Securities And Exchange Commission
                             Washington, D.C. 20549

                                   FORM 10-QSB

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

     For The Quarterly Period Ended March 31, 2002.

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

     For The Transition Period From ______________To_________________
     Commission File 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 Gregory J. Martin
                         23332 Mill Creek Dr., Suite 230
                             Laguna Hills, CA 92353
                                 (949) 460-5250
          (Address, Including Zip Code, And Telephone Number, Including
            Area Code, Of Registrant's mailing address in California)

     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, $0.0001 par
value, as of March 31, 2002 was 15,000,000.

<PAGE>


                                TABLE OF CONTENTS

                                                                          Page
                                                                          ----

                                     Part I

Item 1.   Financial Statements                                              1

Item 2.   Management's Discussion and Analysis                             12


                                     Part II

Item 3.   Exhibits and Reports on Form 8-K                                 14

Item 4.   Signatures                                                       14




                                       ii
<PAGE>


                                     Part I


Item 1.   Financial Statements

Balance Sheets As Of March 31, 2002 (Unaudited)
  and December 31, 2001 (Audited)                                           2

Unaudited Statements Of Operations And Accumulated
  Deficit For The Three Months Ended March 31, 2002
  and 2001, and For The Period June 3, 1999 (Date
  of Inception) to March 31, 2002                                           3

Unaudited Statements Of Cash Flows For The Three
  Months Ended March 31, 2002 and 2001 and For The
  Period June 3, 1999 (Date of Inception) to March
  31, 2002                                                                  4

Statements Of Stockholders Equity For The Three
  Months Ended March 31, 2002 And The Period June 3,
  1999 (Date of Inception) to March 31, 2002                                5

Notes To Financial Statements (Unaudited)                                   6

Item 2.   Management's Discussion and Analysis                             12




                                       1
<PAGE>
<TABLE>
<CAPTION>

Grand Prix Sports, Inc.
(A Development Stage Company)
Balance Sheets
March 31, 2002 and December 31, 2001
================================================================================================

                                                             March 31, 2002    December 31, 2001
                                                               (Unaudited)         (Audited)
                                                                ---------          ---------
<S>                                                             <C>                <C>
ASSETS
------

CURRENT ASSETS
--------------
     Cash                                                       $    --            $   3,212

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

         TOTAL CURRENT ASSETS                                           0              3,212
                                                                ---------          ---------

Furniture & equipment (Note A)
     Cost                                                            --                 --
     Accumulated depreciation                                        --                 --
     Abandonment of furniture & equipment                            --
                                                                ---------          ---------
     Net                                                             --                 --
                                                                ---------          ---------

License Agreement with Related Party (Note B)
     Cost                                                             500                500
     Accumulated Amortization                                        (392)              (358)
                                                                ---------          ---------
     Net                                                              108                142

Nordic Racing Limited Investment (Note G)                            --                 --
                                                                ---------          ---------


         TOTAL ASSETS                                           $     108          $   3,354
                                                                =========          =========

CURRENT LIABILITIES
-------------------
     Loan from shareholders                                     $    --            $    --
     Loan from related party (Note F)                              34,863             30,780
     Accounts payable and accrued expenses :
         Accounts payable (Note H)                                 72,861             56,816
         Accrued interest payable to a related party (Note F)       1,376                556
                                                                ---------          ---------
         TOTAL CURRENT LIABILITIES                                109,100             88,152
                                                                ---------          ---------

COMMITMENT (Note B)

STOCKHOLDERS' EQUITY (Note C)
-----------------------------

         Preferred stock, par value $.0001; 20,000,000
         shares authorized; 0 issued and outstanding

         Common stock, par value $.0001, 100,000,000 shares
         authorized; issued and outstanding 15,000,000 at
         March 31, 2002 and December 31, 2001                       1,500              1,500

         Additional paid-in capital                               202,000            202,000
         Deficit accumulated during the development stage        (312,492)          (288,298)
                                                                ---------          ---------

         TOTAL STOCKHOLDERS' EQUITY                              (108,992)           (84,798)
                                                                ---------          ---------

