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 September 30, 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 92653
                                 (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 September 30, 2002 was 17,500,000.

<PAGE>


                                TABLE OF CONTENTS

                                                                         Page
                                                                         ----




                                     Part I


Item 1.   Financial Statements

Balance Sheets As Of September 30, 2002 (Unaudited)
  and December 31, 2001 (Audited) ...................................      2

Unaudited Statements Of Operations And Accumulated
  Deficit For The Three and Nine Months Ended September 30,
  2002 and 2001, and For The Period June 3, 1999 (Date of
  Inception) to September 30, 2002 ..................................      3

Unaudited Statements Of Cash Flows For The Nine Months
  Ended September 30, 2002 and 2001 and For The Period
  June 3, 1999 (Date of Inception) to September 30, 2002 ............      4

Statements Of Stockholders Equity For The Nine Months
  Ended September 30, 2002 and For The Period June 3,
  1999 (Date of Inception) to September 30, 2002 ....................      5


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

Item 2.   Management's Discussion and Analysis ......................     13


                                     Part II

Item 3.   Exhibits and Reports on Form 8-K ..........................     17

Item 4.   Signatures ................................................     17


                                       i

<PAGE>
<TABLE>
<CAPTION>


Grand Prix Sports, Inc.
(A Development Stage Company)
Balance Sheets
September 30, 2002 and December 31, 2001
==============================================================================================



                                                               September 30,      December 31,
                                                                   2002               2001
                                                                (Unaudited)        (Audited)
                                                                 ---------         ---------

ASSETS
------

CURRENT ASSETS
--------------
      <S>                                                        <C>               <C>
      Cash                                                       $     419         $   3,212
                                                                 ---------         ---------

          TOTAL CURRENT ASSETS                                         419             3,212
                                                                 ---------         ---------

License Agreement with Related Party (Note B)
      Cost                                                             500               500
      Accumulated Amortization                                        (460)             (358)
                                                                 ---------         ---------
      Net                                                               40               142

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

          TOTAL ASSETS                                           $     459         $   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)                                 75,246            56,816
          Accrued interest payable to a related party (Note F)       3,126               556
                                                                 ---------         ---------
          TOTAL CURRENT LIABILITIES                                113,235            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 17,500,000 and
          15,000,000 September 30, 2002 and December 31, 2001,
          respectively                                               1,750             1,500

          Additional paid-in capital                               251,735           202,000
          Common stock subscribed                                   10,000              --
          Deficit accumulated
            during the development stage                          (376,261)         (288,298)
                                                                 ---------         ---------

          TOTAL STOCKHOLDERS' EQUITY                              (112,776)          (84,798)
                                                                 ---------         ---------

          TOTAL LIABILITIES AND
            STOCKHOLDERS' EQUITY                                 $     459         $   3,354
                                                                 =========         =========


                                              2

</TABLE>

<PAGE>
<TABLE>
<CAPTION>


Grand Prix Sports, Inc.
(A Development Stage Company)
Statements of Operations and Accumulated Deficit (Unaudited)
For the three months ended September 30, 2002 and 2001, for the nine
months ended September 30, 2002 and 2001, and for the period
June 3, 1999 (Date of Inception) to September 30, 2002
------------------------------------------------------------------------------------------------------------------------------


                                                 Three Months    Three Months     Nine Months    Nine Months      June 3,1999
                                                     Ended           Ended          Ended           Ended       (Inception) to
                                                 September 30,   September 30,   September 30,   September 30,   September 30,
                                                     2002            2001            2002            2001            2002
                                                 ------------    ------------    ------------    -------------   -------------


<S>                                              <C>             <C>             <C>             <C>             <C>
Revenue                                          $       --      $       --      $       --      $       --      $     10,000
-------
    Income from investment                       $       --      $       --      $       --

    Total Revenue                                        --              --              --              --            10,000

