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, 2003

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

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

                          Commission File No. 000-33005


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

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


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

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

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

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

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


           Class                                 Outstanding at May 12, 2003
           -----                                 ---------------------------

Common Stock, Class A, $0.0002 par value                    83,750,000*

* Split adjusted for a 50-for-1 forward split effective April 11, 2003.  There
were 1,675,000 shares issued and outstanding prior to the forward stock split.


<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


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

                  Balance Sheet (unaudited)
                    for the period ending March 31, 2003................3

                  Statement of Operations (unaudited)
                    for the three months ending March 31, 2003,
                    for the three months ending March 31, 2002
                    and the period from March 29, 2001 (inception)
                    through March 31, 2003.............................4

                  Statement of Cash Flow (unaudited)
                    for the three months ending March 31, 2003,
                    for the three months ending March 31, 2002
                    and the period from March 29, 2001 (inception)
                    through March 31, 2003.............................5

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


Item 2.           Management's Discussion and Analysis or
                    Plan of Operation.................................11


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

                                     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...................................16

Item 6.           Exhibits and Reports on Form 8-K....................16

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


                                        2
<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

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

                                  BALANCE SHEET

                                                        March 31,   December 31,
                                                          2003         2002
                                                      (unaudited)    (audited)
                                                      -----------   ------------
                                     ASSETS

Current  assets:
     Cash and cash equivalents                           $6,565        $  110
     Marketable securities                                5,000         8,000
     Receivables                                          2,500         2,500
                                                        -------       -------
     Total current assets                               $14,065       $10,610
                                                        -------       -------
Other assets:
     Investment in investee                             $56,663       $57,663
                                                        -------       -------
     Total assets                                       $70,728       $68,273
                                                        =======       =======

                                   LIABILITIES

Current liabilities:
                                                        $     -       $     -
                                                        -------       -------
    Total liabilities                                   $     -       $     -
                                                        =======       =======
Stockholders'  equity:
    Common stock, class A, $0.001 par value
       25,000,000 authorized;
       1,675,000 and 5,350,000 shares
       issued and outstanding, respectively             $ 1,675       $ 5,350
    Common stock, class B, $0.001 par value
       10,000,000 authorized;
       -0- and -0- shares
       issued and outstanding, respectively                   -             -
    Preferred stock, $0.001 par value
       20,000,000 authorized;
       735,000 and -0- shares
       issued and outstanding, respectively                 735             -
    Additional paid in capital                          159,480       155,340
    Accumulated deficit                                 (54,657)      (54,742)
                                                        -------       -------
                                                        107,233       105,948
     Less: Class A common stock subscribed              (36,505)      (37,675)
                                                        -------       -------
          Total stockholders' equity                     70,728        68,273

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY              $70,728       $68,273
                                                        =======       =======




                                        3
<PAGE>


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

                             STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>

                                                                                  March 29, 2001
                                                 3-month period   3-month period   (inception)
                                                  ended 3/31/03    ended 3/31/02  through 3/31/03
                                                   (unaudited)     (unaudited)     (unaudited)
                                                  -------------   --------------  ---------------
<S>                                              <C>              <C>              <C>

REVENUE                                          $     5,000      $     5,000      $    21,682

OPERATING EXPENSES
  Salaries                                             1,200            1,200           13,200
  Professional fees                                      215            6,175            9,390
  Director fees                                            -              375            1,500
  Consulting services                                  2,500                -           13,765
  Marketing expenses                                     765                -              765
  Filing fees                                              -                -           10,508
  Miscellaneous                                          235              903            4,434
                                                 ------------     ------------     ------------
  TOTAL OPERATING EXPENSES                             4,915            9,775           53,562
                                                 ------------     ------------     ------------

GAIN (LOSS) ON OPERATIONS                                 85           (4,775)         (31,880)

OTHER EXPENSE
  Equity in earnings (loss) of investee               (1,000)          (1,000)          (3,337)
  Unrealized loss on marketable securities             1,000           (7,000)         (19,440)
                                                 ------------     ------------     ------------
NET INCOME (LOSS)                                $        85      $   (12,775)     $   (54,657)
                                                 ============     ============     ============

