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, 2006

[ ]     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.)


             8910 N. Dale Mabry Hwy., Ste. 37, Tampa, Florida  33614
         ---------------------------------------------------------------
                    (Address of Principal Executive offices)

                                 (813) 932-6822
                                 --------------
                           (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 [ ]

Indicate by check mark whether the registrant is a shell company (as defined by
Rule 12b-2 of the Exchange Act).
Yes [ ]     No [X]

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 15, 2006
           -----                                 ---------------------------

Common Stock, Class A, $0.004 par value                   3,600,955


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


<PAGE>
                     PREMIER DEVELOPMENT & INVESTMENT, INC.


                                TABLE OF CONTENTS
                                   FORM 10-QSB

                                     PART I
                              FINANCIAL INFORMATION

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

                  Balance Sheet
                    for the period ended March 31, 2006 (unaudited)
                    and the period ended December 31, 2005 (audited)...3

                  Statement of Operations (unaudited)
                    for the three months ended March 31, 2006,
                    for the three months ended March 31, 2005..........4

                  Statement of Cash Flow (unaudited)
                    for the three months ended March 31, 2006,
                    for the three months ended March 31, 2005..........5

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

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

Item 3.           Controls and Procedures.............................15

                                     PART II
                                OTHER INFORMATION

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

Item 2.           Unregistered Sales of Equity Securities
                    and Use of Proceeds...............................16

Item 3.           Defaults Upon Senior Securities.....................17

Item 4.          Submission of Matters to a Vote of Security Holders..17

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

<TABLE>
<CAPTION>
                PREMIER DEVELOPMENT & INVESTMENT, INC. & SUBSIDIARY
                            CONSOLIDATED BALANCE SHEET


                                      ASSETS
                                                            March 31,    December 31,
                                                              2006           2005
                                                           (unaudited)    (audited)
                                                           -----------   ------------
<S>                                                       <C>           <C>
CURRENT ASSETS
  Cash                                                     $   9,116    $    36,298
  Due from affiliate                                           2,500          2,500
  Inventory                                                   20,053         20,141
  Prepaid expenses                                            11,148            748
                                                         -----------    -----------
      Total current assets                                    42,817         59,687
                                                         -----------    -----------

EQUIPMENT AND LEASEHOLD IMPROVEMENTS
  Equipment                                                  296,797        296,797
  Leasehold improvements                                     263,257        263,257
  Less accumulated depreciation                             (246,125)      (209,290)
                                                         -----------    -----------
      Total equipment and leasehold improvements, net        313,929        350,764
                                                         -----------    -----------
OTHER ASSETS
  Goodwill                                                   436,586        436,586
  Other                                                       12,447         12,448
                                                         -----------    -----------
      Total other assets                                     449,033        449,034
                                                         -----------    -----------


      TOTAL ASSETS                                       $   805,779    $   859,485
                                                         ===========    ===========


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
  Accounts payable and accrued expenses                  $    10,000    $    63,649
  Due to affiliate                                           562,500        552,500
  Due to officer                                              28,468         27,500
  Promissory note, current portion                           132,390        116,010
                                                         -----------    -----------
      Total current liabilities                              733,358        759,659


      TOTAL LIABILITIES                                  $   733,358    $   759,659
                                                         ===========    ===========

STOCKHOLDERS' EQUITY
    Class A voting common stock, $0.004 par value
       250,000,000 shares authorized;
       3,400,945 and 3,097,095 shares
       issued and outstanding, respectively                   13,605         12,389
    Class B voting common stock, $0.001 par value
       10,000,000 shares authorized;
       -0- and -0- shares
       issued and outstanding, respectively                        -              -
    Preferred stock, $0.001 par value
       20,000,000 shares authorized;
       30,000 and 30,000 shares
       issued and outstanding, respectively                       30             30
    Additional paid in capital                             3,295,175      2,528,888
    Retained deficit                                      (2,536,389)    (2,441,481)
    Less common stock subscribed                            (700,000)             -
                                                         -----------    -----------
    Total stockholders' equity                                72,421         99,826

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY               $   805,779    $   859,485
                                                         ===========    ===========
</TABLE>


                                      - 3 -
<PAGE>

                PREMIER DEVELOPMENT & INVESTMENT, INC. & SUBSIDIARY
                       CONSOLIDATED STATEMENT OF OPERATIONS
                                   (unaudited)

