U. S. Securities and Exchange Commission
                            Washington, D. C.  20549


                                   FORM 10-QSB


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

        For the quarterly period ended June 30, 2002

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

         For the transition period from                to
                                        --------------    ------------------

                          Commission File No. 000-33005


                     PREMIER DEVELOPMENT & INVESTMENT, INC.
              -----------------------------------------------------
             (Exact name of Registrant as specified in its charter)

                              NEVADA     52-2312117
             -------------------------------     -------------------
                (State or other jurisdiction of     (IRS Employer
             Incorporation or Organization)     Identification No.)


                       504 Beebe Ct., Frederick, MD  21703
         ---------------------------------------------------------------
                    (Address of Principal Executive offices)

                                 (813) 784-3442
                                 --------------
                           (Issuer's telephone number)

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

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

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:


           Class                                 Outstanding at August 1, 2002
           -----                                 -----------------------------

Common Stock, Class A, $0.001 par value                    5,350,000



<PAGE>

Transitional Small Business Disclosure Form (check one):

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


                     PREMIER DEVELOPMENT & INVESTMENT, INC.


                                TABLE OF CONTENTS
                                   FORM 10-QSB


                                     PART I
                              FINANCIAL INFORMATION


                                     PART I
                              FINANCIAL INFORMATION


Item 1.           Financial Statements..................................3

                  Balance Sheet (unaudited)
                    for the period ending March 31, 2002................3

                  Statement of Operations (unaudited)
                    for the three months ending March 31, 2002
                    and the period from March 29, 2001 (inception)
                    through March 31, 2001..............................4

                  Statement of Cash Flow (unaudited)
                    for the three months ending March 31, 2002
                    and the period from March 29, 2001 (inception)
                    through March 31, 2002..............................5

                  Notes to Financial Statements (unaudited).............7


Item 2.           Management's Discussion and Analysis or
                    Plan of Operation..................................12


                                     PART II
                                OTHER INFORMATION

Item 1.           Legal Proceedings....................................16

Item 2.           Changes in Securities and Use of Proceeds............16

Item 3.           Defaults Upon Senior Securities......................16

Item 4.          Submission of Matters to a Vote of Security Holders...16

Item 5.           Other Information....................................17

Item 6.           Exhibits and Reports on Form 8-K.....................17

                  Signatures...........................................17


                                        2
<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

                     PREMIER DEVELOPMENT & INVESTMENT, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                                  BALANCE SHEET

                                                        June 30,    December 31,
                                                          2002         2001
                                                      (unaudited)    (audited)
                                                      -----------   ------------
                                     ASSETS

Current  assets:
     Cash                                               $10,193        $6,123
     Marketable  securities                               7,500        23,000
     Prepaid  expenses                                        -           375
                                                        -------       -------
     Total  current  assets                             $17,693       $29,498
                                                        -------       -------
Other  assets:
     Investment  in  investee                           $56,743       $58,333
                                                        -------       -------
     Total  other  assets                               $56,743       $58,333
                                                        -------       -------

Total  assets                                           $74,436       $87,831
                                                        =======       =======

                                   LIABILITIES

Current  liabilities:
                                                        $     -       $     -
                                                        -------       -------
    Total  current  liabilities                         $     -       $     -
                                                        =======       =======
Stockholders'  equity:
    Common  stock,  class  A,  $0.001  par  value
       25,000,000  authorized;
       5,350,000  issued  and  outstanding              $ 5,350       $ 5,350
    Common  stock,  class  B,  $0.001  par  value
       10,000,000  authorized;
       none  issued  and  outstanding                         -             -
    Preferred  stock,  $0.001  par  value
       20,000,000  authorized;
       none  issued  and  outstanding                         -             -
    Additional  paid  in  capital                       152,940       150,540
    Accumulated  deficit                                (40,164)      (17,103)
                                                        -------       -------
                                                        118,126       138,787
     Less:  Class  A  common  stock  subscribed         (43,690)      (50,956)
                                                        -------       -------
          Total  stockholders'  equity                   74,436        87,831

TOTAL  LIABILITIES  AND  STOCKHOLDERS'  EQUITY          $74,436       $87,831
                                                        =======       =======


                                        3
<PAGE>

                     PREMIER DEVELOPMENT & INVESTMENT, INC.
                         (A DEVELOPMENT STAGE COMPANY)

                            STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
                                                                                                    March 29, 2001     Cumulative
                                                    3-months         3-months         6-months        (inception)        During
                                                      Ended            Ended            Ended           through        Development
                                                  June 30, 2002    June 30, 2001    June 30, 2002    June 30, 2001        Stage
                                                   (unaudited)      (unaudited)      (unaudited)       (audited)       (unaudited)
                                                  -------------    -------------    -------------    -------------    -------------

<S>                                               <C>             <C>             <C>               <C>              <C>
REVENUE
   Management fees                                       $2,950          $    -           $7,950          $    -           $16,283

