SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

                 Annual Report Under Section 13 or 15(d) of the
                         SECURITIES EXCHANGE ACT OF 1934

            [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                              For Fiscal Year Ended
                                December 31, 2001

                            Commission File #0-31365

                                 SEGWAY VII CORP.
             (Exact name of registrant as specified in its charter)

                                   New Jersey

         (State or other jurisdiction of incorporation or organization)

                                   22-3720629
                      (IRS Employer Identification Number)

                   4400 Route 9, 2nd Floor, Freehold, NJ 07728
               (Address of principal executive offices )(Zip Code)

                                 (732) 409-1212
                (Registrant's telephone no., including area code)

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

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: Common Stock,
$0.0001 par value

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes   [X]     No [   ]


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<PAGE>

Check if there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B not contained in this form, and no disclosure will be contained,
to the best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. ( )

Revenues for year ended December 31, 2001: $-0-

Aggregate market value of the voting common stock held by non-affiliates of the
registrant as of April 15, 2002, was: $-0-

Number of shares of the registrant's common stock outstanding as of April 15,
2002 is: 5,000,000

We do not have a Transfer Agent.


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<PAGE>

PART I

ITEM 1.  DESCRIPTION OF BUSINESS

GENERAL

Segway VII Corp., was incorporated on April 6, 2000, under the laws of the State
of New Jersey to engage in any lawful corporate undertaking, including, but not
limited to, selected mergers and acquisitions. We have been in the developmental
stage since inception and has no operations to date other than issuing shares to
its original shareholders.

We will attempt to locate and negotiate with a business entity for the
combination of that target company with us. 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 we will be successful in locating or negotiating
with any target company.

We have 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.

PERCEIVED BENEFITS

There are certain perceived benefits to being a reporting company with a class
of publicly- traded securities. These are commonly thought to include the
following:

*    the ability to use registered securities to make acquisitions of assets or
     businesses;

*    increased visibility in the financial community;

*    the facilitation of borrowing from financial institutions;

*    improved trading efficiency;

*    shareholder liquidity;

*    greater ease in subsequently raising capital;

*    compensation of key employees through stock options for which there may be
     a market valuation;


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<PAGE>

*    enhanced corporate image;

*    a presence in the United States capital market.

POTENTIAL TARGET COMPANIES

A business entity, if any, which may be interested in a business combination
with us may include the following:

*    a company for which a primary purpose of becoming public is the use of its
     securities for the acquisition of assets or businesses;

*    a company which is unable to find an underwriter of its securities or is
     unable to find an underwriter of securities on terms acceptable to it;

*    a company which wishes to become public with less dilution of its common
     stock than would occur upon an underwriting;

*    a company which believes that it will be able to obtain investment capital
     on more favorable terms after it has become public;

*    a foreign company which may wish an initial entry into the United States
     securities market;

*    a special situation company, such as a company seeking a public market to
     satisfy redemption requirements under a qualified Employee Stock Option
     Plan;

*    a company seeking one or more of the other perceived benefits of becoming a
     public company.

A business combination with a target company will normally involve the transfer
to the target company of the majority of our issued and outstanding common
stock, and the substitution by the target company of its own management and
board of directors.

No assurances can be given that we will be able to enter into a business
combination, as to the terms of a business combination, or as to the nature of
the target company.

EMPLOYEES

We have no full time employees. Richard I. Anslow, our President has agreed to
allocate a portion of his time to our activities without compensation. Mr.
Anslow anticipates that our business plan can be

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<PAGE>

implemented by his devoting no more than 10 hours per month to our business
affairs and, consequently, conflicts of interest may arise with respect to the
limited time commitment by Mr. Anslow.

ITEM 2. DESCRIPTION OF PROPERTY

We have no properties and at this time have no agreements to acquire any
properties. We currently uses the offices of management at no cost to us.
Management has agreed to continue this arrangement until we complete an
acquisition or merger.

ITEM 3.  LEGAL PROCEEDINGS

There is no litigation pending or threatened by or against us.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.


PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

On December 31, 2001, there were 2 shareholders of record of our common stock.
Our shares of common stock have never been traded on any recognized stock
exchange.

DIVIDENDS

We do not intends to retain future earnings to support our growth. Any payment
of cash dividends in the future will be dependent upon: the amount of funds
legally available; our earnings; financial condition; capital requirements; and
other factors which our Board of Directors deems relevant.

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION 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 (April, 2000) through
December 31, 2001. For the year ended December 31, 2001, we recognized a net
loss of $943. Some general and administrative expenses during the year were
accrued. Expenses for the year were comprised of costs mainly associated with
legal, accounting and office.

Liquidity and Capital Resources

At December 31, 2001, 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.

<PAGE>

ITEM 7. FINANCIAL STATEMENTS

Our financial statements, together with the report of auditors, are as follows:


                                SEGWAY VII CORP.

