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 March 31, 2002

[   ]    TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT

              For the transition period from _________to_________

                     Commission file number 0-32097


                   Big Sky Industries V, Inc
---------------------------------------------------------------------
(Exact name of small business issuer as specified in its charter)


                Florida                           59-3647188
----------------------------------    ------------------------------------
(State or other jurisdiction of       (I.R.S. Employer Identification No.)
 incorporation or organization)


            211 Shellpoint West, Maitland, Florida 32751
       -----------------------------------------------------
             (Address of principal executive offices)

                         (407)-628-7033
              -----------------------------------
                  (Issuer's telephone number)

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

    Check whether the registrant filed all documents and reports required
to be filed by Section 12, 13 or 15(d) of the Exchange ACT after the
distribution of securities under a plan confirmed by a court.
                 Yes [   ]                       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: As of
May 20, 2003, 1,050,000 shares of the registrant's common stock,
$.001 par value, issued and outstanding.


 Transitional Small Business Disclosure Format (Check one): Yes [ ]  No [X]




<PAGE>




                           BIG SKY INDUSTRIES V, INC.
                          (A Development Stage Company)

                                 FORM 10-QSB
                                March 31, 2002


INDEX                                                            Page Number


                         PART 1- FINANCIAL INFORMATION

Item 1 - Financial Statements

         Balance Sheets as of March 31, 2002 (unaudited) and as
         of September 30, 2001                                            2

         Statements of Loss and Accumulated Deficit During The
         Development Stage for the three and six months ended
         March 31, 2002 and 2001 (unaudited)                              3

         Statements of Cash Flows During The Development Stage
         for the six months ended March 31, 2002 and 2001 (unaudited)     4

         Notes to Financial Statements (unaudited)                        5

Item 2 - Management's Discussion and Analysis or Plan of Operation        5

                  PART II - OTHER INFORMATION

Item 1 - Legal Proceedings                                                7

Item 2 - Changes in Securities                                            7

Item 3 - Defaults upon Senior Securities                                  7

Item 4 - Submission of Matters to a Vote of Security Holders              7

Item 5 - Other Information                                                7

Item 6 -   Exhibits and Reports on Form 8-K                               7




<PAGE>




                       PART I - FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS


                        BIG SKY INDUSTRIES V, INC.
                       (A Development Stage Company)

<TABLE>
<CAPTION>

                             BALANCE SHEETS

                                                                   March       September 30,
                                                                   2002           2001
                                                                (unaudited)
                                                                -----------    -------------
<S>                                                             <C>            <C>

ASSETS

  Cash                                                          $        68    $       158
                                                                -----------    -----------

TOTAL ASSETS                                                    $        68    $       158
                                                                ===========    ===========

LIABILITIES AND STOCKHOLDERS' DEFICIT

  LIABILITIES

  Accrued expenses                                              $     5,260    $     5,000
                                                                -----------    -----------

TOTAL LIABILITIES                                                     5,260          5,000
                                                                -----------    -----------

STOCKHOLDERS' DEFICIT

  Preferred stock, no par value; 5,000,000 shares authorized,
    none outstanding
  Common stock, $.001 par value, 50,000,000 shares authorized
    1,050,000 shares issued and outstanding                           1,050          1,050
  Additional paid-in capital                                            165            165
    Deficit accumulated during the development stage                 (6,407)        (6,057)
                                                                -----------    -----------

TOTAL STOCKHOLDERS' DEFICIT                                          (5,192)        (4,842)
                                                                -----------    -----------

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                     $        68    $       158
                                                                ===========    ===========

</TABLE>


The accompanying notes are an integral part of these financial statements.



                                 Page 2




<PAGE>



                        BIG SKY INDUSTRIES V, INC.
                      (A Development Stage Company)
   STATEMENT OF LOSS AND ACCUMULATED DEFFICIT DURING THE DEVELOPMENT STAGE
                              (Unaudited)

<TABLE>
<CAPTION>

                                             Three Months Ended         Six Months Ended       Cumulative
                                                 March 31,                  March 31,             During
                                             -------------------       -------------------     Development
                                              2002         2001         2002         2001          Stage
                                            ----------   ----------   ----------  ----------    -----------
<S>                                         <C>          <C>          <C>         <C>           <C>

Revenues                                    $        -   $        -   $       -   $        -    $         -

General and administrative expenses                175          395         350          790          6,407
                                            ----------   ----------   ---------   ----------    -----------
Operating loss                                    (175)        (395)       (350)        (790)        (6,407)

