FORM 10-KSB

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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

[X]  Annual Report Pursuant To Section 13 Or 15(D) Of The Securities Act Of 1934

                  For the fiscal year ended December 31, 2001.

[ ]  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.)

                     1780 Barnes Boulevard S.W., Building G,
                              Tumwater, Washington
                                 (949) 376-4119
                                 --------------
    (Address, including zip code, and telephone number, including area code,
                  of registrant's principal executive offices)

Securities registered under Section 12(b) of the Exchange Act:

       Title of Each Class             Name of each Exchange on Which Registered
       -------------------             -----------------------------------------
Common Stock  ($0.0001 Par Value)                         None
Preferred Stock ($0.0001 Par Value)                       None

Securities registered under Section 12(g) of the Exchange Act:  None


     Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 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

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B not contained in this form, and no disclosure will be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB [X].

The issuer's total revenues for the year ended December 31, 2001, were zero.

The aggregate market value of the voting and non-voting common equity held by
non-affiliates computed by reference to the price at which the common equity was
sold, or the average bid and asked prices of such common equity, as of April 15,
2002 was $1,867,500.00.

On April 15, 2002, the number of shares outstanding of the registrant's Common
Stock, $0.0001 par value (the only class of voting stock), was 15,000,000.

<PAGE>


TABLE OF CONTENTS

                  PART I


Item 1. Description of Business. . . . . . . . . . . . .  . . . . . . . . . 1

Item 2. Description of Property. . . . . . . . . . . .  . . . . . . . . . . 1

Item 3. Legal Proceedings. . . . . . . . . . . . . . .  . . . . . . . . . . 1

Item 4. Submission Of Matters To A Vote Of Security Holders. . .. . . . . . 1


                  PART II

Item 5. Market For Common Equity And Related Stockholder Matters . .. . . . 2

Item 6. Management's Discussion and Analysis and Plan of Operation. . . . . 3

Item 7. Financial Statements . . . . . . .. . . . . . . . . . . . . . . . . 4

Item 8. Changes And Disagreements With Accountants On Accounting And
Financial Disclosure. . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

                  PART III

Item 9. Directors, Executive Officers, Promoters And Control Persons;
Compliance With Section 16(A) Of The Exchange Act

Item 10. Executive Compensation . . . . . . . . . . . . . . . . . . . . . . 16

Item 11. Security Ownership Of Certain Beneficial Owners And Management . . 17

Item 12. Certain Relationships And Related Transactions . . . . . . . . . . 17

Item 13. Exhibits And Reports On Form 8K. . . . . . . . . . . . . . . . . . 18





                 [This Space Has Been Intentionally Left Blank]


<PAGE>

                  PART I

ITEM 1. DESCRIPTION OF BUSINESS

Grand Prix Sports, Inc. (formerly known as DDR Systems, Inc.) was incorporated
under the laws of the State of Washington on June 3, 1999, and is in its early
developmental and promotional stages. To date, Grand Prix Sports, Inc.'s only
activities have been organizational, directed at acquiring its principal asset,
a 40% interest in Nordic Racing Limited, and raising its initial capital and
developing its business plan. Grand Prix Sports, Inc. has not commenced
commercial operations.

Grand Prix Sports, Inc. activities from March 9th, 2001 to the end of December
2001, were focused on the identification of promising acquisition candidates
that would benefit from a business relationship with its major asset, a 40%
interest in Nordic Racing Limited, a Formula 3000 racing team. In a parallel
process, capital sources were identified that would provide cash for
acquisitions and working capital.

Prior to March 9th, 2001 the Company was engaged in start up activities related
to the development and sale of its licensed product line consisting of high-tech
instruments that are used to record information transferred from distant sources
like aircraft and satellites. Simply put the recorders are high-speed tape
recorders that are capable of recording information relayed by several types of
satellites and aircraft. Some of the data that can be recorded include fuel
consumption, engine rotation per minute, time, pictures recorded by cameras,
load stresses recorded by sensors and the status of various equipment on the
craft such as batteries or radar. The recorder operates basically the same as a
VCR with all the same play, fast-forward, rewind, record, scheduled operation,
and other similar functions. The product line is unique in that it can record
information from satellites at speeds required by those satellites. The licensed
product line consists of recorders capable of recording at speeds up to 40
Megabits per second. The recorders are configured for both laboratory and onsite
use. Models consist of laboratory, rack mount and portable versions.

ITEM 2. DESCRIPTION OF PROPERTY

The Company used to be headquartered at 3650 West 30th Avenue, Vancouver B.C.
Canada where it used office space rent-free until December 31, 2000. The Company
then moved its headquarters to Suite 122 - 2055 York Avenue, Vancouver B.C.
Canada V6J 1E5 where it occupied office space rent-free. Since the
reorganization on March 9, 2001, the Company maintains its principal place of
business in the State of Washington at 1780 Barnes Boulevard S.W., Building G,
Tumwater, Washington. For certain correspondence purposes, particularly those
related to securities, the office of corporate counsel, Bryan Cave LLP, was
listed in the SEC filings. With no employees or commercial business operations
at this time, dedicated office space is considered an unnecessary expense.

