U.S. 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 PURSUANT TO SECTION 13 OR 15 (d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
                        For the transition period from to
                              --------- -----------

                        Commission File number: 000-30771

                 INTERACTIVE MOTORSPORTS AND ENTERTAINMENT CORP.
                   ( fka Pacific International Holding, Inc.)
               (Exact name of registrant as specified in charter)



                               Indiana 87-0678630

                 (State or other jurisdiction of incorporation
                  or organization) (I.R.S. Employer I.D. No.)


                  5624 West 73rd Street, Indianapolis, IN 46278
               (Address of principal executive offices) (Zip Code)

         Issuer's telephone number, including area code: (317) 295-3500

                      8 East Broadway, Suite 609, Salt Lake
                 City, UT 84111 (Former name, address and fiscal
                       year, if changed since last report)

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.

         (1) Yes [X]   No [ ]               (2)  Yes [X]    No [  ]

APPLICABLE  ONLY TO  ISSUERS  INVOLVED  IN  BANKRUPTCY  PROCEEDINGS  DURING  THE
PRECEDING FIVE YEARS:

Check whether the registrant has filed all documents and reports  required to be
filed by  Sections  12,  13, or  15(d)of  the  Exchange  Act  subsequent  to the
distribution of securities under a plan confirmed by a court.

Yes [ ] No [ ]



<PAGE>


                    APPLICABLE ONLY TO CORPORATE REGISTRANTS

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the last practicable date.



       Class                                Outstanding as of June 30, 2002
   Common Stock, $0.001                                848,400

Transitional Small Business Format: Yes [ ] No [X]
Documents incorporated by reference: None

FORWARD-LOOKING INFORMATION

THIS FORM  10QSB AND  OTHER  STATEMENTS  ISSUED OR MADE FROM TIME TO TIME BY THE
COMPANY  OR  ITS   REPRESENTATIVES   CONTAIN  STATEMENTS  WHICH  MAY  CONSTITUTE
"FORWARD-LOOKING  STATEMENTS"  WITHIN THE MEANING OF THE  SECURITIES ACT OF 1933
AND THE  SECURITIES  EXCHANGE ACT OF 1934, AS AMENDED BY THE PRIVATE  SECURITIES
LITIGATION  REFORM ACT OF 1995,  15  U.S.C.A.  SECTIONS  77Z-2 AND 78U-5.  THOSE
STATEMENTS   INCLUDE  STATEMENTS   REGARDING  THE  INTENT,   BELIEF  OR  CURRENT
EXPECTATIONS  OF THE COMPANY AND MEMBERS OF ITS  MANAGEMENT  TEAM AS WELL AS THE
ASSUMPTIONS ON WHICH SUCH STATEMENTS ARE BASED.

PROSPECTIVE INVESTORS ARE CAUTIONED THAT ANY SUCH FORWARD-LOOKING STATEMENTS ARE
NOT GUARANTEES OF FUTURE  PERFORMANCE AND INVOLVE RISKS AND  UNCERTAINTIES,  AND
THAT  ACTUAL  RESULTS  MAY DIFFER  MATERIALLY  FROM THOSE  CONTEMPLATED  BY SUCH
FORWARD-LOOKING STATEMENTS. IMPORTANT FACTORS CURRENTLY KNOWN TO MANAGEMENT THAT
COULD CAUSE ACTUAL RESULTS TO DIFFER  MATERIALLY FROM THOSE IN FORWARD-  LOOKING
STATEMENTS ARE SET FORTH HEREIN.  THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE
OR  REVISE  FORWARD-LOOKING  STATEMENTS  TO  REFLECT  CHANGED  ASSUMPTIONS,  THE
OCCURRENCE OF UNANTICIPATED  EVENTS OR CHANGES TO FUTURE OPERATING  RESULTS OVER
TIME.