OPERATING EXPENSES
  Salaries                                                1,200           2,400            2,400           2,400             9,600
  Professional fees                                       2,655               -            8,830               -            14,330
  Director fees                                                             375              375             375             1,500
  Consulting services                                         -               -                -           1,265             1,265
  Travel and entertainment                                  190               -            1,312               -             1,312
  Filing fees                                                 -               -                -               -             6,336
  Miscellaneous                                             101               -            1,004               -             2,907
                                                       ---------       ---------        ---------       ---------         ---------
  Total operating expenses                                4,146           2,775           13,921           4,040            37,250
                                                       ---------       ---------        ---------       ---------         ---------
 (Loss) on operations                                    (1,196)         (2,775)          (5,971)         (4,040)          (20,967)
                                                       =========       =========        =========       =========         =========
Other income (expense)
   Equity in earnings (loss) of investee                   (590)               -          (1,590)               -           (3,257)
   Unrealized gain (loss) on marketable securities       (8,500)         (6,940)         (15,500)         (6,940)          (15,940)
                                                        ---------      ---------        ---------       ---------         ---------
   Total other income (expense)                          (9,090)         (6,940)         (17,090)         (6,940)          (19,197)

Net income (loss)                                       (10,286)         (9,715)         (23,061)        (10,980)          (40,164)
                                                       =========       =========        =========       =========         =========
Earnings (loss) per common share

    Basic                                                 NIL             NIL               NIL            NIL              (0.01)
                                                       =========       =========        =========       =========         =========
    Fully diluted                                         NIL             NIL               NIL            NIL              (0.01)
                                                       =========       =========        =========       =========         =========
Weighted average number of shares
    Basic                                              5,350,000       3,100,000        5,350,000       3,092,473         4,408,515
                                                       =========       =========        =========       =========         =========
    Fully diluted                                      8,509,500       7,485,000        8,489,750       7,477,473         7,536,277
                                                       =========       =========        =========       =========         =========
</TABLE>


                                        4
<PAGE>

                     PREMIER DEVELOPMENT & INVESTMENT, INC.
                         (A DEVELOPMENT STAGE COMPANY)

                            STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                                                    March 29, 2001     Cumulative
                                                    3-months         3-months         6-months        (inception)        During
                                                      Ended            Ended            Ended           through        Development
                                                  June 30, 2002    June 30, 2001    June 30, 2002    June 30, 2001        Stage
                                                   (unaudited)      (unaudited)      (unaudited)       (audited)       (unaudited)
                                                  -------------    -------------    -------------    -------------    -------------

<S>                                               <C>             <C>             <C>               <C>              <C>

Cash flows from operating activities:
   Net (loss) earnings                             $ (10,286)       $  (9,715)       $ (23,061)         $ (10,980)        ($40,164)
   Adjustments to reconcile net (loss) to
    cash provided by (used) in operating
    activities:

      Unrealized loss in marketable securities         8,500            6,940           15,500              6,940           15,940
      Equity in (earnings) loss of investee              590                -            1,590                  -            3,257
      Common stock issued in connection with
        exercise of stock options for payment
        of expenses                                    2,916                -            7,641                  -           18,810
      Common stock issued in connection with
        services provided by directors                     -              375                -              1,500            1,500
      Common stock issued in connection with
        services provided by consultants                   -                -                -              1,250            1,250
      Common stock issued in connection with
        services provided by officers                      -            2,400                -              2,400            7,200
      Donated services of officers                     1,200                -            2,400                  -            2,400
   Decrease (increase) in current assets:
      Prepaid expenses                                     -                -                -             (1,125)               -
   Increase (decrease) in current liabilities:
      Accounts payable                                     -                -                -                 15                -
                                                    --------         --------         --------           --------         --------
   Total adjustments                                  13,206            9,715           27,131             10,980           50,357
                                                    --------         --------         --------           --------         --------
   Net cash provided by (used) in operations        $  2,920         $      -         $  4,070           $      -         $ 10,193
                                                    --------         --------         --------           --------         --------

Net increase (decrease) in cash                     $  2,920         $      -         $  4,070           $      -         $ 10,193

Cash at beginning of the period                        7,273                -            6,123                  -                -
                                                    --------         --------         --------           --------         --------
Cash at end of the period                           $ 10,193         $      -         $ 10,193           $      -         $ 10,193
                                                    ========         ========         ========           ========         ========
</TABLE>

Supplemental disclosure of a non-cash investing and financing activity:

    The Company issued 350,000 shares of its common stock, class A, $0.001 par
    value in conjunction with the acquisition of 50,000 shares of Inform
    Worldwide Holdings, Inc. (IWWH)

    The Company issued 1,000,000 shares of its common stock, class A, $0.001 par
    value in conjunction with the acquisition of a 20% interest in Coconut Grove
    Group, Ltd., a joint venture project.


