UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB

(Mark One)

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

                     For the period ended September 30, 1999

                                       OR

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

                    For the transition period from ______ to ______

                           Commission File No. 0-22744


                           VIKING CAPITAL GROUP, INC.
                           -------------------------
        (Exact name of small business issuer as specified in its charter)


             Utah                                         87-0442090
             ----                                         ----------
 (State or other jurisdiction of               (IRS Employer Identification No.)
 incorporation or organization)

        Two Lincoln Centre, Suite 300, 5420 LBJ FWY, Dallas, Texas 75240
        ----------------------------------------------------------------
                    (Address of principal executive offices)

                                 (972) 386-9996
                                 --------------
                           (Issuer's telephone number)

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

         Check whether the issuer (1) filed all reports  required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 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

As of September 30, 1999, approximately 30,263,055 shares of Common Stock of the
issuer were  outstanding.  As of September 30, 1999,  100,000  shares of Class B
Common Stock of the issuer were outstanding.

<PAGE>


<TABLE>
<CAPTION>

                           VIKING CAPITAL GROUP, INC.



                                      INDEX


                                                                                             Page
                                                                                             Number
                                                                                             ------
<S>                                                                             <C>           <C>

PART I - FINANCIAL INFORMATION

      Item 1. Financial Statements

         Consolidated Balance Sheets - September 30, 1999 and December 31, 1998                3

        Consolidated Statements of Operations - For the three
         months ended September 30, 1999 and 1998, and for the period from inception
        (November 12, 1986) to September 30, 1999                                              5

         Consolidated Statements of Operations - For the nine
         months ended September 30, 1999 and 1998, and for the period from inception
         (November 12, 1986) to September 30, 1999                                             6

         Consolidated  Statements  of Cash  Flows - For the  nine  months  ended
         September 30, 1999 and 1998, and for the period from inception
         (November 12, 1986) to September 30, 1999                                             7

         Notes to Consolidated Condensed Financial Statements                                  9


      Item 2. Management's Discussion and Analysis or Plan of Operations.                     11


PART II - OTHER INFORMATION

      Item 5. Other Information                                                               12
      Item 6.  Exhibits                                                                       13


SIGNATURES                                                                                    14
EXHIBITS                                                                                      15

</TABLE>



                                       -2-


<PAGE>

<TABLE>
<CAPTION>


                           VIKING CAPITAL GROUP, INC.
                        (A Development Stage Enterprise)

                           CONSOLIDATED BALANCE SHEETS



                                     ASSETS
                                     ------
                                                              (Unaudited)

                                                             September 30,   December 31,
                                                                 1999           1998
                                                              ----------      ----------
<S>                                                          <C>             <C>

CURRENT ASSETS

  Cash                                                       $   34,890      $   47,506
  Accounts receivable                                              --             5,193
  Notes and other accounts receivable and accrued interest      153,812          53,695
                                                             ----------      ----------
     Total current assets                                       188,702         106,394
                                                             ----------      ----------

OFFICE FURNITURE, EQUIPMENT, SOFTWARE AND
CAPITALIZED SOFTWARE DEVELOPMENT COSTS                          841,975         708,949

OTHER ASSETS                                                     90,359         114,929
                                                             ----------      ----------

TOTAL ASSETS                                                 $1,121,036      $  930,272
                                                             ==========      ==========
</TABLE>

























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

                                      -3-


<PAGE>

<TABLE>
<CAPTION>


                           VIKING CAPITAL GROUP, INC.
                        (A Development Stage Enterprise)

                           CONSOLIDATED BALANCE SHEETS



                      LIABILITIES AND STOCKHOLDERS' DEFICIT
                      -------------------------------------

                                                                         (Unaudited)

                                                                        September 30,   December 31,
                                                                            1999           1998
                                                                        -------------   ------------
<S>                                                                     <C>            <C>


CURRENT LIABILITIES
  Accounts payable and accrued expenses                                 $   339,720    $   456,003
  Accrued officer's payroll                                                 886,463        649,793
  Lease obligation, current portion                                          27,288         39,940
  Note payable and accrued interest                                         218,872        314,249
                                                                        -----------    -----------
     Total current liabilities                                            1,472,343      1,459,985
                                                                        -----------    -----------

