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

                               Form 10-QSB

(Mark One)
X...Quarterly report under section 13 or 15(d) of the Securities
Exchange Act of 1934 for the quarterly period ended July 31, 1999.

 ....Transition report under section 13 or 15(d) of the Securities
Exchange Act of 1934 [No Fee Required] for the transition period
from _________ to _________.

Commission File No:   __000-24483__

                      SUNBURST ACQUISITIONS V, INC.
                 ---------------------------------------
                 (Name of small business in its charter)

      Colorado                              84-1461844
----------------------               -----------------------
(State or other                      (IRS Employer Id.  No.)
jurisdiction of Incorporation)

4807 South Zang Way        Morrison,  Colorado              80465
-------------------------------------------------------------------
(Address of Principal Office)                              Zip Code

Issuer's telephone number:    (303) 979-2404

Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act during the past 12
months (or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing requirements
for the past 90 days.

 Yes __X__  No _____

Applicable only to issuers involved in bankruptcy proceedings during
the past five years

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

  Yes _____ No _____

Applicable only to corporate issuers

State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date.  At 7/31/99 the
following shares of common were outstanding:  Preferred Stock, no par value,
100,000 shares; Common Stock, no par value, 1,935,000 shares.

Transitional Small Business Disclosure
Format (Check one):
Yes _____     No __X__

<PAGE>

PART 1 - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS AND EXHIBITS

       (a)  The unaudited financial statements of registrant for the
three months ended July 31, 1999, follow.  The financial statements
reflect all adjustments which are, in the opinion of management,
necessary to a fair statement of the results for the interim period
presented.



                      SUNBURST ACQUISITIONS V, INC.
                      (A Development Stage Company)

                          FINANCIAL STATEMENTS
                     Quarter Ended July 31, 1999
                               (Unaudited)

<PAGE>


                             CONTENTS


     Accountants' report                                 F-1
     Balance Sheet                                       F-2
     Statements of Loss and Accumulated Deficit          F-3
     Statements of Cash Flows                            F-4
     Notes to Financial Statements                       F-5

<PAGE>





The Board of Directors and Stockholders of
Sunburst Acquisitions V, Inc.

The accompanying balance sheet of the Sunburst Acquisitions V, Inc. (a
development stage company) as of July 31, 1999, and the related statements
of operations and cash flows for the period then ended were not audited by
us and according we do not express an opinion on them.


Denver, Colorado
August 31, 1999


                                              COMISKEY & COMPANY
                                              PROFESSIONAL CORPORATION

                                     F-1

<PAGE>

                         Sunburst Acquisitions V, Inc.
                         (A Development Stage Company)
                                BALANCE SHEET
                                July 31, 1999
                                 (Unaudited)

<TABLE>
<S>                                                 <C>

ASSETS

CURRENT ASSETS:
   Cash and cash equivalents                         $   2,740
                                                     ---------

     Total current assets                                2,740

OTHER ASSETS:
   Organizational costs (net
     of amortization)                                      225
                                                     ---------

     TOTAL ASSETS                                    $   2,965
                                                     =========

  LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
   Accounts payable                                  $   1,367
                                                     ---------

     Total current liabilities                           1,367

STOCKHOLDERS' EQUITY
   Preferred stock, no par value
     20,000,000 shares authorized;
     100,000 shares issued and outstanding              10,000
   Common stock, no par value;
     100,000,000 shares authorized;
     1,935,000 shares issued and
     outstanding                                         1,935
   Additional paid-in capital                              750
   Deficit accumulated
     during the
     development stage                                 (11,087)
                                                     ---------
   Total stockholders' equity                            1,598
                                                     ---------
     TOTAL LIABILITIES AND STOCKHOLDERS'
       EQUITY                                        $   2,965
                                                     =========
</TABLE>

The accompanying notes are an integral part of the financial statements.
                                   F-2

<PAGE>

                         Sunburst Acquisitions V, Inc.
                         (A Development Stage Company)
                           STATEMENTS OF OPERATIONS
        For the period from inception (April 30, 1998) to July 31, 1999
                                (Unaudited)


