U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549  ________________________________  FORM 10-QSB/A1 ________________________________  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  For the quarterly period ended March 31, 2005  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  For the transition period from  Commission File No. 000-31329  SERVICE AIR GROUP, INC. (Exact name of small business issuer as specified in its charter)  New Jersey
        22-3719171(State or other jurisdiction ofincorporation or organization)
        (I.R.S. Employer Identification No.)  5455 Airport Road South, Richmond, B.C. Canada V7B 1B5 (Address of Principal Executive Offices)  (604) 233-7727 (Issuers telephone number)  SEGWAY V CORP. 9175 Mainwaring Rd., Sidney BC V8L 1J9 (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     Noo  APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:  Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Exchange Act subsequent to the distribution of securities under a plan confirmed by a court.  Yes   Noo  State the number of shares outstanding of each of the issuers classes of common equity, as of March 31, 2005: 5,250,000 shares of common stock.        PART I-- FINANCIAL INFORMATION




Item 1.
        Financial Statements


Item 2.
        Managements Discussion and Analysis of Financial Condition


Item 3.
        Control and Procedures

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 three months ended March 31, 2005 are not necessarily indicative of results that may be expected for the mid-year ending June 30, 2005. The financial statements are presented on the accrual basis.











SERVICE AIR GROUP, INC.

(a development stage company)



INTERIM FINANCIAL STATEMENTS



MARCH 31, 2005












BALANCE SHEET
        F-1


INTERIM STATEMENTS OF OPERATIONS
        F-2


STATEMENT OF STOCKHOLDERS EQUITY
        F-3


INTERIM STATEMENTS OF CASH FLOWS
        F-4


NOTES TO INTERIM FINANCIAL STATEMENTS
        F-5











SERVICE AIR GROUP, INC.

BALANCE SHEET

As of March 31, 2005 and December 31, 2004



ASSETS




CURRENT ASSETS
        March 31,
2005
        December 31,
2004Cash
        $
        - -
        $
        --LIABILITIES AND STOCKHOLDERS EQUITYCURRENT LIABILITIESAccounts payable and accrued liabilities
        $
        11,406
        $
        11,006STOCKHOLDERS EQUITY
(CAPITAL DEFICIENCY)Capital stock (Note 3)Preferred stock, $0.0001 par value,20,000,000 sharesIssued and outstanding are none
        
        --
        
        --Common stock, $0.0001 par value,100,000,000 sharesIssued and outstanding are 5,250,000 and5,250,000 shares of common stock,respectively
        
        525
        
        525Additional paid in capital
        
        425
        
        425Deficit accumulated during developmentstage
        
        (12,356)
        
        (11,956)(11,406)
        
        (11,006)$
        --
        $
        --



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



F-1











SERVICE AIR GROUP, INC.

(a development stage company)

STATEMENT OF OPERATIONS

For the three months ended March 31, 2005 and 2004, and

from inception (March 31, 2000) through March 31, 2005




Three Months Ended
        Three Months Ended
        From InceptionMar. 31, 2005
        Mar. 31, 2004
        To Mar. 31, 2005GENERAL AND ADMINISTRATIVE EXPENSESOffice and general
        $
        400
        $
        250
        $
        12,356NET LOSS FOR THE PERIOD
        $
        (400)
        $
        (250)
        $
        (12,356)BASIS NET LOSS PER SHARE
        $
        (0.00)
        $
        (0.00)WEIGHTED AVERAGECOMMON SHARES OUTSTANDING
        
        5,250,000
        
        5,250,000





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



F-2











SERVICE AIR GROUP, INC.

(a development stage company)

STATEMENT OF STOCKHOLDERS EQUITY

FOR THE PERIOD FROM MARCH 31, 2000 (INCEPTION) TO MARCH 31, 2005






Common StockNumber of shares
        
        Amount
        
        Additional
Paid in
Capital
        
        Deficit Accumulated
During
Development
Stage
        
        Stockholders Equity
(Capital Deficiency)Common stock issued for cash at $0.0001 per share
        5,000,000
        $
        500
        $
        -
        $
        -
        $
        500Common stock issued for cash at $0.001 per share
        250,000
        
        25
        
        225
        
        -
        
        250Net loss for the period March 31, 2000(inception) to December 31, 2000
        -
        
        -
        
        -
        
        (837)
        
        (837)Balance, December 31, 2000
        5,250,000
        
        525
        
        225
        
        (837)
        
        (87)Capital contributed by shareholders
        -
        
        -
        
        124
        
        -
        
        124Net loss for the year
        -
        
        -
        
        -
        
        (926)
        
        (926)Balance, December 31, 2001
        5,250,000
        
        525
        
        349
        
        (1,763)
        
