UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

              [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                                     1-9370
                            (COMMISSION FILE NUMBER)

                     FOR THE QUARTERLY PERIOD MARCH 31, 2006

                                       FOR

                 RECEIVABLE ACQUISITION & MANAGEMENT CORPORATION

             (Exact Name of Registrant as Specified in the Charter)

     DELAWARE                                      13-3186327
(State of Other Jurisdiction                     (I.R.S. Employer
of Incorporation)                               Identification Number)

                            140 Broadway, 46th Floor
                            New York, New York 10005
                                  212-858-7590

Check whether the Registrant (1) has filed all reports required by Section 13 or
15(d) of the Securities  Exchange Act of 1934 during the preceding 12 months (or
for such shorter  period that the  Registrant was required to file such reports)
and (2) has been subject to such filing requirements for the past 90 days:
Yes |X| No |_|

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act) Yes |_| No |X|


As of March 31, 2006, there were 17,808,917  shares of the  Registrant's  Common
Stock, $0.001 par value per share, outstanding.

Transitional Small Business Disclosure Format Yes |_| No |X|

<PAGE>

                 RECEIVABLE ACQUISITION & MANAGEMENT CORPORATION

                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2006


                                TABLE OF CONTENTS

PART I  FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION & OPERATIONS

        RISK FACTORS

ITEM 3. CONTROLS AND PROCEDURES

PART II   OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

ITEM 5. OTHER INFORMATION

ITEM 6. EXHIBITS

SIGNATURES



THIS  REPORT  CONTAINS   FORWARD-LOOKING   STATEMENTS  THAT  INVOLVE  RISKS  AND
UNCERTAINTIES.  SUCH STATEMENTS ARE BASED ON CURRENT EXPECTATIONS,  ASSUMPTIONS,
ESTIMATES AND  PROJECTIONS  ABOUT THE COMPANY AND ITS INDUSTRY.  FORWARD-LOOKING
STATEMENTS  ARE  SUBJECT TO KNOWN AND  UNKNOWN  RISKS,  UNCERTAINTIES  AND OTHER
FACTORS  THAT  MAY  CAUSE  ACTUAL  RESULTS,  LEVELS  OF  ACTIVITY,  PERFORMANCE,
ACHIEVEMENTS  AND PROSPECTS TO BE MATERIALLY  DIFFERENT FROM THOSE  EXPRESSED OR
IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. THE COMPANY UNDERTAKES NO OBLIGATION
TO UPDATE  PUBLICLY ANY  FORWARD-LOOKING  STATEMENTS  FOR ANY REASON EVEN IF NEW
INFORMATION BECOMES AVAILABLE OR OTHER EVENTS OCCURRING IN THE FUTURE.


                                       2
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
                (FORMERLY FEMINIQUE CORPORATION AND SUBSIDIARIES)

                             CONDENSED CONSOLIDATED
                        FINANCIAL STATEMENTS - UNAUDITED

               FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005



        INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
               FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005


                                                                          Pages
      Condensed Consolidated Balance Sheet                                 4-5
      as of March 31, 2006 - Unaudited


      Condensed Consolidated Statements of Income (Operations)              6
      For the Six Months and Three Months
      Ended March 31, 2006 and 2005 - Unaudited


      Condensed Consolidated Statements of Cash Flows For the Six Months    7
      Ended March 31, 2006 and 2005 - Unaudited

      Notes to Condensed Consolidated Financial Statements                 8-16



                                       3
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
                CONDENSED CONSOLIDATED BALANCE SHEET - UNAUDITED
                                 MARCH 31, 2006


                                     ASSETS


CURRENT ASSETS
  Cash                                                              $  96,961
  Finance receivables - short term                                    235,061
                                                              ----------------
   TOTAL CURRENT ASSETS                                               332,022
                                                              ----------------
OTHER ASSETS
  Finance receivables - long-term                                     477,246
                                                              ----------------
   TOTAL OTHER ASSETS                                                 477,246
                                                              ----------------
TOTAL ASSETS                                                        $ 809,268
                                                              ================


The  accompanying  notes  are an  integral  part of the  condensed  consolidated
financial statements.


                                       4
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
          CONDENSED CONSOLIDATED BALANCE SHEET (CONTINUED) - UNAUDITED
                                 MARCH 31, 2006


                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)


CURRENT LIABILITIES
   Accounts payable - Trade                                         $  3,545
   Accrued and other expenses                                         48,150
   Preferred stock dividend payable                                   20,000
   Note Payable -short term                                           23,103
                                                              ---------------
   TOTAL CURRENT LIABILITIES                                          94,798
                                                              ---------------
TOTAL LIABILITIES                                                     94,798
                                                              ---------------

STOCKHOLDERS' EQUITY (DEFICIT)
   Preferred stock, par value $10 per share;
       authorized 10,000,000 shares, 80,000 shares issued
       and outstanding at March 31, 2006                             800,000
   Common stock, par value $.001 per share;
       authorized 325,000,000 shares issued and 17,808,917
       outstanding at March 31, 2006                                  17,809
   Accumulated (Deficit)                                            (103,339)
                                                              ---------------
    TOTAL STOCKHOLDERS' EQUITY                                       714,470
                                                              ---------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)               $ 809,268
                                                              ===============

The  accompanying  notes  are an  integral  part of the  condensed  consolidated
financial statements.


                                       5
<PAGE>


              RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
      FOR THE SIX AND THREE MONTHS ENDED MARCH 31, 2006 AND 2005

<TABLE>
<CAPTION>

                                                         FOR THE SIX MONTHS ENDED    FOR THE THREE MONTHS ENDED
                                                                 MARCH 31,                     MARCH 31,
                                                         2006             2005         2006               2005
                                                       ----------      -----------  -----------        -----------
<S>                                                   <C>                <C>          <C>              <C>
REVENUES
    FINANCING INCOME                                  $ 174,573          $190,888     $ 98,437            $77,144
    GAIN ON SALE OF FINANCE RECEIVABLE                    19,334           87,514       19,334                  -
    SERVICE INCOME                                        97,086           68,033       52,978             38,056
                                                       ----------      -----------  -----------        -----------
           TOTAL INCOME                                  290,993          346,435      170,749            115,200
COSTS AND EXPENSES
    Selling, general and administrative                                   279,869
                                                         351,216                       178,743            116,526
                                                       ----------      -----------  -----------        -----------
                                                       ----------      -----------  -----------        -----------
           TOTAL COSTS AND EXPENSES                      351,216
                                                                          279,869      178,743            116,526
                                                       ----------      -----------  -----------        -----------
                                                       ----------      -----------  -----------        -----------

NET INCOME (LOSS) BEFORE OTHER INCOME                   (60,223)           66,566      (7,994)            (1,326)

OTHER INCOME (LOSS)
   Other income (loss) - loss on sale of finance         (5,409)                -            -                  -
receivable
   Other income (loss) -                                                    1,247
interest                                                     494                           238                646
                                                       ----------      -----------  -----------        -----------
                                                       ----------      -----------  -----------        -----------
           TOTAL OTHER INCOME (LOSS)                     (4,915)            1,247
                                                                                           238                646
                                                       ----------      -----------  -----------        -----------
                                                       ----------      -----------  -----------        -----------

NET INCOME (LOSS) BEFORE PROVISION FOR INCOME TAX       $         $      $ 67,813    $ (7,756)     $ -     $(680)
                                                       (65,138)      -