         TOTAL LIABILITIES AND
           STOCKHOLDERS' EQUITY                                 $     108          $   3,354
                                                                =========          =========


                                               2
<PAGE>


Grand Prix Sports, Inc.
(A Development Stage Company)
Statements of Operations and Accumulated Deficit (Unaudited)
For the three months ended March 31, 2002 and 2001,
and for the Period June 3, 1999 (Date of Inception) to March 31, 2002
=============================================================================================================

                                                    Three Months          Three Months          June 3, 1999
                                                   Ended March 31,       Ended March 31,       (Inception) to
                                                        2002                  2001             March 31, 2002
                                                    ------------          ------------         --------------

Revenue                                             $       --            $       --            $     10,000
-------

     Total Revenue                                          --                    --                  10,000

Expenses
--------
     Loss on investment                                                          5,580                90,000
     Bank charges                                                                   11                   376
     Communication                                                                --                   8,204
     Consulting fees                                                              --                  16,043
     Meals and entertainment                                                                          35,543
     Depreciation and amortization                            34                   802                 6,015
     Marketing and promotion                                                      --                  31,029
     Office                                                                       --                      13
     Professional fees                                    24,628                36,384                81,483
     Investor relations                                      742                 2,509                23,256
     Write down of loss due to
       license revisions                                                         4,639                 4,639
     Write down of furniture and
       equipment                                                                 1,315                 1,315
     Travel                                               (2,030)                 --                  23,200
     Interest expense (related party)                        820                                       1,376
                                                    ------------          ------------          ------------

     Total Expenses                                       24,194                51,240               322,492
                                                    ------------          ------------          ------------

      Net Earnings (Loss)                           $    (24,194)         $    (51,240)         $   (312,492)
                                                    ============          ============          ============




     Basic Loss per Share                           $    (0.0016)         $    (0.0034)
                                                    ============          ============

     Weighted average common shares outstanding       15,000,000            15,000,000


                                                     3
<PAGE>


GRAND PRIX SPORTS, INC
(FORMERLY DDR SYSTEMS, INC.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2002 AND 2001
FOR THE JUNE 3, 1999 (DATE OF INCEPTION) TO MARCH 31, 2002
=================================================================================================================

                                                             Three Months       Three Months        June 3, 1999
                                                            Ended March 31,    Ended March 31,     (Inception) to
                                                                 2002               2001           March 31, 2002
                                                               ---------          ---------        --------------

CASH FLOWS FROM OPERATING ACTIVITIES:
      Net loss                                                 $ (24,194)         $ (51,240)         $(312,492)
      Adjustments to reconcile net loss
      to net cash used by operating activities:
         Depreciation and amortization                                34                802              6,015
         License impairment agreement                               --                4,639              4,639
         Abondonment of furniture
           and equipment                                            --                1,315              1,315
         Loss on investment                                         --                5,580             90,000
CHANGES IN CURRENT ASSETS AND CURRENT
      ASSETS AND CURRENT LIABILITIES:
      Increase (decrease) in current liabilities:
         Shareholder loan                                           --
         Interest payable to shareholder                             820                                 1,376
         Accounts payable and accrued expenses                    16,045             16,054             72,861
                                                               ---------          ---------          ---------

NET CASH (USED) BY OPERATING ACTIVITIES                           (7,295)           (22,850)          (136,286)
                                                               ---------          ---------          ---------

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
      Related party loan                                           4,083             17,308             34,863
                                                               ---------          ---------          ---------

NET CASH PROVIDED  BY FINANCING ACTIVITIES                         4,083             17,308            138,363
                                                               ---------          ---------          ---------


NET INCREASE (DECREASE) IN CASH                                   (3,212)            (5,542)              --

CASH, beginning of period                                          3,212              6,173               --
                                                               ---------          ---------          ---------

CASH, end of period                                            $    --            $     631          $    --
                                                               =========          =========          =========


SUPPLEMENTAL DISCLOSURE:

     Interest paid                                             $     820          $    --            $   1,376
     Taxes paid                                                $    --            $    --            $    --