<TABLE>
<S>                            <C>                <C>          <C>
                               For the period
                               from inception   For the three  For the three
                               (April 30,       months ended   months ended
                               1998) to July    July           July
                               31, 1999         31, 1999       31, 1998
                               ---------------  -------------  ------------

REVENUES                       $             -  $           -  $          -
                               ---------------  -------------  ------------

EXPENSES
  Amortization                              75             15            15
  Consulting fees                        1,935              -             -
  General Office                           298              -            49
  Legal Fees                             3,657             95         2,495
  Professional fees                      3,490          1,200             -
  Rent                                     750            150           150
  Transfer agent                           882            232             -
                                --------------  -------------  ------------

      Total expense                     11,087          1,692          2,709
                                --------------  -------------  ------------

NET LOSS                               (11,087)        (1,692)        (2,709)

Accumulated deficit
  Balance, Beginning of period               -         (9,395)        (1,935)
                                --------------  -------------  ------------

 Balance, End of period         $      (11,087) $     (11,087) $      (4,644)
                                ==============  =============  ============
NET LOSS PER SHARE              $         (NIL) $        (NIL) $       (NIL)
                                ==============  =============  ============

WEIGHTED AVERAGE NUMBER OF
  SHARES OF COMMON STOCK AND
  COMMON STOCK EQUIVALENTS
  OUTSTANDING                        2,135,000      2,135,000     2,135,000
                                ==============  =============  ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
                                  F-3

<PAGE>

                          Sunburst Acquisitions V, Inc.
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS
       For the period from inception (April 30, 1998) to July 31, 1999
                                (Unaudited)

<TABLE>
<S>                               <C>                   <C>
                                   For the period
                                   from inception
                                   (April 30,      For the three  For the three
                                   1998) to        months ended   months ended
                                   July 31,        July 31,       July 31,
                                   1999            1999           1998
                                  ---------------  -------------  -------------

CASH FLOWS FROM
    OPERATING ACTIVITIES:

  Net Loss                        $       (11,087) $      (1,692) $      (2,709)
  Adjustments to reconcile
     net loss to net cash used
     by operating activities:
    Amortization expense                       75             15             15
    Rent expense                              750            150            150
    Stock issued for
     consulting fees                        1,935              -              -
    Decrease(Increase)
     in prepaid expenses                        -             13         (1,060)
    Increase in accounts
     receivable (related party)                 -              -           (319)
    Increase in
     accounts payable                       1,367          1,317              -
                                   --------------  -------------  -------------

  Net cash used by
   operating activities                    (6,960)          (197)        (3,923)

CASH FLOWS FROM
    INVESTING ACTIVITIES

  Increase in organization costs             (300)             -           (300)
                                   --------------  -------------  -------------

  Net cash used by
   investing activities                      (300)             -           (300)

CASH FLOWS FROM
    FINANCING ACTIVITIES

  Issuance of preferred
   stock                                   10,000              -              -
                                   --------------  -------------  -------------

  Net cash provided
   financing activities                    10,000              -              -
                                   --------------  -------------  -------------

  Net increase (decrease)
   in cash and cash
   equivalents                              2,740           (197)        (4,223)

CASH AND CASH EQUIVALENTS,
  Beginning of Period                           -          2,937         10,000
                                   --------------  -------------  -------------

CASH AND CASH EQUIVALENTS,
 End of Period                     $        2,740  $       2,740  $       5,777
                                   ==============  =============  =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
                                 F-4

<PAGE>

                          Sunburst Acquisitions V, Inc.
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                 July 31, 1999
                                   (Unaudited)

1.  Management's Representation of Interim Financial Information
    ------------------------------------------------------------

The accompanying financial statements have been prepared by Sunburst
Acquisitions V, Inc. without audit pursuant to the rules and regulations of
the Securities and Exchange Commission.  Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted
as allowed by such rules and regulations, and management believes that the
disclosures are adequate to make the information presented not misleading.
These financial statements include all of the adjustments which, in the opinion
of management, are necessary to a fair presentation of financial position and
results of operations.  All such adjustments are of a normal and recurring
nature.  These financial statements should be read in conjunction with the
audited financial statements at April 30, 1999.