                         PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The  accompanying  balance sheets of Interactive  Motorsports and  Entertainment
Corp., fka Pacific International Holding, Inc., (a development stage company) at
June 30, 2002 and December 31, 2001,  and the  statements of operations  for the
three and six months  ended June 30,  2002 and 2001 and the period  from June 9,
2000 to June 30, 2002, and the cash flows for the six months ended June 30, 2002
and 2001, and the period from June 9, 2000 to June 30, 2002,  have been prepared
by the Company's  management and they include all  information  and notes to the
financial  statements  necessary  for a complete  presentation  of the financial
position,  results of  operations,  and cash flows in conformity  with generally
accepted accounting  principles.  In the opinion of management,  all adjustments
considered  necessary for a fair  presentation  of the results of operations and
financial  position have been included and all such  adjustments are of a normal
recurring nature.

Operating  results  for the  quarter  ended  June 30,  2002 are not  necessarily
indicative of the results that can be expected for the year ending  December 31,
2002.


<PAGE>


         INTERACTIVE MOTORSPORTS AND ENTERTAINMENT CORP. AND SUBSIDIARY
             fka Pacific International Holding, Inc. and Subsidiary
                         ( Development Stage Companies)
                           CONSOLIDATED BALANCE SHEETS
                 June 30, 2002 (Unaudited) and December 31, 2001

<TABLE>

<S>                                                                      <C>                                  <C>
                                                                    June 30,                         December 31,
                                                                      2002                                    2001
                                                                    -----------                      -------------

                  ASSETS

CURRENT ASSETS:

 Cash                                                               $ 1,704                          $ 1,035

 Accounts Receivable                                                      -                            1,350

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

   Total Current Assets                                             $ 1,704                          $ 2,385

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

OTHER ASSETS:

 Deposit                                                                  -                            2,500

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

     Total Other Assets                                                   -                            2,500

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

TOTAL ASSETS                                                        $ 1,704                          $ 4,885

                                                                    ========                         ==========

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

 Accounts payable                                                   $     -                          $ 3,704

 Accrued liabilities                                                    100                            2,233

 Notes payable to directors                                               -                            9,800

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

Total Current Liabilities                                               100                           15,737

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

</TABLE>





<PAGE>





STOCKHOLDERS' EQUITY


   Common stock
<TABLE>

<S>                                                                <C>                         <C>
   60,000,000 shares authorized, $.001 par value; 848,400 and           848                            8,740
8,739,903 shares issued & outstanding, respectively

  Capital in excess (discount) of par value                          84,907                           24,815

  Deficit accumulated during development stage                      (84,153)                         (44,407)

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

Total Stockholders' Equity (Deficit)                                $ 1,604                         $(10,852)

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

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                          $ 1,704                         $  4,885

                                                                    ==========                      ==========
</TABLE>

                 The accompanying notes are an integral part of
                    these consolidated financial statements.


<PAGE>


         INTERACTIVE MOTORSPORTS AND ENTERTAINMENT CORP. AND SUBSIDIARY
             fka Pacific International Holding, Inc. and Subsidiary
                         ( Development Stage Companies)
                CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

<TABLE>

                                                   For the Three    For the Three    For the Six     For the Six      From Inception
                                                   Months Ended     Months Ended     Months Ended    Months Ended     (June 9, 2000)
                                                   June 30,         June 30,         June 30,        June 30,         To June 30,

                                                      2002             2001             2002            2001             2002
                                                   ----------       ----------       ----------      ----------       ----------

<S>                                                <C>              <C>              <C>             <C>              <C>
FEES FOR SERVICES                                  $     -          $ 3,800          $ 1,650         $ 10,075         $ 65,217

DIRECT COST OF SERVICE                                   -           (2,699)            (599)          (3,851)         (27,167)

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

GROSS PROFIT                                             -            1,101            1,051            6,224           38,050


OPERATING EXPENSES

 Advertising                                             -                -                -                -            4,880

 Rent expense                                            -            3,750            4,450            7,575           27,338

 Legal & professional                                  494           21,216            1,943           24,716           37,612

 General & Administrative                           38,148            1,892           38,309            2,573           55,371

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

  Total Operating Expenses                          38,642           26,858           44,702           34,864          125,201

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

NET INCOME (LOSS)

  BEFORE OTHER ITEMS                               (38,642)         (25,757)         (43,651)         (28,640)         (87,151)

OTHER INCOME (EXPENSE)

  Other Income                                       4,166                -            4,166                -            4,166

  Interest expense                                       -             (212)            (261)            (370)          (1,168)

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

NET INCOME (LOSS)                                  (34,476)         (25,969)         (39,746)         (29,010)         (84,153)
                                                   ==========       ==========       ==========      ==========        =========

EARNINGS PER SHARE                                 $ (0.06)         $ (0.29)         $ (0.12)        $  (0.32)         $ (2.70)
                                                   ==========       ==========       ==========      ==========        =========
</TABLE>


              The accompanying notes are an integral part of these
                       consolidated financial statements.


