<PAGE>   1

                       Securities And Exchange Commission
                             Washington, D.C. 20549


                                 FORM 10-QSB/A



[X]  Quarterly Report Pursuant To Section 13 Or 15(d) Of The Securities Exchange
     Act Of 1934

     For The Quarterly Period Ended June 30, 2001.

[ ]  Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act
     Of 1934

     For The Transition Period From ____________________ To ___________________.

     Commission File Number 333-31238


                                Grand Prix Sports, Inc.
             (Exact Name Of Registrant As Specified In Its Charter)

               Washington                          52-2219677
     (State Or Other Jurisdiction Of            (I.R.S. Employer
      Incorporation Or Organization)           Identification No.)

                               c/o Randolf W. Katz
                          2020 Main Street , Suite 600
                                Irvine, CA 92614
                                 (949) 223-7103
    (Address, Including Zip Code, And Telephone Number, Including Area Code,
                  Of Registrant's Principal Executive Offices)

     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 [ ]

The number of outstanding shares of the issuer's common stock, $0.001 par value,
as of March 31, 2001 was 15,000,000.

<PAGE>   2

                                TABLE OF CONTENTS

                                                                       Page
                                                                       ----

                                     Part I

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


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


                                    Part II


Item 6.  Exhibits and Reports on Form 8-K  . . . . . . . . . . . . . .  13

Signatures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  13


<PAGE>   3

                                     Part I

Item 1.  Financial Statements

Unaudited Balance Sheets As Of June 30, 2001 and December 31, 2000....   2

Unaudited Statements Of Operations And Accumulated Deficit For
The Three Months Ended June 30, 2001 and 2000, For The Six
Months Ended June 30, 2001 and 2000, and For The Period
June 3, 1999 (Date of Inception) to June 30, 2001 ....................   3

Statements Of Stockholders Equity For The Three
Months Ended June 30, 2001 and The Period June 3, 1999
(Date of Inception) to June 30, 2001 .................................   4

Unaudited Statements Of Cash Flows For The Six Months
and Three Months Ended June 30, 2001 and For The Period
June 3, 1999 (Date of Inception) to June 30, 2001 ....................   5


Notes to Financial Statements (Unaudited) ............................   6

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



                                       1
<PAGE>   4

GRAND PRIX SPORTS, INC.
(A DEVELOPMENT STAGE COMPANY)
Balance Sheets (Unaudited)
June 30, 2001 and December 31, 2000


<TABLE>
<CAPTION>
                                                                June 30,      December 31,
                                                                  2001            2000
                                                               -----------    ------------
<S>                                                            <C>            <C>
ASSETS

CURRENT ASSETS
     Cash                                                      $        --     $   6,173
                                                               -----------     ---------
         TOTAL CURRENT ASSETS                                           --         6,173
                                                               -----------     ---------
Furniture and equipment (Note A)
     Cost                                                               --         2,077
     Accumulated depreciation                                           --          (658)
                                                               -----------     ---------
     Net                                                                --         1,419
                                                               -----------     ---------
License Agreement with Related Party (Note B)
     Cost                                                              500        10,000
     Accumulated Amortization                                         (290)       (4,419)
                                                               -----------     ---------
     Net                                                               210         5,581
                                                               -----------     ---------
Nordic Racing Limited Investment                                 1,246,093
                                                               -----------     ---------
         TOTAL ASSETS                                          $ 1,246,303     $  13,173
                                                               ===========     =========
CURRENT LIABILITIES
     Loan from shareholders                                    $    77,308
     Accounts payable and accrued expenses                          72,505         6,636
                                                               -----------     ---------
         TOTAL CURRENT LIABILITIES                                 149,813         6,636
                                                               -----------     ---------
COMMITMENT (Note B)

STOCKHOLDERS' EQUITY (Note C)

         Preferred stock, par value $.001; 20,000,000
         shares authorized; 0 issued and outstanding

