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

                                   FORM 10-KSB

              ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHNAGE ACT OF 1934

                            For the fiscal year Ended
                                December 31, 2003

                         Commission File Number 0-30311

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

             New Jersey                                 22-3719165
  (State or other jurisdiction of                    (I.R.S. Employer
   incorporation or organization)                   Identification No.)

                          195 Route 9 South, Suite 204
                           Manalapan, New Jersey          07726
               (Address of principal executive offices) (Zip Code)

                                 (732) 409-1212
              (Registrant"s telephone number, including area code)

                          4400 Route 9 South, 2nd Floor
                           Freehold, New Jersey 07728
              (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 twelve months (or for such shorter periods 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   [   ]


                                        1
<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, 2003:    $-0-

Aggregate market value of the voting common stock held by non-affiliates of the
registrant as of April 14, 2004 was: $-0-

Number of shares of our common stock outstanding as of April 14, 2004 is:
                                    5,289,900

We do not have a Transfer Agent.

                                        2

<PAGE>

                                     PART I

ITEM 1.       DESCRIPTION OF BUSINESS

GENERAL

Segway III Corp. (the "Company"), was incorporated on March 31, 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 have no operations to date other
than issuing shares to our 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;


                                        3

<PAGE>


*     enhanced corporate image;
*     a presence in the United States capital markets.

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 sole officer and director
has agreed to allocate a portion of his time to our activities, without
compensation. Mr. Anslow anticipates that our business plan can be 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.

                                        4
<PAGE>

ITEM 2.      DESCRIPTION OF PROPERTY

We have no properties and at this time have no agreements to acquire any
properties. We currently use 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, 2003, there were 29 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 intend 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 will obtain
any such equity funding.

Results of Operation
--------------------

We did not have any operating income from inception (March 31, 2000) through
December 31, 2003. For the year ended December 31, 2003, we recognized a net
loss of $1,100. 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, 2003 we had a cash balance of $9,975. There are no other capital
resources and we will rely upon the issuance of common stock and additional
capital contributions from shareholders to fund administrative expenses pending
acquisition of an operating company.

ITEM 7. FINANCIAL STATEMENTS



                                SEGWAY III CORP.


                              FINANCIAL STATEMENTS







                             AS OF DECEMBER 31, 2003





















<PAGE>



Segway III Corp.
Financial Statements Table of Contents




FINANCIAL STATEMENTS                                                   Page #


         Independent Auditors Report                                       2


         Balance Sheet                                                     3


         Statement of Operations and Retained Deficit                      4


         Statement of Stockholders Equity                                  5


         Cash Flow Statement                                               6


         Notes to the Financial Statements                               7-9
















<PAGE>






To The Board of Directors and Shareholders
SEGWAY III CORP.

We have audited the accompanying balance sheet of Segway III Corp. as of
December 31, 2003 and 2002, and the related statement of operations, equity and
cash flows from inception (March 31, 2000) through December 31, 2003. 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 III Corp. as of December
31, 2003 and 2002, and the results of its operations and its cash flows from
inception (March 31, 2000) through December 31, 2003 in conformity with
generally accepted accounting principles.


Gately & Associates, LLC
Altamonte Springs, FL
April 2, 2004









<PAGE>





                                               SEGWAY III CORP.
                                                BALANCE SHEET
                                           As of December 31, 2003
                                            and December 31, 2002

<TABLE>

                                                   ASSETS
<CAPTION>


CURRENT ASSETS                                                 December 31, 2003        December 31, 2002
<S>                                                                 <C>                     <C>
  Cash                                                              $  9,975                $      0
                                                                    --------                --------

      TOTAL ASSETS                                                  $  9,975                $      0
                                                                    ========                ========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

  Accrued expenses                                                  $  2,525                $  1,425
                                                                    --------                --------


      TOTAL LIABILITIES                                                2,525                   1,425
                                                                    --------                --------

STOCKHOLDERS' EQUITY

  Common Stock - par value $0.0001;
    100,000,000 shares authorized;
      Issued and outstanding:
      5,289,900 and 5,250,000, respectively                              529                     525

  Additional paid in capital                                          10,373                     402

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

  Accumulated Deficit                                                 (3,452)                 (2,352)
                                                                    --------                --------

  Total stockholders' equity                                           7,450                  (1,425)
                                                                    --------                --------


      TOTAL LIABILITIES AND EQUITY                                  $  9,975                $      0




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

</TABLE>

<PAGE>

                                SEGWAY III CORP.
                             STATEMENT OF OPERATIONS
           For the twelve months ended December 31, 2003 and 2002, and
            from inception (March 31, 2000) through December 31, 2003

<TABLE>
<CAPTION>


                                                   Twelve Months     Twelve Months    From Inception
                                                   Dec. 31, 2003     Dec. 31, 2002   To Dec. 31, 2003
<S>                                                  <C>               <C>               <C>
REVENUE                    Sales                     $     0           $     0           $     0
                           Cost of sales                   0                 0                 0
                                                     -------           -------           -------

