U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form 10-QSB

 X      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
----    EXCHANGE ACT OF 1934

        For the quarterly period ended March 31, 2003

___     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934
        For the transition period from ______ to ______

        Commission file number 1-10932


                        INDEX DEVELOPMENT PARTNERS, INC.
                    ---------------------------------------
        (Exact name of small business issuer as specified in its charter)

                   Delaware                              13-3487784
         ---------------------                          ---------------
         (State or other jurisdiction of                 (IRS Employer
         incorporation or organization)              Identification No.)

             125 Broad Street, 14th Floor, New York, New York 10004
            --------------------------------------------------------
                    (Address of principal executive offices)

                                 (212) 742-2277
                          ---------------------------
                          (Issuer's telephone number)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or
for such shorter period that the issuer was required to file such reports),  and
(2) has been subject to such filing  requirements for the past 90 days.
Yes ____  No  X

State the number of shares outstanding of each of the issuer's classes of common
equity,  as of the latest  practicable  date: as of November 7, 2003, issuer had
outstanding 7,894,552 shares of Common Stock, $.01 par value per share.












                INDEX DEVELOPMENT PARTNERS, INC. AND SUBSIDIARIES

                                      INDEX



                                                                                                    


  Part I  Financial Information                                                                       Page
  -------                                                                                             ----

      Item 1. Financial Statements

        Consolidated Condensed Balance Sheet                                                            3
        as of March 31, 2003(Unaudited)

        Consolidated Condensed Statements of Operations (Unaudited)                                     4
        for the Three Months Ended 3March 31, 2003 and 2002

        Consolidated Condensed Statements of Cash Flows (Unaudited)                                     5
        for the Three Months Ended March 31, 2003 and 2002

        Notes to Consolidated Condensed Financial Statements (Unaudited)                                6

      Item 2. Management's Discussion and Analysis of Financial Condition                               12-17
      ------
                and Results of Operations

      Item 3. Controls and Procedures                                                                   18
      ------

  Part II Other Information

      Item 1. Legal Proceedings                                                                         19
      ------

      Item 2. Changes in Securities                                                                     19
      ------

      Item 3. Defaults Upon Senior Securities                                                           19
      ------

      Item 6. Exhibits and Reports on Form 8-K                                                          19
      ------

  Signatures                                                                                            20




                                       2





Part 1:  Financial Information

Item 1:  Financial Statementnts

                        INDEX DEVELOPMENT PARTNERS, INC.
                      CONSOLIDATED CONDENSED BALANCE SHEETS


                                                                                          
                                                                                         March 31,
                     ASSETS                                                                 2003
                                                                                   ----------------
Current assets:
     Cash and cash equivalents                                                            $ 350,926
     Prepaid expenses and other current assets                                              202,241
                                                                                   ----------------
                     Total current assets                                                   553,167
                                                                                   ----------------

Property and equipment - net                                                                 70,446
Security deposits                                                                           286,688
Other assets                                                                                204,454
                                                                                   ----------------
                     Total assets                                                       $ 1,114,755
                                                                                   =================

                      LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:

     Accounts payable                                                                     $ 473,458
     Accrued expenses                                                                       224,105
     Accrued preferred stock dividend                                                       197,000
     Deferred non compete                                                                    25,000
                                                                                   ----------------
                     Total current liabilities                                              919,563
                                                                                   ----------------

Deferred subscription revenue                                                               507,744
Deferred non compete                                                                         56,250
                                                                                   ----------------
                     Total liabilities                                                    1,483,557
                                                                                   ----------------
Stockholders' Deficit:

     Preferred stock, $.01 par value, authorized 2,000,000 shares,
        7,880 issued and outstanding                                                             79
     Common stock, $.01 par value; authorized 40,000,000
        shares, 7,894,552, issued and outstanding                                            78,946
     Additional paid-in capital                                                          33,410,579
     Warrants                                                                               770,842
     Accumulated deficit                                                                (34,629,248)
                                                                                   ----------------
                     Total stockholders' deficit                                           (368,802)
                                                                                   ----------------
                     Total liabilities and stockholders' deficit                        $ 1,114,755
                                                                                   ================

See Notes to Consolidated Condensed Financial Statements



                                       3




                        INDEX DEVELOPMENT PARTNERS, INC.
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS


                                                                                                                  

                                                                                                3 Months Ended March 31,
                                                                                      ------------------------------------------
                                                                                           2003                           2002
Operating expenses:                                                                   ------------                    ----------
       General and administrative                                                     $ 230,060                       $ 365,143
       Depreciation and amortization                                                     13,614                          20,097
                                                                                      ------------                    ----------
       Total operating expenses                                                         243,674                         385,240
                                                                                      ------------                    ----------
       Gain on sale of furniture and fixtures                                            69,486                          70,713

       Gain on investments and other assets                                              29,515                          84,926
                                                                                      ------------                    ----------
       Operating loss from continuing operations                                       (144,673)                       (229,601)

       Investment and other income                                                        1,365                           4,837
                                                                                      ------------                    ----------
       Net loss from continuing operations                                             (143,308)                       (224,764)
                                                                                      ------------                    ----------
Discontinued operations
       Gain from print operations                                                        64,865                         461,146

       Gain from online operations                                                            -                          13,188
                                                                                      ------------                    ----------
       Gain from discontinued operations                                                 64,865                         474,334
                                                                                      ------------                    ----------

Net income (loss)                                                                     $ (78,442)                      $ 249,570
                                                                                      ============                    ==========
Basic and dilutive income (loss) per common share:
Continuing operations                                                                   $ (0.02)                         ($0.03)
Discontinued operations                                                                  $ 0.01                           $0.06
                                                                                      ------------                    ----------
Net basic and dilutive income (loss) per share                                          $ (0.01)                          $0.03
                                                                                      ============                    ==========
Average number of common shares used in computing
       basic and dilutive loss per common share                                       7,894,552                       7,927,485