        (889)Capital contributed by shareholders
        -
        
        -
        
        76
        
        -
        
        76Net loss for the year
        -
        
        -
        
        -
        
        (1,112)
        
        (1,112)Balance, December 31, 2002
        5,250,000
        
        525
        
        425
        
        (2,875)
        
        (1,925)Net loss for the year
        -
        
        -
        
        -
        
        (1,525)
        
        (1,525)Balance, December 31, 2003
        5,250,000
        
        525
        
        425
        
        (4,400)
        
        (3,450)Net loss for the year
        
        
        
        
        
        
        (7,556)
        
        (7,556)Balance, December31, 2004
        5,250,000
        
        525
        
        425
        
        (11,956)
        
        (11,006)Net loss for the period (400)
        
        
        
        
        
        
        (400)
        
        (400)Balance, March 31, 2005
        5,250,000
        $
        525
        $
        425
        $
        (12,356)
        $
        (12,356)The accompanying notes are an integral part of these financial statements.



F-3







SERVICE AIR GROUP, INC.

(a development stage company)

STATEMENTS OF CASH FLOWS

For the three months ended March 31, 2005 and 2004, and

from inception (March 31, 2000) through March 31, 2005






CASH FLOWS FROM OPERATING ACTIVITIES
        Mar. 31, 2005
        Mar. 31, 2004
        March 31, 2000
(inception) to
March 31, 2005Net loss for the period
        $
        (400)
        $
        (250)
        $
        (12,356)Adjusted for items not involving cash:accounts payable
        
        400
        
        250
        
        11,406NET CASH USED IN OPERATING ACTIVITIES
        
        -
        
        -
        
        -CASH FLOWS FROM FINANCING ACTIVITIESBank overdraft
        
        -
        
        -
        
        -Proceeds on sale of common stock
        
        -
        
        -
        
        750Shareholder capital contributions
        
        -
        
        -
        
        200NET CASH FLOWS FROM FINANCING ACTIVITIES
        
        -
        
        -
        
        950INCREASE (DECREASE IN CASH)
        
        -
        
        -
        
        -CASH BEGINNING OF PERIOD
        
        -
        
        -
        
        -CASH END OF PERIOD
        $
        -
        $
        -
        $
        -



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



F-4









SEVICE AIR GROUP, INC.

(a development stage company)

NOTES TO THE FINANCIAL STATEMENTS



MARCH 31, 2005



NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION



Organization:



Service Air Group, Inc. (the Company) was incorporated on March 31, 2000 in the State of New Jersey. The Companys fiscal year end is December 31 with its initial period being from March 31, 2000 to December 31, 2000. The Company was formally known as Segway V Corp. and changed its name to Service Air Group, Inc. on January 27, 2004.



Basis of presentation:



These financial statements are presented in United States dollars and have been prepared in accordance with United States generally accepted accounting principles.



Going concern:



The Company is in the initial development stage and has incurred losses since inception totaling $12,356. To date the Company has had no business operations and was organized for the purpose of creating a corporate vehicle to locate and acquire an operating business. The ability of the Company to continue as a going concern is dependent on raising capital to acquire a business venture and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Companys ability to continue as a going concern.



NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



Use of Estimates and Assumptions:



Preparation of the Companys financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.



Cash and Cash Equivalents:



The Company considers all liquid investments, with an original maturity of three months or less when purchased, to be cash equivalents.



F-5









SEVICE AIR GROUP, INC.

(a development stage company)

NOTES TO THE FINANCIAL STATEMENTS



MARCH 31, 2005





Property and equipment:



Property and equipment are stated at cost. Depreciation is computed using the declining balance method over the estimated useful lives of the assets. Expenditures for repairs and maintenance are charged to expense as incurred, as are any items purchased which are below the Companys capitalization threshold of $1,000.



For assets sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any related gain or loss is reflected in income for the period.



Fair Value of Financial Instruments:



In accordance with the requirements of SFAS No. 107, the Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The fair value of financial instruments classified as current assets or liabilities approximate carrying value due to the short-term maturity of the instruments.



Net Loss per Common Share:



Basic earnings per share includes no dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive earnings per share reflects the potential dilution of securities that could share in the earnings of the Company. Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share.



F-6









SERVICE AIR GROUP, INC.

NOTES TO THE FINANCIAL STATEMENTS

MARCH 31, 2005



NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)



Income taxes:



The Company follows the liability method of accounting for income taxes. Under this method, future tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Future tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which  those differences are expected to be recovered or settled. The effect on future tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. As at December 31, 2002 the Company had net operating loss carryforwards; however, due to the uncertainty of realization the Company has provided a full valuation allowance for the deferred tax assets
resulting from these loss carryforwards.



