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 December 31, 2001
                                       -----------------

[ ]     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 18, 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
                           December 31, 2001


INDEX                                                               Page
                                                                   Number


                     PART 1- FINANCIAL INFORMATION

Item 1 -   Financial Statements

      Balance Sheets as of December 30, 2001 (unaudited) and as of
      September 30, 2001                                               2

      Statements of Loss and Accumulated Deficit During The
      Development Stage for the three months ended December 31,
      2001and 2000 (unaudited)                                         3

      Statements of Cash Flows During The Development Stage for
      the three months ended December 31, 2001 and 2000
      (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)

                           BALANCE SHEETS


<TABLE>
<CAPTION>
                                                        December 31,    September 30,
                                                           2001            2001
                                                        (unaudited)
                                                        ------------    -------------
<S>                                                     <C>             <C>

ASSETS

        Cash                                            $        113    $         158
                                                        ------------    -------------
TOTAL ASSETS                                            $        113    $         158
                                                        ============    =============

LIABILITIES AND STOCKHOLDERS' DEFICIT

	LIABILITIES

        Accrued expenses                                $      5,130    $       5,000
                                                        ------------    -------------
TOTAL LIABILITIES                                              5,130            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                                               (6,232)          (6,057)
                                                        ------------    -------------
TOTAL STOCKHOLDERS' DEFICIT                                   (5,017)          (4,842)
                                                        ------------    -------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT             $        113    $         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        Cumulative
                                                            December 31,             During
                                                                                   Development
                                                           2001         2000          Stage
                                                        ----------   ----------    -----------
<S>                                                     <C>          <C>           <C>

Revenues                                                $        -   $        -    $       -

General and administrative expenses                            175          395        6,232
                                                        ----------   ----------    ---------
Operating loss                                                (175)        (395)      (6,232)

Provision for income taxes                                       -            -            -
                                                        ----------   ----------    ---------
Net loss                                                $     (175)  $     (395)   $  (6,232)
                                                        ==========   ==========    =========

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

Weighted average number of common
	shares outstanding
                (basic and diluted)                      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>
                                                         Three Months Ended        Cumulative
                                                            December 31,             During
                                                                                   Development
                                                           2001         2000          Stage
                                                        ----------   ----------    -----------
<S>                                                     <C>          <C>           <C>

CASH FLOWS FROM OPERATING ACTIVITIES:

        Net loss                                        $     (175)  $     (395)   $  (6,232)

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

        Common stock exchanged for services                      -            0           50
        Increase in accrued liabilities                        130         (267)       5,130
                                                        ----------   ----------    ---------
NET CASH USED BY OPERATING ACTIVITIES                   $      (45)  $     (662)   $  (1,052)
                                                        ----------   ----------    ---------

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)        (662)         113

CASH AND EQUIVALENTS - BEGINNING OF PERIOD                     158          955            -
                                                        ----------   ----------    ---------
CASH AND EQUIVALENTS - END OF PERIOD                    $      113   $      293    $     113
                                                        ==========   ==========    =========

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 December 31, 2001.












                              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 18, 2003                  Big Sky Industries V, Inc.



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





















                              Page 8


<PAGE>