  
EX-31.1: Certification
        
EX-32.1: Certification
        
EX-99.1: Risk Factors
        
 
 
2
 

PART I

ITEM 1.  DESCRIPTION OF BUSINESS
 
INTRODUCTION
 
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.

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
 
Generally
 
Our current business plan is to serve as a vehicle for the acquisition of or merger or consolidation with another company (a “target business”).  We intend to use our available working capital, capital stock, debt or a combination of these to effect a business combination with a target business which we believe has significant growth potential.  The business combination may be with a financially stable, mature company or a company that is in its early stages of development or growth, which could include companies seeking to obtain capital and to improve their financial stability.
 
We will not restrict our search to any particular industry.  Rather, we may investigate businesses of essentially any kind or nature and participate in any type of business that may, in our management’s opinion, meet our business objectives as described in this report.  We emphasize that the description in this report of our business objectives is extremely general and is not meant to restrict the discretion of our management to search for and enter into potential business opportunities. We have not chosen the particular business in which we will engage and have not conducted any market studies with respect to any business or industry for you to evaluate the possible merits or risks of the target business or the particular industry in which we may ultimately operate.  To the extent we enter into a business combination with a financially unstable company or an entity in its early stage of development or growth, including entities without established records of sales or earnings, we will become subject to numerous risks inherent in the business and operations of financially unstable and early stage or potential emerging growth companies.  In addition, to the extent that we effect a business combination with an entity in an industry characterized by a high level of risk, we will become subject to the currently unascertainable risks of that industry.  An extremely high level of risk frequently characterizes certain industries that experience rapid growth.  In addition, although we will endeavor to evaluate the risks inherent in a particular industry or target business, we cannot assure you that we will properly ascertain or assess all significant risk factors.
 
Sources of target businesses
 
We anticipate that target business candidates will be brought to our attention from various unaffiliated sources, including securities broker-dealers, investment bankers, venture capitalists, bankers and other members of the financial community, who may present solicited or unsolicited proposals. Our officers and directors and their affiliates may also bring to our attention target business candidates. While we do not presently anticipate engaging the services of professional firms that specialize in business acquisitions on any formal basis, we may engage such firms in the future, in which event, we may pay a finder’s fee or other compensation for such introductions if they result in consummated transactions. These fees are customarily between 1% and 5% of the size of the overall transaction, based upon a sliding scale of the amount involved.
 
 
3
 
 
Selection of a target business and structuring of a business combination
 
Our management will have significant flexibility in identifying and selecting a prospective target business. In evaluating a prospective target business, our management will consider, among other factors, the following:
 
·
the financial condition and results of operation of the target;
 
·
the growth potential of the target and that of the industry in which the target operates;
 
·
the experience and skill of the target’s management and availability of additional personnel;
 
·
the capital requirements of the target;
 
·
the competitive position of the target;
 
·
the stage of development that the target’s products, processes or services are at;
 
·
the degree of current or potential market acceptance of the target’s products, processes or services;
 
·
proprietary features and the degree of intellectual property or other protection of the target’s products, processes or services;
 
·
the regulatory environment of the industry in which the target operates;
 
·
the prospective equity interest in, and opportunity for control of, the target; and
 
·
the costs associated with effecting the business combination.
 
These criteria are not intended to be exhaustive. Any evaluation relating to the merits of a particular business combination will be based, to the extent relevant, on the above factors as well as other considerations deemed relevant by our management in connection with effecting a business combination consistent with our business objective. In connection with our evaluation of a prospective target business, we anticipate that we will conduct an extensive due diligence review that will encompass, among other things, meetings with incumbent management and inspection of facilities, as well as a review of financial or other information that will be made available to us.
 
We will endeavor to structure a business combination so as to achieve the most favorable tax treatment to us, the target business and both companies’ stockholders. We cannot assure you, however, that the Internal Revenue Service or appropriate state tax authority will agree with our tax treatment of the business combination.
 
Until we are presented with a specific opportunity for a business combination, we are unable to ascertain with any degree of certainty the time and costs required to select and evaluate a target business and to structure and complete the business combination. We do not have any full-time employee who will be devoting 100% of his or her time to our affairs. Any costs incurred in connection with the identification and evaluation of a prospective target business with which a business combination is not ultimately completed will result in a loss to us and reduce the amount of capital otherwise available to complete a business combination.
 
 
4
 
 
Limited ability to evaluate the target business’ management
 
Although we intend to carefully scrutinize the management of a prospective target business before effecting a business combination, we cannot assure you that our assessment of the target’s management will prove to be correct, especially in light of the possible inexperience of our officers and directors in evaluating certain types of businesses. In addition, we cannot assure you that the target’s future management will have the necessary skills, qualifications or abilities to manage a public company. Furthermore, the future role of our officers and directors, if any, in the target business cannot presently be stated with any certainty. While it is possible that one or more of our officers and directors will remain associated in some capacity with us following a business combination, it is unlikely that any of them will devote their full efforts to our affairs after a business combination. Moreover, we cannot assure you that our officers and directors will have significant experience or knowledge relating to the operations of the particular target business.
 
We may seek to recruit additional managers to supplement the incumbent management of the target business. We cannot assure you, however, that we will be able to recruit additional managers who have the requisite skills, knowledge or experience necessary to enhance the incumbent management.
 
Investment Company Act
 
We may participate in a business or opportunity by purchasing, trading or selling the securities of a business. We do not intend to engage primarily in these activities and we are not registered as an “investment company” under the Investment Company Act of 1940. We do not believe that registration under the act is required based upon our proposed activities. We intend to conduct our activities so as to avoid being classified as an “investment company” and avoid application of the costly and restrictive registration and other provisions of the Investment Company Act and its regulations.
 
The Investment Company Act may, however, also be deemed to be applicable to a company that does not intend to be characterized as an “investment company” but that, nevertheless, engages in activities that may be deemed to be within the definitional scope of certain provisions of the Investment Company Act. While we do not believe that our anticipated principal activities will subject us to regulation under the Investment Company Act, we cannot assure you that we will not be deemed to be an “investment company,” especially during the period prior to a business combination. In the event we are deemed to be an “investment company,” we may become subject to certain restrictions relating to our activities and regulatory burdens, including:
 
·
restrictions on the nature of our investments; and
 
·
the issuance of securities,
 
·
registration as an investment company;
 
·
adoption of a specific form of corporate structure; and
 
·
compliance with certain burdensome reporting, recordkeeping, voting, proxy and disclosure requirements and other rules and regulations.
 
In the event we are characterized as an “investment company,” we would be required to comply with these additional regulatory burdens, which would require additional expense.
 
 
5
 
 
COMPETITION
 
We expect to encounter intense competition from other entities having a business objective similar to ours. Many of these entities, including financial consulting companies and venture capital firms, have longer operating histories and have extensive experience in identifying and effecting business combinations, directly or through affiliates. Many of these competitors possess significantly greater financial, technical and other resources than we do. We cannot assure you that we will be able to effectively compete with these entities. In the event we are unable to compete effectively with these entities, we may be forced to evaluate less attractive prospects for a business combination. If we are forced to evaluate these less attractive prospects, we cannot assure you that our stated business objectives will be met.
 
If we effect a business combination, we will become subject to competition from competitors of the acquired business. In particular, industries that experience rapid growth frequently attract larger numbers of competitors, including competitors with greater financial, marketing, technical and other resources than we have. We cannot ascertain the level of competition we will face if we effect a business combination and we cannot assure you that we will be able to compete successfully with these competitors.
 
EMPLOYEES
 
Currently, our only employee is our officer, who devotes as much time to our business as our board of directors determines to be necessary. R.D. Garwood, Inc. provides us with the use of an administrative assistant, who performs secretarial and bookkeeping services. (See also Item 2, Description of Properties.)
 
ITEM 2.  DESCRIPTION OF PROPERTIES
 
Our principal executive offices are located at 111 Village Parkway, Building #2, Marietta, Georgia and our telephone number is (770) 951-0984. Our office space, fixtures, furniture and equipment, as well as our administrative assistant, is provided to us by R.D. Garwood, Inc. at a cost of $900 per month on a month-to-month basis. Robert H. Donehew, our president, treasurer and director, is also chief financial officer of R.D. Garwood, Inc. We believe that our present business property is adequate and suitable to meet our needs until we consummate a business combination.
 
ITEM 3.  LEGAL PROCEEDINGS
 
None.
 
ITEM 4.  MINE SAFETY DISCLOSURES
 
None.
 
 
6
 
 
PART II
 
ITEM 5.  MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
 
MARKET INFORMATION
 
Our common stock is traded on the OTC Bulletin Board under the symbol “TEEE”. Below is a table indicating the range of high and low bid information for the common stock as reported by the OTC Bulletin Board for the periods listed. Bid prices represent prices between broker-dealers and do not include retail mark-ups and mark-downs or any commission to broker-dealers. In addition, these prices do not necessarily reflect actual transactions.
 
