U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

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

                For the quarterly period ended March 31, 2003

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

                         For the transition period from

                          Commission File No. 000-30311

                                SEGWAY III CORP.
        (Exact name of small business issuer as specified in its charter)

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

                4400 Route 9 South, 2nd Floor, Freehold, NJ 07728
                    (Address of Principal Executive Offices)

                                 (732) 409-1212
                           (Issuer's telephone number)

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

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the issuer was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes [ X] No [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of May 12, 2003: 5,250,000 shares of common stock outstanding,
$0.0001 par value.




Part I-- FINANCIAL INFORMATION

  Item 1. Financial Statements

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

  Item 3. Control and Procedures

Part II-- OTHER INFORMATION

  Item 1. Legal Proceedings

  Item 2. Changes in Securities

  Item 3. Defaults Upon Senior Securities

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

  Item 5. Other Information

  Item 6. Exhibits and Reports on Form 8-K

Signature


Item 1. Financial Information
-----------------------------

BASIS OF PRESENTATION

The accompanying reviewed financial statements are presented in accordance with
generally accepted accounting principles for interim financial information and
the instructions to Form 10-QSB and item 310 under subpart A of Regulation S-B.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting only of normal
occurring accruals) considered necessary in order to make the financial
statements not misleading, have been included. Operating results from inception
(April 6, 2000) and three months ended March 31, 2003 are not necessarily
indicative of results that may be expected for the year ending December 31,
2003. The financial statements are presented on the accrual basis.

<PAGE>


                                SEGWAY III CORP.


                              FINANCIAL STATEMENTS


                              AS OF MARCH 31, 2003



Segway III Corp.
Financial Statements Table of Contents




FINANCIAL STATEMENTS                                        Page #



         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>


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


                                     ASSETS


CURRENT ASSETS                                 March 31, 2003  December 31, 2002

        Cash                                          $     0        $     0


                      TOTAL ASSETS                    $     0        $     0


          LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES

    Accrued expenses                                  $ 1,525        $ 1,425


                      TOTAL LIABILITIES                 1,525          1,425

STOCKHOLDERS' EQUITY

  Common Stock - par value $0.0001;
    100,000,000 shares authorized;
    5,250,000 issued and outstanding                      525            525

  Additional paid in capital                              402            402

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


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

  Total stockholders' equity                           (1,525)        (1,425)


      TOTAL LIABILITIES AND EQUITY                    $     0        $     0


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


<PAGE>

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

<TABLE>
<CAPTION>


                                                   Three Months      Three Months      From Inception
                                                   Mar. 31, 2003     Mar. 31, 2002    To Mar. 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                  100                148              2,452

     NET LOSS                                            (100)              (148)            (2,452)

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

     ACCUMULATED DEFICIT, ENDING BALANCE          $    (2,452)       $    (1,952)       $    (2,452)


NET EARNINGS PER SHARE

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

Basic and Diluted Weighted Average
    Number of Common Shares Outstanding             5,250,000
</TABLE>

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

<PAGE>

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

<TABLE>
<CAPTION>

                               SHARES          COMMON STOCK     ACCUMULATED DEFICIT      TOTAL
                           -------------      -------------     -----------------     ------------
<S>                         <C>                <C>                <C>                 <C>
Stock issued for cash         5,250,000           $    750                              $      750

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

Total at December 31, 2000    5,250,000                750                  (837)              (87)

Contributed capital
 by shareholders                                       150                                     150

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

Total at December 31, 2001   5,250,000                900                 (1,804)             (904)

Contributed capital
 by shareholders                                       27                                       27

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

Total at December 31, 2002  5,250,000                927                 (2,352)          (1,425)

Net loss                                                                   (100)            (100)
                            -------------      -------------      ---------------      ------------

Total at March 31, 2003     5,250,000          $     927          $      (2,452)      $   (1,525)
                            =============      =============      ===============      ============
</TABLE>




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

<PAGE>

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

<TABLE>
<CAPTION>


CASH FLOWS FROM OPERATING ACTIVITIES                     Mar. 31, 2003   Mar. 31, 2002  From Inception
<S>                                                         <C>            <C>            <C>
        Net income (loss)                                   $  (100)       $  (148)       $(2,452)

             Increases (Decrease) in accrued expenses           100            100          1,525
                                                            -------        -------        -------

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                    0              0            750
        Proceeds from capital contributions                      27             27            177
                                                            -------        -------        -------
                                                                 27             27            927

CASH RECONCILIATION

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

CASH BALANCE AT END OF YEAR                                 $     0        $     0        $     0
                                                            =======        =======        =======
</TABLE>



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

<PAGE>

                                SEGWAY III CORP.
                         NOTES TO 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.

Fair Value of Financial Instruments - The Company's financial instruments may
-----------------------------------
include cash and cash equivalents, short-term investments, accounts receivable,
accounts payable and liabilities to banks and shareholders. The carrying amount
of long-term debt to banks approximates fair value based on interest rates that
are currently available to The Company for issuance of debt with similar terms
and remaining maturities. The carrying amounts of other financial instruments
approximate their fair value because of short-term maturities.

