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

|   | [       ]   | 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.) |
|                                                                                    |                                         |

----

| PART      I.      | FINANCIAL      INFORMATION                                                                                                                                                                    |  Page       Number |
|------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|
|                   |                                                                                                                                                                                          |                         |   |
| Item      1.           | Financial      Statements                                                                                                                                                                     |                         |   |
|                   |                                                                                                                                                                                          |                         |   |
|                   | Condensed       Balance Sheet as of March 31, 2008 (unaudited) and December 31, 2007                                                                                                |  F-2                    |   |
|                   |                                                                                                                                                                                          |                         |   |
|                   | Condensed  Statements      of Losses for the three months Ended March 31, 2008 and 2007, and From      October 30, 2006 (Date of Inception) through March 31, 2008      (unaudited) |  F-3                    |   |
|                   |                                                                                                                                                                                          |                         |   |
|                   | Condensed       Statements of Cash Flows for the three months Ended March 31, 2008 and      2007, and From October 30, 2006 (Date of Inception) through March 31, 2008      (unaudited)  |  F-4                    |   |
|                   |                                                                                                                                                                                          |                         |   |
|                   | Notes      to Condensed Financial Statements (unaudited)                                                                                                                                      |  F-5-      F-8     |
|                   |                                                                                                                                                                                          |                         |   |
|  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                                                                                                                                                                                       |                         |

----

 

|                                                                                                                                                                               |        Page                          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------|
|        Financial Statements:                                                                                                                                                  |                                      |
|                                                                                                                                                                               |                                      |
| Condensed      Balance Sheet as of March 31, 2008 (unaudited) and December 31, 2007                                                                                           | F –      2                          |
|                                                                                                                                                                               |                                      |
| Condensed      Statements of Losses for the three months Ended March 31, 2008 and 2007,      and From October 30, 2006 (Date of Inception) through March 31, 2008      (unaudited) | F –      3                          |
|                                                                                                                                                                               |                                      |
| Statements      of Cash Flows for the Years Ended March 31, 2008 and 2007, and From      October 30, 2006 (Date of Inception) through March 31, 2008      (unaudited)              | F –      4                          |
|                                                                                                                                                                               |                                      |
| Notes      to Condensed Financial Statements (unaudited)                                                                                                                           |        F - 5 –F –      8 |

----

|                                                                                                                                                                          |   | March      31, 2008 (unaudited) |   |   | December      31, 2007 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|--------|------------------------|--------|
| ASSETS                                                                                                                                                                        |   |                            |   |   |                   |   |
| Current      Assets:                                                                                                                                                          |   |                            |   |   |                   |   |
| Cash      and cash equivalents                                                                                                                                                |   | $                               | 16,999 |   |                   | $      | 16,999 |   |
|                                                                                                                                                                          |   |                            |   |   |                   |   |   |   |
| Total      Assets                                                                                                                                                             |   | $                               | 16,999 |   |                   | $      | 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  March 31, 2008 and December 31, 2007,      respectively |   |                            | -      |   |                   |   | - |   |
| Common      stock, $0.001 par value; 40,000,000 authorized; 1,000,000 issued and      outstanding as of March 31, 2008 and  December 31, 2007,      respectively    |   |                            | 1,000  |   |                   |   | 1,000 |   |
| Additional      paid in capital                                                                                                                                               |   |                            | 16,500 |   |                   |   | 16,500 |   |
| Accumulated      deficit during development stage                                                                                                                             |   |                            | (3,290 | )      |                   |   | (3,290 | ) |
|                                                                                                                                                                          |   |                            |   |   |                   |   |   |   |
| Total      Stockholders' Equity                                                                                                                                               |   |                            | 14,210 |   |                   |   | 14,210 |   |
|                                                                                                                                                                          |   |                            |   |   |                   |   |   |   |
| Total      Liabilities and Stockholders' Equity                                                                                                                               |   | $                               | 16,999 |   |                   | $      | 16,999 |   |