Stock-Based Compensation:



The Company accounts for stock-based compensation in respect to stock options granted to employees and officers using the intrinsic value based method in accordance with APB 25. Stock options granted to non-employees are accounted for using the fair value method in accordance with SFAS No. 123. In addition, with respect to stock options granted to employees, the Company provides pro-forma information as required by SFAS No. 123 showing the results of applying the fair value method using the Black-Scholes option pricing model.



The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with SFAS No. 123and the conclusions reached by the Emerging Issues Task Force in Issue No.96-18. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by EITF 96-18.



The Company has also adopted the provisions of the Financial Accounting Standards Board Interpretation No.44, Accounting for Certain Transactions Involving Stock Compensation - An Interpretation of APB Opinion No. 25 (FIN44), which provides guidance as to certain applications of APB 25. FIN 44 is generally effective July 1, 2000 with the exception of certain events occurring after December 15, 1998.



F-7









SERVICE AIR GROUP, INC.

NOTES TO THE FINANCIAL STATEMENTS

MARCH 31, 2005





NOTE 3 - CAPITAL STOCK



The Companys capitalization is 100,000,000 shares of common stock with a par value of $0.0001 per share and 20,000,000 shares of preferred stock with a par value of $0.0001 per share.



The Company has 5,250,000 common shares issued and outstanding.



During the year ended December 31, 2002 the shareholders contributed an additional $76 in capital (2001 - $124).



The Company has not granted any stock options and has not recorded any stock-based compensation.



NOTE 5 - INCOME TAXES



The Company has net operating loss carry-forwards which may be available to offset future taxable income. Due to the uncertainty of realization of these loss carry-forwards, a full valuation allowance has been provided for this deferred tax asset.





F-8









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



Plan of Operation



The registrant plans to operate in the air cargo industry.



Results of Operation



The Company did not have material operating income from inception (March 31,2000) through March 31, 2005, the registrant recognized a net loss of $12,356 which was made up of general and administrative expenses from inception.



The expenses for the three months ended March 31, 2005 were $400 as compared to $450 of general and administrative expenses for the three months ended March 31, 2003.



Liquidity and Capital Resources



At March 31, 2005 the registrant held $0 in assets. The Company will rely upon the issuance of common stock and additional capital contributions from shareholders to fund expenses or to enter into a merger or acquisition. There are no guarantees that the Company will be successful in the industry of its choice.



Item 3. Controls and Procedures




(a)
        Evaluation of disclosure controls and procedures.

Our Chief Executive Officer and Chief Financial Officer (collectively the Certifying Officers) maintain a system of disclosure controls and procedures that is designed to provide reasonable assurance that information, which is required to be disclosed, is accumulated and communicated to management timely. Under the supervision and with the participation of management, the Certifying Officers evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule [13a-14(c)/15d-14(c)]under the Exchange Act) within 90 days prior to the filing date of this report. Based upon that evaluation, the Certifying Officers concluded that our disclosure controls and procedures are effective in timely alerting them to material information relative to our company required to be disclosed in our

periodic filings with the SEC.




(b)
        Changes in internal controls.

Our Certifying Officer has indicated that there were no significant changes in our internal controls or other factors that could significantly affect such controls subsequent to the date of his evaluation, and there were no such control actions with regard to significant deficiencies and material weaknesses.











PART II - OTHER INFORMATION



Item 1. Legal Proceedings



None



Item 2. Changes in Securities.



None



Item 3. Defaults Upon Senior Securities.



None



Item 4. Submission of Matters to a Vote of Security Holders.



None



Item 5. Other Information.



The Company by resolution of the Board of Directors dated September 8, 2004, (evidence filed under 10-qsb for the period ended, September 30, 2004) entered into an agreement with Service Air Group Inc. (BC, Canada SAGCA) for the purpose of exchange of Stock for assets of SAGCA, as filed on November 08, 2004 under an 8-K filing with the SEC. Based upon the judgment of the Board of Directors and/or market conditions the Company undertook to unwind said agreement as evidenced by a subsequent resolution of the Board of Directors dated October 1, 2005, as filed on April 17, 2006 under annual report 10-KSB filing with the SEC. Accordingly, said agreement was terminated.



Item 6. Exhibits and Reports of Form 8-K.




(a)
        Exhibits


33.1 Certification pursuant to Section 302 of Sarbanes Oxley Act of 2002


33.2 Certification pursuant to Section 906 of Sarbanes Oxley Act of 2002


(b)
        Reports of Form 8-K


No reports on Form 8-K were filed during the quarter ended March 31, 2005.







SIGNATURES



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




SERVICE AIR GROUP, INC.


Date:
        September 15, 2006
        /s/ Mohammad SultanMohammad SultanCEO, CFO and Director