# 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 June 30, 2002

| | [     ] | TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | ------- | ----------------------------------------------------------------------------------------

For the transition period from

Commission File No. 000-30329

SEGWAY V CORP.(Exact name of small business issuer as specified in its charter)

|New Jersey                      | 22-3719171         
|------------------------------- | -------------------
|(State or other jurisdiction of | (I.R.S. Employer   
|incorporation or organization)  | Identification No.)

4400 Route 9 South,
2nd Floor, Freehold, NJ   07728
(Address of Principal Executive Offices)

(732) 409-1212
(Issuer's telephone number)

(Former name, address and fiscal year, if changed since last report)

Check whether the issuer
(1) has filed all reports required to be filed by Section 13 or 15(d) of the
Exchange Act during the preceding 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 [ X]   No [  ]

State the number of shares outstanding
of each of the issuer's classes of common equity, as of August 19, 2002:  5,250,000 shares of
common stock outstanding, $0.0001 par value.

SEGWAY V CORP.
FINANCIAL STATEMENTSINDEX

|                                                                          | 
|------------------------------------------------------------------------- | 
|Part
      I-- FINANCIAL INFORMATION                                      | 
|Item
      1. Financial Statements                                        | 
|Statements
      of Income:                                               | 
|Item
      2. Management's Discussion and Analysis of Financial Condition | 
|Part
      II-- OTHER INFORMATION                                         | 
|Item
      1. Legal Proceedings                                           | 
|Item
      2. Changes in Securities                                       | 
|Item
      3. Defaults Upon Senior Securities                             | 
|Item
      4. Submission of Matters to a Vote of Security Holders         | 
|Item
      5. Other Information                                           | 
|Item
      6. Exhibits and Reports on Form 8-K                            | 
|Signature                                                                 | 
|                                                                          | 

Item 1.     Financial
Information

## BASIS OF PRESENTATION

The accompanying
reviewed financial statements are presented in accordance with
generally accepted accounting principles for interim financial information and
the instructions to Form 10-QSB and item 310 under subpart A of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting only of normal
occurring accruals) considered necessary in order to make the financial
statements not misleading, have been included. Operating results for the six
months ended June 30, 2002 are not necessarily indicative of results that
may be expected for the year ending December 31, 2002. The financial statements
are presented on the accrual basis.

SEGWAY V CORP.

TABLE OF CONTENTS

|                                              | Page(s)
|--------------------------------------------- | -------
|Balance sheets                                | -1-    
|                                              |        
|Statements of Operations and retained Deficit | -2-    
|                                              |        
|Statement of Stockholders' Equity             | -3-    
|                                              |        
|Statements of cash flows                      | -4-    
|                                              |        
|Notes to financial statements                 | 5-7    

`SEGWAY V CORP.
                                  BALANCE SHEET
                              As of June 30, 2002
                              and December 31, 2001


                                     ASSETS

CURRENT ASSETS                                               June 30, 2002    December 31, 2001
                                                            --------------    -----------------

         Cash                                                    $   (10)       $    36
                                                                 -------        -------




                       TOTAL ASSETS                              $   (10)       $    36
                                                                 =======        =======

                  LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

     Accrued expenses                                            $ 1,125        $   925
                                                                 -------        -------


                       TOTAL LIABILITIES                           1,125            925
                                                                 -------        -------

 STOCKHOLDERS' EQUITY

   Common Stock - par value $0.0001;
     100,000,000 shares authorized;
     5,250,000 issued and outstanding                                525            525

   Additional paid in capital                                        399            349

   Preferred Stock - Par value $0.0001;
     20,000,000 shares authorized;
     none issued and outstanding                                       0              0

   Accumulated Deficit                                            (2,059)        (1,763)
                                                                 -------        -------

   Total stockholders' equity                                     (1,135)          (889)
                                                                 -------        -------


       TOTAL LIABILITIES AND EQUITY                              $   (10)       $    36
                                                                 =======        =======



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




                                 SEGWAY V CORP.
                             STATEMENT OF OPERATIONS
                For the six months ended June 30, 2002 and 2001,
            and from inception (March 31, 2000) through June 30, 2002


                                                   Six Months         Six Months      From Inception
                                                 June 30, 2002      June 30, 2001    To June 30, 2002

REVENUE                    Sales                  $         0        $         0        $         0
                           Cost of sales                    0                  0                  0
                                                  -----------        -----------        -----------

     GROSS PROFIT                                           0                  0                  0

     GENERAL AND ADMINISTRATIVE EXPENSES                  296                296              2,059
                                                  -----------        -----------        -----------

     NET LOSS                                            (296)              (296)            (2,059)

     ACCUMULATED DEFICIT, BEGINNING BALANCE            (1,763)              (837)                (0)
                                                  -----------        -----------        -----------

     ACCUMULATED DEFICIT, ENDING BALANCE          $    (2,059)       $    (1,133)       $    (2,059)
                                                  ===========        ===========        ===========

