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 March 31, 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)

                                 (812) 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 May 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
                                   (UNAUDITED)

                                 MARCH 31, 2002

                                     ASSETS

Current assets:
     Cash                                             $7,273
     Marketable securities                            16,000
                                                      ------
    Total current assets                             $23,273
                                                      ------
Other assets:
     Investment in investee                          $57,333
                                                      ------
    Total other assets                               $57,333
                                                      ------

Total assets                                         $80,606
                                                     =======

                                   LIABILITIES

Current liabilities:                                      $-

Stockholders' equity:
    Common stock, class A, $0.001 par value
       25,000,000 authorized;
       5,350,000 issued and outstanding               $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                       151,740
     Accumulated deficit                             (29,878)
                                                    --------
                                                    $127,212
   Less: Class A common stock subscribed             (46,606)
                                                    --------
         Total stockholders' equity                   80,606

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY           $80,606
                                                    ========


                                        3
<PAGE>

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

                             STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
                                                                 March 29, 2001   March 29, 2001
                                                 3-month period    (inception)      (inception)
                                                 ending 3/31/02  through 3/31/01  through 3/31/02
                                                   (unaudited)     (unaudited)     (unaudited)
                                                  -------------   --------------  ---------------
<S>                                               <C>             <C>             <C>
REVENUE
   Management fees                                       $5,000            $ -           $13,333

OPERATING EXPENSES
  Salaries                                                1,200              -             8,400
  Professional fees                                       6,175           1,265           11,675
  Director fees                                             375              -             1,500
  Consulting services                                         -              -             1,265
  Travel and entertainment                                1,122              -             1,122
  Filing fees                                                 -              -             6,336
  Miscellaneous                                             903              -             2,806
                                                        --------        --------         --------
  Total operating expenses                                9,775           1,265           33,104

(Loss) on operations                                     (4,775)         (1,265)         (19,771)

Other income (expense)
  Equity in earnings (loss) of investee                  (1,000)             -            (2,667)
  Unrealized (loss) on marketable securities             (7,000)             -            (7,440)
                                                        --------        --------         --------
                                                         (8,000)             -           (10,107)

Net income (loss)                                       (12,775)         (1,265)         (29,878)
                                                        =========      =========        =========
Earnings per common share
    Basic                                                  NIL            NIL               NIL
                                                        =========      =========        =========

    Fully diluted                                          NIL            NIL               NIL
                                                        =========      =========        =========
Weighted average number of shares
    Basic                                               5,350,000      3,100,000        5,350,000

    Fully diluted                                       8,470,000      7,485,000        8,470,000
</TABLE>


                                        4
<PAGE>



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

                             STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                March 29, 2001    March 29, 2001
                                                3-month period    (inception)       (inception)
                                                ending 3/31/02  through 3/31/01   through 3/31/02
                                                  (unaudited)     (unaudited)       (unaudited)
                                                 -------------    -------------    -------------
<S>                                             <C>              <C>              <C>
Cash flows from operating activities:
   Net (loss) earnings                              ($12,775)         ($1,265)        ($29,878)
   Adjustments to reconcile net loss to
    net cash provided:
      Equity in (earnings) loss of investee            1,000                -            2,667
      Unrealized loss in marketable
        Securities                                     7,000                -            7,440
      Common stock issued in connection with
        exercise of stock options for
        payment of expenses                            4,350               15           15,519
      Common stock issued to directors                   375                -            1,875
      Common stock issued to consultants                   -            1,250            1,250
      Donated services of officers                     1,200                -            8,400
                                                    --------         --------         --------
   Net cash provided by (used) in operations          $1,150              $ -           $7,273
                                                    --------         --------         --------

Net change in cash                                    $1,150              $ -           $7,273

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

<TABLE>
<CAPTION>

                                       PREMIER DEVELOPMENT & INVESTMENT, INC.
                                            (A DEVELOPMENT STAGE COMPANY)
                                          STATEMENT OF STOCKHOLDERS' EQUITY
                                    MARCH 29, 2001 (INCEPTION) TO MARCH 31, 2002


                                                                     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             -          -     1,200             -      1,200

Net loss during period                   -          -         -         (12,775)   (12,775)
                                ------------- -----------  --------  ------------  --------

BALANCE, MARCH 31, 2002            5,350,000  $  5,350  $ 151,740     $ (29,878)  $ 127,212
                                   ========== ========= =========  =============  =========
</TABLE>


                                        6
<PAGE>


                     PREMIER DEVELOPMENT & INVESTMENT, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 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  March  31,  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 March 31, 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 $29,878 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                          $      4,482
          Valuation allowance                               (4,482)
          Net tax benefit                             $          0

At March 31, 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 the 6,735,000
Class A voting common shares (which represents the registration for resale the
selling security holders 2,350,000 shares, and provision for 4,385,000 Class A
voting common shares to the extent of the exercise of the 3,000,000 warrants and
1,385,000 options) by Premier were outstanding.

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 at December 31, 2001 is as follows:

Sales                                                 $0
Gross Profit                                          $0
Net income (loss) from continuing operations          $(5,000)
Net income (loss)                                     $(5,000)


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.