Expenses
--------
    Loss on investment                                                121,354                          75,261          90,000
    Bank charges                                          130                             150              16             526
    Communication                                                                                        --             8,204
    Consulting fees                                                                                      --            16,043
    Meals and entertainment                                                                            35,543          35,543
    Depreciation and amortization                          34              34             102             870           6,083
    Marketing and promotion                                                                                            31,029
    Office                                                656                             656                             669
    Professional fees                                  23,096          11,893          81,448         106,699         138,303
    Investor relations                                  2,406           9,541           4,267          17,579          26,781
    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)          9,447          23,200
    Taxes                                                 800                             800                             800
    Interest expense (related party)                      875           2,300           2,570           3,800           3,126
                                                 ------------    ------------    ------------    ------------    ------------

    Total Expenses                                     27,997         145,122          87,963         255,169         386,261
                                                 ------------    ------------    ------------    ------------    ------------

     Net Earnings (Loss)                         $    (27,997)   $   (145,122)   $    (87,963)   $   (255,169)   $   (376,261)
                                                 ============    ============    ============    ============    ============




    Basic Loss per Share                         $     (0.002)   $     (0.010)   $     (0.006)   $     (0.017)
                                                 ============    ============    ============    ============

    Weighted average common shares outstanding     15,277,778      15,000,000      15,833,333      15,000,000


                                                               3
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


GRAND PRIX SPORTS, INC
(FORMERLY DDR SYSTEMS, INC.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
NINE MONTHS MONTHS ENDED SEPTEMBER 30, 2002 AND 2001 AND
FOR THE JUNE 3, 1999 (DATE OF INCEPTION) TO SEPTEMBER 30, 2002
-------------------------------------------------------------------------------------------------------------



                                                               Nine Months      Nine Months     June 3, 1999
                                                                 Ended            Ended        (Inception) to
                                                              September 30,    September 30,    September 30,
                                                                  2002             2001             2001
                                                               ---------        ---------        ---------


CASH FLOWS FROM OPERATING ACTIVITIES:
     <S>                                                       <C>              <C>              <C>
      Net loss                                                 $ (87,963)       $(255,169)       $(376,261)
      Adjustments to reconcile net loss
      to net cash used by operating activities:
         Depreciation and amortization                               102              870            6,083
         License impairment agreement                               --              4,639            4,639
         Abondonment of furniture
           and equipment                                            --              1,315            1,315
         (Gain) Loss on investment                                  --             75,261           90,000
CHANGES IN CURRENT ASSETS AND CURRENT
      ASSETS AND CURRENT LIABILITIES:
      Increase (decrease) in current liabilities:
         Interest payable to shareholder                           2,570             --              3,126
         Accounts payable and accrued expenses                    18,430           61,088           75,246
                                                               ---------        ---------        ---------

NET CASH (Used) BY OPERATING ACTIVITIES                          (66,861)        (111,996)        (195,852)
                                                               ---------        ---------        ---------

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:
      Issuance of common stock                                    49,985             --            153,485
      Subscription of common stock                                10,000             --             10,000
      Related party loan                                           4,083          105,823           34,863
                                                               ---------        ---------        ---------

NET CASH PROVIDED  BY FINANCING ACTIVITIES                        64,068          105,823          198,348
                                                               ---------        ---------        ---------


NET INCREASE (DECREASE) IN CASH                                   (2,793)          (6,173)             419

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

CASH, end of period                                            $     419        $    --          $     419
                                                               =========        =========        =========


SUPPLEMENTAL DISCLOSURE:
     Interest paid                                             $    --          $    --          $    --
     Taxes paid                                                $     800        $    --          $     800

Noncash investing and financing activities
     License agreement acquired by issue of common stock       $    --          $    --          $  10,000
     Nordic Racing Limited acquired by issue of common stock   $    --          $  90,000        $  90,000