PROVISION FOR INCOME TAXES                                     -         (20,583)            -                  -
                                                       ----------      ------------------------        -----------
                                                       ----------      ------------------------        -----------

NET INCOME (LOSS)                                       (65,138)           47,230      (7,756)              (680)

LESS PREFERRED STOCK DIVIDEND                           (20,000)
                                                                         (20,000)     (10,000)           (10,000)
                                                       ----------      ------------------------        -----------
                                                       ----------      ------------------------        -----------

INCOME (LOSS) APPLICABLE TO COMMON STOCK               $                  $27,230    $                  $
                                                       (85,138)                     (17,756)             (10,680)
                                                       ----------      ------------------------        -----------
                                                       ----------      ------------------------        -----------

BASIC INCOME (LOSS) PER COMMON SHARE                    $ (0.00)           $ 0.00      $(0.00)           $ (0.00)
                                                       ==========      ===========  ===========        ===========
                                                       ==========      ===========  ===========        ===========

DILUTED INCOME (LOSS)
PER COMMON SHARE                                        $                  $ 0.00      $(0.00)           $ (0.00)
                                                       (0.00)
                                                       ==========      ===========  ===========        ===========
                                                       ==========      ===========  ===========        ===========

WEIGHTED AVERAGE OUTSTANDING SHARES
OF COMMON STOCK - BASIC                                17,103,307
                                                                       14,909,063   17,808,917         14,948,379
                                                       ==========      ===========  ===========        ===========
                                                       ==========      ===========  ===========        ===========

WEIGHTED AVERAGE OUTSTANDING SHARES
OF COMMON STOCK - DILUTED                              19,399,307
                                                                       22,159,063   20,104,917         22,198,379
                                                       ==========      ===========  ===========        ===========
</TABLE>

The  accompanying  notes  are an  integral  part of the  condensed  consolidated
financial statements.


                                       6
<PAGE>


       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
                FOR THE SIX MONTHS ENDED MARCH 31, 2006 AND 2005

<TABLE>
<CAPTION>

                                                                                                    2006             2005
                                                                                                --------------   --------------
<S>                                                                                             <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income (Loss)                                                                               $  (85,138)        $  27,230
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:

CHANGES IN CERTAIN ASSETS AND LIABILITIES
Proceeds from sale of portfolio - net of gain                                                         117,277          205,736
Acquisition of finance receivables, net of buybacks

(207,459) (587,720)
Collections applied to principal on finance receivables                                               210,187          175,742
(Increase) Decrease in Prepaid expenses & exchange account                                                  -           97,763
(Decrease) Increase Accounts payable - Trade                                                         (14,693)         (63,080)
(Decrease) Increase Accrued Expenses                                                                    6,963          179,853
(Decrease) in note payable payable                                                                   (30,000)                -
(Decrease) Increase in Income Taxes                                                                         -         (18,455)
                                                                                                --------------   --------------
   NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                                (2,863)           17,069
                                                                                                --------------   --------------
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock                                                                                    -            1,500
Repurchase of warrants                                                                              (112,600)                -
                                                                                                --------------   --------------
             NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                                    (112,600)            1,500

NET INCREASE (DECREASE) IN CASH                                                                     (115,463)           18,569

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD                                                       212,424          486,124
                                                                                                --------------   --------------
CASH AND CASH EQUIVALENTS - END OF PERIOD                                                           $  96,961       $  504,693
                                                                                                ==============   ==============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Issuance of Common Stock for:
   Conversion of notes payable                                                                       $ 16,897         $  5,000
                                                                                                ==============   ==============
</TABLE>


The  accompanying  notes  are an  integral  part of the  condensed  consolidated
financial statements.


                                       7
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2006 AND 2005


NOTE 1-  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      A.    THE COMPANY AND PRESENTATION

            The condensed  consolidated  unaudited interim financial  statements
            included  herein have been  prepared by Receivable  Acquisition  and
            Management  Corporation and Subsidiaries  (the "Company"),  formerly
            Feminique  Corporation and Subsidiaries  without audit,  pursuant to
            the rules and regulations of the Securities and Exchange  Commission
            (the "SEC").  Certain information and footnote  disclosures normally
            included in the financial  statements  prepared in  accordance  with
            accounting  principles  generally  accepted in the United  States of
            America have been  condensed or omitted as allowed by such rules and
            regulations,  and the  Company  believes  that the  disclosures  are
            adequate to make the  information  presented not  misleading.  It is
            suggested that these condensed  consolidated financial statements be
            read in conjunction with the September 30, 2005 audited consolidated
            financial  statements  and the  accompanying  notes  thereto.  While
            management  believes  the  procedures  followed in  preparing  these
            condensed  consolidated  financial  statements are  reasonable,  the
            accuracy  of the  amounts are in some  respects  dependent  upon the
            facts that will exist,  and procedures  that will be accomplished by
            the Company later in the year.

            The  management  of  the  Company  believes  that  the  accompanying
            unaudited condensed  consolidated  financial  statements contain all
            adjustments  (including normal recurring  adjustments)  necessary to
            present  fairly  the  operations,  changes in  stockholders'  equity
            (deficit), and cash flows for the periods presented.

            On November  25,  2003,  the  Company  incorporated  a wholly  owned
            subsidiary  Receivable  Acquisition  and Management Corp of New York
            ("Ram").  This  corporation  plans to  purchase,  manage and collect
            defaulted consumer receivables.

            On  April  21,  2004,  the  Company   amended  its   certificate  of
            incorporation to increase its authorized  number of shares of common
            stock from 75,000,000 shares to 325,000,000  shares.  This amendment
            was  approved by the  Company's  shareholders  at its April 20, 2004
            annual meeting.

      B.    FINANCE RECEIVABLES

            The  Company on  December  15,  2003,  acquired  defaulted  consumer
            receivable portfolios for $569,071 with a face value of $15,985,138.
            Another  portfolio with face value of  $18,944,048  was acquired for
            $331,501.  The  Company  accounts  for  its  investment  in  finance
            receivables  under the  guidance of  Statement  of Position  ("SOP")
            03-3, "Accounting for Loans or Certain Debt Securities Acquired in a
            Transfer."   This  SOP  limits  the  yield  that  may  be   accreted
            (accretable  yield)  to the  excess  of the  Company's  estimate  of
            undiscounted expected principal, interest and other cash flows (cash
            flows  expected  at  the  acquisition  to  be  collected)  over  the
            Company's initial investment in the finance receivables.  Subsequent
            increases  in cash flows  expected to be  collected  are  recognized
            prospectively  through  adjustment of the finance  receivables yield
            over its  remaining  life.  Decreases  in cash flows  expected to be
            collected are  recognized  as  impairment to the finance  receivable
            portfolios.  The Company's proprietary collections model is designed
            to track and  adjust  the yield and  carrying  value of the  finance
            receivables  based on the actual cash flows  received in relation to
            the expected cash flows.


                                       8
<PAGE>

            The Company acquired on April 19, 2004 a third portfolio with a face
            value of $447,390 for $31,317.

            The Company will use for this third portfolio the "Recovery  Method"
            for revenue  recognition  under which no revenue is recognized until
            the investment amount of $31,317 has been recovered.

            The  Company on  September  16,  2004 put $97,763 on deposit for the
            fourth  portfolio.  However,  the Company did not take possession of
            the portfolio and received a full refund in October 2004.