                                 F-5

<PAGE>

Item 2.         MANAGEMENT'S DISCUSSION AND ANALYSIS OR
                PLAN OF OPERATIONS.

Liquidity and Capital Resources

        The Company remains in the development stage and, since
inception, has experienced no significant change in liquidity or capital
resources or stockholder's equity other than the receipt of net proceeds
in the amount of $10,000 from its inside capitalization funds.
Consequently, the Company's balance sheet for the period ending July 31,
1999 reflects a current asset value of $2,740 and a total asset value
of $2,965, primarily in the form of cash, as compared to $7,387 and $7,672
in current and total assets as of July 31, 1998.

        The Company's business plan is to seek, investigate, and, if
warranted, acquire one or more properties or businesses, and to pursue
other related activities intended to enhance shareholder value.  The
acquisition of a business opportunity may be made by purchase, merger,
exchange of stock, or otherwise, and may encompass assets or a business
entity, such as a corporation, joint venture, or partnership.  The
Company has very limited capital, and it is unlikely that the Company
will be able to take advantage of more than one such business
opportunity.

        The Company will carry out its plan of business as discussed
above.  The Company cannot predict to what extent its liquidity and
capital resources will be diminished prior to the consummation of a
business combination or whether its capital will be further depleted by
the operating losses (if any) of the business entity which the Company
may eventually acquire.

Results of Operations

        During the period from April 30, 1998 (inception) through
July 31, 1999, the Company has engaged in no significant operations
other than organizational activities, acquisition of capital and preparation
for registration of its securities under the Securities Exchange Act of
1934, as amended.  No revenues were received by the Company during
this period.

        For the current fiscal year, the Company anticipates incurring a
loss as a result of expenses associated with registration under the Securities
Exchange Act of 1934, and expense sassociated with locating and evaluating
acquisition candidates.  The Company anticipates that until a business
combination is completed with an acquisition candidate, it will not generate
revenues and may continue to operate at a loss after completing a business
combination, dependingupon the performance of the acquired business.

        For the quarters ended July 31, 1999 and 1998, the Company
showed net losses of $1,692 and $2,709, respectively.  The decrease in
loss is due primarily to the timing differences related to expenses
incurred in relation to reporting requirements, and general and
administrative expenses.

Need for Additional Financing

        The Company believes that its existing capital will be sufficient
to meet the Company's cash needs, including the costs of compliance
with the continuing reporting requirements of the Securities Exchange
Act of 1934, as amended, for a period of approximately one year.
Accordingly, in the event the Company is able to complete a business
combination during this period, it anticipates that its existing capital will
be sufficient to allow it to accomplish the goal of completing a business
combination.  There is no assurance, however, that the available funds
will ultimately prove to be adequate to allow it to complete a business
combination, and once a business combination is completed, the
Company's needs for additional financing are likely to increase
substantially.

        No commitments to provide additional funds have been made by
management or other stockholders.  Accordingly, there can be no
assurance that any additional funds will be available to the Company to
allow it to cover its expenses.

        Irrespective of whether the Company's cash assets prove to be
inadequate to meet the Company's operational needs, the Company
might seek to compensate providers of services by issuances of stock in
lieu of cash.

Consideration of year 2000 effects relevant to the Company

        Year 2000 issues are not currently material to the Company's business,
operations or financial condition, and the Company does not currently
anticipate that it will incur any material expenses to remediate Year 2000
issues it may encounter.  However, Year 2000 issues may become material to the
Company following its completion of a business combination transaction.  In that
event, the Company will be required to adopt a plan and a budget for addressing
such issues.

PART II

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

       (a)  EXHIBIT 27 - FINANCIAL DATA SCHEDULE

       There have been no reports on Form 8-K for the quarter ending
July 31, 1999.

<PAGE>
Signatures

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

SUNBURST ACQUISITIONS V, INC.
(Registrant)

Date: September 9, 1999

/s/
Michael R. Quinn, Secretary/Treasurer