UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 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

                                       OR

          |_| 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 0-23901

                                    GSV, INC.
           (Exact name of small business issuer as specified in its charter)

                     Delaware                        13-3979226
        --------------------------------- ------------------------------------
        (State or other jurisdiction of    (I.R.S. Employer Identification No.)
         incorporation or organization)

                    191 Post Road West, Westport, Connecticut    06880
               (Address of principal executive offices)      (Zip Code)

                       Issuer's telephone number (203) 221-2690



Indicate by check mark whether registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                                 Yes |X| No |_|

The number of shares of the Registrant's common stock, par value $.001 per
share, outstanding on May 15, 2003 was 2,640,090 shares, excluding 168,592
shares of our common stock held in Treasury.






                           GSV, INC. AND SUBSIDIARIES
                               INDEX TO FORM 10-QSB




                                                                           Page
PART I.     FINANCIAL INFORMATION                                        Number
                                                                         ------



Item 1.     Financial Statements:

            Consolidated Balance Sheet                                        2

            Consolidated Statements of Operations for the
            Three Months ended March 31, 2003 and 2002                        3

            Consolidated Statements of Cash Flows for the
            Three Months ended March 31, 2003 and 2002                        4

            Notes to Consolidated Financial Statements                        5

Item 2.     Management's Discussion and Analysis of Financial Condition
            and Results of Operations                                         7

Item 3.     Controls and Procedures                                           9

PART II.    OTHER INFORMATION

Item 6.     Exhibits and Reports on Form 8-K                                 10

SIGNATURES                                                                   11

CERTIFICATIONS                                                               12





PART I. FINANCIAL INFORMATION

Item 1. - Financial Statements

                           GSV, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET
                                 March 31, 2003






         ASSETS
Current Assets:
     Cash and cash equivalents                                      $   547,492
     Prepaid expenses and other current assets                           33,031
                                                                 --------------
       Total current assets                                             580,523

Investments                                                              65,000
Option to purchase oil and gas properties                                80,210
Investments - oil & gas wells, net                                      122,031
Property and equipment, net                                             169,054
Other assets                                                             35,599
                                                                 --------------

       Total assets                                                 $ 1,052,417
                                                                 ==============

       LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
     Accounts payable                                               $    92,311
     Tenant security deposit                                             51,250
     Dividends payable                                                   63,800
                                                                 --------------
       Total current liabilities                                        207,361
                                                                 --------------

       Total liabilities                                                207,361
                                                                 --------------

Stockholders' equity:
     12% Series A Preferred stock, $.001 par
       value; 636,365 shares authorized;
       363,637 shares issued and outstanding                           380,000
     Common stock, $.001 par value; 75,000,000
       shares authorized; 2,808,690 issued;
       2,640,090 outstanding                                             2,809
     Additional paid-in capital                                     38,220,679
     Treasury stock                                                   (558,998)
     Accumulated deficit                                           (37,199,434)
                                                                --------------
       Total stockholders' equity                                      845,056
                                                                --------------

       Total liabilities and stockholders' equity                  $ 1,052,417
                                                                ==============



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



                                        2






                           GSV, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)





                                               Three Months Ended March 31,
                                        -----------------------------------
                                                2003                2002
                                        ---------------     ---------------

Sublease income                            $     51,638       $      50,629
Oil and gas income                               27,728                 ---
                                        ---------------     ---------------
                                                 79,366              50,629

Operating expenses:
  General and administrative                    222,264             150,415
                                        ---------------     ---------------
       Total operating expenses                 222,264             150,415
                                        ---------------     ---------------
Loss from operations before other
  income and expense                           (142,898)            (99,786)
Interest income, net                                890               4,872
                                        ---------------     ---------------
Loss from operations                           (142,008)            (94,914)
                                        ---------------     ---------------
Net loss                                   $   (142,008)      $     (94,914)
                                        ===============     ===============

Basic and diluted net loss
  per common share:
  Loss per common share from operations      $   (0.05)          $   (0.05)
                                        ===============     ===============

Weighted average common shares
  outstanding, basic and diluted              2,640,090           1,790,090
                                        ===============     ===============


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





                                        3






                           GSV, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)




                                               Three Months Ended March 31,
                                        -----------------------------------
                                                    2003               2002
                                        ----------------    ---------------

Cash flows from operating activities:
   Net loss                                $    (142,008)     $     (94,914)
   Adjustments to reconcile net loss
    to net cash from operating activities:
     Depreciation                                 14,568             16,617
     Depletion                                    22,139                ---
   Increase (decrease) in cash from changes in:
     Prepaid expenses and other current assets    39,537             25,000
     Accounts payable                             14,789            (23,306)
                                         ---------------     --------------
  Net cash from operating activities             (50,975)           (76,603)
                                         ---------------     --------------