ITEM 3. LEGAL PROCEEDINGS

Grand Prix Sports, Inc. is currently not a party to any pending legal
proceedings.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

During the year 2001, Grand Prix Sports, Inc. did not submit any matters to a
vote of security holders through the solicitation of proxies or otherwise.

                                        1
<PAGE>


                  PART II


ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

a) Market Information

Grand Prix Sports, Inc. common stock is currently traded on the Over The Counter
Bulletin Board under the symbol "GPRX.OB". Grand Prix Sports, Inc. common stock
began trading on March 9, 2001.

The table below sets forth the high and low sales prices for Grand Prix Sports,
Inc. Common Stock for the relevant quarter of 2001. The quotations below reflect
inter-dealer prices, without retail mark-up, markdown or commission and may not
represent actual transactions:


               Quarter     High     Low
               -------     ----     ---
 2001           First     $2.025    $.80
                Second    $2.5625   $.40
                Third     $1.10     $.51
                Fourth    $1.46     $.53

b) Shareholders

As of April 15 2002, there were approximately 72 shareholders of record holding
a total of 15,000,000 shares of Common Stock. The holders of the Common Stock
are entitled to one vote for each share held of record on all matters submitted
to a vote of stockholders. Holders of the Common Stock have no preemptive rights
and no right to convert their Common Stock into any other securities. There are
no redemption or sinking fund provisions applicable to the Common Stock.

c) Dividend

There have been no dividends declared since the inception of the company and
there are no restrictions on the ability to pay dividends on common equity or
that are likely to do so in the future. The payment of dividends is within the
discretion of the Board of Directors and will depend on Grand Prix Sports,
Inc.'s earnings, capital requirements, financial condition, and other relevant
factors. There are no restrictions that currently limit Grand Prix Sports,
Inc.'s ability to pay dividends on its Common Stock other than those generally
imposed by applicable state law.

d) Recent Sales of Unregistered Securities

Effective March 9, 2001, the Company entered into an Agreement and Plan of Share
Exchange (the "Exchange Agreement") with Damask International, Jonathan Iseson,
R. 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
an aggregate of 1,000,000 shares of its common stock -- 700,000 shares to Damask
International, 150,000 shares to Jonathan Iseson, 100,000 shares to R. Todd
Stabler, and 50,000 shares to Dr. and Mrs. Robert J. Harman.

Subsequent to the closing of the Exchange Agreement, the Company effected a
5-for-1 forward stock split.

                                       2
<PAGE>


ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION

The Company's plan of business is to generate revenues and earnings by acquiring
existing, profitable, well-managed corporations compatible with or with
synergies to the Company's current business activities. However, to manage
existing corporate overhead, the Company will continue to rely on cash advances
from shareholders, as well as to seek additional debt or equity financing. The
Company will also attempt to reduce its operating expenses. There can be no
assurance that any such additional financing will be available on terms, in
amounts, or at timing acceptable to the Company, if available at all.

In November of 2001, the company engaged Agora Capital Partners, Inc. ("Agora")
to assist it in identifying possible acquisition targets consistent with the
company's on-going business plan, to supply managerial and consulting advice,
and to assist it in identifying potential sources of equity capital that might
be required for the financing of any possible acquisitions.

SUBSEQUENT EVENTS

1) 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. ("IFT"), a provider of international trade
finance, facilitation, and marketing services.

2) On Feb. 8, 2002 Grand Prix Sports, Inc. determined not to conclude its
pending acquisition of IFT International Inc.

As of the date on which the decision was made not to conclude the acquisition,
the company had not then completed its due diligence investigation of IFT. In
connection with the determination not to conclude the pending IFT acquisition,
the company also announced that it has terminated its relationships with Agora
and NetCap.


LIQUIDITY AND CAPITAL RESOURCES

Grand Prix Sports, Inc. has funded its cash needs over the periods covered by
this Form 10-KSB with cash on hand. It is anticipated that the cash on hand of
$3,212.00 will be insufficient to satisfy cash requirements over the next twelve
months. In order to support existing operations, the Company is seeking
additional financing as well as acquiring shareholder capital to fund
operations. There can be no assurance that the Company will be able to obtain
such financing on terms acceptable to it, or at all.

PRODUCT RESEARCH AND DEVELOPMENT

Grand Prix Sports, Inc. plans no product research and development over the next
twelve months.

CAPITAL EXPENDITURES

Grand Prix Sports, Inc. made no capital expenditures over the period covered by
this report. There are no planned capital expenditures in the next twelve
months.

EMPLOYEES

The Company maintains no employees at this time.