LONG-TERM DEBT
  Obligations under capital leases, less current portion                     17,263         26,153
                                                                        -----------    -----------
     Total liabilities                                                    1,489,606      1,486,138
                                                                        -----------    -----------

STOCKHOLDERS' DEFICIT
  Preferred stock $1.00 par value; 50,000,000 shares authorized;
     no shares issued and outstanding                                          --             --
  Common stock $0.001 par value; 150,000,000 shares authorized;
     30,788,680 and 26,357,431 issued and outstanding as of September
     30, 1999 and December 31, 1998, respectively                            30,788         26,357
  Common stock Class B $0.001 par value; 100,000 shares
     authorized and outstanding                                                 100            100
  Paid-in capital                                                         8,843,139      7,170,190
  Deficits accumulated in the development stage                          (8,448,357)    (7,082,244)
                                                                        -----------    -----------
                                                                            425,670        114,403


  Less treasury stock - 525,625 shares at cost                              (41,206)       (41,206)

  Less stock issued for notes receivable                                   (753,034)      (629,063)
                                                                        -----------    -----------

     Total stockholders' deficit                                           (368,570)      (555,866)
                                                                        -----------    -----------

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                             $ 1,121,036    $   930,272
                                                                        ===========    ===========
</TABLE>















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

                                      -4-

<PAGE>

<TABLE>
<CAPTION>


                           VIKING CAPITAL GROUP, INC.
                        (A Development Stage Enterprise)

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
               Three months ended September 30, 1999 and 1998 and
         Period from November 12, 1986 (inception) to September 30, 1999



                                                   Three months ended                 Period from
                                                      September 30,                November 12, 1986
                                                  1999            1998          to September 30, 1999
                                                  ----           -----          ---------------------
<S>                                          <C>             <C>                   <C>

Revenue                                      $       --      $       --            $    441,382
Cost of Revenue                                      --              --                  68,119
                                             ------------    ------------          ------------
Gross Profit                                         --              --                 373,263
                                             ------------    ------------          ------------

Cost and expenses
   Depreciation and amortization                   12,164          10,079               114,024
   General and administrative expenses            383,034         192,928             8,477,651
                                             ------------    ------------          ------------
       Total cost and expenses                    395,198         203,007             8,591,675
                                             ------------    ------------          ------------

   Loss from operations                          (395,198)       (203,007)           (8,218,412)

Other income(expenses)
   Interest income                                 12,903          11,439                83,211
   Interest and penalty expense                    (8,453)        (17,632)             (245,299)
   Other                                           (1,288)           --                 (36,635)
                                             ------------    ------------          ------------
       Total other income(expense)                  3,162          (6,193)             (198,723)
                                             ------------    ------------          ------------

Loss before income taxes                         (392,036)       (209,200)           (8,417,135)

Income tax provision                                 --              --                     (32)
                                             ------------    ------------          ------------

Net loss                                     $   (392,036)   $   (209,200)         $ (8,417,167)
                                             ============    ============          ============

Loss per common share attributable to
   common stockholders
     Basic and Fully Diluted                 $      (.013)   $      (.009)


Weighted average common shares outstanding     30,068,565      23,213,781
</TABLE>











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

                                      -5-
<PAGE>

<TABLE>
<CAPTION>


                           VIKING CAPITAL GROUP, INC.
                        (A Development Stage Enterprise)

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                Nine months ended September 30, 1999 and 1998 and
         Period from November 12, 1986 (inception) to September 30, 1999



                                                   Nine  months ended             Period from
                                                     September 30,              November 12, 1986
                                                1999             1998          to September 30, 1999
                                              --------        ---------        ---------------------
<S>                                          <C>             <C>                  <C>
Revenue                                      $       --      $       --           $    441,382
Cost of Revenue                                      --              --                 68,119
                                             ------------    ------------         ------------
Gross Profit                                         --              --                373,263
                                             ------------    ------------         ------------

Cost and expenses
   Depreciation and amortization                   33,955          26,067              114,024
   General and administrative expenses          1,345,686         867,969            8,477,651
                                             ------------    ------------         ------------
       Total cost and expenses                  1,379,641         894,036            8,591,675
                                             ------------    ------------         ------------