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


                                                        4
<PAGE>


GRAND PRIX SPORTS, INC
(FORMERLY DDR SYSTEMS, INC.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY
THREE MONTHS ENDED MARCH 31, 2002
THE PERIOD JUNE 3, 1999 (DATE OF INCEPTION) TO MARCH 31, 2002
====================================================================================================================================

                                                                                                           Deficit
                                                                    Common Stock                         Accumulated
                                                             --------------------------     Additional   during the        Total
                                                              Number of                      Paid-in    Developmental  Stockholder's
                                                               Shares       Amount           Capital        Stage         Equity
                                                             -----------    -----------    -----------   -----------    -----------

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

     Shares issued during the period
         Shares issued to acquire license (Note B)            50,000,000          5,000          5,000                       10,000
         Shares issued for cash                               11,500,000          1,150        102,350                      103,500

     Net loss for the period from June 3, 1999
     (inception) through December 31, 1999                                                                   (18,936)       (18,936)

BALANCES
                                                             -----------    -----------    -----------   -----------    -----------
     December 31, 1999                                        61,500,000          6,150        107,350       (18,936)        94,564

     Net loss for 2000                                                                                       (88,027)       (88,027)

BALANCES
                                                             -----------    -----------    -----------   -----------    -----------
     December 31, 2000                                        61,500,000          6,150        107,350      (106,963)         6,537

     Shares issued during the period
         Shares Issued for Nordic acquisition (Note G)         1,000,000            100         89,900                       90,000

     Shares cancelled during the period
         Shares cancelled for license
         agreement revisions                                 (47,500,000)        (4,750)         4,750                         --

     5:1 forward stock split                                         5:1

     Net Loss through December 31, 2001                                                                     (181,335)      (181,335)

BALANCES
                                                             -----------    -----------    -----------   -----------    -----------
     December 31, 2001                                        15,000,000          1,500        202,000      (288,298)       (84,798)

     Net Loss through March 31, 2002                                                                         (24,194)       (24,194)

BALANCES
                                                             -----------    -----------    -----------   -----------    -----------
     March 31, 2002                                           15,000,000          1,500        202,000      (312,492)      (108,992)
                                                             ===========    ===========    ===========   ===========    ===========



                                                                5
</TABLE>
<PAGE>


                             Prepared By Management
                             Grand Prix Sports, Inc.
                          (A Development Stage Company)
                    Notes to Financial Statements (Unaudited)
                    For The Three Months Ended March 31, 2002

Note A - Organization And Summary Of Significant Accounting Policies

Basis of Presentation
---------------------

  The unaudited financial statements of Grand Prix Sports, Inc. (the "Company")
as of March 31, 2002 and December 31, 2001 and for the three months ended March
31, 2002 and 2001 have been prepared in accordance with accounting principles
generally accepted in the United States for interim financial reporting.
Accordingly, they do not include all of the disclosures required by accounting
principles generally accepted in the United States for complete financial
statements and should be read in conjunction with the audited consolidated
financial statements and notes thereto included in the Company's Form 10-K for
the year ended December 31, 2001. In the opinion of management, all adjustments
(consisting only of normal recurring adjustments) considered necessary for a
fair presentation of the interim financial information have been included. The
results of operations for any interim period are not necessarily indicative of
the results of operations for the entire year.

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
50,000,000 (post-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.

                                        6
<PAGE>


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 47,500,000 (post-split) shares of the Company's common stock to
the Company's treasury for cancellation. Also on March 9, 2001, the Company
amended its articles of incorporation by changing the name of the Company to
Grand Prix Sports, Inc.

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 1,000,000 (post-split) shares of its common stock, -700,000
shares to Damask International, 150,000 shares to Jonathan Iseson, 100,000
shares to R. Todd Stabler, and 50,000 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 post-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 racecars, as well as
the requisite machinery, mechanics, tools, and engineers required to maintain
and improve the team. At the end of the 2001 race season, Nordic was ranked 1st
overall on the Formula 3000 circuit. In 2001, Nordic and the other Formula 3000
teams were scheduled to compete at 12 of the venues where Formula 1 teams
competed.

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, racecars, 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.