   
HIGH
    
LOW
  
PERIOD
  
($)
    
($)
  
Fiscal 2013
            
First Quarter*
     0.09       0.03  
                 
Fiscal 2012
                
First Quarter
     0.08       0.03  
Second Quarter
     0.11       0.03  
Third Quarter
     0.10       0.06  
Fourth Quarter
     0.12       0.02  
                 
Fiscal 2011
                
First Quarter
     0.67       0.06  
Second Quarter
     0.10       0.05  
Third Quarter
     0.09       0.06  
Fourth Quarter
     0.06       0.05  
___________________
 
*      Through November 23, 2012
                
 
HOLDERS
 
As of December 13, 2012, we believe there were more than 2,000 beneficial holders of our common stock.
 
DIVIDEND POLICY
 
We had not paid any dividends until October 21, 2010, at which time the Company declared a special cash dividend of $0.50 per share payable to stockholders of record as of September 30, 2010.  We do not anticipate declaring any additional dividends prior to the consummation of a business combination. The payment of dividends after a business combination will be contingent upon our revenues and earnings, if any, our capital requirements and our general financial condition. The payment of any dividends after a business combination will be within the discretion of our board of directors. We presently intend to retain all earnings, if any, for use in our business operations and, accordingly, we do not anticipate declaring any dividends in the foreseeable future.
 
 
7
 
 
RECENT SALES OF UNREGISTERED SECURITIES AND USE OF PROCEEDS FROM SALES OF REGISTERED SECURITIES.
 
On September 27, 2010, Robert Donehew, our President and a director of the company, exercised options to purchase an aggregate of 120,000 shares of our common stock for an aggregate exercise price of $39,600.
 
ITEM 6.  SELECTED FINANCIAL DATA
 
None.
 
ITEM 7.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
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 included in the 10-K Report for the year ended August 31, 2009 as filed on October 26, 2009.
 
The following discussion should be read in conjunction with the financial statements and related notes included in this Report.
 
Critical Accounting Policies and Use of Estimates

The preparation of consolidated financial statements requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts and classification of expense, and the disclosure of contingent assets and liabilities. We evaluate our estimates and assumptions on an ongoing basis. We base our estimates on historical experience and various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The following items in our consolidated financial statements require significant estimates and judgments:

Accounting for stock options. We believe that it is important for investors to be aware that there is a high degree of subjectivity involved in estimating the fair value of stock-based compensation, that the expenses recorded for stock-based compensation in the Company’s financial statements may differ significantly from the actual value (if any) realized by the recipients of the stock awards, and that the expenses recorded for stock-based compensation will not result in cash payments from the Company.
 
 
8
 

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.
 
Fiscal year 2012 compared to fiscal year 2011
 
For the year ended August 31, 2012, other income (interest) was $30 as compared to $897 for the year ended August 31, 2011. The decrease in interest income for the year ended August 31, 2012, was primarily due to a decrease in cash stemming from a cash dividend of $1,783,689 paid to stockholders of on October 21, 2010 as well as lower rates of interest paid to us on our money market fund investments, which are reported as cash and cash equivalents.
 
General, administrative and other expenses were $101,613 for the year ended August 31, 2012, as compared to $123,159 for the year ended August 31, 2011.  The decrease in expenses was due to lower payroll expenses of $8,010, legal expenses of $5,625, directors and officers liability insurance expenses of $4,833, stockholder service expenses of $4,388, taxes and licenses of $1,610, business wire expenses of $750, bank charges of $28, office expenses of $107, offset by higher audit and accounting fee expenses of $2,000, office sharing expenses of $1,800 and dues and subscriptions of $5.
 
General, administrative and other expenses for the year ended August 31, 2012, consisted of payroll expenses of $30,403, audit and accounting fee expenses of $20,250, legal expenses of $19,007, stockholder service expenses of $10,852, office sharing expenses of $10,800, directors and officers liability insurance expenses of $9,167, taxes and license expenses of $647, bank charges of $311 and dues and subscriptions of $176.
 
LIQUIDITY AND CAPITAL RESOURCES
 
General
 
At August 31, 2012, cash and cash equivalents were $334, which includes $230 invested in various money market accounts with a weighted average effective yield of 0.06% and $104 in a non-interest bearing checking account.  At August 31, 2012, we had a working capital deficiency of $44,190.
 
Cash flows used in operating activities for the year ended August 31, 2012 of $53,067 relates to a net loss of $101,583, offset by an increase in accounts payable and accrued expenses of $41,789 and a decrease in prepaid expenses of $6,727.
 
Currently, our working capital may not be sufficient to last for more than 12 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 any new business operations may require additional capital to fund its operations.
 
Contractual obligations
 
The Company has no material contractual obligations other than those relating to employment as described in Item 10, “Executive Compensation.”
 
 
9
 
 
Our Ability to Continue as a Going Concern
 
Our financial statements as of August 31, 2012 include an explanatory paragraph describing the existence of conditions that raise substantial doubt about our ability to continue as a going concern.  Our consolidated financial statements as of August 31, 2012 have been prepared under the assumption that we will continue as a going concern.  If we are not able to continue as a going concern, it is likely that holders of our common stock will lose all of their investment.  Our financial statements do not include any adjustments that might result from the outcome of this uncertainty.

RECENT ACCOUNTING PRONOUNCEMENTS
 
In September 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2011-08, “Intangibles — Goodwill and Other,” (“ASU 2011-08”), which amends current guidance to allow a company to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test.  The amendment also improves previous guidance by expanding upon the examples of events and circumstances that an entity should consider between annual impairment tests in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount.  ASU 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011.  Accordingly, the Company adopted ASU 2011-08 beginning in the second quarter of fiscal year ended August 31, 2012.  The adoption of ASU 2010-13 did not have a material effect on the Company’s consolidated results of operations or financial condition.

In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income,” (“ASU 2011-05”), which requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income.  ASU 2011-05 is effective for fiscal years and interim periods beginning after December 15, 2011. Accordingly, the Company adopted ASU 2011-05 beginning in the second quarter of fiscal year ended August 31, 2012. The adoption of this updated disclosure guidance did not have a material impact upon the Company’s financial position and results of operations.
 
 
10
 

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 
Index to Financial Statements:
 
   
Page
  
       
Report of Independent Registered Public Accounting Firm
     F-1  
         
Consolidated Balance Sheets as of August 31, 2012 and 2011
     F-2  
         
Consolidated Statements of Operations for the years ended August 31, 2012 and 2011
     F-3  
         
Consolidated Statements of Stockholders’ Equity (Deficiency) for the years ended August 31, 2012 and 2011
     F-4  
         
Consolidated Statements of Cash Flows for the years ended August 31, 2012 and 2011
     F-5  
         
Notes to Consolidated Financial Statements for the years ended August 31, 2012 and 2011
     F-6 — F-10  
 
 
11
 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
To the Board of Directors and Stockholders:
Golf Rounds.com, Inc.

We have audited the accompanying consolidated balance sheets of Golf Rounds.com, Inc. and subsidiary (the “Company”) as of August 31, 2012 and 2011, and the related consolidated statements of operations, stockholders’ equity (deficiency) and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Golf Rounds.com, Inc. and subsidiary as of August 31, 2012 and 2011, and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company has suffered recurring losses and negative cash flows from operations which have resulted in a negative working capital and a stockholders' deficiency as of August 31, 2012. These matters raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 
Weinberg & Company, P.A.
 
Los Angeles, CA
December 13, 2012
 
 
F-1
 

GOLF ROUNDS.COM, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
 
   
August 31,
2012
    
August 31,
2011
  
Assets
  
Current assets:
            
Cash and cash equivalents
   $ 334     $ 53,401  
Prepaid expenses
     5,190       11,917  
Total current assets
     5,524       65,318  
                 
Total assets
   $ 5,524     $ 65,318  
                 
Liabilities and Stockholders’ Equity (Deficiency)
  
Current liabilities:
                
Accounts payable and accrued expenses (including $43,500 and $7,700
                
due to related parties, respectively)
   $ 49,714     $ 7,925  
Total current liabilities
     49,714       7,925  
                 
Stockholders’ equity (deficiency):
                
Common stock, $0.01 par value; 12,000,000 shares authorized,
                
3,567,377 shares issued and outstanding
     35,673       35,673  
Additional paid-in capital
     3,178,550       3,178,550  
Accumulated deficit
     (3,258,413 )     (3,156,830 )
Total stockholders’ equity (deficiency)
     (44,190 )     57,393  
                 
Total liabilities and stockholders’ equity (deficiency)
   $ 5,524     $ 65,318  
 
See accompanying notes to consolidated financial statements.
 
 
F-2
 

GOLF ROUNDS.COM, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS

   
For the
    
For the
  
   
Year Ended
    
Year Ended
  
   
August 31, 2012
    
August 31, 2011
  
             
Expenses:
            
General, administrative and other
   $ 101,613     $ 123,159  
Total operating expenses
     101,613       123,159  
                 
Loss from operations
     (101,613 )     (123,159 )
                 
Other income:
                
Interest income
     30       897  
Total other income
     30       897  
                 
Net loss
   $ (101,583 )   $ (122,262 )
                 
Net loss per common share - basic and diluted
   $ (0.03 )   $ (0.03 )
                 
Weighted average number of common shares outstanding - basic and diluted
     3,567,377       3,558,500  
 
See accompanying notes to consolidated financial statements.
 