                                                       4

</TABLE>

<PAGE>
<TABLE>
<CAPTION>


GRAND PRIX SPORTS, INC
(FORMERLY DDR SYSTEMS, INC.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY
NINE MONTHS ENDED SEPTEMBER 30, 2002
THE PERIOD JUNE 3, 1999 (DATE OF INCEPTION) TO SEPTEMBER 30, 2002
=================================================================================================================================



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

     Issuance of common stock                              2,500,000            250         49,735                       49,985

     Subscription of common stock                                                                                        10,000

     Net Loss through September 30, 2002                                                                 (87,963)       (87,963)

BALANCES
                                                         -----------    -----------    -----------   -----------    -----------
     September 30, 2002                                   17,500,000          1,750        251,735      (376,261)      (112,776)
                                                         ===========    ===========    ===========   ===========    ===========


                                                                5
</TABLE>

<PAGE>




                             Prepared By Management
                             Grand Prix Sports, Inc.
                          (A Development Stage Company)
                    Notes to Financial Statements (Unaudited)
                  For The Nine Months Ended September 30, 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 September 30, 2002 and December 31, 2001 and for the three and nine month
periods ended September 30, 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-KSB 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 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 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 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.

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.

                                       7

<PAGE>


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 or equipment that is 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 shares of the 50,000,000 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, of which $460 has been amortized, with a remaining net value of
$40 as at September 30, 2002.

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 September 30, 2002.

h.  Intangible Assets
---------------------
A summary of the treatment of intangible assets of the corporation is summarized
as follows:

                                       8

<PAGE>


Note I


Intangible assets consist of the following:


                                            September 30, 2002
                             -----------------------------------------------
                                Gross                                 Net
                             Intangible       Accumulated         Intangible
                               Assets         Amortization          Assets

Goodwill                     $    --            $    --            $    --
Other Intangibles                  500                460                 40
                             ---------          ---------          ---------
Total                        $     500          $     460          $      40



                                           December 31, 2001
                             ------------------------------------------------
                                Gross                                Net
                             Intangible      Accumulated          Intangible
                               Assets        Amortization           Assets

Goodwill                     $    --            $    --            $    --
Other Intangibles                  500                358                142
                             ---------          ---------          ---------
Total                        $     500          $     358          $     142


The Company currently does not have goodwill as a component of its intangible
assets.


Estimated amortization expense for each of the next five years ended December
31 is as follows:


     2002 (12 Months)        $      142
                2003              --
                2004              --
                2005              --
                2006              --
                             ----------
               Total         $      142


i.  Impact of Accounting Standards
----------------------------------
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.

On April 30, 2002 the FASB issued Statement No. 145, Rescission of FASB
Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical
Corrections. The Statement updates, clarifies and simplifies existing accounting
pronouncements. Statement 145 rescinds Statement 4, which required all gains and
losses from extinguishment of debt to be aggregated and, if material, classified
as an extraordinary item, net of related income tax effect. As a result, the
criteria in Opinion 30 will now be used to classify those gains and losses.
Statement 64 amended Statement 4, and is no longer necessary because Statement 4
has been rescinded. The Company does not expect any effect on its financial
position or results of operations from the adoption of this statement.

                                       9

<PAGE>


In June of 2002, the FASB issued SFAS 146, "Accounting for Costs Associated with
Exit or Disposal Activities," which nullifies EITF Issue 94-3. SFAS 146 is
effective for exit and disposal activities that are initiated after December 31,
2002 and requires that a liability for a cost associated with an exit or
disposal activity be recognized when the liability is incurred, in contrast to
the date of an entity's commitment to an exit plan, as required by EITF Issue
94-3. The Company will adopt the provisions of SFAS 146 effective January 1,
2003. 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 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 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.

                                       10

<PAGE>


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 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 September 30, 2002, the Company issued
2,500,000 of its common shares. However the Company received the sum of $24,985
as a subscription for 1,250,000 restricted shares of common stock. Management
expects to issue such shares during the Company's third quarter, subject to
receipt of a definitive subscription agreement from the prospective investor,
and to report such issuance, as soon as practicable, in accordance with the
requirements of the Securities Exchange Act of 1934.