                                       7
<PAGE>


The Company's plan of business is to generate revenues and earnings by acquiring
existing, profitable, well-managed, corporations that are compatible with the
Company's current business activities. However, to manage existing corporate
overhead, the Company will continue to rely on cash advances from shareholders
and officers, 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.


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 outstanding each period.

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.

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, 47,500,000 (post-split) shares of the 50,000,000 (post-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. 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.

f. Revenue
----------
Revenue is recognized when product is shipped to the customer.

g. Income taxes
---------------
No taxes are payable for the three months ended March 31, 2002.

                                       8
<PAGE>


h. Impact of Accounting Standards
---------------------------------
In June 2001, the FASB issued SFAS No. 141, "Business Combinations" and SFAS No.
142 "Goodwill and Other Intangible Assets." Under these new standards, all
acquisitions subsequent to June 30, 2001 must be accounted for under the
purchase method of accounting and purchased goodwill is no longer amortized over
its useful life. Instead, goodwill will be subject to a periodic impairment test
based upon its value. The Company does not expect any effect on its financial
position or results of operations from the adoption of this statement. In August
2001, the FASB issued SFAS No. 143, "Accounting for Asset Retirement
Obligations." SFAS 143 establishes accounting standards for recognition and
measurement of a liability for the costs of asset retirement obligations. Under
SFAS 143, the costs of retiring an asset will be recorded as a liability when
the retirement obligation arises, and will be amortized to expense over the life
of the asset. The Company does not expect any effect on its financial position
or results of operations from the adoption of this statement. In October 2001,
the FASB issued SFAS No. 144, "Accounting for the Impairment or Disposal of
Long-Lived Assets." SFAS 144 addresses financial accounting and reporting for
the impairment or disposal of long-lived assets and discontinued operations. The
Company does not expect any effect on its financial position or results of
operations from the adoption of this statement.

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 50,000,000 (post-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.

                                       9
<PAGE>


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 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 47,500,000 (post-split) shares of the Company's common stock to
the Company's treasury for cancellation. To date the Company has not purchased
or sold product related to this license, nor are there any plans to do so, at
this time. The terms of the license agreement require a $75,000 minimum purchase
volume from the Company by January 31, 2002, which the Company has not met.
Reach has the option to terminate the licensing agreement, because the minimum
was not met. To date the Company has received neither written nor oral
communication from Reach Technologies Inc. regarding the shortfall or intent to
cancel the license agreement.

Note C - Common Stock

During the three month period ended March 31, 2002, the Company issued no
additional common shares.

Note D - Net Operating Loss Carry Forward

The Company's net operating loss for the three months ended March 31, 2002 and
the year ended December 31, 2001 of $24,194 and $181,335 may be utilized through
the year ended December 31, 2022. 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 December 31, 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. The valuation allowance
increased by $9,678 and $73,000 for the three months ended March 31, 2002 and
the year ended December 31, 2001.

                                       10
<PAGE>


Note E - Management's Plans

The Company's plan of business is to generate revenues and earnings by acquiring
existing, profitable, well-managed, corporations that are compatible with the
Company's current business activities. However, to manage existing corporate
overhead, the Company will continue to rely on cash advances from shareholders
and officers, 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. The
ability to achieve these objectives raises substantial doubt about the Company's
ability to continue as a going concern.

Note F - Related Party Transaction

The Company borrowed money from Harrysen Mittler, Chief Executive Officer of the
Company to fund current operating activities. The amount payable as of March 31,
2002 and December 31, 2001 is $34,863 and $30,780, respectively. The note bears
interest at 10 percent per annum, payable upon demand. Accrued interest in the
amount $1,376 and $556 is payable at March 31, 2002 and December 31, 2001,
respectively.

Note G -  Nordic Racing Limited Investment

On March 9, 2001, the Company issued 1,000,000 shares of common stock in
exchange for the purchase of forty percent (40%) of Nordic Racing Limited. At
the time of the acquisition, there was no independent appraisal or valuation of
Nordic Racing Limited. The purchase price was based on valuing the Company's
stock at $.09 per share, which represented the lower range of stock trades for
Grand Prix Sports, Inc. stock during the twelve months after the acquisition.