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 March 31, 2001, Victoria Carlton, Premier's Secretary and
Treasurer performed services on behalf of Premier with a fair value of $1,200.
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 March 31,
2002 as the quarter ended March 31, 2002.  This was our first fiscal quarter of
our current fiscal year which ends on December 31, 2002.  We reference the
current fiscal year as fiscal 2002.  Additionally, we refer to the period of
March 29, 2001 (inception) through March 31, 2001 as the quarter ended March 31,
2001.

Revenues

     For the quarter ended March 31, 2002, we generated revenues of $5,000
compared to no revenue generated for the quarter ended March 31, 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.  We anticipate generating a minimum of $20,000 in management fees from
this joint venture project during the course of fiscal 2002.

Expenses

     Operating Expenses.  Our operating expenses consist primarily of personnel
expenses, professional fees, consulting fees and director fees, and totaled
$9,775 for the quarter ended March 31, 2002 compared to $1,265 for the quarter
ended March 31, 2001.  Included in these operating expenses was $3,675 in
accounting fees for our annual independent audit for the fiscal year ended
December 31, 2001 and $1,122 in travel and entertainment expenses associated
with the exploration of prospective new joint venture projects and acquisitions.

     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).  The shares of Inform Worldwide were quoted at $0.32
a share on March 28, 2002 (the last day the markets traded during the quarter
ended March 31, 2002), which represented a ($7,000), or (30.4%), decline during
the quarter ended March 31, 2002, and an aggregate ($7,440), or (31.7%), decline
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.


                                       12
<PAGE>

     We also recorded an expense of ($1,000) 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 ($5,000) during the quarter
ended March 31, 2002.  Our write-down reflects our 20% ownership in the joint
venture project.

Net Loss

     We experienced a net loss of ($12,775), or NIL per share, for the quarter
ended March 31, 2002 compared to a net loss of ($1,265), or NIL per share, for
the quarter ended March 31, 2001.  The increase in net loss was attributed
primarily to a steep decline in the value of our Inform Worldwide Holdings, Inc.
common stock holdings during the quarter ended March 31, 2002, increases in our
general operating expenses and core business operations, 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 March 31, 2002 was $1,150 compared to zero for
the quarter ended March 31, 2001.

     As of March 31, 2002, we had current assets aggregating $23,273, comprised
of $7,273 in cash or cash equivalents and marketable securities consisting of
50,000 shares of Inform Worldwide Holdings, Inc. (OTC: IWWH) valued at $16,000.
We anticipate selling a significant portion, if not all, of our Inform Worldwide
holdings fiscal 2002.  The amount of the net proceeds we will receive from the
sales of these marketable securities cannot be predicted at this time.

     As of March 31, 2002 we had other assets consisting of a $57,333 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 ($1,000)
during the quarter ended March 31, 2002.  Our initial investment in this joint
venture project was valued at $60,000.

     As of March 31, 2002, we had no liabilities, financial obligations or
commitments outstanding.  Furthermore, we do not anticipate taking on any
material financial obligations or commitments for the remainder of fiscal 2002.


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.


                                       13
<PAGE>

     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

     - 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 April 30, 2002 this asset was valued at $10,000 (the last quoted
price for IWWH common stock reported by the OTC Bulletin Board was $0.20 per
share), representing an unrealized loss of ($13,440), or (57%).  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


                                       14
<PAGE>

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
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 2002, we anticipate generating management fees of $5,000 per fiscal
quarter throughout fiscal 2002, or until the joint venture achieves material
revenues and net profits.

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 the proceeds 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 end of fiscal 2002.

     For the quarter ended March 31, 2002, and despite our overall net loss, we
were cash flow positive, generating $1,150 in cash for the quarter.  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 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.


                                       15
<PAGE>

     Additionally, our officers and directors (Eric R. Boyer and Victoria Z.
Carlton) have entered into a verbal agreement 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 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

     The  Annual Meeting of Shareholders was held on March 22, 2002.  Of the
5,350,000 eligible votes, 4,873,655 were cast in person and by proxy.  The
shareholders  approved  the  following  items.

1.   For  the  election  of  the  following  persons  as  Directors:
           - Eric R. Boyer,  number  of  votes  cast  for: 4,873,655; votes cast
             against: none.

           - Victoria Z. Carlton, number of votes cast for: 4,873,655; votes
             cast against: none.

           - Andrew L. Jones, number of votes cast for: 4,873,655; votes cast
             against: none.

2.   To  ratify Baumann, Raymando & Co., PA as the Company's independent
     auditor for the fiscal year ending December 31, 2002, number of votes
     cast for: 4,873,655; votes cast against: none.


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<PAGE>

     Subsequent to the Annual Meeting of Shareholders, the newly elected Board
of Directors conducted their first meeting on April 12, 2002 and duly qualified
and appointed Eric R. Boyer to the positions of President and Chief Executive
Officer; Victoria Z. Carlton to the positions of Treasurer and Secretary; and
Andrew L. Jones to the position of Chairman.

Item 5.  Other Information.

None


Item 6.  Exhibits and Reports on Form 8-K

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

        None




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

Form 8-K filed on April 19, 2002 containing the voting results of our Annual
Shareholders Meeting held on March 22, 2002.


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: May 15, 2002                   By: /s/ Eric R. Boyer
                                          --------------------
                                          Eric R. Boyer
                                          President and CEO









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