See Notes to Consolidated Condensed Financial Statements



                                       4




                        INDEX DEVELOPMENT PARTNERS, INC.
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS


                                                                                                    


                                                                                3 Months Ended March 31,
                                                                               2003                      2002
                                                                            ---------                ----------
Cash flows from operating activities:
Net (loss) income                                                           $ (78,442)               $  249,570
Reconciliation of net income (loss)  to net cash used in
operating activities:
      Gain from discontinued operations                                       (64,865)                 (474,334)
      Gain on sale of furniture and fixtures and investments                  (99,001)                 (155,639)
      Depreciation and amortization                                            13,614                    20,097
      Stock option and warrant transactions                                         -                    (7,949)
      Amortization of  non compete                                             (6,250)                  (25,000)
      Changes in operating assets and liabilities:
        (Increase) decrease in:
           Prepaid expenses and other current assets                         (140,769)                   34,542
       Increase (decrease) in:
           Accounts payable and accrued expenses                              149,488                   (56,338)
                                                                            ---------                ----------
      Net cash used in operating activities                                  (226,225)                 (415,051)
                                                                            ---------                ----------
Cash flows from investing activities:
Purchase of property and equipment                                                  -                   (40,549)
Proceeds from sale of investments                                              29,515                    84,926
Net proceeds from sale of assets                                               86,838                    70,713
                                                                            ---------                ----------
      Net cash provided by investing activities                               116,353                   115,090
                                                                            ---------                ----------
Net cash provided by discontinued operations                                        -                    17,765
                                                                            ---------                ----------
Net (decrease) in cash and cash equivalents                                  (109,872)                 (282,196)
Cash and cash equivalents, beginning of period                                460,798                 1,291,444
                                                                            ---------                ----------
Cash and cash equivalents, end of period                                    $ 350,926                $1,009,248
                                                                            =========                ==========



                                       5

See Notes to Consolidated Condensed Financial  Statemenets




              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
               FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                                   (UNAUDITED)

1.   BASIS OF PRESENTATION

          The consolidated  condensed financial  statements include the accounts
     of Index Development Partners, Inc. and its subsidiaries (collectively, the
     "Company"). Such financial statements have been prepared in accordance with
     accounting  principles  generally  accepted in the United States of America
     for interim  financial  reporting and with the instructions to Form 10-QSB.
     Accordingly,  they do not include all of the  information  and footnotes as
     required by accounting  principles  generally accepted in the United States
     of America for annual financial  statements.  In the opinion of management,
     all adjustments  (consisting of normal  recurring  adjustments)  considered
     necessary in order to make the financial  statements  not  misleading  have
     been included.  Operating results for the three months ended March 31, 2003
     are not necessarily  indicative of the results that may be expected for the
     year  ending  December  31,  2003.  For further  information,  refer to the
     consolidated  financial  statements and footnotes  thereto  included in the
     Company's  Annual  Report  for the year  ended  December  31,  2002 on Form
     10-KSB.

          In August 2001,  the Financial  Accounting  Standards  Board  ("FASB")
     issued  Statement  of  Financial  Accounting  Standard  ("SFAS")  No.  143,
     "Accounting for Asset Retirement  Obligations," which is effective in 2003.
     It requires the recording of an asset and a liability  equal to the present
     value of the estimated  costs  associated with the retirement of long-lived
     assets  where a legal  or  contractual  obligation  exists.  The  asset  is
     required  to be  depreciated  over the  life of the  related  equipment  or
     facility,  and the  liability  accreted  each year based on a present value
     interest rate.  This standard,  which the Company adopted in 2003, will not
     have a material effect on the Company's  consolidated financial position or
     results of operations.

          In October  2001,  the FASB issued SFAS No. 144,  "Accounting  for the
     Impairment  of Disposal  of  Long-Lived  Assets",  which is  effective  for
     financial  statements  issued for fiscal years beginning after December 15,
     2001.  The  objectives  of SFAS No. 144 are to address  significant  issues
     relating  to the  implementation  of  SFAS  No.  121,  "Accounting  for the
     Impairment of Long-Lived  Assets and for  Long-Lived  Assets to Be Disposed
     Of",  and to  develop a single  accounting  model,  based on the  framework
     established  in SFAS No. 121,  for  long-lived  assets to be disposed of by
     sale,  whether  previously  held and used or newly  acquired.  The  Company
     adopted SFAS No. 144 during the first quarter of 2002.

          In April  2002,  the FASB issued  SFAS No.  145,  "Rescission  of FASB
     Statements  No. 4,  44,and  64,  Amendment  of FASB  Statement  No. 13, and
     Technical   Corrections."   This   statement   eliminates   the   automatic
     classification   of  gain  or  loss  on   extinguishment   of  debt  as  an
     extraordinary  item  of  income  and  requires  that  such  gain or loss be
     evaluated for extraordinary classification under the criteria of Accounting
     Principles Board No. 30, "Reporting  Results of Operations." This statement
     also requires  sales-leaseback  accounting for certain lease  modifications
     that  have   economic   effects   that  are   similar  to   sales-leaseback
     transactions,  and makes various other  technical  corrections  to existing
     pronouncements.  This  statement  will be effective for the Company for the
     year  ending  December  31,  2003,  with the  effective  date  for  certain
     provisions  of SFAS No.  145  being  May 15,  2002.  The  adoption  of this
     statement  will not have a material  effect on our results of operations or
     financial position or cash flows of the Company.

          In September 2002, the FASB issued SFAS No. 146, "Accounting for Costs
     Associated  with  Exit or  Disposal  Activities."  SFAS No.  146  addresses
     financial  accounting  and  reporting  for  costs  associated  with exit or
     disposal  activities  and  nullifies  Emerging  Issues Task Force Issue No.
     94-3, "Liability  Recognition for Certain Employee Termination Benefits and
     Other  Costs to Exit an Activity  (including  Certain  Costs  Incurred in a
     Restructuring)." The statement is effective for such activities implemented
     after December 31, 2002.