<PAGE>


         INTERACTIVE MOTORSPORTS AND ENTERTAINMENT CORP. AND SUBSIDIARY
             fka Pacific International Holding, Inc. and Subsidiary
                         ( Development Stage Companies )
                CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
                 For the Six Months Ended June 30, 2002 and 2001

<TABLE>

                                                                    For the Six Months    For the Six Months    From Inception
                                                                    Ended June 30,        Ended June 30,        (June 9, 2000) to
                                                                        2002                   2001             June 30, 2002
                                                                    -------------------   --------------------  -----------

CASH FLOWS FROM OPERATING ACTIVITIES

<S>                                                                 <C>                   <C>                   <C>
  Cash received for services                                        $1,650                $10,075              $ 63,867

  Cash paid expenses                                                (3,681)               (15,089)              (74,160)

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

  Net cash used in operating activities                             (2,031)               (5,014)               (10,293)

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

CASH FLOWS FROM INVESTING ACTIVITIES

 Cash from acquisition treated as a recapitalization                     -                     -                  1,497

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

CASH FLOWS FROM FINANCING ACTIVITIES

 Loans payable and capital contributed by related party              2,700                 5,000                 10,500

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

NET INCREASE (DECREASE) IN CASH                                        669                   (14)                 1,704

CASH AT BEGINNING OF PERIOD                                          1,035                 1,182                      -

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

CASH AT END OF PERIOD                                               $ 1,704               $1,168                $ 1,704

                                                                    ========              ========              ========
</TABLE>

RECONCILIATION  OF NET INCOME  (LOSS) TO NET CASH  PROVIDED  (USED) BY OPERATING
ACTIVITIES
<TABLE>

<S>                                                                 <C>                   <C>                   <C>
NET INCOME (LOSS)                                                   $(39,746)             $(29,010)             $(84,153)
                                                                    ---------             ---------             ---------

Interest forgiven by officers, directors and shareholders           $  1,372              $      -              $  1,372

Adjustments to reconcile net (loss) to net cash provided (used)
by operating activities

   Common stock issued for services                                   38,000                25,000                66,396

   Contributed services & expenses                                       330                 2,015                 5,195

   Changes in assets and liabilities

    Decrease in prepaid expenses                                           -                     -                 1,000

    Decrease (increase) in refund due - overpaid commissions               -                   673                     -

    Decrease in deposit                                                2,500                     -                     -

    Decrease in accounts receivable                                    1,350                     -                     -

    Increase (decrease) in accounts payable                           (3,704)               (4,938)                    -

    Increase in accrued expenses                                      (2,133)                1,246                  (103)

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

        Total Adjustments                                             37,715                23,996                73,860

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

NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES                    $(2,031)              $(5,014)              $(10,293)

                                                                    ========              ========               =========


NONCASH TRANSACTIONS

 Common stock issued for services                                   $     -            $        -               $ 28,396

                                                                    ========              ========               =========

 Common stock issued for acquisition of Tamasik Technologies        $     -            $        -               $( 6,550)
Corporation

                                                                    ========              ========               =========

 Contributed services and expenses                                  $   330            $        -               $  5,195

                                                                    ========               ========              =========

Debt forgiven by officers, directors and shareholders               $12,500            $        -               $ 12,500

                                                                    ========               ========              =========
</TABLE>

              The accompanying notes are an integral part of these
                       consolidated financial statements.