ITEM 7. FINANCIAL STATEMENTS


                                        3
<PAGE>


                  CONTENTS
                  --------
                                      PAGE
                                      ----

Independent Auditors' Report. . . . . . . . . . . . . . . . . . . . . . . 5

FINANCIAL STATEMENTS

Balance Sheets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Statements of Operations. . . . . . . . . . . . . . . . . . . . . . . . . 7

Statements of Stockholders' Equity (Deficit). . . . . . . . . . . . . . . 8

Statements of Cash Flows. . . . . . . . . . . . . . . . . . . . . . . . . 9

Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . .10-15







                                       4
<PAGE>


                          INDEPENDENT AUDITORS' REPORT
                          ----------------------------

                                 March 28, 2002

Board of Directors
Grand Prix Sports, Inc.
(Formerly DDR Systems, Inc.)
(A Development Stage Company)
Tumwater, Washington

We have audited the accompanying balance sheets of Grand Prix Sports, Inc.
(formerly DDR Systems, Inc.) (A Development Stage Company) (the "Company"), as
of December 31, 2001 and 2000 and the related statements of operations,
stockholder's equity (deficit), and cash flows for the years then ended and for
the period from June 3, 1999 (Date of Inception) to December 31, 2001. These
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits. We did not audit the financial statements of Nordic Racing, Ltd., an
equity-method investment, which statements reflect total losses constituting 30
percent of the related total. Those statements were audited by other auditors
whose report has been furnished to us, and our opinion, insofar as it relates to
the amounts included for Nordic Racing, Ltd., is based solely on the report of
the other auditors.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, based on our audit and the report of the other auditors, the
financial statements referred to above present fairly, in all material respects,
the financial position of Grand Prix Sports, Inc. (formerly DDR Systems, Inc.)
(A Development Stage Company) as of December 31, 2001 and 2000 and the results
of its operations and its cash flows for the period June 3, 1999 (Date of
Inception) to December 31, 2001, in conformity with accounting principles
generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. However, the Company has had no sales
and suffered recurring losses from operations that raises substantial doubt
about its ability to continue as a going concern. Management plans in regards to
these matters are also described in Note D. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.



                                                  Bedinger & Company
                                             Certified Public Accountants
                                               Walnut Creek, California


                                       5
<PAGE>
<TABLE>
<CAPTION>

GRAND PRIX SPORTS, INC
(FORMERLY DDR SYSTEMS, INC.)
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
DECEMBER 31, 2001 and 2000
-----------------------------------------------------------------------------------
                                                                   December 31
                                                             ----------------------
                                                                2001         2000
                                                             ---------    ---------
<S>                                                          <C>          <C>
ASSETS
------

CURRENT ASSETS
      Cash                                                   $   3,212    $   6,173
                                                             ---------    ---------

          TOTAL CURRENT ASSETS                                   3,212        6,173
                                                             ---------    ---------

Furniture & equipment (Note A)
      Cost                                                        --          2,077
      Accumulated depreciation                                    --           (658)
                                                             ---------    ---------
      Net                                                         --          1,419
                                                             ---------    ---------

License Agreement with Related Party (Note B)
      Cost                                                         500       10,000
      Accumulated Amortization                                    (358)      (4,419)
                                                             ---------    ---------
      Net                                                          142        5,581
                                                             ---------    ---------

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


          TOTAL ASSETS                                       $   3,354    $  13,173
                                                             =========    =========

CURRENT LIABILITIES
-------------------
      Loan from related party (Note F)                       $  30,780    $    --
      Trade accounts payable                                    56,816
      Accrued interest payable to a related party (Note F)         556        6,636
                                                             ---------    ---------

          TOTAL CURRENT LIABILITIES                             88,152        6,636
                                                             ---------    ---------

COMMITMENT (Note B)

STOCKHOLDERS' EQUITY (DEFICIT) (Note G)

          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 oustanding
          15,000,000 at December 31, 2001 and 61,500,000
          at December 31, 2000.                                  1,500        6,150

          Additional paid-in capital                           202,000      107,350
          Deficit accumulated during the development stage    (288,298)    (106,963)
                                                             ---------    ---------

          TOTAL STOCKHOLDERS' EQUITY (DEFICIT)                 (84,798)       6,537
                                                             ---------    ---------

          TOTAL LIABILITIES AND
            STOCKHOLDERS' EQUITY (DEFICIT)                   $   3,354    $  13,173
                                                             =========    =========


                                        6
<PAGE>


GRAND PRIX SPORTS, INC
(FORMERLY DDR SYSTEMS, INC.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS
YEARS ENDED DECEMBER 31, 2001 AND 2000 AND
THE PERIOD JUNE 3, 1999 (DATE OF INCEPTION) TO DECEMBER 31, 2001
----------------------------------------------------------------------------------------------

                                                                                  June 3, 1999
                                                  Year Ended      Year Ended      (Inception)
                                                  December 31,    December 31,    to December
                                                      2001            2000          31, 2001
                                                  ------------    ------------    ------------

Revenue

      Other                                       $       --      $     10,000    $     10,000

     Total Revenue                                        --            10,000          10,000

Expenses
     Loss from equity method investment                 90,000            --            90,000
     Bank charges                                          109             267             376
     Communication                                        --             7,687           8,204
     Consulting fees                                      --            16,043          16,043
     Meals and entertainment                            35,543          35,543
     Depreciation and amortization                         904           3,207           5,981
     Marketing and promotion                              --            28,571          31,029
     Office                                               --              --                13
     Professional fees                                  16,308          36,547          56,855
     Investor relations                                 22,514            --            22,514
     License agreement impairment                        4,639            --             4,639
     Abondonment of furniture and equipment              1,315            --             1,315
     Travel                                              9,447           5,705          25,230
     Interest expense (related party)                      556            --               556
                                                  ------------    ------------    ------------