 
F-3
 
 
GOLF ROUNDS.COM, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIENCY)
FOR THE YEARS ENDED AUGUST 31, 2012 AND 2011
                           
Total
  
               
Additional
          
Stockholders'
  
   
Common Stock
    
Paid-In
    
Accumulated
    
Equity
  
   
Shares
    
Amount
    
Capital
    
Deficit
    
(Deficiency)
  
Balance, August 31, 2010
     3,447,377     $ 34,473     $ 4,923,839     $ (3,034,568 )   $ 1,923,744  
Cash dividend paid to stockholders
     -       -       (1,783,689 )     -       (1,783,689 )
Stock options exercised
     120,000       1,200       38,400       -       39,600  
Net loss
     -       -       -       (122,262 )     (122,262 )
Balance, August 31, 2011
     3,567,377       35,673       3,178,550       (3,156,830 )     57,393  
Net loss
     -       -       -       (101,583 )     (101,583 )
Balance, August 31, 2012
     3,567,377     $ 35,673     $ 3,178,550     $ (3,258,413 )   $ (44,190 )

See accompanying notes to consolidated financial statements.
 
 
F-4
 
 
GOLF ROUNDS.COM, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS

   
For the
    
For the
  
   
Year Ended
    
Year Ended
  
   
August 31, 2012
    
August 31, 2011
  
             
Cash flows from operating activities:
            
Net loss
   $ (101,583 )   $ (122,262 )
Adjustments to reconcile net loss to net cash used in operating activites:
                
Changes in operating assets and liabilities:
                
Decrease in prepaid expenses
     6,727       3,750  
Increase (decrease) in accounts payable and accrued expenses
     41,789       (15,767 )
Net cash used in operating activities
     (53,067 )     (134,279 )
                 
Cash flows from financing activities:
                
Proceeds from stock options exercised
     -       39,600  
Dividends paid to stockholders
     -       (1,783,689 )
Net cash used in financing activities
     -       (1,744,089 )
                 
Net decrease in cash and cash equivalents
     (53,067 )     (1,878,368 )
                 
Cash and cash equivalents - beginning
     53,401       1,931,769  
                 
Cash and cash equivalents - ending
   $ 334     $ 53,401  
 
See accompanying notes to consolidated financial statements.
 
 
F-5
 
 
GOLF ROUNDS.COM, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED AUGUST 31, 2012 AND 2011
 
NOTE 1 — NATURE OF OPERATIONS

Golf Rounds.com, Inc. (the “Company”) was incorporated in 1968 as a Delaware corporation and 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.

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.

The Company’s current business plan is primarily to serve as a vehicle for the acquisition of or merger or consolidation with another company (a “target business”). The Company intends to use its available working capital, capital stock, debt, or a combination of these to effect a business combination with a target business which management believes has significant growth potential.

NOTE 2 — GOING CONCERN

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  During the year ended August 31, 2012, the Company had a net loss of $101,583, had net cash used in operations of $53,067, and had no revenues from operations.  These factors among others indicate that the Company may be unable to continue as a going concern.  The Company’s existence is dependent upon management’s ability to effect a business combination with a target business and/or obtain additional funding sources.  There can be no assurance that the Company’s financing efforts will result in profitable operations or the resolution of the Company’s liquidity problems.  The accompanying financial statements do not include any adjustments that might result should the Company be unable to continue as a going concern.

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(A)  PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of Golf Rounds.com, Inc. and its wholly-owned subsidiary DPE Acquisition Corp. All inter-company balances and transactions have been eliminated in consolidation.

(B)  USE OF ESTIMATES

Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).  These accounting principles require us to make certain estimates, judgments and assumptions.  We believe that the estimates, judgments and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made.  These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of our consolidated financial statements as well as the reported amounts of revenues and expenses during the periods presented.  Our consolidated financial statements would be affected to the extent there are material differences between these estimates and actual results.  In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management’s judgment in its application.  There are also areas in which management’s judgment in selecting any available alternative would not produce a materially different result.  Significant estimates include valuation of stock-based compensation and the valuation allowance on deferred tax assets.
 
 
F-6
 
 
GOLF ROUNDS.COM, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED AUGUST 31, 2012 AND 2011

(C)  CASH EQUIVALENTS

The Company considers all money market funds and highly liquid debt instruments with an original maturity of three months or less to be cash equivalents.

(D)  STOCK-BASED COMPENSATION

The Company recognizes compensation expense for stock-based compensation in accordance with ASC Topic No. 718.  For employee stock-based awards, the Company calculates the fair value of the award on the date of grant using the Black-Scholes method for stock options; the expense is recognized over the service period for awards expected to vest.  For non-employee stock-based awards, the Company calculates the fair value of the award on the date of grant in the same manner as employee awards, however, the awards are revalued at the end of each reporting period and the prorata compensation expense is adjusted accordingly until such time the nonemployee award is fully vested, at which time the total compensation recognized to date shall equal the fair value of the stock-based award as calculated on the measurement date, which is the date at which the award recipient’s performance is complete.  The estimation of stock-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised.

(E)  INCOME TAXES

Current income taxes are based on the year’s taxable income for federal and state income tax reporting purposes.  Deferred income taxes are provided on a liability basis whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax law and rates on the date of enactment.

(F)  LOSS PER SHARE

Net loss per common share is based on the weighted average number of shares of common stock outstanding during each year. Common stock equivalents, including 360,000 and 520,000 stock options for the years ended August 31, 2012 and 2011, respectively, are not considered in diluted loss per share because the effect would be anti-dilutive.

(G)  FAIR VALUE MEASUREMENTS

The Company has adopted the provisions of Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures”.  ASC Topic 820 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements.  Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.  The accounting standard established a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available.  This hierarchy prioritizes the inputs into three broad levels as follows.  Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.  Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.  Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value.  A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.
 
 
F-7
 
 
GOLF ROUNDS.COM, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED AUGUST 31, 2012 AND 2011
 
(H)  RECENT ACCOUNTING PRONOUNCEMENTS

In September 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2011-08, “Intangibles — Goodwill and Other,” (“ASU 2011-08”), which amends current guidance to allow a company to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test.  The amendment also improves previous guidance by expanding upon the examples of events and circumstances that an entity should consider between annual impairment tests in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount.  ASU 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011.  Accordingly, the Company adopted ASU 2011-08 beginning in the second quarter of fiscal year ended August 31, 2012.  The adoption of ASU 2010-13 did not have a material effect on the Company’s consolidated results of operations or financial condition.

In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income,” (“ASU 2011-05”), which requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income.  ASU 2011-05 is effective for fiscal years and interim periods beginning after December 15, 2011. Accordingly, the Company adopted ASU 2011-05 beginning in the second quarter of fiscal year ended August 31, 2012. The adoption of this updated disclosure guidance did not have a material impact upon the Company’s financial position and results of operations.

NOTE 4 — INCOME TAXES

The components of the benefit (provision) for income taxes from continuing operations are as follows:

   
For the
    
For the
  
   
Year Ended
    
Year Ended
  
   
August 31, 2012
    
August 31, 2011
  
Current (benefit) provision: federal
   $ -     $ -  
Current (benefit) provision: state
     -       -  
Total current provision
     -       -  
                 
Deferred (benefit) provision: federal
     -       -  
Deferred (benefit) provision: state
     -       -  
Total deferred provision
     -       -  
                 
Total provision (benefit) for income taxes from continuing operations
   $ -     $ -  

Significant items making up the deferred tax assets and deferred tax liabilities are as follows:

   
August 31, 2012
    
August 31, 2011
  
Long-term deferred taxes:
            
Operating loss carryforwards-federal
   $ 598,000     $ 617,000  
Operating loss carryforwards-state
     124,000       117,000  
Total deferred taxes
     722,000       734,000  
Less: valuation allowance
     (722,000 )     (734,000 )
Net deferred tax assets
   $ -     $ -  

A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized.  Accordingly, a valuation allowance was established in 2012 and 2011 for the full amount of the deferred tax asset due to the uncertainty of realization.  Management believes that based upon its projection of future taxable operating income for the foreseeable future, it is more likely than not that the Company will not be able to realize the benefit of the deferred tax asset at August 31, 2012. The net change in the valuation allowance during the year ended August 31, 2012 was a decrease of $12,000.  The valuation allowance as of August 31, 2012 was $722,000.
 
 
F-8
 
 
GOLF ROUNDS.COM, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED AUGUST 31, 2012 AND 2011
 
The amounts and corresponding expiration dates of the Company’s unused net operating loss carryforwards are shown in the following table as of August 31, 2012:
 
Year
  
Federal
    
Georgia
  
2014
   $ 43,000     $ -  
2015
     389,000       89,000  
2016
     218,000       129,000  
2017
     187,000       207,000  
2018
     157,000       175,000  
2024
     321,000       340,000  
2025
     117,000       168,000  
2026
     72,000       165,000  
2027
     32,000       141,000  
2028
     86,000       134,000  
2029
     124,000       126,000  
2030
     139,000       139,000  
2031
     135,000       135,000  
2032
     115,000       115,000  
    $ 2,135,000     $ 2,063,000  

The Company’s effective income tax (benefit) rate for continuing operations differs from the statutory federal income tax benefit rate as follows:

   
For the
    
For the
  
   
Year Ended
    
Year Ended
  
   
August 31, 2012
    
August 31, 2011
  
Federal tax benefit (provision) rate
     28 %     28 %
State tax benefit (provision) rate
     4 %     4 %
Temporary differences
     4 %     3 %
Permanent differences
     0 %     0 %
Change in valuation allowance
     -36 %     -35 %
Effective Income tax (benefit) provision rate from continuing operations
     0 %     0 %

In accordance with certain provisions of the Tax Reform Act of 1986 a change in ownership of greater than 50% percent of a corporation within a three-year period will place an annual limitation on the corporation’s ability to utilize its existing tax benefit carryforwards. Such a change in ownership may have occurred in connection with the private placement of securities. Additionally, the Company’s utilization of its tax benefit carryforwards may be restricted in the event of possible future changes in the ownership of the Company from the exercise of options or other future issuances of common stock.
 