NET EARNINGS PER SHARE

         Basic and Diluted

         Net loss per share                    (Less than .01)

Basic and Diluted Weighted Average

    Number of Common Shares Outstanding             5,250,000




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




                                 SEGWAY V CORP.
                             STATEMENT OF OPERATIONS
                For the three months ended June 30, 2002 and 2001



                                           Three Months     Three Months
                                           June 30, 2002    June 30, 2001
                                           -------------    -------------

REVENUE                    Sales               $   0        $   0
                           Cost of sales           0            0
                                               -----        -----

     GROSS PROFIT                                  0            0

     GENERAL AND ADMINISTRATIVE EXPENSES         148          148
                                               -----        -----


     NET LOSS                                  $(148)       $(148)
                                               =====        =====

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




                                 SEGWAY V CORP.
                        STATEMENT OF STOCKHOLDERS' EQUITY
              From inception (March 31, 2000)through June 30, 2002


                               SHARES          COMMON STOCK     ACCUMULATED DEFICIT      TOTAL
                           -------------      -------------     -----------------     ------------

Stock issued for cash         5,250,000           $    750                              $      750

Net loss                                                            $       (837)             (837)
                            ------------       ------------      ----------------      ------------

Total at December 31, 2000    5,250,000                750                  (837)              (87)

Contributed capital

 by shareholders                                       124                                     124

Net loss                                                                    (926)             (926)
                            -------------      -------------      ---------------      ------------

Total at December 31, 2001   5,250,000                874                 (1,763)             (889)

Contributed capital

 by shareholders                                      50                                        50

Net loss                                                                    (296)             (296)
                            -------------      -------------      ---------------      ------------

Total at June 30, 2002       5,250,000          $     924          $      (2,059)       $   (1,135)
                            =============      =============      ===============      ============


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




                                 SEGWAY V CORP.
                             STATEMENT OF CASH FLOWS
                   For the six months ended June 30, 2002, and
              from inception (March 31, 2000) through June 30, 2002


CASH FLOWS FROM OPERATING ACTIVITIES                June 30, 2002  June 30, 2001   From Inception
                                                    -------------  -------------   --------------

        Net income (loss)                                $  (296)       $  (296)       $(2,059)

           Increases (Decrease) in accrued expenses          200            200          1,125
                                                         -------        -------        -------


NET CASH PROVIDED OR (USED) IN OPERATIONS                    (96)           (96)          (934)


CASH FLOWS FROM INVESTING ACTIVITIES

        None                                                   0              0              0


CASH FLOWS FROM FINANCING ACTIVITIES

        Proceeds from issuance of common stock                 0              0            750
        Proceeds from capital contributions                   50              0            174
                                                         -------        -------        -------

                                                              50                           924
CASH RECONCILIATION

        Net increase (decrease) in cash                      (46)           (96)           (10)
        Beginning cash balance                                36             88              0
                                                         -------        -------        -------

CASH BALANCE AT END OF YEAR                              $   (10)       $    (8)       $   (10)
                                                         =======        =======        =======


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

---

## SEGWAY V CORP.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2002

## 1.      Summary
of significant accounting policies:

Industry   -   Segway V Corp.
(The Company), a Company incorporated in the state of New Jersey as of March 31,
2000, plans to locate and negotiate with a business entity for the combination
of that target company with The Company. The combination will normally take the
form of a merger, stock-for-stock exchange or stock- for-assets exchange. In
most instances the target company will wish to structure the business
combination to be within the definition of a tax-free reorganization under
Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. No
assurances can be given that The Company will be successful in locating or
negotiating with any target company.

The Company has been
formed to provide a method for a foreign or domestic private company to become a
reporting ("public") company whose securities are qualified for trading in the United States secondary
market.

Results of Operations and
Ongoing Entity   -   The Company is considered to be an ongoing entity. The
Companys shareholders fund any shortfalls in The Companys cash flow
on a day to day basis during the time period that The Company is in the
development stage.

Liquidity and Capital
Resources   -   In addition to the stockholder funding capital shortfalls; The
Company anticipates interested investors that intend to fund the Companys
growth once a business is located.

Cash and Cash Equivalents   -  
The Company considers cash on hand and amounts on deposit with financial
institutions which have original maturities of three months or less to be cash
and cash equivalents.

Basis of Accounting   -   The Company's financial statements are prepared in accordance with generally accepted
accounting principles.

Income Taxes   -   The Company
utilizes the asset and liability method to measure and record deferred income
tax assets and liabilities. Deferred tax assets and liabilities reflect the
future income tax effects of temporary differences between the financial
statement carrying amounts of existing assets and liabilities and their
respective tax bases and are measured using enacted tax rates that apply to
taxable income in the years in which those temporary differences are expected to
be recovered or settled. Deferred tax assets are reduced by a valuation
allowance when in the opinion of management, it is more likely than not that
some portion or all of the deferred tax assets will not be realized. At this
time, The Company has set up an allowance for deferred taxes as there is no
company history to indicate the usage of deferred tax assets and liabilities.

