PELICAN PROPERTIES INTERNATIONAL CORP

                               TICKER SYMBOL: PELP

                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

      [ X  ]   Quarterly Report Under Section 13 or 15(d) of the
               Securities Exchange Act of 1934

               For the quarterly period ended March 31, 2002

      [    ]   Transition Report Under Section 13 or 15(d) of
               the Exchange Act

               For the transition period from _____ to _____.

                         Commission file number 0-23075

                     PELICAN PROPERTIES INTERNATIONAL CORP.
                     ---------------------------------------
        (Exact Name of Small Business Issuer as Specified in Its Charter)

              Florida                                   65-0616879
              -------                                   ----------
     (State or Other Jurisdiction                  (IRS Incorporation or
       of Organization)                         Employer Identification Number)

                                 2 Fenwick Road
                                    Suite 100
                           Fort Monroe, Virginia 23651
                           ---------------------------
                     (Address of Principal Executive Office)

                                 (757) 224-5234
                                 --------------
                (Issuer's Telephone Number, Including Area Code)

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 [  ]

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

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

                                Yes [ X ] No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

The number of shares outstanding of the issuer's common stock, par value $.001
per share as of April 30, 2002 was 5,975,851.

Transitional Small Business Disclosure Format: Yes [  ]  No [ X ]

<PAGE>

                     PELICAN PROPERTIES INTERNATIONAL CORP.
                                and SUBSIDIARIES

                                Table of Contents

PART I.  FINANCIAL INFORMATION

ITEM. 1  Financial Statements

         Consolidated Balance Sheets                               Page 3
         March 31, 2002 and December 31, 2001

         Consolidated Statements of Operations--                   Page 4
         Three Months Ended March 31, 2002 and March 31, 2001

         Consolidated Statements of Cash Flows                     Page 5
         Three Months Ended March 31, 2002 and March 31, 2001

         Notes to Consolidated Financial Statements                Pages 6 - 7

ITEM 2 - Management Discussion and Analysis of Financial
                  Condition and Results of Operations              Pages 7 - 8


PART II - OTHER INFORMATION

ITEM 1 - Legal Proceedings                                         Pages 9 - 10

ITEM 2 - Changes in Securities                                     Page 10
ITEM 3 - Defaults upon Senior Securities                           Page 10

ITEM 4  - Submission of Matter to Vote of Security Holders         Page 10

ITEM 5 - Other Information                                         Page 10

ITEM 6 - Exhibits and Reports on Form 8-K                          Page 11


                                       2
<PAGE>



                     PELICAN PROPERTIES INTERNATIONAL CORP.
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>

                                                                  MARCH 31,      DECEMBER 31,
                                                                    2002             2001
                                                                    ----             ----
                                   ASSETS                        UNAUDITED

CURRENT ASSETS
<S>                                                             <C>             <C>
Cash                                                            $    274,874    $    432,550
Accounts receivable, net                                              15,554         171,027
Supplies                                                             106,961         118,065
Other current assets                                                  41,293          46,384
                                                                ------------    ------------
TOTAL CURRENT ASSETS                                                 438,682         768,026

PROPERTY AND EQUIPMENT, net of accumulated depreciation
and amortization of $2,920,686 and $2,702,993 respectively        13,997,227      14,136,881

OTHER ASSETS

Deferred loan costs, net                                              95,225         105,725
Deferred franchise costs, net                                         16,032          16,350
Deposits and other                                                   133,732         145,282
                                                                ------------    ------------

                                                                $ 14,680,898    $ 15,172,264
                                                                ============    ============

                 LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Current maturities of long-term debt                            $  1,964,376    $  1,954,710
Accounts payable and accrued liabilities                           2,365,734       2,248,925
Obligation for renovations                                            96,495          96,495
Income taxes payable                                                  12,709          12,709
                                                                ------------    ------------
TOTAL CURRENT LIABILITIES                                          4,439,314       4,312,839



LONG-TERM DEBT, less current maturities                            7,329,248       7,369,558

DEFERRED INCOME TAXES                                              2,165,000       2,340,000

STOCKHOLDER'S EQUITY
Preferred Stock, 1,000,000 shares authorized;
  none issued or outstanding
Common Stock, par value $.001; 100,000,000 shares authorized;
  5,975,851 shares issued and outstanding                              5,975           5,975
Additional paid-in capital                                         3,393,216       3,393,216
Accumulated deficit                                               (2,651,855)     (2,249,324)
                                                                ------------    ------------
TOTAL STOCKHOLDERS' EQUITY                                           747,336       1,149,867
                                                                ------------    ------------