Note D - Net Operating Loss Carry Forward

The Company's net operating loss for the nine months ended September 30, 2002
and the year ended December 31, 2001 of $87,963 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 September 30, 2002 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 $35,000 for the nine months ended September 30, 2002.

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.

                                       11

<PAGE>


Note F - Related Party Transaction

The Company borrowed money from Harrysen Mittler, the former Chief Executive
Officer of the Company, to fund current operating activities. The amount payable
as of September 30, 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 $3,126 and $556 is payable at September
30, 2002 and December 31, 2001, respectively.

In April of 2002, Andrada Inc., dba Corvus Business Development Services
("Corvus"), a private consulting corporation owned by Gregory J. Martin, interim
Chief Executive Officer and interim Chief Financial Officer, advanced $3,000 for
auditor services in support of completing the Company's Annual Report on Form
10-KSB, and $1,083 in other miscellaneous operating expenses pending completion
of a proposed private placement, including mailing, fax and opening a bank
account. Those funds advanced by Corvus were partially repaid by the Company in
June, with the balance to be repaid if, as, and when the Company receives
private investment capital, as to the timing, dilution, or receipt of which
there can be no assurances.

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
September 30, 2002. It is management's opinion that Nordic Racing Limited
continues to operate at a loss.

In a subsequent event, effective October 30, 2002, the Company sold its 40%
interest in Nordic Racing Ltd.. The sale of Nordic's stock was made to Bertram
Schafer Racing GmbH, a German corporation, for $70,000.00 through a stock
purchase agreement executed by the parties on October 21, 2002. Closing occurred
on October 21, 2002 and final funding from escrow to the Company occurred on
October 29, 2002. Funds were used to pay several outstanding vendor invoices and
provide funding for limited operations through December 31, 2002. A copy of the
Stock Purchase Agreement is attached as Exhibit 10.1.

Note H - Accounts Payable

As of September 30, 2002 and December 31, 2001 accounts payable consisted of the
following:

                                            September 30,       December 31,
                                                2002                2001
                                            -------------       -------------
Professional fees payable                   $      74,665       $      50,091
Investor Relations                          $         581
                                            -------------       -------------
General and administrative expense payable
                                                                        6,725
                                            -------------       -------------
                                            $      75,246       $      56,816
                                            =============       =============

                                       12

<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 the Company'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 the Company's other
filings with the SEC. Although the Company believes that the expectations
reflected in the forward-looking statements are reasonable, forward-looking
statements are inherently uncertain, and the Company cannot guarantee future
results, levels of activity, performance, or achievements. The Company 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 in the last quarter of
2001 and the first quarter of 2002 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.

On February 8, 2002, the Company 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. In the
second quarter approximately 10 merger/acquisition candidates were identified
and examined. Two were selected for further screening and discussions. In the

                                       13

<PAGE>


third quarter, one merger opportunity resulted in submission of due diligence
information by Grand Prix to a third party for assessment, however a transaction
could not be consummated under favorable terms. As the Company determines the
suitability of existing opportunities, it continues to consider others.

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.

The Company's board of directors voted to appoint the Company's Secretary,
Gregory J. Martin, as interim President and interim Chief Financial Officer, 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. During this time period, Mr. Martin has
taken an active role in the evaluation of merger/acquisition opportunities, will
continue to direct activities to raise funds, and conduct the operations of the
Company.

In June of 2002, the Board of Directors engaged Corvus to provide administrative
and management services on behalf of the corporation. This action was taken to
replace the administrative services previously performed by Mr. Mittler and to
reduce the expenses incurred by the Company's outside legal and accounting
advisors. In an effort to reduce costs and increase services the Board also
determined that it was more cost-effective to outsource these services to Corvus
than to hire employees. Payroll costs and substantial uncertainty regarding
payment of wages would preclude finding and hiring adequate staffing. Corvus is
a consulting practice owned and operated by Gregory J. Martin. Mr. Martin
recused himself from the vote to approve the contract with Corvus.