         Common stock, par value $.001, 100,000,000 shares
         authorized; issued and outstanding 15,000,000 and
         12,300,000 at June 30, 2001 and December 31, 2000,
         respectively                                               12,500        12,300

         Additional paid-in capital                              1,301,000       101,200

         Deficit accumulated during the development stage         (217,010)     (106,963)
                                                               -----------     ---------
         TOTAL STOCKHOLDERS' EQUITY                              1,096,490         6,537
                                                               -----------     ---------
         TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY            $ 1,246,303     $  13,173
                                                               ===========     =========
</TABLE>



                                       2
<PAGE>   5

GRAND PRIX SPORTS, INC.
(A DEVELOPMENT STAGE COMPANY)
Statements of Operations and Accumulated Deficit (Unaudited)
For the three months ended June 30, 2001 and 2000, for the six
months ended June 30, 2001 and 2000, and for the Period June 3, 1999
(Date of Inception) to June 30, 2001

<TABLE>
<CAPTION>
                                          Three Months     Three Months     Six Months        Six Months      June 3, 1999
                                         Ended June 30,   Ended June 30,   Ended June 30,   Ended June 30,   (Inception) to
                                              2001             2000            2001             2000          June 30, 2001
                                         --------------   --------------   --------------   --------------   --------------
<S>                                      <C>              <C>              <C>              <C>              <C>

Revenue
     Income from investment                $  51,673         $     --        $  46,093        $     --          $  46,093
     Other                                        --               --               --              --             10,000

     Total Revenue                            51,673               --           46,093              --             56,093

Expenses
     Bank charges                                  5               30               16             121                283
     Communication                                                                  --                              8,204
     Consulting fees                                                                --                             16,043
     Meals and entertainment                  35,543                            35,543                             35,543
     Depreciation and amortization                34              801              836           1,603              5,913
     Marketing and promotion                                    6,000               --          20,857             31,029
     Office                                                                         --                                 13
     Professional fees                        58,422            6,819           94,806           9,719            135,353
     Investor relations                        5,529                             8,038                              8,038
     Write down of loss due to
       license revisions                                                         4,639                              4,639
     Write down of furniture and
       equipment                                                                 1,315                              1,315
     Travel                                    9,447                             9,447                             25,230
     Interest                                  1,500                             1,500                              1,500
                                           ---------         --------        ---------        --------          ---------

     Total Expenses                          110,480           13,650          156,140          32,300            273,103
                                           ---------         --------        ---------        --------          ---------

     Net Earnings (Loss)                   $ (58,807)        $(13,650)       $(110,047)       $(32,300)         $(217,010)
                                           =========         ========        =========        ========          =========

     Deficit at Beginning of Period         (158,203)         (37,586)        (106,963)        (18,936)                --
                                           ---------         --------        ---------        --------          ---------

     Deficit at End of Period              $(217,010)        $(51,236)       $(217,010)       $(51,236)         $(217,010)
                                           =========         ========        =========        ========          =========

     Basic Loss per Share                  $ (0.004)         $ (0.001)       $ (0.007)       $  (0.003)
                                           ========          ========        ========        =========
</TABLE>


                                       3
<PAGE>   6


GRAND PRIX SPORTS, INC.
(A DEVELOPMENT STAGE COMPANY)
Statement of Cash Flows (Unaudited)
For the six months and three months ended June 30, 2001 and
for the period June 3, 1999 (Date of Inception to June 30, 2001

<TABLE>
<CAPTION>
                                                                 Six Months          Three Months        June 3, 1999
                                                                ended June 30,       Ended June 30,     (Inception) to
                                                                    2001                  2001          June 30, 2001
                                                                --------------       --------------     --------------
<S>                                                             <C>                  <C>                <C>