The Company does not have the result of operations for the quarter ended March
31, 2002. It is management's opinion that Nordic Racing Limited continued to
operate at a loss.

Note H - Accounts Payable

As of March 31, 2002 and December 31, 2001 accounts payable consisted of the
following:

                                                       March 31,    December 31,
                                                         2002           2001
                                                        -------       -------
Professional fees payable                               $72,861       $50,091
General and administrative expense payable                              6,725
                                                        -------       -------

                                                        $72,861       $56,816
                                                        =======       =======


                                       11
<PAGE>


                      Management's Discussion and Analysis

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 expended significant effort and resources on due diligence related
to a potential acquisition of IFT International Inc. ("IFT"), a provider of
international trade finance, facilitation, and marketing services. Almost half
of the expenses for the quarter were related to professional services supporting
that effort. On January 15th, 2002, the Company announced that it has engaged
the investment-banking firm of NetCap Ventures Inc. ("NetCap") to act as its
exclusive financial adviser and placement agent with regard to raising equity or
debt financing. The impetus for the engagement was the Company's proposed
acquisition of IFT International Inc.

However, on Feb. 8, 2002 Grand Prix Sports, Inc. determined not to conclude its
pending acquisition of IFT International Inc. As of the date on which the
decision was made not to conclude the acquisition, the company had not then
completed its due diligence investigation of IFT. In connection with the
determination not to conclude the pending IFT acquisition, the Company also
announced that it terminated its relationships with Agora Capital Partners Inc.
("Agora"), and NetCap.

Subsequent to that effort, the search for acquisition candidates resumed.

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

                                       12
<PAGE>


Coca-Cola Nordic Racing won both the FIA Formula 3000 International Team
Championship and Drivers' Championship for the 2001 season. Coca-Cola Nordic
Racing secured the Team Championship with two races remaining in the 2001 season
and has set new team records for the most podium appearances and team points of
any team since 1985. Coca-Cola Europe, Ltd. has extended its title sponsorship
for Nordic Racing for an additional two years.

Nordic Racing lost both Wilson and Enge as drivers. Wilson went on to Formula
One and Enge is driving for the current leading Formula 3000 team, "Arden
International". After five races in the 12 race 2002 season Nordic Racing is in
ninth position, second to last in team standings. With two new drivers, Ryan
Briscoe and Zsolt Baumgartner, Nordic is back in a position of developing its
new drivers.

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, 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 has not generated any revenues from operations during the three
months ended March 31, 2002 or 2001.

Losses

Net losses for the three months ended March 31, 2002, decreased to $24,194 from
$51,240 for the three months ended March 31, 2001.

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 and officers. The Company is actively seeking additional equity
capital through private placements. It is unknown whether shareholder and
officer 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 three months of its
fiscal year.

                                       13
<PAGE>


Subsequent Events -

Resignation of President/Chief Executive Officer/Chief Financial
Officer/Director. On April 29, 2002 Harrysen Mittler submitted his resignation
as President, Chief Executive Officer, Chief Financial Officer and as a director
of the Company, effective immediately. Mr. Mittler has elected to pursue other
business interests.

Appointment of Interim President/Chief Financial Officer/Director. The Company's
board of directors voted to appoint the Company Secretary, Gregory J. Martin, as
interim President, CFO and Secretary, and to fill the board vacancy created by
the resignation of Mr. Mittler. Mr. Martin has agreed to perform these duties
subject to continued working capital investment and the identification of a
long-term replacement for the President and Chief Financial Officer position.

New mailing address. The company has established a mailing address in California
in anticipation of opening a business office closer to the Company's officer and
Directors. That new address is 23332 Mill Creek Drive, Suite 230, Laguna Hills,
California, 92653.


                                     Part II

Item 3.   Exhibits And Reports On Form 8-K

(A)  Exhibits

     None

(B)  Reports On Form 8-K.

     None.

Item 4.   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:  May 24, 2002


/s/ GREGORY J. MARTIN
--------------------------------
Gregory J. Martin
President, Chief Financial Officer and Director


                                       14