     Total Expenses                                    181,335          98,027         298,298
                                                  ------------    ------------    ------------

      Net Loss                                    $   (181,335)   $    (88,027)   $   (288,298)
                                                  ============    ============    ============


     Basic Loss per Share                         $    (0.0121)   $    (0.0014)
                                                  ============    ============

     Weighted average common shares outstanding     15,000,000      61,500,000


                                                7
<PAGE>


GRAND PRIX SPORTS, INC
(FORMERLY DDR SYSTEMS, INC.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
YEARS ENDED DECEMBER 31, 2001 AND 2000 AND
THE PERIOD JUNE 3, 1999 (DATE OF INCEPTION) TO DECEMBER 31, 2001

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


                                                                Common Stock                     Deficit Accumulated
                                                         --------------------------    Additional    during the       Total
                                                          Number of                      Paid-in    Developmental  Stockholder's
                                                           Shares         Amount         Capital        Stage     Equity (Deficit)
                                                         -----------    -----------    -----------   -----------  ---------------
BALANCES
     June 3, 1999                                               --      $      --      $      --     $      --      $      --

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

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

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

     Net loss for 2000                                          --             --             --         (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          --             --

     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)          --
                                                         -----------    -----------    -----------   -----------    -----------

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


                                                            8
<PAGE>


GRAND PRIX SPORTS, INC
(FORMERLY DDR SYSTEMS, INC.)
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2001 AND 2000 AND
FOR THE JUNE 3, 1999 (DATE OF INCEPTION) TO DECEMBER 31, 2001
----------------------------------------------------------------------------------------------------

                                                                                        June 3, 1999
                                                              Year Ended    Year Ended   (Inception)
                                                              December 31,  December 31, to December
                                                                 2001          2000       31, 2001
                                                               ---------    ---------    ---------

CASH FLOWS FROM OPERATING ACTIVITIES:
      Net loss                                                 $(181,335)   $ (88,027)   $(288,298)
      Adjustments to reconcile net loss
      to net cash used by operating activities:
         Depreciation                                                104          416          762
         Amortization                                                800        2,791        5,219
         License impairment agreement                              4,639                     4,639
         Abondonment of furniture
         and equipment                                             1,315                     1,315
         Loss on investment                                       90,000                    90,000
CHANGES IN CURRENT ASSETS AND CURRENT
      ASSETS AND CURRENT LIABILITIES:
      Increase (decrease) in current liabilities:
         Accounts payable and accrued expenses                    50,736      (12,507)      57,372
                                                               ---------    ---------    ---------

NET CASH PROVIDED BY OPERATING ACTIVITIES                        (33,741)     (97,327)    (128,991)
                                                               ---------    ---------    ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
      Acquisition of furniture and equipment                        --           --         (2,077)

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


NET CASH (USED) FOR INVESTING ACTIVITIES                            --           --         (2,077)
                                                               ---------    ---------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
      Sale of common stock                                          --           --        103,500
         Related party loan                                       30,780                    30,780
                                                               ---------    ---------    ---------

NET CASH PROVIDED  BY FINANCING ACTIVITIES                        30,780         --        134,280
                                                               ---------    ---------    ---------


NET INCREASE (DECREASE) IN CASH                                   (2,961)     (97,327)       3,212

CASH, beginning of period                                          6,173      103,500         --
                                                               ---------    ---------    ---------

CASH, end of period                                            $   3,212    $   6,173    $   3,212
                                                               =========    =========    =========


SUPPLEMENTAL DISCLOSURE:

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
     Interest paid                                             $    --      $    --      $    --
     Taxes paid                                                $    --      $    --      $    --


                                                9
</TABLE>
<PAGE>


NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
--------------------------------------------------------------------

Organization
------------

The Company has been in the development stage since its incorporation under the
laws of the state of Washington on June 3, 1999. On June 3, 1999 the Company
acquired from Reach Technologies, Inc. ("Reach"), the rights to distribute the
Reach Digital Data Recorder product line for the purpose of selling the product
in the telemetry and remote sensing marketplace. This License was capitalized
based on the estimate of fair market value of the license received. The licensed
product line consists of 0 to 40 Megabit per second Digital Data Recorders that
are configured for laboratory and onsite use. Models consist of laboratory, rack
mount and portable versions. The Company paid for the license by issuing
50,000,000 shares of its common stock to Glenn Jones, the President of Reach.
Under the license with Reach, the Company had the exclusive right to distribute
and market Reach's product line to the northeastern United States for a period
of time beginning June 3, 1999 and ending January 31, 2003. To retain the
license, the Company was required to purchase a minimum amount of product based
on pricing established in the license agreement during each of the two years of
its license, beginning February 1, 2000. The Company was required to purchase
$50,000 of the product line by January 31, 2001, an additional $100,000 of the
product line by January 31, 2002, and an additional $100,000 of the product line
by January 31, 2003.

