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 June 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 June 30, 2002 was 15,000,000.

<PAGE>


                                TABLE OF CONTENTS

                                                                          Page
                                                                          ----

                                     Part I

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

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


                                     Part II

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

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









                                       ii

<PAGE>


                                     Part I


Item 1. Financial Statements

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

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

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

Statements Of Stockholders Equity For The Six Months Ended
June 30, 2002 And The Period June 3, 1999 (Date of Inception)
to June 30, 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

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





                                      iii
<PAGE>
<TABLE>
<CAPTION>

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

                                                                             June 30, 2002    December 31, 2001
                                                                                (Unaudited)   (Audited)
                                                                                 ---------    ---------
ASSETS

CURRENT ASSETS
<S>                                                                              <C>          <C>
     Cash                                                                        $   1,160    $   3,212

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

         TOTAL CURRENT ASSETS                                                        1,160        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                                                         (426)        (358)
                                                                                 ---------    ---------
     Net                                                                                74          142

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


         TOTAL ASSETS                                                            $   1,234    $   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)                                                  83,899       56,816
         Accrued interest payable to a related party (Note F)                        2,251          556
                                                                                 ---------    ---------
         TOTAL CURRENT LIABILITIES                                                 121,013       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 June 30, 2002 and December 31, 2001           1,500        1,500

           Additional paid-in capital                                              202,000      202,000
           Common stock subscribed                                                  24,985         --
           Deficit accumulated
                 during the development stage                                     (348,264)    (288,298)
                                                                                 ---------    ---------

         TOTAL STOCKHOLDERS' EQUITY                                               (119,779)     (84,798)
                                                                                 ---------    ---------

         TOTAL LIABILITIES AND
           STOCKHOLDERS' EQUITY                                                  $   1,234    $   3,354
                                                                                 =========    =========

<PAGE>


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


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

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

    Total Revenue                                        --            51,673            --            46,093          10,000

Expenses
    Loss on investment                                                   --                              --            90,000
    Bank charges                                           20               5              20              16             396
    Communication                                                        --              --                             8,204
    Consulting fees                                                      --              --                            16,043
    Meals and entertainment                                            35,543                          35,543          35,543
    Depreciation and amortization                          34              34              68             836           6,049
    Marketing and promotion                                                                                            31,029
    Office                                                 13
    Professional fees                                  33,724          58,422          58,352          94,806         115,207
    Investor relations                                  1,119           5,529           1,861           8,038          24,375
    Write down of loss due to
      license revisions                                                                                 4,639           4,639
    Write down of furniture and
      equipment                                                                                         1,315           1,315
    Travel                                                              9,447          (2,030)          9,447          23,200
    Interest expense (related party)                      875           1,500           1,695           1,500           2,251
                                                 ------------    ------------    ------------    ------------    ------------

    Total Expenses                                     35,772         110,480          59,966         156,140         358,264
                                                 ------------    ------------    ------------    ------------    ------------

     Net Earnings (Loss)                         $    (35,772)   $    (58,807)   $    (59,966)   $   (110,047)   $   (348,264)
                                                 ============    ============    ============    ============    ============




    Basic Loss per Share                         $     (0.002)   $     (0.004)   $     (0.004)   $     (0.007)
                                                 ============    ============    ============    ============

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


<PAGE>

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

                                                               Six Months           Six Months      June 3, 1999
                                                              Ended June 30,      Ended June 30,   (Inception) to
                                                                  2002                2001          June 30, 2002
                                                                ---------          ---------        -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
      Net loss                                                  $ (59,966)         $(110,047)         $(348,264)
      Adjustments to reconcile net loss
      to net cash used by operating activities:
         Depreciation and amortization                                 68                836              6,049
         License impairment agreement                                --                4,639              4,639
         Abondonment of furniture
           and equipment                                             --                1,315              1,315
         (Gain) Loss on investment                                   --              (46,093)            90,000
CHANGES IN CURRENT ASSETS AND CURRENT
      ASSETS AND CURRENT LIABILITIES:
      Increase (decrease) in current liabilities:
         Interest payable to shareholder                            1,695               --                2,251
         Accounts payable and accrued expenses                     27,083             65,869             83,899
                                                                ---------          ---------          ---------

NET CASH (USED) BY OPERATING ACTIVITIES                           (31,120)           (83,481)          (160,111)
                                                                ---------          ---------          ---------

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:
      Subscription of common stock                                 24,985                               128,485
      Related party loan                                            4,083             77,308             34,863
                                                                ---------          ---------          ---------

NET CASH PROVIDED  BY FINANCING ACTIVITIES                         29,068             77,308            163,348
                                                                ---------          ---------          ---------


NET INCREASE (DECREASE) IN CASH                                    (2,052)            (6,173)             1,160

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

CASH, end of period                                             $   1,160          $    --            $   1,160
                                                                =========          =========          =========


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

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



<PAGE>

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

                                                               Common Stock                      Deficit 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)

     Subscription of common stock                                                                                        24,985

     Net Loss through june 30, 2002                                                                      (59,966)       (59,966)

BALANCES
                                                         -----------    -----------    -----------   -----------    -----------
     June 30, 2002                                        15,000,000          1,500        202,000      (348,264)      (119,779)
                                                         ===========    ===========    ===========   ===========    ===========



</TABLE>
<PAGE>


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


<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.