                                        5
<PAGE>

                                       PREMIER DEVELOPMENT & INVESTMENT, INC.
                                            (A DEVELOPMENT STAGE COMPANY)
                                          STATEMENT OF STOCKHOLDERS' EQUITY
                                    MARCH 29, 2001 (INCEPTION) TO JUNE 30, 2002

<TABLE>
<CAPTION>


                                                                     DEFICIT
                                                                   ACCUMULATED
                                                                   DURING THE
                                         COMMON STOCK    PAID-IN   DEVELOPMENT
                                     SHARES     AMOUNT   CAPITAL      STAGE        TOTAL
                                   ----------  --------  -------  ------------  ----------
<S>                                <C>         <C>       <C>       <C>           <C>
BALANCE, MARCH 29, 2001
 (INCEPTION)                               -   $      -  $      -  $          -  $       -

 Issuance of common stock
   to directors for services       1,500,000   1,500            -             -      1,500

  Issuance of common stock
   to consultants for services     1,250,000   1,250            -             -      1,250

  Issuance of common stock
    in connection with acquisition
    of marketable securities         350,000     350       23,090             -     23,440

  Issuance of common stock
    in connection with the
    investment in Coconut
    Grove Group, Ltd.              1,000,000    1,000      59,000             -     60,000

  Issuance of common stock
    in connection with the
    exercise of stock options      1,250,000    1,250      61,250             -     62,500

  Donated services by officers             -          -     7,200             -      7,200

  Net loss during period                   -          -         -       (17,103)   (17,103)
                                ------------- -----------  --------  ------------  --------

BALANCE, DECEMBER 31, 2001         5,350,000  $  5,350  $ 150,540     $ (17,103)  $ 138,787
                                   ========== ========= =========  =============  =========

  Donated services by officers             -          -    2,400             -       2,400

Net loss during period                     -          -        -       (23,061)    (23,061)
                                ------------- -----------  --------  ------------  --------

BALANCE, JUNE 30, 2002             5,350,000  $ 5,350  $ 152,940     $ (40,164)  $ 118,126
                                   ========== ========= =========  =============  =========

</TABLE>



                                        6
<PAGE>

                     PREMIER DEVELOPMENT & INVESTMENT, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2002


NOTE  A  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

Nature of Operations
--------------------

Premier Development & Investment, Inc., ("Premier") a Nevada corporation
organized on March 29, 2001, is a development stage company, and as such has
devoted most of its efforts since inception to developing its business plan,
issuing common stock, raising capital, establishing its accounting systems and
other administrative functions.

Premier's strategy is to be a developer and operator of theme based restaurants
and bars.

Interim  Unaudited  Financial  Statements
--------------------------------------

The interim financial statements are unaudited and reflect all adjustments
(consisting only of normal recurring adjustments) which are, in the opinion of
management, necessary for a fair presentation of the financial position and
operating results for the interim periods.  The results of operations for the
three months ended June 30, 2002 are not necessarily indicative of the
results for the entire fiscal year.  The financial statements included herein
are presented in accordance with the requirements of Form 10-QSB and
consequently do not include all of the disclosures normally made in the
registrant's annual Form 10-KSB filing.  These financial statements should be
read in conjunction the with audited financial statements and notes thereto
contained in the Company's Amended Annual Report for the fiscal year ended on
December 31, 2001 filed on Form 10-KSB/A on April 19, 2002.


Going Concern
-------------

The Company's financial statements are prepared using generally accepted
accounting principles applicable to a going concern which contemplates the
realization of assets and liquidation of liabilities in the normal course of
business.  The Company has incurred losses from its inception on March 29, 2001
through June 30, 2002.  The Company does not have an established source of
revenues sufficient to cover its operating costs and, accordingly, there is
substantial doubt about its ability to continue as a going concern.

In order to develop an established source of revenues, and achieve a profitable
level of operations, the Company will need, among other things, additional
capital resources.  Management has formulated a plan to raise additional funding
though the future sales of its Inform Worldwide Holdings, Inc. (OTCBB: IWWH)
common stock, anticipated revenues generated from the Company's ownership and
management fees associated with its Coconut Grove Group, Ltd. joint venture
project, and continued contributions from the executive officers and members of
the Board of Directors and Advisory Board, along with any potential net proceeds
from the anticipated exercise of some, or all, of the Company's issued and
outstanding warrants.  All together these events should allow the Company to
meet its forecasted working capital and

                                        7
<PAGE>

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

capital expenditures through the end of the current fiscal year ending on
December 31, 2002.  However, Management cannot provide any assurances that the
Company will be successful in accomplishing any of its plans.

The ability of the Company to continue as a going concern is dependent upon its
ability to successfully accomplish the plan described in the preceding paragraph
and eventually attain profitable operations.  The accompanying financial
statements do not include any adjustments that might be necessary if the Company
is unable to continue as a going concern.

Marketable Securities
---------------------

Premier's security investments that were acquired in conjunction with the
issuance of its common stock are held principally for the purpose of selling
them in the near-term and are classified as trading securities.  Trading
securities are recorded at fair value on the balance sheet in current assets,
with the change in fair value during the period included in operations.

Investment in Investee
----------------------

Premier issued 1,000,000 shares of its Class A voting common stock for a 20%
interest in Coconut Grove Group, Ltd.  This investment is accounted for using
the equity method which is cost, as adjusted for Premier's proportionate share
of undistributed earnings or losses as Premier can exercise significant
influence over the financial and operating activities of Coconut Grove Group,
Ltd.