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net (loss)                                                      $(110,047)         $   (58,807)         $(217,010)
  Adjustments to reconcile net earnings (loss)
    to net cash used by operating activities:
      Depreciation and amortization                                     836                   34              5,913
      Loss on write-down of license revisions                         4,639                                   4,639
      Write-down of abandonment of furniture                          1,315                                   1,315
        and equipment
      (Gain) Loss on investment                                     (46,093)             (51,673)           (46,093)

CHANGES IN CURRENT ASSETS AND CURRENT LIABILITIES:
  Increase (decrease) in current liabilities:
      Shareholder loan                                               77,308               60,000             77,308
      Accounts payable and accrued expenses                          65,869               49,815             72,505
                                                                  ---------          -----------          ---------

NET CASH PROVIDED BY OPERATING ACTIVITIES                            (6,173)                (631)          (101,423)
                                                                  ---------          -----------          ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Acquisition of furniture and equipment                                 --                   --             (2,077)

                                                                  ---------          -----------          ---------

NET CASH (USED) FOR INVESTING ACTIVITIES                                 --                   --             (2,077)
                                                                  ---------          -----------          ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Sale of common stock                                                   --                   --            103,500
                                                                  ---------          -----------          ---------

NET CASH PROVIDED  BY FINANCING ACTIVITIES                               --                   --            103,500
                                                                  ---------          -----------          ---------

NET INCREASE IN CASH                                                 (6,173)                (631)                --

CASH, beginning of period                                             6,173                  631                 --
                                                                  ---------          -----------          ---------

CASH, end of period                                               $      --          $        --          $      --
                                                                  =========          ===========          =========

SUPPLEMENTAL DISCLOSURE:

Noncash investing and financing activities
  License agreement acquired by issue of common stock             $      --          $    10,000          $  10,000

  Nordic Racing Limited acquired by issue of common stock         $      --          $ 1,200,000          $      --
</TABLE>


                                       4
<PAGE>   7

GRAND PRIX SPORTS, INC.
(A DEVELOPMENT STAGE COMPANY)
Statements of Stockholders' Equity
Quarter ended June 30, 2001 and the period
June 3, 1999 (Date of Inception) to June 30, 2001

<TABLE>
<CAPTION>
                                                  Common Stock                      Deficit Accumulated
                                            -----------------------    Additional        during the          Total
                                             Number of                  Paid-in         Developmental     Stockholder's
                                              Shares        Amount      Capital             Stage            Equity
                                            -----------     -------    ----------   -------------------   -------------
<S>                                         <C>             <C>        <C>                <C>              <C>

BALANCES
  June 3, 1999                                       --     $    --    $       --         $      --        $       --

  Shares issued during the period
      Shares issued to acquire license
        (Note B)                             10,000,000      10,000
      Shares issued for cash                  2,300,000       2,300       101,200

  Net loss for the period from
    June 3, 1999 (inception)
    through December 31, 1999                                                               (18,936)
                                            -----------     -------    ----------         ---------        ----------
BALANCES
  December 31, 1999                          12,300,000      12,300       101,200           (18,936)           94,564

  Net loss for 2000                                                                         (88,027)
                                            -----------     -------    ----------         ---------        ----------
BALANCES
  December 31, 2000                          12,300,000      12,300       101,200          (106,963)            6,537

  Shares issued during the period
    Shares Issued for Nordic
    acquisition                                 200,000         200     1,199,800

  Shares cancelled during the period
    Shares cancelled for license
    agreement revisions                      (9,500,000)         --            --

  5:1 forward stock split                           5:1

  Net Loss through June 30, 2001                                                           (110,047)
                                            -----------     -------    ----------         ---------        ----------
BALANCES
   June 30, 2001                             15,000,000      12,500     1,301,000          (217,010)        1,096,490
                                            ===========     =======    ==========         =========        ==========
</TABLE>


                                       5

<PAGE>   8


                             Prepared By Management
                             Grand Prix Sports, Inc.
                          (A Development Stage Company)
                    Notes to Financial Statements (Unaudited)
                     For The Six Months Ended June 30, 2001