<PAGE>


         INTERACTIVE MOTORSPORTS AND ENTERTAINMENT CORP. AND SUBSIDIARY
             fka Pacific International Holding, Inc. and Subsidiary
                          (Development Stage Companies)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     Organization  -  Pacific  International  Holdings,  Inc.("Pacific"  or  the
     "Company")  (See Note 10) was organized  November 3, 1986 under the laws of
     the State of Utah under the name Pine Bird Mining & Milling,  Inc. On April
     1, 1994, Pacific changed its name to Pacific  International  Holding,  Inc.
     The business  purpose of Pacific was to seek  potential  business  ventures
     which would allow for long term growth.  The Company's offices were located
     in Flushing New York.(See  Note 10) Since its inception  Pacific has had no
     operating revenue.  Pacific has elected a fiscal year end of December 31st.
     Pacific is  considered  a  development  stage  company as defined in No. 7.
     During November 2000,  Pacific  acquired Tamasik  Technologies  Corporation
     (Tamasik)  pursuant  to a  plan  of  reorganization  through  the  issuance
     3,395,525 of its common stock for all the issued and outstanding  shares of
     common stock of Tamasik (See note 2)

     Pacific and Tamasik have not paid any dividends and any dividends  that may
     be paid in the future will depend upon the  financial  requirements  of the
     Company and other  relevant  factors.  Pacific  expended  all of its assets
     during 1993 and was basically  dormant  through 1997.  Pacific had expenses
     during 1999 and 1998 which were related to costs associated with its search
     for  new  business,   discussions  with  potential  business  partners  and
     tentative  efforts  to  merge  with  businesses  in  China.   Officers  and
     stockholders  of  Pacific  have  been  contributing  cash  to pay  expenses
     required  to  maintain  it's  good  standing  with the State of Utah and to
     maintain its existence and to provide  working  capital for its  activities
     initiated in 1998.

     Consolidation  policy - The consolidated  financial  statements at June 30,
     2002 and  2001,  include  the  accounts  of  Pacific  and its  wholly-owned
     operating  subsidiary.  Intercompany  transactions  and balances  have been
     eliminated in consolidation

     Net Earnings Per Share - The  computation of net income (loss) per share of
     common stock is based on the weighted average number of shares  outstanding
     during the periods presented.

     Income Taxes - The Company provides for income taxes based on the liability
     method,  which required  recognition of deferred tax assets and liabilities
     based on differences  between  financial  reporting and tax bases of assets
     and liabilities measured using enacted tax rates and laws that are expected
     to be in effect when the differences are expected to reverse.

     Revenue  Recognition - The Company  recognizes  revenue for its services at
     the time the services have been completed.

     Cash and Cash  Equivalents  - For purposes of the  statement of cash flows,
     the Company  considers all highly liquid debt instruments  purchased with a
     maturity of three months or less to be cash equivalents.
<PAGE>

     Use of Estimates - The  preparation  of financial  statements in conformity
     with  accounting  principles  generally  accepted  in the United  States of
     America  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.

     Advertising - The Company expenses  advertising costs as they are incurred.
     The amounts  paid for  advertising  in the periods  ended June 30, 2002 and
     2001 was $0.

NOTE 2 - PLAN OF REORGANIZATION AND BASIS OF PRESENTATION

     Effective November 10, 2000, Pacific completed a reorganization transaction
     with and into Tamasik.  Under the terms of the transaction all of Tamasik's
     common stock was exchanged for 3,395,525  shares of common stock of Pacific
     and Tamasik became a wholly owned subsidiary of Pacific.  Tamasik is a Utah
     Corporation.  Tamasik  was  formed  to  provide  via the  internet,  online
     e-commerce  solutions  to  merchants  through  online  auctions  and online
     shopping.  Tamasik  provided  web  development  and web  page  design,  web
     hosting,  affiliate  sales  commissions,   advertisements,  and  e-commerce
     solutions for  merchants.  All of Tamarisk's  revenue was from fees for the
     above  services.  Tamasik's  offices were  located in  Flushing,  New York.
     Tamasik was  considered a development  stage company as defined in SFAS No.
     7. All of the Company's  revenue was from its website services provided for
     customers in the Flushing, New York area.

     At the time of the reorganization,  all of Tamasik's common stock was owned
     by an  individual.  Since this  individual  became a major  stockholder  of
     Pacific at the time of the  reorganization,  and the Company was  basically
     dormant,  and Tamasik had revenue,  operations and business  activity,  for
     financial  reporting  purposes,  Tamasik is  considered  the  acquiror  and
     therefore  the  predecessor,  and Pacific is  considered  the  acquiree for
     accounting  reporting purposes.  Due to the fact that the reorganization is
     being treated as a reverse acquisition,  the equity of the Company has been
     recapitalized for financial reporting purposes.  Operations of Pacific have
     been  included in  consolidation  from November 1, 2000 to the period ended
     June 30, 2002.