                                       6




          In November  2002,  the FASB  issued  Interpretation  No.  ("FIN") 45,
     "Guarantor's   Accounting  and  Disclosure   Requirements  for  Guarantees,
     Including  Indirect  Guarantees  of  Indebtedness  of  Others."  FIN No. 45
     elaborates  on  the  disclosures  to  be  made  by a  guarantor  about  its
     obligations  under certain  guarantees  issued.  It also  clarifies  that a
     guarantor is required to  recognize,  at the  inception  of a guarantee,  a
     liability  for the fair value of the  obligation  undertaken in issuing the
     guarantee.  The initial  recognition  and  measurement  provisions  of this
     Interpretation  apply to guarantees  issued or modified  after December 31,
     2002.  The Company has  evaluated the impact of the adoption of FIN 45, and
     does  not  believe  it  will  have  a  material  impact  on  the  Company's
     consolidated  financial  position  or results  of  operations  because  the
     Company is not currently the guarantor of any third party obligations.

          In  December  2002,  the FASB issued  SFAS No.  148,  "Accounting  for
     Stock-Based Compensation - Transition and Disclosure - an Amendment of FASB
     Statement  No. 123," to provide  alternative  methods of  transition  for a
     voluntary  change  to  the  fair  value  based  method  of  accounting  for
     stock-based employee compensation.  In addition,  this Statement amends the
     disclosure requirements of SFAS No. 123 to require prominent disclosures in
     both annual and interim financial statements about the method of accounting
     for stock-based employee  compensation and the effect of the method used on
     reported results.  We have adopted the disclosure  requirements of SFAS No.
     148  as  of  December  31,  2002.  We  account  for  stock-based   employee
     compensation  arrangements  in  accordance  with  provisions  of Accounting
     Principles  Board ("APB")  Opinion No. 25,  "Accounting for Stock Issued to
     Employees,"  and comply with the disclosure  provisions of SFAS No. 123, as
     amended.  Under APB  Opinion No. 25,  compensation  expense is based on the
     difference,  if any, on the date of grant,  between the quoted market price
     of our stock and the exercise price.

          On January 17,  2003,  the FASB issued FIN No. 46,  "Consolidation  of
     Variable Interest Entities." FIN No. 46 addresses consolidation of entities
     that are not  controllable  through voting interests or in which the equity
     investors  do not bear the  residual  economic  risks  and  rewards.  These
     entities have been commonly  referred to as special purpose  entities.  The
     Interpretation  provides guidance related to identifying  variable interest
     entities and determining  whether such entities should be consolidated.  It
     also provides guidance related to the initial and subsequent measurement of
     assets,  liabilities  and  noncontrolling  interests in newly  consolidated
     variable  interest  entities and requires  disclosures for both the primary
     beneficiary of a variable  interest entity and other  beneficiaries  of the
     entity.  The Company adopted the provision of FIN No. 46 effective  January
     1, 2003 and it had no material impact on the Company's  financial  position
     or results of operations as the Company does not have any involvement  with
     variable interest entities.

          In April 2003, the FASB issued SFAS No. 149,  "Amendments of Statement
     133 on Derivative  Instruments and Hedging Activities." SFAS No. 149 amends
     and  clarifies   financial   accounting   and   reporting  for   derivative
     instruments,  including certain  derivative  instruments  embedded in other
     contracts and for hedging  activities  under SFAS No. 133,  "Accounting for
     Derivative Instruments and Hedging Activities." This statement is effective
     for contracts  entered into or modified after June 30, 2003 and for hedging
     relationships  designated after June 30, 2003. The Company does not believe
     the adoption of this standard will have a material  impact on the Company's
     financial position or results of operations.

                                       7


          In May 2003,  the FASB issued SFAS No.  150,  "Accounting  for Certain
     Financial Instruments with Characteristics of both Liabilities and Equity."
     This  statement  establishes  standards  for how an issuer  classifies  and
     measures  certain  financial   instruments  with  characteristics  of  both
     liabilities  and equity.  It requires  that an issuer  classify a financial
     instrument  that is within  its scope as a  liability  (or an asset in some
     circumstances).  Many of those  instruments  were previously  classified as
     equity. This statement is effective for financial  instruments entered into
     or modified after May 31, 2003, and otherwise is effective at the beginning
     of the first interim period  beginning  after June 15, 2003. This standard,
     which the Company  will adopt in 2003,  will not have a material  effect on
     the Company's consolidated financial position or results of operations.

2.   NAME CHANGE

          In April 2002,  the Board of Directors  authorized an amendment to the
     Company's  certificate  of  incorporation  to change the Company's  name to
     "Index Development Partners,  Inc.," subject to stockholder approval at the
     Company's annual meeting held on June 18, 2002. At the annual meeting,  the
     Company's  stockholders  approved the name change,  which became  effective
     that day.

          The  Company's  sole  focus  is  on  the  development  and  commercial
     exploitation of proprietary stock indexes,  including the America's Fastest
     Growing  Companies(SM)  family  of stock  indexes.  The  Company  therefore
     believed  it was  appropriate  to  change  its  name to  Index  Development
     Partners,  Inc., to align its corporate name with its current  mission.

3.   INVESTMENTS

          On June 2, 1999,  the  Company,  Kirlin  Holding Corp  ("Kirlin")  and
     Venture  Highway,  Inc. (at the time a wholly-owned  subsidiary of Kirlin),
     entered into an agreement  pursuant to which the Company  acquired 19.9% of
     the then-outstanding shares of common stock. The purchase price was paid in
     the form of a credit for  VentureHighway to use to purchase  advertising in
     the Company's  magazines and web sites.  During the fourth quarter of 2000,
     the Company became aware of an other than temporary decline in the value of
     its  Venture   Highway   investment  and  reduced  the  carrying  value  by
     approximately $2.6 million to zero.

