**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-Q**

**x QUARTERLY      REPORT      PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES**

**EXCHANGE      ACT OF 1934**

**1-9370**

**FOR      THE QUARTERLY PERIOD MARCH 31, 2008**

**RECEIVABLE      ACQUISITION & MANAGEMENT CORPORATION**

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

----

**ITEM      1. FINANCIAL STATEMENTS**

**RECEIVABLE      ACQUISITION & MANAGEMENT CORPORATION**

**FOR      THE QUARTERLY PERIOD ENDED MARCH 31, 2008**

**TABLE      OF CONTENTS**

| PART                  I  | FINANCIAL                  INFORMATION                                                                               | 3      |
|--------------------------|----------------------------------------------------------------------------------------------------------------------|--------|
|                     |                                                                                                                 |   |
| ITEM                  1. | FINANCIAL                  STATEMENTS                                                                                | 3      |
|                     |                                                                                                                 |   |
| ITEM                  2. | MANAGEMENT’S                  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION &                  OPERATIONS | 17     |
|                     |                                                                                                                 |   |
|                     | RISK                  FACTORS                                                                                        | 22     |
|                     |                                                                                                                 |   |
| ITEM                  3. | CONTROLS                  AND PROCEDURES                                                                             | 22     |
|                     |                                                                                                                 |   |
| PART                  II | OTHER                  INFORMATION                                                                                   | 23     |
|                     |                                                                                                                 |   |
| ITEM                  1. | LEGAL                  PROCEEDINGS                                                                                   | 23     |
|                     |                                                                                                                 |   |
| ITEM                  2. | UNREGISTERED                  SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                                         | 23     |
|                     |                                                                                                                 |   |
| ITEM                  3. | DEFAULTS                  UPON SENIOR SECURITIES                                                                     | 23     |
|                     |                                                                                                                 |   |
| ITEM                  4. | SUBMISSION                  OF MATTERS TO A VOTE OF SECURITY HOLDERS                                                 | 23     |
|                     |                                                                                                                 |   |
| ITEM                  5. | OTHER                  INFORMATION                                                                                   | 24     |
|                     |                                                                                                                 |   |
| ITEM                  6. | EXHIBITS                                                                                                             | 24     |
|                     |                                                                                                                 |   |
| SIGNATURES               |                                                                                                                 | 25     |

**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.**

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**RECEIVABLE      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**(FORMERLY      FEMINIQUE CORPORATION AND SUBSIDIARIES)**

**CONDENSED      CONSOLIDATED**

**FINANCIAL      STATEMENTS - UNAUDITED**

**FOR      THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007**

**INDEX      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED**

**FOR      THE THREE MONTHS ENDED MARCH 31, 2008 AND 2007**

|                                                                                                                                                                                                | Pages  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Condensed                  Consolidated Balance Sheet as of March 31, 2008 – Unaudited                                                                                                   | 4      |
|                                                                                                                                                                                                |   |
| Condensed                  Consolidated Statements of Income (Operations)For                  the Six Months and Three Months Ended March 31, 2008 and 2007 –                  Unaudited | 5      |
|                                                                                                                                                                                                |   |
| Condensed                  Consolidated Statements of Cash Flows For the Six Months Ended                  March 31,                  2008 and 2007 – Unaudited                          | 6      |
|                                                                                                                                                                                                |   |
| Notes                  to Condensed Consolidated Financial Statements                                                                                                                               | 7-16   |

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**RECEIVABLE      ACQUISITION AND MANAGEMENT CORPORATION AND      SUBSIDIARIES**

