----

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| x                                                      | QUARTERLY      REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|--------------------------------------------------------|---------------------------------------------------------------------------------------------|
|                                                   |                                                                                        |
| For the quarterly period ended      September 30, 2008 |
|                                                   |                                                                                        |
| o                                                      | TRANSITION      REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE  ACT                       |

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

| Large      accelerated filer o                                                                   | Accelerated      filer o         |
|--------------------------------------------------------------------------------------------------|----------------------------------|
| Non-accelerated      filer o   (Do      not check if a smaller reporting company) | Smaller      reporting company x |

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|                   |                                                                                                                                                                                                           |  Page       Number |
|------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|
| PART      I.           | FINANCIAL      INFORMATION                                                                                                                                                                                     |                         |   |
|                   |                                                                                                                                                                                                           |                         |   |
| Item      1.           | Financial      Statements                                                                                                                                                                                      |                         |   |
|                   |                                                                                                                                                                                                           |                         |   |
|                   | Condensed       Balance Sheet as of September 30, 2008 (unaudited) and December 31, 2007                                                                                                             |  F-1                    |   |
|                   |                                                                                                                                                                                                           |                         |   |
|                   | Condensed  Statements      of Losses for the three and nine months Ended September 30, 2008 and 2007,      and From October 30, 2006 (Date of Inception) through September 30, 2008      (unaudited) | F-2                          |   |
|                   |                                                                                                                                                                                                           |                         |   |
|                   | Condensed       Statements of Cash Flows for the nine months Ended September 30, 2008 and      2007, and From October 30, 2006 (Date of Inception) through September 30,      2008 (unaudited)            | F-3                          |   |
|                   |                                                                                                                                                                                                           |                         |   |
|                   | Notes      to Condensed Financial Statements (unaudited)                                                                                                                                                       | F-4      - F-7               |
|                   |                                                                                                                                                                                                           |                         |   |
|  Item      2.     | Management's      Discussion and Analysis of Financial Condition and Results of      Operations                                                                                                                | 3                            |   |
|                   |                                                                                                                                                                                                           |                         |   |
| Item      3.           | Quantitative      and Qualitative Disclosures about Market Risk                                                                                                                                                | 4                            |   |
|                   |                                                                                                                                                                                                           |                         |   |
| Item      4T.          | Controls      and Procedures                                                                                                                                                                                   | 4                            |   |
|                   |                                                                                                                                                                                                           |                         |   |
| PART      II.          | OTHER      INFORMATION                                                                                                                                                                                         | 5                            |   |
|                   |                                                                                                                                                                                                           |                         |   |
| Item      1.           | Legal      Proceedings                                                                                                                                                                                         | 5                            |   |
|                   |                                                                                                                                                                                                           |                         |   |
| Item1A.                | Risk      Factors                                                                                                                                                                                              | 5                            |   |
|                   |                                                                                                                                                                                                           |                         |   |
| Item      2.           | Unregistered      Sales of Equity Securities and Use of Proceeds                                                                                                                                               | 5                            |   |
|                   |                                                                                                                                                                                                           |                         |   |
| Item      3.           | Defaults      Upon Senior Securities                                                                                                                                                                           | 5                            |   |
|                   |                                                                                                                                                                                                           |                         |   |
| Item      4.           | Submission      of Matters to a Vote of Security Holders                                                                                                                                                       | 5                            |   |
|                   |                                                                                                                                                                                                           |                         |   |
| Item      5.           | Other      Information                                                                                                                                                                                         | 5                            |   |
|                   |                                                                                                                                                                                                           |                         |   |
| Item      6.           | Exhibits                                                                                                                                                                                                       | 5                            |   |
|                   |                                                                                                                                                                                                           |                         |   |
| SIGNATURES        | 6                                                                                                                                                                                                              |                         |