Note A-Organization And Summary Of Significant Accounting Policies

Organization

The Company has been in the development stage since its incorporation under the
laws of the state of Washington on June 3, 1999. On June 3, 1999 the Company
acquired from Reach Technologies, Inc. ("Reach"), the rights to distribute the
Reach Digital Data Recorder product line for the purpose of selling the product
in the telemetry and remote sensing marketplace. This License was capitalized
based on the estimate of fair market value of the license received. The licensed
product line consists of 0 to 40 Megabit per second Digital Data Recorders that
are configured for laboratory and onsite use. Models consist of laboratory, rack
mount and portable versions. The Company paid for the license by issuing
10,000,000 (pre-split) shares of its common stock to Glenn Jones, the President
of Reach. Under the license with Reach, the Company had the exclusive right to
distribute and market Reach's product line to the northeastern United States for
a period of time beginning June 3, 1999 and ending January 31, 2003. To retain
the license, the Company was required to purchase a minimum amount of product
based on pricing established in the license agreement during each of the two
years of its license, beginning February 1, 2000. The Company was required to
purchase $50,000 of the product line by January 31, 2001, an additional $100,000
of the product line by January 31, 2002, and an additional $100,000 of the
product line by January 31, 2003.

The license agreement contained a provision that it could be renewed for
additional three-year periods, so long as the Company was not in default. Any
renewal agreement will be subject to the same minimum purchase requirements,
except that the minimum purchase amount in each subsequent year would be
calculated as the greater of $120,000 and 65% of the Company's prior year's
audited revenue.

On January 14, 2001, the Company and Reach amended the license agreement as it
pertained to minimum purchase requirements, The parties agreed that, in exchange
for a $5,000 promissory note in favor of Reach, Reach would not terminate the
license agreement if the Company failed to purchase $50,000 of the product line
by January 31, 2001. All other terms of the license agreement remained the same,
including the additional minimum purchase requirements.

On March 9, 2001, the parties again amended the license agreement to provide
that it would no longer be exclusive. In connection with this amendment, Glenn
Jones returned 9,500,000 (pre-split) shares of the Company's common stock to the
Company's treasury for cancellation.



                                       6
<PAGE>   9


Effective March 9, 2001, the Company entered into an Agreement and Plan of Share
Exchange (the "Exchange Agreement") with Damask International, Jonathan Iseson,
T. Todd Stabler, and Dr. and Mrs. Robert J. Harman. Damask International and
Jonathan Iseson constituted the record and beneficial owners of forty percent
(40%), or 67 ordinary shares, of the issued and outstanding shares of the
capital stock of Nordic Racing Limited, a British corporation ("Nordic).
Pursuant to the terms of the Exchange Agreement, the Registrant sold and issued
as aggregate of 200,000 (pre-split) shares of its common stock, -140,000 shares
to Damask International, 30,000 shares to Jonathan Iseson, 20,000 shares to R.
Todd Stabler, and 10,000 shares to Dr. and Mrs. Robert J. Harman.

Subsequent to the closing of the Exchange Agreement, the Company effected a
5-for-1 forward stock split. Thus, all references to shares outstanding prior to
the March 9, 2001 closing of the Exchange Agreement, including those in the
Shareholders' Equity section of the Balance Sheet and in the Statements of
Shareholders' Equity, are pre-split references.

Nordic was incorporated in the United Kingdom on January 11, 1990, to operate a
motor racing team. Since inception, Nordic has specialized in the FIA Formula
3000 International Championship racing series ("Formula 3000"). Formula 3000 is
the training ground for the more widely known Formula 1 race series. Recently,
the authorized number of teams participating in Formula 3000 was reduced from 18
to 14. Nordic remained one of the authorized teams. If a new team wishes to
enter the Formula 3000 arena, it must purchase an already existing team.