            The Company acquired on October 10, 2004 a new portfolio with a face
            value of  $2,107,132  for  $100,444.  The Company  will use for this
            portfolio the "Recovery Method" for revenue  recognition under which
            no revenue is recognized until the investment amount of $100,444 has
            been recovered.

            On November 23, 2004 the Company sold the portfolio with an original
            face value of $18,944,048 and an acquisition price of $331,051 for a
            sales price of $293,250. The Company recognized a gain of $87,514 on
            the sale.  The carrying  value of the  portfolio at the time of sale
            was $205,736.

            During the quarter  ending  March 31,  2005,  the  Company  acquired
            portfolios for $487,280.  The Company will use for these  portfolios
            the "Recovery Method" for revenue recognition under which no revenue
            is  recognized  until the  investment  amount of  $487,280  has been
            recovered.

            The Company acquired on April 11, 2005 a portfolio with a face value
            of  $5,500,000  for  $375,000.  The Company will apply the "Recovery
            Method" for revenue recognition under which no revenue is recognized
            until the investment amount of $375,000 has been recovered.

            The Company acquired the fourth tranche of a forward flow on June 2,
            2005 with a face value of $619,275  for  $37,660.  The Company  will
            apply the "Recovery  Method" for revenue  recognition under which no
            revenue is  recognized  until the  investment  amount of $37,660 has
            been recovered.

            During the quarter ending June 30, 2005, the Company  acquired total
            portfolios for $412,660.  The Company will use for these  portfolios
            the "Recovery Method" for revenue recognition under which no revenue
            is  recognized  until the  investment  amount of  $412,660  has been
            recovered.

            On July 12, 2005,  the Company sold the  portfolio  with an original
            face value of $3,674,498 and an acquisition  price of $233,330 for a
            sales price of $168,767.  The Company  will  recognize a loss in the
            fourth quarter. The Company retained  approximately  $92,000 in face
            value of paying accounts.

            During the quarter ending  September 30, 2005, the Company  acquired
            total  portfolios  for  $239,162.  The  Company  will use for  these
            portfolios the "Recovery Method" for revenue recognition under which
            no revenue is recognized until the investment amount of $239,162 has
            been recovered.

            On  November  22,  2005  the  Company  sold  a  portfolio   with  an
            acquisition price of $172,827 for $112,290. The Company recognized a
            loss of $5,409 on the sale.


                                       9
<PAGE>

            During the quarter ending March 31, 2006, the Company acquired total
            portfolios for $275,746.  The Company will use for these  portfolios
            the "Recovery Method" for revenue recognition under which no revenue
            is  recognized  until the  investment  amount of  $275,746  has been
            recovered.

            During  the  quarter  ending  March  31,  2006  the  Company  sold a
            portfolio  with a  carrying  value of $4,987 of $ for  $24,321.  The
            Company recognized a gain of $19,344 on the sale.

            In the event that cash  collections  would be inadequate to amortize
            the carrying  balance,  an  impairment  charge would be taken with a
            corresponding write-off of the receivable balance.  Accordingly, the
            Company does not maintain an allowance for credit losses.

            The agreements to purchase the  aforementioned  receivables  include
            general  representations  and warranties  from the sellers  covering
            account holder death or bankruptcy, and accounts settled or disputed
            prior to sale. The representation and warranty period permitting the
            return of these accounts from the Company to the seller is typically
            90 to 180  days.  Any funds  received  from the  seller  of  finance
            receivables  as a  return  of  purchase  price  are  referred  to as
            buybacks.  Buyback  funds are simply  applied  against  the  finance
            receivable balance received.  They are not included in the Company's
            cash  collections  from  operations  nor are  they  included  in the
            Company's cash  collections  applied to principal  amount.  Gains on
            sale of finance  receivables,  representing  the difference  between
            sales price and the  unamortized  value of the finance  receivables,
            are recognized when finance receivables are sold.


            Changes in finance  receivables  for the six months  ended March 31,
            2006 were as follows:


                                                         Six Months Ended
                                                          March 31, 2006
                                                         -----------------------
Balance at the end of the period October 1, 2005            $           832,312
Acquisition of finance receivables                                      207,459
Cash collections applied to principal                                 (210,187)
Sale of portfolio - net of gain                                       (117,277)
                                                         -----------------------
Balance at the end of the period                            $           712,307
                                                         =======================
Estimated Remaining Collections ("ERC") *                    $        2,183,751
                                                         =======================

o     Estimated  remaining  collection refers to the sum of all future projected
      cash  collections  from  acquired  portfolios.  ERC is not a balance sheet
      item,  however,  it  is  provided  for  informational   purposes.   Income
      recognized  on finance  receivables  was $174,573 and $190,888 for the six
      months ending March 31, 2006 and 2005, respectively.

      C.    PRINCIPLES OF CONSOLIDATION

            The condensed consolidated financial statements include the accounts
            of the Company and its  subsidiaries.  All significant  intercompany
            accounts and transactions have been eliminated in consolidation.

      D.    CASH AND CASH EQUIVALENTS

            The Company  considers all highly liquid debt  instruments and other
            short-term  investments  with an initial maturity of three months or
            less to be cash or cash equivalents.  There were no cash equivalents
            as of March 31, 2006.


                                       10
<PAGE>

            The  Company  maintains  cash  and  cash  equivalents   balances  at
            financial  institutions  that are  insured  by the  Federal  Deposit
            Insurance  Corporation  up to $100,000.  At March 31, 2006 and 2005,
            the  Company's   uninsured  cash  balances  total  $0  and  $404,693
            respectively.


      E.    FURNITURE AND EQUIPMENT

            Furniture  and  equipment  when  acquired  will be  stated  at cost.
            Depreciation  will be provided using  straight-line  method over the
            estimated useful lives of the assets.

            Maintenance  and repairs are charged to  operations  when  incurred.
            When assets are sold or otherwise  disposed  of, the asset  accounts
            and related accumulated  depreciation accounts are relieved, and any
            gain or loss is included in operations.

      F.    INCOME TAXES

            The Company has adopted the  provisions  of  Statement  of Financial
            Accounting  Standards ("SFAS") No. 109, Accounting for Income Taxes.
            The statement requires an asset and liability approach for financial
            accounting  and reporting of income taxes,  and the  recognition  of
            deferred tax assets and  liabilities  for the temporary  differences
            between the financial reporting bases and tax bases of the Company's
            assets and liabilities at enacted tax rates expected to be in effect
            when such amounts are realized or settled.

      G.    USE OF ESTIMATES

            The   preparation  of  financial   statements  in  conformity   with
            accounting  principles  generally  accepted in the United  States of
            America  requires  management to make estimates and assumptions that
            affect  the  reported   amounts  of  assets  and   liabilities   and
            disclosures of contingent  assets and liabilities at the date of the
            financial  statements  and the  reported  amounts  of  revenues  and
            expenses  during this reported  period.  Actual results could differ
            from those estimates.

      H.    STOCK-BASED COMPENSATION

            Employee  stock awards under the  Company's  compensation  plans are
            accounted for in accordance with Accounting Principles Board Opinion
            No. 25 ("APB 25"),  "Accounting for Stock Issued to Employees",  and
            related   interpretations.   The  Company  provides  the  disclosure
            requirements of Statement of Financial Accounting Standards No. 123,
            "Accounting for Stock-Based  Compensation" ("SFAS 123"), and related
            interpretations.  Stock-based  awards to non-employees are accounted
            for under the  provisions  of SFAS 123 and has adopted the  enhanced
            disclosure  provisions of SFAS No. 148  "Accounting  for Stock-Based
            Compensation-Transition  and  Disclosure,  an  amendment of SFAS No.
            123".