<TABLE>
<CAPTION>

                                                    3-months         3-months
                                                      Ended            Ended
                                                     3/31/06          3/31/05
                                                  -------------    -------------

<S>                                               <C>             <C>
Revenues                                             $295,979          $347,616

Cost of goods sold                                    124,343           161,824

Gross profit                                          171,636           185,792

General and administrative expenses                   266,544           219,317
                                                      --------          --------
Gain (Loss) on operations                             (94,908)          (33,525)
                                                      ========          ========
Income tax                                                  -                 -

Net income (loss)                                     (94,908)          (33,525)
                                                      ========          ========

(Loss) per common share

    Basic                                               (0.03)           (0.10)
                                                      =========        =========

    Fully diluted                                       (0.03)           (0.10)
                                                      =========        =========
Weighted average number of shares
    Basic                                             3,139,317         342,120

    Fully diluted                                     3,139,317         342,120

</TABLE>


Note: All share amounts reflect a 200-for-1 reverse stock split
      effective June 9, 2005.


                                      - 4 -
<PAGE>
                PREMIER DEVELOPMENT & INVESTMENT, INC. & SUBSIDIARY
                       CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (unaudited)

<TABLE>
<CAPTION>
                                                    3-months         3-months
                                                      Ended            Ended
                                                     3/31/06          3/31/05
                                                  -------------    -------------
<S>                                             <C>              <C>
Cash flows from operating activities:
   Net (loss)                                       ($94,908)        ($33,525)
   Adjustments to reconcile net (loss) to
    cash (used) in operating activities:

      Depreciation                                    36,835           36,616
      Common stock issued in connection
        with services provided by consultants         67,503                -
      Decrease (increase) in inventory                    88           (2,996)
      Decrease (increase) in prepaid expenses        (10,400)             743
      (Increase) in other                                  -           (2,341)
      Decrease in other assets                             -            4,149
      (Decrease) in accounts payable                 (48,637)          (1,072)
      (Decrease) in due to affiliate                       -          (20,000)
                                                    --------         --------
   Total adjustments                                  45,389           15,099
                                                    --------         --------
   Net cash (used) in operations                    ($49,519)        ($18,426)
                                                    --------         --------
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES
   Purchase of equipment and leasehold improvements        -           (6,319)
   Proceeds from promissory note receivable                -           30,000
                                                    --------         --------
   Net cash provided by investing activities         $     -          $23,681

CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
   Increase in amounts due to officer                    962                -
   Increase in amounts due to affiliate               21,375                -
   Repayment of promissory note payable                    -          (29,730)
                                                    --------         --------
   Net cash provided by (used)
     by financing activities                         $22,337         ($29,730)

Net (decrease) in cash                              ($27,182)        ($24,474)

Cash at beginning of the period                       36,298          146,934
                                                    --------         --------
Cash at end of the period                           $  9,116         $122,459
                                                    ========         ========
</TABLE>


                                      - 5 -
<PAGE>

              PREMIER DEVELOPMENT & INVESTMENT, INC. & SUBSIDIARY
                CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
                  FOR THE THREE MONTHS ENDED MARCH 31,2006
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                              RETAINED
                                        COMMON STOCK        PREFERRED STOCK      PAID-IN      EARNINGS
                                     SHARES     AMOUNT     SHARES     AMOUNT     CAPITAL     (DEFICIT)      TOTAL
                                   ----------  --------  ----------  --------  ----------   ------------  ----------
<S>                                <C>         <C>       <C>         <C>       <C>         <C>           <C>
BALANCE, DECEMBER 31, 2005
 (AUDITED)                         3,097,095   $12,389      30,000       $30   $2,528,888   ($2,441,481)     $99,826

  Exercise of warrants               200,000       800           -         -      699,200             -      700,000

  Issuance of common stock
   to consultants for services       103,850       416           -         -       67,087             -       67,503

  Less common stock subscribed             -         -           -         -            -             -     (700,000)

  Net loss during period                   -         -           -         -            -       (94,908)     (94,908)
                                   ----------  --------  ----------  --------  ----------   ------------  ----------
BALANCE AT MARCH 31, 2006          3,400,945   $13,605      30,000       $30   $3,295,175   ($2,536,389)     $72,421
                                   ==========  ========  ==========  ========  ==========   ============  ==========


</TABLE>


                                      - 6 -
<PAGE>

               PREMIER DEVELOPMENT & INVESTMENT, INC. & SUBSIDARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2006
                                   (UNAUDITED)


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 developer and operator of theme based
restaurants and bars.  The Company currently operates one restaurant in Orange
Park, Florida.