NOTE 3 - EQUITY TRANSACTIONS

     Tamasik on June 9, 2000 issued  3,395,525  shares of $.001 par value common
     stock at par value in exchange for  services  which at the time of exchange
     were  deemed  to have a value of  $3,396.  These  shares  were  then  later
     exchanged for stock of Pacific International Holding, Inc. (see note 2)

     The Company, during June of 2001, authorized the issuance of 500,000 shares
     of its common  stock to pay for  services  rendered  to it. The shares were
     granted pursuant to an S-8 registration statement. The services were valued
     at $.05 per  share,  which was  deemed to be the fair  market  value of the
     shares at issuance, for a total consideration of $25,000.

     On March 22, 2002,  the Company  effected a 1 for 100 reverse  split of its
     common stock.  All references in the accompanying  financial  statements to
     the number of common shares outstanding and per-share amounts for March 31,
     2001 and  cumulative  from  inception,  have been  restated  to reflect the
     reverse  stock  split.  The par  value  did not  change  at the time of the
     reverse  split of the common  stock,  so  additional  paid-in  capital  was
     increased by this transaction.

     On April 30, 2002, the Company issued 760,000 shares of its common stock as
     compensation for services rendered at a value of $.05 per share for a total
     consideration of $38,000. These shares were subsequently cancelled pursuant
     to the Agreement and Plan of Reorganization dated August 2, 2002. (See Note
     10)

     Subsequent to the end of the quarter,  the Company issued  2,804,891 shares
     of its common  stock  pursuant  to a stock  option  plan.  The shares  were
     granted under an S-8 Registration Statement. The shares were valued at $.05
     per share,  which was deemed to be the fair  market  value of the shares at
     issuance, for a total consideration of $140,245.
<PAGE>

NOTE 4 - COMMITMENTS AND AGREEMENTS

     The Company has leased  office  space in  Flushing,  New York at $1,250 per
     month for twelve  months  through June 30, 2001;  $1,350 per month  through
     June 30, 2002;  and $1,395.50 per month through June 30, 2003.  The Company
     paid a $2,500  deposit as a condition of the lease.  Expenses for the above
     for the  periods  ended  March 31,  2002 and 2001 were  $4,450  and  $3,825
     respectively.  On February 28, 2002 Tamasik  vacated the leased space.  The
     space has been  vacated and the  deposit has been  applied to the final two
     months' rent.

NOTE 5 - RELATED PARTY TRANSACTIONS

     Of the $599 and $3,851 of costs  attributed to direct  expenses  related to
     service  revenue for the periods  presented for 2002 and 2001,  $330 and $0
     were  attributed  to  Tamasik's  President,  for his work  associated  with
     website design and  engineering  and the use of equipment  owned by him for
     website design and  engineering  and other revenue  activities  provided by
     Tamasik as described above in Note 2.

NOTE 6 - INCOME TAXES

     The Company and Tamasik filed a  consolidated  Federal and State  Corporate
     tax return for the years ended December 31, 2001 and 2000.

     Prior to  consolidation,  Pacific had operating losses every year, but one,
     since  inception,  thus no provision  for income taxes were provided in the
     financial statements for Pacific. Prior to consolidation,  and after, there
     were no deferred income taxes resulting from income and expense items being
     reported for financial  accounting and tax reporting  purposes in different
     periods  for  Pacific  and  Tamasik.  Pacific has not filed its Federal tax
     returns since its inception  through December 31, 1999. It has no operating
     loss  carryforwards  because losses it has had since  inception to December
     31,  1999  have not been  established  for tax  purposes  by the  filing of
     applicable tax returns.

     The  Company  for tax  purposes  has an  estimated  consolidated  losses at
     December 31, 2001 and 2000 of $34,622 and $9,785, and thus no provision for
     income  taxes has been made.  The  losses can be carried  forward to future
     periods to offset  income and expire in the years 2020 and 2021.  Valuation
     allowances  of $5,193 and $1,468 have been  established  for the tax credit
     which is not expected to be realized.  The change in the allowance for 2001
     and 2000 is $3,725  and $1,468  respectively.  The  Company  had an interim
     consolidated  loss for the six months  ended June 30,  2002 of  $39,746.  A
     valuation allowance of $13,592 was established at June 30, 2002 for the tax
     credit that is not expected to be realized.