Cash flows from investing activities:                  -                  -

Cash flows from financing activities:                  -                  -

               Net decrease in cash              (50,975)           (76,603)

Cash and cash equivalents, beginning
      of period                                  598,467          1,312,343
                                         ---------------     --------------

Cash and cash equivalents,
      end of period                           $  547,492        $ 1,235,740
                                         ===============     ==============


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









                                        4






                           GSV, INC. AND SUBSIDIARIES
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. Description of the Business and Basis of Presentation

    Commencing in June 2001, GSV, Inc. and Subsidiaries ("the Company") changed
the direction  of its business.  The Company's  business operations since  June
2001 include  entering into  new business  operations  through  acquisitions or
mergers  and managing  existing  investments including the  recent oil  and gas
acquisitions.

    Prior  to  June  2001, the Company  had  sought  to  identify  and  develop
attractive  early stage Internet companies in exchange for equity positions  in
such companies. In connection with this activity, the Company made  investments
in Fasturn, Inc., Weema Technologies, Inc., Telephone.com, Inc., MeetChina.com,
Inc., and e-Commerce  Solutions, Inc.  The Company has since  made  substantial
write downs  of  its internet  investments to more  accurately reflect  current
market valuations, and these investments do not represent a  significant asset.
In September 2002  the Company  restructured its  investment in  Telephone.com,
Inc.  and  received $75,000  in cash  and  358,000 shares of  common  stock  of
Telephone.com, Inc. in  exchange for 600,000 shares of series A preferred stock
of Telephone.com.  The Company is presently investigating whether or  not there
are any business prospects  through which  material value  can be realized from
its internet investments.

    Effective June 1, 2002, the Company  acquired working  interests in two oil
and gas wells in the state of Louisiana pursuant to an asset purchase agreement
with Polystick U.S. Corp., a privately held New York corporation. Additionally,
the Company acquired an option, including a right of first refusal, to purchase
other oil  and gas properties  held by Polystick U.S. Corp.  The  consideration
consisted of $550,000 in cash and 850,000  shares of the Company's common stock
valued at $0.25 per share.

    Concurrent  with  the  asset  purchase  agreement,  the  Company  signed  a
management  agreement with Polystick U.S. Corp.  to assist the  Company in  the
managment of its oil and gas  working interests and the  development of new oil
and gas  activities.  The  agreement is for one year  with an annual consulting
fee of $150,000, paid in monthly installments.

    The information presented as of March 31, 2003  and  for  the   three-month
periods  ending March 31, 2003 and 2002, is unaudited, but, in the  opinion  of
management  of the Company, the accompanying unaudited  consolidated  financial
statements  contain  all  adjustments  (consisting  only  of  normal  recurring
adjustments) which the Company considers necessary for the fair presentation of
the Company's financial position as  of  March 31,  2003, the  results  of  its
operations  for  the three-month  periods ended March 31, 2003 and 2002 and its
cash  flows  for the three-month  periods ended  March 31, 2003 and  2002.  The
consolidated  financial statements included herein have been  prepared  without
audit  pursuant  to the rules  and regulations of the Securities  and  Exchange
Commission.  Accordingly, certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally accepted
accounting  principles  have  been condensed  or  omitted.  These  consolidated
financial  statements should be read in conjunction with the Company's  audited
consolidated  financial  statements  and  accompanying notes for the year ended
December 31, 2002, included  in  the Company's  Annual  Report on  Form  10-KSB
as  filed with the Securities  and Exchange  Commission.  Certain prior  period
amounts have been reclassified to conform to the current period presentation.



                                        5


2. Investments

    The  Company  has  investments in  five  internet-related  companies  which
have  been accounted  for using  the cost  method.  During  the  quarter  ended
March  31, 2003, the  Company recorded  no charge to operations for any further
impairment of these investments.

    As described  above, the Comany  acquired working interests in two oil  and
gas wells  effective June 1, 2002 for $550,000 in cash and common stock  of the
Company  valued at $212,500, for  a total  investment  of $762,500.  The  asset
is depleted on a periodic basis using the units of production method. Depletion
expense for the quarter ended March 31, 2003 ws $22,139.  In the fourth quarter
of 2002, the properties  exhibited a marked  decrease in the volume  of oil and
gas produced. Based upon an independent reserve study performed effective March
2003, the Company reduced the carrying amount of its oil and gas  properties by
approximately $479,000 for the year ended December 31, 2002.