Premier was previously in the development stage.

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, 2006 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
Annual Report for the fiscal year ended on December 31, 2005 filed on Form
10-KSB on April 14, 2005.

Consolidation
-------------

The consolidated financial statements include the accounts and balances of
Premier, and its wholly owned subsidiary Player's Grille ("Player's"),
collectively, the "Company".  All significant intercompany accounts and
transactions have been eliminated in the consolidating process.

Revenue Recognition
-------------------

The Company records revenue on the accrual basis of accounting.  The accrual
basis of accounting provides for matching of revenues with expenses.

Cash Equivalents
----------------

For purposes of the statement of cash flows, the Company considers all highly
liquid investments purchased with a maturity of three months or less to be cash
equivalents.

Inventory
---------

Inventory, consisting mainly of food and beverage items, is stated at the lower
of cost (first-in, first-out) or market.


                                      - 7 -
<PAGE>

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 could exercise significant influence
over the financial and operating activities of Coconut Grove Group, Ltd. This
investment was sold in fiscal 2004 with the Company taking back a promissory
note in lieu of a cash payment.

In 2005, the individual responsible for making the payments on the promissory
note defaulted on the grounds that he believed that additional common stock of
the Company should have been issued to him for services rendered. This resulted
in a charge to operations of ($157,710).  The only asset held by the Investee at
December 31, 2005 are shares of stock in the Company.  This transaction has
resulted in litigation by the individual against the Company.  See Note H.

Equipment and Leasehold Improvements
------------------------------------

Equipment and leasehold improvements are stated at cost and includes
expenditures, which substantially increase the useful lives of existing assets.
Maintenance and repairs are charged to operations when incurred.

Depreciation of equipment and leasehold improvements is calculated using the
straight-line method based on the respective assets estimated useful lives as
follows:

Furniture & equipment                         7   years
Leasehold improvements                        5   years

Depreciation expense for the three-months ended March 31, 2006 was $36,835.

Goodwill
--------

The Company records its investment in goodwill in accordance with Financial
Accounting Standards Board Statement No. 142 "Goodwill and Other Intangible
Assets".  Under this principle goodwill is not amortized, it is however tested
for impairment at least on an annual basis.  Based on management's assessment at
March 31, 2006, the goodwill recorded was found not to be impaired.

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 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.


                                      - 8 -
<PAGE>

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.

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

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


NOTE B - INVESTMENT IN INVESTEE

In connection with Premier's investment in Coconut Grove Group, Ltd. condensed
financial information of the investee at March 31, 2006 is as follows:

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


NOTE C - RESCIND OF PREVIOUS ACQUISITION

On July 29, 2004 Premier acquired Netex d/b/a Countrywide Realty Services, Inc.
(Countrywide). Countrywide is engaged in the mortgage broker business. The
results of operations of Countrywide are included in the accompanying financial
statements since the date of acquisition. Premier issued 500,000 of its $.00002
par value common stock valued at $432,000 in connection with this acquisition.
The total cost of the acquisition exceeded the fair value of the net assets of
Countrywide by $432,000. This excess was recorded as goodwill. On April 21,
2005, the Company at its option rescinded this transaction due to the
non-performance of the original seller and received back the 500,000 shares of
common stock and reduced goodwill by $432,000. The rescind resulted in a loss on
discontinued operations of ($3,431)

NOTE D - 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
recent issuances of Premier's common stock, any offering costs (consisting of
legal, accounting and filing fees) will be 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.


                                      - 9 -
<PAGE>

NOTE E - STOCK AND WARRANT ISSUANCE

On May 27, 2005 Premier issued 1,329,983 warrants in the form of a stock
dividend to all shareholders of record on June 8, 2005. Shareholders as of the
record date will receive 1 warrant for every 50 shares of Class A common shares
held.  Each warrant is exercisable into a share of the Company's Class A voting
common stock at a price of three dollars and fifty cents ($3.50) per share.  The
warrants expire on December 31, 2007, unless otherwise extended by the Company.
As of March 31, 2006, 200,000 of these warrants had been exercised by warrant
holders.