   Loss from operations                        (1,379,641)       (894,036)          (8,218,412)

Other income(expenses)
   Interest income                                 36,130          33,416               83,211
   Interest and penalty expense                   (23,227)        (34,572)            (245,299)
   Other                                              625           --                (36,635)
                                             ------------    ------------         ------------
       Total other income(expense)                 13,528         (1,156)            (198,723)
                                             ------------    ------------         ------------

Loss before income taxes                       (1,366,113)       (895,192)          (8,417,135)

Income tax provision                                 --              --                    (32)
                                             ------------    ------------         ------------

Net loss                                     $ (1,366,113)   $   (895,192)        $ (8,417,167)
                                             ============    ============         ============

Loss per common share attributable to
   common stockholders
     Basic and Fully Diluted                 $      (.047)   $      (.039)


Weighted average common shares outstanding     29,014,228      23,213,781

</TABLE>













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

                                      -6-

<PAGE>
<TABLE>
<CAPTION>


                           VIKING CAPITAL GROUP, INC.
                        (A Development Stage Enterprise)

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                Nine months ended September 30, 1999 and 1998 and
         Period from November 12, 1986 (inception) to September 30, 1999


                                                               Nine months ended                  Period from
                                                                  September 30,                November 12, 1986
                                                               1999             1998          to September 30, 1999
                                                             --------        ---------        ---------------------
<S>                                                    <C>               <C>                    <C>

Cash flows from operating activities
   Net loss                                             $   (1,366,113)   $    (895,192)        $   (8,417,167)
   Non-cash charges included in operations
     Allowance for doubtful accounts                                                                    56,000
     Depreciation and amortization                              33,955           26,067                114,024
     Common stock issued for services and interest             274,839          266,493              2,287,526
Common B stock issued for services                                                    -                      -
     Note payable issued for services                                -                -                  6,860
     Common stock issued for services and
       accrued expenses                                              -                -                 30,434
     Provision for doubtful notes receivable                         -                -                 52,754
     Common stock issued for interest payable                        -                -                127,064
     Loss on assets                                                  -                -                 15,000
     Advances to stockholder expensed to consulting                  -                -                 57,706
   Changes in assets and liabilities
     (Increase)Decrease in accounts receivable                   5,193           59,772                    205
     Prepaid expenses                                                -                -                      -
     Accrued interest receivable                               (23,811)         (33,416)               (60,244)
     (Increase) in deposits                                          -            4,601                (31,767)
     (Increase) in other assets                                (14,686)               -                (97,263)
     Accounts payable and accrued expenses                    (116,283)         498,816                390,523
     Accrued payroll and payroll taxes                         254,232           (3,549)               887,405
                                                          ------------     -------------         -------------
       Net cash used for operating activities                 (952,674)         (76,408)            (4,580,940)

Cash flows from investing activities
   Capital expenditures                                       (166,982)        (551,012)              (839,763)
   Loans made                                                  (77,500)          (5,000)              (291,408)
   Loan repayments                                               8,200                -                 20,100
   Other                                                             -                -                (15,050)
                                                          ------------     ------------          --------------
       Net cash used for investing activities                 (236,282)        (556,012)            (1,126,121)

Cash flows from financing activities
   Stock sale expenses                                               -                -                (11,716)
   Proceeds from sale of common stock                        1,119,751          296,699              4,005,995
   Proceeds from notes payable                                  76,800           267467              2,404,771
Principal repayments of notes payable                          (11,322)         (27,535)              (609,519)
   Principal payments on capital lease obligations              (8,889)         (23,495)               (50,427)
   Proceeds from preferred stock sale                                -                -                 20,000
   Repurchase of preferred stock                                     -                -                (11,319)
   Preferred dividends paid                                          -                -                 (5,834)
                                                          ------------     ------------          --------------
       Net cash provided by financing activities             1,176,340          513,136              5,741,951

Increase (decrease) in cash                                    (12,616)        (119,284)                34,890


                                  - continued -

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

                                      -7-

<PAGE>


                           VIKING CAPITAL GROUP, INC.
                        (A Development Stage Enterprise)

                CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued
                                   (Unaudited)
                                             Nine  months  ended  September  30,
                                  1999 and 1998 and  Period  from  November  12,
                                  1986 (inception) to September 30, 1999


                                                               Nine months ended                  Period from
                                                                   September 30,                November 12, 1986
                                                               1999             1998          to September 30, 1999
                                                             --------        ---------        ---------------------

Cash at beginning of period                                     47,506          123,454                      -
                                                          ------------     ------------          -------------
Cash at end of period                                   $       34,890    $       4,170         $       34,890
                                                         =============     ============          =============

Cash flow information:
   Interest paid                                           $    23,227      $         -            $   116,292
   Income taxes paid                                       $         -      $         -            $        32

Non-cash investing activities:
   Repayment of note receivable - non cash method          $         -      $         -            $    21,000
   Common stock issued for:
     Acquisition of Triple A                               $         -      $         -            $         -
     Acquisition of NIAI                                   $         -      $         -            $    10,000
     Acquisition of VISI                                   $         -      $         -            $       434
     Oil lease                                             $         -      $         -            $    40,000

Non-cash financing activities:
   Preferred stock issued for:
     Note payable-related party                            $         -      $         -            $    60,000
     Accrued interest-related party                        $         -      $         -            $     4,500
     Accrued expenses-related party                        $         -      $         -            $    25,500

Common stock issued for:
   Services and fees                                       $   259,365      $   242,337            $ 2,133,738
   Repayment of notes payable                              $   158,818      $   247,500            $ 1,398,235
   Payment of interest                                     $    12,474      $    24,156            $   139,539
   Payment of accounts payable and exp reimbursement       $         -      $         -            $    15,000
   Conversion of preferred stock                           $         -      $         -            $   100,000
   Payment of preferred stock dividend                     $         -      $         -            $    25,556
   Notes Receivable                                        $   123,972      $    74,134            $   753,034
   Equipment                                               $         -      $    25,000            $    25,000

Note payable issued for services                           $         -      $         -            $     6,860
Assignment of oil lease in payment of note payable         $         -      $         -            $    40,000

Common stock acquired for conversion of
   note receivable                                         $         -      $         -            $     6,406

Common stock canceled for conversion of
   note receivable                                         $         -      $         -            $     5,600

Additions to equipment under capital leases                $         -      $                      $   107,631

</TABLE>





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

                                      -8-

<PAGE>


                           VIKING CAPITAL GROUP, INC.

              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)


1.   BASIS OF PRESENTATION

The consolidated  interim  financial  statements  include the accounts of Viking
Capital  Group,  Inc.  and  its  wholly  owned  subsidiaries  (collectively  the
"Company").

The consolidated interim financial statements included herein have been prepared
by the Company,  without  audit,  pursuant to the rules and  regulations  of the
Securities and Exchange Commission (the "SEC"). Certain information and footnote
disclosures  normally  included in financial  statements  prepared in accordance
with generally accepted  accounting  principals  ("GAAP") have been condensed or
omitted  pursuant to such rules and  regulations,  although the Company believes
that  the  disclosures  are  adequate  to make  the  information  presented  not
misleading.  It  is  suggested  that  these  financial  statements  be  read  in
conjunction  with  the  consolidated  financial  statements  and  related  notes
included in the Company's  Form 10-KSB as of and for the year ended December 31,
1998.

In the opinion of  management,  the  unaudited  interim  consolidated  financial
statements of the Company contains all adjustments,  consisting only of those of
a normal recurring nature,  necessary to present fairly the Company's  financial
position  and the  results  of its  operations  and cash  flows for the  periods
presented.  The  preparation  of financial  statements in  accordance  with GAAP
requires  management  to make  estimates  and  assumptions.  Such  estimates and
assumptions  affect the reported amounts of assets and  liabilities,  as well as
the  disclosures  of  contingent  assets  and  liabilities  at the  date  of the
financial  statements,  and the reported  amounts of revenue and expenses during
the reporting period. Actual results could differ from those estimates.