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|                                                                                                                                                                           |   | September      30, 2008(unaudited) |   |   | December      31, 2007 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|--------|--------|------------------------|--------|
| ASSETS                                                                                                                                                                         |   |                               |   |   |                   |   |
| Current      Assets:                                                                                                                                                           |   |                               |   |   |                   |   |
| Cash      and cash equivalents                                                                                                                                                 |   | $                                  | 6,138  |   |                   | $      | 16,999 |   |
|                                                                                                                                                                           |   |                               |   |   |                   |   |   |   |
| Total      Assets                                                                                                                                                              |   | $                                  | 6,138  |   |                   | $      | 16,999 |   |
|                                                                                                                                                                           |   |                               |   |   |                   |   |   |   |
| LIABILITIES      AND STOCKHOLDERS' EQUITY                                                                                                                                      |   |                               |   |   |                   |   |   |   |
|                                                                                                                                                                           |   |                               |   |   |                   |   |   |   |
| Current      Liabilities:                                                                                                                                                      |   |                               |   |   |                   |   |   |   |
| Accrued      expenses related to incorporation                                                                                                                                 |   | $                                  | 1,493  |   |                   | $      | 1,493 |   |
| Accounts      payable                                                                                                                                                          |   |                               | 1,296  |   |                   |   | 1,296 |   |
| Total      Current Liabilities                                                                                                                                                 |   |                               | 2,789  |   |                   |   | 2,789 |   |
|                                                                                                                                                                           |   |                               |   |   |                   |   |   |   |
| Long      Term Liabilities:                                                                                                                                                    |   |                               | -      |   |                   |   | - |   |
|                                                                                                                                                                           |   |                               |   |   |                   |   |   |   |
| Total      Liabilities                                                                                                                                                         |   |                               | 2,789  |   |                   |   | 2,789 |   |
|                                                                                                                                                                           |   |                               |   |   |                   |   |   |   |
| Commitments      and Contingencies                                                                                                                                             |   |                               |   |   |                   |   |   |   |
|                                                                                                                                                                           |   |                               |   |   |                   |   |   |   |
| Stockholders’      Equity:                                                                                                                                               |   |                               |   |   |                   |   |   |   |
| Preferred      stock, par value $0.001; 10,000,000 shares authorized, no issued and      outstanding as of September      30, 2008 and December 31, 2007, respectively    |   |                               | -      |   |                   |   | - |   |
| Common      stock, $0.001 par value; 40,000,000 authorized; 1,000,000 issued and      outstanding as of September      30, 2008 and  December 31, 2007, respectively |   |                               | 1,000  |   |                   |   | 1,000 |   |
| Additional      paid in capital                                                                                                                                                |   |                               | 6,500  |   |                   |   | 16,500 |   |
| Accumulated      deficit during development stage                                                                                                                              |   |                               | (4,151 | )      |                   |   | (3,290 | ) |
|                                                                                                                                                                           |   |                               |   |   |                   |   |   |   |
| Total      Stockholders' Equity                                                                                                                                                |   |                               | 3,349  |   |                   |   | 14,210 |   |
|                                                                                                                                                                           |   |                               |   |   |                   |   |   |   |
| Total      Liabilities and Stockholders' Equity                                                                                                                                |   | $                                  | 6,138  |   |                   | $      | 16,999 |   |