          During the quarters ended March 31, 2003 and 2002 the Company received
     partial  distributions  from Venture Highway of  approximately  $18,000 and
     $85,000,  respectively.  These  amounts  have  been  recorded  as a gain on
     disposition of investments.  The Company has not accrued for any additional
     recoveries and will record such amounts, if any, when received.  During the
     quarter  ended March 31,  2003,  the Company  also  received  approximately
     $11,000 from the domestic  investment fund it formerly managed and recorded
     a gain of an equal amount.


                                       8


4.   DISCONTINUED OPERATIONS

          On  May  17,  2002,  the  Company  sold  Horizon   Publishing  Company
     ("Horizon"),  an unrelated  third party,  assets  related to the  Company's
     Individual  Investor's  Special  Situations Report  newsletter  ("SSR") and
     Horizon  agreed  to  provide  SSR  subscribers  with  one or  more  Horizon
     investment related  newsletters,  at no additional cost to SSR subscribers,
     for the  number of issues  of SSR that such  subscribers  have paid for but
     have not been served,  representing  approximately $0.1 million of deferred
     subscription  liability  of  the  Company  at the  date  of  the  sale.  In
     connection with this transaction,  the Company discontinued  publication of
     SSR. As a result of the  transaction,  the Company  discontinued  its Print
     Publications   operations.   The  operating   results   relating  to  Print
     Publications operations have been segregated from continuing operations and
     reported  within  a  separate  line  item  on  the  consolidated  condensed
     statements of operations as discontinued operations.

          In November 2001, the Company assigned to Telescan,  Inc.,  certain of
     the    Company's    internet    assets,    including    the   domain   name
     www.individualinvestor.com,  in exchange  for the  1,063,531  shares of the
     Company's  Common  Stock  owned by Telescan  and the  Company  subsequently
     discontinued its Online Services operations. The operating results relating
     to  Online  Services   operations  have  been  segregated  from  continuing
     operations  and  reported  as a  separate  line  item  on the  consolidated
     condensed statements of operations as discontinued operations.

          On July 9, 2001, the Company completed the transactions (the "Magazine
     Sale")  contemplated  by an  agreement  ("Agreement")  with  The  Kiplinger
     Washington  Editors,  Inc.  ("Kiplinger"),  the  publisher  of  Kiplinger's
     Personal Finance Magazine ("KPFM"). Pursuant to the Agreement, the Company,
     among other things,  sold to Kiplinger the subscriber list to the Company's
     Individual Investor magazine ("II"); agreed, until July 9, 2006, not to use
     the name  "Individual  Investor"  for print  periodical  publishing or list
     rental  purposes,  except  in  connection  with  the  Company's  Individual
     Investor's  Special  Situations  Report  newsletter;  and agreed to provide
     certain  consulting  services to Kiplinger  until July 9, 2002.  In return,
     Kiplinger agreed to provide II subscribers with KPFM, at no additional cost
     to II  subscribers,  for the  number of issues of II that such  subscribers
     have paid for but have not been  served,  representing  approximately  $2.6
     million of deferred  subscription  liability  of the Company at the date of
     the sale; and paid the Company $3.5 million in cash, a portion of which was
     placed in escrow to secure certain obligations.

                                       9





          The gain  from  discontinued  operations  consisted  of the  following
     components:


                                                                             

         PRINT PUBLICATIONS
                                                            Three Months Ended March
                                                                        31,
                                                            2003                  2002
                                                            ----                  ----
                     Revenues and other income           $  64,865             $ 488,355
                                                        ------------         --------------
                     Gain (loss) from operations            64,865               461,146


         ONLINE SERVICES

                                                            Three Months Ended March
                                                                        31,
                                                            2003                  2002
                                                            ----                  ----
                     Revenues and other income            $    --              $  13,188
                                                          ---------          ---------------
                     Gain (loss) from operations            --                    13,188



     Net current liabilities at March 31, 2003 related to the Print Publications
     discontinued operations are approximately $295,000. Net current liabilities
     at March 31, 2003 related to the Online  Services  discontinued  operations
     are approximately $36,000.

5.   STOCK OPTIONS

          During the three  months  ended  March 31,  2003,  the Company did not
     grant any options to purchase the  Company's  Common Stock  pursuant to the
     Company's stock option plans;  no options were  exercised;  no options were
     canceled; and 82,673 options expired.

6.   INCOME (LOSS) PER COMMON SHARE

          Basic net income  (loss) per common  share for the three  months ended
     March 31, 2003 and 2002,  respectively,  is  computed  by dividing  the net
     income (loss), after deducting accrued dividends on cumulative  convertible
     preferred  stock, by the weighted  average number of shares of Common Stock
     outstanding  during the  applicable  period.  Diluted net income (loss) per
     common  share  for  the  three  months  ended  March  31,  2003  and  2002,
     respectively,  is computed by dividing  net income  (loss) by the  weighted
     average  number  of shares of Common  Stock and  common  equivalent  shares
     during the  applicable  period.  Common  equivalent  shares  consist of the
     incremental  shares of Common  Stock  issuable  upon the  exercise of stock
     options,  warrants and other  securities  convertible into shares of Common
     Stock.  The  exercise  of stock  options,  warrants  and  other  securities
     convertible into shares of Common Stock were not assumed in the computation
     of  diluted  loss  per  common  share,   as  the  effect  would  have  been
     antidilutive.

                                       10





          The computation of net income (loss) applicable to common stockholders
     is as follows:



                                                                       

                                                          Three Months Ended March 31,
                                                              2002            2002
                                                             -------          ----
                  Net income (loss)                       $  (78,442)       $ 249,570
                  Preferred stock dividends                  (39,400)         (39,400)
                                                           -----------      -----------
                  Net income (loss) applicable to common  $ (117,842)      $  210,170
                           Shareholders



          Fully diluted net income (loss)  applicable to common  stockholders is
     ($117,842) and $210,170 for the three months ended March  31,2003 and 2002,
     respectively.