2.   SOFTWARE DEVELOPMENT COSTS

Beginning in January of 1998,  the Company has been building a technical  robust
architecture capable of supporting the Company's long term strategic initiatives
of creating an interactive enterprise insurance and retirement services website.
The Company has  capitalized  such costs as software  development  costs.  Total
costs incurred to date is $763,019;  of which,  $696,252 is paid.  This includes
capitalized costs in the third quarter of $96,252.

Financial  Accounting  Standard  No. 86,  "Accounting  for the Cost of  Computer
Software  to  be  Sold,  Leased,  or  Otherwise  Marketed",   provides  for  the
capitalization  of certain costs  related to  development  of computer  software
products.   Capitalized   computer   software   costs   include   direct  labor,
labor-related  overhead costs and interest.  The software will be amortized over
its  expected  useful life of 3 years after it is placed in service.  Management
periodically  evaluates  the  recoverability,   valuation  and  amortization  of
capitalized  software  cost.  As part of this review,  management  considers the
undiscounted  projected  future net  earnings.  If the  undiscounted  future net
earnings is less than the stated value,  software  costs will be written down to
fair value.

                                       -9-


<PAGE>



                           VIKING CAPITAL GROUP, INC.

              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)




3.   RELATED PARTY TRANSACTIONS

During the quarter,  a  promissory  note for  $1,300.00  was entered into with a
related  party.  The note  originated on 8/16/99 and carries an interest rate of
12%.


4.   OPTIONS ISSUED

During the current quarter, the Company granted 8,442,400 options exercisable at
rates  from  $0.50 to $1.00 per  share  with one to five  year  terms.  One year
options  for 8,400  shares  were  granted at $0.50 per share for  conversion  of
promissory  notes.  A five year  employee  stock  option was granted for 180,000
shares,  exercisable  25% per  year at $1.00  per  share,  and was  subsequently
canceled  after  resignation of the employee.  Other five year employee  options
were granted  totaling  624,000 shares  exercisable at 25% per year at $1.00 per
share. A five year,  five million share option at $0.75 per share was granted to
William J. Fossen, Chairman,  President and CEO of the Company. A five year, one
million  share  option at $1.00 was  granted to Matthew  W.  Fossen,  Secretary,
Treasurer,  and CFO of the  Company.  Five year  options at $1.00 per share were
also  granted to members of the Board of  Directors  totaling  1,630,000  shares
including  500,000  share  options to the President and 100,000 share options to
the CFO.

5.   OTHER

The financial  statements  have been prepared on the assumption that the Company
will  continue as a going  concern.  Its  continued  existence  depends upon the
success of management's  efforts to raise additional  capital  necessary to meet
the Company's  obligations as they come due and to obtain sufficient  capital to
execute its business plan.

There can be no degree of assurance given that the Company will be successful in
completing additional financing transactions. Should the Company be unsuccessful
in its efforts to obtain adequate  financing,  it's current financial  condition
may be affected adversely, and such affects may be material.


6.   EVENTS SUBSEQUENT TO SEPTEMBER 30, 1999

Subsequent  to September  30, 1999,  406,000 one year options at $0.30 per share
were granted and 200,000 one year options at $0.50 per share were  granted.  The
Company also issued 721,661 common shares for services, 61,600 common shares for
conversion of promissory note, and 182,000 common shares for cash.





                                      -10-


<PAGE>

Item 2. Management's Discussion and Analysis or Plan of Operations.