 
F-9
 
 
GOLF ROUNDS.COM, INC. AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED AUGUST 31, 2012 AND 2011

NOTE 5 — RELATED PARTY TRANSACTIONS

On March 1, 2000, the Company executed a month-to-month agreement to sub-lease office space and share office equipment and a bookkeeper’s time for $900 a month from R. D. Garwood, Inc. (“Garwood”).  The Company’s President/Treasurer/Secretary is the Chief Financial Officer of Garwood.  During the year ended August 31, 2011, the Company was given two months of free rent.  The Company’s expense for these shared facilities and bookkeeping services was $10,800 and 9,000 for the years ended August 31, 2012 and 2011, respectively.

As of August 31, 2012, accounts payable and accrued expenses include $13,500 for rent and $30,000 for officer’s salary.  As of August 31, 2011, accounts payable and accrued expenses include $2,700 for rent and $5,000 for officer’s salary.

During the year ended August 31, 2012, the Company paid $2,000 to Donehew Capital, LLC for income tax preparation.  The Company’s President/Treasurer/Secretary is the CEO of Donehew Capital, LLC.

NOTE 6 — STOCKHOLDERS’ EQUITY (DEFICIENCY)

(A)  STOCKHOLDER DIVIDEND

On September 17, 2010, the Company declared a special cash dividend of $0.50 per share of common stock issued and outstanding to be paid on October 21, 2010 to stockholders of record as of September 30, 2010 using cash from its general funds.  On October 21, 2010, the aggregate dividend paid was $1,783,689.  The Company expects that for tax purposes this dividend will be treated as a return of capital to stockholders.  Distributions that qualify as a return of capital are not “dividends” for tax purposes.

(B)  STOCK OPTIONS

On September 27, 2010, the Company’s president/treasurer/secretary exercised 120,000 stock options at $0.33 per share and the Company received proceeds of $39,600.

The Company estimates the fair value of stock-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon several variables such as the expected option term, expected volatility of our stock price over the expected term, expected risk-free interest rate over the expected option term, expected dividend yield rate over the expected option term, and an estimate of expected forfeiture rates.  The Company believes this valuation methodology is appropriate for estimating the fair value of stock options granted to employees and directors which are subject to ASC Topic 718 requirements.  These amounts are estimates and thus may not be reflective of actual future results, nor amounts ultimately realized by recipients of these grants.  The Company recognizes compensation on a straight-line basis over the requisite service period for each award.  The Company did not grant any stock options during the years ended August 31, 2012 and 2011.

A summary of the Company’s stock option activity during the year ended August 31, 2012 is presented below:

               
Weighted
        
         
Weighted
    
Average
        
         
Average
    
Remaining
    
Aggregate
  
   
No. of
    
Exercise
    
Contractual
    
Intrinsic
  
   
Shares
    
Price
    
Term
    
Value
  
Balance outstanding at August 31, 2011
     520,000     $ 0.65              
Granted
     -                      
Exercised
     -                      
Forfeited
     -                      
Expired
     (160,000 )   $ 0.60              
Balance outstanding at August 31, 2012
     360,000     $ 0.67       2.9     $ -  
                                 
Exercisable at August 31, 2012
     360,000     $ 0.67       2.9     $ -  
 
 
F-10
 
 
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
 
Not applicable.

ITEM 9A(T).  CONTROLS AND PROCEDURES

Pursuant to Rules adopted by the Securities and Exchange Commission the Company carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures pursuant to Exchange Act Rules. This evaluation was done as of the end of the fiscal year under the supervision and with the participation of the Company’s principal executive officer (who is also the principal financial officer). There have been no significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of the evaluation. Based upon that evaluation, he believes that the Company’s disclosure controls and procedures are effective in gathering, analyzing and disclosing information needed to ensure that the information required to be disclosed by the Company in its periodic reports is recorded, summarized and processed timely. The principal executive officer is directly involved in the day-to-day operations of the Company.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal controls over financial reporting during its fourth fiscal quarter that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

ITEM 9B.  OTHER INFORMATION

There is no information required to be filed on a Form 8-K during the fourth quarter of the fiscal year covered by this Form 10-K.

PART III

ITEM 10.  DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

Our current directors and officers are as set forth in the table below.
 
Name
  
Age
  
Position
         
Robert H. Donehew
   60  
President, Treasurer, Secretary and Director*
 
*
  
Member of audit committee
 
 
12
 
     
ROBERT H. DONEHEW has served as director, president and treasurer since November 2000 and as director, vice president and treasurer from February 2000 until October 31, 2000. He has served as our secretary since December 2005. Since May 2008, Mr. Donehew has been the Chief Financial Officer and a member of the Board of Directors of EndogenX, Inc., a specialty pharmaceutical company. Since July 1996, Mr. Donehew has been the chief executive officer of Donehew Capital, LLC, the general partner of Donehew Fund Limited Partnership, a private investment partnership specializing in the securities market.  Since 1983, he has also served as chief financial officer of R.D. Garwood, Inc. and Dogwood Publishing Company Inc. From 1976 through 1983, Mr. Donehew had his own tax and financial planning practice.

Audit Committee

Our entire board serves as our audit committee. We do not currently have a “financial expert,” as such term is defined under the securities law, on the committee, but we are in the process of seeking an additional director who will also serve as the financial expert. Previously, the board of directors did not believe it was necessary to have a financial expert on the Committee given our lack of commercial operations and limited financial activities.

Section 16(A) Beneficial Ownership Reporting Compliance Section 16(a) of the Exchange Act requires our officers, directors and persons who beneficially own more than ten percent of our common stock (“ten percent stockholders”) to file reports of ownership and changes in ownership with the Securities and Exchange Commission. Officers, directors and ten-percent stockholders also are required to furnish us with copies of all Section 16(a) forms they file. Based solely on our review of the copies of such forms furnished to us, and written representations that no other reports were required, we believe that during the fiscal year ended August 31, 2012, all of our officers, directors and ten-percent stockholders complied with the Section 16(a) reporting requirements.

Code of Ethics

We have adopted a code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions, as well as other employees and our directors and meets the requirements of the SEC. A copy of our Code of Ethics was previously filed as an exhibit to our Annual Report on Form 10-KSB for the fiscal year ended 2004. We intend to disclose any amendments to any waivers from a provision of our Code of Ethics on a Form 8-K filed with the SEC.

ITEM 11.  EXECUTIVE COMPENSATION
     
The following table sets forth the compensation for the three years ended August 31, 2012 for our president (and principal executive and accounting officer).  No executive officer’s compensation exceeded $100,000 (or would have exceeded $100,000 if employed for the full year) for the year ended August 31, 2012.

SUMMARY COMPENSATION TABLE
 
     
Annual Compensation(1)
  
Long-Term
Compensation
Number of
  
All Other
Name and Principal Position
Year
  
Salary
  
Bonus
  
Options
  
Compensation
                                   
Robert H. Donehew
2012
  
$
30,000
    
$
0
      
0
    
$
0
  
President and Principal
2011
  
$
34,108
    
$
0
      
0
    
$
0
  
Accounting Officer
2010
  
$
30,000
    
$
0
      
120,000
    
$
0
  
 
(1)
  
The above compensation does not include other personal benefits, the total value of which does not exceed the lesser of $50,000 or 10% of such person’s or persons’ cash compensation).
 
 
13
 
    
Option Grants

The following table represents the stock options granted in the fiscal year ended August 31, 2012 to such executive officers.

OPTION GRANTED IN THE LAST FISCAL YEAR
 
Name of Executive
  
Number of
Securities
Underlying Options
Granted
    
Percent of Total
Options Granted to
Employees in Fiscal
Year
    
Exercise
Price of
Options
    
Market Price
on Date
of Grant
    
Expiration
Date
  
                                         
Robert H. Donehew
     0       100 %     N/A       N/A       N/A  
     
The following table sets forth the fiscal year end option values of outstanding options at August 31, 2012 and the dollar value of unexercised, in-the-money options for our executive officers identified in the Summary Compensation table above.

AGGREGATED FISCAL YEAR-END OPTION VALUES
 
Name
  
Exercisable
  
Unexercisable
  
Exercisable (1)
  
Unexercisable(1)
                                 
Robert H. Donehew
    
225,000
      
0
    
$
0
    
$
0
  
 
(1)
  
These values are based on the difference between the closing sale price of our common stock on August 31, 2012 (the last trading day of the fiscal year) of $0.09 and the exercise prices of the options, multiplied by the number of shares of common stock subject to the options.
    