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. Part
of this effort has been to reduce overhead. The Company has been successful in
reducing operating expenses. During the first nine months of this year the
Company has reduced operating expenses by almost 66%.

In May of 2002, the Company commenced a limited private placement in an attempt
to raise up to $125,000 of equity capital. As of the end of the third quarter,
the Company had raised $60,000 for 3,000,000 restricted shares of common stock.
In September management issued 2,500,000 shares of those 3,000,000 shares during
the Company's third quarter, and expects to issue 500,000 of the remaining
shares in the fourth quarter, and to report each such issuance in accordance
with the requirements of the Securities Exchange Act of 1934. The Company will
continue to complete the total placement of $125,000. Despite these efforts,
there can be no assurance that any such additional financings, or shareholder

                                       14

<PAGE>


and officer advances, will be available on terms, in amounts, or at a time
acceptable to the Company, if they are available at all, and, if so available,
whether such funds will be sufficient to satisfy the Company's cash requirements
over the next twelve months.

Critical Accounting Policies:

Application of our accounting policies requires management to make judgments and
estimates about the amounts reflected in the financial statements. Management
uses historical experience and all available information to make these estimates
and judgments, although differing amounts could be reported if there are changes
in the assumptions and estimates. Estimates are used for, but not limited to,
the accounting for the allowance for doubtful accounts, inventory allowances,
restructuring costs, impairment costs, depreciation and amortization, sales
discounts and returns, warranty costs, taxes and contingencies. Management has
identified the following accounting policies as critical to an understanding of
our financial statements and/or as areas most dependent on management's judgment
and estimates.

     Revenue Recognition--We generally recognize revenue when persuasive
evidence of an arrangement exists, delivery has occurred, the price is fixed or
readily determinable, and collectibility is probable. Sales are recorded net of
sales returns and discounts. We recognize revenue in accordance with Staff
Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements."

     Deferred Tax Asset Valuation Allowance--We record a deferred tax asset
in jurisdictions where we generate a loss for income tax purposes. Due to
volatility in the industry within which we operate, we may record a valuation
allowance against these deferred tax assets in accordance with SFAS 109,
"Accounting for Income Taxes," when, in management's judgment, the deferred tax
assets may not be realized in the foreseeable future.

     Recent Pronouncements and Accounting Changes--SFAS 144 establishes a single
accounting model for the impairment or disposal of long-lived assets, including
discontinued operations. SFAS 144 superseded SFAS 121, and APB Opinion No. 30,
"Reporting the Results of Operations--Reporting the Effects of Disposal of a
Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring
Events and Transactions." The provisions of SFAS 144 are effective in fiscal
years beginning after December 15, 2001 and in general are to be applied
prospectively. We adopted SFAS 144 effective January 1, 2002, which did not have
a material impact on our consolidated results of operations and financial
position.

     In June 2002, the FASB issued SFAS 146, "Accounting for Costs Associated
with Exit or Disposal Activities," which nullifies EITF Issue No. 94-3. SFAS 146
is effective for exit and disposal activities that are initiated after December
31, 2002 and requires that a liability for a cost associated with an exit or
disposal activity be recognized when the liability is incurred, in contrast to
the date of an entity's commitment to an exit plan, as required by EITF Issue
94-3. The Company will adopt the provisions of SFAS 146 effective January 1,
2003.

                                       15

<PAGE>


Results of Operation:

Sales

The Company has not generated any revenues from operations during the three
months ended September 30, 2002 or 2001.

Losses

Net losses for the three months ended September 30, 2002, decreased to $27,997
from $145,122 for the three months ended September 30, 2001. Net losses
decreased for the nine months ended September 30, 2002 to $87,963 from $255,169
for the nine months ended September 30, 2001. The primary reduction in losses
was attributable to decreased costs associated with travel and due diligence
expenses that were incurred in the 3rd quarter of 2001 that were not incurred in
the 3rd Quarter and for much of 2002. The Company spent more time examining
acquisition opportunities that were domestically based in 2002, as compared to
2001, when several companies that were based in Europe were evaluated.

