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

                                   FORM 10-QSB

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

                For the quarterly period ended September 30, 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 October 23, 2003: 5,250,000 shares of common stock outstanding,
$0.0001 par value.


<PAGE>


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 nine months ended September 30, 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 SEPTEMBER 30, 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



                                        1


<PAGE>

<TABLE>
<CAPTION>


                                SEGWAY III CORP.
                                  BALANCE SHEET
                            As of September 30, 2003
                              and December 31, 2002


                                     ASSETS


CURRENT ASSETS                       September 30, 2003     December 31, 2002


<S>                                     <C>                       <C>
  Cash                                  $         0               $     0
                                        ------------         ------------

      TOTAL ASSETS                      $         0               $     0
                                        ============          ===========


                      LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES

  Accrued expenses                     $      1,825              $  1,425
                                       -------------           -----------


      TOTAL LIABILITIES                       1,825                 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                        (2,752)               (2,352)
                                       -------------            ----------


  Total stockholders' equity                 (1,825)               (1,425)
                                       -------------            ----------


      TOTAL LIABILITIES AND EQUITY     $          0             $       0

</TABLE>





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


                                        2

<PAGE>

<TABLE>
<CAPTION>


                                SEGWAY III CORP.
                             STATEMENT OF OPERATIONS
             For the nine months ended September 30, 2003 and 2002,
         and from inception (March 31, 2000) through September 30, 2003



                                               Nine Months         Nine Months     From Inception
                                           September 30, 2003  September 30, 2002  To September 30, 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                400              348            2,752
                                                -----------      -----------      -----------

     NET LOSS                                          (400)            (348)          (2,752)

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

     ACCUMULATED DEFICIT, ENDING BALANCE        $    (2,752)     $    (2,152)     $    (2,752)
                                                ===========      ===========      ===========

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.

                                        2


<PAGE>

<TABLE>
<CAPTION>

                                SEGWAY III CORP.
                             STATEMENT OF OPERATIONS
              For the nine months ended September 30, 2003 and 2002




                                          Three Months        Three Months
                                       September 30, 2003   September 30, 2002


<S>                                          <C>                 <C>
REVENUE                    Sales             $   0               $   0
                           Cost of sales         0                   0

     GROSS PROFIT                                0                   0

     GENERAL AND ADMINISTRATIVE EXPENSES       150                 100

     Net Loss                                $(150)              $(100)
                                             =====               =====
</TABLE>


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

                                        3

<PAGE>

<TABLE>
<CAPTION>


                                SEGWAY III CORP.
                        STATEMENT OF STOCKHOLDERS' EQUITY
           From inception (March 31, 2000) through September 30, 2003


                               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                                                                    (400)             (400)
                            -------------      -------------      ---------------      ------------

Total at September 30, 2003   5,250,000         $     927          $      (2,752)      $    (1,825)
                            =============      =============      ===============      ============

</TABLE>




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


                                        4


<PAGE>

<TABLE>
<CAPTION>

                                SEGWAY III CORP.
                             STATEMENT OF CASH FLOWS
              For the six months ended June 30, 2003 and 2002, and
              from inception (March 31, 2000) through June 30, 2003



CASH FLOWS FROM OPERATING ACTIVITIES                   June 30, 2003   June 30, 2002  From Inception
<S>                                                    <C>               <C>           <C>
        Net income (loss)                              $      (400)      $   (348)     $  (2,752)

        Increases (Decrease) in accrued expenses               400            300          1,825
                                                       -------------    ----------       ----------

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.

                                        5


<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.

                                        6

<PAGE>


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.


                                        7

<PAGE>

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

Common Stock includes 100,000,000 shares authorized at a par value of $0.0001,
of which 5,250,000 have been issued for the amount of $750. The shareholders
contributed an additional $150 to capital during the year 2001. The Company has
also authorized 20,000,000 shares of preferred stock at a par value of $0.0001,
none of which have been issued.

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

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

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

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

                                        8

<PAGE>


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

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

We are continuing our efforts to locate a merger candidate for the purpose of a
merger. It is possible that we will be successful in locating such a merger
candidate and closing such merger. However, if we cannot effect a non-cash
acquisition, we may have to raise funds from a private offering of our
securities under Rule 506 of Regulation D. There is no assurance we would obtain
any such equity funding.

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

We did not have any operating income from inception (March 31, 2000) through
September 30, 2003. For the quarter ended September 30, 2003, we recognized a
net loss of $150. 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 September 30, 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.

<PAGE>

                           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

                                   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.

                                        SEGWAY III CORP.



Date:   October 23, 2003                /s/  Richard I. Anslow
                                        --------------------------------
                                        Richard I. Anslow
                                        President, Secretary and Director