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

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

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

Premier records its federal and state tax liability in accordance with Financial
Accounting Standards Board Statement No. 109 "Accounting for Income Taxes".  The
deferred taxes payable are recorded for temporary differences between the
recognition of income and expenses for tax and financial reporting purposes,
using current tax rates.

Deferred assets and liabilities represent the future tax consequences of those
differences, which will either be taxable or deductible when the assets and
liabilities are recovered or settled.

Since its inception, Premier has an accumulated loss of $40,164 for income tax
purposes, which can be used to offset future taxable income through 2016.  The
potential tax benefit of this loss is estimated as follows:

                                        8
<PAGE>

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

          Future tax benefit                         $      6,025
          Valuation allowance                              (6,025)
          Net tax benefit                            $          0

As of June 30, 2002, no deferred tax assets or liabilities are recorded in the
accompanying financial statements.

Earnings per Share
------------------

On March 3, 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standard No. 128, "Earnings Per Share", which provides for
the calculation of Basic and Diluted earnings per share.  Basic earnings per
share includes no dilution and is computed by dividing income or loss available
to common stockholders by the weighted average number of common shares
outstanding for the period.  Diluted earnings per share reflects the potential
dilution of securities that could share in the earnings of the entity.

Premier adopted this pronouncement during the period and as such reported the
basic earnings per share, based on the weighted average number of shares
outstanding, and the fully diluted earnings per share as though all shares of
Class A common stock issuable by Premier were outstanding, which includes
3,000,000 warrants to purchase common stock and 165,000 options to purchase
common stock.

Advertising Costs
-----------------

Premier expenses the production costs of advertising the first time the
advertising takes place.

Fiscal Year
-----------

The Company elected December 31 as its fiscal year end.

NOTE B - INVESTMENT IN INVESTEE

In connection with Premier's investment in Coconut Grove Group, Ltd., condensed
financial information of the investee for the six-months ended June 30, 2002 is
as follows:

Sales                                                 $0
Gross Profit                                          $0
Net income (loss) from continuing operations          $(7,950)
Net income (loss)                                     $(7,950)


NOTE C - STOCK REGISTRATION

Premier has filed a registration statement with the Securities and Exchange
Commission which was declared effective November 13, 2001, to register 6,735,000
shares of its $.001 par value Class A voting common stock on behalf of its
stockholders'.  In connection with the selling stockholders' registration and
the incremental difference between the option and warrant exercise price
compared to

                                        9
<PAGE>
NOTE C - STOCK REGISTRATION (CONTINUED)

recent issuances of Premier's common stock, any offering costs (consisting of
legal, accounting and filing fees) were expensed as the benefit to the selling
stockholders' and the incremental difference between the option and warrant
exercise price compared to recent issuances of Premier's common stock do not
allow the capitalization of such costs.

NOTE D - STOCK, WARRANT AND OPTION ISSUANCES

On March 29, 2001, 500,000 shares of Premier's $.001 par value Class A voting
common stock and an option to purchase 250,000 shares of Premier's Class A
voting common stock at a purchase price of five cents ($0.05) per share was
issued to each director as compensation, in lieu of cash, for services.  The
stock was issued under the provisions of Rule 144 of the Securities Act of 1933,
as amended.  The options vest immediately and expire on the fifth anniversary of
the date of their issuance.

On March 29, 2001, 250,000 shares of Premier's $.001 par value Class A voting
common stock and an option to purchase 250,000 shares of Premier's Class A
voting common stock at a purchase price of five cents ($0.05) per share was
issued to an unrelated entity for consulting services.  The stock was issued
under the provisions of Rule 144 of the Securities Act of 1933, as amended.  The
options vest immediately and expire on the fifth anniversary of the date of
their issuance.

In addition, this entity was granted 500,000 warrants to purchase the same
number of Premier's $.001 par value Class A voting common stock at a purchase
price of four dollars ($4.00) per share.  The warrants expire on December 31,
2003.

On March 29, 2001, 250,000 options to purchase the same number of Premier's
$.001 par value Class A voting common stock at a purchase price of five cents
($0.05) per share was issued to an unrelated entity to develop an investor
relations program.  The options vest immediately and expire on the fifth
anniversary of the date of their issuance.

On March 29, 2001, 1,000,000 shares of Premier's $.001 par value Class A voting
common stock was issued to several unrelated entities for consulting services
provided to Premier.  The stock was issued under the provisions of Rule 144 of
the Securities Act of 1933, as amended.

On March 31, 2001, 350,000 shares of Premier's $.001 par value Class A voting
common stock and 500,000 warrants to purchase the same number of Premier's $.001
par value Class A voting common stock at a purchase price of four dollars
($4.00) per share were issued in conjunction with the acquisition of 50,000
shares of Inform Worldwide Holdings, Inc.(OTC "IWWH") from two separate
unrelated entities under a stock purchase agreement.  The stock was issued under
the provisions of Rule 144 of the Securities Act of 1933, as amended.  The
warrants, which may be redeemed by  Premier under certain restrictions, expire
on December 31, 2003.