----

| MONDO      ACQUISITION III, INC.                                                                                          |
|---------------------------------------------------------------------------------------------------------------------------|
| (A      DEVELOPMENT STAGE COMPANY)                                                                                        |
|  STATEMENT      OF LOSSES                                                                                            |
| FOR      THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007,FROM      OCTOBER 30, 2006 (DATE OF INCEPTION) TO MARCH 31,  2008 |

|                                                                            |   | For      the Three Months Ended March 31, 2008 |      |   | For      the Three Months Ended March 31, 2007 |    |      | For      the Period From October 30, 2006 (Date of Inception ) to March 31,      2008 |   |
|---------------------------------------------------------------------------------|--------|------------------------------------------------|-----------|--------|------------------------------------------------|---------|-----------|--------------------------------------------------------------------------------------------|--------|
| Operating      Expenses:                                                        |   |                                           |      |   |                                           |    |      |                                                                                       |   |
| Selling,      general and administrative                                        |   | $ 0                                       |      |   | $ 0                                       |    |      | $                                                                                          | 3,290  |   |
| Net      loss                                                                   |   |  $                                        | 0         |   |                                           |  $ | 0         |                                                                                       |   | $ | (3,290 | ) |
|                                                                            |   |                                           |      |   |                                           |    |      |                                                                                       |   |   |   |   |
| 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 |   |

----

|                                                                                  |   | For      the Three Months Ended March 31, 2008 |   |   | For      the Three Months Ended March 31, 2007 |   |   | For      the Period From October 30, 2006 (Date of Inception ) to March 31,      2008 |   |
|---------------------------------------------------------------------------------------|--------|------------------------------------------------|--------|--------|------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------|--------|
| Cash      Flow from Operating Activities:                                             |   |                                           |   |   |                                           |   |   |                                                                                       |   |
| Net      loss                                                                         |   | $                                              | 0      |   |                                           | $      | 0      |                                                                                       |   | $ | (3,290 | ) |
| Adjustments      to reconcile net loss to net cash used in operating      activities: |   |                                           |   |   |                                           |   |   |                                                                                       |   |   |   |   |
| Changes      in operating assets and liabilities:                                     |   |                                           | -      |   |                                           |   |   |                                                                                       |   |   |   |   |
| Accounts      payable and accrued expenses                                            |   |                                           | 0      |   |                                           |   | 0      |                                                                                       |   |   | 2,789 |   |
|                                                                                  |   |                                           |   |   |                                           |   |   |                                                                                       |   |   |   |   |
| Net      Cash Provided By Operating Activities                                        |   |                                           | 0      |   |                                           |   | -      |                                                                                       |   |   | (501 | ) |
|                                                                                  |   |                                           |   |   |                                           |   |   |                                                                                       |   |   |   |   |
| 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      (Decrease)/Increase  in Cash and CashEquivalents                   |   |                                           | 0      |   |                                           |   | 0      |                                                                                       |   |   | (501 | ) |
| Cash      and Cash Equivalents at beginning of period                                 |   |                                           | 16,999 |   |                                           |   | 17,500 |                                                                                       |   |   | 17,500 |   |
| Cash      and Cash Equivalents at end of period                                       |   | $                                              | 16,999 |   |                                           | $      | 17,500 |                                                                                       |   | $ | 16,999 |   |

----

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

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

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

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

----

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

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

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

----

----

 

----

FORWARD LOOKING STATEMENTS

| ·   | 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. |
|--------------------|-----------------------------------|

----

ITEM 3. Quantitative and QualitativeDisclosures about Market Risk.

----

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

| 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 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     |

----

|                    | Mondo      Acquisition III, Inc. |                                                                                             |
|-------------------------|----------------------------------|--------------------------------------------------------------------------------------------------|
|                    |                             |                                                                                             |   |
| Date:      May 15, 2008 | By:                              | /s/ Thomas      A. Rose                                                                     |   |
|                    |                             | Thomas      A. Rose                                                                              |   |
|                    |                             | President      (Principal Executive Officer and Principal Financial and Accounting      Officer) |   |
|                    |                             |                                                                                             |   |