** UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

** **

|  | [X] | QUARTERLY                REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF                1934 |
|--|-----|-----------------------------------------------------------------------------------------------------------------|

**For      the quarterly period ended June 30, 2007**

|  | [                 ]   | TRANSITION                REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE                ACT |
|--|--------------------------------------|-----------------------------------------------------------------------------------------------|

**000-52623**

**MONDO      ACQUISITION III, INC.**

|  **Delaware **                                                                                      |  **37-1532843**                                   |
|---------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|
|   (State                or other jurisdiction of incorporation or                organization) |  (IRS                Employer Identification No.) |
|                                                                                                          |                                                   |

**                                                                                               **

**61      Broadway, 32nd      Floor**

**New      York, New York  10006**

**(212)      930-9700**

**N/A**

----

**MONDO      ACQUISITION III, INC.**

**Index**

| **PART                I.   ** | **FINANCIAL                INFORMATION**                                                |   PageNumber           |
|----------------------------------------------|-----------------------------------------------------------------------------------------|---------------------------------------|
|                                         |                                                                                    |                                  |   |
| Item                  1.                     | Financial                  Statements                                                   |  F-1                             |   |
|                                         |                                                                                    |                                  |   |
|                                         | Condensed                  Balance Sheet as of June 30, 2007 (unaudited)                |  F-2                             |   |
|                                         |                                                                                    |                                  |   |
|                                         | Statements                  of Losses for the three months and six months               |                                  |   |
|                                         | ended                  June 30, 2007 and Period from Inception                          |                                  |   |
|                                         | (October                  30, 2006) through June 30, 2007 (unaudited)                   |  F-3                             |   |
|                                         |                                                                                    |                                  |   |
|                                         | Statements                  of Stockholders’ Equity for the Period from Inception |                                  |   |
|                                         | (October                  30, 2006) through June 30, 2007 (unaudited)                   |  F-4                             |   |
|                                         |                                                                                    |                                  |   |
|                                         | Statements                  of Cash Flows for the six months ended June 30, 2007        |                                  |   |
|                                         | and                  for the period from inception (October 30, 2006) through           |                                  |   |
|                                         | June                  30, 2007 (unaudited)                                              |  F-5                             |   |
|                                         |                                                                                    |                                  |   |
|                                         | Notes                  to Condensed Financial Statements (unaudited)                    |  F-6                  -F-9  |
|                                         |                                                                                    |                                  |   |
| Item                  2.                     | Management's                  Discussion and Analysis or Plan of Operations             |  3                               |   |
|                                         |                                                                                    |                                  |   |
| Item                  3.                     | Controls                  and Procedures                                                |  4                               |   |
|                                         |                                                                                    |                                  |   |
| **PART                  II.**                | **OTHER                  INFORMATION**                                                  |  4                               |   |
|                                         |                                                                                    |                                  |   |
| Item                  1.                     | Legal                  Proceedings                                                      |  4                               |   |
|                                         |                                                                                    |                                  |   |
| Item                  2.                     | Unregistered                  Sales of Equity Securities and Use of Proceeds            |  4                               |   |
|                                         |                                                                                    |                                  |   |
| Item                  3.                     | Defaults                  Upon Senior Securities                                        |  4                               |   |
|                                         |                                                                                    |                                  |   |
| Item                  4.                     | Submission                  of Matters to a Vote of Security Holders                    |  4                               |   |
|                                         |                                                                                    |                                  |   |
| Item                  5.                     | Other                  Information                                                      |  4                               |   |
|                                         |                                                                                    |                                  |   |
| Item                  6.                     | Exhibits                                                                                |  4                               |   |
|                                         |                                                                                    |                                  |   |
| SIGNATURES                                   |                                                                                    |  5                               |   |