EARNINGS PER COMMON SHARE
  Basic                                          $    NIL         $    NIL         $     (0.01)
                                                 ============     ============     ============

  Fully diluted                                  $    NIL         $    NIL         $    NIL
                                                 ============     ============     ============

WEIGHTED AVERAGE NUMBER OF CLASS A
  COMMON SHARES OUTSTANDING
  Basic                                            4,111,236        5,350,000        5,299,231
                                                 ============     ============     ============

  Fully diluted                                    7,351,236        8,470,000        8,539,231
                                                 ============     ============     ============
</TABLE>



                                        4
<PAGE>

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

                             STATEMENT OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                                               March 29, 2001
                                                                  3-month period 3-month period (inception)
                                                                   ended 3/31/03 ended 3/31/02 through 3/31/03
                                                                    (unaudited)  (unaudited)    (unaudited)
                                                                    -----------  ------------  -------------
<S>                                                                  <C>           <C>           <C>

CASH FLOWS FROM OPERATING ACTIVITIES
  Net (loss) earnings                                                $      85    $  (12,775)    $ (54,657)
  Adjustments to reconcile net loss to cash provided:
    Equity in (earnings) loss of investee                                1,000         1,000         3,337
    Unrealized loss (gain) in marketable securities                     (1,000)        7,000        19,440
    Gain from sale of marketable securities                              3,000             -         3,000
    Common stock issued in connection with exercise of stock options
      for payment of expenses                                            1,170         4,350        19,495
    Common stock issued in connection with services provided by
      directors                                                              -           375         1,500
    Common stock issued in connection with services provided by
      consultants                                                            -             -         1,250
    Common stock issued in connection with donated services of
      officers                                                           1,200         1,200        13,200
                                                                  ------------- ------------- -------------
    Net cash provided by (used) in operating activities                 $6,455        $1,150        $6,565
                                                                  ------------- ------------- -------------

  NET CHANGE IN CASH                                                    $6,455        $1,150        $6,565

  CASH, BEGINNING OF PERIOD                                                110         6,123             -
                                                                  ------------- ------------- -------------
  CASH, END OF PERIOD                                                   $6,565        $7,273        $6,565
                                                                  ============= ============= =============

</TABLE>


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

    In 2001, Premier issued 350,000 shares of its Class A common stock in
conjunction with the acquisition of marketable securities.  These securities
were sold in February 2003.

    In 2001, Premier issued 1,000,000 shares of its Class A common stock in
conjunction with the acquisition of a 20% interest in Coconut Grove Group, Ltd.



                                        5
<PAGE>

                     PREMIER DEVELOPMENT & INVESTMENT, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                        STATEMENT OF STOCKHOLDERS' EQUITY
                   MARCH 29, 2001 (INCEPTION) TO MARCH 31,2003
                                  (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                           DEFICIT
                                                                                         ACCUMULATED
                                        COMMON STOCK        PREFERRED STOCK               DURING THE
                                          CLASS A               CLASS A        PAID-IN   DEVELOPMENT
                                     SHARES     AMOUNT     SHARES     AMOUNT   CAPITAL      STAGE        TOTAL
                                   ----------  --------  ----------  --------  -------  ------------  ----------
<S>                                <C>         <C>       <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
    joint venture                  1,000,000     1,000                          59,000                   60,000

  Issuance of common stock
    in connection with 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 AT DECEMBER 31, 2001
(AUDITED)                          5,350,000   $ 5,350           -    $    -  $150,540     $(17,103)  $ 138,787
                                   ==========  ========  ==========  ========  =======  ============  ==========

  Donated services by officers             -         -                           4,800                    4,800

  Net loss during period                   -         -           -         -         -      (37,639)    (37,639)
                                   ----------  --------  ----------  --------  -------  ------------  ----------
BALANCE AT DECEMBER 31, 2002
(AUDITED)                          5,350,000   $ 5,350           -    $    -  $155,340     $(54,742)  $ 105,948
                                   ==========  ========  ==========  ========  =======  ============  ==========

  Retirement of common stock
  and issuance of preferred
  stock in connection with
  tender offer                    (3,675,000)   (3,675)    735,000       735     2,940                        -

  Donated services by officers             -         -                           1,200                    1,200

