Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2023 | Nov. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
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 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 Common Stock, Shares Outstanding | 10,000,000 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
CURRENT ASSETS: | ||
Cash | $ 2,260 | |
Other current assets | ||
Total current assets | 2,260 | |
Total Assets | 2,260 | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Total Liabilities | 3,290 | |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock $0.0001 par value: 5,000,000 shares authorized; none issued and outstanding | ||
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 | 38,500 | 34,500 |
Accumulated Deficit | (42,790) | (33,240) |
Total Stockholders’ Equity | (3,290) | 2,260 |
Total Liabilities and Stockholders’ Equity | 2,260 | |
Related Party [Member] | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Related party payables | $ 3,290 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2023 | Jun. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
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 |
Condensed Statement of Operatio
Condensed Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||
Revenue | ||
Costs and Expenses: | ||
General and administrative - professional fees | 9,550 | 3,812 |
Loss from operations before income taxes | (9,550) | (3,812) |
Income tax provision | ||
Net Loss | $ (9,550) | $ (3,812) |
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 (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Jun. 30, 2022 | $ 1,000 | $ 17,500 | $ (17,790) | $ 710 |
Balance, shares at Jun. 30, 2022 | 10,000,000 | |||
Capital Contributions | 4,000 | 4,000 | ||
Net Loss | (3,812) | (3,812) | ||
Balance at Sep. 30, 2022 | $ 1,000 | 21,500 | (21,602) | 898 |
Balance, shares at Sep. 30, 2022 | 10,000,000 | |||
Balance at Jun. 30, 2023 | $ 1,000 | 34,500 | (33,240) | 2,260 |
Balance, shares at Jun. 30, 2023 | 10,000,000 | |||
Capital Contributions | 4,000 | 4,000 | ||
Net Loss | (9,550) | (9,550) | ||
Balance at Sep. 30, 2023 | $ 1,000 | $ 38,500 | $ (42,790) | $ (3,290) |
Balance, shares at Sep. 30, 2023 | 10,000,000 |
Statement of Cash Flows (Unaudi
Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from Operating activities: | ||
Net Loss | $ (9,550) | $ (3,812) |
Related party payables | 3,290 | |
Prepaid expenses and other assets | ||
Cash used in operating activities | (6,260) | (3,812) |
Cash flows from financing activities: | ||
Proceeds from contributions from stockholders | 4,000 | 4,000 |
Cash provided by financing activities | 4,000 | 4,000 |
Net (increase)decrease in cash | (2,260) | 188 |
Cash - beginning of period | 2,260 | 710 |
Cash - end of period | 898 | |
Supplemental Cash information: | ||
Interest paid in cash | ||
Taxes paid in cash |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 3 Months Ended |
Sep. 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 | 3 Months Ended |
Sep. 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 interim unaudited condensed 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 U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the Company’s financial position and results of operations for the interim period presented. The results for the three months ended September 30, 2023 are not indicative of annual results. The accompanying unaudited financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. 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 held 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 September 30, 2023 and June 30, 2023, there were no AG ACQUISITION GROUP III, INC. Notes to Unaudited Condensed Financial Statements September 30, 2023 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 three months ended September 30, 2023 and 2022, there were no FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature. RECENT ACCOUNTING PRONOUNCEMENTS Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC 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 | 3 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 - GOING CONCERN Since the inception of the Company through September 30, 2023, the Company has not generated cash or revenue. For the three months ended September 30, 2023 and 2022, the Company incurred a net loss of $ 9,550 3,812 6,260 3,290 The accompanying unaudited condensed 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 unaudited condensed 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. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 4 - STOCKHOLDERS’ EQUITY Effective June 22, 2021, the Company issued a total of 10,000,000 0.0001 0.0006 6,000 100,000,000 0.0001 5,000,000 0.0001 1,000,000 Each share of Series A preferred stock is entitled to 1,000 votes on any matter submitted to the holders of common stock. As of September 30, 2023, there were 10,000,000 no 4,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Sep. 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 three months ended September 30, 2023, the Company’s sole officers and directors have provided additional paid in capital contributions of $ 4,000 The Company uses the office address of an officer and director, without charge. The same officer also provided legal services to the Company during the three months ended September 30, 2023, without charge. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Sep. 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 held 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 September 30, 2023 and June 30, 2023, there were no AG ACQUISITION GROUP III, INC. Notes to Unaudited Condensed Financial Statements September 30, 2023 |
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 three months ended September 30, 2023 and 2022, there were no |
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 ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature. |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the SEC did not, or are not believed by management to have, a material impact on the Company’s present or future financial statements. |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Accounting Policies [Abstract] | |||
Cash and cash equivalent | $ 0 | $ 0 | |
Deferred tax assets | $ 0 | $ 0 | |
Earnings per share, amount | 0 | 0 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net income loss | $ 9,550 | $ 3,812 |
Net cash in operating activities | 6,260 | $ 3,812 |
Working capital | $ 3,290 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 22, 2021 | Sep. 30, 2023 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Common stock issued | 10,000,000 | 10,000,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Preferred stock, shares designated | 5,000,000 | 5,000,000 | |
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock outstanding | 10,000,000 | 10,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Capital contributions from stockholders | $ 4,000 | ||
Series A Preferred Stock [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred stock, shares designated | 1,000,000 | ||
Preferred stock, voting rights | Each share of Series A preferred stock is entitled to 1,000 votes on any matter submitted to the holders of common stock. | ||
Common Stock [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Common stock, par value | $ 0.0001 | ||
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] | |||
Common stock issued | 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 ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Related Party Transaction [Line Items] | ||
Additional paid in capital contributions | $ 4,000 | $ 4,000 |
Officers and Directors [Member] | ||
Related Party Transaction [Line Items] | ||
Additional paid in capital contributions | $ 4,000 |