7.   COMMITMENTS AND CONTINGENCIES

          The Company  leases  office  space in New York City under an operating
     lease that expires on March 31, 2004. In May 2001, the Company  commenced a
     sublease  of a portion of its  headquarters  office  space to an  unrelated
     third party and in January 2002 the Company commenced a sublease of another
     portion of it  headquarters  office  space to a different  unrelated  third
     party. The Company incurred additional  leasehold expenses of approximately
     $41,000 in connection  with the January 2002 sublease.  Effective April 30,
     2003,  the Company and its landlord  entered into a Partial  Assignment  of
     Lease and Assignment of Subleases,  the effect of which is that the Company
     (i)  continues  to  lease  approximately  5% of its  former  space,  with a
     corresponding  reduction in base rental expense, and (ii) should be paid by
     the landlord on a monthly  basis  approximately  $9,000,  an amount that is
     equal to the difference  between the higher monthly  payments the Company's
     two former  sub-lessors  were  obligated  to pay the  Company and the lower
     amount that the Company was  obligated to pay the landlord  with respect to
     the formerly  sublet  space,  plus the cost of  electricity  for the entire
     space (which averaged  approximately $3,000 per month in 2002). The Company
     also  subleases its former office space in New York City under an operating
     lease that expires  March 1, 2005.  All of the above  leases and  subleases
     provide  for  escalation  of  lease  payments  as well as real  estate  tax
     increases.

          The  Company had an  outstanding  letter of credit  totaling  $250,000
     related to the security  deposit for the Company's New York City  corporate
     office space.  The Company had received letters of credit from its sublease
     tenants in the aggregate amount of approximately $145,000.  Effective April
     30, 2003,  the  Company's  security  deposit was reduced to $11,770 and the
     Company  transferred  the  letters  of credit  from its  subtenants  to its
     landlord.

                                       11





ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

Important Notice Concerning "Forward-looking Statements" in this Report

     1.  "Forward-looking  Statements."  Certain  parts of this Report  describe
historical  information  (such as  operating  results for the three months ended
March 31, 2003 and March 31, 2002,  respectively),  and the Company believes the
descriptions  to be  accurate.  In  contrast  to  describing  the past,  various
sentences of this Report indicate that the Company  believes certain results are
likely to occur after March 31, 2003.  These  sentences  typically  use words or
phrases like  "believes,"  "expects,"  "anticipates,"  "estimates,"  "projects,"
"will continue" and similar expressions. Statements using those words or similar
expressions are intended to identify  "forward-looking  statements" as that term
is used in Section 27A of the  Securities  Act of 1933, as amended,  and Section
21E  of the  Securities  Exchange  Act  of  1934,  as  amended.  Forward-looking
statements include, but are not limited to, projections of operating results for
periods  after  March 31,  2003,  concerning  either a  specific  segment of the
Company's  business  or  the  Company  as  a  whole.  For  example,  projections
concerning the following are forward-looking statements: net revenues, operating
expenses,  net income or loss, gross margins,  royalties,  , marketing expenses,
sales expenses,  and general and administrative  expenses.  Except to the extent
that a statement in this Report is describing a historical  fact, each statement
in this Report is deemed to be a forward-looking statement.

     2. Actual  Results May Be Different than  Projections.  Due to a variety of
risks and  uncertainties,  however,  actual results may be materially  different
from the results projected in the  forward-looking  statements.  These risks and
uncertainties  include  those  set  forth  in  Item  2  (entitled  "Management's
Discussion and Analysis of Financial  Condition and Results of  Operations")  of
Part I hereof, in Exhibit 99 hereof and elsewhere in this Report,  and in Item 1
(entitled "Business") of Part I and in Item 7 (entitled "Management's Discussion
and Analysis of Financial  Condition and Results of  Operations")  of Part II of
the Company's  Annual  Report on Form 10-KSB for the fiscal year ended  December
31, 2002, filed with the Securities and Exchange Commission.

     3. The  Company  Has No Duty to  Update  Projections.  The  forward-looking
statements  in this  Report are  current  only on the date this Report is filed.
After the filing of this Report,  the Company's  expectations  of likely results
may change,  and the Company might come to believe that certain  forward-looking
statements in this Report are no longer accurate. The Company shall not have any
obligation,  however,  to release  publicly any  corrections or revisions to any
forward-looking  statements  contained  in  this  Report,  even  if the  Company
believes the forward-looking statements are no longer accurate.

Three  Months  Ended March 31, 2003 as Compared to the Three  Months Ended March
31, 2002

     In May 2002,  the Company  transferred  the assets of its  remaining  print
publication,  Individual Investor's Special Situations Report newsletter,  to an
unrelated third party,  who assumed the deferred  subscription  liability of the
newsletter.  As a result of the transaction,  the Company discontinued its Print
Publications  operations.  The operating results relating to Print  Publications
operations have been segregated from continuing operations and reported within a
separate line item on the consolidated  statements of operations as discontinued
operations. The results of operations as reported for the period ended March 31,
2002 have been restated to conform to the March 31, 2003 financial  presentation
in which the Print  Publications  operations have been treated as a discontinued
operation.


                                       12


     Net Loss from Continuing Operations

     The  Company's  net loss from  continuing  operations  for the period ended
March 31, 2003 was approximately  $143,000, a decrease of approximately  $82,000
from the net loss from continuing  operations of approximately  $225,000 for the
period  ended March 31,  2002.  The  decrease in the loss from the prior year is
primarily due to a decrease in staff  (approximately  four full time  employees)
and  related  salary  expense  and a  decrease  in  general  and  administrative
expenses,  offset  by a  decrease  in  investment  income  and the  recovery  of
investments  previously  written  off.  The  basic  and  dilutive  net loss from
continuing  operations  per weighted  average  common share for the three months
ended March 31, 2003 and 2002 was approximately  $0.02 and $0.03,  respectively.
There were  approximately  33,000 fewer common shares  outstanding at the end of
March 31, 2003 as compared to March 31, 2002.