  Net gain during period                   -         -           -         -         -           85          85
                                   ----------  --------  ----------  --------  -------  ------------  ----------
BALANCE AT MARCH 31, 2003
(UNAUDITED)                        1,675,000   $ 1,675     735,000    $  735  $159,480     $(54,657)  $ 107,233
                                   ==========  ========  ==========  ========  =======  ============  ==========


</TABLE>



                                        6
<PAGE>

                     PREMIER DEVELOPMENT & INVESTMENT, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2003
                                   (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 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 business strategy is to develop and operate theme-based restaurant and
bar concepts.  These concepts are developed internally and through partnerships
with other restaurant developers with the intent of building them into
full-fledged chains and franchise opportunities.  Premier is the Managing
Partner of Coconut Grove Group, Ltd., a joint venture project involving the
development of a chain of Caribbean-based restaurants and bars called Coconut
Grove Grille and Blue Water Bar(TM).

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, 2003 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, 2002 filed on Form 10-KSB on March 31, 2003.

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, 2003.  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 sufficiently
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 marketable securities,


                                        7
<PAGE>

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 capital expenditures through the end of the
fiscal year ending on December 31, 2003.  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 sufficiently 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 are held principally for the purpose of selling
them in the near-term future 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.


                                        8
<PAGE>

Since its inception, Premier has an accumulated loss of $54,657 for income tax
purposes, which can be used to offset future taxable income through 2022.  The
potential tax benefit of this loss is estimated as follows:

          Future tax benefit                         $     10,931
          Valuation allowance                             (10,931)
          Net tax benefit                            $          0

As of March 31, 2003, no deferred tax assets or liabilities are recorded in the
accompanying financial statements.

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

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

Premier adopted this pronouncement during the period and as such reported the
basic earnings per share, based on the weighted average number of shares
outstanding, and the fully diluted earnings per share as though all shares of
Class A common stock issuable by Premier were outstanding, which includes
3,000,000 warrants to purchase common stock and 240,000 options to purchase
common stock.

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

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

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

The Company elected December 31st as its fiscal year end.

NOTE B - INVESTMENT IN INVESTEE

In connection with Premier's investment in Coconut Grove Group, Ltd., condensed
financial information of the investee for the three-months ended March 31, 2003
is as follows:

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

NOTE C - 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


                                        9
<PAGE>

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.

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


                                       10
<PAGE>

Coconut Grove Group, Ltd (the "Venture").  The stock was issued under the
provisions of Rule 144 of the Securities Act of 1933.  Premier will be involved
in the day-to-day activities of the Venture, and will receive a quarterly fee
equal to the greater of 1.5% of the Venture's net profits or $5,000.  Profits
will be allocated based upon ownership interests after withholding 35% for
growth and expansion.  Losses will be allocated and owing based upon ownership
interest.

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

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

On March 28, 2003, Premier issued an aggregate of 75,000 options (15,000 to each
member of its three person Board of Directors and two outside consultants) to
purchase shares of Premier's Class A voting common stock at a purchase price of
three-dollars ($3.00) per share.  These options were "out-of-the-money" when
issued and therefore were recorded as having no value at the time of issue.  The
options vested immediately and expire on the fifth anniversary of the date of
their issuance.

NOTE D - RELATED PARTY TRANSACTIONS

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

NOTE E - DONATED SERVICES

For the period ended March 31, 2003, Eric R. Boyer, Premier's President and
Chief Executive Officer, performed services on behalf of Premier with a fair
market value of $600 and Victoria Carlton, Premier's Secretary and Treasurer,
performed services on behalf of Premier with a fair value of $600.  The donated
value of these services was recorded as contributed capital.


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.


                                       11
<PAGE>

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,
2003 as the quarter ended March 31, 2001 and the period of three months ended
March 31, 2002 as the quarter ended March 31, 2002.  We reference the current
fiscal year which ends on December 31, 2003 as fiscal 2003.

Revenues

     For the quarter ended March 31, 2003, we generated revenues of $5,000 which
was flat when compared to the $5,000 in revenue we generated for the quarter
ended March 31, 2002.  In both instances these revenues were generated from
management fees associated with being the Managing Partner of Coconut Grove
Group, Ltd., a joint venture project 20% owned by us.