----

|                                                                      |   |                            |      |   |                           |    |      | For the      Period From |   |
|---------------------------------------------------------------------------|--------|---------------------------------|-----------|--------|--------------------------------|---------|-----------|------------------------------------|--------|
|                                                                      |   |                            |      |   |                           |    |      | October      30,  2006        |   |
|                                                                      |   | For the Three Months      Ended |      |   | For the Nine Months      Ended |    |      | (Date      of Inception)           |   |
|                                                                      |   | September      30,              |      |   | September      30,             |    |      | To      September 30,              |   |
|                                                                      |   | 2008                            |      |   | 2007                           |    |      | 2008                               |   |   | 2007 |   |   | 2008 |   |
|                                                                      |   |                            |      |   |                           |    |      |                               |   |   |   |   |   |   |   |   |
| Operating      Expenses:                                                  |   |                            |      |   |                           |    |      |                               |   |   |   |   |   |   |   |   |
| Selling,      general and administrative expenses                    |   | $                               | 361       |   |                           | $  | 1,296     |                               |   | $ | 861 |   |   | $ | 1,296 |   |   | $  | 4,151 |   |
| Net      Loss                                                             |   | $                               | (361      | )      |                           | $       | (1,296    | )                             |   | $ | (861 | ) |   | $ | (1,296 | )  |   | $  | (4,151 | )  |
|                                                                      |   |                            |      |   |                           |    |      |                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      loss per common share (basic and diluted)                        |   | $                               | (0.000    | )      |                           | $       | (0.001    | )                                  |   | $ | (0.001 | ) |   | $ | (0.001 | ) |   | $  | (0.004 | ) |
| Weighted      average number of shares outstanding (basic and    diluted) |   |                            | 1,000,000 |   |                           |    | 1,000,000 |                               |   |   | 1,000,000 |   |   |   | 1,000,000 |   |   |   |    1,000,000 |   |

----

|                                                                                  |   | For      the Nine Months Ended September 30, 2008 |    |          | For      the Nine Months Ended September 30, 2007 |   |   | For the Period      FromOctober 30,      2006(Date of      Inception)to      September 30,2008 |   |
|---------------------------------------------------------------------------------------|--------|---------------------------------------------------|---------|---------------|---------------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------|--------|
| Cash      Flow from Operating Activities:                                             |   |                                              |    |          |                                              |   |   |                                                                                           |   |   |
| Net      loss                                                                         |   | $                                                 | (861    | )   |                                              | $      | (1,296 | )                                                                                              |   | $  | (4,151 | )  |
| Adjustments      to reconcile net loss to net cash used in operating      activities: |   |                                              |    |          |                                              |   |   |                                                                                           |   |   |   |   |
| Changes      in operating assets and liabilities:                                     |   |                                              |    |          |                                              |   |   |                                                                                           |   |   |   |   |
| Accounts      payable and accrued expenses                                            |   |                                              | -       |          |                                              |   | 1,296  |                                                                                           |   |   | 2,789 |   |
|                                                                                  |   |                                              |    |          |                                              |   |   |                                                                                           |   |   |   |   |
| Net      Cash Used in Operating Activities                                            |   |                                              | (861    | )        |                                              |   | -      |                                                                                           |   |   | (1,362 | ) |
|                                                                                  |   |                                              |    |          |                                              |   |   |                                                                                           |   |   |   |   |
| Cash      Flow from Investing Activities:                                             |   |                                              | -       |          |                                              |   | -      |                                                                                           |   |   | - |   |
|                                                                                  |   |                                              |    |          |                                              |   |   |                                                                                           |   |   |   |   |
| Cash      Flow Financing Activities:                                                  |   |                                              |    |          |                                              |   |   |                                                                                           |   |   |   |   |
| Proceeds      from issuance of common stock to founders                               |   |                                              | -       |          |                                              |   | -      |                                                                                           |   |   | 17,500 |   |
| Return      of capital to founders                                                    |   |                                              | (10,000 | )             |                                              |   |   |                                                                                           |   |   | (10,000 | ) |
| Net      Cash Provided By Financing Activities:                                       |   |                                              | (10,000 | )             |                                              |   | -      |                                                                                           |   |   | 7,500 |   |
|                                                                                  |   |                                              |    |          |                                              |   |   |                                                                                           |   |   |   |   |
| Net      (Decrease) Increase in Cash and Cash Equivalents                             |   |                                              | (10,861 | )        |                                              |   |   |                                                                                           |   |   | 6,138 |   |
| Cash      and Cash Equivalents at beginning of period                                 |   |                                              | 16,999  |          |                                              |   | 17,500 |                                                                                           |   |   | - |   |
| Cash      and Cash Equivalents at end of period                                       |   | $                                                 | 6,138   |          |                                              | $      | 17,500 |                                                                                           |   | $  | 6,138 |   |