NOTE 7 - GOING CONCERN

     Pacific and Tamasik have experienced  losses from their inceptions  through
     June 30, 2002.  Tamasik  recently  ceased doing  business.  The Company has
     limited capital with working capital of $1,604. The Company to date through
     it subsidiary has yet to generate any income from  operations.  Officers of
     the Company have been paying  expenses of the Company  required to maintain
     it's good standing  with the State of Utah, to maintain it's  existence and
     to pay expenses not covered by its business  operations.  In light of these
     circumstances, the ability of the Company to continue as a going concern is
     substantially  in  doubt.  The  financial  statements  do not  include  any
     adjustments  that  might  result  from  the  outcome  of this  uncertainty.
     (However, see Note 10 "Subsequent Events.")

     Management  plans  are  to  take  steps  necessary  to  have  its  business
     activities become profitable enough to maintain it existence and to provide
     profitable  future  operations.  To do so the  Company  may  need to  raise
     additional capital through equity or lending funding. See Note 10 below.
<PAGE>

NOTE 8 - NOTES PAYABLE TO DIRECTORS AND STOCKHOLDERS

     Officers,  directors and stockholders of the Company have loaned $12,500 to
     the  Company  at June 30,  2002.  These  loans and the  associated  accrued
     interest have been forgiven and reclassified as contributed capital.

NOTE 9 - ASSUMPTION AND FORGIVENESS OF LIABILITIES BY INDEPENDENT CONTRACTOR

     During the quarter, management negotiated with an independent contractor to
     the Company in relation to commissions owed to him and expenses incurred by
     him. At the  conclusion  of the  negotiations  the  independent  contractor
     agreed to forgive the commission  payable of $1,291 and to assume  expenses
     in the amount of $2,875 for telephone  charges.  This  transaction has been
     treated as other income.

NOTE 10 - SUBSEQUENT EVENTS

     Effective  August 2, 2002,  Pacific  International  Holding,  Inc. (OTC BB:
     PCIH.OB),  a Utah  corporation,  changed its state of domicile  and name by
     merging into Interactive  Motorsports and  Entertainment  Corp., an Indiana
     corporation ("IMEC"),  pursuant to an Agreement and Plan of Reorganization.
     Subsequent to the merger and  effective as of the same date,  IMEC acquired
     pursuant  to a Plan  and  Agreement  of  Exchange  all of  the  issued  and
     outstanding  shares of common stock and  preferred  stock of Perfect  Line,
     Inc.,  an Indiana  corporation  ("Perfect  Line"),  from the  Perfect  Line
     shareholders  in  exchange  on a  share-for-share  basis for shares of IMEC
     common stock and preferred  stock. As a result of the share  exchange,  the
     Perfect Line shareholders now hold IMEC shares  representing  approximately
     eighty-two  percent (82%) of the IMEC capital  stock.  Also effective as of
     August 2, 2002,  the members of the Board of Directors of Perfect Line were
     elected to replace  the  members  of the IMEC  Board of  Directors  and the
     executive officers of Perfect Line became the executive officers of IMEC.

     Perfect Line owns and  operates the NASCAR  Silicon  Motor  Speedway  store
     chain, which offers licensed NASCAR-branded entertainment products. Through
     its other wholly owned subsidiary,  Tamasik Technologies  Corporation,  the
     Registrant had provided e-commerce services to merchants. Tamasik currently
     has ceased  operations  and is  dormant.  Management  is in the  process of
     determining an appropriate course of action for this subsidiary.

ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL  CONDITION OR PLAN OF
        OPERATION

Plan of Operation

          The Company's  subsidiary Tamasik ceased doing business.  Prior to the
          merger with Interactive  Motorsports and Entertainment Corp. described
          below under  "Subsequent  Events,"  the Company was seeking to acquire
          assets or  shares of an entity  actively  engaged  in  business  which
          generated revenues.  As a result of the merger, the Company intends to
          further   develop   and   implement   Interactive    Motorsports   and
          Entertainment Corp.'s plans to expand its operations across the United
          States.