     Operating Revenues

     No revenues were recorded for the three months ended March 31, 2003 or 2002
from the Company's index operations.

     Operating Expenses

     Total  operating  expenses  for the  three  months  ended  March  31,  2003
decreased   approximately   37%,  to  approximately   $244,000  as  compared  to
approximately $385,000 for the three months ended March 31, 2002. The decline is
attributable primarily to the reduction of four full time employees.

     General and  administrative  expenses  for the three months ended March 31,
2003  decreased  approximately  37%,  to  approximately  $230,000 as compared to
approximately  $365,000,  for the three months ended March 31, 2002. The decline
is attributable primarily to the reduction of four full time employees.

     Depreciation and amortization  expense for the three months ended March 31,
2003  decreased  approximately  32%,  to  approximately  $14,000 as  compared to
approximately $20,000 for the three months ended March 31, 2002. The decrease is
primarily due to the disposal of computer equipment in January 2003.

     Gain on Sale of Furniture and Fixtures

     Gain on sale of furniture and fixtures for the three months ended March 31,
2003 of approximately  $69,000 represents net proceeds received from the sale of
furniture and fixtures and computer during the quarter.  The Company  recorded a
gain of approximately $71,000 during the three months ended March 31, 2002.


                                       13



     Gain on Investments and Other Assets

     Gain on  investments  represents  proceeds  received  by the  Company  from
investments that had previously been written off during prior periods.

     Investment and Other Income

     Investment  and other  income for the three months ended March 31, 2003 was
approximately  $1,000 as compared to  approximately  $5,000 for the three months
ended March 31, 2002. The decreased  amount of investment  income earned for the
three  months  ended March 31, 2003 as compared to the three  months ended March
31, 2002 is primarily due to lower cash balances  available for investment and a
decrease in interest rates.

     Gain from Discontinued Operations

     The Company's gain from discontinued  operations for the three months ended
March 31, 2003 was approximately  $65,000, a decrease of approximately  $409,000
as compared to a gain from discontinued operations of approximately $474,000 for
the three  months  ended March 31, 2002.  The gain from the  discontinued  print
segment for the three months ended March 31, 2003 was approximately  $65,000,  a
decrease  of  approximately  $396,000  compared  to  a  gain  from  discontinued
operations of approximately  $461,000 for the three months ended March 31, 2002.
The 2003 and 2002 amounts include the recognition of subscription  revenues that
were  previously  deferred.  The 2002  amount  also  recognizes  income  in this
discontinued  operation as a result of Individual  Investor's Special Situations
Report  newsletter that was operational in the first quarter of 2002 and greater
amounts of earned deferred consulting revenue and deferred  subscription revenue
in connection with the July 2001 Magazine Sale.

     The gain from the Online Services discontinued segment for the three months
ended March 31, 2002 was approximately $13,000. There were no comparable amounts
in the quarter ended March 31, 2003.

     The basic and dilutive net income from discontinued operations per weighted
average common share for the three months ended March 31, 2003 was approximately
$0.01,  as compared to  approximately  $0.06 for the three month ended March 31,
2002.

     At March 31, 2003,  the remaining  balance of deferred  revenue  related to
discontinued operations is: deferred non-compete revenue, approximately $81,250,
recognizable  ratably  through  the  second  quarter of 2006;  and net  deferred
subscription revenue, approximately $303,000, recognizable in decreasing monthly
amounts through the second quarter of 2011.

     Net (Loss) Income

     The Company  recorded net loss for the three months ended March 31, 2003 of
approximately  $78,000 as compared to net income of  approximately  $250,000 for
the three months ended March 31, 2002. No income taxes were provided in 2002 due
to the net operating loss  carryovers.  The basic net income (loss) per weighted
average  common  share for the three  months  ended  March 31, 2003 and 2002 was
approximately ($0.01) and $0.03, respectively. In 2001 and 2002, the exercise of
stock options,  warrants, and other securities convertible into shares of common
stock were not assumed in the  computation  of dilutive loss per common share as
the effect would have been anti-dilutive.


                                       14



     Liquidity and Capital Resources

     As of March 31, 2003,  the Company had cash and cash  equivalents  totaling
approximately  $351,000 and negative working capital of approximately  $412,000.
Net cash used in  operating  activities  during the three months ended March 31,
2003 was approximately  $226,000.  Net cash provided by investing activities for
the three months ended March 31, 2003, was  approximately $116,000.  No cash was
used in financing activities or by discontinued  operations for the three months
ended  March 31,  2003.  The  Company's  cash and cash  equivalents  balance  of
approximately $351,000 at March 31, 2003 represented a decrease of approximately
$110,000 from the December 31, 2002 balance.

     The Company's continuing operations are not generating any revenues.

     Over the past two years the Company has had  discussions  with a variety of
parties  concerning  the  potential  license of the  Company's  indexes  for the
creation of financial products.  With one exception,  these discussions have not
resulted in the Company  licensing any of its indexes.  As previously  reported,
the Company had licensed the America's  Fastest Growing  Companies(SM)  Index to
Nuveen Investments for the creation of an  exchange-traded  fund to be sponsored
by Nuveen and based upon that  index.  After  receiving  an  exemptive  order it
sought from the Securities and Exchange Commission to be allowed to sponsor this
fund and  filing  with the SEC a  registration  statement,  Nuveen  did not take
further action to have the registration  statement declared effective nor did it
launch such a fund. As a result, on November 1, 2002, the Company gave notice to
Nuveen that the license was terminated  effective January 30, 2003. There can be
no assurance that the Company will execute licensing  agreements with respect to
its indexes,  that  financial  products  based upon such indexes would enter the
market or that the Company  would derive any material  revenues  with respect to
any such licenses.