On May 15, 2001, 15,000 options to purchase the same number of Premier's .001
par value Class A voting common stock at a purchase price of two dollars ($2.00)
per share were issued to each member of the nine person advisory board to assist
Premier on specific matters as they related to the individual board members
expertise.  The options vest immediately and expire on the third anniversary of
the date of their issuance.


                                       10
<PAGE>

NOTE D - STOCK, WARRANT AND OPTION ISSUANCES (CONTINUED)

On May 15, 2001 Premier issued 2,000,000 warrants in the form of a stock
dividend to all shareholders of record on May 15, 2001.  The warrants would be
divided equally based upon the number of Class A shares held.  Each warrant is
exercisable into a share of the Company's Class A voting common stock at a price
of four dollars ($4.00) per share.  The warrants, which may be redeemed by
Premier under certain restrictions, expire on December 31, 2003.

In conjunction with all of the above outstanding issues of Premiers' $.001 par
value Class A voting common stock, it was agreed that all insiders of Premier,
including, but not limited to, officers, directors, and employees, shall enter
into a binding Stock Lock-Up Agreement preventing the sale of any Class A voting
common stock of Premier for a minimum of one-hundred eighty (180) days after the
date that Premier's Class A voting common stock makes its first trade on the OTC
Bulletin Board.

On July 30, 2001, 1,000,000 shares of Premier's $.001 par value Class A voting
common shares were issued in conjunction with receiving a 20% interest in
Coconut Grove Group, Ltd (the "Venture").  The stock was issued under the
provisions of Rule 144 of the Securities Act of 1933.  Premier will be involved
in the day-to-day activities of the Venture, and will receive a quarterly fee
equal to the greater of 1.5% of the Venture's net profits or $5,000.  Profits
will be allocated based upon ownership interests after withholding 35% for
growth and expansion.  Losses will be allocated and owing based upon ownership
interest.

On November 30, 2001, owners of 750,000 of the $.05 stock options exercised the
options.  In connection with the exercise of the options, Premier was issued
promissory notes in the amount of $36,000 in lieu of cash.  In addition, owners
of 500,000 of the $.05 stock options exercised the options.  In connection with
the exercise of these options, the entities elected to remit payment for some
goods and services received by Premier in lieu of payment of cash to Premier.
In both instances, the amount of non-cash payment to Premier is shown as a
reduction in stockholder's equity as common stock subscribed.

On April 12, 2002, Premier issued an aggregate of 45,000 options (15,000 to each
member of its three person Board of Directors) to purchase shares of Premier's
Class A voting common stock at a purchase price of three-dollars ($3.00) per
share.  These options, issued to each director and officer as compensation, in
lieu of cash, for services, were "out-of-the-money" when issued and therefore
were recorded as having no value at the time of issue.  The options vested
immediately and expire on the fifth anniversary of the date of their issuance.


NOTE E - RELATED PARTY TRANSACTIONS

Premier utilizes a portion of a director's personal residence as its primary
office without charge.

NOTE F - DONATED SERVICES

For the period ended June 30, 2002, Eric R. Boyer, Premier's President and Chief
Executive Officer, performed services on behalf of Premier with a fair market
value of $600 and Victoria Carlton, Premier's Secretary and Treasurer, performed
services on behalf of Premier with a fair value of $600.  The donated value of
these services was recorded as contributed capital.


                                       11
<PAGE>

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

     You should read the following discussion and analysis of our financial
condition and results of operations together with our financial  statements and
related notes appearing elsewhere in this quarterly report.  This discussion and
analysis contains forward-looking statements that involve risks, uncertainties
and assumptions.  When used in this document, the words "anticipate", "believe",
"estimate", "expect" and "intend" and similar expressions, as they relate to us,
are intended to identify forward-looking statements.  Such statements reflect
our current view(s) regarding future events and are subject to certain risks,
uncertainties and assumptions, including the risks and uncertainties noted.
Should  one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those described herein as anticipated, believed, estimated, expected or
intended.  In each instance, forward-looking information should be considered in
light of the accompanying meaningful cautionary statements herein.

Overview

     We are a developer and operator of theme-based restaurants and bars.  Since
our inception on March 29, 2001, we have operated as a development stage
company.

Results of Operations

     For the ease of reference, we refer to the three months ended June 30, 2002
as the quarter ended June 30, 2002 and the period of six-months ended June 30,
2002 as the six-months ended June 30, 2002.  Additionally, we refer to the three
months ended June 30, 2001 as the quarter ended June 30, 2001 and the period of
March 29, 2001 (inception) through June 30, 2001 as the six-months ended June
30, 2001.  We reference the current fiscal year which ends on December 31, 2002
as fiscal 2002.

Revenues

     For the quarter ended June 30, 2002, we generated revenues of $2,950
compared to no revenue generated for the quarter ended June 30, 2001.  These
revenues were generated entirely from management fees associated with being the
Managing Partner of Coconut Grove Group, Ltd., a joint venture project 20% owned
by us.