     We presently anticipate generating the minimum management fees associated
with being the Managing Partner of our Coconut Grove Group joint venture project
during fiscal 2003.  This is due to the delays we experienced and, in some
instances, continue to experience with the joint venture project.  The minimum
management fee would aggregate to US$20,000 during the course of fiscal 2003.

     We do not anticipate increases in the level of quarterly revenues until at
least the third fiscal quarter, or the quarter ending September 30, 2003, of
fiscal 2003.  Revenues for the current fiscal quarter, or the quarter ending
June 30, 2003, are expected to remain flat.

Expenses

     Operating Expenses.  Our operating expenses consisted primarily of
personnel expenses, professional and consulting fees, and aggregated $4,915 for
the quarter ended March 31, 2003.  This represented a decrease of $4,860, or
49.7%, compared to $9,775 for the quarter ended March 31, 2002.

     The decrease was primarily attributed to having achieved our corporate
objective of being a publicly traded company on the over-the-counter bulletin
board (OTCBB).  We no longer must incur the expenses of initial registration and
the expenses of associated consultants.  Our expenses at the moment are centered
around exploring prospective acquisitions, new joint venture and management
projects, and remaining compliant with Securities and Exchange Commission (SEC)
reporting requirements.

     Other Income (Expenses).  We experienced an increase in the value of our
holdings of marketable securities, which consisted of 50,000 shares of Inform
Worldwide Holdings, Inc. (OTCBB: IWWH) and private common stock of Restaurant
Training Corporation, during the quarter ended March 31, 2003 of $1,000, or
33.3%.  We sold our shares of Inform Worldwide at $0.08 a share in a private


                                       12
<PAGE>

transaction on February 3, 2003, which represents a net loss of ($19,440), or
(82.9%) from our acquisition price of $23,440, or $0.4688 per share of IWWH
acquired on March 31, 2001.

     We also recorded an expenses of ($1,000) and ($1,000) for the quarters
ended March 31, 2003 and March 31, 2002, respectively.  These expenses were to
write-down the decline in value associated with our ownership in the Coconut
Grove Group, Ltd. joint venture project.  We are accounting for our ownership
using the equity method of accounting.  Our write-downs reflect our 20%
ownership in the joint venture project.

Operating Gain (Loss)

     For the quarter ended March 31, 2003 we incurred an operating gain of $85,
which represents a improvement of $4,860 compared to the operating loss of
($4,775) for the quarter ended March 31, 2002.  This improvement is the result
of better cost controls and no longer needing to incur the expenses associated
with applying for a public listing.

Net Income (Loss)

     We experienced net income of $85, or NIL per share, for the quarter ended
March 31, 2003 compared to a net loss of ($12,775), or NIL per share, for the
quarter ended March 31, 2002.  Our improved quarterly results in net income for
the quarter ended March 31, 2003 was the result of better cost control yielding
decreased expenses and an increase of $1,000 versus a decrease of ($7,000), for
the respective quarters, in the value of our Inform Worldwide Holdings, Inc.
common stock holdings.

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 increased $6,455 for the
quarter ended March 31, 2003 compared to an increase of $1,150 for the quarter
ended March 31, 2002.  The primary reason for the positive cash flow experienced
for the quarter was incurring a net profit during the fiscal quarter and the
sale of our Inform Worldwide Holdings, Inc. common stock.  We anticipate
improved positive cash flows during the latter half of fiscal 2003.

     As of March 31, 2003, we had current assets aggregating $14,065, comprised
of $6,565 in cash or cash equivalents, marketable securities valued at $5,000,
and receivables of $2,500.  We intend to sell our remaining marketable
securities in the near-term.  However, we cannot predict what sales price we
will receive or how it will impact our financial condition, if at all.

     As of March 31, 2003 we had other assets aggregating $56,663 consisting of
our equity investment in the 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, 2003.  Our initial
investment in this joint venture project was valued at $60,000.

     As of March 31, 2003, we had no liabilities, financial obligations or
commitments outstanding.  Furthermore, we do not anticipate taking on any
material financial obligations or commitments that are not commensurate with
concurrent increases in revenues and net income.


