Cover
Cover - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Sep. 20, 2023 | Dec. 31, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Jun. 30, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity File Number | 000-56326 | ||
Entity Registrant Name | AG ACQUISITION GROUP III, INC. | ||
Entity Central Index Key | 0001874999 | ||
Entity Tax Identification Number | 87-1779429 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 1700 Palm Beach Lakes Blvd. | ||
Entity Address, Address Line Two | Suite 820 | ||
Entity Address, City or Town | West Palm Beach | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33401 | ||
City Area Code | (800) | ||
Local Phone Number | 341-2684 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Elected Not To Use the Extended Transition Period | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 10,000,000 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 6849 | ||
Auditor Name | Hudgens CPA, PLLC | ||
Auditor Location | Houston, Texas |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
CURRENT ASSETS: | ||
Cash | $ 2,260 | $ 710 |
Total current assets | 2,260 | 710 |
Total Assets | 2,260 | 710 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Current Liabilities | ||
Total Liabilities | ||
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock $0.0001 par value: 100,000,000 shares authorized; 10,000,000 shares issued and outstanding | 1,000 | 1,000 |
Additional paid in capital | 34,500 | 17,500 |
Accumulated Deficit | (33,240) | (17,790) |
Total Stockholders’ Equity | 2,260 | 710 |
Total Liabilities and Stockholders’ Equity | $ 2,260 | $ 710 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 10,000,000 | 10,000,000 |
Common stock, shares outstanding | 10,000,000 | 10,000,000 |
Statement of Operations
Statement of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Revenue | ||
Costs and Expenses: | ||
General and administrative - professional fees | 15,450 | 17,790 |
Net Loss | $ (15,450) | $ (17,790) |
Basic and diluted earnings per share: | ||
Basic earnings per share | $ 0 | $ 0 |
Diluted earnings per share | $ 0 | $ 0 |
Basic weighted average shares outstanding | 10,000,000 | 10,000,000 |
Diluted weighted average shares outstanding | 10,000,000 | 10,000,000 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Jun. 30, 2021 | $ 1,000 | $ 5,000 | $ 6,000 | |
Balance, shares at Jun. 30, 2021 | 10,000,000 | |||
Capital Contributions | 12,500 | 12,500 | ||
Net Loss | (17,790) | (17,790) | ||
Balance at Jun. 30, 2022 | $ 1,000 | 17,500 | (17,790) | 710 |
Balance, shares at Jun. 30, 2022 | 10,000,000 | |||
Capital Contributions | 17,000 | 17,000 | ||
Net Loss | (15,450) | (15,450) | ||
Balance at Jun. 30, 2023 | $ 1,000 | $ 34,500 | $ (33,240) | $ 2,260 |
Balance, shares at Jun. 30, 2023 | 10,000,000 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net Loss | $ (15,450) | $ (17,790) |
Cash flows from Operating activities: | ||
Prepaid expenses and other assets | 5,000 | |
Accounts payable and other liabilities | ||
Cash used in operating activities | (15,450) | (12,790) |
Cash flows from financing activities: | ||
Proceeds from contributions from stockholders | 17,000 | 12,500 |
Cash provided by financing activities | 17,000 | 12,500 |
Net increase/(decrease) in cash | 1,550 | (290) |
Cash - beginning of period | 710 | 1,000 |
Cash - end of period | 2,260 | 710 |
Supplemental Cash information: | ||
Interest paid in cash | ||
Taxes paid in cash |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 12 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF OPERATIONS | NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS AG Acquisition Group III, Inc. (the “Company”) was incorporated in the State of Delaware on June 22, 2021 and established a fiscal year end of June 30. The Company was formed to engage in any lawful business. The Company’s activities since formation have been limited to issuing shares to its founding stockholders for cash and setting up its corporate entity. The Company’s initial business plan is to seek and engage in an as of yet unidentified merger or acquisition. The Company will not restrict its search to any specific business, industry, or geographical location and the Company may participate in a business venture of virtually any kind or nature. This discussion of the proposed business is purposefully general and is not meant to be restrictive of the Company’s virtually unlimited discretion to search for and enter into potential business opportunities. The Company has been formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934, as amended. |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). The financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. The Company has not earned any revenue from operations since inception. USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company had no INCOME TAXES Under the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification (“ASC”) 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of June 30, 2023 and 2022, there were no LOSS PER COMMON SHARE Basic loss per common share excludes dilution and loss is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. During the fiscal years ended June 30, 2023 and 2022, there were no AG ACQUISITION GROUP III, INC. Notes to Financial Statements June 30, 2023 FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature. RECENT ACCOUNTING PRONOUNCEMENTS Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN Since the inception of the Company, the Company has not generated cash or revenue. For the fiscal year ended June 30, 2023, the Company incurred a net loss of $ 15,450 15,450 2,260 The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above conditions raise substantial doubt about the Company’s ability to do so for a period of 12 months from the issue date of this report. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. The Company currently has no commitments for the purchase of its equity. If the Company is unable to acquire additional working capital, it may not be able to execute its business plan. |