Currently, Nordic's team consists of two drivers and two race cars, as well as
the requisite machinery, mechanics, tools, and engineers required to maintain
and improve the team. At the end of the 2000 race season, Nordic was ranked 5th
overall on the Formula 3000 circuit and was the highest finishing independently
owned race team in Formula 3000. In 2001, Nordic and the other Formula 3000
teams are scheduled to compete as 12 of the venues where Formula 1 teams will
compete.

Nordic, like all Formula 3000 teams, has obtained sponsors who wish their
products to be marketed to the Formula 3000 audience through the exchange of
cash contributions (used to operate the team) for placement of logos and other
advertising on the team's uniforms, race cars, and transporters. In early 2001,
Nordic signed a sponsorship agreement with the Coca-Cola Company for a "title
sponsorship" position, meaning that Coca-Cola has the most prominently displayed
logo of Nordic's sponsors. As a result, the team is now referred to as
"Coca-Cola Nordic Racing". Nordic also has a sponsorship agreement with
"Eurosport"-the pan-European sports television channel.

The Company's principal business plan is to seek immediate earnings by
exploiting the license agreement with Reach Technologies, Inc. The Company plans
to conduct market analysis, hire sales staff and begin marketing the Digital
Data Recorder product line. It is the Company's intention to grow through
generating sales. However, to support existing



                                       7
<PAGE>   10


operations, the Company plans to seek additional financing, acquire shareholder
capital, reduce operating expenses and obtain additional sponsors.

Summary of Significant Accounting Principles

a.   Accounting 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.

b.   Basic earnings per share

     Basic earnings (loss) per share have been calculated in conformity with
Financial Accounting Standards Board Statement No. 128 "Earnings Per Share". The
Company has a simple capital structure with no significant potential common
shares. Basic earnings (loss) per share are calculated weighted on the average
number of common shares (pre-split) outstanding each period (2001-15,000,000;
2000-12,300,000; 1999-12,300,000).

c.   Office furniture and equipment

     Office furniture and equipment purchases were capitalized and the cost
depreciated over the estimated useful lives of the related assets, generally
five to seven years. Office furniture and equipments abandoned is written off at
the time of the abandonment. As the office furniture and equipment were
abandoned during the first quarter, $1,315 was written off.

d.   License agreement

     The license agreement with Reach Technologies, Inc. was previously
capitalized and amortized over the estimate useful life of the asset-three years
and seven months, commencing June 3, 1999. However, under the renegotiated
Non-Exclusive License Agreement, 9,500,000 (pre-split shares of the 10,000,000
(pre-split) shares of the Company's common stock issued to Glenn Jones in
exchange for the original Exclusive License Agreement were returned to the
Company and canceled. Thus, the un-depreciated value of the now non-exclusive
license agreement was reduced from $10,000 to $500.

e.   Nordic Racing Limited investment

     The investment with Nordic Racing Limited is being reported using the
Equity Method of Accounting. The summarized assets and liabilities of the
purchased company at December 31, 2000 in U.S. dollars are as follows:

            Cash                                $ 23,353
            Property and equipment (net)         108,512
            Notes Receivable                     134,724
                                                --------
            Total                                266,589
                                                --------

            Current liabilities                 $ 29,487
            Other liabilities                     13,649
            Net worth                            223,453
                                                --------
            Total                                266,589
                                                --------



                                       8
<PAGE>   11


f.   Issuance of common stock

     The issuance of common stock for other than cash is recorded by the Company
at management's estimate of the fair value of the assets acquired or services
rendered.

g.   Revenue

     Revenue is recognized when product is shipped to the customer.

h.   Income taxes

     No taxes are payable for the six months ended June 30, 2001.

i.   Functional currency

     The financial statements are stated in U.S. dollars, which is the
functional currency of the Company.