3. Stockholders' Equity

    Pursuant to the terms  of the  Asset Purchase Agreement with Polystick U.S.
Corp. effective June 1, 2002, the Company issued 850,000 shares of common stock
valued  at a  price of $0.25 per share, the closing  price on  May 28, 2002, to
Polystick U.S. Corp.

4. Net Loss Per Common Share

     Basic and  diluted net loss  per common  share is  calculated by  dividing
Net  loss per  common share  after effect  of preferred stock dividends  by the
weighted average number of shares of common stock outstanding during the period
as follows:



<table>

                    <c>         <c>         <c>         <c>            <c>       <c>
                                      For the Three Months Ended March 31,
-------------------------------------------------------------------------------
                                     2002                                 2002
      -----------------------------------------------     ----------------------------------
                                               Per                                  Per
                         Loss    Shares        Share       Loss       Shares       Share

Loss from operations  $(142,008)  2,640,090   $ (0.05)   $ (94,914)   1,790,090   $ (0.05)
Effect of preferred
 stock dividends            ---                    --          ---                     --
                      ---------   ---------   -------    ---------   ----------    ------

Net loss available for
 common shareholders  $(142,008)  1,790,090   $ (0.05)   $ (94,914)   1,790,090   $ (0.05)
                      =========   =========   =======    =========    =========   =======
</table>


                                        6


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

Overview

    Commencing in June 2001, we  changed the direction  of  our  business.  The
business  operations since  June include entering into new business  operations
through  acquisitions or  mergers and  managing existing investments  including
the recent  oil and gas acquisitions.  A limiting  factor has been the  pending
class  action litigation brought against the Company. This class action lawsuit
was dismissed in March 2002 with  prejudice subject to  the right of appeal  by
the plaintiffs. This  right of appeal  expired on  April 18, 2002.  We  believe
that because the  litigation  is  no  longer  pending,  our  opportunities  for
completing  successful  business   transactions  have  been  greatly  enhanced.
However, we  cannot assure  you that  such opportunities  will continue  to  be
available to us on acceptable terms.

    Effective June 1, 2002, the Company  acquired working  interests in two oil
and gas wells in the state of Louisiana pursuant to an asset purchase agreement
with Polystick U.S. Corp. ("Polystick"), a privately held New York corporation.
The  consideration  consisted of $550,000 in  cash  and 850,000  shares of  the
Company's common stock  valued at $0.25 per  share.  Additionally, the  Company
acquired a  one-year option, including  a right of  first  refusal, to purchase
other oil and gas properties held by Polystick.

    Concurrent  with  the  asset  purchase  agreement,  the  Company  signed  a
management  agreement  with  Polystick to assist the Company in the  management
of its  oil and gas  working interests  and the development  of new oil and gas
activities.  The  agreement is  for one  year with  an annual consulting fee of
$150,000, paid in monthly installments.

    On April 8, 2003, we signed a term sheet with Polystick for the purchase by
the Company of all oil and gas related properties owned by Polystick.  Pursuant
to the term sheet, the consideration to be paid by the Company, valued at $2.65
million, will consist of 4,500,000 shares of common stock of the Company valued
at $0.25 per share and 1,500,000 shares of Series B convertible preferred stock
of the  Company.  The Series B convertible  preferred stock will be convertible
into  shares of  the Company's  common  stock  at a price  of $1.00 per  share,
subject to  certain anti-dilution adjustments.  Polystick will  have the right,
pursuant to the  terms of  the Series B  preferred stock, to elect  up to three
members of the Company's board of  directors.  The purchase price is subject to
adjustment  based on  the  Company's due  diligence investigation  of Polystick
and its assets. Consummation of the transaction is subject to the completion of
due diligence and  the  negotiation  and  execution  of  a definitive  purchase
agreement.  Consummation of  the  transaction  is  also  subject  to the  prior
repurchase  or redemption  of all  of the  outstanding  shares of the Company's
existing Series A preferred stock.

    Prior to June 2001, we had sought to identify and develop attractive  early
stage  internet  companies in exchange for equity positions in such  companies.
In connection with this activity, we made investments in  Fasturn, Inc.,  Weema
Technologies,  Inc.,  Telephone.com, Inc.,  MeetChina.com. Inc. and  e-Commerce
Solutions, Inc.  We have since made substantial write downs of our  investments
to more  accurately reflect current market valuations, and our  investments  do
not  represent a significant asset.  As of March 31, 2003, our investments were
valued at approximately 6.2% of the total value of our assets. We are presently
investigating  as to whether  or not there are any  business prospects  through
which material value can be realized from our investments.