STOCKHOLDER_S EQUITY
STOCKHOLDER’S EQUITY | 12 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDER’S EQUITY | NOTE 4 – STOCKHOLDER’S EQUITY Effective June 22, 2021, the Company issued a total of 10,000,000 0.0001 0.0006 6,000 100,000,000 5,000,000 0.0001 1,000,000 1,000 As of June 30, 2023, there were 10,000,000 no 17,000 12,000 AG ACQUISITION GROUP III, INC. Notes to Financial Statements June 30, 2023 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS Since inception, entities owned and controlled by the Company’s sole officers and directors have provided the Company with its only cash for operations. During the fiscal years ended June 30, 2023 and June 30, 2022, the Company’s sole officers and directors provided additional paid-in capital contributions of $ 17,000 12,000 The Company uses the office address of an officer and director, without charge. The same officer has also provided legal services to the Company during the fiscal year ended June 30, 2023, without charge. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 6 – INCOME TAXES The Company accounts for income taxes using the asset and liability method. Deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates to differences between the financial statement carrying amounts and tax bases of existing assets and liabilities. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company provides a valuation allowance for deferred tax assets, when required, based on evaluation of the realizability of such deferred tax assets. The tax effects of the significant temporary differences representing deferred assets (liabilities) for the fiscal years ended June 30, 2023 and 2022 were as follows: SCHEDULE OF DEFERRED ASSETS AND LIABILITIES Fiscal Year Ended Fiscal Year Ended June 30, 2022 Net operating loss $ 3,244 $ 3,735 Valuation allowance (3,244 ) (3,735 ) Net deferred income tax asset $ - $ - As of June 30, 2023, the Company had net operating losses of approximately $ 33,000 |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company had no |
INCOME TAXES | INCOME TAXES Under the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification (“ASC”) 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of June 30, 2023 and 2022, there were no |
LOSS PER COMMON SHARE | LOSS PER COMMON SHARE Basic loss per common share excludes dilution and loss is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. During the fiscal years ended June 30, 2023 and 2022, there were no AG ACQUISITION GROUP III, INC. Notes to Financial Statements June 30, 2023 |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature. |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF DEFERRED ASSETS AND LIABILITIES | SCHEDULE OF DEFERRED ASSETS AND LIABILITIES Fiscal Year Ended Fiscal Year Ended June 30, 2022 Net operating loss $ 3,244 $ 3,735 Valuation allowance (3,244 ) (3,735 ) Net deferred income tax asset $ - $ - |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||
Cash and cash equivalent | $ 0 | |
Deferred tax assets | $ 0 | $ 0 |
Earnings per share, amount | 0 | 0 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net income loss | $ 15,450 | $ 17,790 |
Net cash used in operating activities | 15,450 | $ 12,790 |
Working capital | $ 2,260 |
STOCKHOLDER_S EQUITY (Details N
STOCKHOLDER’S EQUITY (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 22, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, shares, issued | 10,000,000 | 10,000,000 | |
Common stock outstanding | 10,000,000 | 10,000,000 | |
Preferred stock, shares issued | 0 | ||
Preferred stock, shares outstanding | 0 | ||
Capital contributions from stockholders | $ 17,000 | $ 12,000 | |
Series A Preferred Stock [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred stock, shares designated | 1,000,000 | ||
Preferred stock, voting rights | 1,000 | ||
Common Stock [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Common stock, shares authorized | 100,000,000 | ||
Preferred Stock [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred stock, shares designated | 5,000,000 | ||
Preferred stock, par value | $ 0.0001 | ||
Two Officers and Directors [Member] | Common Stock [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stock issued during period, shares | 10,000,000 | ||
Common stock, par value | $ 0.0001 | ||
Shares issued, price per share | $ 0.0006 | ||
Issuance of common stock, value | $ 6,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | ||
Additional paid in capital contributions | $ 17,000 | $ 12,500 |
Officers And Directors [Member] | ||
Related Party Transaction [Line Items] | ||
Additional paid in capital contributions | $ 17,000 | $ 12,000 |
SCHEDULE OF DEFERRED ASSETS AND
SCHEDULE OF DEFERRED ASSETS AND LIABILITIES (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating loss | $ 3,244 | $ 3,735 |
Valuation allowance | (3,244) | (3,735) |
Net deferred income tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Income Tax Disclosure [Abstract] | |
Net operating loss | $ 33,000 |