Material Changes in Results of Operations

         During the three and nine month period ended  September  30, 1999,  the
Company  continued in its efforts to secure  capital and  implement its proposed
plan of business.  In the course of its efforts to fulfill its strategic plan of
operation  it continued to expand upon its  alliances  and  continued to improve
upon its systems.  The purpose of these systems is to support the Company's long
term strategic  initiative of creating an internet based  financial  portal with
systems  capable of supporting the needs of full life  insurance  administration
and  data  processing(Universal  IP),  remote  banking(IP  Banker),   facilitate
securities  trading  via the  internet(IP  Trader),  HR/Employee  benefits  data
processing(Benefits  IP), and large marketing  organizations data communications
(IP Marketer).  A more complete  description of each service is available on the
Company's website at www.vcgi.com. Additional resources are also being put forth
in a marketing  and sales  recruiting  effort for the Company's  remote  banking
services.  This service is called IP Banker and is provided on a service  bureau
basis. The Company is actively seeking professional sales representatives across
the  United  States for IP  Banker.  The  Company  has thus far  identified  and
enlisted sales representatives and as of the date of this report, are conducting
presentations  to potential  clients  generated  from  earlier  lead  generating
activities.  The Company has also signed two  agreements for products to be made
available which the Company believes will enhance customer  satisfaction and use
of its network.  These  products  will be made  available  through the Company's
E-Commerce  website at  www.eoutletdirect.com  which was  launched in July.  The
VidnetPC, a powerful video conferencing PC, is currently available and featured.
The technology  offers  full-motion,  2-way video  communications  over IP based
connections  (Internet,  Extranet,  Intranet)  and is  compliant  with  MPEG and
streaming  video/DVD  standards.  The second agreement will provide for the sale
and  distribution  of  a  family  of  products  called  Webnote(TM)  which  is a
sub-notebook  size device with touch screen,  color  display and  keyboard.  The
complete  unit weighs about 2 lbs. The  Webnote(TM)  is also equipped with smart
card technology to provide additional  security which acts as a "web access key"
providing a unique identifier.  The Company anticipates using this technology to
enhance acceptance and use of its employee benefits  administration services and
other  services.   The  Company  also  continues  to  pursue  insurance  company
acquisitions. In connection with its insurance company strategy, the Company has
concluded  that it will allow  future  acquired  insurance  companies to buy the
stock of Viking Capital Group,  Inc. to the extent allowed under state insurance
laws.  The  Company's  revenue  generating  focus is on IP  Banker  while  asset
accumulation strategies continue to focus on insurance company acquisitions. The
Company continues to expand its web presence and is initiating marketing efforts
of its services, particularly IP Banker.

        In  connection  with its efforts to attract  capital and  implement  its
plan of business,  the Company incurred general and  administrative  expenses of
$395,198  and  reported  net losses of $392,037 for the three month period ended
September  30,  1999.  Included  in the costs and losses is an accrued  (unpaid)
officer's payroll charge of $110,000.

Material Changes in Financial Condition, Liquidity and Capital Resources

         The Company had a cash balance of $34,890 at September 30, 1999. During
the third quarter of 1999, the Company raised  $293,690  through private sale of
stock, exercise of options, and promissory notes.

         With the receipt of $293,690 from these sources and expected additional
funding , the Company believes it has sufficient funds to continue  pursuing its
plan of operations  for the next twelve months,  exclusive of insurance  company
acquisitions  which  constitutes  the full plan of  operations.  The  Company is
currently  evaluating  various options to raise  additional  capital,  including
possible  placements  of debt and equity for the  purpose of  insurance  company
acquisitions.  There  is  no  assurance,  however,  that  the  Company  will  be
successful  in  securing  additional  financing  and,  therefore,  there  is  no
assurance  that the Company can  implement its full plan of  operations.  If the
Company is successful in implementing  its plan of operations,  the Company will
be required to lease, acquire or construct significant additional facilities and
equipment  and  hire  substantial   additional   employees  to  carry  out  such
operations.




                                      -11-

<PAGE>



                           PART II - OTHER INFORMATION

Item 5. Other Information

         The Company's common stock trades on the OTC Electronic Bulletin Board.
Its symbol is "VGCP".

         Company  information can be found on the World Wide Web. The address is
www.vcgi.com.







Item 6.  Exhibits and Reports

                  Exhibit 21.1      List of subsidiaries of the Registrant
                  Exhibit 27.1      Financial Data Schedule









                                      -12-


<PAGE>


                                  EXHIBIT INDEX
                                  -------------


EXHIBIT
NUMBER                           DESCRIPTION
-------                          -----------


 2.1

21.1                       List of Subsidiaries of the Registrant
27.1                       Financial Data Schedule

















                                      -13-


<PAGE>


                                   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.



                                                   VIKING CAPITAL GROUP, INC.

Dated: November 15,  1999                     By:  /s/ William J. Fossen
                                              ----------------------------------
                                                   William J. Fossen, President


Dated: November 15, 1999                       By:  /s/ Matthew W. Fossen
                                               -------------------------------
                                                    Matthew W. Fossen
                                                    Chief Financial Officer



















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