---

## SEGWAY V CORP.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2002

Fair Value of Financial
Instruments   -   The Companys financial instruments may include cash and cash
equivalents, short-term investments, accounts receivable, accounts payable and
liabilities to banks and shareholders. The carrying amount of long-term debt to
banks approximates fair value based on interest rates that are currently
available to The Company for issuance of debt with similar terms and remaining
maturities. The carrying amounts of other financial instruments approximate
their fair value because of short-term maturities.

Concentrations of Credit
Risk   -   Financial instruments which potentially expose The Company to
concentrations of credit risk consist principally of operating demand deposit
accounts. The Company's policy is to place its operating demand deposit accounts
with high credit quality financial institutions. At this time The Company has no
deposits that are at risk.

## 2.      Related
Party Transactions and Going Concern:

The Company's financial
statements have been presented on the basis that it is a going concern in the
development stage, which contemplates the realization of assets and the
satisfaction of liabilities in the normal course of business. At this time The
Company has not identified the business that it wishes to engage in.

The Company's shareholders fund The Company's activities while The Company takes steps to locate and
negotiate with a business entity for combination; however, there can be no assurance these activities will
be successful.

## 3.      Accounts
Receivable and customer Deposits:

Accounts receivable and Customer deposits do not exist at this time and therefore have no allowances
accounted for or disclosures made.

## 4.      Use of Estimates:

Management uses estimates
and assumptions in preparing these financial statements in accordance with
generally accepted accounting principles. Those estimates and assumptions affect
the reported amounts of assets and liabilities, the disclosure of contingent
assets and liabilities, and the reported revenue and expenses. Management has no
reason to make estimates at this time.

---

## SEGWAY V CORP.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2002

## 5.      Revenue
and Cost Recognition:

The Company uses the
accrual basis of accounting in accordance with generally accepted accounting
principles for financial statement reporting.

## 6.      Accrued Expenses:

Accrued expenses consist of
accrued legal, accounting and office costs during this stage of the business.

## 7.      Operating
Lease Agreements:

The Company has no agreements at this time.

## 8.      Stockholder's Equity:

Common Stock includes
100,000,000 shares authorized at a par value of $0.0001, of which 5,250,000 have
been issued for the amount of $750. The shareholders contributed an additional
$124 to capital during the year 2001. The Company has also authorized 20,000,000
shares of preferred stock at a par value of $0.0001, none of which have been
issued.

## 9.      Required Cash
Flow Disclosure for Interest and Taxes Paid:

The company has paid no amounts for federal income taxes and interest.

## 10.      Earnings Per Share:

Basic earnings per share
("EPS") is computed by dividing earnings available to common
shareholders by the weighted-average number of common shares outstanding for the
period as required by the Financial Accounting Standards Board (FASB) under
Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings per
Shares". Diluted EPS reflects the potential dilution of securities that
could share in the earnings.

---

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

Plan of Operation

We are
continuing our efforts to locate a merger candidate for the purpose of a merger.
It is possible that we will be successful in locating such a merger
candidate and closing such merger. However, if we cannot effect a
non-cash acquisition, we may have to raise funds from a private
offering of our securities under Rule 506 of Regulation D. There is no assurance
we would obtain any such equity funding.

Results of Operation

We did not have
any operating income from inception (March 31, 2000) through June 30, 2002. For
the quarter ended June 30, 2002, we recognized a net loss of $148.
Some general and administrative expenses during the quarter were accrued.
Expenses for the quarter were comprised of costs mainly associated with legal,
accounting and office.

Liquidity and Capital Resources

At June 30, 2002, we
had no capital resources and will rely upon the issuance of common stock
and additional capital contributions from shareholders to fund administrative
expenses pending acquisition of an operating company.

---

## PART II - OTHER INFORMATION

|Item 1. | Legal Proceedings.                                      | Not Applicable
|------- | ------------------------------------------------------- | --------------
|        |                                                         |               
|Item 2. | Changes in Securities.                                  | None          
|        |                                                         |               
|Item 3. | Defaults Upon Senior Securities.                        | Not Applicable
|        |                                                         |               
|Item 4. | Submission of Matters
to a Vote of Security Holders.    | None          
|        |                                                         |               
|Item 5. | Other Information.                                      | None          
|        |                                                         |               
|Item 6. | Exhibits and Reports of Form 8-K.                       | None          
|        |                                                         |               
|        | (a)   
Exhibits required by Item 601 of Regulation S-B. | None          
|        |                                                         |               
|        | (b)   
Reports of Form 8-K.                             | None          
|        |                                                         |               

## SIGNATURES

Pursuant to the requirements
of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed in its
behalf by the undersigned, thereunto duly authorized.

|                       | SEGWAY V CORP.                                          
|---------------------- | --------------------------------------------------------
|                       |                                                         
|Date:  August 20, 2002 | By:  
/s/   Richard I. Anslow
Richard I. AnslowPresident
|                       |