                              FINANCIAL STATEMENTS

                             AS OF DECEMBER 31, 2001

<PAGE>

Segway VII Corp.
Financial Statements Table of Contents

         FINANCIAL STATEMENTS                                       Page #


                  Audit Report                                           1

                  Balance Sheet                                          2


                  Statement of Operations and Retained Deficit           3


                  Statement of Stockholders Equity                       4


                  Cash Flow Statement                                    5


                  Notes to the Financial Statements                    6-8

<PAGE>

TO THE BOARD OF DIRECTORS
SEGWAY VII CORP.
FREEHOLD, NJ

We have audited the accompanying balance sheet of Segway VII Corp., as of
December 31, 2001 and 2000, and the related statement of operation, equity and
cash flows for the twelve months then ended December 31, 2001 and 2000. These
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.

We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

 In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Segway VII Corp., as of
December 31, 2001 and 2000, and the results of its operations and its cash flows
for the months then ended in conformity with generally accepted accounting
principles.

Gately & Associates, LLC
Certified Public Accountants
Orlando, Florida
March 19, 2002

<PAGE>

                                 SEGWAY VII CORP.
                                  BALANCE SHEET
                             As of December 31, 2001
                              and December 31, 2000
<TABLE>
<CAPTION>
                                     ASSETS

     CURRENT ASSETS                                    December 31, 2001    December 31, 2000
<S>                                                            <C>          <C>
             Cash                                              $    10      $     3
                                                               -------      -------

                           TOTAL ASSETS                        $    10      $     3
                                                               =======      =======

                      LIABILITIES AND STOCKHOLDERS' EQUITY

     CURRENT LIABILITIES

         Accrued expenses                                      $   925      $   175
                                                               -------      -------

                           TOTAL LIABILITIES                       925          175
                                                               -------      -------
     STOCKHOLDERS' EQUITY

       Common Stock - par value $0.0001;
         100,000,000 shares authorized;
         5,000,000 issued and outstanding                          500          500

       Additional paid in capital                                  325          125

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

       Accumulated Deficit                                      (1,740)        (797)
                                                               -------      -------

       Total stockholders' equity                                 (915)        (172)
                                                               -------      -------


           TOTAL LIABILITIES AND EQUITY                        $    10      $     3
                                                               =======      =======
</TABLE>

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

<PAGE>

                                SEGWAY VII CORP.
                             STATEMENT OF OPERATIONS
                 For the twelve months ended December 31, 2001,
               from inception (April 6, 2000) through December 31,
       2000, and from inception (April 6, 2000) through December 31, 2001
<TABLE>
<CAPTION>
                                                   Twelve Months   From Inception to     From Inception
                                               December 31, 2001   December 31, 2000    To December 31, 2001
<S>                                             <C>              <C>              <C>
REVENUE       Sales                             $         0      $         0      $          0
              Cost of sales                               0                0                 0
                                                -------------     ----------      ------------

     GROSS PROFIT                                         0                0                0

     GENERAL AND ADMINISTRATIVE EXPENSES                943              797            1,740
                                                -----------      -----------      -----------

     NET LOSS                                          (943)            (797)     $    (1,740)
                                                -----------      -----------      -----------

     ACCUMULATED DEFICIT, BEGINNING BALANCE            (797)               0
                                                -----------      -----------

     ACCUMULATED DEFICIT, ENDING BALANCE        $    (1,740)     $      (797)
                                                ===========      ===========

NET EARNINGS PER SHARE

         Basic and Diluted

         Net loss per share                  (Less than .01)

Basic and Diluted Weighted Average

    Number of Common Shares Outstanding           5,000,000
</TABLE>

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

<PAGE>

                                SEGWAY VII CORP.
                        STATEMENT OF STOCKHOLDERS' EQUITY
             From inception (April 6, 2000)through December 31, 2001
<TABLE>
<CAPTION>
                               SHARES          COMMON STOCK     ACCUMULATED DEFICIT      TOTAL
                           -------------      -------------     -----------------     ------------
<S>                           <C>               <C>                 <C>                 <C>
Stock issued for cash         5,000,000           $    625                              $      625

Net loss                                                            $       (797)             (797)
                            ------------       ------------      ----------------      ------------

Total at December 31, 2000    5,000,000                625                  (797)             (172)

Contributed capital

 by shareholders                                       200                                     200

Net loss                                                                    (943)             (943)
                            -------------      -------------      ---------------      ------------

Total at December 31, 2001   5,000,000         $      874           $     (1,740)        $    (915)
                            =============      =============      ===============      ============
</TABLE>

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

<PAGE>

                                SEGWAY VII CORP.
                             STATEMENT OF CASH FLOWS
                 For the twelve months ended December 31, 2001,
          and from inception (April 6, 2000) through December 31, 2001
<TABLE>
<CAPTION>
     CASH FLOWS FROM OPERATING ACTIVITIES                December 31, 2001  From Inception
<S>                                                         <C>               <C>
             Net income (loss)                              $      (943)      $ (1,740)

                  Increases (Decrease) in accrued expenses          750            925
                                                            -------------    ----------

         NET CASH PROVIDED OR (USED) IN OPERATIONS                 (193)          (815)

     CASH FLOWS FROM FINANCING ACTIVITIES

             None                                                     0              0

     CASH FLOWS FROM INVESTING ACTIVITIES

             Proceeds from issuance of common stock                   0            625
             Proceeds from capital contributions                    200            200
                                                             ------------     ---------

                                                                    200            825

     CASH RECONCILIATION

             Net increase (decrease) in cash                          7             10
             Beginning cash balance                                   3              0
                                                               -----------   -----------

     CASH BALANCE AT END OF YEAR                                     10             10
                                                               ===========   ===========
</TABLE>

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

<PAGE>

                                SEGWAY VII CORP.