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.

In May of 2002, the Company commenced a limited private placement in an attempt
to raise up to $125,000 of equity capital. As of the end of the third quarter,
the Company had received $60,000 in subscriptions for 3,000,000 restricted
shares of common stock. In September, management issued 2,500,000 shares during
the Company's third quarter, and expects to issue 500,000 shares in the fourth
quarter, and to report each such issuance in accordance with the requirements of
the Securities Exchange Act of 1934. Despite these efforts, there can be no
assurance that any such additional financings, or shareholder and officer
advances, will be available on terms, in amounts, or at a time acceptable to the
Company, if they are available at all, and, if so available, whether such funds
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.


Subsequent Events

Subsequent to the end of the second quarter, the Company has received only a
partial payment of $10,000 towards a $25,000 subscription. The first
subscription agreement was canceled by mutual consent, and a revised
subscription agreement for 500,000 shares priced at $.02 ($10,000) was executed.
Shares were issued on October 31, 2002.

                                       16

<PAGE>


Effective October 30, 2002 Grand Prix Sports, Inc. sold its 40% interest in
Nordic Racing Ltd. The sale of stock was made to Bertram Schafer Racing GmbH, a
German corporation, for $70,000.00 through a stock purchase agreement executed
by the parties on October 21, 2002. Closing occurred on October 21, 2002 and
final funding from escrow to Grand Prix Sports occurred on October 29, 2002.
Funds were used to pay several outstanding vendor invoices and provide funding
for limited operations through December 31, 2002. A copy of the Stock Purchase
Agreement is attached as Exhibit 10.1.

The Company's current directors and sole officer have commenced a search for
replacement directors and officers, as they have expressed their intent to
resign from their respective offices. Thus, on December 6, 2002, Cary Burch
resigned as a director and Todd Pitcher was appointed as his replacement. As
additional replacement directors and officers are identified, the incumbents
expect to nominate such individuals to such positions, and the current directors
and officer will thereafter resign.


                                     Part II

Item 3.   Exhibits And Reports On Form 8-K

(A)  Exhibits

         10.1     Stock Purchase Agreement

         99.1     Interim CEO and CFO Certification Pursuant to Section 906 of
                  the Sarbanes-Oxley Act of 2002

(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:  December 13, 2002                    /s/  GREGORY J. MARTIN
                                            ----------------------------------
                                                 Gregory J. Martin
                                                 President,
                                                 Chief Financial Officer and
                                                 Director


                                       17

<PAGE>

                                                                    Exhibit 10.1


                            STOCK PURCHASE AGREEMENT


     This Stock Purchase Agreement (this "Agreement") is dated as of October 11,
2002 (the "Effective Date"), by and between Grand Prix Sports, Inc., a
Washington corporation (the "Company") and Bertram Schafer Racing GmbH, a German
corporation ("Schafer Racing").

     WHEREAS, Schafer Racing desires to purchase all of the Company's interest
in Nordic Racing Ltd., as represented by 114 shares of Nordic Racing Ltd. (the
"Shares");

     WHEREAS, the Company desires to sell all of its interest in Nordic Racing
Ltd. as represented by the Shares;

     NOW THEREFORE, in consideration of the mutual promises and covenants
contained herein and intending to be legally bound by the terms and conditions
contained herein, the parties do hereby agree as follows:

     1.   Purchase and Sale of Stock. Subject to the terms and conditions of
          this Agreement, the Company agrees to sell all of its right, title and
          interest in and to the Shares to Schafer Racing free and clear of all
          liens, claims and encumbrances for the purchase price of Seventy
          Thousand United States Dollars (US$70,000.00) (the "Purchase Price").