Liquidity and Capital Resources

          The Company  remains in the  development  stage and has experienced no
          significant  change in liquidity or capital resources or stockholder's
          equity since re-entering the development  stage. The Company's balance
          sheet as of June 30, 2002, reflects a total asset value of $1,704. The
          Company had no cash or line of credit,  other than that which  present
          management  may  agree to extend  to or  invest  in the  Company.  The
          Company will carry out its plan of business as discussed above.
<PAGE>

Results of Operations

          During the period from  January 1, 2002  through  June 30,  2002,  the
          Company  engaged in limited  operations  from its website  development
          business,  in  addition to its efforts in  maintaining  its  reporting
          status  with the SEC and  seeking a  business  combination.  $1,650 in
          revenues were received by the Company during the six months ended June
          30, 2002.

          For the current fiscal year, the Company anticipates  incurring a loss
          as a result of legal and accounting expenses,  and expenses associated
          with   locating  and  merging   with   Interactive   Motorsports   and
          Entertainment Corp.

Need for Additional Financing

          Based upon the anticipated cash flow from Interactive  Motorsports and
          Entertainment  Corp.,  the Company  believes that its existing capital
          will be  sufficient  to meet the  Company's  cash  needs  for the next
          twelve months, absent further market expansion.  However, at such time
          as management decides to execute upon its expansion plans, the Company
          anticipates needing  substantial  additional capital which the Company
          anticipates raising through equity and/or debt financing. No assurance
          can be made,  however,  that the Company  can locate or finalize  such
          financing.



<PAGE>


Part II - Other Information

         Item 1.   Legal Proceedings

          None; not applicable.

         Item 2.  Changes in Securities.

          On June 28,  2001 a  registration  under  Rule S-8 was  filed  whereby
          500,000  shares  were  issued  for  expenses   incurred  and  services
          rendered.

          Subsequent  to the end of the quarter,  the Company  issued  2,804,891
          shares of its common stock pursuant to a stock option plan. The shares
          were  granted  under an S-8  Registration  Statement.  The shares were
          valued at $.05 per share, which was deemed to be the fair market value
          of the shares at issuance, for a total consideration of $140,245.

Subsequent Events

          Effective August 2, 2002, Pacific International Holding, Inc. (OTC BB:
          PCIH.OB),  a Utah corporation,  changed its state of domicile and name
          by merging into Interactive  Motorsports and  Entertainment  Corp., an
          Indiana  corporation  ("IMEC"),  pursuant to an Agreement  and Plan of
          Reorganization.  Subsequent to the merger and effective as of the same
          date,  IMEC acquired  pursuant to a Plan and Agreement of Exchange all
          of the issued and  outstanding  shares of common  stock and  preferred
          stock of Perfect Line, Inc., an Indiana corporation  ("Perfect Line"),
          from the Perfect Line  shareholders  in exchange on a  share-for-share
          basis for shares of IMEC common stock and preferred stock. As a result
          of the share  exchange,  the Perfect Line  shareholders  now hold IMEC
          shares representing approximately eighty-two percent (82%) of the IMEC
          capital stock. Also effective as of August 2, 2002, the members of the
          Board of Directors of Perfect Line were elected to replace the members
          of the IMEC Board of Directors and the  executive  officers of Perfect
          Line became the executive officers of IMEC.

         Perfect Line owns and operates the NASCAR Silicon Motor Speedway store
         chain, which offers licensed NASCAR-branded entertainment products.
         Through its other wholly owned subsidiary, Tamasik Technologies
         Corporation, the Registrant provided e-commerce services to merchants.
         Tamasik currently has ceased operations and is dormant. Management is
         in the process of determining an appropriate course of action for this
         subsidiary.

Item 3.   Defaults Upon Senior Securities.

          None; not applicable.

Item 4.   Submission of Matters to a Vote of Security Holders.

          None; not applicable.

Item 5.   Other Information.