**CONDENSED        CONSOLIDATED BALANCE SHEET**

|                                                                                                                                                                                                                                                                                           |   | **(Unaudited)**    |     | **(Audited)**          |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|----------|------------------------|--------|
|                                                                                                                                                                                                                                                                                           |   | **March 31,** |     | **September 30,** |   |
|                                                                                                                                                                                                                                                                                           |   | **2008**           |     | **2007**               |   |
| **ASSETS**                                                                                                                                                                                                                                                                                     |   |               |     |                   |   |
|                                                                                                                                                                                                                                                                                           |   |               |     |                   |   |
| **CURRENT                  ASSETS**                                                                                                                                                                                                                                                            |   |               |     |                   |   |
| Cash                                                                                                                                                                                                                                                                                           |   | $                  | 318,643  |                   | $      | 286,530 |   |
| Prepaid                  Expenses                                                                                                                                                                                                                                                              |   |               | 2,556    |                   |   | 1,241 |   |
| Finance                  receivables - short term                                                                                                                                                                                                                                              |   |               | 97,779   |                   |   | 123,959 |   |
|                                                                                                                                                                                                                                                                                           |   |               |     |                   |   |   |   |
| **Total                  current assets**                                                                                                                                                                                                                                                      |   |               | 418,978  |                   |   | 411,730 |   |
|                                                                                                                                                                                                                                                                                           |   |               |     |                   |   |   |   |
| **OTHER                  ASSETS**                                                                                                                                                                                                                                                              |   |               |     |                   |   |   |   |
| Finance                  receivables - long-term                                                                                                                                                                                                                                               |   |               | 195,589  |                   |   | 248,290 |   |
|                                                                                                                                                                                                                                                                                           |   |               |     |                   |   |   |   |
| **Total                  other assets**                                                                                                                                                                                                                                                        |   |               | 195,589  |                   |   | 248,290 |   |
|                                                                                                                                                                                                                                                                                           |   |               |     |                   |   |   |   |
| **TOTAL                  ASSETS**                                                                                                                                                                                                                                                              |   | $                  | 614,567  |                   | $      | 660,020 |   |
|                                                                                                                                                                                                                                                                                           |   |               |     |                   |   |   |   |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY (DEFICIT)**                                                                                                                                                                                                                            |   |               |     |                   |   |   |   |
|                                                                                                                                                                                                                                                                                           |   |               |     |                   |   |   |   |
| **CURRENT                  LIABILITIES**                                                                                                                                                                                                                                                       |   |               |     |                   |   |   |   |
| Accrued                  and other expenses                                                                                                                                                                                                                                                    |   | $                  | 38,417   |                   | $      | 53,924 |   |
| Stock                  to be issued                                                                                                                                                                                                                                                            |   |               | -        |                   |   | 1,500 |   |
| Notes                  Payable -short term                                                                                                                                                                                                                                                     |   |               | 137,639  |                   |   | 191,257 |   |
|                                                                                                                                                                                                                                                                                           |   |               |     |                   |   |   |   |
| **Total                  current liabilities**                                                                                                                                                                                                                                                 |   |               | 176,056  |                   |   | 246,681 |   |
|                                                                                                                                                                                                                                                                                           |   |               |     |                   |   |   |   |
| **LONG                  TERM LIABILITIES**                                                                                                                                                                                                                                                     |   |               |     |                   |   |   |   |
| Notes                  payable -long term                                                                                                                                                                                                                                                      |   |               | -        |                   |   | 133,021 |   |
|                                                                                                                                                                                                                                                                                           |   |               |     |                   |   |   |   |
| **TOTAL                  LIABILITIES**                                                                                                                                                                                                                                                         |   |               | 176,056  |                   |   | 379,702 |   |
|                                                                                                                                                                                                                                                                                           |   |               |     |                   |   |   |   |
| **STOCKHOLDERS'                  EQUITY (DEFICIT)**                                                                                                                                                                                                                                            |   |               |     |                   |   |   |   |
| Preferred                  stock, par value $10 per share; authorized 10,000,000 shares, 0                  shares                  issued and outstanding at March 31, 2008 and 0 shares issued and                  outstanding at September 30, 2007                                        |   |               | -        |                   |   | - |   |
| Common                  stock, par value $.001 per share; 325,000,000 shares authorized                  and                  17,122,896 shares issued and outstanding at March 31, 2008.and                  16,928,917                  shares issued and outstanding at Septermber 30, 2007 |   |               | 17,123   |                   |   | 16,929 |   |
| Additional                  paid-in capital                                                                                                                                                                                                                                                    |   |               | 628,535  |                   |   | 627,380 |   |
| Accumulated                  deficit                                                                                                                                                                                                                                                           |   |               | (207,147 | )                      |   | (363,991 | ) |
| **Total                  stockholders' Equity (deficit)**                                                                                                                                                                                                                                      |   |               | 438,511  |                   |   | 280,318 |   |
|                                                                                                                                                                                                                                                                                           |   |               |     |                   |   |   |   |
| **TOTAL                  LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)**                                                                                                                                                                                                                      |   | $                  | 614,567  |                   | $      | 660,020 |   |

----

**RECEIVABLE        ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**CONDENSED        CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)**