1. Summary of significant accounting policies:
   ------------------------------------------

Industry - Segway VII Corp. (The Company), a Company incorporated in the state
of New Jersey as of April 6, 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.

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.

<PAGE>

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.

<PAGE>

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 5,000,000 have been issued for the amount of $625. The shareholders
contributed an additional $200 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.

<PAGE>

Item 8. Changes In and Disagreements With Accountants on Accounting and
Financial Disclosure

Our accountant is Gately & Associates, LLC, CPAs, independent certified public
accountants. We do not presently intend to change accountants. At no time has
there been any disagreements with such accountants regarding any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedure.

PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS: COMPLIANCE
WITH SECTION 16(A) OF THE EXCHANGE ACT

Our directors and officers as of December 31, 2001, are set forth below. The
directors hold office for their respective term and until their successors are
duly

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<PAGE>

elected and qualified. Vacancies in the existing Board are filled by a majority
vote of the remaining directors. The officers serve at the will of the Board of
Directors.
<TABLE>
<CAPTION>
Name                                Age           Positions and Offices Held
----                                ---           --------------------------
<S>                                 <C>           <C>
Richard I. Anslow                   40            President/Secretary/Director
</TABLE>

BUSINESS EXPERIENCE

Set forth below is the name of our director and officer all positions and
offices with the Company held, the period during which he has served as such,
and the business experience during at least the last five years:

Richard I. Anslow, Esq. has been our President, Secretary and Director since its
inception. He received a Bachelor of Science Degree in Accounting from the State
University of New York at Buffalo in 1982 and a Juris Doctor Degree from
Benjamin Cardozo School of Law in 1985. Mr. Anslow is a principal of Anslow &
Jaclin, LLP, a law firm based in Freehold, New Jersey. Such firm commenced
operations in 1993 under the name Richard I. Anslow & Associates and changed its
name to Anslow & Jaclin, LLP in January 2001. It currently has three (3) full
time attorneys.

CERTAIN LEGAL PROCEEDINGS

No director, nominee for director, or executive officer has appeared as a party
in any legal proceeding material to an evaluation of his ability or integrity
during the past five years.

COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT

We did not file Form 5 for the year ended December 31, 2001.

ITEM 10. EXECUTIVE COMPENSATION

Our officer and director does not receive any compensation for his services
rendered to us, has not received such compensation in the past, and is not
accruing any compensation pursuant to any agreement with us. However, the
officer and director anticipates receiving benefits as a beneficial shareholder
of us and, possibly, in other ways.


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<PAGE>

No retirement, pension, profit sharing, stock option or insurance programs or
other similar programs have been adopted by us for the benefit of our employees.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

We have issued a total of 5,000,000 shares of our common stock to the following
person for a total of $625 in cash:

<TABLE>
<CAPTION>
Name                           Number of Total Shares       % of Shareholdings
----                           ----------------------       ------------------
<S>                            <C>                                <C>
Richard I. Anslow              4,000,000                          80%
Gregg E.  Jaclin               1,000,000                          20%
</TABLE>

The address for Messrs. Anslow and Jaclin is 4400 Route 9 South, 2nd Floor,
Freehold, New Jersey 07728.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

The Company currently uses the offices of management at no cost to the Company.
Management has agreed to continue this arrangement until the Company completes
an acquisition or merger.

PART IV

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

(a)   The following documents are filed as part of this report:

1.   Financial statements; see index to financial statements and schedules in
     Item 7 herein.

2.   Financial statement schedules; see index to financial statements and
     schedules in Item 7 herein.

3.  Exhibits:

The following exhibits are filed with this Form 10-KSB and are identified by the
numbers indicated; see index to exhibits immediately following financial
statements and schedules of this report.

                                  EXHIBIT INDEX

3.1      Articles of Incorporation (1)

3.3      By-laws  (1)

(1) Incorporated by reference to our Form 10-SB (SEC File No. 0-31365).

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<PAGE>

                                   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 on its
behalf by the undersigned, there unto duly authorized.

                              SEGWAY VII CORP.

                              By: /s/ Richard I. Anslow
                              --------------------------
                                      Richard I. Anslow
                                      President, Secretary and Director

Dated: April 15, 2002

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.


Name                                TITLE                        DATE
                                    -----                        ----


/s/ Richard I. Anslow               President, Secretary         April 15, 2002
----------------------              and Director
    Richard I. Anslow


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