      H.    STOCK-BASED COMPENSATION

            The  Company   measures   compensation   expense  for  its  employee
            stock-based compensation using the intrinsic-value method. Under the
            intrinsic-value  method of accounting for stock-based  compensation,
            when the exercise price of options granted to employees is less than
            the  estimated  fair  value of the  underlying  stock on the date of
            grant,  deferred  compensation  is  recognized  and is  amortized to
            compensation  expense over the applicable vesting period. In each of
            the periods  presented,  the vesting  period was the period in which
            the options were granted.  All options were expensed to compensation
            in the period granted rather than the exercise date.


                                       11
<PAGE>

            The  Company  measures  compensation  expense  for its  non-employee
            stock-based  compensation under the Financial  Accounting  Standards
            Board (FASB)  Emerging  Issues Task Force  (EITF)  Issue No.  96-18,
            "Accounting  for  Equity  Instruments  that are Issued to Other Than
            Employees for Acquiring,  or in Conjunction  with Selling,  Goods or
            Services".  The fair value of the  option  issued is used to measure
            the transaction, as this is more reliable than the fair value of the
            services  received.  The fair value is  measured at the value of the
            Company's   common  stock  on  the  date  that  the  commitment  for
            performance   by  the   counterparty   has  been   reached   or  the
            counterparty's performance is complete. The fair value of the equity
            instrument  is  charged   directly  to   compensation   expense  and
            additional paid-in capital.

      I.    REVENUE RECOGNITION

            Revenue is recognized  based on AICPA Statement of Position 03-3, if
            the management is reasonably  comfortable  with expected cash flows.
            In the event,  expected cash flows cannot be  reasonably  estimated,
            the Company will use the "Recovery  Method" under which revenues are
            only recognized after the initial investment has been recovered.


      J.    EARNINGS (LOSS) PER SHARE OF COMMON STOCK

            Historical  net income (loss) per common share is computed using the
            weighted  average  number  of  common  shares  outstanding.  Diluted
            earnings  (loss) per share (EPS)  include  additional  dilution from
            common stock  equivalents,  such as stock  issuable  pursuant to the
            exercise of stock  options and  warrants.  Common stock  equivalents
            were not included in the  computation of diluted  earnings per share
            when  the  Company  reported  a  loss  because  to  do so  would  be
            antidilutive for periods presented.

            The following is a  reconciliation  of the computation for basic and
            diluted EPS:

                                          March 31,              March 31,
                                             2006                   2005
                                      -------------------    -------------------
Net income (loss) after payment of
    preferred dividend                $   (85,138)            $    27,230
                                      -------------------    -------------------
Weighted-average common shares
Outstanding (Basic)                    17,103,307              14,909,063

Weighted-average common stock
Equivalents
  Stock options                           950,000                 950,000
  Warrants                              1,346,000               6,300,000
                                      -------------------    -------------------

Weighted-average common shares
Outstanding (Diluted)                  19,399,307              22,159,063
                                      ===================    ===================



                                       12
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                             MARCH 31, 2006 AND 2005


NOTE 1-           SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

      K.    RECENT ACCOUNT PRONOUNCEMENTS

            In June 2001, the FASB issued  Statement No. 142 "Goodwill and Other
            Intangible Assets".  This Statement  addresses financial  accounting
            and reporting for acquired  goodwill and other intangible assets and
            supersedes APB Opinion No. 17,  Intangible  Assets. It addresses how
            intangible assets that are acquired  individually or with a group of
            other  assets  (but not those  acquired  in a business  combination)
            should  be  accounted  for  in  financial   statements   upon  their
            acquisition.  This  Statement  also addresses how goodwill and other
            intangible  assets  should be  accounted  for  after  they have been
            initially recognized in the consolidated financial statements.

            In  October  2003,  the  American   Institute  of  Certified  Public
            Accountants issued Statement of Position ("SOP") 03-03,  "Accounting
            for Loans or Certain  Securities  Acquired in a Transfer."  This SOP
            proposes guidance on accounting for differences  between contractual
            and expected  cash flows from an  investor's  initial  investment in
            loans or debt securities acquired in a transfer if those differences
            are attributable,  at least in part, to credit quality.  This SOP is
            effective  for  loans  acquired  in  fiscal  years  beginning  after
            December  15,  2004.  This SOP would limit the  revenue  that may be
            accrued to the excess of the estimate of expected  future cash flows
            over a portfolio's initial cost of accounts receivable acquired. The
            SOP would require that the excess of the contractual cash flows over
            expected  cash flows not be  recognized as an adjustment of revenue,
            expense,  or on the balance sheet. The SOP would freeze the internal
            rate of return,  referred to as IRR,  originally  estimated when the
            accounts receivable are purchased for subsequent impairment testing.
            Rather  than  lower the  estimated  IRR if the  original  collection
            estimates are not received,  the carrying value of a portfolio would
            be written down to maintain the original IRR.  Increases in expected
            future  cash  flows  would  be  recognized   prospectively   through
            adjustment of the IRR over a  portfolio's  remaining  life.  The SOP
            provides that previously  issued annual  financial  statements would
            not  need  to be  restated.  Management  has  decided  on the  early
            adoption of the application of this SOP.

      K.    RECENT ACCOUNT PRONOUNCEMENTS (CONTINUED)

            In May 2003, the FASB issued SFAS Statement No. 150, "Accounting for
            Certain   Financial   Instruments  with   Characteristics   of  both
            Liabilities and Equity".  This statement  establishes  standards for
            how an issuer classifies and measures certain financial  instruments
            with  characteristics  of both  liabilities and equity.  It requires
            that an issuer  classify a financial  instrument  that is within its
            scope  as a  liability  (or an asset  in some  circumstances).  This
            statement is effective  for  financial  instruments  entered into or
            modified  after  May 31,  2003 and  otherwise  is  effective  at the
            beginning of the first interim period beginning after June 15, 2003,
            except for mandatory redeemable  financial  instruments of nonpublic
            entities,  if  applicable.  It is to be implemented by reporting the
            cumulative  effect  of a  change  in  an  accounting  principle  for
            financial  instruments  created  before  the  issuance  date  of the
            Statement and still  existing at the beginning of the interim period
            of  adoption.  The  adoption  of  this  statement  did  not  have  a
            significant  impact  on  the  Company's  results  of  operations  or
            financial position.


                                       13
<PAGE>

      L.    RECLASSIFICATION

            Certain  amounts in the December 31, 2005 Financial  Statements have
            been reclassified to conform to the 2006 presentation.

NOTE 2-  NOTES PAYABLE

      A.    On October 2, 2003, the Company borrowed an additional  $20,000 from
            Artemis Equity Hedge Fund Ltd, evidenced by a convertible promissory
            note bearing interest at 7% per annum. The note was due on or before
            March 30, 2004.  This note is classified as a short-term note as the
            holder may convert at their  discretion.  The Company  issued in May
            2004, 100,250 shares of common stock to satisfy the debt.