                                                                $ 14,680,898    $ 15,172,264
                                                                ============    ============
</TABLE>

                                       3
<PAGE>

                     PELICAN PROPERTIES INTERNATIONAL CORP.
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                                       Three Months Ended
                                                  MARCH 31,          MARCH 31,
                                                    2002               2001
                                                    ----               ----
                                                  Unaudited          Unaudited

REVENUES

Rooms                                            $   880,846        $   929,441
Food and beverage                                    171,943            225,426
Rental income                                         69,338             93,789
Other                                                 74,104             59,138
                                                 -----------        -----------
                                                   1,196,231          1,307,794
                                                 -----------        -----------


OPERATING COSTS AND EXPENSES
Rooms                                                287,047            271,094
Food and beverage                                    113,050            200,347
Other operating expenses                             211,320            231,692
Corporate expenses                                   239,739            259,250
Sales and marketing expenses                         112,038            147,442
Engineering expense                                  105,251            116,993
Utilities expense                                    127,125            147,963
Taxes and insurance                                  130,335            102,227
Interest expense                                     219,346            219,597
Depreciation and amortization                        228,511            257,327
                                                 -----------        -----------
                                                   1,773,762          1,953,932

LOSS FROM OPERATIONS                                (577,531)          (646,138)

INCOME TAX BENEFIT                                   175,000            209,000
                                                 -----------        -----------

NET LOSS                                         $  (402,531)       $  (437,138)
                                                 ===========        ===========


BASIC AND DILUTED LOSS
PER COMMON SHARE:
                                                 -----------        -----------
Net Loss                                         $     (0.07)       $     (0.07)
                                                 ===========        ===========


                                       4
<PAGE>


                     PELICAN PROPERTIES INTERNATIONAL CORP.
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>

                                                                             THREE MONTHS ENDED,
                                                                           MARCH 31,     MARCH 31,
                                                                             2002          2001
                                                                             ----          ----
                                                                           Unaudited     Unaudited

CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                                        <C>          <C>
Net Loss                                                                   $(392,031)   $(437,138)
Adjustments to reconcile net loss to net cash
used in operating activities
Depreciation and amortization                                                228,511      257,327
Changes in:
Accounts receivable                                                          155,473      110,090
Supplies                                                                      11,104       16,657
Other current assets                                                           5,091      (16,446)
Other assets                                                                   1,050      113,132
Accounts payable and accrued expenses                                        116,809       51,094
Deferred tax liabilities                                                    (175,000)    (209,000)
Income taxes payable                                                            --        (12,000)
                                                                           ---------    ---------

NET CASH USED IN OPERATING ACTIVITIES                                        (48,993)    (126,284)
                                                                           ---------    ---------

CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of fixed assets                                                  (78,039)     (38,403)
                                                                           ---------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of borrowings                                                      (30,644)     (18,987)
                                                                           ---------    ---------


NET DECREASE IN CASH                                                        (157,676)    (183,674)

                                             CASH AT BEGINNING OF PERIOD     432,550      268,361
                                                                           ---------    ---------

                                                   CASH AT END OF PERIOD   $ 274,874    $  84,687
                                                                           =========    =========
</TABLE>

                                       5
<PAGE>



             PELICAN PROPERTIES INTERNATIONAL CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                        THREE MONTHS ENDED MARCH 31, 2002
                                   (UNAUDITED)

NOTE 1 - BASIS OF PRESENTATION
------------------------------

         The accompanying consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. The quarterly financial information included herein is
unaudited. However, in the opinion of management, all adjustments, considered
necessary for a fair presentation have been included. Operating results for the
three months ended March 31, 2002, are not necessarily indicative of the results
that may be expected for the year ending December 31, 2002. A description of the
Company's accounting policies and other financial information is included in its
audited consolidated financial statements for the year ended December 31, 2001.
The accompanying consolidated financial statements should be read in conjuction
with the 2001 financial statements which can be found in the Company's annual
report on form 10-KSB for 2001.

         The March 31, 2002 consolidated financial statements include the
accounts of Pelican Properties International Corp. and its wholly owned
subsidiaries Ohio Key I, Inc., Ohio Key II, Inc., Old Point Comfort Hotel, LLC.,
Palmer Inn, Princeton, LLC., Wheeling City Center Hotel, LLC., Purchasing
Concepts, Inc., and Vintage Hotels Corporation (the "Company"). All significant
inter-company transactions have been eliminated in consolidation.

