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EXCEL - IDEA: XBRL DOCUMENT - GOLF ROUNDS COM INCFinancial_Report.xls
10-K - FORM 10-K - GOLF ROUNDS COM INCteee_10k.htm
XML - IDEA: XBRL DOCUMENT - GOLF ROUNDS COM INCR6.htm
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EX-32.1 - CERTIFICATION - GOLF ROUNDS COM INCteee_ex321.htm
EX-99.1 - RISK FACTORS - GOLF ROUNDS COM INCteee_ex991.htm
EX-31.1 - CERTIFICATION - GOLF ROUNDS COM INCteee_ex311.htm
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v2.4.0.6
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.