Off-Balance Sheet Transactions

    In June 2001, we sublet to Nekema.com  our former  offices in  Jersey City,
New Jersey through December 31, 2008.  The rent on the  sublease is  guaranteed
by Lumbermens Mutual Casualty Company, d/b/a Kemper Insurance Company until May
2003.  In September 2002 Nekema ceased business operations and defaulted on the
sublease.  Kemper Insurance Company has made all payments of rent due under the
sublease through the date of this filing. We are actively seeking a replacement
subtenant for the property. If we are unable to find a subtenant, unless we are
able to negotiate a  settlement with  the landlord we will  be obligated to pay
rent on the space until our lease expires in December 2008.  The lease contains
automatic  increases based  upon the consumer  price index.  Estimated  minimum
future  lease  payments,  including  such  increases,  aggregate  approximately
$1,008,000.

Contractual Obligations

    The following table summarizes the Company's contractual obligations  as of
the latest fiscal year end, December 31, 2002:

                                        Less than  1 to      3 to     More than
                             Total      1 Year     3 Years   5 Years  5 Years
                             ---------- ---------  --------  -------- ---------
Operating Leases             $1,065,668 $ 163,503  $337,237  $368,272 $ 196,656
Consulting contract          $   81,250 $  81,250  $      -  $      - $       -
Preferred stock dividend (1) $   63,800 $  63,800  $      -  $      - $       -
                             ---------- ---------  --------  -------- ---------
Total                        $1,210,718 $ 308,553  $337,237  $368,272 $ 196,656
                             ========== =========  ========  ======== =========

(1)  Preferred stock dividend is not obligated until declared each  June 30 and
     December 31.


                                        7



Results of Operations

Three  Months  Ended  March 31, 2003 compared to Three Months Ended  March  31,
2002.

Revenues:  Revenues for the quarter increased by $28,737 over the corresponding
period of the preceding year due to the addition of the oil and gas activity.

General  and  administrative:   General  and  administrative  expenses  consist
primarily  of  payroll  and   payroll  related  expenses  for   administrative,
information technology, accounting, and  management personnel, legal  fees, and
general corporate expenses.  General  and administrative  expenses increased by
48%, or $71,849, to $222,264 in the first quarter of 2003  from $150,415 in the
first  quarter of 2002.  General  and  administrative  expenses in the  current
period reflect  general corporate overhead, as well as depletion of $22,139 and
consulting expense of $37,500.

Interest income, net: Interest  income decreased  $3,982 to $890 in  the  first
quarter  of 2003  from $4,872  in the first  quarter of 2002.  The decrease  is
primarily  the  result of a decrease in average cash and cash  equivalents,  as
well as a decrease in interest rates.

Net  Losses:  Loss  from operations  increased by $47,094  from $94,914  in the
first  quarter  of 2002,  or ($0.05)  per basic  and diluted  common share,  to
$142,008 in the first quarter of 2003, or ($0.05) per basic and diluted  common
share.

Liquidity and Capital Resources

Net  cash  used in operations  decreased by 33%, or $25,628, to $50,975 in  the
first quarter of 2003 from $76,603 in the first quarter of 2002, primarily as a
result of increased revenues from the oil and gas activity offset by consulting
and  depletion  expense.  Current assets  other than cash  decreased by 54%, or
$39,537, in the first  quarter  of  2003  from  $72,568  at  December 31, 2002,
to  $33,031  at March 31, 2003, reflecting  a  decrease  in  prepaid  insurance
premiums  due to  the  timing of  policy renewals  and a  decrease in  accounts
receivable.

Net cash provided by investing activities during the first three months of 2003
was zero as compared to zero in the same period of the prior year.

Net cash provided by financing activities during the first three months of 2003
was zero as compared to zero in the same period of the prior year.

We  believe that our existing capital resources will enable us to maintain  our
operations   at  existing  levels   for  at least  the  next  12  months.   The
sufficiency  of  the our capital resources is substantially dependent upon  our
future  acquisitions. Accordingly it is difficult to project our capital needs.
However, we will evaluate potential acquisitions in terms of our then  existing
capital  resources and the availability of additional debt or equity financing.
There  can  be no assurance that any additional financing or other  sources  of
capital  will  be  available  to  us  upon  acceptable terms, if  at  all.  The
inability  to obtain additional financing, when needed, would  have a  material
adverse effect on our business, financial condition and operating results.