Provision for income taxes                           -            -           -            -              -
                                            ----------   ----------   ---------   ----------    -----------

Net loss                                    $     (175)  $     (395)  $    (350)  $     (790)   $    (6,407)
                                            ==========   ==========   =========   ==========    ===========

Basic and diluted loss per share            $   (0.000)  $   (0.000)  $  (0.000)  $   (0.001)   $    (0.006)
                                            ==========   ==========   =========   ==========    ===========

Weighted average number of common
	shares outstanding
              (basic and diluted)            1,050,000    1,050,000   1,050,000    1,050,000      1,050,000
                                            ==========   ==========   =========   ==========    ===========

</TABLE>



The accompanying notes are an integral part of these financial statements.



                                 Page 3




<PAGE>


                           BIG SKY INDUSTRIES V, INC.
                         (A Development Stage Company)
             STATEMENT OF CASH FLOWS DURING THE DEVELOPMENT STAGE
                              (Unaudited)
<TABLE>
<CAPTION>

                                                           Six Months Ended            Cumulative
                                                              March 31,                  During
                                                        -----------------------        Development
                                                         2002           2001              Stage
                                                      ----------      ----------      -------------
<S>                                                   <C>             <C>             <C>

CASH FLOWS FROM OPERATING ACTIVITIES:

  Net loss                                            $     (175)     $     (790)     $      (6,407)

  Adjustments to reconcile net loss to net
    cash used by operating activities:

  Common stock exchanged for services                          -               0                 50
  Increase in accrued liabilities                            130              84              5,260
                                                      ----------      ----------      -------------
NET CASH USED BY OPERATING ACTIVITIES                 $      (45)     $     (706)     $      (1,097)
                                                      ----------      ----------      -------------
CASH FLOWS FROM FINANCING ACTIVITIES:

  Sale of common stock                                         -               -              1,000
  Contribution of capital by shareholders                      -               -                165
                                                      ----------      ----------      -------------
NET CASH PROVIDED BY FINANCING ACTIVITIES                      -               -              1,165
                                                      ----------      ----------      -------------

NET INCREASE (DECREASE) IN CASH                              (45)            (706)               68

CASH AND EQUIVALENTS - BEGINNING OF PERIOD                   113              955                 -
                                                      ----------      ----------      -------------

CASH AND EQUIVALENTS - END OF PERIOD                  $       68      $       249     $          68
                                                      ==========      ===========     =============
SUPPLEMENTAL DISCLOSURES:

  Cash paid during the period for interest            $        -      $         -     $           -
                                                      ==========      ===========     =============

  Cash paid during the period for income taxes        $        -      $         -     $           -
                                                      ==========      ===========     =============
</TABLE>





The accompanying notes are an integral part of these financial statements.



                                Page 4




<PAGE>





                       BIG SKY INDUSTRIES V, INC.
                     (A Development Stage Company)
                     NOTES TO FINANCIAL STATEMENTS
                            (Unaudited)


1.       Nature of Business and Basis of Presentation

         Basis of Presentation

         Unaudited interim financial statements In the opinion of
management, the accompanying unaudited financial statements reflect
all adjustments, consisting only of normal recurring adjustments,
necessary for a fair presentation of the results for the interim
periods.  Certain footnote disclosures normally included in financial
statements prepared in accordance with accounting principles
generally accepted in the United States of America have been
condensed or omitted pursuant to SEC rules and regulations.  The
preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements and the
reported amount of revenue and expense during the reporting period.
Operating results for the interim periods are not necessarily
indicative of results for the year ended September 30, 2001.

         Organization

         Big Sky Industries V, Inc. was incorporated in Florida on
January 31, 2000.  The company was organized as a "shell" company and
conducts virtually no business operation, other than investigating
opportunities to associate with a suitable business partner and
identifying merger partners or acquisition candidates.  The Company
is a development stage enterprise, as defined by Financial Accounting
Standards, ("FAS") No 7, "Accounting and Reporting by Development
Stage Enterprises."


Item 2.  Management's Plan of Operation.

         Overview

         The following discussion "Management's Plan of Operation"
contains forward-looking statements.  The words "anticipate,"
"believe" "expect," "plan," "intend," "estimate," "project," "will,"
"could," "may," and similar expressions are intended to identify
forward-looking statements.  Such statements reflect the Company's
current views with respect to future events and financial performance
and involve risks and uncertainties.  Should one or more risks or
uncertainties occur, or should underlying assumptions prove
incorrect, actual results may vary materially and adversely from
those anticipated, believed, expected, planned, intended, estimated,
projected, or otherwise indicated.