     The Company also has had discussions  with a variety of parties  concerning
the  potential  assignment  of  the  Company's  indexes  to a  third  party,  in
connection with which the Company  receiving back a license to sponsor financial
products based upon the indexes and is currently  negotiating such a transaction
with one party.  There can be no assurance  the Company  will  complete any such
transaction or that the Company would be able to successfully  sponsor financial
products based upon the indexes. If the Company were successful in reaching such
an agreement with a third party,  the Company would still need to raise external
financing  of  approximately  $8 million  to $10  million in order to be able to
implement its business plan to sponsor and market these financial  products,  of
which  approximately  $3 million  will be  required in an initial  financing  to
accomplish the steps  necessary to launch the Company's  first ETF. There can be
no assurance that the Company would be successful in raising such financing.

     A cash dividend of $197,000 payable on the Company's  outstanding  Series A
Preferred  Stock is included in the  consolidated  balance sheet as of March 31,
2003. The Company contacted the holder prior to the payment date to explain that
the  Company  would  not be  making  the  December  31,  2002  dividend  payment
($157,600)  while it sought the  financing it required to implement its business
plan.


                                       15



     If the Company  continues  to defer  payment of the  dividends  accrued and
accruing on the Series A  Preferred  Stock and the  Company  eliminates  certain
expenses within its control by the fourth quarter of 2003, the Company  believes
that its  working  capital  and the amount it is  entitled  to receive  from its
landlord on a monthly basis will be  sufficient  to fund its  presently  limited
operations  and enable it to  continue  to seek  through  December  31, 2003 the
external financing  described above that it needs to implement its business plan
to become a fund sponsor. Beyond that time, in all likelihood, the Company would
need to cease operations if it does not obtain external financing.  There can be
no assurance that the Company would be able to obtain  additional  capital,  nor
can there be assurance  as to the terms upon which the Company  might be able to
obtain additional  capital.  Obtaining any additional  capital could result in a
substantial dilution of an investor's equity investment in the Company.

     Recent Accounting Pronouncements

     In August 2001, the Financial  Accounting  Standards  Board ("FASB") issued
Statement of Financial  Accounting  Standard  ("SFAS") No. 143,  "Accounting for
Asset  Retirement  Obligations,"  which is  effective  in 2003.  It requires the
recording  of an  asset  and a  liability  equal  to the  present  value  of the
estimated  costs  associated  with the  retirement of long-lived  assets where a
legal or contractual  obligation exists. The asset is required to be depreciated
over the life of the related equipment or facility,  and the liability  accreted
each year based on a present  value  interest  rate.  This  standard,  which the
Company  adopted  in 2003,  will not have a  material  effect  on the  Company's
consolidated financial position or results of operations.

     In April 2002, the FASB issued SFAS No. 145, "Rescission of FASB Statements
No.  4,  44,and  64,   Amendment  of  FASB   Statement  No.  13,  and  Technical
Corrections." This statement eliminates the automatic  classification of gain or
loss on extinguishment  of debt as an extraordinary  item of income and requires
that such gain or loss be evaluated for extraordinary  classification  under the
criteria  of  Accounting   Principles  Board  No.  30,  "Reporting   Results  of
Operations." This statement also requires sales-leaseback accounting for certain
lease   modifications   that  have   economic   effects   that  are  similar  to
sales-leaseback  transactions,  and makes various other technical corrections to
existing  pronouncements.  This  statement will be effective for the Company for
the year  ending  December  31,  2003,  with  the  effective  date  for  certain
provisions  of SFAS No. 145 being May 15, 2002.  The adoption of this  statement
will not have a  material  effect on our  results  of  operations  or  financial
position or cash flows of the Company.

     In  September  2002,  the FASB issued SFAS No. 146,  "Accounting  for Costs
Associated with Exit or Disposal  Activities." SFAS No. 146 addresses  financial
accounting and reporting for costs  associated with exit or disposal  activities
and nullifies Emerging Issues Task Force Issue No. 94-3, "Liability  Recognition
for Certain  Employee  Termination  Benefits and Other Costs to Exit an Activity
(including  Certain  Costs  Incurred  in a  Restructuring)."  The  Statement  is
effective for such activities implemented after January 1, 2003.

     In  November  2002,  the  FASB  issued   Interpretation   No.  ("FIN")  45,
"Guarantor's  Accounting and Disclosure  Requirements for Guarantees,  Including
Indirect  Guarantees  of  Indebtedness  of Others." FIN No. 45 elaborates on the
disclosures  to be made by a  guarantor  about  its  obligations  under  certain
guarantees  issued. It also clarifies that a guarantor is required to recognize,
at the  inception  of a  guarantee,  a  liability  for  the  fair  value  of the
obligation  undertaken in issuing the  guarantee.  The initial  recognition  and
measurement  provisions of this  Interpretation  apply to  guarantees  issued or
modified  after  December 31, 2002.  The Company has evaluated the impact of the
adoption of FIN 45, and does not  believe it will have a material  impact on the
Company's  consolidated  financial position or results of operations because the
Company is not currently the guarantor of any third party obligations.

                                       16


     In December 2002, the FASB issued SFAS No. 148, "Accounting for Stock-Based
Compensation  - Transition  and  Disclosure - an Amendment of FASB Statement No.
123," to provide alternative methods of transition for a voluntary change to the
fair value based method of accounting for stock-based employee compensation.  In
addition,  this Statement amends the disclosure  requirements of SFAS No. 123 to
require prominent  disclosures in both annual and interim  financial  statements
about the method of accounting for  stock-based  employee  compensation  and the
effect of the method used on reported  results.  We have adopted the  disclosure
requirements of SFAS No. 148 as of December 31, 2002. We account for stock-based
employee  compensation  arrangements in accordance with provisions of Accounting
Principles  Board  ("APB")  Opinion  No.  25,  "Accounting  for Stock  Issued to
Employees,"  and comply  with the  disclosure  provisions  of SFAS No.  123,  as
amended.  Under  APB  Opinion  No.  25,  compensation  expense  is  based on the
difference, if any, on the date of grant, between the quoted market price of our
stock and the exercise price.