          None; not applicable.
<PAGE>

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

A.   Exhibits
<TABLE>

                    --------------------------------------- ---------------------------------------------------------
<S>                             <C>                                             <C>
                                 Exhibit No.                                      Description
                    --------------------------------------- ---------------------------------------------------------
                    --------------------------------------- ---------------------------------------------------------
                                     2.1                    Agreement  and Plan of  Reorganization,  dated  July 30,
                                                            2002,  among  Pacific   International   Holding,   Inc.,
                                                            Perfect Line,  Inc.,  and all of the owners of record of
                                                            the common and preferred shares of Perfect Line, Inc.
                    --------------------------------------- ---------------------------------------------------------
                    --------------------------------------- ---------------------------------------------------------

                    --------------------------------------- ---------------------------------------------------------
                    --------------------------------------- ---------------------------------------------------------
                                     2.2                    Plan and  Agreement  of  Exchange,  dated July 31, 2001,
                                                            between Interactive  Motorsports and Entertainment Corp.
                                                            and Perfect Line, Inc.
                    --------------------------------------- ---------------------------------------------------------
                    --------------------------------------- ---------------------------------------------------------

                    --------------------------------------- ---------------------------------------------------------
                    --------------------------------------- ---------------------------------------------------------
                                     99.1                   Certification Pursuant
                                                            to 18 U.S.C.ss.1350
                    --------------------------------------- ---------------------------------------------------------
</TABLE>


B.   Reports on Form 8-K

     The Company  did not file any  Current  Reports on Form 8-K for the quarter
ended June 30, 2002.


<PAGE>

                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.




                               INTERACTIVE MOTORSPORTS AND ENTERTAINMENT CORP.

Dated:  August 19, 2002        By: /s/ William Donaldson
                                  -------------------------------------------
                                   William Donaldson, Chairman, CEO and
                                   Chief Financial Officer








<PAGE>


                                  EXHIBIT INDEX



<TABLE>

                    --------------------------------------- ---------------------------------------------------------
<S>                             <C>                                             <C>
                                 Exhibit No.                                      Description
                    --------------------------------------- ---------------------------------------------------------
                    --------------------------------------- ---------------------------------------------------------
                                     2.1                    Agreement  and Plan of  Reorganization,  dated  July 30,
                                                            2002,  among  Pacific   International   Holding,   Inc.,
                                                            Perfect Line,  Inc.,  and all of the owners of record of
                                                            the common and preferred  shares of Perfect  Line,  Inc.
                                                            This  exhibit is  incorporated  by  reference to Exhibit
                                                            2.1 to the  Registrant's  Current  Report  on  Form  8-K
                                                            filed on August 14, 2002.
                    --------------------------------------- ---------------------------------------------------------
                    --------------------------------------- ---------------------------------------------------------

                    --------------------------------------- ---------------------------------------------------------
                    --------------------------------------- ---------------------------------------------------------
                                     2.2                    Plan and  Agreement  of  Exchange,  dated July 31, 2001,
                                                            between Interactive  Motorsports and Entertainment Corp.
                                                            and Perfect Line,  Inc. This exhibit is  incorporated by
                                                            reference  to Exhibit  2.2 to the  Registrant's  Current
                                                            Report on Form 8-K filed on August 14, 2002
                    --------------------------------------- ---------------------------------------------------------
                    --------------------------------------- ---------------------------------------------------------

                    --------------------------------------- ---------------------------------------------------------
                    --------------------------------------- ---------------------------------------------------------
                                     99.1                   Certification Pursuant to 18 U.S.C.ss.1350


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

</TABLE>



<PAGE>


                                  EXHIBIT 99.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002

In  connection  with  the  Quarterly  Report  of  Interactive   Motorsports  and
Entertainment Corp. (the "Company") on Form 10-QSB for the period ended June 30,
2002 as filed with the  Securities  and Exchange  Commission  on the Date hereof
(the "Report"), each of the undersigned certifies, pursuant to 18 U.S.C. section
1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that
to the best of my knowledge:

(1)  The Report fully complies with the  requirements  of Section 13(a) or 15(d)
     of the Securities Exchange Act of 1934; and

(2)  The information  contained in the Report fairly  presents,  in all material
     respects, the financial condition and results of operations of the Company.


Date: August 14, 2002       By: /s/ William Donaldson
                               -----------------------------------------------
                               William Donaldson, Chairman, CEO and
                               Chief Financial Officer