Note B-License Agreement

On June 3, 1999, the Company acquired from Reach Technologies, Inc. ("Reach")
the rights to distribute the Reach Technologies, Inc. Digital Data Recorder
product line for the purpose of selling the product in the telemetry and remote
sensing marketplace. This license was capitalized based on the estimate of fair
market value of the license received. The licensed product line consists of 0 to
40 Megabit per second Digital Data Recorders that are configured for laboratory
and onsite use. Models consist of laboratory, rack mount and portable versions.
The Company paid for the license by issuing 10,000,000 (pre-split) shares of its
common stock to Glenn Jones, the President of Reach. Under the license with
Reach, the Company had the exclusive right to distribute and market Reach's
product line to the northeastern United States for a period of time beginning
June 3, 1990 and ending January 31, 2003. To retain the license, the Company was
required to purchase a minimum amount of product based on pricing established in
the license agreement during each of the two years of its license, beginning
February 1, 2000. The Company was required to purchase $50,000 of the product
line by January 31, 2001, an additional $100,000 of the product line by January
31, 2002 and as additional $100,000 of the product line by January 31, 2003.

The license agreement contained a provision that it could be renewed for
additional three year periods, so long as the Company was not in default. Any
renewal agreement will be subject to the same minimum purchase requirements,
except that the minimum purchase amount in each subsequent year would be
calculated as the greater of $120,000 and 65% of the Company's prior year's
audited revenue. The agreement may be terminated by the Company at any time upon
notice to Reach, and by Reach for any cause, which includes



                                       9
<PAGE>   12


breach of the agreement, the bankruptcy or insolvency of the Company; or the
conviction of the Company; its officers or directors, of any crime involving
moral turpitude.

On January 14, 2001, the Company amended the license agreement as it pertained
to minimum purchase requirements. The parties agreed that, in exchange for a
$5,000 promissory note, Reach would not terminate the license agreement for the
Company's failure to purchase $50,000 of the product line by January 31, 2001.
All other terms of the license agreement remained the same, including the
additional minimum purchase requirements.

On March 9, 2001, the parties again amended the license agreement to provide
that it would no longer be exclusive. In connection with this amendment, Glenn
Jones returned 9,500,000 (pre-split) shares of the Company's common stock to the
Company's treasury for cancellation.

Note C-Common Stock

During the period ended March 31, 2001, the Company issued 200,000 (pre-split)
shares of common stock at $6.00 per share in exchange for the purchase of forty
percent (40%) of Nordic Racing Limited. No additional common shares have been
issued through June 30, 2001.

Note D-Net Operating Loss Carry Forward

The Company's net operating loss for the six months ended June 30, 3001 of
$110,047 may be utilized through the year ended December 31, 2021. The Company's
net operating loss for the year ended December 31, 2000 of $88,027 may be
utilized through the year ended December 31, 2020. The Company's net operating
loss for the seven months ended December 31, 1999 of $18,936 may be utilized
through the year ended December 31, 2019. SFAS No. 109 requires a valuation
allowance to be recorded when it is more likely than not that some or all of the
deferred tax assets will not be realized. At June 30, 2001 a valuation allowance
for the full amount of the net deferred tax asset was recorded because of
uncertainties as to the amount of taxable income that would be generated in
future years.

Note E-Management's Plans

As discussed in Note A, the Company has been in the development stage since its
inception of June 3, 1999. It is the Company's intention to grow through
generating sales. However, in order to support existing operations, the Company
plans to seek, additional financing, acquire additional shareholder capital, and
to reduce operating expenses. The ability to achieve these objectives raises
substantial doubt about the Company's ability to continue as a going concern.