**FOR        THE SIX AND THREE MONTHS ENDED MARCH 31, 2008 AND 2007**

|                                                                   |   | **FOR THE SIX MONTHS ENDED** |       | **FOR THE THREE MONTHS ENDED** |   |
|------------------------------------------------------------------------|--------|--------------------------------------------------|------------|----------------------------------------------------|--------|
|                                                                   |   | **MARCH 31,**                               |       | **MARCH 31,**                                 |   |
|                                                                   |   | **2008**                                         |       | **2007**                                           |   | **2008** |   | **2007** |   |
|                                                                   |   |                                             |       |                                               |   |   |   |   |   |
| **REVENUES**                                                           |   |                                             |       |                                               |   |   |   |   |   |
| Financing                  income                                      |   | $                                                | 296,898    |                                               | $      | 119,737 |   | $ | 135,520 |   | $ | 47,962 |   |
| Gain                  on sales of finance receivable                   |   |                                             | 46,944     |                                               |   | 18,334 |   |   | - |   |   | 18,334 |   |
| Service                  income and other                              |   |                                             | 39,145     |                                               |   | 70,265 |   |   | 22,943 |   |   | 24,897 |   |
| **TOTAL                  INCOME**                                      |   |                                             | 382,987    |                                               |   | 208,336 |   |   | 158,463 |   |   | 91,193 |   |
|                                                                   |   |                                             |       |                                               |   |   |   |   |   |   |   |   |   |
| **COSTS                  AND EXPENSES**                                |   |                                             |            |                                               |   |  |   |   |  |   |   |  |   |
| Selling,                  general and administrative                   |   |                                             | 280,692    |                                               |   | 378,129 |   |   | 140,149 |   |   | 188,417 |   |
| **Total                  costs and expenses**                          |   |                                             | 280,692    |                                               |   | 378,129 |   |   | 140,149 |   |   | 188,417 |   |
|                                                                   |   |                                             |       |                                               |   |   |   |   |   |   |   |   |   |
| **NET                  INCOME (LOSS) BEFORE OTHER INCOME**             |   |                                             | 102,295    |                                               |   | (169,793 | ) |   | 18,314 |   |   | (97,224 | ) |
|                                                                   |   |                                             |       |                                               |   |   |   |   |   |   |   |   |   |
| **OTHER                  INCOME (LOSS)**                               |   |                                             |       |                                               |   |   |   |   |   |   |   |   |   |
| Loss                  on sale of finance receivables                   |   |                                             | -          |                                               |   | (15,205 | ) |   | - |   |   | (15,205 | ) |
| Interest                  income                                       |   |                                             | 4,186      |                                               |   | 356 |   |   | 2,636 |   |   | 190 |   |
| Interest                  expense                                      |   |                                             | (12,536    | )                                                  |   | - |   |   | (5,572 | ) |   | - |   |
| Other                  income                                          |   |                                             | 62,899     |                                               |   |   |   |   | 62,899 |   |   |   |   |
| Total                  other Income (Loss)                             |   |                                             | 54,549     |                                               |   | (14,849 | ) |   | 59,963 |   |   | (15,015 | ) |
|                                                                   |   |                                             |       |                                               |   |   |   |   |   |   |   |   |   |
|                                                                   |   |                                             |       |                                               |   |   |   |   |   |   |   |   |   |
| **NET                  INCOME (LOSS) BEFORE PROVISION FOR INCOME TAX** |   | $                                                | 156,844    |                                               | $      | (184,642 | ) | $ | 78,277 |   | $ | (112,239 | ) |
|                                                                   |   |                                             |       |                                               |   |   |   |   |   |   |   |   |   |
| **PROVISION                  FOR INCOME TAXES**                        |   |                                             | -          |                                               |   | - |   |   | - |   |   | - |   |
|                                                                   |   |                                             |       |                                               |   |   |   |   |   |   |   |   |   |
| **NET                  (LOSS) APPLICABLE TO COMMON STOCK**             |   | $                                                | 156,844    |                                               | $      | (184,642 | ) | $ | 78,277 |   | $ | (112,239 | ) |
|                                                                   |   |                                             |       |                                               |   |   |   |   |   |   |   |   |   |
| **BASIC                  INCOME (LOSS) PER COMMON SHARE**              |   | $                                                | 0.01       |                                               | $      | (0.01 | ) | $ | 0.00 |   | $ | (0.01 | ) |
|                                                                   |   |                                             |       |                                               |   |   |   |   |   |   |   |   |   |
| **DILUTED                  INCOME (LOSS) PER COMMON SHARE**            |   | $                                                | 0.01       |                                               | $      | - |   | $ | 0.00 |   | $ | - |   |
|                                                                   |   |                                             |       |                                               |   |   |   |   |   |   |   |   |   |
| **WEIGHTED                  AVERAGE OUTSTANDING SHARES**               |   |                                             |       |                                               |   |   |   |   |   |   |   |   |   |
| **OF                  COMMON STOCK - BASIC**                           |   |                                             | 17,100,753 |                                               |   | 16,959,466 |   |   | 17,122,896 |   |   | 16,811,139 |   |
|                                                                   |   |                                             |       |                                               |   |   |   |   |   |   |   |   |   |
| **WEIGHTED                  AVERAGE OUTSTANDING SHARES**               |   |                                             |       |                                               |   |   |   |   |   |   |   |   |   |
| **OF                  COMMON STOCK - DILUTED**                         |   |                                             | 18,996,753 |                                               |   | 19,055,466 |   |   | 19,018,896 |   |   | 18,907,139 |   |