Concentrations of Credit Risk - Financial instruments which potentially expose
-----------------------------
The Company to concentrations of credit risk consist principally of operating
demand deposit accounts. The Company's policy is to place its operating demand
deposit accounts with high credit quality financial institutions. At this time
The Company has no deposits that are at risk.

2. Related Party Transactions and Going Concern:
   --------------------------------------------

The Company's financial statements have been presented on the basis that it is a
going concern in the development stage, which contemplates the realization of
assets and the satisfaction of liabilities in the normal course of business. At
this time The Company has not identified the business that it wishes to engage
in.

The Company's shareholders fund The Company's activities while The Company takes
steps to locate and negotiate with a business entity for combination; however,
there can be no assurance these activities will be successful.

3. Accounts Receivable and Customer Deposits:
   -----------------------------------------

Accounts receivable and Customer deposits do not exist at this time and
therefore have no allowances accounted for or disclosures made.

4. Use of Estimates:
   ----------------

Management uses estimates and assumptions in preparing these financial
statements in accordance with generally accepted accounting principles. Those
estimates and assumptions affect the reported amounts of assets and liabilities,
the disclosure of contingent assets and liabilities, and the reported revenue
and expenses. Management has no reason to make estimates at this time.

5. Revenue and Cost Recognition:
   ----------------------------

The Company uses the accrual basis of accounting in accordance with generally
accepted accounting principles for financial statement reporting.

6. Accrued Expenses:
   ----------------

Accrued expenses consist of accrued legal, accounting and office costs during
this stage of the business.

7. Operating Lease Agreements:
   --------------------------

The Company has no agreements at this time.

8. Stockholder's Equity:
   --------------------

Common Stock includes 100,000,000 shares authorized at a par value of $0.0001,
of which 5,250,000 have been issued for the amount of $750.  The Company has
also authorized 20,000,000 shares of preferred stock at a par value of $0.0001,
none of which have been issued.

9. Required Cash Flow Disclosure for Interest and Taxes Paid:
   ---------------------------------------------------------

The company has paid no amounts for federal income taxes and interest.

10. Earnings Per Share:
    ------------------

Basic earnings per share ("EPS") is computed by dividing earnings available to
common shareholders by the weighted-average number of common shares outstanding
for the period as required by the Financial Accounting Standards Board (FASB)
under Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings per
Shares". Diluted EPS reflects the potential dilution of securities that could
share in the earnings.

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

Plan of Operation
-----------------

We are continuing its 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
March 31, 2003. For the quarter ended March 31, 2003, we recognized a net loss
of $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 March 31, 2003 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.

Item 3. Controls and Procedures
-------------------------------

(a)  Evaluation of disclosure controls and procedures.

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

(b)  Changes in internal controls.

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


                          PART II - OTHER INFORMATION


Item 1. Legal Proceedings

None

Item 2. Changes in Securities.

None

Item 3. Defaults Upon Senior Securities.

None

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

None

Item 5. Other Information.

None

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

     (a)  Exhibits

          99.1 Certification

     (b)  Reports of Form 8-K

          None

<PAGE>

                                   SIGNATURES

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

                                        SEGWAY III CORP.



Date:   May 12, 2003                     /s/  Richard I. Anslow
                                        --------------------------------
                                        Richard I. Anslow
                                        President, Secretary and Director


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

                                  CERTIFICATION
                         OF PRINCIPAL EXECUTIVE OFFICER
                   AND PRINCIPAL FINANCIAL OFFICER PURSUANT TO
                             18 U.S.C. SECTION 1350,
                      AS ADOPTED PURSUANT TO SECTION 906 OF
                         THE SARBANES-OXLEY ACT OF 2002

I, Richard I. Anslow, certify that:

1.   I have reviewed this quarterly report on Form 10-QSB of SEGWAY III CORP.

2.   Based on my knowledge, this quarterly report does not contain any
     untrue statement of a material fact or omit to state a material fact
     necessary to make the statements made, in light of the circumstances under
     which such statements were made, not misleading with respect to the period
     covered by this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4.   I am responsible for establishing and maintaining disclosure controls and
     procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the
     registrant and have:

     (a)  designed such disclosure controls and procedures to ensure that
          material information relating to the a registrant is made known to me
          by others within those entities, particularly during the period in
          which this quarterly report is being prepared;

     (b)  evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     (c)  presented in this quarterly report my conclusions about effectiveness
          of the disclosure controls and procedures based on my evaluation as of
          the Evaluation Date;

5.   I have disclosed, based on my most recent evaluation, to the registrant's
     auditors and the audit committee of registrant's board of directors (or
     persons performing the equivalent functions):

     (a)  all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weakness in
          internal controls; and

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

6.   I have indicated in this quarterly report whether there were significant
     changes in internal controls or in other factors that could significantly
     affect internal controls subsequent to the date of my most recent
     evaluation, including any corrective actions with regard to significant
     deficiencies and material weaknesses.

Dated: May 12, 2003
                                        /s/ Richard I. Anslow
                                        --------------------------
                                        Richard I. Anslow
                                        Principal Executive Officer and
                                        Principal Financial Officer