The license agreement contained a provision that it could be renewed for
additional three-year periods, so long as the Company was not in default. Any
renewal agreement will be subject to the same minimum purchase requirements,
except that the minimum purchase amount in each subsequent year would be
calculated as the greater of $120,000 and 65% of the Company's prior year's
audited revenue.

On January 14, 2001, the Company and Reach amended the license agreement as it
pertained to minimum purchase requirements, The parties agreed that, in exchange
for a $5,000 promissory note in favor of Reach, Reach would not terminate the
license agreement if the Company failed to purchase $50,000 of the product line
by January 31, 2001. All other terms of the license agreement remained the same,
including the additional minimum purchase requirements.

On March 9, 2001, the parties again amended the license agreement to provide
that it would no longer be exclusive. In connection with this amendment, Glenn
Jones returned 47,500,000 shares of the Company's common stock to the Company's
treasury for cancellation. Also on March 9, 2001, the Company amended its
articles of incorporation by changing the name of the Company to Grand Prix
Sports, Inc.

Effective March 9, 2001, the Company entered into an Agreement and Plan of Share
Exchange (the "Exchange Agreement") with Damask International, Jonathan Iseson,
T. Todd Stabler, and Dr. and Mrs. Robert J. Harman. Damask International and
Jonathan Iseson constituted the record and beneficial owners of forty percent
(40%), or 67 ordinary shares, of the issued and outstanding shares of the
capital stock of Nordic Racing Limited, a British corporation ("Nordic").
Pursuant to the terms of the Exchange Agreement, the Registrant sold and issued
as aggregate of 1,000,000 shares of its common stock, 700,000 shares to Damask
International, 150,000 shares to Jonathan Iseson, 100,000 shares to R. Todd
Stabler, and 50,000 shares to Dr. and Mrs. Robert J. Harman.

                                       10
<PAGE>


NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
--------------------------------------------------------------------------------

Organization (Continued)

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 race cars, 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.

The Company's plan of business is to generate revenues and earnings by acquiring
existing, profitable, well-managed, corporations compatible with or with
synergies to the Company's current business activities. However, to manage
existing corporate overhead, the Company will continue to rely on cash advances
from shareholders, as well as to seek additional debt or equity financing. The
Company will also attempt to reduce its operating expenses. There can be no
assurance that any such additional financing will be available on terms, in
amounts, or at timing acceptable to the Company, if available at all.

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.

                                       11
<PAGE>


NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
--------------------------------------------------------------------------------

Summary of Significant Accounting Principles (Continued)
--------------------------------------------------------

b.  Basic earnings per share

Basic earnings (loss) per share have been calculated in conformity with
Financial Accounting Standards Board Statement No. 128 "Earnings Per Share". The
Company has a simple capital structure with no significant potential common
shares. Basic earnings (loss) per share are calculated weighted on the average
number of common shares outstanding each period.

c.  Office furniture and equipment

Office furniture and equipment purchases were capitalized and the cost
depreciated over the estimated useful lives of the related assets, generally
five to seven years. Office furniture and equipments abandoned is written off at
the time of the abandonment. The Company relocated its offices and as a result,
the office furniture and equipment were abandoned during the first quarter and
$1,315 of net book value was written off. Depreciation expense for the year
ended December 31, 2001 was $104.

d.  License agreement

The license agreement with Reach Technologies, Inc. was previously capitalized
and amortized over the estimate useful life of the asset-three years and seven
months, commencing June 3, 1999. However, under the renegotiated Non-Exclusive
License Agreement, 47,500,000 shares of the 50,000,000 shares of the Company's
common stock issued to Glenn Jones in exchange for the original Exclusive
License Agreement were returned to the Company and canceled. Thus, the
un-depreciated value of the now non-exclusive license agreement was reduced from
$10,000 to $500. Amortization expense for the year ended December 31, 2001 was
$800.

e.  Issuance of common stock

The issuance of common stock for other than cash is recorded by the Company at
management's estimate of the fair value of the assets acquired or services
rendered.

f.  Revenue

Revenue is recognized when product is shipped to the customer.

g.  Income taxes

No taxes are payable for the year ended December 31, 2001.

                                       12
<PAGE>


NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
--------------------------------------------------------------------------------

Summary of Significant Accounting Principles (Continued)
--------------------------------------------------------