----

**MONDO      ACQUISITION III, INC.**

**A      DEVELOPMENT STAGE COMPANY**

**-      TABLE OF CONTENTS -**

|                                                                                                                                                       |                  **Page**      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|
|                  Financial Statements:                                                                                                                |                                |
|                                                                                                                                                       |                                |
|                                                                                                                                                       |                                |
|                  Condensed Balance Sheets as of June 30, 2007                 (unaudited)                                                        |                  F – 2   |
|                                                                                                                                                       |                                |
|                  Statements of Losses for the Three Months and Six Months Ended June                30,                2007 and Period from Inception |                                |
|                  (October 30, 2006) through June 30, 2007 (unaudited)                                                                                 |                  F – 3   |
|                                                                                                                                                       |                                |
|                  Statements of Stockholders’ Equity for the Period from                Inception                                                |                                |
|                  (October 30, 2006) through June 30, 2007 (unaudited)                                                                                 |                  F – 4   |
|                                                                                                                                                       |                                |
|                  Statements of Cash Flows for the Six Months Ended June 30, 2007 and                Period                from Inception              |                                |
|                  (October 30, 2006) through June 30, 2007 (unaudited)                                                                                 |                  F – 5   |
|                                                                                                                                                       |                                |
|                  Notes to Financial Statements                                                                                                        |                  F - 6 - F - 9 |

----

**MONDO      ACQUISITION III, INC.**

**(A      DEVELOPMENT STAGE COMPANY)**

** CONSENSED      BALANCE SHEET**

**AS      OF JUNE 30, 2007**

**(unaudited)**

|                                                                                                                                                                   |   |                         |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|--------|
|                                                                                                                                                                   |   |
|                                                                                                                                                                   |   | June                30, 2007 |   |
| ASSETS                                                                                                                                                                 |   |                         |   |
| Current                Assets:                                                                                                                                         |   |                         |   |   |
| Cash                and cash equivalents                                                                                                                               |   | $                            | 17,500 |   |
|                                                                                                                                                                   |   |                         |   |   |
| Total                Assets                                                                                                                                            |   | $                            | 17,500 |   |
|                                                                                                                                                                   |   |                         |   |   |
| LIABILITIES                AND STOCKHOLDERS' EQUITY                                                                                                                    |   |                         |   |   |
|                                                                                                                                                                   |   |                         |   |   |
| Current                Liabilities:                                                                                                                                    |   |                         |   |   |
| Accrued                Expenses related to incorporation                                                                                                               |   | $                            | 1,493  |   |
| Total                Current Liabilities                                                                                                                               |   |                         | 1,493  |   |
|                                                                                                                                                                   |   |                         |   |   |
| Long                Term Liabilities:                                                                                                                                  |   |                         | -      |   |
|                                                                                                                                                                   |   |                         |   |   |
| Total                Liabilities                                                                                                                                       |   |                         | 1,493  |   |
|                                                                                                                                                                   |   |                         |   |   |
| Commitments                and Contingencies                                                                                                                           |   |                         |   |   |
|                                                                                                                                                                   |   |                         |   |   |
| Stockholders’                Equity:                                                                                                                             |   |                         |   |   |
| Preferred                stock, par value $0.001; 10,000,000 shares authorized, no issued                and                outstanding as of  June 30, 2007 |   |                         | -      |   |
| Common                stock, $0.001 par value; 40,000,000 authorized; 1,000,000 issued                and                outstanding as of June 30, 2007               |   |                         | 1,000  |   |
| Additional                paid in capital                                                                                                                              |   |                         | 16,500 |   |
| Accumulated                Deficit during Development Stage                                                                                                            |   |                         | (1,493 | ) |
|                                                                                                                                                                   |   |                         |   |   |
| Total                Stockholders' Equity                                                                                                                              |   |                         | 16,007 |   |
|                                                                                                                                                                   |   |                         |   |   |
| Total                Liabilities and Stockholders' Equity                                                                                                              |   | $                            | 17,500 |   |
|                                                                                                                                                                   |   |                         |   |   |