Employment Arrangements

In fiscal year 2010, we issued to Mr. Donehew ten-year options to purchase 120,000 shares at an exercise price of $0.33 per share and vested immediately to compensate him for additional services rendered to the Company during fiscal 2009 and 2010.  On September 27, 2010, the 120,000 stock options were exercised and the Company received $39,600.

Compensation Arrangements for Directors

Our director does not currently receive any cash compensation for his services.

In August 2010, we granted to our sole director ten-year options to purchase 120,000 shares of our common stock. All of these options were exercisable at an exercise price of $0.33 per share and vested immediately.  On September 27, 2010, the 120,000 stock options were exercised and the Company received $39,600.
 
 
14
 

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The table and accompanying footnotes set forth certain information as of December 13, 2012, with respect to the ownership of our common shares by: to each person or group who beneficially owns more than 5% of our common shares;

 
•
each of our directors;
     
 
•
each of our named executive officers; and
     
 
•
all of our directors and executive officers as a group.

A person is deemed to be the beneficial owner of securities that can be acquired by the person within 60 days from the record date upon the exercise of warrants or options. Accordingly, common shares issuable upon exercise of options and warrants that are currently exercisable or exercisable within 60 days of December 13, 2012 have been included in the table with respect to the beneficial ownership of the person owning the options or warrants, but not with respect to any other persons.
 
   
Amount and Nature of
   
Beneficial
    
Name and Address of Beneficial Owner
  
Ownership
  
Percent of Class
                 
Paul O. Koether
    
484,690
(1)
    
13.6
%
6808 Mystic Woods Lane
                
Colleyville, Texas 76034
                
                 
Robert H. Donehew
    
480,000
(2)
    
12.7
%
Donehew Capital, LLC
                
111 Village Parkway, Building #2
                
Marietta, Georgia 30067
                
                 
Shamrock Associates
    
409,470
(3)
    
11.5
%
211 Pennbrook Road
                
Far Hills, New Jersey 07931
                
                 
Ronald I. Heller
    
325,980
(4)
    
9.1
%
74 Farview Road
                
Tenafly, New Jersey 07670
                
                 
T. Baulch
    
250,464
(5)
    
7.0
%
5315-B FM 1960 West, #239
                
Houston, Texas 77069
                
                 
John W. Galuchie, Jr.
    
212,166
(6)
    
5.9
%
376 Main Street
                
Bedminster, New Jersey 07921
                
                 
Asset Value Holdings, Inc.
    
200,000
      
5.6
%
376 Main Street
                
Bedminster, New Jersey 07921
                
                 
Galt Asset Management
    
200,000
      
5.6
%
c/o Brian Vitale
                
223 Wall Street
                
Huntington, New York 11743
                
                 
All directors and executive officers as a group (one person)
    
480,000
(7)
    
12.7
%
 
 
15
 
 
(1)
  
Includes 209,470 shares of common stock beneficially owned by Shamrock Associates, of which Mr. Koether is the general partner, 200,000 shares held by Asset Value Holdings, Inc., of which Mr. Koether is President, 7,166 shares owned by Sun Equities Corporation, of which Mr. Koether is Chairman and a principal stockholder; 1,666 shares held by Mr. Koether’s IRA, 20,000 shares owned by Mr. Koether’s wife; and 15,000 shares held in discretionary accounts for Mr. Koether’s brokerage customers.
     
(2)
  
Includes 100,000 shares of common stock owned by Donehew Fund Limited Partnership, of which Donehew Capital LLC, a Georgia limited liability company, is the general partner; Mr. Donehew is the manager of Donehew Capital LLC. Also includes 225,000 shares of common stock issuable upon exercise of exercisable options and 155,000 shares of common stock.
     
(3)
  
Includes 200,000 shares of common stock held by Asset Value Holding, of which Shamrock Associates is the ultimate parent. Shamrock Associates disclaims beneficial ownership of these shares.
     
(4)
  
Includes 144,615 shares of common stock held of record by the Ronald I. Heller Revocable Trust dated 12/23/97 (“Ronald Trust”), 144,615 shares of common stock held of record by the Joyce L. Heller Revocable Trust dated 12/23/97 (“Joyce Trust”) and 36,750 shares of common stock held of record by the Delaware Charter Guarantee & Trust Co., for the benefit of the Ronald I. Heller IRA (“Ronald IRA”). Joyce L. Heller does not directly own any shares of common stock. As the co-trustee of the Ronald Trust and Joyce Trust, Joyce has shared voting and dispositive power over the shares held in such trusts. Although Joyce disclaims any voting or dispositive power over the 36,750 shares of common stock held for the benefit of the Ronald IRA, which Ronald has sole voting and dispositive power over, Joyce may be deemed to beneficially own such shares pursuant to interpretations of the Securities and Exchange Commission.
     
(5)
  
Includes 82,816 shares of common stock held by wife of T. Baulch.
     
(6)
  
Includes 200,000 shares of common stock held by Asset Value Holdings, Inc., of which Mr. Galuchie is the Treasurer. Mr. Galuchie disclaims beneficial ownership of the shares held by Asset Value Holdings. Also includes 7,166 shares owned by Sun Equities Corporation, of which Mr. Galuchie is a director and officer. Mr. Galuchie disclaims beneficial ownership of the shares held by Sun Equities Corporation.
     
(7)
  
Includes the shares of common stock deemed to be included in the respective beneficial holdings of Robert H. Donehew.
 
 
16
 

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

See Note 5 to the consolidated financial statements contained in this report.
 
ITEM 14.  PRINCIPAL ACCOUNTANT FEES AND SERVICES

   
2012
    
2011
  
Audit Fees(1)
   $ 18,250     $ 18,250  
Tax Fees
     0       0  
Total
   $ 18,250     $ 18,250  
 
(1)
  
Represents the aggregate fees incurred for professional services rendered by our principal accountant for the audit of our annual financial statements for the years ended August 31, 2012 and 2011 and review of financial statements included in our quarterly reports on Form 10-Q or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those periods.
 
 
17
 

PART IV

ITEM 15.  EXHIBITS, FINANCIAL STATEMENTS SCHEDULES

 
(a)
  
Exhibits Filed.
       
     
See Exhibit Index appearing later in this Report.
       
 
(b)
  
Reports on Form 8-K.
       
     
Not applicable.
 
 
18
 
 
SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: December 13, 2012 
GOLF ROUNDS.COM, INC.
(Registrant)
 
  
 
By:  
/s/ Robert H. Donehew
 
   
Name:  
Robert H. Donehew 
  
   
Title:  
President, Treasurer and Secretary 
  
 
In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dated indicated.
     
/s/ Robert H. Donehew
   President, Treasurer, Secretary and Director
Robert H. Donehew
  
(Principal Executive and Principal Accounting and Financial Officer)
 
 
19
 
 
EXHIBIT INDEX
 
       
Incorporated By
    
Exhibit
      
Reference from
  
No. in
Number
  
Description
  
Document
  
Document
             
1.1
  
Agreement and Plan of Merger between American Metals, Inc. and American Metals Service, Inc.
  
A
  
2
             
3.1
  
Certificate of Incorporation
  
A
  
3(I)
             
3.1.1
  
Bylaws
  
A
   3(II)
             
10.1
  
Stock Purchase Agreement, dated January 18, 2000, among Asset Value Holdings, Inc., Bradford Trading Company, Paul Koether, Shamrock Associates, Sun Equities Corporation, Thomas K. Van Herwarde, The Rachel Beth Heller1997 Trust Dated 7/9/97, The Evan Todd Heller Trust Dated 6/17/97, Martan & Co., Donehew Fund Limited Partnership, Jonathan & Nancy Glaser Family Trust Dated 12/16/98, W. Robert Ramsdell and Nagelberg Family Trust Dated 9/24/97
  
B
  
2.1
             
10.2
  
Form of option agreement for executives and directors
  
C
  
10.6
             
10.4
  
Code of Ethics
  
D
  
10.16
             
31.1
  
Section 302 Certification
  
Filed herewith
  
—
             
32.1
  
Section 906 Certification
  
Filed herewith
  
—
             
99.1   Risk Factors   Filed herewith    
 
101.INS **
  
XBRL Instance Document
     
101.SCH **
  
XBRL Taxonomy Extension Schema Document
     
101.CAL **
  
XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF **
  
XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB **
  
XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE **
  
XBRL Taxonomy Extension Presentation Linkbase Document
 
A
Company’s Quarterly Report on Form 10-QSB for the quarter ended May 31, 1999.
   
B
Company’s Current Report on Form 8-K, filed with the SEC on January 19, 2000.
   
C
Company’s Annual Report on Form 10-KSB for the year ended August 31, 2005.
   
D
Company’s Annual Report on Form 10-KSB for the year ended August 31, 2004.
 
** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
 
 
20
EX-31.1 2 teee_ex311.htm CERTIFICATION teee_ex311.htm
EXHIBIT 31.1

CERTIFICATION

PURSUANT TO SECTION 302(A) OF THE

SARBANES-OXLEY ACT OF 2002

I, Robert H. Donehew, certify that:

1.I have reviewed this annual report on Form 10-K of Golf Rounds.com, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
Date: December 13, 2012  
/s/ Robert H. Donehew
  
    Name:
Robert H. Donehew
  
   
Title:
President (Principal Executive Officer) and
  
     
Treasurer (Principal Financial Officer)
  
EX-32.1 3 teee_ex321.htm CERTIFICATION teee_ex321.htm
EXHIBIT 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Golf Rounds.com, Inc. (the “Company”) on Form 10-K for the year ended August 31, 2012 as filed with the Securities and Exchange Commission (the “Report”), the undersigned, in the capacities and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.
 