h.   Impact of Accounting Standards

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

NOTE B - LICENSE AGREEMENT
--------------------------

On June 3, 1999, the Company acquired from Reach Technologies, Inc. ("Reach")
the rights to distribute the Reach Technologies, Inc. Digital Data Recorder
product line for the purpose of selling the product in the telemetry and remote
sensing marketplace. This license was valued based on the estimate of fair
market value of the license received. The licensed product line consists of 0 to
40 Megabit per second Digital Data Recorders that are configured for laboratory
and onsite use. Models consist of laboratory, rack mount and portable versions.
The Company paid for the license by issuing 50,000,000 shares of its common
stock to Glenn Jones, the President of Reach. Under the license with Reach, the
Company had the exclusive right to distribute and market Reach's product line to
the northeastern United States for a period of time beginning June 3, 1990 and
ending January 31, 2003. To retain the license, the Company was required to
purchase a minimum amount of product based on pricing established in the license
agreement during each of the two years of its license, beginning February 1,
2000. The Company was required to purchase $50,000 of the product line by
January 31, 2001, an additional $100,000 of the product line by January 31, 2002
and as additional $100,000 of the product line by January 31, 2003.
The license agreement contained a provision that it could be renewed for
additional three year periods, so long as the Company was not in default. Any
renewal agreement will be subject to the same minimum purchase requirements,
except that the minimum purchase amount in each subsequent year would be
calculated as the greater of $120,000 and 65% of the Company's prior year's
audited revenue. The agreement may be terminated by the Company at any time upon
notice to Reach, and by Reach for any cause, which includes breach of the
agreement, the bankruptcy or insolvency of the Company; or the conviction of the
Company; its officers or directors, of any crime involving moral turpitude.

On January 14, 2001, the Company amended the license agreement as it pertained
to minimum purchase requirements. The parties agreed that, in exchange for a
$5,000 promissory note, Reach would not terminate the license agreement for the
Company's failure to purchase $50,000 of the product line by January 31, 2001.

All other terms of the license agreement remained the same, including the
additional minimum purchase requirements.

On March 9, 2001, the parties again amended the license agreement to provide
that it would no longer be exclusive. In connection with this amendment, Glenn
Jones returned 47,500,000 shares of the Company's common stock to the Company's
treasury for cancellation.


                                       13
<PAGE>


NOTE C - NET OPERATING LOSS CARRY FORWARD
-----------------------------------------

The Company's net operating loss for the year ended December 31, 2001 of
$181,335 may be utilized through the year ended December 31, 2021. The Company's
net operating loss for the year ended December 31, 2000 of $88,027 may be
utilized through the year ended December 31, 2020. The Company's net operating
loss for the seven months ended December 31, 1999 of $18,936 may be utilized
through the year ended December 31, 2019. SFAS No. 109 requires a valuation
allowance to be recorded when it is more likely than not that some or all of the
deferred tax assets will not be realized. At December 31, 2001 a valuation
allowance for the full amount of the net deferred tax asset was recorded because
of uncertainties as to the amount of taxable income that would be generated in
future years. The valuation allowance increased by $73,000 for the year ended
December 31, 2001.

NOTE D - MANAGEMENT'S PLANS
---------------------------

The Company's plan of business is to generate revenues and earnings by acquiring
existing, profitable, well-managed, corporations compatible with or with
synergies to the Company's current business activities. However, to manage
existing corporate overhead, the Company will continue to rely on cash advances
from shareholders, as well as to seek additional debt or equity financing. The
Company will also attempt to reduce its operating expenses. There can be no
assurance that any such additional financing will be available on terms, in
amounts, or at timing acceptable to the Company, if available at all. The
ability to achieve these objectives raises substantial doubt about the Company's
ability to continue as a going concern.

NOTE E - CORRECTION OF ERROR
----------------------------

During 2002, a 1999 error was discovered in which the par value of common stock
was erroneously listed as $.001. This error was corrected by retroactively
restating the amounts of common stock and additional paid-in-capital.

NOTE F - RELATED PARTY TRANSACTION
----------------------------------

During the year ended December 31, 2001, the Company borrowed $30,780 from
Harrysen Mittler, Chief Executive Officer of the Company to fund current
operating activities. The note bears interest at 10 percent per annum, payable
upon demand. Accrued interest in the amount $556 is payable at December 31,
2001.

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.

                                       14
<PAGE>


NOTE G - NORDIC RACING LIMITED INVESTMENT (Continued)
-----------------------------------------------------

The investment with Nordic Racing Limited is being reported using the Equity
Method of Accounting. The summarized assets and liabilities of Nordic Racing
Limited at December 31, 2001 and 2000, respectively, in U.S. dollars are as
follows:

                                 2001         2000
                                 ----         ----
Cash                        $   6,703    $ 258,772
Property & equipment, net     295,021      178,128
Notes receivable               71,154      269,193
                            ---------    ---------
Total                         372,878      706,093
                            =========    =========

Current liabilities         $ 872,206    $ 757,453
Other liabilities             490,653      314,152
Net worth                    (989,981)    (365,513)
                            ---------    ---------
Total                         372,878      706,093
                            =========    =========


The summarized profit and loss statements of Nordic Racing Limited at December
31, 2001 and 2000, respectively, in U.S. dollars are as follows:

                                2001           2000
                                ----           ----
Revenue                  $ 1,455,544      1,470,283
Cost of sales              1,489,710      1,499,687
Operating expenses           543,194      1,101,619
                         -----------    -----------
Loss from operations        (577,350)    (1,131,023)
Other income (expense)       (77,781)        (6,334)
Provision for taxes                0              0
                         -----------    -----------
Net loss                    (655,141)    (1,137,357)
                         ===========    ===========


                                       15

<PAGE>


ITEM 8. CHANGES AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE

Grand Prix Sports, Inc has had no changes in or disagreements with its
accountants in its two most recent fiscal years or any later interim period.