On February 21, 2006 the Company issued 103,8500 of the its $0.004 par value
Class A voting common shares to an outside consultant in connection with the
execution of a services contract.  The stock was issued under the provisions of
Rule 144 of the Securities Act of 1933 and was valued at $67,503.

On April 17, 2006 the Company issued 200,000 of the its $0.004 par value Class A
voting common shares to members of its Board of Directors; 100,000 shares each
to J. Scott Sitra and Michael Hume.  The stock was issued under the provisions
of Rule 144 of the Securities Act of 1933 and was aggregately valued at
$160,000.

NOTE F - RELATED PARTY TRANSACTIONS

Premier utilizes a portion of a shareholder's corporate office as its primary
office without charge.

NOTE G - PREFERRED STOCK

The Company's Series A Convertible Preferred Stock, $0.001 par value, accrues no
interest and has no scheduled dividend payments.  Holders of the Preferred Stock
may convert their holdings into shares of Common Stock, Class A, $0.0004 par
value, at a ratio of 100 shares of common stock for each share of preferred
stock converted. The earliest any holder of Preferred Stock may convert their
holdings into common shares is on or after September 6, 2007.  Each share of
Preferred Stock carries 100 votes in all shareholder matters submitted to a
vote.

NOTE H - COMMITMENTS & CONTINGENCIES

Operating Leases
----------------

The Company (through its Player's subsidiary) leases restaurant space and
restaurant/office equipment under a long-term operating lease through February
2007.  Future minimum lease payments required under these operating leases are
$163,551 and $13,269 for 2006 and 2007, respectively.

Rent expense for the fiscal year ended December 31, 2005 was $167,516.

Litigation
----------

The Company is a defendant in a lawsuit brought on by the individual who
acquired the Company's investment in Coconut Grove Group Ltd.  The plaintiff
claims negligent misrepresentation and breach of contract.  The Company believes
that they have performed all necessary obligations under the contract and
intends to vigorously defend its position.  The Company's legal counsel cannot
offer an opinion as to the likely outcome of this case.


                                     - 10 -
<PAGE>

Employment and Consulting Agreements
------------------------------------

The Company entered into a three year employment agreement with an officer of
Premier and an employee of Players, respectively and a one year consulting
agreement with an officer of Premier.  The compensation to be received by the
individuals will be in the form of common and preferred stock of Premier.  No
cash compensation is scheduled to paid to any of these individuals during the
course of the fiscal year ending December 31, 2006.

Note Payable
------------

The Company has a note payable to two individuals bearing interest at the rate
of 5% due in fiscal 2006.  Accrued interest of $16,380 is included in accrued
expenses on the accompanying balance sheet related to this note.

NOTE I - INCOME TAXES

For income tax purposes the Company incurred a net operating loss of
($2,536,389), which can be used to offset future federal and state taxable
income through 2026.  The potential tax benefit of this loss is estimated to be
$887,736 of which the Company provided a valuation allowance of ($887,736).


                                     - 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,
including our wholly owned subsidiary, Players Grille, Inc.

Results of Operations

     For the ease of reference, we refer to the three-months ended March 31,
2006 as the quarter ended March 31, 2006 and the period of three-months ended
March 31, 2005 as the quarter ended March 31, 2005.  We reference the current
fiscal year which ends on December 31, 2006 as fiscal 2006.

Revenues

     For the quarter ended March 31, 2006, revenues decreased ($51,637), or
(14.9%), to $295,979 compared to $347,616 for the quarter ended March 31, 2005.
These revenues were generated entirely from the operation of our wholly owned
subsidiary Players Grille, Inc.

     Same store comparable sales for the Players Grille subsidiary the quarter
ended March 31, 2006 increased 3.9% compared to the quarter ended March 31,
2005.  Customer counts, as measured by overall check counts, increased 8.3%
during the quarter ended March 31, 2006 compared to the quarter ended March 31,
2005.

     Despite increased revenues within our Players Grille subsidiary, our
overall revenues showed a decline.  The reason for this decline in revenue was
due to the fact that the quarter ended March 31, 2005 included revenue from our
discontinued business unit Countrywide Realty Services, Inc.  We rescinded the
Countrywide acquisition on April 21, 2005.

Gross Profit

     For the quarter ended March 31, 2006, our gross profit totaled $171,636
compared to $185,792 for the year ago period.  This ($14,156), or (7.6%),
decline in gross profit was attributable to lower revenues resulting from the
discontinued operations of the Countrywide unit.