Date: December 13, 2012  
/s/ Robert H. Donehew
  
    Name:
Robert H. Donehew
  
   
Title:
President (Principal Executive Officer) and
  
     
Treasurer (Principal Financial Officer)
  
EX-99.1 4 teee_ex991.htm RISK FACTORS teee_ex991.htm
EXHIBIT 99.1

For a description of the risks faced by the company in its operations and with respect to its strategy of seeking a business combination, see the Company’s risk factors set forth in Exhibit 99.1 in its Annual Report on Form 10-KSB for the year ended August 31, 2008.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Aug. 31, 2012
Accounting Policies [Abstract]  
Note 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(A)  PRINCIPLES OF CONSOLIDATION

 

The consolidated financial statements include the accounts of Golf Rounds.com, Inc. and its wholly-owned subsidiary DPE Acquisition Corp. All inter-company balances and transactions have been eliminated in consolidation.

 

(B)  USE OF ESTIMATES

 

Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).  These accounting principles require us to make certain estimates, judgments and assumptions.  We believe that the estimates, judgments and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made.  These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of our consolidated financial statements as well as the reported amounts of revenues and expenses during the periods presented.  Our consolidated financial statements would be affected to the extent there are material differences between these estimates and actual results.  In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management’s judgment in its application.  There are also areas in which management’s judgment in selecting any available alternative would not produce a materially different result.  Significant estimates include valuation of stock-based compensation and the valuation allowance on deferred tax assets. 
 

(C)  CASH EQUIVALENTS

 

The Company considers all money market funds and highly liquid debt instruments with an original maturity of three months or less to be cash equivalents.

 

(D)  STOCK-BASED COMPENSATION

 

The Company recognizes compensation expense for stock-based compensation in accordance with ASC Topic No. 718.  For employee stock-based awards, the Company calculates the fair value of the award on the date of grant using the Black-Scholes method for stock options; the expense is recognized over the service period for awards expected to vest.  For non-employee stock-based awards, the Company calculates the fair value of the award on the date of grant in the same manner as employee awards, however, the awards are revalued at the end of each reporting period and the prorata compensation expense is adjusted accordingly until such time the nonemployee award is fully vested, at which time the total compensation recognized to date shall equal the fair value of the stock-based award as calculated on the measurement date, which is the date at which the award recipient’s performance is complete.  The estimation of stock-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised.

 

(E)  INCOME TAXES

 

Current income taxes are based on the year’s taxable income for federal and state income tax reporting purposes.  Deferred income taxes are provided on a liability basis whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax law and rates on the date of enactment.

 

(F)  LOSS PER SHARE

 

Net loss per common share is based on the weighted average number of shares of common stock outstanding during each year. Common stock equivalents, including 360,000 and 520,000 stock options for the years ended August 31, 2012 and 2011, respectively, are not considered in diluted loss per share because the effect would be anti-dilutive.

 

(G)  FAIR VALUE MEASUREMENTS

 

The Company has adopted the provisions of Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures”.  ASC Topic 820 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements.  Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.  The accounting standard established a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available.  This hierarchy prioritizes the inputs into three broad levels as follows.  Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.  Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.  Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value.  A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

 

The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.

 
 

(H)  RECENT ACCOUNTING PRONOUNCEMENTS

 

In September 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2011-08, “Intangibles — Goodwill and Other,” (“ASU 2011-08”), which amends current guidance to allow a company to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test.  The amendment also improves previous guidance by expanding upon the examples of events and circumstances that an entity should consider between annual impairment tests in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount.  ASU 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011.  Accordingly, the Company adopted ASU 2011-08 beginning in the second quarter of fiscal year ended August 31, 2012.  The adoption of ASU 2010-13 did not have a material effect on the Company’s consolidated results of operations or financial condition.

 

In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income,” (“ASU 2011-05”), which requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income.  ASU 2011-05 is effective for fiscal years and interim periods beginning after December 15, 2011. Accordingly, the Company adopted ASU 2011-05 beginning in the second quarter of fiscal year ended August 31, 2012. The adoption of this updated disclosure guidance did not have a material impact upon the Company’s financial position and results of operations.
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GOING CONCERN
 12 Months Ended
Aug. 31, 2012
Notes to Financial Statements  
NOTE 2. GOING CONCERN

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  During the year ended August 31, 2012, the Company had a net loss of $101,583, had net cash used in operations of $53,067, and had no revenues from operations.  These factors among others indicate that the Company may be unable to continue as a going concern.  The Company’s existence is dependent upon management’s ability to effect a business combination with a target business and/or obtain additional funding sources.  There can be no assurance that the Company’s financing efforts will result in profitable operations or the resolution of the Company’s liquidity problems.  The accompanying financial statements do not include any adjustments that might result should the Company be unable to continue as a going concern.
XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)
Aug. 31, 2012
Aug. 31, 2011
Assets    
Cash and cash equivalents $ 334 $ 53,401
Prepaid expenses 5,190 11,917
Total current assets 5,524 65,318
Total assets 5,524 65,318
Liabilities and Stockholders' Equity (Deficiency)    
Accounts payable and accrued expenses (including $43,500 and $7,700 due to related parties, respectively) 49,714 7,925
Total current liabilities 49,714 7,925
Stockholders' equity (deficiency):    
Common stock, $0.01 par value; 12,000,000 shares authorized, 3,567,377 shares issued and outstanding 35,673 35,673
Additional paid-in capital 3,178,550 3,178,550
Accumulated deficit (3,258,413) (3,156,830)
Total stockholders' equity (deficiency) (44,190) 57,393
Total liabilities and stockholders' equity (deficiency) $ 5,524 $ 65,318
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
 12 Months Ended
Aug. 31, 2012
Aug. 31, 2011
Cash flows from operating activities:    
Net loss $ (101,583) $ (122,262)
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 6,727 3,750
Increase (decrease) in accounts payable and accrued expenses 41,789 (15,767)
Net cash used in operating activities (53,067) (134,279)
Cash flows from financing activities:    
Proceeds from stock options exercised    39,600
Dividends paid to stockholders    (1,783,689)
Net cash used in financing activities    (1,744,089)
Net decrease in cash and cash equivalents (53,067) (1,878,368)
Cash and cash equivalents - beginning 53,401 1,931,769
Cash and cash equivalents - ending $ 334 $ 53,401
XML 18 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES (Details Narrative) (USD $)
 12 Months Ended
Aug. 31, 2012
Aug. 31, 2011
Income Tax Disclosure [Abstract]    
Change in valuation allowance $ 12,000  
Valuation allowance $ 722,000 $ 734,000
XML 19 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCKHOLDERS' EQUITY (DEFICIENCY) (Details) (USD $)
 12 Months Ended
Aug. 31, 2012
Equity [Abstract]  
Balance outstanding at August 31, 2011, No. Of Shares 520,000
Granted, No. Of Shares   
Exercised, No. Of Shares   
Forfeited, No. Of Shares   
Expired, No. Of Shares (160,000)
Balance outstanding at August 31, 2012, No. Of Shares 360,000
Exercisable at August 31, 2012, No. Of Shares 360,000
Balance outstanding at August 31, 2011, Weighted Average Exercise Price $ 0.65
Granted, Weighted Average Exercise Price   
Exercised, Weighted Average Exercise Price   
Forfeited, Weighted Average Exercise Price   
Expired, Weighted Average Exercise Price 0.60
Balance outstanding at August 31, 2012, Weighted Average Exercise Price $ 0.67
Exercisable at August 31, 2012, Weighted Average Exercise Price $ 0.67
Balance outstanding at August 31, 2012, Weighted Average Remaining Contractual Term 2 years 10 months 24 days
Exercisable at August 31, 2012, Weighted Average Remaining Contractual Term 2 years 10 months 24 days
Balance outstanding at August 31, 2012, Aggregate Intrinsic Value   
Exercisable at August 31, 2012, Aggregate Intrinsic Value   
XML 20 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

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NATURE OF OPERATIONS
 12 Months Ended
Aug. 31, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Note 1. NATURE OF OPERATIONS

Golf Rounds.com, Inc. (the “Company”) was incorporated in 1968 as a Delaware corporation and 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.

 

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.