      B.    On December 11, 2003,  the Company  borrowed an additional  $800,000
            from  Artemis  Equity  Hedge Fund Ltd,  evidenced  by a  convertible
            promissory note bearing  interest at 5% per annum.  The note was due
            on or before March 31, 2004. This note is classified as a short-term
            Note as the holder may convert at their discretion.  The note may be
            exchanged into convertible  preferred stock with a 5% dividend.  The
            preferred stock is convertible at $10 per share.  The Company issued
            80,000 shares of preferred stock in June 2004 to satisfy the debt.

      C.    On January 29, 2004 the Company  borrowed an additional  $5,000 note
            bearing  interest  at 5% per annum.  The note was  convertible  into
            common stock at $.20 per share.  The Company issued in October 2004,
            24,876 shares of common stock to satisfy the debt.

      D.    On June  10,  2005,  the  Company  agreed  to  repurchase  1,000,000
            warrants at $.10 per warrant.  The Company has paid $20,000 and will
            pay the remaining $80,000 over 16 months.

            The holder of the Note  Payable in the amount owns  2,253,000  stock
            purchase  warrants.  The holder informed the Company that the holder
            will exercise all 2,253,000  stock purchase  warrants at an exercise
            price of $0.0075 for a total exercise amount of $16,897.  In lieu of
            payment  the  holder  agreed  to a  $16,987  reduction  in the  Note
            Payable.  The  reduction  in payment  is  effective  if the  Company
            continues  to pay the holder  $5,000  through  July 2006 and a final
            payment in August of $3,102.  The holder  exercised  the warrants on
            November 28 2005 and 2,253,000 shares of common stock were issued to
            reduce the note payable in the amount of $16,897. (See Note 5)

NOTE 3-           STOCK OPTIONS

            In April 2004, the Company adopted a stock option plan upon approval
            by the  shareholders  art the Annual  General  Meeting  under  which
            selected  eligible  key  employees  of the  Company  are granted the
            opportunity to purchase  shares of the Company's  common stock.  The
            plan provides  that  37,500,000  shares of the Company's  authorized
            common  stock be  reserved  for  issuance  under  the plan as either
            incentive  stock  options  or  non-qualified  options.  Options  are
            granted at prices not less than 100 percent of the fair market value
            at the end of the date of grant and are exercisable over a period of
            ten years or a long as that person continues to be employed or serve
            on the on the Board of Directors,  whichever is shorter. At December
            31, 2005,  the Company had 950,000  options  outstanding  under this
            plan.


                                       14
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                             MARCH 31, 2006 AND 2005

NOTE  4- INCOME TAXES

      The income tax accounting  reported within these  statements is summarized
as follows:

<TABLE>
<CAPTION>

                                                              March 31,                 March 31,
                                                                 2006                     2005
                                                         ---------------------      ------------------
<S>                                                      <C>                        <C>
Provision

Current:
     Federal                                                        $       -              $  (9,625)
     State and Local                                                                         (10,958)
                                                                            -
                                                         ---------------------      ------------------

        Total Current                                                                        (20,583)
                                                                            -

Deferred
                                                                            -                       -
                                                         ---------------------      ------------------

Total provision for income taxes                                    $       -              $ (20,583)
                                                         =====================      ==================
</TABLE>

            The  Company's  effective  tax rate is different  than what would be
            expected if the  statutory  rates were applied to "net income (loss)
            before income taxes"  primarily  because of expenses  deductible for
            financial  reporting  purposes  that  are  not  deductible  for  tax
            purposes allowed.

            There was no provision for income tax for the six months ended March
            31, 2006.

            At March 31, 2006 the Company had accumulated deficit  approximating
            $103,339, available to offset future taxable income through 2023.

                                                              March 31,
                                                                 2006
                                                           -----------------

                          Deferred tax assets                     $  36,169
                          Less:  valuation allowance
                                                                   (36,169)
                                                           -----------------
                          Total                                    $      -
                                                           =================

NOTE 5-  STOCK HOLDERS' EQUITY (EQUITY)

            There  were  325,000,000  shares of common  stock  authorized,  with
            17,808,917 and 15,070,601 shares issued and outstanding at March 31,
            2006 and 2005,  respectively.  The par value for the common stock is
            $.001 per share.

            The following  details the stock  transactions for the periods ended
            March 31, 2006 and 2005.

            The Board of  Directors  approved a 1 for 15 reverse  stock split at
            the  shareholders  meeting on April 21, 2004. The September 30, 2004
            shares have been retroactively restated to reflect the reverse stock
            split.

            The Company  issued  827,067  shares of common  stock at $0.1995 per
            share in May 2004 to discharge a shareholder's loan of $165,000.


                                       15
<PAGE>

            The Company  issued  100,250  shares of common  stock at $0.1995 per
            share in May 2004 to discharge a $20,000  loan from  Artemis  Equity
            Hedge Fund.

            On January 21, 2004 the Company entered into an agreement to acquire
            General  Outsourcing  Services,  Inc.,  a  corporation  owned by the
            Chairman of the  Company.  The Company  issued  4,230,000  shares at
            $0.0014 per share in June 2004 in consideration of this agreement.

            On January 22, 2004 the Company entered into an employment agreement
            with its President and CEO, Max Khan to issue 4,300,000 shares.  The
            company issued  4,300,000 shares of common stock at $.0014 per share
            in June 2004 as employment compensation for Mr. Max Khan.

            The Company  issued  388,408  shares of common stock in exchange for
            consulting services.  The 388,408 shares of common stock were issued
            at $0.0014 per share as payment for consulting services.

            The Company  issued  24,876 shares of common stock at $.20 per share
            in October 2004 to discharge a shareholders' loan of $5,000.

            The Company issued 200,000 shares of common stock at $.008 per share
            in February 2005 as a conversion of warrants into common stock.

            The Company  repurchased  14,684  shares of common stock on June 24,
            2005.  The shares  will be retired in August  2005.  Currently,  the
            purchase  is  accounted  for as a prepaid  asset.  The  shares  were
            repurchased for $.10 per share for a total amount of $1,468.

            The Company  received $3,750 for the exercise of 500,000 warrants at
            $.0075 per share of common  stock in June  2005.  The  Company  will
            issue 500,000 shares of common stock in August 2005.

            The  Company  issued to the  holder of the note  payable,  2,253,000
            shares of common  stock at $0.0075 per share on November 28, 2005 as
            a conversion of warrants  into common  stock.  In lieu of payment in
            the amount of $16,897  the shares were  purchased  through a $16,897
            reduction of the note payable. (See Note 2. D)

            The  Company  repurchased  201,000  warrants at a price of $0.10 per
            warrant  on  November  18,  2005.  The  total  repurchase  price was
            $20,100.

            The Company  repurchased  500,000  warrants at a price of $0.125 per
            warrant  on  November  18,  2005.  The  total  repurchase  price was
            $62,500.

            The  Company  repurchased  200,000  warrants at a price of $0.10 per
            warrant  on  November  18,  2005.  The  total  repurchase  price was
            $20,000.

            The  Company  repurchased  100,000  warrants at a price of $0.10 per
            warrant on March 16, 2006. The total repurchase price was $10,000.


                                       16
<PAGE>


                  PREFERRED STOCK

                  There were 10,000,000  shares of preferred  stock  authorized,
                  with  80,000  issued an  outstanding  as of March 31, 2006 and
                  2005. The par value for the preferred shares is $10 per share.