<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 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 (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.


<PAGE>


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

g. Income taxes
---------------
No taxes are payable for the three months ended June 30, 2002.

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



<PAGE>


i. 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.

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.


<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 (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 June 30, 2002, the Company issued no
additional 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 practible, 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 six months ended June 30, 2002 and the
year ended December 31, 2001 of $59,966 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 June 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 $24,000 for the six months ended June 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.


<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 June 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 $2,251 and $556 is payable at June 30, 2002 and December
31, 2001, respectively.

In April, Andrada Inc. dba Corvus Business Development Services ("Corvus"), a
private consulting corporation owned by Gregory J. Martin, interim Chief
Executive 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 June
30, 2002. It is management's opinion that Nordic Racing Limited continues to
operate at a loss.

Note H - Accounts Payable

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

                                                        June 30,    December 31,
                                                         2002          2001
                                                        -------       -------

Professional fees payable                               $82,324       $50,091
Investor Relations                                      $ 1,575
                                                        -------       -------
General and administrative expense payable                              6,725
                                                        -------       -------

                                                        $83,899       $56,816
                                                        =======       =======

<PAGE>


Note I

Intangible assets consist of the following:

                                              June 30, 2002
                           -------------------------------------------------
                                Gross                             Net
                             Intangible       Accumulated      Intangible
                               Assets        Amortization        Assets
Goodwill                     $     -           $     -           $     -
Other Intangibles                500               426                74
                           -------------------------------------------------
Total                        $   500           $   426           $    74


                                            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 it's 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

<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. As the
Company determines the suitability of those two opportunities, it continues to
consider others.

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.


<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.

Following the conclusion of the 2001 season, Nordic Racing lost both Messrs.
Wilson and Enge as drivers. Mr. Wilson went on to Formula One and Mr. 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.

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 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 six months of this year the
Company has reduced operating expenses by almost 40%.


<PAGE>


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 second quarter,
the Company had received $25,000 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 subscription agreement from the
prospective investor. Subsequent to the end of the second quarter, the Company
has received commitments for an additional $50,000 of equity capital on the same
terms and conditions as the $25,000 subscription, of which the Company has
received $35,000. Management expects to issue shares in respect of such funds
during the Company's third quarter, subject to receipt of subscription
agreements from the prospective investors, 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.

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--In July 2001, the Financial
Accounting Standards Board (FASB) issued SFAS 141, "Business Combinations," and
SFAS 142, "Goodwill and Other Intangible Assets." They also issued SFAS 144,
"Accounting for the Impairment or Disposal of Long-Lived Assets" in October
2001.

     SFAS 141 requires all business combinations initiated after June 30, 2001
to be accounted for under the purchase method. SFAS 141 supersedes APB Opinion
No. 16, "Business Combinations," and SFAS 38, "Accounting for Pre-acquisition
Contingencies of Purchased Enterprises," and is effective for all business
combinations initiated after June 30, 2001. We have not completed any business
combinations that were initiated subsequent to June 30, 2001. Business
combinations initiated after June 30, 2001, if any, will be accounted for under
the purchase method in accordance with SFAS 141.

     SFAS 142 addresses the financial accounting and reporting for acquired
goodwill and other intangible assets. Under the new rules, we are no longer
required to amortize goodwill and other intangible assets with indefinite lives;
rather, these intangible assets are subject to periodic testing for impairment.
SFAS 142 supersedes APB Opinion No. 17, "Intangible Assets". We adopted SFAS 142
effective January 1, 2002 and have ceased amortization of goodwill and other
intangible assets deemed to have an indefinite life. In accordance with SFAS
142, we also performed an impairment test of goodwill as of January 1, 2002 and
determined that no goodwill write-down was necessary.

     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.

Results of Operation:

Sales

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

Losses

Net losses for the three months ended June 30, 2002, decreased to $35,772 from
$58,807 for the three months ended June 30, 2001. Net losses decreased for the
six months ended June 30, 2002 to $59,966 from $110,047 for the six months ended
June 30, 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.

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 second quarter,
the Company had received $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 subscription agreement from the
prospective investor. Subsequent to the end of the second quarter, the Company
has received commitments for an additional $50,000 of equity capital on the same
terms and conditions as the $25,000 subscription, of which the Company has
received $35,000. Management expects to issue shares in respect of such funds
during the Company's third quarter, subject to receipt of subscription
agreements from the prospective investors, 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
commitments for a $50,000 of equity capital on the same terms and conditions as
the $24,985 subscription received in May. As of the date of this Quarterly
report, the Company has received $35,000 of such committed funds. Management
expects to issue shares in respect of such funds during the Company's third
quarter, subject to receipt of subscription agreements from the prospective
investors, and to report each such issuance in accordance with the requirements
of the Securities Exchange Act of 1934.


<PAGE>


                                     Part II

Item 3. Exhibits And Reports On Form 8-K

(A)  Exhibits

     10.1 [CORVUS AGREEMENT]

(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:  August 14, 2002


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