                                       13
<PAGE>

Plan of Operation

General

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

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

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

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

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

Joint Venture Developments

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

     We are the Managing Partner of this joint venture and, as such, are to
receive a management fee in addition to our share in the joint venture's net
profits.  Our separate management fee is to be two-percent (2%) of the joint
venture's net profits, or US$5,000 per fiscal quarter, whichever is greater.
Our management fee is not to aggregate less than US$20,000 per fiscal year.  Our
out-of-pocket expenses associated with being the Managing Partner are to be
reimbursed by the joint venture.  Because we do not anticipate the joint venture
to begin generating material revenues and net profits until at least the Fall of
fiscal 2003 we anticipate generating minimal management fees of $20,000 in
fiscal 2003.

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.  Furthermore, our executive officers, members of our
Board of Directors and Advisory Board members have agreed to forgo receiving any
cash salaries or cash benefits for the remainder of fiscal 2003 and only
thereafter when recurrent and sustainable profitability has been attained.

     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


                                       14
<PAGE>

operation and administering our current obligations as the Managing Partner of
our Coconut Grove Group, Ltd. joint venture project.

Property and Equipment

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

Factors That May Affect Future Results

     We believe that our current available cash along with the proceeds, if any,
from the future sale of our marketable securities, the anticipated revenues
generated from our ownership and management fees associated with the Coconut
Grove Group, Ltd. joint venture, continued contributions from our executive
officers and members of our Board of Directors and Advisory Board, and any net
proceeds received from the anticipated exercise of some of our issued and
outstanding warrants and stock options should be sufficient to meet our
forecasted cash needs for working capital and capital expenditures through at
least end of fiscal 2003.

     For the quarter ended March 31, 2003 we were cash flow positive.  We
anticipate remaining cash flow positive for the duration of fiscal 2003.

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

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


                                       15
<PAGE>

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.

                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

None


Item 2.  Changes in Securities and Use of Proceeds

     On January 30, 2003 we announced a Share Exchange Offer allowing holders of
common stock to exchange their shares of common stock into shares of $25
Convertible Preferred Class A stock at a ratio of five shares of common stock
for each share of preferred stock.

     The Exchange Offer concluded on February 28, 2003 with shareholders
tendering an aggregate of 3,675,000 shares of common stock in exchange for
735,000 shares of the preferred stock.  The tendered shares of common stock were
retired by the Board of Directors which resulted in the Registrant having
1,675,000 shares of common stock issued and outstanding.

     Subsequent to the quarter ended March 31, 2003, our Board of Directors
authorized a 50-for-1 forward stock split.  The stock split was payable on April
10, 2003 to shareholders of record on April 9, 2003.  After the conclusion of
the forward stock split we had 83,750,000 shares of common stock issued and
outstanding; the preferred shares were not included in the forward stock split
and remained unchanged.

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.


                                       16
<PAGE>

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

Form 8-K filed on January 3, 2003 outlining the Share Exchange Offer to
stockholders.

Form 8-K filed on February 18, 2003 containing the voting results of our Annual
Shareholders Meeting held on February 14, 2003.

Form 8-K filed on March 3, 2003 containing the results of the Share Exchange
Offer concluded on February 28, 2003.

Form 8-K filed on March 31, 2003 describing the pending 50-for-1 forward stock
split.


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 14, 2003                By: /s/ Eric R. Boyer
                                       --------------------
                                       Eric R. Boyer
                                       President and CEO


                PRINCIPAL EXECUTIVE OFFICER CERTIFICATION

I, Eric R. Boyer, 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,


                                       17
<PAGE>

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.


Date: May 14, 2003            /s/ Eric R. Boyer
                              -------------------------------------------
                              Eric R. Boyer
                              President and Chief Executive Officer
                              Premier Development & Investment, Inc.




             PRINCIPAL FINANCIAL OFFICER CERTIFICATION

I, Victoria Z. Carlton, 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.

                                       18
<PAGE>

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.


Date: May 14, 2003            /s/ Victoria Z. Carlton
                              -------------------------------------------
                              Victoria Z. Carlton
                              Treasurer, Secretary and Director
                              Premier Development & Investment, Inc.



                                       19
<PAGE>