     For the six-months ended June 30, 2002, we generated revenues of $7,950
compared to no revenue generated for the six-months ended June 30, 2001.  These
revenues were all generated from being the Managing Partner of our joint venture
project.

     We had earlier projected generating a minimum of $5,000 from the joint
venture project for the quarter ended June 30, 2002 and $10,000 for the
six-months ended June 30, 2002.  However, because we have caused delays to the
joint venture project as a result of changes in our management earlier this year
and continuing delays with our pending listing on the over-the-counter bulletin
board (OTCBB), we came to an understanding with our joint venture partner, Tiki
Hut Enterprises, Ltd., and agreed to pro-rate our management fees for the
quarter ended June 30, 2002.  As a result of our management induced delays in
the joint venture, we are foregoing all management fees during the current
fiscal quarter ending September 30, 2002.  We anticipate resuming our management
fees from this joint venture project during the last quarter of fiscal 2002.  We
currently anticipate generating a maximum of $5,000 in management fees
throughout the remainder of fiscal 2002.


                                       12
<PAGE>

Expenses

     Operating Expenses.  Our operating expenses consist primarily of personnel
expenses, professional fees, consulting fees and director fees, and totaled
$4,146 for the quarter ended June 30, 2002, an increase of $1,371, or 49%,
compared to $2,775 for the quarter ended June 30, 2001.

     For the six-months ended June 30, 2002, our operating expenses totaled
$13,921, an increase of $9,881, or 245%, compared to $4,040 for the six-months
ended June 30, 2001.  The increase was primarily attributed to operating for a
full six-months versus a partial six-month period, as well as increased costs
associated with exploring prospective new joint venture and consulting projects.

     Other Expenses.  We experienced a decline in the value of our holdings of
marketable securities, which consist of 50,000 shares of Inform Worldwide
Holdings, Inc. (OTC: IWWH), during the quarter ended June 30, 2002 and the
six-months ended June 30, 2002 of ($8,500), or (53.1%), and ($15,500), or
(67.4%), respectively.  The shares of Inform Worldwide were quoted at $0.15 a
share on June 28, 2002 (the last day the markets traded during the quarter ended
June 30, 2002), which represents an aggregate loss of ($15,940), or (68.0%) from
our acquisition price of $23,440, or $0.4688 per share of IWWH acquired on March
31, 2001.  This decline in Inform Worldwide share value was recorded as an
unrealized loss on our statement of operations.

     We also recorded an expenses of ($590) and ($1,590) for the quarter ended
June 30, 2002 and the six-months ended June 30, 2002, respectively.  These
expenses were to write-down the decline in value associated with our ownership
in the Coconut Grove Group, Ltd. joint venture project.  We are accounting for
our ownership using the equity method of accounting.  The joint venture
experienced a loss of ($2,950) during the quarter ended June 30, 2002 and a loss
of ($7,950) for the six-months ended June 30, 2002.  Our write-down reflects our
20% ownership in the joint venture project.

Operating Loss

     Our operating loss for the quarter ended June 30, 2002 was ($1,196), which
represents a improvement of $1,579, or 56.9%, compared to an operating loss of
($2,775) for the quarter ended June 30, 2001.  This improvement is the result of
increasing revenues which offset increases in operating expenses.

     For the six-months ended June 30, 2002 our operating loss increased $1,931,
or 47.8%, to ($5,971) compared to ($4,040) for the six-months ended June 30,
2001.  This increase was attributable primarily to fact we were operational
during the entire six-months ended June 30, 2002 and were not operational for a
full six-months during the six-months ended June 30, 2001.

Net Loss

     We experienced a net loss of ($10,286), or NIL per share, for the quarter
ended June 30, 2002, an increase of $571, or 5.9%, compared to a net loss of
($9,715), or NIL per share, for the quarter ended June 30, 2001.  Our net loss
for the six-months ended June 30, 2002 was ($23,061), or NIL per share, which
represents an increase of $12,081, or 110.0%, compared to ($10,980), or NIL per
share, for the six-months ended June 30, 2002.  The increase in net loss for
both the quarter ended June 30, 2002 and the six-months ended June 30, 2002 was
attributed primarily to a steep decline in the value of our Inform Worldwide
Holdings, Inc. common stock holdings, increases in our general operating


                                       13
<PAGE>

expenses, and a decrease in the equity value of our Coconut Grove Group joint
venture project.

Liquidity and Capital Resources

     Since our inception on March 29, 2001, we have financed our operating
activities through private offerings of our equity securities and the personal
contributions of our executive officers.  Net cash provided by operating
activities for the quarter ended June 30, 2002 was $2,950 compared to zero for
the quarter ended June 30, 2001 and was $4,070 for the six-months ended June 30,
2002 compared to zero for the six-months ended June 30, 2001.