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| (a) | Organization      and Business: Mondo Acquisition III, Inc. (the “Company”), a      wholly owned subsidiary of Mondo Management Corp., was incorporated in the      state of Delaware on October 30, 2006 for the purpose of raising capital      that is intended to be used in connection with its business plans which      may include a possible merger, acquisition or other business combination      with an operating business. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Development      Stage Company: The Company is currently a development stage      company under the provisions of Statement of Financial Accounting      Standards (“SFAS”) No. 7. All activities of the Company to date relate to      its organization, initial funding and share issuances. The Company has not begun principal operations and      as is common with a development stage company, the Company has had      recurring losses during its development stage. The Company’s financial      statements are prepared using generally accepted accounting principles      applicable to a going concern which contemplates the realization of assets      and liquidation of liabilities in the normal course of business. However,      the Company does not have significant cash or other material assets, nor      does it have an established source of revenues sufficient to cover its      operating costs and to allow it to continue as a going concern. In the      interim, shareholders of the Company have committed to meeting its minimal      operating expenses. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | Use      of Estimates: The preparation of financial statements in      conformity with accounting principles generally accepted in the United      States requires management to make estimates and assumptions that affect      the amounts of assets and liabilities and disclosure of contingent assets      and liabilities at the date of the balance sheet and reported amounts of      revenues and expenses during the reporting period. Actual results could      differ from those estimates. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | Cash      and Cash Equivalents: For purposes of the statement of cash flows, the      Company considers highly liquid financial instruments purchased with      original maturities of three months or less to be cash      equivalents. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (e) | Income      Taxes: The      Company has implemented the provisions on Statement of Financial      Accounting Standards No. 109, "Accounting for Income Taxes" (SFAS 109).      SFAS 109 requires that income tax accounts be computed using the liability      method. Deferred taxes are determined based upon the estimated future tax      effects of differences between the financial reporting and tax reporting      bases of assets and liabilities given the provisions of currently enacted      tax laws. Any      deferred tax asset is considered immaterial and has been fully offset by a      valuation allowance because at this time the Company believes that it is      more likely than not that the future tax benefit will not be realized as      the Company has no current operations. In      June 2006, the FASB issued FASB Interpretation No. 48, Accounting for Uncertainty in      Income Taxes-an interpretation of FASB Statement No. 109 ("FIN      48"). FIN 48 prescribes a recognition threshold and measurement attribute      for the financial statement recognition and measurement of a tax position      taken or expected to be taken in a tax return. FIN 48 also provides      guidance on derecognition, classification, treatment of interest and      penalties, and disclosure of such positions. Effective January 1,      2007, the Company adopted the provisions of FIN 48, as required. As a      result of implementing FIN 48, there has been no adjustment to the      Company’s financial statements for the three and nine months ending      September 30, 2008. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | Loss      per Common Share: Basic loss per share is calculated using the      weighted-average number of common shares outstanding during each reporting      period. Diluted loss per share includes potentially dilutive securities      such as outstanding options and warrants, using various methods such as      the treasury stock or modified treasury stock method in the determination      of dilutive shares outstanding during each reporting period. The Company      does not have any potentially dilutive  instruments. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (g) | Fair      Value of Financial Instruments: The carrying value of cash equivalents and accrued      expenses approximates fair value due to the short period of time to      maturity. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ●     | Our      ability to attract and retainmanagement, |
|---------------------------------|---------------------------------------------------|

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

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

| ●     | General      economic conditions. |
|---------------------------------|-----------------------------------|

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

| Item       1A.  | Risk      Factors |
|---------------------------|-------------------|

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

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

| Item      4.  | Submission      of Matters to a Vote of SecurityHolders |
|--------------------|---------------------------------------------------------|

| 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 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      |

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|                        | Mondo      Acquisition III, Inc. |
|-----------------------------|----------------------------------|
|                        |                             |   |
|                        |                             |   |
| Date:      October 30, 2008 | By:                              | /s/ Thomas      A. Rose |
|                        |                             | Thomas      A. Rose |
|                        |                             | President      (Principal Executive Officer andPrincipal      Financial and Accounting Officer) |