 

The Company’s current business plan is primarily to serve as a vehicle for the acquisition of or merger or consolidation with another company (a “target business”). The Company intends to use its available working capital, capital stock, debt, or a combination of these to effect a business combination with a target business which management believes has significant growth potential.
XML 22 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Aug. 31, 2012
Aug. 31, 2011
Current liabilities:    
Accounts payable and accrued expenses due to related parties $ 43,500 $ 7,700
Common Stock Par Value $ 0.01 $ 0.01
Common Stock Shares Authorized 12,000,000 12,000,000
Common Stock Shares Issued 3,567,377 3,567,377
Common Stock Shares Outstanding 3,567,377 3,567,377
XML 23 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
 12 Months Ended
Aug. 31, 2012
Aug. 31, 2011
Accounting Policies [Abstract]    
Stock options which is antidilutive 360,000 520,000
XML 24 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
 12 Months Ended
Aug. 31, 2012
Dec. 13, 2012
Document And Entity Information    
Entity Registrant Name GOLF ROUNDS COM INC  
Entity Central Index Key 0000319016  
Document Type 10-K  
Document Period End Date Aug. 31, 2012  
Amendment Flag false  
Current Fiscal Year End Date --08-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Public Float   $ 282,769
Entity Common Stock, Shares Outstanding   3,567,377
Document Fiscal Period Focus FY  
Document Fiscal Year Focus 2012  
XML 25 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES (Details) (USD $)
 12 Months Ended
Aug. 31, 2012
Aug. 31, 2011
Income Tax Disclosure [Abstract]    
Current (benefit) provision: federal      
Current (benefit) provision: state      
Total current provision      
Deferred (benefit) provision: federal      
Deferred (benefit) provision: state      
Total deferred provision      
Total provision (benefit) for income taxes from continuing operations      
XML 26 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
 12 Months Ended
Aug. 31, 2012
Aug. 31, 2011
Expenses:    
General, administrative and other $ 101,613 $ 123,159
Total operating expenses 101,613 123,159
Loss from operations (101,613) (123,159)
Other income:    
Interest income 30 897
Total other income 30 897
Net loss $ (101,583) $ (122,262)
Net loss per common share - basic and diluted $ (0.03) $ (0.03)
Weighted average number of common shares outstanding - basic and diluted 3,567,377 3,558,500
XML 27 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCKHOLDERS' EQUITY (DEFICIENCY)
 12 Months Ended
Aug. 31, 2012
Equity [Abstract]  
Note 6. STOCKHOLDERS' EQUITY (DEFICIENCY)

(A)  STOCKHOLDER DIVIDEND

 

On September 17, 2010, the Company declared a special cash dividend of $0.50 per share of common stock issued and outstanding to be paid on October 21, 2010 to stockholders of record as of September 30, 2010 using cash from its general funds.  On October 21, 2010, the aggregate dividend paid was $1,783,689.  The Company expects that for tax purposes this dividend will be treated as a return of capital to stockholders.  Distributions that qualify as a return of capital are not “dividends” for tax purposes.

 

(B)  STOCK OPTIONS

 

On September 27, 2010, the Company’s president/treasurer/secretary exercised 120,000 stock options at $0.33 per share and the Company received proceeds of $39,600.


The Company estimates the fair value of stock-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon several variables such as the expected option term, expected volatility of our stock price over the expected term, expected risk-free interest rate over the expected option term, expected dividend yield rate over the expected option term, and an estimate of expected forfeiture rates.  The Company believes this valuation methodology is appropriate for estimating the fair value of stock options granted to employees and directors which are subject to ASC Topic 718 requirements.  These amounts are estimates and thus may not be reflective of actual future results, nor amounts ultimately realized by recipients of these grants.  The Company recognizes compensation on a straight-line basis over the requisite service period for each award.  The Company did not grant any stock options during the years ended August 31, 2012 and 2011.

 

A summary of the Company’s stock option activity during the year ended August 31, 2012 is presented below:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
    No. of     Exercise     Contractual     Intrinsic  
    Shares     Price     Term     Value  
Balance outstanding at August 31, 2011     520,000     $ 0.65              
Granted     -                      
Exercised     -                      
Forfeited     -                      
Expired     (160,000 )   $ 0.60              
Balance outstanding at August 31, 2012     360,000     $ 0.67       2.9     $ -  
                                 
Exercisable at August 31, 2012     360,000     $ 0.67       2.9     $ -  
XML 28 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTIONS
 12 Months Ended
Aug. 31, 2012
Related Party Transactions [Abstract]  
Note 5. RELATED PARTY TRANSACTIONS

On March 1, 2000, the Company executed a month-to-month agreement to sub-lease office space and share office equipment and a bookkeeper’s time for $900 a month from R. D. Garwood, Inc. (“Garwood”). The Company’s President/Treasurer/Secretary is the Chief Financial Officer of Garwood.  During the year ended August 31, 2011, the Company was given two months of free rent. The Company’s expense for these shared facilities and bookkeeping services was $10,800 and 9,000 for the years ended August 31, 2012 and 2011, respectively.

 

As of August 31, 2012, accounts payable and accrued expenses include $13,500 for rent and $30,000 for officer’s salary. As of August 31, 2011, accounts payable and accrued expenses include $2,700 for rent and $5,000 for officer’s salary.

 

During the year ended August 31, 2012, the Company paid $2,000 to Donehew Capital, LLC for income tax preparation. The Company’s President/Treasurer/Secretary is the CEO of Donehew Capital, LLC.
XML 29 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)
 12 Months Ended
Aug. 31, 2012
Aug. 31, 2011
Related Party Transactions [Abstract]    
Expense for shared facilities and bookkeeping services $ 10,800 $ 9,000
Accrued rent 13,500 2,700
Accrued salary 30,000 5,000
Payment for income tax preparation to Donehew Capital $ 2,000  
XML 30 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES (Details 1) (USD $)
Aug. 31, 2012
Aug. 31, 2011
Long-term deferred taxes:    
Operating loss carryforwards-federal $ 598,000 $ 617,000
Operating loss carryforwards-state 124,000 117,000
Total deferred taxes 722,000 734,000
Less: valuation allowance (722,000) (734,000)
Net deferred tax assets      
XML 31 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCKHOLDERS' EQUITY (DEFICIENCY) (Tables)
 12 Months Ended
Aug. 31, 2012
Equity [Abstract]  
Summary of the Company stock option activity

A summary of the Company’s stock option activity during the year ended August 31, 2012 is presented below:

 

                Weighted        
          Weighted     Average        
          Average     Remaining     Aggregate  
    No. of     Exercise     Contractual     Intrinsic  
    Shares     Price     Term     Value  
Balance outstanding at August 31, 2011     520,000     $ 0.65              
Granted     -                      
Exercised     -                      
Forfeited     -                      
Expired     (160,000 )   $ 0.60              
Balance outstanding at August 31, 2012     360,000     $ 0.67       2.9     $ -  
                                 
Exercisable at August 31, 2012     360,000     $ 0.67       2.9     $ -  
XML 32 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Aug. 31, 2012
Accounting Policies [Abstract]  
PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of Golf Rounds.com, Inc. and its wholly-owned subsidiary DPE Acquisition Corp. All inter-company balances and transactions have been eliminated in consolidation.
USE OF ESTIMATES

Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”).  These accounting principles require us to make certain estimates, judgments and assumptions.  We believe that the estimates, judgments and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made.  These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of our consolidated financial statements as well as the reported amounts of revenues and expenses during the periods presented.  Our consolidated financial statements would be affected to the extent there are material differences between these estimates and actual results.  In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management’s judgment in its application.  There are also areas in which management’s judgment in selecting any available alternative would not produce a materially different result.  Significant estimates include valuation of stock-based compensation and the valuation allowance on deferred tax assets.
CASH EQUIVALENTS

The Company considers all money market funds and highly liquid debt instruments with an original maturity of three months or less to be cash equivalents.
STOCK-BASED COMPENSATION

The Company recognizes compensation expense for stock-based compensation in accordance with ASC Topic No. 718.  For employee stock-based awards, the Company calculates the fair value of the award on the date of grant using the Black-Scholes method for stock options; the expense is recognized over the service period for awards expected to vest.  For non-employee stock-based awards, the Company calculates the fair value of the award on the date of grant in the same manner as employee awards, however, the awards are revalued at the end of each reporting period and the prorata compensation expense is adjusted accordingly until such time the nonemployee award is fully vested, at which time the total compensation recognized to date shall equal the fair value of the stock-based award as calculated on the measurement date, which is the date at which the award recipient’s performance is complete.  The estimation of stock-based awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised.
INCOME TAXES

Current income taxes are based on the year’s taxable income for federal and state income tax reporting purposes.  Deferred income taxes are provided on a liability basis whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax law and rates on the date of enactment.
LOSS PER SHARE

Net loss per common share is based on the weighted average number of shares of common stock outstanding during each year. Common stock equivalents, including 360,000 and 520,000 stock options for the years ended August 31, 2012 and 2011, respectively, are not considered in diluted loss per share because the effect would be anti-dilutive.
FAIR VALUE MEASUREMENTS

The Company has adopted the provisions of Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures”.  ASC Topic 820 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements.  Fair value is defined as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.  The accounting standard established a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available.  This hierarchy prioritizes the inputs into three broad levels as follows.  Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.  Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument.  Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value.  A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

 

The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.
RECENT ACCOUNTING PRONOUNCEMENTS

In September 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2011-08, “Intangibles — Goodwill and Other,” (“ASU 2011-08”), which amends current guidance to allow a company to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test.  The amendment also improves previous guidance by expanding upon the examples of events and circumstances that an entity should consider between annual impairment tests in determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount.  ASU 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011.  Accordingly, the Company adopted ASU 2011-08 beginning in the second quarter of fiscal year ended August 31, 2012.  The adoption of ASU 2010-13 did not have a material effect on the Company’s consolidated results of operations or financial condition.