                  NOTE 6-  SUBSEQUENT EVENTS

                  SALE OF FINANCE RECIEVABLE

                  The Company  sold a financial  receivable  portfolio  on April
                  28th 2006. The face amount of the portfolio is $4,107,881. The
                  portfolio  was sold for  $205,394 or  approximately  5% of the
                  portfolio's face value.

                  CONVERTIBLE NOTE OFFERING

                  The Company has issued a private  convertible note offering in
                  the amount of  $300,000.  The company will repay the holder of
                  the convertible  note in 18 equal payments of $18,161 from the
                  date of issuance of the convertible  note at a rate of 11% per
                  annum on or before October 7, 2007 (the "Maturity  Date).  The
                  Company repaid $116,000 of the principal on May 11, 2006.



                                       17
<PAGE>


ITEM 2.

      MANAGEMENTS'S  DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
      OPERATIONS.

This "Management's Discussion and Analysis of Financial Condition and Results of
Operations"  should be read in  conjunction  with  "Management's  Discussion and
Analysis of Financial  Condition and Results of Operations" in the Annual Report
on Form 10-K as of and for the year ended  September  30, 2005 as filed with the
Securities  and  Exchange  Commission.  Cautionary  Statements  Pursuant to Safe
Harbor Provisions of the Private Securities Litigation Reform Act of 1995:

This  report  contains  forward-looking  statements  within  the  meaning of the
federal  securities  laws.  These  forward-looking   statements  involve  risks,
uncertainties   and  assumptions  that,  if  they  never  materialize  or  prove
incorrect,  could  cause the results of the  Company to differ  materially  from
those expressed or implied by such forward-looking  statements.  All statements,
other than  statements  of  historical  fact,  are  forward-looking  statements,
including statements  regarding overall trends,  gross margin trends,  operating
cost trends,  liquidity and capital needs and other  statements of expectations,
beliefs, future plans and strategies,  anticipated events or trends, and similar
expressions  concerning  matters  that  are not  historical  facts.  The  risks,
uncertainties and assumptions referred to above may include the following:

|X|   changes  in the  business  practices  of  credit  originators  in terms of
      selling defaulted consumer  receivables or outsourcing  defaulted consumer
      receivables to third-party contingent fee collection agencies;


|X|   ability to acquire sufficient portfolios;

|X|   ability to recover sufficient amounts on acquired portfolios;

|X|   a decrease in collections if bankruptcy  filings increase or if bankruptcy
      laws or other debt  collection  laws  change;  |X|  changes in  government
      regulations  that  affect the  Company's  ability  to  collect  sufficient
      amounts on its acquired or serviced receivables;

|X|   the Company's ability to retain the services of recovery partners;

|X|   changes in the  credit or  capital  markets,  which  affect the  Company's
      ability to borrow money or raise capital to purchase or service  defaulted
      consumer receivables;

|X|   the degree and nature of the Company's competition; and


|X|   our ability to respond to changes in technology and increased competition;

|X|   the risk factors  listed from time to time in the  Company's  filings with
      the Securities and Exchange Commission.


                                       18
<PAGE>

OVERVIEW

The   Company  is  now  engaged  in  purchase   and   recovery  of   performing,
sub-performing and non-performing  consumer  receivables.  These receivables are
acquired at deep  discounts  and  outsourced  for  collections  on a contingency
basis.  The Company also manages  Ramco  Income Fund,  Ltd, a Bermuda  domiciled
mutual fund with $2.1 million in invested capital. The Company continues to seek
additional  capital to invest  into  additional  portfolios.  The  Company  also
manages investments in two different portfolios funded through joint venture and
non-recourse notes with approximately $4.5 million under management. The Company
does hold any equity in these  vehicles only receives  servicing  income and may
receive some of the residual cash flow after the investors  have recouped  their
investment and agreed upon return.

RESULTS OF OPERATIONS

OVERVIEW

The  Company  continues  to  execute  its  long  term  strategy.   With  several
relationships in place with debt sellers, the company is now in discussions with
several two lenders for a credit  facility which will allow us to acquire larger
portfolios.  Such a facility  would have an advance rate of 80% to 90% and would
require the Company to raise additional  capital for the balance.  The following
table summarizes collections,  revenues, operating expenses, income before taxes
and fully diluted net income.

                              THREE MONTHS ENDED MARCH 31, 2006
                              ----------- ---------- ------------ ------------
                                 2006       2005      $ CHANGE     % CHANGE
                              ----------- ---------- ------------ ------------

Net Collections                $258,217   $162,438       $95,779      59%

Finance Income                 $98,437     $77,144       $21,293      22%
   as a % of Collections         38%         47%

Servicing Income               $52,978     $38,056     $14,922        28%


Operating Expenses             $178,743   $101,583     $77,160        76%

Income Before Taxes            ($7,756)    ($680)     ($7,076)      -1041%

Fully Diluted EPS              ($0.001)   ($0.001)     $0.000         0%



REVENUE

The Company  generated  $170,749 in revenue  during the quarter  ended March 31,
2006 versus  $115,200 for quarter ended March 31, 2005 and $120,245 in the first
quarter ended December 31, 3005.  Total revenue included $98,437 finance income,
$52,978  servicing income and $19,334 from gain on sale of a portfolio.  Finance
income increased by  approximately  22% or $21,293 compared to the quarter ended
March 31,  2005 and  approximately  29% or $22,300 for the first  quarter  ended
December 31, 2005. Servicing income increased by approximately 22% when compared
to quarter ended March 31, 2005 and increased  sequentially by approximately 20%
from the quarter ended December 31, 2005. The company  recognized  approximately
38% of net cash  collections  as revenue during the quarter ended March 31, 2006
versus 47% during the quarter ended March 31, 2005. The percentage  remains well
below the industry average.  The Company  collected  $258,217 during the quarter
but recognized  only $98,437 as revenues.  Finance income is expected to decline
due to voluntary redemption from our managed fund, Ramco Income Fund Ltd. During
the quarter,  the company  acquired two  portfolios  and the third  tranche of a
forward flow that are being  carried on a cost recovery  basis.  The Company may
apply the interest rate method to other  portfolios  acquired during the current
quarter once there is confidence in the expected recovery curve.


                                       19
<PAGE>

OPERATING EXPENSES

 Total  operating  expenses  increased  by 76% to $178,743  for the three months
ended March 31, 2006 versus  $101,583  for the quarter  ended March 31, 2005 and
sequentially increased by 4% from the first quarter ended December 31, 2005. The
Company's  operating expenses were negatively  impacted by legal fees of $24,000
related  to  litigations   and  slightly   higher  expenses  at  our  California
subsidiary.

 RENT AND OCCUPANCY

 Rent and  occupancy  expenses  were $8,045 for the three months ended March 31,
2006 versus $8,033 for the quarter ended March 31, 2005.

DEPRECIATION

     The Company did not record any  depreciation  expense for the three  months
ended March 31, 2006.

PURCHASE OF DEFAULTED RECEIVABLES

         During the three  months  ended March 31,  2006,  the Company  acquired
defaulted  consumer  receivables  portfolios with aggregate face value amount of
$4,120,565 at a cost of $207,459.  As a part of its  strategy,  the Company does
not do any in-house collection,  but outsources collection to carefully selected
specialist debt collection agencies.  The Company is currently working with four
collection  agencies on a contingency  basis.  The contingency fees averaged 25%
during the quarter.