NOTE 2 - LOSS PER SHARE
-----------------------

         Basic and diluted loss per share amounts are equal because the Company
has a net loss and consideration of the redeemable preferred stock would result
in an anti-dilutive effect to earnings per share.

NOTE 3 - LONG TERM DEBT
-----------------------

Current maturities of the Long - Term debt include the following obligations:
Palmer Inn, Princeton, LLC $63,886 Wheeling City Center Hotel, LLC (dba Ramada
Plaza City Center Hotel) $74,063 Old Point Comfort Hotel, LLC $1,675,000 Former
Owner of Chamberlin Hotel $151,427

NOTE 4 - SUBSEQUENT EVENT
-------------------------

         None



                                       6
<PAGE>

NOTE 5 - CONTINUING OPERATIONS
------------------------------

         The accompanying consolidated financial statements have been prepared
assuming the Company will continue as a going concern. As shown in the
accompanying consolidated financial statements, the Company reported a net loss
of $(402,531) for the three months ended March 31, 2002, and had a working
capital deficiency (current liabilities less current assets) and accumulated
deficit of approximately $(4,000,632) and $(2,651,855), respectively.

         Given the tragic events of September 11, 2001, and the subsequent
heightening of security on all military bases, access to the Chamberlin Hotel,
located on Fort Monroe Army Base, has become extremely restricted. In addition,
the Palmer Inn is in close proximity to New York City. Although revenues from
market segments such as AARP and Corporate/Association/Convention are still on a
decline, through our affiliation with Best Western International Inc., many
efforts are being implemented to assist in the rebuilding of these markets. The
full impact of the events of September 11, 2001 on the revenues of either hotel
has yet to be determined.

           The Company's continuation as a going concern is dependent upon its
ability to generate sufficient cash flow from operations or to obtain sufficient
external financing to meet its obligations on a timely basis. The Company plans
to improve operating cash flow and liquidity by improving occupancy rates at
Ramada Plaza and Palmer Inn, and by reducing operating losses at the Chamberlin
Hotel, by limiting services with the intention of maximizing profitability
through hotel operations and quality guest satisfaction, and with the
expectation of a potential sale of the hotel. There can be no assurance that the
Company will be successful in achieving profitable operations or have the
ability to secure financing needed to meet its obligations as they become due,
or that such financing, if available, will be on terms and conditions favorable
to the Company. Additionally, there can be no assurance that the Company will
realize proceeds from a sale, refinancing, or joint venture of the Chamberlin
Hotel, should such a sale, refinancing or joint venture occur, in an amount
necessary to eliminate its working capital deficit and repay its debt. The
consolidated financial statements do not include any adjustments that might
result from the outcome of this uncertainty.

Item 2   Management's Discussion and Analysis of Financial Condition and
         Results of Continuing Operations
--------------------------------------------------------------------------------

         The following discussions should be read in conjunction with the
financial statements and notes thereto appearing elsewhere in this report:

         Certain matters discussed in this Quarterly Report on Form 10-QSB are
"forward-looking statements" intended to qualify for the safe harbors from
liability established by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can generally be identified as such because the
context of the statement will include words such as the Company "believes",
"anticipates", "expects" or words of similar import. Similarly, statements that
describe the Company's future plans, objectives or goals are also
forward-looking statements. Such forward-looking statements are subject to
certain risks and uncertainties which could cause actual results to differ
materially from those currently anticipated. Shareholders, potential investors
and other readers are urged to consider these factors in evaluating the
forward-looking statements and are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included herein are
made as of the date of this report, and the Company undertakes no obligation to
publicly update such forward-looking statements to reflect subsequent events or
circumstances.

                                       7
<PAGE>

RESULTS OF OPERATIONS

Three Months Ended March 31, 2002 compared to Three Months Ended March 31, 2001
for Continuing Operations
--------------------------------------------------------------------------------

         For the three-month period ended March 31, 2002, total revenues were
$1,196,231 as compared to $1,307,794 in the three-month period ended March 31,
2001. Total costs and expenses were $1,763,262 for the three-month period ended
March 31, 2002 as compared to $1,953,933 for the three-month period ended March
31, 2001. The Loss from Operations for the three-month period ended March 31,
2002 was $577,531 as compared to $646,138 for the three-month period ended March
31, 2001. Total revenues decreased for the three-month period ended March 31,
2002, by 8.5% from the three-month period ended March 31, 2001. Factors
affecting this decrease were the lingering effects of September 11, 2001 causing
a decline in travel along the mid-Atlantic to northeastern state area, increased
competition in the Princeton, New Jersey area, and a reduction of reservations
in our current markets. Although revenues from market segments such as AARP and
Corporate/Association/Convention are still on a decline, through our affiliation
with Best Western International Inc., many efforts are being implemented to
assist in the rebuilding of these markets.