     Cost of good sold during the quarter ended March 31, 2006 were $124,343
compared to $161,824 for the same period a year ago.  The ($37,481), or (23.2%),
decrease in cost of goods sold was the result of discontinued operations at the
Countrywide unit and better cost control measures within the Players Grille
unit.


                                     - 12 -
<PAGE>

Expenses

     Operating Expenses.  Our operating expenses consist primarily of personnel
expenses, depreciation expenses, professional fees, consulting fees and
marketing expenses.  These expenses totaled $266,544 for the quarter ended March
31, 2006, which was an increase of $47,227, or 21.5%, compared to $219,317 for
the quarter ended March 31, 2005.  The increase was attributable primarily to a
one-time non-cash expense of $67,503 related to the issuance of restricted
shares of common stock for services.

Operating and Net Loss

     Our operating and net loss for the quarter ended March 31, 2006 was
($94,908) compared to an operating loss of ($33,525) for the quarter ended March
31, 2005.  The $61,383, or 183.1%, increase in operating and net loss is
attributable primarily to a one-time non-cash expense of $67,503 related to the
issuance of restricted shares of common stock for services.

Liquidity and Capital Resources

     As of March 31, 2006, we had current assets aggregating $42,817, comprised
of $9,116 in cash or cash equivalents, a note receivable of $2,500, inventory of
$20,053, and prepaid expenses of $11,148.

     As of March 31, 2006 we had other assets consisting of a $560,054 in
equipment and leasehold improvements, less accumulated depreciation of
($246,125), goodwill of $436,586, and other assets of $12,447.

     As of March 31, 2006, we had current liabilities aggregating $733,358,
comprised of accounts payable of $10,000, a note due to an officer of $28,468,
accounts due to an affiliate of $562,500, and a promissory note payable by us of
$132,390.

Our Operations

Overview

     We are a holding company involved in the development and operation of
theme-based restaurant and bar properties.  We were incorporated in the state of
Nevada on March 29, 2001 and commenced full-scale operations on August 1, 2004.

     Our overall business plan calls for us 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 had limited investment
capital and minimal access to capital markets, our strategy for our early
operations has been to develop new restaurant and bar concepts through joint
ventures, equity investments or partnership agreements.

     By limiting the scope of our early operations to joint ventures, equity
investments and partnership agreements, we have been able to:

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

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

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


                                     - 13 -
<PAGE>

Joint Venture Developments

     On July 30, 2001, we entered into a joint venture agreement with Tiki Hut
Enterprises, Ltd. ("Tiki Hut"), a private developer of restaurants and bars, for
the formation of Coconut Grove Group, Ltd. ("CG Group").

     Under the terms of the joint venture agreement, CG Group was initially
capitalized with a US$3,000,000 cash investment commitment from Tiki Hut and an
investment by us of 1,000,000 restricted shares of our common stock which were
initially valued at US$60,000.  The investment provided us with a 20% interest
in CG Group and was recorded on our balance sheet using the equity method of
accounting.

     On December 22, 2004 we sold our 20% interest to an affiliate shareholder,
Adam Barnett of Miami, Florida, for US$250,000.  This resulted in a one-time
gain for us of $198,737.

     On November 9, 2005 Mr. Barnett filed suit against Premier in the 44th
Judicial District, Dallas County, Texas and is seeking unspecified damages
unrelated to the CG Group interest or concept.  However, because we never
received payment in full from the sale of the CG Group interest, we have
declared the purchase agreement in default, taken a one-time write-down of
($157,710) in the fourth quarter of fiscal 2005 as a result of this default, and
are pursuing legal remedies through litigation.

     Therefore, and at least until all legal issues have been resolved relating
to the CG Group interest and Mr. Barnett, Premier does not expect to make any
effort to resume developing and expanding the Coconut Grove concept.

Players Grille Restaurant and Bar

     On August 1, 2004 we acquired Players Grille Restaurant and Bar - Fleming
Island located in Jacksonville, Florida.  The purchase price was one-million
dollars (US$1,000,000) and was comprised of $325,000 in cash and the issuance of
197,368 shares of common stock, 197,368 shares of Rule 144 restricted common
stock, and a two-year $225,000 promissory note bearing simple 5% interest
payable in eight equal quarterly payments.

     Players Grille is a theme-based casual dining sports bar.  As part of the
purchase we acquired all ownership and rights to the brand name and concept as
well as the right of first refusal to purchase the original location, also
located in the Jacksonville area.