PORTFOLIO DATA

The following  table shows the Company's  portfolio  buying  activity during the
quarter,  among other things,  the purchase price,  actual cash  collections and
estimated cash collection as of March 31, 2006.

<TABLE>
<CAPTION>

PURCHASE PERIOD          PURCHASE PRICE(1)         ACTUAL CASH COLLECTIONS (2)    ESTIMATED (3)
<S>                      <C>                       <C>                            <C>
     12/31/2003           $  569,070                $  1,373,642                   $  205,737
     12/31/2004           $  100,444                $    119,436                   $  123,449
     2/28/2005            $  81,076                 $     82,831                   $  100,647
     4/11/2005            $  375,000                $         171,701              $  505,441
      6/2/2005            $      37,660             $    33,737                    $  67,323
     7/25/2005            $  177,668                $      108,537                 $ 291,216
     9/28/2005            $   61,974                $   25,446                     $ 129,489
     12/28/2005           $          80,000         $         17,721               $ 207,152
      1/3/2006            $          49,725         $         14,786               $ 47,075
      3/9/2006            $  121,972                $         28,338               $ 246,099
      3/9/2006            $  35,760                                                $ 89,400
</TABLE>



(1)      Purchase price refers to the cash paid to a seller to acquire defaulted
         receivables, plus certain capitalized expenses, less the purchase price
         refunded  by the  seller due to the  return of  non-compliant  accounts
         (also defined as  buybacks).  Non-compliant  refers to the  contractual
         representations  and  warranties  between  the seller and the  Company.
         These  representations  and warranties from the sellers generally cover
         account  holders' death or bankruptcy and accounts  settled or disputed
         prior to sale. The seller can replace or repurchase these accounts.

(2)      Actual cash collections net of recovery cost or sale.


                                       20
<PAGE>

(3)      Total  estimated  collections  refers to the actual  cash  collections,
         including cash sales, plus estimated remaining collections. The Company
         will take an impairment  charge if the actual  recoveries fall short of
         expected recoveries.

When the Company acquires a portfolio of defaulted receivables, it estimates the
expected  recovery  of  the  portfolio.  A 36 to 60  month  projection  of  cash
collections  is  created  for each  portfolio.  Only  after  the  portfolio  has
established probable and estimable performance in excess of projections will the
accretable  yield be  increased  and  recognized  as  revenue.  If  actual  cash
collections  are less  than the  original  forecast,  the  Company  will take an
impairment charge.  Collection  activities  commence within 30 days of purchase,
which allows for adequate time to scrub the  portfolio  for  deceased,  settled,
incarcerated and bankruptcy filed accounts. For modeling and revenue recognition
purposes, the company uses 15 calendar days.

RECOVERY PARTNERS

The Company  outsources all its recovery  activities to carefully  selected debt
collection agencies and network of collection attorneys with specific collection
expertise.  The company is currently using four collection  agencies and several
law firms in the U.S. and U.K.  The average  contingent  collections  fee is 27%
which rises during the later years of recovery.

SEASONALITY

Collections  tend to be higher in the first and second  quarters of the year and
lower in the third and  fourth  quarter  of the year,  due to  consumer  payment
patterns in connection with seasonal employment,  income tax refunds and holiday
spending habits.

CURRENCY RISK

The Company has been  acquired  and  continues to acquire  defaulted  receivable
portfolios  in the United  Kingdom and such  purchase  may expose the company to
adverse currency risks.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2006, the Company had working capital of $237,234 versus working
capital  deficit of $554,026 at March 31, 2005.  The  improvement  is due to the
conversion of all outstanding debt into equity and cash flows from  collections.
Working  capital  sequentially  declined  from  $848,450  in the  quarter  ended
December 31, 2005 due to acquisition of three portfolios during the quarter. The
Company  believes that funds generated from  operations,  together with existing
cash will be sufficient to finance its  operations for the  foreseeable  future.
For  the  six  month  ended  March  31,  2006,  the  Company  had  net  cash  of
$96,931versus  $131,831  at the end of March  31,  2005.  Net cash  provided  by
operating  activities  was  ($2,863)  for the six months  ended  March 31,  2006
compared to $17,069 provided by operating  activities during the six month ended
March 31, 2005. Net cash provided by financing  activities was ($112,600) during
the six month ended March 31, 2006 compared to $1,500 during the six month ended
March 31,  2005.  The  Company  bought  back  1,001,000  warrants in a privately
negotiated  transaction  for  $112,600.  The  Company  did not raise any capital
through  issuance of securities  during the six month ended March 31, 2006.  Our
primary investing activity to date has been the purchase of charged-off consumer
receivable portfolios. During the quarter ended March 31, 2006, we invested at a
cost of $207,459 in three portfolios with a face value of $4,120,565.

Cash generated from operations is depended upon the Company's ability to collect
on its defaulted  consumer  receivables.  Many  factors,  including the economy,
purchase price and the Company's  ability to retain the services of its recovery
partners,  are essential to generate cash flows.  Fluctuations  in these factors
that cause a negative  impact on the  Company's  business  could have a material
negative  impact on its  expected  future cash flows.  During the  quarter,  the
Company  generated  approximately  $258,217  from  collections  and $52,978 from
servicing.


                                       21
<PAGE>


The  Company  believes  that funds  generated  from  operations,  together  with
existing cash will be sufficient to finance its operations  for the  foreseeable
future  The  Company is in  discussion  with  several  potential  joint  venture
partners  to  scale  up  our  investments.   There  is  no  assurance  that  the
negotiations would be successful.

INCOME TAXES

We did not record any income tax  provision for the quarter ended March 31, 2006
versus $20,583 for the quarter ended March 31, 2005.

CONTRACTUAL OBLIGATION

The Company entered into a 12 month lease with H&Q Global Services at $2,985 per
month plus variable expenses that include telecommunication, copier, postage and
delivery charges.

MARKET OUTLOOK FOR CHARGED-OFF RECEIVABLES

Prices  remain high in the charge off market and we have taken  advantage  of it
sell some of our older  portfolios.  We expect that over time, many of these new
entrants  to the  market,  whose  business  model  may be based  on less  than a
multi-disciplined  approach to purchasing and collecting,  will not generate the
returns they  anticipated.  This may then reduce their ability to access capital
and potentially may require them to sell their remaining portfolios and exit the
market.  Also,  the  sellers  are  increasing  turning to large  buyers that has
hampered our ability to invest our available cash.

CRITICAL ACCOUNTING POLICY

The Company  utilizes the interest  method under guidance  provided by the AICPA
issued  Statement of Position  ("SOP") 03-03 to determine  income  recognized on
finance  receivables In October 2004, the American Institute of Certified Public
Accountants issued Statement of Position ("SOP") 03-03, "Accounting for Loans or
Certain  Securities  Acquired  in a  Transfer."  This SOP  proposes  guidance on
accounting for differences  between  contractual and expected cash flows from an
investor's initial investment in loans or debt securities acquired in a transfer
if those differences are attributable, at least in part, to credit quality. This
SOP is effective for loans  acquired in fiscal years  beginning  after March 15,
2005.  The SOP would limit the revenue  that may be accrued to the excess of the
estimate  of  expected  future  cash flows over a  portfolio's  initial  cost of
accounts  receivable  acquired.  The SOP would  require  that the  excess of the
contractual  cash  flows  over  expected  cash  flows  not be  recognized  as an
adjustment of revenue,  expense,  or on the balance sheet.  The SOP would freeze
the internal rate of return,  referred to as IRR, originally  estimated when the
accounts receivable are purchased for subsequent impairment testing. Rather than
lower the estimated IRR if the original  collection  estimates are not received,
the carrying value of a portfolio would be written down to maintain the original
IRR.  Increases in expected future cash flows would be recognized  prospectively
through  adjustment  of the  IRR  over a  portfolio's  remaining  life.  The SOP
provides that previously issued annual financial statements would not need to be
restated.  Management is in the process of evaluating  the  application  of this
SOP.