           Total operating expenses for Rooms, Food and Beverage and Other
Operating Costs decreased by 13.1% to $611,417 in the three-month period ended
March 31, 2002 from $703,133 in the three-month period ended March 31, 2001.
Corporate Office expenses decreased in the three-month period ended March 31,
2002 by 7.5% to $239,739 from $259,250 in the three-month period ended March 31,
2001. Sales and Marketing expenses decreased in the three-month period ended
March 31, 2002 by 24.0% to $112,038 from $147,442 in the three-month period
ended March 31, 2001. Interest expense decreased by 0.2% in the three-month
period ended March 31, 2002 to $219,346 from $219,597 in the three-month period
ended March 31, 2001. Depreciation and amortization expense decreased by 11.2%
for the three-month period ended March 31, 2002 to $228,511 from $257,327 in the
three-month period ended March 31, 2001. The control of costs by management
enabled the Company to realize a more modest loss in the first quarter, 2001, as
compared to that in the first quarter, 2000. Such a comparison shows a reduction
of costs of $180,170, which is a 9.2% difference from the first quarter of 2000.

         Loss before Income Tax Benefit was $(577,531) in the three-month period
ended March 31, 2002 as compared to $(646,138) in the three-month period ended
March 31, 2001. Net Loss was $(402,531) in the three- month period ended March
31, 2002 as compared to $(437,138) in the three-month period ended March 31,
2001.

Liquidity and Capital Resources
-------------------------------

         The Company's working capital deficiency increased from December 31,
2001 by $455,819. As of March 31, 2002 the Company had net accounts receivable
of $15,554 as compared to $171,027 at December 31, 2001. As of March 31, 2002
the Company had accounts payable and accrued expenses of $2,365,734 as compared
to $2,248,925 at December 31, 2001. The working capital deficit has increased
due to the increase of accrued liabilities such as withholding taxes and
accounts payable. The decrease in net accounts receivable is due to the
continued impact of the terrorist acts of September 11, 2001 and their continued
effect on the hospitality industry.

                                       8
<PAGE>

ADDITIONAL FACTS TO CONSIDER

Outlook
-------

         Historically the mid-atlantic hotel region has experienced improved
performance during the second and third quarters of the financial year. We
expect both the Palmer Inn and the Ramada Plaza to meet or exceed their approved
budgets for 2002 during these quarters. The Chamberlin Hotel has a commitment
for bookings from the United States Army through October 2002. Several steps
have been taken to reduce and to consolidate costs at each hotel location, as
well as the corporate office. In addition to the foregoing factors, the Company
plans to improve operating cash flow and liquidity by reducing operating losses
at the Chamberlin Hotel, by limiting services with the intention of maximizing
profitability through hotel operations and quality guest satisfaction, and with
the expectation of a potential sale of the hotel. There can be no assurance that
the Company will be successful in those efforts.


                                       9
<PAGE>

PART II - OTHER INFORMATION

Legal Proceedings

          (a) In June, 1999, the Company's subsidiaries Ohio Key I, Inc. and
Ohio Key II, Inc. (collectively, "Ohio Key") filed suit against JCB Financial
Corporation, James C. Barggren, Chamberlin Hotel, L.L.C., and The Chamberlin
Hotel Company in the Circuit Court for the City of Hampton, State of Virginia.
When Ohio Key purchased The Chamberlin Hotel, Ohio Key assumed two notes in the
aggregate principal amount of $3,000,000 payable to The Chamberlin Hotel
Company, which were secured by two deeds of trust (the "Deeds of Trust"). Said
notes were paid, in full, on or about February 4, 1999. Despite such payment,
The Chamberlin Hotel Company assigned the Deeds of Trust to JCB Financial
Corporation, a corporation controlled by James C. Barggren. Subsequent to such
assignment, JCB Financial Corporation refused to satisfy said Deeds of Trusts in
the public records. Ohio Key filed the subject litigation (i) to have the Deeds
of Trust judicially determined to be satisfied and discharged, and (ii) to
obtain a determination as to what amounts of money, if any, were owed by Ohio
Key to James C. Barggren and his affiliates (collectively, "Barggren").