                  PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS, AND CONTROL PERSONS;
COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACT

Grand Prix Sports, Inc's directors hold office until the annual meeting of
Shareholders next held after their election. The Officers and Directors of Grand
Prix Sports, Inc. as of March 28th, 2002 are as follows:

Name                           Age             Title
----                           ---             -----
Harrysen Mittler               48              Chairman of the Board, President,
                                               Chief Executive Officer, and
                                               Chief Financial Officer
Greg Martin                    46              Secretary
Cary Burch                     38              Director
Randolf W. Katz                48              Director

     Harrysen Mittler has served as our Chairman of the Board, President, and
Secretary since March 9, 2001. From 1995 through Autumn of 1999, Mr. Mittler
served as Director, President and Chief Financial Officer of Wordcraft Systems,
Inc., a publicly traded software company. In addition to his tenure at
Wordcraft, during the preceding five years, Mr. Mittler has also served as a
business consultant to a variety of private enterprises.

     Cary Burch has served as a member of our Board of Directors since March 9,
2001. Since 1998, Mr. Burch has served as President of First American CreditNet,
as Senior Vice-President and Chief Information Officer of First American CredCo,
and as a member of the Board of Directors of their corporate parent, The First
American Corporation. Since November of 1999, he has also served as a Director
of NetSol International. From 1993 through 1998, Mr. Burch was Senior
Vice-President and Chief Information Officer of Advanta Mortgage Corp.

     Greg Martin has served as our Secretary since March 9, 2001. During the
preceding five years, Mr. Martin, through Corvus Business Development Services,
Inc., has served as a business consultant to a variety of domestic and
international private enterprises, focusing on corporate finance and mergers and
acquisitions activities. In addition, during that period, he served as the
Mergers and Acquisitions Advisor, Vice-President of Emerge Corporation, from
January of 1999 through January of 2001; as the Mergers and Acquisitions
Intermediary of Spectrum Business Resources, Inc., from February of 1998 to the
present; and as an executive officer, in a variety of capacities, and as a
Director of Ice Holdings, Inc., from 1996 to August of 1997.

     Randolf W. Katz has served as a member of our board of directors since
March 9, 2001. Mr. Katz is an attorney licensed to practice in the State of
California. Since January 1, 2000, he has been a partner with Bryan Cave LLP,
counsel to the Company. During more than the preceding five years, he was a
partner of Arter & Hadden, LLP.

                                       16
<PAGE>


ITEM 10. EXECUTIVE COMPENSATION

There is no compensation in place for officers and directors. A preliminary plan
was disclosed in an 8K dated April 5, 2001 for issuance of stock options.
However, the plan was never formalized or executed.

Compensation of Directors

There is no plan in place at this time for Grand Prix Sports, Inc.'s directors
to be compensated.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth certain information known to the Registrant as of
April 15, 2002, by (a) each beneficial owner of more than five percent of the
Registrant's common stock, (b) each of the Registrant's directors, and (c) all
of the Registrant's directors and executive officers as a group. Except as
otherwise indicated, each person has sole voting and investment power with
respect to all shares shown as beneficially owned, subject to community property
laws where applicable.

                                     Amount and Nature Of
                                     Beneficial Ownership              Percent
Beneficial Owner(1)                     of Common Stock                Of Class
-------------------                  --------------------              --------
Damask International Limited          1.4 million shares                 9.33%

Directors and Officers
Harrysen Mittler                             -0-                          -0-
Cary Burch                              40,000 shares                      *
Greg Martin                             20,000 shares                      *
Randolf W. Katz(5)                           -0-                          -0-

All officers and directors
as a group (4 persons)                  60,000 shares                      *

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

  * Represents less than one percent.

  (1) The Registrant believes that all persons have full voting and investment
  power with respect to the shares. Under the rules of the Securities and
  Exchange Commission, a person (or group of persons) is deemed to be a
  "beneficial owner" of a security if he or she, directly or indirectly, has or
  shares the power to vote or to direct the voting of such security.
  Accordingly, more than one person may be deemed to be a beneficial owner of
  the same security. A person is also deemed to be a beneficial owner of any
  security, which that person has the right to acquire within 60 days, such as
  warrants or options to purchase shares of the Registrant's common stock.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

On June 3, 1999 10,000,000 shares were issued at $0.001 per share in exchange
for the right to distribute the Reach Technologies Inc. licensed product line.
Glenn Jones, is a one-third shareholder in Reach Technologies Inc., the licenser
of Grand Prix Sports, Inc.'s right to distribute the Reach Technologies Inc.
licensed product line.

On January 14, 2001, the Company amended the Licensing Agreement with Reach
Technologies, Inc. dated June 3, 1999 as it pertains to minimum purchase
requirements. The parties agreed that, in exchange for the payment by promissory
note of $5,000, Reach Technologies, Inc. would not terminate the Licensing
Agreement dated June 3, 1999 for failure to purchase $50,000 of the Reach
Technologies Inc. licensed product line by January 31, 2001.

All other terms in the Licensing Agreement dated June 3, 1999 remain the same
including but not limited to the commitment to purchase $100,000 of the Reach
Technologies Inc. licensed product line by January 31, 2002, and a further
$100,000 by January 31, 2003, to retain its license. If these minimum purchase
levels are not achieved, Reach Technologies Inc. shall have the right to
terminate the agreement, immediately and without penalty.