                                       22
<PAGE>

                                  RISK FACTORS

IN  ADDITION  TO OTHER  INFORMATION  IN THIS  REPORT,  YOU SHOULD  CONSIDER  THE
FOLLOWING RISK FACTORS CAREFULLY. THESE RISKS MAY IMPAIR THE COMPANY'S OPERATING
RESULTS AND  BUSINESS  PROSPECTS  AS WELL AS THE MARKET  PRICE OF THE  COMPANY'S
COMMON STOCK.

   PENNY STOCK REGULATIONS AND REQUIREMENTS FOR LOW PRICED STOCK

The SEC adopted  regulations  which  generally  define a "penny stock" to be any
non-Nasdaq equity security that has a market price of less than $5.00 per share,
subject to  certain  exceptions.  Based  upon the price of the  Common  Stock as
currently  traded on the NASDAQ  Bulletin Board,  the Company's  Common Stock is
subject to Rule 15g-9 under the  Exchange  Act which  imposes  additional  sales
practice  requirements on broker-dealers  which sell securities to persons other
than established customers and "accredited  investors." For transactions covered
by this rule, a broker-dealer must make a special suitability  determination for
the purchaser and have received a purchaser's written consent to the transaction
prior to sale. Consequently, this rule may have a negative effect on the ability
of stockholders to sell common shares of the Company in the secondary market.

ITEM 3.  CONTROLS AND PROCEDURES

As of the end of the period covered by this report,  we conducted an evaluation,
under the supervision and with the  participation of our chief executive officer
and principal  financial  officer of our disclosure  controls and procedures (as
defined in Rule 13a-15(e) and Rule  15d-15(e) of the Exchange  Act).  Based upon
this evaluation,  our chief executive  officer and principal  financial  officer
concluded  that our  disclosure  controls and procedures are effective to ensure
that  information  required to be disclosed by us in the reports that we file or
submit under the Exchange Act is recorded,  processed,  summarized and reported,
within the time periods specified in the Commission's rules and forms. There was
no change in our internal  controls or in other  factors that could affect these
controls  during our last fiscal  quarter that has  materially  affected,  or is
reasonably  likely to materially  affect,  our internal  control over  financial
reporting.

                                     PART II

                                OTHER INFORMATION

ITEM 1.           LEGAL PROCEEDINGS

From time to time, the Company may become involved in various lawsuits and legal
proceedings which arise in the ordinary course of business.  However, litigation
is subject to inherent  uncertainties,  and an adverse  result in these or other
matters may arise from time to time that may harm the Company's business. Except
for the  following,  the Company is currently not aware of nor has any knowledge
of any such legal proceedings or claims that we believe will have,  individually
or in the  aggregate,  a  material  adverse  affect on our  business,  financial
condition or operating results:


o     On April 23, 2004, Reliant Industries,  Inc., Michael Wong and Debbie Wong
      filed a complaint  with the Supreme Court of the State of New York Suffolk
      County    against    Biopharmaceuticals,    Inc.    and    Edward    Fine.
      Biopharmaceuticals,  Inc. is the  Company's  former name.  The  plaintiffs
      allege that the Company together with the other defendant committed fraud,
      breach of contract and  negligence.  The plaintiffs  are seeking  monetary
      payments  for any loss  that they may  suffer  as a result of the  alleged
      fraud,  breach of contract and negligence as well as legal fees,  punitive
      damages and costs  disbursements.  The Company denies all  allegations and
      intends  to  defend  this  action  vigorously.  To date  there has been no
      progress on this case and the Company is not incurring any expenses.


                                       23
<PAGE>

o     On  June  29,  2005,  Allied  Surgical  Centers  Management,  LLC,  et al.
      ("Allied") filed a complaint  against the Company seeking  declaratory and
      injunctive  relief in  connection  with  contracts  entered  in April 2005
      between  Allied and the Company  pursuant  to which the  Company  acquired
      various account receivables from Allied (the "Contracts").  Such compliant
      was filed in the Superior Court of the State of California, For the County
      of Los Angeles, Central District. Allied is seeking a declaratory judgment
      from the court  which  would  exclude  various  account  receivables  (the
      "Disputed Account Receivables") from the Contracts. Allied is also seeking
      a temporary restraining order and preliminary  injunction  restricting the
      Company  from  attempting  to seize or  collecting  the  Disputed  Account
      Receivables.  The Company filed a cross complaint on July 15, 2005. In the
      cross  complaint,  the  Company  is  seeking an  accounting,  a  mandatory
      injunction  for specific  performance  of the Contracts and damages in the
      amount of  $21,000,000  in  connection  with  Allied's  alleged  breach of
      contract,   fraud,  intentional  interference  with  prospective  economic
      advantage,  breach of good faith, breach of fiduciary duty, conversion and
      slander.  The Company and Allied have reached a settlement  in  connection
      with this matter.  Allied has dropped all its claims and agreed to pay all
      funds  received since the purchase of Allied's  portfolio in April,  2005.
      The settlement agreement was executed on February 10, 2006 and the Company
      received the first settlement payment on March 1, 2006.

o     On September 9, 2005 the Company filed a complaint  with the Supreme Court
      of the  State of New York - County  of New York  against  Triton  Capital,
      Inc., Southern Capital Associates, Inc., JMS Collections,  LLC., Wendt Law
      Office, James Roscetti, and Dave Dwyer for breach of contract, conversion,
      deceptive business practices and unjust enrichment. The Company is seeking
      an amount no less than $46,931.


ITEM 2.           UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS

                  The Company  repurchased  100,000 warrants at a price of $0.10
                  per warrant on March 16, 2006. The total  repurchase price was
                  $10,000.

ITEM 3.           DEFAULTS UPON SENIOR SECURITIES

Not Applicable.

ITEM 4.           SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not Applicable.

ITEM 5.           OTHER INFORMATION

Not Applicable



                                       24
<PAGE>

ITEM 6.  EXHIBITS

                  Exhibits:

    Exhibit
    Number   Description

      31.1  Certification  pursuant to Section 302 of the  Sarbanes-Oxley Act of
            2002.

      32.1  Certification  pursuant to Section 906 of the  Sarbanes-Oxley Act of
            2002.


                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the Company has caused
this report to be signed by the undersigned, thereunto duly authorized.


                                             RECEIVABLE ACQUISITION & MANAGEMENT
                                             CORPORATION


Date:  May 15, 2006
                                             By:   /s/ Max Khan
                                                   -----------------------------
                                                   Max Khan
                                                   Chief Executive Officer
                                                   Chief Financial Officer
                                                   Director

In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated:




                                            /S/    MAX KHAN
                                            By: Max Khan
                                            Chief Executive Officer,
                                            Chief Financial Officer and Director
                                            Date: May 15, 2006