         On October 6, 2000, the parties agreed to settle this case. Pursuant to
such settlement, the parties agreed, among other things, that (i) as of October
6, 2000, the principal balance due Barggren was $1,536,276 together with
interest in the amount of $15,151 for a total of $1,551,427, (ii) Ohio Key would
pay Barggren as soon as possible the principal sum of $1,400,000 plus accrued
interest, (iii) JCB Financial Corporation would satisfy the Deeds of Trust, and
(iv) at such time as the matters set forth in (ii) and (iii) were fulfilled, the
Court would enter an order dismissing this case and the Court would retain
jurisdiction to enforce the settlement and to enter any other appropriate
orders.

         On or about October 13, 2000, and as a result of the settlement, Ohio
Key paid Barggren the principal sum of $1,400,000 plus accrued interest and JCB
Financial Corporation satisfied the Deeds of Trust in the public records. The
Court dismissed this lawsuit but retained jurisdiction to, among other things,
clarify matters pertaining to the arbitration referred to below.

         In the above litigation, the Court appointed an auditor to prepare a
report ("Report") regarding the indebtedness and claims by and between Ohio Key
and Barggren. The final Report states that Barggren owes Ohio Key the sum of
$265,678.88. Ohio Key and Barggren agreed in such litigation that the
appropriateness of the Report would be submitted to "fast track" arbitration. In
October 2000, James C. Barggren and JCB Financial Corp. requested arbitration
with respect to the Report and any credits or setoffs Barggren may be entitled
to. The final arbitration evidentiary hearing has been scheduled for August 26,
August 27 and August 28, 2002.


                                       10
<PAGE>

         (b) On November 30, 2000, Ohio Key I, Inc. and Sunshine Key Associates
Limited Partnership (the "Partnership) filed suit against Monroe County in the
Circuit Court for the Sixteenth Judicial Circuit In and For Monroe County,
Florida. The subject matter of this suit is the Sunshine Key RV Resort and
Marina (the "Park") located in Big Pine Key, Florida; the Park was sold by Ohio
Key I, Inc. on June 4, 1998. The nature of this litigation is, among other
things, a request for monetary damages in the amount of $10,000,000 based upon
Monroe County's alleged improper code enforcement activities that resulted in
Ohio Key I, Inc. selling the Park at below market value. Monroe County filed a
motion to dismiss the complaint. On July 2, 2001, the Court granted said motion
to dismiss and Ohio Key I, Inc. and the Partnership were given permission to
file a second amended complaint. On or about October 15, 2001, a second amended
complaint was filed naming Monroe County and the county attorney for Monroe
County, James T. Hendrick, Esquire, as defendants. The causes of action in the
second amended complaint are based upon, among other things, defamation, abuse
of process, malicious prosecution and tortious interference with contractual and
business relationships. Monroe County has filed a motion to dismiss the second
amended complaint. A hearing on such motion has been scheduled for June 6, 2002.

            (c) In October 2000, Linda Lutz filed suit against Vintage Hotels
Corporation (a wholly-owned subsidiary of the Company) and Palmer Inn,
Princeton, LLC, among others, in the Superior Court of New Jersey in Middlesex
County. The nature of this litigation is, among other things, a request for
unspecified monetary damages based upon alleged sexual harassment by the
defendants, in the form of pregnancy discrimination. The causes of action in the
Complaint are based upon, among other things, sexual harassment, retaliation and
disparate treatment. The Palmer Inn, Princeton, LLC and Vintage Hotels
Corporation have filed answers to the Complaint. The parties have agreed upon
the terms of a settlement arrangement and a written settlement agreement has
been executed.

         (d) The Company is involved in various other legal actions arising in
the normal course of business, both as claimant and defendant. While it is not
possible to determine with certainty the outcome of these matters, in the
opinion of management, the eventual resolution of these claims and actions
outstanding will not have a material adverse effect on the Company's financial
position or operating results.


                                       11
<PAGE>


Item 2. Changes in Securities

        Not applicable

Item 3. Defaults Upon Senior Securities

        Not applicable

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

        Not applicable

Item 5. Other Information

         Not applicable

Item 6. Exhibits and Reports on Form 8-K

         Not applicable

        Reports on Form 8-K

         Not applicable

                                       12
<PAGE>

    SIGNATURES

In accordance with Section 13 or 15 (d) of the Securities Exchange Act of 1934,
Pelican Properties International, Corp. has caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                 PELICAN PROPERTIES INTERNATIONAL, CORP.



DATE:    May 15, 2002            By:  /s/ C. John Knorr
         ------------------          ----------------------------------------
                                          C. John Knorr, Chairman

13