----

**RECEIVABLE        ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**CONDENSED        CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)**

**FOR        THE SIX MONTHS ENDED MARCH 31, 2008 AND 2007**

|                                                                                                                              |   | **2008** |       | **2007** |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|----------|------------|----------|--------|
|                                                                                                                              |   |     |       |     |   |
| **CASH                  FLOWS FROM OPERATING ACTIVITIES:**                                                                        |   |     |       |     |   |
| Net                  (Loss)                                                                                                       |   | $        | 156,844    |     | $      | (184,642 | ) |
| **Adjustments                  to reconcile net (loss) to net cash provided by (used in) operating                  activities:** |   |     |       |     |   |   |   |
|                                                                                                                              |   |     |       |     |   |   |   |
| **Changes                  in Certain Assets and Liabilities**                                                                    |   |     |       |     |   |   |   |
| Proceeds                  from sale of portfolio - net of gain                                                                    |   |     | 177,545    |     |   | 227,907 |   |
| Acquisition                  of finance receivables, net of buybacks                                                              |   |     | (201,982   | )        |   | (397,808 | ) |
| Collections                  applied to principal on finance receivables                                                          |   |     | 103,317    |     |   | 337,202 |   |
| (Increase)                  Decrease in Prepaid expenses                                                                          |   |     | (1,315     | )        |   | (151 | ) |
| (Increase)                  in security deposit                                                                                   |   |     | -          |     |   | (7,512 | ) |
| Increase                  (decrease) accrued expenses                                                                             |   |     | (70,506.00 | )        |   | 32,174 |   |
| (Decrease)                  Increase in Income Taxes                                                                              |   |     | -          |     |   | (1,900 | ) |
|                                                                                                                              |   |     |       |     |   |   |   |
| **Net                  cash provided by (used in) operating activities**                                                          |   |     | 163,903    |     |   | 5,270 |   |
|                                                                                                                              |   |     |       |     |   |   |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES**                                                                         |   |     |       |     |   |   |   |
| Repurchase                  of retired common stock                                                                               |   |     | (151       | )        |   | (55,000 | ) |
| Payments                  on notes payable                                                                                        |   |     | (131,639   | )        |   | (174,509 | ) |
| Proceeds                  from note payable                                                                                       |   |     | -          |     |   | 300,000 |   |
|                                                                                                                              |   |     |       |     |   |   |   |
| **Net                  cash provided by (used in) financing activities**                                                          |   |     | (131,790   | )        |   | 70,491 |   |
|                                                                                                                              |   |     |       |     |   |   |   |
| **NET                  INCREASE (DECREASE) IN CASH**                                                                              |   |     | 32,113     |     |   | 75,761 |   |
|                                                                                                                              |   |     |       |     |   |   |   |
| **CASH                  AND CASH EQUIVALENTS - BEGINNING OF PERIOD**                                                              |   |     | 286,530    |     |   | 154,640 |   |
|                                                                                                                              |   |     |       |     |   |   |   |
| **CASH                  AND CASH EQUIVALENTS - END OF PERIOD**                                                                    |   | $        | 318,643    |     | $      | 230,401 |   |
|                                                                                                                              |   |     |       |     |   |   |   |
| **SUPPLEMENTAL                  DISCLOSURE OF CASH FLOW INFORMATION**                                                             |   |     |       |     |   |   |   |
| **Issuance                  of Common Stock for:**                                                                                |   |     |       |     |   |   |   |
| Conversion                  of preferred stock                                                                                    |   | $        | -          |     | $      | 800,000 |   |
| Conversion                  of preferred stock payable                                                                            |   | $        | -          |     | $      | 20,000 |   |
|                                                                                                                              |   |     |       |     |   |   |   |
| **Retirement                  of Common Stock for:**                                                                              |   |     |       |     |   |   |   |
| Repurchase                  of Common Stock - Non cash                                                                            |   | $        | -          |     | $      | 160,000 |   |