     As of June 30, 2002, we had current assets aggregating $17,693, comprised
of $10,193 in cash or cash equivalents and marketable securities consisting of
50,000 shares of Inform Worldwide Holdings, Inc. (OTC: IWWH) valued at $7,500.
We anticipate selling a significant portion, if not all, of our Inform Worldwide
holdings during fiscal 2002.  However, because general market conditions have
not been favorable in fiscal 2002 we will continue to wait until more favorable
conditions return before selling any of our IWWH holdings.  The amount of the
net proceeds we will receive from the sales of these marketable securities
cannot be predicted at this time.

     As of June 30, 2002 we had other assets consisting of a $56,743 investment
in our Coconut Grove Group, Ltd. joint venture project.  This asset is accounted
for using the equity method and experienced a decrease in value of ($590) during
the quarter ended June 30, 2002 and a decrease in value of ($1,590) for the
six-months ended June 30, 2002.  Our initial investment in this joint venture
project was valued at $60,000.

     As of June 30, 2002, we had no liabilities, financial obligations or
commitments outstanding.  Furthermore, we do not anticipate taking on any
material financial obligations or commitments that are not commensurate with
increases in revenues and gross subsequent profits.


Plan of Operation

General

     We are a development stage company in the early stages of conducting
operations.  Our plan of operation is to invest in and develop a series of
theme-based restaurant and bar properties that can evolve into stand alone
chains or franchise opportunities.  Because we have limited investment capital
and restricted access to capital markets, our strategy for initial operations is
to develop new restaurant and bar concepts through joint ventures, equity
investments or partnership agreements.

     By limiting the scope of our initial operations to joint ventures, equity
investments and partnership agreements, we will be able to:

-     reduce our financial risk by sharing in the development and marketing
costs typically associated with opening new restaurants and bars;

-     generate secondary or alternative revenue streams by providing
professional restaurant and bar management consulting services through the
collective expertise of our diverse management team; and


                                       14
<PAGE>

-     better diversify our restaurant and bar portfolio to minimize our risk
exposure to any single operation or concept.

Early Capitalization

     On March 31, 2001, one of our consultants, Stag Financial Group, Inc.,
negotiated an equity exchange between ourselves and two investors in a third
party company, Inform World Wide Holdings, Inc. ("Inform").  Inform is publicly
listed on the OTC Bulletin Board under the trading symbol IWWH.  Under the terms
of the exchange, we received an aggregate of 50,000 shares of restricted Inform
common stock in exchange for an aggregate of 350,000 restricted shares of our
common stock, class A, and 500,000 warrants exercisable into shares of our
common stock, class A, at an exercise price of $4.00 per share: the first
investor, Tin Hong Trading Company, transferred 20,300 shares of Inform common
stock to us in exchange for 142,100 shares of our common stock and 203,000
warrants; and the second investor, Olympus Imports & Exports, Ltd., transferred
29,700 shares of Inform common stock to us in exchange for 207,900 shares of our
common stock and 297,000 warrants.  Our shares of Inform common stock became
unrestricted on December 18, 2001.

     The purpose of this stock exchange was to provide some capitalization to
our developing business and enhance our overall balance sheet.  At the time of
the transaction we had no assets and no book value.  Upon the conclusion of the
transaction we had gained assets valued at $23,440, giving us a positive book
value and enhancing our overall appeal to prospective investors and joint
venture partners.

We booked our holdings in Inform at $23,440; Tin Hong Trading Company's equity
in us was valued at $9,517 and Olympus Imports & Exports, Ltd's equity in us was
valued at $13,923.  Long-term this equity exchange should benefit us in our
future efforts to attract outside debt and/or equity financing to grow our
business.  This stock exchange also benefited both investors by providing them
with an avenue to diversify a small portion of their holdings in Inform.

     As of July 29, 2002 this asset was valued at $5,750 (the last quoted price
for IWWH common stock reported by the OTC Bulletin Board was $0.115 per share),
representing an unrealized loss of ($17,690), or (75.5%).  In general, since our
investment on March 31, 2001, IWWH's common stock has been thinly traded and the
trading we have seen has been somewhat erratic leading to extreme price
movements and tremendous volatility.  We anticipate this volatility will
continue throughout fiscal 2002 and impact subsequent quarterly results until we
have liquidated the entire investment.

Joint Venture Developments

     On July 30, 2001, we entered into a joint venture agreement for the
formation of Coconut Grove Group, Ltd., a joint venture that is 20% owned by us
and 80% owned by Tiki Hut Enterprises, Ltd.  The joint venture is initially
being capitalized with a US$3 million cash investment from Tiki Hut Enterprises,
Ltd. and an investment from us of 1,000,000 restricted shares of our common
stock.  None of the joint venture partners are under any obligations to make any
additional capital contributions.

     We are the Managing Partner of this joint venture and, as such, are to
receive a management fee in addition to our share in the joint venture's net
profits.  Our separate management fee is to be two-percent (2%) of the joint


                                       15
<PAGE>

venture's net profits, or US$5,000 per fiscal quarter, whichever is greater.
Our management fee is not to aggregate less than US$20,000 per fiscal year.  Our
out-of-pocket expenses associated with being the Managing Partner are to be
reimbursed by the joint venture.  Because we do not anticipate the joint venture
to begin generating material revenues and net profits until at least the Fall of
fiscal 2003, we anticipate generating management fees of $5,000 per fiscal
quarter throughout fiscal 2003, or until the joint venture achieves material
revenues and net profits.