----

| **MONDO                ACQUISITION III, INC.**                                                                                                                                                           |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **(A                DEVELOPMENT STAGE COMPANY)**                                                                                                                                                         |
| ** CONDENSED                STATEMENT OF LOSSES**                                                                                                                                                   |
| **FOR                THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2007                AND****FROM                OCTOBER 30, 2006 (DATE OF INCEPTION) TO JUNE 30,                2007****(UNAUDITED)** |

|                                                                                                  |   | **For                the Three Months Ended June 30, 2007** |      |   | **For                the Six Months Ended June 30, 2007** |   |      | **For                the Period From October 30, 2006 (Date of Inception ) to June 30,                2007** |   |
|-------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------|-----------|--------|-----------------------------------------------------------|--------|-----------|-------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                  |   |                                                        |      |   |                                                      |   |      |                                                                                                              |   |
| Operating                Expenses:                                                                    |   |                                                        |      |   |                                                      |   |      |                                                                                                              |   |
| Selling,                general and administrative                                                    |   |                                                        | -         |   |                                                      |   | -         |                                                                                                              |   | $ | 1,493 |   |
| Net                loss                                                                               |   |                                                        | -         |   |                                                      |   | -         |                                                                                                              |   | $ | (1,493 | ) |
|                                                                                                  |   |                                                        |      |   |                                                      |   |      |                                                                                                              |   |   |   |   |
| Net                loss per common share (basic and fully diluted)                                    |   | $                                                           | (0.000    | )      |                                                      | $      | (0.000    | )                                                                                                                 |   | $ | (0.001 | ) |
|                                                                                                  |   |                                                        |      |   |                                                      |   |      |                                                                                                              |   |   |   |   |
| Weighted                average of common shares outstanding (basic and fully                diluted) |   |                                                        | 1,000,000 |   |                                                      |   | 1,000,000 |                                                                                                              |   |   | 1,000,000 |   |
|                                                                                                  |   |                                                        |      |   |                                                      |   |      |                                                                                                              |   |   |   |   |
|                                                                                                  |   |

----

**MONDO      ACQUISITION III, INC**

**(A      DEVELOPMENT STAGE COMPANY)**

**CONDENSED      STATEMENT OF STOCKHOLDER'S EQUITY**

**FROM      OCTOBER 30, 2006 (DATE OF INCEPTION) TO JUNE 30, 2007**

** (UNAUDITED)**

|                                                    |   | Preferred                stock |   |   | Common                stock |   |   | Paid-In- |   |   | AccumulatedDeficit                during Development |   |   |    |   |
|---------------------------------------------------------|--------|--------------------------------|--------|--------|-----------------------------|--------|--------|----------|--------|--------|------------------------------------------------------|--------|--------|---------|--------|
|                                                    |   | Shares                         |   |   | Amount                      |   |   | Shares   |   |   | Amount                                               |   |   | Capital |   |   | Stage |   |   | Total |   |
| Balance-October                30, 2006                 |   |                           | -      |   |                        | $      | -      |     |   |   |                                                 |   | $      | -       |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Common                stock issued to founders          |   |                           | -      |   |                        |   | -      |     |   |   | 1,000,000                                            |   |   |    | 1,000  |   |   |   | 16,500 |   |   |   | - |   |   |   | 17,500 |   |
| Net                loss                                 |   |                           | -      |   |                        |   | -      |     |   |   | -                                                    |   |   |    | -      |   |   |   | - |   |   |   | (1,493 | ) |   |   | (1,493 | ) |
| Balance-December                31, 2006                |   |                           | -      |   |                        |   | -      |     |   |   | 1,000,000                                            |   |   |    | 1,000  |   |   |   | 16,500 |   |   |   | (1,493 | ) |   | $ | 16,007 |   |
| Net                loss                                 |   |                           | -      |   |                        |   | -      |     |   |   | -                                                    |   |   |    | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Balance                – June 30,  2007 |   |                           | -      |   |                        |   | -      |     |   |   | 1,000,000                                            |   |   |    | 1,000  |   |   |   | 16,500 |   |   |   | (1,493 | ) |   | $ | 16,007 |   |