----

**RECEIVABLE        ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH        31, 2008 AND 2007 (UNAUDITED)**

| **NOTE                1-** | **SUMMARY                  OF SIGNIFICANT ACCOUNTING                  POLICIES** |
|----------------------------|----------------------------------------------------------------------------------|

**A.            **
**THE            COMPANY AND PRESENTATION**

**B.            **
**FINANCE            RECEIVABLES**

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**RECEIVABLE          ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH          31, 2008 AND 2007 (UNAUDITED)**

| **NOTE                1-** | **SUMMARY                  OF SIGNIFICANT ACCOUNTING POLICIES                  (CONTINUED)** |
|----------------------------|----------------------------------------------------------------------------------------------|

**C.            **
**FINANCE            RECEIVABLES (CONTINUED)**

|                                                          |   | 2007   |     |
|---------------------------------------------------------------|--------|--------|----------|
|                                                          |   |   |     |
| Balance                  at beginning of year October 1, 2007 |   | $      | 372,249  |   |
| Acquisition                  of finance receivables - net     |   |   | 201,982  |   |
| Cash                  collections applied to principal        |   |   | (103,318 | ) |
| Sale                  of portfolio - net of gain              |   |   | (177,545 | ) |
| Balance                  at the end of the period             |   | $      | 293,368  |   |
| Estimated                  Remaining Collections ("ERC")*     |   | $      | 550,000  |   |

----

**RECEIVABLE          ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH          31, 2008 AND 2007 (UNAUDITED)**

| **NOTE                1-** | **SUMMARY                  OF SIGNIFICANT ACCOUNTING POLICIES                  (CONTINUED)** |
|----------------------------|----------------------------------------------------------------------------------------------|

**C.            **
**FINANCE            RECEIVABLES **
**(CONTINUED)**

**D.            **
**PRINCIPLES            OF CONSOLIDATION**

**E.            **
**CASH            AND CASH EQUIVALENTS**

**E.**
**INCOME          TAXES**

**F.**
**USE          OF ESTIMATES**

----

**RECEIVABLE          ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH          31, 2008 AND 2007 (UNAUDITED)**

| **NOTE1-** | **SUMMARY                  OF SIGNIFICANT ACCOUNTING POLICIES                  (CONTINUED)** |
|------------|----------------------------------------------------------------------------------------------|

**G.**
**STOCK-BASED          COMPENSATION**

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**RECEIVABLE          ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH          31, 2008 AND 2007 (UNAUDITED)**

| **NOTE1-** | **SUMMARY                    OF SIGNIFICANT ACCOUNTING POLICIES                    (CONTINUED)** |
|------------|--------------------------------------------------------------------------------------------------|

**H.        **
**STOCK-BASED        COMPENSATION **
**(CONTINUED)**

**I.            **
**REVENUE            RECOGNITION**

**J.        **
**EARNINGS        (LOSS) PER SHARE OF COMMON STOCK**

|                                            |   | 2008   |         | 2007   |   |
|-------------------------------------------------|--------|--------|--------------|--------|--------|
|                                            |   |   |         |   |   |
| Net                  income (loss)              |   | $      | 156,844      |   | $      | (184,642 | ) |
|                                            |   |   |    |   |   |    |   |
| Weighted-average                  common shares |   |   |              |   |   |  |   |
| Outstanding                  (Basic)            |   |   | 17,100,753   |   |   | 16,959,466 |   |
|                                            |   |   |              |   |   |  |   |
| Weighted-average                  common stock  |   |   |              |   |   |  |   |
| Equivalents                                     |   |   |              |   |   |  |   |
| Stock                  options                  |   |   | 950,000      |   |   | 950,000 |   |
| Warrants                                        |   |   | 946,000      |   |   | 1,146,000 |   |
|                                            |   |   |              |   |   |  |   |
| Weighted-average                  common shares |   |   |              |   |   |  |   |
| Outstanding                  (Diluted)          |   |   | 18,996,753   |   |   | 19,055,466 |   |