 

In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income,” (“ASU 2011-05”), which requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income.  ASU 2011-05 is effective for fiscal years and interim periods beginning after December 15, 2011. Accordingly, the Company adopted ASU 2011-05 beginning in the second quarter of fiscal year ended August 31, 2012. The adoption of this updated disclosure guidance did not have a material impact upon the Company’s financial position and results of operations.
XML 33 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES (Tables)
 12 Months Ended
Aug. 31, 2012
Income Tax Disclosure [Abstract]  
Components of the benefit (provision) for income taxes

The components of the benefit (provision) for income taxes from continuing operations are as follows:

 

    For the     For the  
    Year Ended     Year Ended  
    August 31, 2012     August 31, 2011  
Current (benefit) provision: federal   $ -     $ -  
Current (benefit) provision: state     -       -  
Total current provision     -       -  
                 
Deferred (benefit) provision: federal     -       -  
Deferred (benefit) provision: state     -       -  
Total deferred provision     -       -  
                 
Total provision (benefit) for income taxes from continuing operations   $ -     $ -  
Schedule of deferred tax assets and deferred tax liabilities

Significant items making up the deferred tax assets and deferred tax liabilities are as follows:

 

    August 31, 2012     August 31, 2011  
Long-term deferred taxes:            
Operating loss carryforwards-federal   $ 598,000     $ 617,000  
Operating loss carryforwards-state     124,000       117,000  
Total deferred taxes     722,000       734,000  
Less: valuation allowance     (722,000 )     (734,000 )
Net deferred tax assets   $ -     $ -  
Amounts and corresponding expiration dates of the Company's unused net operating loss carryforwards

The amounts and corresponding expiration dates of the Company’s unused net operating loss carryforwards are shown in the following table as of August 31, 2012:

 

Year   Federal     Georgia  
2014   $ 43,000     $ -  
2015     389,000       89,000  
2016     218,000       129,000  
2017     187,000       207,000  
2018     157,000       175,000  
2024     321,000       340,000  
2025     117,000       168,000  
2026     72,000       165,000  
2027     32,000       141,000  
2028     86,000       134,000  
2029     124,000       126,000  
2030     139,000       139,000  
2031     135,000       135,000  
2032     115,000       115,000  
    $ 2,135,000     $ 2,063,000  
Schedule of effective income tax (benefit) rate

The Company’s effective income tax (benefit) rate for continuing operations differs from the statutory federal income tax benefit rate as follows:

 

    For the     For the  
    Year Ended     Year Ended  
    August 31, 2012     August 31, 2011  
Federal tax benefit (provision) rate     28 %     28 %
State tax benefit (provision) rate     4 %     4 %
Temporary differences     4 %     3 %
Permanent differences     0 %     0 %
Change in valuation allowance     -36 %     -35 %
Effective Income tax (benefit) provision rate from continuing operations     0 %     0 %
XML 34 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
GOING CONCERN (Details Narrative) (USD $)
 12 Months Ended
Aug. 31, 2012
Aug. 31, 2011
Notes to Financial Statements    
Net loss $ 101,583 $ 122,262
Net cash used in operating activities $ 53,067 $ 134,279
XML 35 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES (Details 3)
 12 Months Ended
Aug. 31, 2012
Aug. 31, 2011
Income Tax Disclosure [Abstract]    
Federal tax benefit (provision) rate 28.00% 28.00%
State tax benefit (provision) rate 4.00% 4.00%
Temporary differences 4.00% 3.00%
Permanent differences 0.00% 0.00%
Change in valuation allowance (36.00%) (35.00%)
Effective Income tax (benefit) provision rate from continuing operations 0.00% 0.00%
XML 36 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY) (USD $)
Common Stock
Additional Paid-In Capital
Retained Earnings / Accumulated Deficit
Total
Beginning Balance, Amount at Aug. 31, 2010 $ 34,473 $ 4,923,839 $ (3,034,568) $ 1,923,744
Beginning Balance, Shares at Aug. 31, 2010 3,447,377      
Cash dividend paid to stockholders    (1,783,689)    (1,783,689)
Stock options exercised, Shares 120,000      
Stock options exercised, Amount 1,200 38,400    39,600
Net loss       (122,262) (122,262)
Ending Balance, Amount at Aug. 31, 2011 35,673 3,178,550 (3,156,830) 57,393
Ending Balance, Shares at Aug. 31, 2011 3,567,377      
Net loss       (101,583) (101,583)
Ending Balance, Amount at Aug. 31, 2012 $ 35,673 $ 3,178,550 $ (3,258,413) $ (44,190)
Ending Balance, Shares at Aug. 31, 2012 3,567,377      
XML 37 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES
 12 Months Ended
Aug. 31, 2012
Income Tax Disclosure [Abstract]  
Note 4. INCOME TAXES

The components of the benefit (provision) for income taxes from continuing operations are as follows:

 

    For the     For the  
    Year Ended     Year Ended  
    August 31, 2012     August 31, 2011  
Current (benefit) provision: federal   $ -     $ -  
Current (benefit) provision: state     -       -  
Total current provision     -       -  
                 
Deferred (benefit) provision: federal     -       -  
Deferred (benefit) provision: state     -       -  
Total deferred provision     -       -  
                 
Total provision (benefit) for income taxes from continuing operations   $ -     $ -  


Significant items making up the deferred tax assets and deferred tax liabilities are as follows:

 

    August 31, 2012     August 31, 2011  
Long-term deferred taxes:            
Operating loss carryforwards-federal   $ 598,000     $ 617,000  
Operating loss carryforwards-state     124,000       117,000  
Total deferred taxes     722,000       734,000  
Less: valuation allowance     (722,000 )     (734,000 )
Net deferred tax assets   $ -     $ -  

 

A valuation allowance is established if it is more likely than not that all or a portion of the deferred tax asset will not be realized.  Accordingly, a valuation allowance was established in 2012 and 2011 for the full amount of the deferred tax asset due to the uncertainty of realization.  Management believes that based upon its projection of future taxable operating income for the foreseeable future, it is more likely than not that the Company will not be able to realize the benefit of the deferred tax asset at August 31, 2012. The net change in the valuation allowance during the year ended August 31, 2012 was a decrease of $12,000.  The valuation allowance as of August 31, 2012 was $722,000.

 

 

The amounts and corresponding expiration dates of the Company’s unused net operating loss carryforwards are shown in the following table as of August 31, 2012:

 

Year   Federal     Georgia  
2014   $ 43,000     $ -  
2015     389,000       89,000  
2016     218,000       129,000  
2017     187,000       207,000  
2018     157,000       175,000  
2024     321,000       340,000  
2025     117,000       168,000  
2026     72,000       165,000  
2027     32,000       141,000  
2028     86,000       134,000  
2029     124,000       126,000  
2030     139,000       139,000  
2031     135,000       135,000  
2032     115,000       115,000  
    $ 2,135,000     $ 2,063,000  


The Company’s effective income tax (benefit) rate for continuing operations differs from the statutory federal income tax benefit rate as follows:

 

    For the     For the  
    Year Ended     Year Ended  
    August 31, 2012     August 31, 2011  
Federal tax benefit (provision) rate     28 %     28 %
State tax benefit (provision) rate     4 %     4 %
Temporary differences     4 %     3 %
Permanent differences     0 %     0 %
Change in valuation allowance     -36 %     -35 %
Effective Income tax (benefit) provision rate from continuing operations     0 %     0 %


In accordance with certain provisions of the Tax Reform Act of 1986 a change in ownership of greater than 50% percent of a corporation within a three-year period will place an annual limitation on the corporation’s ability to utilize its existing tax benefit carryforwards. Such a change in ownership may have occurred in connection with the private placement of securities. Additionally, the Company’s utilization of its tax benefit carryforwards may be restricted in the event of possible future changes in the ownership of the Company from the exercise of options or other future issuances of common stock.
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INCOME TAXES (Details 2) (USD $)
Aug. 31, 2012
Federal $ 2,135,000
Georgia 2,063,000
Year 1 [Member]
  
Year 2014
Federal 43,000
Georgia   
Year 2 [Member]
  
Year 2015
Federal 389,000
Georgia 89,000
Year 3 [Member]
  
Year 2016
Federal 218,000
Georgia 129,000
Year 4 [Member]
  
Year 2017
Federal 187,000
Georgia 207,000
Year 5 [Member]
  
Year 2018
Federal 157,000
Georgia 175,000
Year 6 [Member]
  
Year 2024
Federal 321,000
Georgia 340,000
Year 7 [Member]
  
Year 2025
Federal 117,000
Georgia 168,000
Year 8 [Member]
  
Year 2026
Federal 72,000
Georgia 165,000
Year 9 [Member]
  
Year 2027
Federal 32,000
Georgia 141,000
Year 10 [Member]
  
Year 2028
Federal 86,000
Georgia 134,000
Year 11 [Member]
  
Year 2029
Federal 124,000
Georgia 126,000
Year 12 [Member]
  
Year 2030
Federal 139,000
Georgia 139,000
Year 13 [Member]
  
Year 2031
Federal 135,000
Georgia 135,000
Year 14 [Member]
  
Year 2032
Federal 115,000
Georgia $ 115,000