----

**MONDO      ACQUISITION III, INC.**

**(A      DEVELOPMENT STAGE COMPANY)**

**CONSENSED      STATEMENT OF CASH FLOWS**

**FOR      THE SIX MONTHS ENDED JUNE 30, 2007 AND**

**FROM      OCTOBER 30, 2006 (DATE OF INCEPTION) TO JUNE 30, 2007**

**(UNAUDITED)**

|                                                                                                      |   | **For                the Six Months Ended June 30, 2007** |   |   | **For                the Period From October 30, 2006 (Date of Inception ) to June 30,                2007** |   |
|-----------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------|--------|
| Cash                Flow from Operating Activities:                                                       |   |                                                      |   |   |                                                                                                              |   |
| Net                loss                                                                                   |   | $                                                         | -      |   |                                                                                                              | $      | (1,493 | ) |
| Adjustments                to reconcile net loss to net cash used in operating                activities: |   |                                                      |   |   |                                                                                                              |   |   |   |
| Changes                in operating assets and liabilities:                                               |   |                                                      |   |   |                                                                                                              |   |   |   |
| Accounts                payable and accrued expenses                                                      |   |                                                      | -      |   |                                                                                                              |   | 1,493 |   |
|                                                                                                      |   |                                                      |   |   |                                                                                                              |   |   |   |
| Net                Cash Provided By Operating Activities                                                  |   |                                                      | -      |   |                                                                                                              |   | - |   |
|                                                                                                      |   |                                                      |   |   |                                                                                                              |   |   |   |
| Cash                Flow from Investing Activities:                                                       |   |                                                      | -      |   |                                                                                                              |   | - |   |
|                                                                                                      |   |                                                      |   |   |                                                                                                              |   |   |   |
| Cash                Flow Financing Activities:                                                            |   |                                                      | -      |   |                                                                                                              |   |   |   |
| Proceeds                from issuance of common stock to founders                                         |   |                                                      | -      |   |                                                                                                              |   | 17,500 |   |
| Net                Cash Provided By Financing Activities:                                                 |   |                                                      | -      |   |                                                                                                              |   | 17,500 |   |
|                                                                                                      |   |                                                      |   |   |                                                                                                              |   |   |   |
| Net                Increase in Cash and Cash Equivalents                                                  |   |                                                      | -      |   |                                                                                                              |   | 17,500 |   |
| Cash                and Cash Equivalents at beginning of period                                           |   | $                                                         | 17,500 |   |                                                                                                              |   | - |   |
| Cash                and Cash Equivalents at end of period                                                 |   | $                                                         | 17,500 |   |                                                                                                              | $      | 17,500 |   |

----

**MONDO      ACQUISITION III, INC.**

**(A      DEVELOPMENT STAGE COMPANY)**

**NOTES      TO CONSENSED FINANCIAL STATEMENTS**

**JUNE      30, 2007**

**(UNAUDITED)**

**NOTE      1 -**
**ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING      POLICIES:**

|   | ***(a)*** | ***Organization                and Business:*** |
|--------|-----------|-------------------------------------------------|

|   | ***(b)*** | ***Development                Stage Company:*** |
|--------|-----------|-------------------------------------------------|

|   | ***(c)*** | ***Use                of Estimates:*** |
|--------|-----------|----------------------------------------|

|   | ***(d)*** | ***Cash                and Cash Equivalents:*** |
|--------|-----------|-------------------------------------------------|

----

**MONDO      ACQUISITION III, INC.**

**(A      DEVELOPMENT STAGE COMPANY)**

**NOTES      TO CONSENSED FINANCIAL STATEMENTS**

**JUNE      30, 2007**

**(UNAUDITED)**

**NOTE      1 -**
**ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING      POLICIES**

**(Continued):**

|   | ***(e)*** | ***Income                Taxes:*** |
|--------|-----------|------------------------------------|

|   | ***(f)*** | ***Loss                per Common Share:*** |
|--------|-----------|---------------------------------------------|

|   | ***(g)*** | ***Fair                Value of Financial                Instruments:*** |
|--------|-----------|--------------------------------------------------------------------------|