     GROSS PROFIT                                          0                 0                 0

     GENERAL AND ADMINISTRATIVE EXPENSES               1,100               548             3,452

     NET LOSS                                         (1,100)             (548)           (3,452)
                                                     -------           -------           -------

     ACCUMULATED DEFICIT, BEGINNING BALANCE           (2,352)           (1,804)                0
                                                     -------           -------           -------

     ACCUMULATED DEFICIT, ENDING BALANCE             $(3,452)          $(2,352)          $(3,452)
                                                     =======           =======           =======


NET EARNINGS PER SHARE

         Basic and Diluted
         Net loss per share                   (Less than .01)   (less than .01)

Basic and Diluted Weighted Average

    Number of Common Shares Outstanding            5,266,826         5,250,000





                    The accompanying notes are an integral part of these financial statements.
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

                                                 SEGWAY III CORP.
                                         STATEMENT OF STOCKHOLDERS' EQUITY
                             From inception (March 31, 2000) through December 31, 2003

                                                    COMMON         ADDITIONAL    ACCUMULATED
                                   SHARES           STOCK          PAID IN        DEFICIT          TOTAL
                                -----------     -----------     -----------    -----------     -----------
<S>                               <C>           <C>             <C>            <C>             <C>
Stock issued for cash on
  April 29, 2000 for
  $0.0001 per share               5,000,000     $       500     $         0    $         0     $       500

Stock issued for cash on
  September 14, 2000 for
  $0.001 per share                  250,000              25             225                            250

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

Total at December 31, 2000        5,250,000             525             225           (837)            (87)

Contributed capital
  by shareholders during
  the year 2001                                                         150                            150

Net loss                                                                              (967)           (967)
                                -----------     -----------     -----------    -----------     -----------

Total at December 31, 2001        5,250,000             525             375         (1,804)           (904)

Contributed capital
  by shareholders during
  the year 2002                                                          27                             27

Net loss                                                                              (548)           (548)
                                -----------     -----------     -----------    -----------     -----------

Total at December 31, 2002        5,250,000             525             402         (2,352)         (1,425)

Stock issued for cash from
  May, 2003 through October,
  2003 for $0.25 per share           39,900               4           9,971                          9,975

Net loss                                                                            (1,100)         (1,100)
                                -----------     -----------     -----------    -----------     -----------

Total at December 31, 2003        5,289,900     $       529     $    10,373    $    (3,452)    $    (7,450)
                                ===========     ===========     ===========    ===========     ===========




                   The accompanying notes are an integral part of these financial statements.
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

                                SEGWAY III CORP.
                             STATEMENT OF CASH FLOWS
           For the twelve months ended December 31, 2003 and 2002, and
            from inception (March 31, 2000) through December 31, 2003



CASH FLOWS FROM OPERATING ACTIVITIES                   Dec. 31, 2003   Dec. 31, 2002  From Inception
<S>                                                    <C>               <C>           <C>
        Net income (loss)                              $      (400)      $   (548)     $    (3,452)

             Increases (Decrease) in accrued expenses          400            500            2,525
                                                       -------------    ----------       ----------

    NET CASH PROVIDED OR (USED) IN OPERATIONS                   (0)           (48)            (927)


CASH FLOWS FROM INVESTING ACTIVITIES

        None                                                     0              0                0


CASH FLOWS FROM FINANCING ACTIVITIES

        Proceeds from issuance of common stock
          capital contributions                              9,975             27           10,902
                                                        ------------     ---------       ---------

                                                             9,975             27           10,902

CASH RECONCILIATION

        Net increase (decrease) in cash                      9,975            (21)               0
        Beginning cash balance                                   0             21                0
                                                          -----------   -----------      ---------

CASH BALANCE AT END OF YEAR                            $     9,975       $      0      $     9,975
                                                          ===========   ===========      =========



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

</TABLE>

<PAGE>

                                SEGWAY III CORP.
                      FOOTNOTES TO THE FINANCIAL STATEMENTS

--------------------------------------------------------------------------------

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

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

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

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

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

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

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

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

<PAGE>


                                SEGWAY III CORP.
                      FOOTNOTES TO THE FINANCIAL STATEMENTS

--------------------------------------------------------------------------------

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:
     --------------------

Preferred Stock includes 20,000,000 shares authorized at a par value of $0.0001,
none of which have been issued.

Common Stock includes 100,000,000 shares authorized at a par value of $0.0001,
of which 5,289,900 have been issued for the amount of $10,902. The following
describes the shares issued.