                                       10

<PAGE>   13

            Management's Discussion and Analysis or Plan of Operation

This quarterly report on Form 10-QSB contains forward-looking statements, which
are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements involve risks
and uncertainties that could cause actual results to differ materially from the
forward-looking statements. You should not place undue reliance on
forward-looking statements. In some cases, you can identify forward-looking
statements by terminology such as "may", "will", "should", "expects", "plans",
"anticipates", "believes", "estimated", "predicts", "potential", or "continue"
or the negative of such terms or other comparable terminology. These statements
are only predictions and involve known and unknown risks, uncertainties, and
other factors, that may cause Grand Prix Sports, Inc.'s actual results, levels
of activity, performance, or achievements to be materially different from any
future results, levels of activity, performance, or achievements expressed or
implied by such forward-looking statements. These factors include, among other
things, those discussed in this quarterly report on Form 10-QSB and in Grand
Prix Sports, Inc.'s other filings with the SEC. Although Grand Prix Sports, Inc.
believes that the expectations reflected in the forward-looking statements are
reasonable, forward-looking statements are inherently uncertain, and Grand Prix
Sports, Inc. cannot guarantee future results, levels of activity, performance,
or achievements. Grand Prix Sports, Inc. is under no duty to update any of the
forward-looking statements in this quarterly report on Form 10-QSB to conform
forward-looking statement to actual results. All forward-looking statements
should be considered in light of these risks and uncertainties.

The Company owns a 40% interest in Coca-Cola Nordic Racing, an FIA Formula 3000
international racing team, which performs in 12 of the 17 widely acclaimed FIA
Formula One motor racing championship held annually worldwide.

In 2001, after nine completed races, Coca-Cola Nordic Racing leads the Formula
3000 Team Championship competition by 35 points with three remaining races and
has podium finishes in each of the nine races. The Drivers' Championship series
is currently lead by Coca-Cola Nordic Racing driver Justin Wilson.

The team currently enjoys strong financial backing provided by two key sponsors,
Coca-Cola Europe Limited, its title sponsor, and multi-national energy company
Conoco for its brand name fuel "Jet". The team's colors on its automobiles,
uniforms and transporters are Coca-Cola red with the Coca-Cola name and the
"Jet" logo displayed prominently on each vehicle. The team also has several
other regional sponsors.

The Company's plan of business is to generate revenues and earnings by acquiring
existing, profitable, well-managed, corporations compatible with or with
synergies to the Company's current business activities. However, to manage
existing corporate overhead,


                                       11

<PAGE>   14
the Company will continue to rely on cash advances from shareholders, as well as
to seek additional debt or equity financing. The Company will also attempt to
reduce its operating expenses. There can be no assurance that any such
additional financing will be available on terms, in amounts, or at timing
acceptable to the Company, if available at all.

Results of Operation:

Sales

The Company through its 40% investment in Coca-Cola Nordic Racing generated
revenue of $51,673 during the three months ended June 30, 2001 and $46,093
during the six months ended June 30, 2001 compared to revenue for the three and
six months ended June 30, 2000 of nil. The year prior period predates the
Company's investment in the team.

Losses

Net losses for the three months ended June 30, 2001, increased to $58,807.00
from $13,650.00 for the three months ended June 30, 2000 and for the six months
ended June 30, 2001, increased to $110,047 from $32,300 for the six months ended
June 30, 2000. The increase in losses was primarily attributed to professional
fees for the Nordic Racing Limited acquisition and for costs associated with SEC
reporting requirements.

The Company expects to continue to incur losses at least through the end of its
current fiscal year. There can be no assurance that the Company will achieve or
maintain profitability, generate revenue or sustain future growth.

Liquidity and Capital Resources

Since the date of the Company's investment in Coca-Cola Nordic Racing team, the
Company has funded its cash needs with cash on hand and cash advances from
shareholders. It is anticipated that shareholder advances will be sufficient to
satisfy the Company's cash requirements over the next twelve months.

Capital Expenditures

The Company made no capital expenditures during the first six months of its
fiscal year.


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<PAGE>   15

                                     PART II


Item 6. Exhibits And Reports On Form 8-K

(A)  Exhibits

     None.

(B)  Reports On Form 8-K.

     None.

                                   Signatures

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


GRAND PRIX SPORTS, INC.



Date: August 16, 2001



/s/  HARRYSEN MITTLER
-------------------------------
     Harrysen Mittler
     President and Director


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