# 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 September 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 November 8, 2002:  5,250,000 shares of
common stock outstanding, $0.0001 par value.

SEGWAY V CORP.
CONSOLIDATED FINANCIAL STATEMENTSINDEX

|                                                                          | 
|------------------------------------------------------------------------- | 
|Part
      I-- FINANCIAL INFORMATION                                      | 
|Item
      1. Financial Statements                                        | 
|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 nine
months ended September 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 September 30, 2002
                              and December 31, 2001

                                     ASSETS

CURRENT ASSETS                                 September 30, 2002    December 31, 2001

        Cash                                           $    (0)          $    36
                                                       -------           -------


                      TOTAL ASSETS                     $    (0)          $    36
                                                       =======           =======


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

    Accrued expenses                                   $ 1,225           $   925
                                                       -------           -------


                      TOTAL LIABILITIES                  1,225               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                               425               349

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

  Accumulated Deficit                                   (2,175)           (1,763)
                                                       -------           -------

  Total stockholders' equity                            (1,225)             (889)
                                                       -------           -------

      TOTAL LIABILITIES AND EQUITY                     $    (0)          $    36
                                                       =======           =======


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




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

                                                      Nine Months        Nine Months     From Inception
                                                   September 30, 2002 September 30, 2001 To September 30, 2002

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

     GROSS PROFIT                                              0                     0                     0

     GENERAL AND ADMINISTRATIVE EXPENSES                     412                   428                 2,175
                                                     -----------           -----------           -----------

     NET LOSS                                               (412)                 (428)               (2,175)

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

     ACCUMULATED DEFICIT, ENDING BALANCE             $    (2,175)          $    (1,265)          $    (2,175)
                                                     ===========           ===========           ===========

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 September 30, 2002 and 2001



                                               Three Months      Three Months
                                           September 30, 2002  September 30, 2001

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

     GROSS PROFIT                                     0               0

     GENERAL AND ADMINISTRATIVE EXPENSES            116             132
                                                  ------          ------

     NET LOSS                                     $(116)          $(132)
                                                  ======          ======

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




                                 SEGWAY V CORP.
                        STATEMENT OF STOCKHOLDERS' EQUITY
            From inception (March 31, 2000)through September 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                                       76                                       76

Net loss                                                                    (412)             (412)
                            -------------      -------------      ---------------      ------------

Total at September 30, 2002   5,250,000          $     950          $     (2,175)       $   (1,225)
                            =============      =============      ===============      ============



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




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



CASH FLOWS FROM OPERATING ACTIVITIES               September 30, 2002 September 30, 2001 From Inception

        Net income (loss)                              $      (412)      $   (428)     $ (2,175)

             Increases (Decrease) in accrued expenses          300            300         1,225
                                                       -------------    ----------     ----------


NET CASH PROVIDED OR (USED) IN OPERATIONS                     (112)           (128)        (950)


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                     76              74          200
                                                        ------------     ----------    ---------

                                                                76                          950

CASH RECONCILIATION

        Net increase (decrease) in cash                        (36)           (54)           (0)
        Beginning cash balance                                  36             88             0
                                                          -----------   -----------    ---------

CASH BALANCE AT END OF PERIOD                              $    (0)      $    (34)      $    (0)
                                                          ===========   ===========    =========


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

---

## SEGWAY V CORP.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 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 stockholders 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.

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.

## 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 $200 to capital during the years
2001 and 2002.  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 will
obtain any such equity funding.

On October 14, 2002, there was a change in control of our shareholders.
Johnny D. Combs and Karen G. Combs, jointly, purchased 2,625,000 of our shares of common stock
(or 50% of our outstanding shares) and Michael G. van Hoye purchased 2,625,000 of our shares of
common stock (or 50% of our outstanding shares).  Each of these individuals became our officers and
directors.  Our prior officers and directors resigned.

Results of Operation

We did not have any operating income from inception (March 31, 2000) through September 30, 2002.  For
the quarter ended September 30, 2002, we recognized a net loss of $116.  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 September 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.                                      | None.                                                                                                                                                                                                                                                                                                                  
|------- | ------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                         |                                                                                                                                                                                                                                                                                                                        
|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.                                      | On October 14, 2002, there
was a change in control of our shareholders.
Johnny D. Combs and Karen G. Combs, jointly, purchased 2,625,000 of our shares of common stock
(or 50% of our outstanding shares) and Michael G. van Hoye purchased 2,625,000 of our shares of
common stock (or 50% of our outstanding shares).
|        |                                                         |                                                                                                                                                                                                                                                                                                                        
|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 during quarter ending September 30, 2002.                                                                                                                                                                                                                                                                         
|        |                                                         |                                                                                                                                                                                                                                                                                                                        

## 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:  November 14, 2002 | By:  
/s/   Johnny D. Combs
Johnny D. CombsPresident and Director             
|                         |                                                                               
|Date:  November 14, 2002 | By:  
/s/   Michael G. van Hoye
Michael G. van HoyeVice President and Director
|                         |                                                                               
|Date:  November 14, 2002 | By:  
/s/   Karen G. Combs
Karen G. CombsSecretary and Treasurer              
|                         |                                                                               

# CERTIFICATION OF
CHIEF EXECUTIVE OFFICER
PURSUANT TO18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002

I, Johnny D. Combs certify that:

|1. | I have reviewed this quarterly report on Form 10-QSB of Segway V Corp.
|-- | ----------------------------------------------------------------------

|2. | Based on my knowledge, the 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 the 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. | I am responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a) | designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries, if any,
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 effectiveness of the
disclosure controls and procedures based on our evaluation as of the Evaluation
Date;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | 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 weakness in internal controls; and
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

|6. | I have indicated in the
quarterly report whether 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.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Dated:     November 14, 2002

|/s/    Johnny D. Combs
Johnny D. Combs
President and Director
|-------------------------------------------------------------

# CERTIFICATION OF
CHIEF FINANCIAL OFFICER
PURSUANT TO18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002

I, Karen G. Combs, certify that:

|1. | I have reviewed this quarterly report on Form 10-QSB of Segway V Corp.
|-- | ----------------------------------------------------------------------

|2. | Based on my knowledge, the 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 the 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. | I am responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a) | designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries, if any,
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 effectiveness of the
disclosure controls and procedures based on our evaluation as of the Evaluation
Date;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | 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 weakness in internal controls; and
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

|6. | I have indicated in the
quarterly report whether 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.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Dated:     November 14, 2002

|/s/    Karen G. Combs
Karen G. Combs
Secretary and Treasurer
|------------------------------------------------------------