         The following is qualified by reference to, and should be read
in conjunction with the Company's financial statements, and notes
thereto, included elsewhere in this Form 10-QSB, as well as the
discussion hereunder "Management's Plan of Operation"; our
significant accounting policies are disclosed in Note 1 to our
financial statements included on our Annual Report on Form 10-KSB for
the year ended September 30, 2001 filed with the Securities and
Exchange Commission.



                                Page 5




<PAGE>





         Plan of Operation

         Big Sky Industries V, Inc. is presently a development stage
company that conducts virtually no business operations, other than
investigating opportunities to effect a merger, exchange of capital
stock, asset acquisition, or other similar business combination (a
"Business Combination") with an operating or development stage
business ("Target Business"), which desires to employ the Company to
become a reporting corporation under the Securities Exchange Act of
1934.  To date, we have not engaged in any operations, nor have we
generated any revenue.

         We do not have significant cash or other material assets, nor
do we have an established source of revenue needed to cover the costs
of normal operations, which would allow us to continue as a going
concern.  These financial statements have been prepared using
generally accepted accounting principles applicable to a going
concern, which contemplates the realization of assets and liquidation
of liabilities in the normal course of business.  Our ability to meet
those obligations and continue as a going concern is dependent upon
us raising new capital through advances from current shareholders and
issuing equity securities to complete a Business Combination
transaction with a Target Business. If it becomes necessary for us to
raise additional funds to support normal operations during the next
twelve months, our principal shareholder and founder, Ramon Chimelis,
will advance funds as needed.  If we need to raise funds beyond funds
needed for normal operations, we may choose to sell additional common
stock, especially if we enter into an agreement to effectuate a
Business Combination with a Target Business.

         Since inception, we have received a cash infusion of $1,165.
With the exception of certain other professional fees and costs
related to a Business Combination, we expect that we will incur
minimal operating costs and, as indicated above, our principal
shareholder and founder will advance funds, as needed, to meet our
cash requirements during the next twelve months.  It is likely,
however, that a Business Combination might not occur during the next
twelve months; and in the event that our principal shareholder does
not advance adequate funds to support normal operations and we
deplete our present cash reserves prior to completing a Business
Combination transaction with a Target Business, we may cease
operations and a Business Combination may not occur.

         To date, we have not yet identified a Business Combination
opportunity; therefore, we are unable to predict our cash
requirements subsequent to a Business Combination with an
unidentified Target Business.  As indicated above, we may be required
to raise capital through the sale of or issuance of additional
securities, in order to ensure that we can meet our operating costs
for the remainder of our fiscal year, if we complete a Business
Combination transaction with a Target Business. In the event that we
elect to raise additional capital by selling common stock,  prior to,
or in connection with, completing a Business Combination transaction,
we expect to do so through the private placement of restricted
securities.

         There are no agreements or understandings of any kind with
respect to any loans from officers or directors of the Company on
behalf of the Company, other than that describe above.

         Since our cash reserves are minimal, we have not compensated
our officers or directors; in the near term, we may compensate them
for their services by issuing them stock in lieu of cash.  Presently,
there are no arrangements or anticipated arrangements to pay any type
of additional compensation to any officer or director.  Regardless,
of whether our cash assets prove to be inadequate to meet our
operational needs, we might seek to compensate providers of services
by the issuance of stock in lieu of cash.



                                  Page 6




<PAGE>





                       PART II.  OTHER INFORMATION



Item 1 - Legal Proceedings

         None

Item 2 - Changes in Securities

         None

Item 3 - Defaults upon Senior Securities

         None

Item 4 - Submissions of Matters to a Vote of Security Holders

         None

Item 5 - Other Information

         None

Item 6 - Exhibits and Reports on Form 8-K

     (a)   Exhibits.

           None

     (b)   Reports on form 8-k

           No reports on Form 8-K were filed during the quarter
           ending March 31, 2002.














                             Page 7



<PAGE>




                           SIGNATURES

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


Date: May 20, 2003                  Big Sky Industries V, Inc.


                                    /s/ Ramon Chimelis
                                    ------------------------
                                    Ramon Chimelis
                                    President



<PAGE>