     2.   Company Representations and Warranties. The Company hereby represents
          and warrants that: a. The Company is a corporation duly organized and
          validly existing under the laws of the State of Washington; b. The
          Company owns the Shares free and clear of all liens, claims and
          encumbrances; c. The Company is authorized to sell the Shares; and d.
          All corporate action on the part of the Company necessary to sell,
          transfer and deliver the Shares to Schafer Racing has been taken.

     3.   Schafer Racing's Representations and Warranties. Schafer Racing
          represents and warrants as follows:

          a. Schafer Racing is purchasing the Shares for its own account, not as
          a nominee or agent, for investment and not with a view to resale;

          b. Schafer Racing has made the determination to purchase the Shares
          based upon its own knowledge and experience in financial and business
          matters and is capable of evaluating the merits and risks associated
          with such an investment;

          c. Schafer Racing has the ability to bear the economic risks of such
          investment;

          d. Schafer Racing has been furnished with, and has had access to, such
          information as Schafer Racing considered necessary to make a
          determination as to the purchase of the Shares;

          e. Schafer Racing has made the determination to purchase the Shares on
          its own and with no guidance or input from the Company; and

          f. At no time was Schafer Racing presented with or solicited by or
          through any leaflet, public promotional meeting, television
          advertisement, or any other form of general advertising for the
          purchase of the Shares.

     4.   The Closing. The purchase and sale of the Shares shall take place on
          October 11, 2002, in the offices of Bryan Cave LLP, 2020 Main Street,
          Suite 600, Irvine, CA 92614, at 4:00 p.m., Pacific Daylight Time, or
          at such other time and at such other location as the parties may
          agree.

<PAGE>


     5.   No Further Obligation. Upon the execution of this Agreement, the
          payment of the purchase price and the transfer of the share
          certificates, the parties shall have no further obligation to one
          another.

     6.   Entire Agreement. This Agreement and the documents delivered at the
          Closing shall contain the entire agreement of the parties and shall
          supersede all other agreements and representations, whether written or
          oral, with respect to the terms of this Agreement.

     7.   Counterparts. This Agreement may be executed in one or more
          counterparts each of which shall be deemed to constitute an original
          and shall become effective when one or more counterparts have been
          executed by each party hereto and delivered to the other party.

     8.   Governing Law; Jurisdiction. Notwithstanding the places where this
          Agreement or any counterpart hereof may have been executed by any of
          the parties hereto, the parties expressly agree that all the terms and
          provisions hereof shall be construed under the laws of the State of
          Washington and that any actions related hereto shall be brought in a
          court of competent jurisdiction located in the State of Washington.

     9.   Attorneys' Fees. In the event any party to this Agreement shall be
          required to initiate legal proceedings to enforce performance under
          this Agreement, the prevailing party shall be entitled to recover
          reasonable attorneys' fees and costs related thereto.

     10.  Severability. Whenever possible, each provision of this Agreement
          shall be interpreted in such manner as to be effective and valid under
          applicable law. However, if any provision of this Agreement shall be
          held to be prohibited or invalid under applicable law, such provision
          shall be ineffective only to the extent of such prohibition or
          invalidity, without invalidating the remained of this Agreement.

     11.  Authorization. Each party affirms that it has been represented by
          counsel, or has had the opportunity to be represented by counsel, with
          respect to the negotiation of this Agreement and shall be considered
          the drafter hereof, that it has read and understands this Agreement
          and that it intends to be bound by this Agreement.

     IN WITNESS WHEREOF, the parties hereto have executed, or have caused a duly
     authorized officer or representative to execute this Agreement as of the
     Effective Date.

                                            GRAND PRIX SPORTS, INC.

                                            By:  /s/
                                               -------------------------------
                                                      Gregory Martin, President
                                                      and Secretary


                                            BERTRAM SCHAFER RACING GMBH

                                            By:  /s/
                                               -------------------------------
                                                      Bertram Schafer, Manager