**NOTE      2 -**
**RECENT ACCOUNTING      PRONOUNCEMENTS:**

*Fair Value      Measurements*

----

**MONDO      ACQUISITION III, INC.**

**(      DEVELOPMENT STAGE COMPANY)**

**NOTES      TO CONSENSED FINANCIAL STATEMENTS**

**JUNE      30, 2007**

**(UNAUDITED)**

**NOTE      2 -**
**RECENT ACCOUNTING      PRONOUNCEMENTS:**

**(Continued):**

*Accounting for      Uncertainty in Income Taxes*
*Accounting for Income Taxes*

**NOTE      3 -**
**CAPITAL STOCK:**

----

**MONDO ACQUISITION III, INC.**

**(      DEVELOPMENT STAGE COMPANY)**

**NOTES      TO CONSENSED FINANCIAL STATEMENTS**

**JUNE      30, 2007**

**(UNAUDITED)**

**NOTE      4 -**
**RELATED PARTIES:**

**NOTE      5 - INCOME TAXES:**

----

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

**FORWARD      LOOKING      STATEMENTS**

| ·   | Our                ability to attract and retain management, |
|--------------------|--------------------------------------------------------------|

| ·   | Our                ability to raise capital when needed and on acceptable terms and                conditions; |
|--------------------|----------------------------------------------------------------------------------------------------------------|

| ·   | The                intensity of competition; and |
|--------------------|--------------------------------------------------|

| ·   | General                economic conditions. |
|--------------------|---------------------------------------------|

|   | (i)  |   filing                of Exchange Act reports, and               |
|--------|------|------------------------------------------------------------------------------|
|   | (ii) | costs                relating to consummating an                acquisition. |

----

**Item      3.          Controls and      Procedures**

| **Part                II. ** | **OTHER                INFORMATION** |
|-----------------------------------|--------------------------------------|

| **Item                 1.     ** | **Legal                Proceedings** |
|----------------------------------------------------------------|--------------------------------------|

| **Item                2. ** | **Unregistered                Sales of Equity Securities and Use of                Proceeds** |
|----------------------------------|-----------------------------------------------------------------------------------------------|

| **Item                3. ** | **Defaults                Upon Senior Securities** |
|----------------------------------|----------------------------------------------------|

| **Item                4. ** | **Submission                of Matters to a Vote of Security                Holders** |
|----------------------------------|---------------------------------------------------------------------------------------|

| **Item                5. ** | **Other                Information** |
|----------------------------------|--------------------------------------|

| **Item                6.   ** | **Exhibits** |
|----------------------------------------------|--------------|

| (a)   | Exhibits |
|-----------------|----------|

| **Exhibit                Number** |   | **Description                of Exhibit**                                                                                                                                                                                                                                 |
|-----------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31                                |   | Certification                of Principal Executive Officer and Principal Financial Officer pursuant                to                Rule 13a-14 and Rule 15d-14(a), promulgated under the Securities                and                Exchange Act of 1934, as amended |
|                              |   |                                                                                                                                                                                                                                                                      |
| 32                                |   | 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                    |

----

**SIGNATURES**

|                                          | Mondo                Acquisition III, Inc. |                                                                                                                 |
|-----------------------------------------------|--------------------------------------------|----------------------------------------------------------------------------------------------------------------------|
|                                          |                                       |                                                                                                                 |   |
| August                20,                2007 | By:                                        | /s/ Thomas              A. Rose                                                                                 |   |
|                                          |                                       | Thomas              A. Rose                                                                                          |   |
|                                          |                                       | President                (Principal Executive Officer and Principal Financial and Accounting                Officer) |   |
|                                          |                                       |                                                                                                                 |   |