                                       17
<PAGE>


In the third and fourth quarters of 2001, the Board of Directors passed a
resolution authorizing a promissory note between Grand Prix Sports, Inc. and one
its officers, Harrysen Mittler. In the course of normal business operations Mr.
Mittler personally paid for certain Company expenses necessary to the continued
reporting status of the Company. These expenses included, but were not limited
to: accounting, auditing, legal review of securities filings, stock transfer
agent, etc. As of December 31, 2001 the total indebtedness was $31,336.61
comprised of $30,780.00 advanced by Mr. Mittler, and $556.61 in accrued
interest.

ITEM 13. EXHIBITS AND REPORTS ON FORM 8K

1.   Exhibits: Exhibits required to be attached by Item 601 of Regulation S-B
     are listed in the Index to Exhibits beginning on page 18 of this Form
     10-KSB, which is incorporated herein by reference.

2.   Reports on Form 8-K: During the year 2001, Grand Prix Sports, Inc. filed a
     Form 8-K on April 5th, 2001, describing the acquisition of the Company's
     position in Nordic Racing Limited.


                 [This Space Has Been Intentionally Left Blank]








                                       18
<PAGE>


SIGNATURES

In accordance with Section 12 of the Securities Exchange Act of 1934, the
registrant caused this Amendment to Form 10-KSB to be signed on its behalf by
the undersigned, thereunto duly authorized, this 15th day of April 2002.

                     Grand Prix Sports, Inc

                     /s/ Harrysen Mittler
                     ---------------------------
                     Name: Harrysen Mittler
                     Title: President, Chief Financial Officer

In accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

Signature                        Title                           Date
---------                        -----                           ----

/s/ Harrysen Mittler             Director                        April 15, 2002
--------------------
Harrysen Mittler

/s/ Cary Burch                   Director                        April 15, 2002
--------------
Cary Burch

/s/ Randolph Katz                Director                        April 15, 2002
-----------------
Randolph Katz







                 [This Space Has Been Intentionally Left Blank]




                                       19
<PAGE>


ITEM 2. DESCRIPTION OF EXHIBITS

INDEX TO EXHIBITS


Exhibit Page Description
No.

3(a)(i)     Articles of Incorporation of DDR Systems, Inc. (Incorporated by
            reference filed with the Company's Form S-1 on February 28, 2000).

3(a)(ii)    By-laws of DDR Systems, Inc. (Incorporated by reference filed with
            the Company's Form S-1 on February 28, 2000).

3.3         Certificate of Amendment to the Articles of Incorporation of DDR
            Systems, Inc., as filed with the Secretary of State of the State of
            Washington on March 16, 2001. (Incorporated by reference filed with
            the Company's Form 8-K on April 5, 2001).

10.1        Agreement between DDR Systems, Inc. and Reach Technologies Inc.
            dated June 3, 1999 for the right to distribute the Reach
            Technologies Inc. licensed product line. (Incorporated by reference
            filed with the Company's Form S-1 on February 28, 2000).

10.2        Subscription Agreement and Investment Letter re: Gauntlett Limited
            (Incorporated by reference filed with the Company's Form S-1/A on
            April 27, 2000).

10.3        Subscription Agreement and Investment Letter re: World Wise Traders
            Limited (Incorporated by reference filed with the Company's Form
            S-1/A on April 22, 2000).

10.4        Subscription Agreement and Investment Letter re: Green Grove Trading
            Limited (Incorporated by reference filed with the Company's Form
            S-1/A on April 22, 2000).

10.5        Subscription Agreement and Investment Letter re: Valonia Limited
            (Incorporated by reference filed with the Company's Form S-1/A on
            April 22, 2000).

10.6        Agreement between DDR Systems, Inc. and Reach Technologies Inc.
            Dated January 14, 2001 amending the Licensing Agreement with Reach
            Technologies, Inc. dated June 3, 1999 as it pertains to minimum
            purchase requirements. (Incorporated by reference filed with the
            Company's Form 10-KSB on March 15, 2001).

10.7        Agreement between DDR Systems, Inc. and Reach Technologies, Inc.,
            dated March 9, 2001, amending the Licensing Agreement with Reach
            Technologies, Inc. dated June 3, 1999, to amend the Registrant's
            commitment to purchase equipment and to transform the status of the
            license from exclusive to non-exclusive. (Incorporated by reference
            filed with the Company's Form 8-K on April 5, 2001).

10.8        Agreement and Plan of Share Exchange by and between the Stockholders
            of Nordic Racing Limited and DDR Systems, Inc., dated March 9, 2001.
            (Incorporated by reference filed with the Company's Form 8-K on
            April 5, 2001).

10.9        Letter of Intent Grand Prix Sports, Inc. and IFT International, Inc.
            dated November 5, 2001 (Incorporated by reference filed with the
            Company's Form 10-QSB on November 19, 2001).

10.10       Promissory Note

23          Consent of Independent Public Accountant, dated March 28, 2002