<PAGE>

                                SEGWAY III CORP.
                      FOOTNOTES TO THE FINANCIAL STATEMENTS

--------------------------------------------------------------------------------

On April 29, 2000, the Company issued 5,000,000 common shares for total of $500,
or $.0001 per shares, in an issuance that the company believes is exempt from
registration with the United States Securities and Exchange Commission.

On September 14, 2000, the Company issued 250,000 common shares for a total of
$250, or .0014 per share, in an issuance that the company believes is exempt
from registration with the United States Securities and Exchange Commission.

During the year 2001, shareholders of the Company contributed an additional $150
of capital to the Company in the form of cash.

During the year 2002, shareholders of the Company contributed an additional $27
of capital to the Company in the form of cash.

From May, 2003 through October, 2003, the Company issued 39,900 common shares
for total of $9,975, or $.25 per share, in an issuance that the company
believes is exempt from registration with the United States Securities and
Exchange Commission.

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 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE

Our accountant is Gately & Associates, LLC, CPAs, independent certified public
accountants. The Company does 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.

ITEM 8A. CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures

Our principal executive officer and principal financial officer evaluated our
disclosure controls and procedures (as defined in rule 13a-14(c) and 15d-14(c)
under the Securities Exchange Act of 1934, as amended) as of a date within 90
days before the filing of this annual report (the Evaluation Date). Based on
that evaluation, our principal executive officer and principal financial officer
concluded that, as of the Evaluation Date, the disclosure controls and
procedures in place were adequate to ensure that information required to be
disclosed by us, including our consolidated subsidiaries, in reports that we
file or submit under the Exchange Act, is recorded, processed, summarized and
reported on a timely basis in accordance with applicable rules and regulations.
Although our principal executive officer and principal financial officer
believes our existing disclosure controls and procedures are adequate to enable
us to comply with our disclosure obligations, we intend to formalize and
document the procedures already in place and establish a disclosure committee.

Changes in internal controls

We have not made any significant changes to our internal controls subsequent to
the Evaluation Date. We have not identified any significant deficiencies or
material weaknesses or other factors that could significantly affect these
controls, and therefore, no corrective action was taken.

                                    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, 2003, are set forth below. The
directors hold office for their respective term and until their successors are
duly 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 our
Board of Directors.


Name                                 Age   Positions and Offices Held
----                                 ---   --------------------------
Richard I. Anslow                    43    President/Secretary/Director


BUSINESS EXPERIENCE

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

                                       14
<PAGE>

Richard I. Anslow, Esq. has been our President, Secretary and Director since our
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

To date, we have not filed a Form 5 for our fiscal year ended December 31, 2003.

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, our sole
officer and director anticipates receiving benefits as our beneficial
shareholder and, possibly, in other ways.

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 5,289,900 shares of our common stock for a total of
$10,902 in cash:

<TABLE>
<CAPTION>
Name                                 Number of Total Shares               % of Shareholdings
----                                 ----------------------               ------------------
<S>                                  <C>                                  <C>
Richard I. Anslow                    5,000,000                            95.24%
</TABLE>

Mr. Anslow's shares were originally issued in the name of RGR Corp., a company
of which he is the sole director, shareholder and President. With respect to the
sales made to RGR Corp. we relied upon Section 4(2) of the Securities Act of
1933, as amended (the "Securities Act").

The address for Mr. Anslow is 195 Route 9 South, Suite 204, Manalapan, New
Jersey 07726.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

We currently use the offices of management at no cost to us. Management has
agreed to continue this arrangement until we complete an acquisition or merger.

                                       15


<PAGE>


                                     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)

     3.2  By-laws (1)


(1)  Incorporated by reference to our Form 10-SB (SEC File No. 0-30311).

                                       16
<PAGE>

ITEM 14.   PRINCIPAL ACCOUNTANT FEES AND SERVICES

Audit Fees

For the Company's fiscal year ended December 31, 2003 and December 31, 2002, we
were billed $775 for professional services rendered for the audit and review of
our financial statements included in our periodic and other reports filed with
the Securities and Exchange Commission for our year ended December 31, 2003,
respectively.

Tax Fees

For the Company's fiscal year ended December 31, 2003 and 2002, we were billed
$325 for professional services rendered for tax compliance, tax advice, and tax
planning.

All Other Fees

The Company did not incur any other fees related to services rendered by our
principal accountant for the fiscal year ended December 31, 2003.

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 thereunto duly authorized.

                                   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 III CORP.

                     By:  /s/    Richard I. Anslow
                          --------------------------------
                              RICHARD I. ANSLOW
                              President, Principal Executive Officer,
                              Principal Financial Officer,
                              Secretary and Director


Dated:   April 14, 2004

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.

<TABLE>

<S>                                <C>                                          <C>
By:   /s/ Richard I. Anslow        President, Principal Executive Officer,      Dated:   April 14,  2004
      --------------------------   Principal Financial Officer,
      Richard I. Anslow            Secretary and Director

</TABLE>


                                       18