                                        8


Forward-Looking Statements:

Some  of  the  statements in this report are  forward-looking  statements  that
involve  risks  and uncertainties.   These forward-looking  statements  include
statements   about  our  plans,  objectives,   expectations,   intentions   and
assumptions that are not statements of historical fact.  You can identify these
statements by the following words:

      - "may"
      - "will"
      - "should"
      - "estimates"
      - "plans"
      - "expects"
      - "believes"
      - "intends"

and  similar expressions.  We cannot guarantee our future results,  performance
or  achievements.  Our  actual results and the timing of corporate  events  may
differ  significantly  from the expectations  discussed in the  forward-looking
statements.  You  are  cautioned  not to place undue reliance on  any  forward-
looking  statements.  Potential  risks and uncertainties that could affect  our
future operating results include, but are not limited to, our limited operating
history, history of losses, need to raise additional capital, and the high risk
nature  of  our business.


Item 3. Controls and Procedures

The  Company's  Chief  Executive  Officer  and  Chief  Financial Officer, after
evaluating   the  effectiveness  of  the   Company's  disclosure  controls  and
procedures  (as defined in Rules 13a-14(c)  and 15d-14(c) under  the Securities
Exchange Act of 1934, as amended) as of a date within 90 days  of the filing of
this quarterly  report (the "Evaluation Date"), has  concluded that, as  of the
Evaluation  Date,  the  Company's  disclosure  controls  and   procedures  were
effective  to  ensure  the  timely  collection,  evaluation  and  disclosure of
information  relating  to  the  Company  that  would  potentially be subject to
disclosure under the Securities Exchange Act of 1934, as amended, and the rules
and regulations promulgated  thereunder.  There were no significant  changes in
the Company's  internal controls  or in other  factors that could significantly
affect the internal controls subsequent to the Evaluation Date.



                                       9




PART II.    OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

(a)  Exhibits -
     99.1  Certification  of  Chief  Executive  Officer  and  President  of the
           Company, pursuant to 18 U.S.C. Section 1350, as adopted  pursuant to
           Section 906 of the Sarbanes-Oxley Act of 2002.

(b)  Reports on Form 8-K

     On April 8, 2003, we  filed a  report on Form 8-K announcing  under Item 9
     thereof the signing of a term sheet between the Company and Polystick U.S.
     Corp.  for  the  purchase  by  the  Company  of  all oil  and gas  related
     properties owned by Polystick U.S. Corp.



                                       10





                                  SIGNATURES

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


Date: May 15, 2003                 By: /s/ Gilad Gat

                                   Gilad Gat
                                   Chief Executive Officer and President
                                   (Principal Executive Officer)
                                   Chief Financial Officer
                                   (Principal Financial and Accounting Officer)





                                       11


                                CERTIFICATIONS



I, Gilad Gat, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of GSV, Inc.;

2. Based on my knowledge, this  quarterly report  does  not contain  any untrue
statement of a material fact or omit to state a material fact necessary to make
the  statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period  covered by this quarterly
report;

3. Based  on  my  knowledge, the  financial  statements,  and  other  financial
information  included in this  quarterly report, fairly present in all material
respects the financial condition, results of operations  and cash  flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The  registrant's  other  certifying  officers  and  I  are  responsible for
establishing and maintaining disclosure controls and  procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

   a) designed such disclosure controls and procedures to ensure  that material
information   relating   to   the   registrant,  including   its   consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

   b) evaluated  the effectiveness of  the registrant's disclosure controls and
procedures  as of a date  within  90  days  prior  to the filing  date of  this
quarterly report (the "Evaluation Date"); and

   c) presented   in   this   quarterly   report  our  conclusions   about  the
effectiveness of the disclosure controls and procedures based on our evaluation
as of the Evaluation Date;

5. The registrant's  other certifying officers  and I have disclosed, based  on
our  most  recent  evaluation, to  the  registrant's  auditors  and  the  audit
committee  of  registrant's  board  of  directors  (or persons  performing  the
equivalent functions):

   a) all  significant  deficiencies  in the  design or  operation of  internal
controls  which  could adversely  affect the  registrant's ability  to  record,
process, summarize  and  report  financial  data  and  have identified  for the
registrant's auditors any material weaknesses in internal controls; and

   b) any  fraud, whether  or not material, that  involves management  or other
other  employees  who have  a significant  role in  the  registrant's  internal
controls; and

6. The  registrant's  other  certifying officers  and I have  indicated in this
quarterly  report whether  or not  there were significant  changes in  internal
controls or in other factors that could significantly affect internal  controls
subsequent to the date of our most recent evaluation, including  any corrective
actions with regard to significant deficiencies and material weaknesses.





Date: May 15, 2003                                           By: /s/ Gilad Gat

                                                                     Gilad Gat
                                                       Chief Executive Officer
                                                       Chief Financial Officer


                                        12