     Premier is very pleased with the operating results it has experienced with
its initial unit and intends to expand the Players Grille concept in
Jacksonville and throughout Florida with the opening of new corporate units
later in fiscal 2006 and beyond.

Countrywide Realty Services

     On August 1, 2004 we acquired Countrywide Realty Services located in Miami
Lakes, Florida.  The aggregate purchase price consisted of five hundred thousand
(500,000) shares of Premier Development & Investment, Inc. common stock, of
which eighty percent (80%) was restricted under Rule 144 and twenty percent
(20%) were free-trading, but relegated to a leak out agreement, with up to an
additional five hundred thousand shares (500,000) of the Premier's common stock
based on meeting certain revenue and profit targets.

     The Countrywide acquisition was rescinded on April 1, 2005.  Premier
received 500,000 shares from the original owner of Countrywide during the
rescinding which were cancelled and returned to Premier's treasury.  Premier
incurred a one-time write-down of $35,008 during the three-months ended June 30,
2005 for the discontinuing of Countrywide operations.


                                     - 14 -
<PAGE>

Employees

     As of May 15, 2006, we had 33 employees.

     None of our employees are covered by collective bargaining agreements, and
we have never experienced an organized work stoppage or strike.  We believe that
our working conditions and compensation packages are competitive and consider
relations with our employees to be very good.

Property and Equipment

     Through our wholly-owned subsidiary, Players Grille, Inc., a Nevada
corporation, we presently lease approximately 6,084 square feet of
restaurant/retail space in Orange Park, Florida.  In this space we operate our
Players Grille Restaurant and Bar, a casual dining, theme-based restaurant.

     Our affiliate shareholder, Stag Financial Group, Inc., provides us with
approximately 150 square feet of office space free of charge in an office
building they lease in Tampa, Florida.  This space is considered our corporate
headquarters and is where all administrative oversight occurs.  Stag Financial
has no plans to begin charging us rent through the end of the current fiscal
year ending December 31, 2006.

Factors That May Affect Future Results

     We believe that our current available cash, along with the revenues
generated from our Players Grille operations and the potential exercise of
outstanding stock purchase warrants should be sufficient to meet our forecasted
cash needs for working capital and capital expenditures through at least the
next twelve months.

     However, if we experience significant declines in revenues from our Players
Grille operations 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 prospective investors, we have not yet secured any
secondary or reserve 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
make any assurances that financing will be available and, if available to us, in
amounts necessary or on terms acceptable to us in the future.


Item 3. Controls and Procedures

     Within the 90 days prior to the date of this report, we carried out an
evaluation, under the supervision and with the participation of our management,
including our Chief Executive Officer and Principal Financial Officer, of the
effectiveness of the design and operation of our disclosure controls and
procedures pursuant to Securities Exchange Act Rule 13a-14.  Based upon that
evaluation, our Chief Executive Officer and Principal Financial Officer
concluded that our disclosure controls and procedures are effective in timely
alerting them to material information relating to us required to be included in
our periodic SEC filings.  There have been no significant changes in our
internal controls or in other factors that could significantly affect internal
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


                                     - 15 -
<PAGE>
                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

     On January 22, 2004 we filed a civil suit in Dallas County, Texas naming
Equitilink, L.L.C., James J. Mahoney, Thomas M. Mahoney and Shamrock Holdings as
defendants.  The defendants were served on January 30, 2004.  The suit alleges
that the defendants failed to render services as agreed upon in a October 1,
2003 contract thereby causing a breach of contract.  The suit seeks recovery of
600,000 shares of our common stock plus other damages and relief.  We do not
believe that this suit will have any material adverse impact upon our operations
or financial condition.

     On August 25, 2004, we filed a civil suit in Dallas County, Texas naming
Restaurant Training, Inc. and Lula Francis Platt as defendants.  The defendants
were served with process on September 7, 2004.  The suit alleges that defendants
failed to perform under a contract for services, conversion and suit for
declaratory judgment.  The suit seeks the recovery of $2,500.00, 10,000 shares
of common stock and judgment declaring that Lula Francis Platt is not a rightful
shareholder of Premier Development and Investment, Inc.  We settled this lawsuit
on June 16, 2005.

     On October 28, 2004, a civil suit was filed against us in Hillsborough
County, Florida.  The suit alleges conversion and civil theft.  The Plaintiffs
seek as damages 490,000 shares of common stock.  We settled this lawsuit on June
16, 2005.