     On January 17, 2003, the FASB issued FIN No. 46, "Consolidation of Variable
Interest Entities." FIN No. 46 addresses  consolidation of entities that are not
controllable  through voting  interests or in which the equity  investors do not
bear the residual economic risks and rewards.  These entities have been commonly
referred to as special purpose entities.  The  Interpretation  provides guidance
related to identifying  variable interest entities and determining  whether such
entities  should be  consolidated.  It also  provides  guidance  related  to the
initial and subsequent  measurement of assets,  liabilities  and  noncontrolling
interests  in  newly  consolidated   variable  interest  entities  and  requires
disclosures for both the primary  beneficiary of a variable  interest entity and
other  beneficiaries of the entity.  The Company will adopt the provision of FIN
No. 46  effective  January 1, 2003 but does not  believe it will have a material
impact on the  Company's  financial  position  or results of  operations  as the
Company does not have any involvement with variable interest entities.

     In April 2003,  the FASB issued SFAS No. 149,  "Amendments of Statement 133
on  Derivative  Instruments  and  Hedging  Activities."  SFAS No. 149 amends and
clarifies  financial  accounting  and  reporting  for  derivative   instruments,
including  certain  derivative  instruments  embedded in other contracts and for
hedging  activities under SFAS No. 133,  "Accounting for Derivative  Instruments
and Hedging  Activities." This Statement is effective for contracts entered into
or modified after June 30, 2003 and for hedging  relationships  designated after
June 30, 2003.  The Company does not believe the adoption of this  standard will
have a  material  impact on the  Company's  financial  position  or  results  of
operations.

     In May  2003,  the  FASB  issued  SFAS No.  150,  "Accounting  for  Certain
Financial Instruments with Characteristics of both Liabilities and Equity." This
statement  establishes  standards  for how an  issuer  classifies  and  measures
certain  financial  instruments  with  characteristics  of both  liabilities and
equity.  It  requires  that an issuer  classify a financial  instrument  that is
within its scope as a  liability  (or an asset in some  circumstances).  Many of
those  instruments  were  previously  classified  as equity.  This  statement is
effective for financial instruments entered into or modified after May 31, 2003,
and  otherwise  is  effective  at the  beginning  of the  first  interim  period
beginning  after June 15, 2003.  This standard,  which the Company will adopt in
2003,  will not have a material effect on the Company's  consolidated  financial
position or results of operations.

                                       17



ITEM 3. CONTROLS AND PROCEDURES

     An evaluation of the effectiveness of the Company's disclosure controls and
procedures  as of  March  31,  2003 was made by the  Company's  Chief  Executive
Officer (who is also the Company's principal  financial officer).  Based on that
evaluation,  he  concluded  that,  except  as  discussed  below,  the  Company's
disclosure  controls and  procedures  are  effective to ensure that  information
required  to be  disclosed  by the  Company in reports  that it files or submits
under the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within the time periods specified in Securities and Exchange Commission
rules and forms.  During the fiscal  quarter ended March 31, 2003,  there was no
significant  change in the Company's  internal control over financial  reporting
that has materially affected,  or is reasonably likely to materially affect, the
Company's  internal  control over  financial  reporting.  The Company  currently
employs  three  persons and its  accounting  functions are performed by a former
employee on a part-time,  consulting  basis.  Accordingly,  the Company does not
have  sufficient  personnel to maintain  accounting  systems and  controls  that
typically  would be desired and maintained by larger business  organizations  to
ensure that all accounting  entries are appropriately  recorded and that reports
are timely filed.  As a result,  the Company relies upon the personal  integrity
and availability of the former employee that is performing  accounting  services
for the Company.  The Company's Chief  Executive  Officer has no reason to doubt
the personal  integrity of this person  Additionally,  the Company was unable to
obtain  prior to the  filing of this  report a timely  review  of the  Company's
unaudited  financial  statements  for the quarter  ended March 31, 2003 that are
included in this Form 10-QSB as required by Item 310(b) of Regulation S-B.

                                       18



                           PART II - OTHER INFORMATION

ITEM 1.  Legal Proceedings

         The Company from time to time is involved in ordinary and routine
litigation incidental to its business; the Company currently believes that there
is no such pending legal proceeding that would have a material adverse effect on
the consolidated financial statements of the Company.

ITEM 2.  Changes in Securities

         Sales of Unregistered Securities    None

ITEM 3.  Defaults Upon Senior Securities

         A cash dividend of $192,500 payable on the Company's outstanding Series
A Preferred Stock is included in the consolidated balance sheet as of March 31,
2003. The Company contacted the holder prior to the payment date to explain that
the Company would not be making the December 31, 2002 dividend payment
($157,600) while it sought the financing it required to implement its business
plan.

ITEM 6. Exhibits and Reports on Form 8-K

(a)  Exhibits


                                                                          

         Exhibit
           No.           Description                                       Method of Filing
         -------        ---------------                                    -----------------
          10.23         Partial Assignment of Lease and Assignment of       Filed herewith
                        Subleases between Registrant and SLG Broad Street
                        125C LLC, dated as of April 9, 2003
          31            Section 302 Certification of the Chief Executive    Filed Herewith
                        Officer (and principal financial officer)
          32            Section 906 Certification of the Chief Executive    Filed Herewith
                        Officer (and principal financial officer)
          99            Certain Risk Factors                                Filed herewith


(b)  Reports on Form 8-K None.



                                       19





                                   SIGNATURES


In accordance with the requirements of the Securities  Exchange Act of 1934, the
Issuer  caused  this  report  to be  signed  on its  behalf  by the  undersigned
thereunto duly authorized.

DATE: November 11, 2003

                           INDEX DEVELOPMENT PARTNERS, INC. (Issuer)


                           By:  /s/ Jonathan L. Steinberg
                                ---------------------------
                                Jonathan L. Steinberg, Chief Executive Officer
                                 (and principal financial officer)

                                       20