     Our joint venture project has been significantly delayed by our change of
management earlier this year and continuing delays with our pending listing on
the over-the-counter bulletin board (OTCBB).  Because these delays were caused
by us and not our joint venture partner, Tiki Hut Enterprises, Ltd., we came to
an understanding and mutual agreement with our joint venture partner.  We agreed
to receive a pro-rated management fee of $2,950 for the quarter ended June 30,
2002 and will forego any and all management fees due to us for the current
fiscal quarter ending September 30, 2002.  We anticipate resuming our management
fees from this joint venture project during the last quarter of fiscal 2002 and
anticipate generating a maximum of $5,000 in management fees throughout the
remainder of fiscal 2002.  We have also delayed the anticipated grand opening of
the first Coconut Grove Grill & Blue Water Bar in Grand Cayman, Cayman Islands
until the Fall of 2003 as a result of these delays.

Employees

     We presently do not have any plans to add any additional employees to our
staff.  We may expand our Board of Directors and/or Advisory Board.  However,
none of the members of our Board of Directors or Advisory Board receives a cash
salary or cash benefits, nor do we have any plans to begin paying cash salaries
or cash benefits to our Board of Directors or Advisory Board members during
fiscal 2002.

     We believe that the current efforts from our existing executive officers,
supported by our Board of Directors, outside consultants and Advisory Board
members, will prove satisfactory in enabling us to achieve our current plans of
operation and administering our current obligations as the Managing Partner of
our Coconut Grove Group, Ltd. joint venture project.

Property and Equipment

     We do not foresee any immediate needs to purchase or lease any new or
additional facilities, property or equipment.  We anticipate that any new
property or equipment requirements will be commensurate with new business
developments and subsequent funding and will therefore have a minimal, if any,
impact on our then existing cash flows and/or working capital levels.

Factors That May Affect Future Results

     We believe that our current available cash along with the proceeds, if any,
from the future sale of our marketable securities, the anticipated revenues
generated from our ownership and management fees associated with the Coconut
Grove Group, Ltd. joint venture, continued contributions from our executive
officers and members of our Board of Directors and Advisory Board, and any net
proceeds received from the anticipated exercise of some of our issued and
outstanding warrants should be sufficient to meet our forecasted cash needs for
working capital and capital expenditures through at least the next 12 months of
operation.

     For the quarter ended June 30, 2002 and the six-months ended June 30, 2002,
and despite our overall net loss, we were cash flow positive, generating $2,920
and $4,070, respectively, in cash.  We anticipate on being cash flow negative


                                       16
<PAGE>

during the current fiscal quarter ending September 30, 2002, but should return
to cash flow positive during the last fiscal quarter of fiscal 2002.  While we
anticipate on generating increasing revenues from both management fees and
consulting efforts which, in turn, should lead to improvements to our limited
cash flows we must caution the reader, however, that despite currently being
cash flow positive, any moderate increase in expenses without commensurate
increases in revenues could cause us to become cash flow negative.

     Additionally, our officers and directors (Eric R. Boyer and Victoria Z.
Carlton) have entered into a verbal agreement by and between themselves to
support our business and provide it with adequate capital on an as needed basis.
We anticipate that our officers and directors may be required to provide up to a
maximum of $80,000 before we begin generating a sufficient cash flow to continue
as a going concern and move beyond being a development stage corporation.  Any
and all advances made by our officers and directors will be unsecured and
non-interest bearing.

     However, if (i) we do not generate enough revenues from our early stage
operations (ii) or the future sales of our marketable securities fail to
generate sufficient net proceeds (iii) or an insufficient number of our warrants
are exercised, singularly or altogether, it may prevent us from further
executing our business plan and cause us to seek additional sources of funding.
While we have held discussions with accredited lenders and investors, we have
not yet secured any secondary sources of funding.  Furthermore, we may seek to
sell additional equity, debt or convertible debt securities.  Our ability to
raise capital by selling securities, and hence our liquidity, could be
materially adversely affected by the general and broad-based unease in the
equities market and the limited availability of venture capital financing
sources.  We cannot assure you that financing will be available and, if
available to us, in amounts or on terms acceptable to us in the future.


                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

None

Item 2.  Changes in Securities and Use of Proceeds

None

Item 3.  Defaults Upon Senior Securities

None

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

None

Item 5.  Other Information.

None


                                       17
<PAGE>

Item 6.  Exhibits and Reports on Form 8-K

(A)     Exhibits
        --------

        None


(B)     Reports on Form 8-K
        -------------------

        None


                                 SIGNATURES

     In accordance with the requirements of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                   Premier Development & Investment, Inc.
                                   (Registrant)



Dated: August 14, 2002             By: /s/ Eric R. Boyer
                                       --------------------
                                       Eric R. Boyer
                                       President and CEO







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