     On March 22, 2005, a civil suit was filed against us in New York County
alleging unlawful faxing.  The plaintiff seeks as damages $30,000.00.  The
lawsuit is frivolous and we are aggressively defending ourselves in court.

     On April 4, 2005, we filed civil suits in Dallas County, Texas naming
Elizabeth Hansen d/b/a OTC Elite Group and Corporate Awareness Professionals,
Inc. as defendants.  The suits allege that the defendants failed to render
services as agreed upon in August 14, 2003 contracts thereby causing breaches of
contract.  The suits seek recovery of 235,000 shares of our common stock plus
other damages and relief.  These suits were settled on October 12, 2005 with no
liabilities or further obligations to us.

     On November 11, 2005 our legal counsel at Drinker, Biddle and Reath, LLP
sent a cease and desist demand letter to Victoria Wright of Miami, Florida
relating to the recent Internet domain name hijackings of our domains
www.premierdev.com and www.playersgrille.com.  We are in the process of
preparing a lawsuit against the parties responsible, including Ms. Wright and
Adam Barnett of Miami, Florida, for these domain name hijackings for the return
of our domain names plus damages.  Until these domain names are returned we are
using the temporary corporate domain names www.premierdev.info and
www.playersgrille.info.  We do not believe that this suit will have any material
adverse impact upon our operations or financial condition.

     On November 9, 2005, a civil suit was filed against us in Dallas County,
Texas by Adam Barnett of Miami, Florida seeking unspecified damages.  We believe
this to be frivolous in nature and we are aggressively defending ourselves in
court.  We anticipate filing a counterclaim against Mr. Barnett in the near-term
seeking recovery plus other damages and relief.  We do not believe that this
suit, or any counterclaims, will have any material adverse impact upon our
operations or financial condition.

     We are not currently party to any other legal proceedings, nor are we aware
of any other pending or threatened actions against us.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

None


                                     - 16 -
<PAGE>

Item 3.  Defaults Upon Senior Securities

None

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

None

Item 5.  Other Information.

None

Item 6.  Exhibits and Reports on Form 8-K

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

99.1     Certification by CEO pursuant to 18 U.S.C. Section 1350, as adopted
         pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

99.2     Certification by Treasurer and Secretary pursuant to 18 U.S.C. Section
         1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
         of 2002.


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

         Form 8-K filed on January 3, 2006 containing information related to the
         issuance of 300,000 shares of restricted common stock, class A, $0.004
         par value to officers, directors and consultants.  The value of these
         shares aggregated $210,000.

         Form 8-K filed on January 27, 2006 containing the press release
         announcing December 2005 comparable same store sales results.

         Form 8-K filed on February 22, 2006 containing information regarding
         the issuance of 103,850 shares of restricted common stock, class A,
         $0.004 par value, which were valued at $67,502.50, and the exercise of
         200,000 outstanding $3.50 stock purchase warrants into 200,000 shares
         of unrestricted common stock.

         Form 8-K filed on February 28, 2006 containing the press release
         announcing January 2006 comparable same store sales results.

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 18, 2006               By: /s/ J. Scott Sitra
                                      -------------------------------------
                                      J. Scott Sitra
                                      President and Chief Executive Officer


                                     - 17 -
<PAGE>

                PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

I, J. Scott Sitra, certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of Premier Development
& Investment, Inc.;

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

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

4.   The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a)   designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being
prepared;

b)   evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c)   presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

a)   all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

b)   any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6.   The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


                                     - 18 -
<PAGE>

Date: May 18, 2006            /s/ J. Scott Sitra
                              -------------------------------------------
                              J. Scott Sitra
                              President and Chief Executive Officer
                              Premier Development & Investment, Inc.




             PRINCIPAL FINANCIAL OFFICER CERTIFICATION

I, Michael Hume, certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of Premier Development
& Investment, Inc.;

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

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

4.   The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a)   designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this quarterly report is being
prepared;

b)   evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c)   presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

a)   all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and

b)   any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and


                                     - 19 -
<PAGE>

6.   The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.


Date: May 18, 2006            /s/ Michael Hume
                              -------------------------------------------
                              Michael Hume
                              Treasurer, Secretary and Director
                              Premier Development & Investment, Inc.



                                     - 20 -
<PAGE>