----

**RECEIVABLE      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

**MARCH      31, 2008 AND 2007 (UNAUDITED)**

| **NOTE              1-** | **SUMMARY                OF SIGNIFICANT ACCOUNTING POLICIES                (CONTINUED)** |
|--------------------------|------------------------------------------------------------------------------------------|

**K.      **
**RECENT      ACCOUNT PRONOUNCEMENTS (CONTINUED)**

      are      identified in some manner as offsetting the entity's exposure to changes in      fair      value of servicing assets or servicing liabilities that a servicer elects to      subsequently measure at fair value.

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**RECEIVABLE      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

**MARCH      31, 2008 AND 2007 (UNAUDITED)**

| **NOTE              1-** | **SUMMARY                OF SIGNIFICANT ACCOUNTING POLICIES                (CONTINUED)** |
|--------------------------|------------------------------------------------------------------------------------------|

**L.      **
**RECENT      ACCOUNT PRONOUNCEMENTS (CONTINUED)**

| **NOTE              2-** | **NOTES                PAYABLE** |
|--------------------------|----------------------------------|

|   | **A.** | The                Note Payable issued on October 30, 2006 for a value of $150,000 had                an                outstanding balance of $102,899 as of December 31, 2007. During the                month                of January 2008 the note was paid off in full for a discounted value                of                $40,000. The amount of $62,899 was recognized as                income. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **B.** | The                Company issued on January 8, 2007 a private note offering in the                amount of                $300,000. The Company intends to pay the holder of the note in 24                fixed                monthly payments of $14,546 from the date of issuance of the note                at a                rate of 15% per annum on or before January 9, 2009 (the "Maturity                Date”).                The current balance of the note as of March 31, 2008 is                $137,639 |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**RECEIVABLE      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

**MARCH      31, 2008 AND 2007 (UNAUDITED)**

| **NOTE              3-** | **STOCK                OPTIONS** |
|--------------------------|----------------------------------|

| **NOTE              4-** | **INCOME                TAXES**** ** |
|--------------------------|-------------------------------------------|

|                               |   | March 31, |    | March 31, |   |
|------------------------------------|--------|----------------|---------|----------------|--------|
|                               |   | 2008           |    | 2007           |   |
|                               |   |           |    |           |   |
| Deferred                tax assets |   | $              | 72,501  |           | $      | 64,378 |   |
| Less:                valuation     |   |           | (72,501 | )              |   | (64,378 | ) |
| Totals                             |   | $              | -       |           | $      | - |   |

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**RECEIVABLE      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

**MARCH      31, 2008 AND 2007 (UNAUDITED)**

| **NOTE              5-** | **STOCK                HOLDERS’ EQUITY** |
|--------------------------|------------------------------------------------|

**COMMON      STOCK **

**PREFERRED      STOCK**

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**RECEIVABLE      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)**

**MARCH      31, 2008 AND 2007 (UNAUDITED)**

| **NOTE              6-** | **RELATED                PARTY** |
|--------------------------|----------------------------------|

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| **ITEM              2.** | **MANAGEMENTS’S                DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF                OPERATIONS.** |
|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | § | 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; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | ability                  to acquire sufficient portfolios; |
|--------|--------|------------------------------------------------------------|

|   | § | ability                  to recover sufficient amounts on acquired                  portfolios; |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | § | a                  decrease in collections if bankruptcy filings increase or if bankruptcy                  laws or other debt collection laws                  change; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | changes                  in government regulations that affect the Company’s ability to collect                  sufficient amounts on its acquired or serviced                  receivables; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | the                  Company’s ability to retain the services of recovery                  partners; |
|--------|--------|------------------------------------------------------------------------------------------------------------|

|   | § | 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; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | § | the                  degree and nature of the Company’s competition;                  and |
|--------|--------|-------------------------------------------------------------------------------------------------|

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

|   | § | the                  risk factors listed from time to time in the Company’s filings with the                  Securities and Exchange Commission. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

**Overview**

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**RESULTS      OF OPERATIONS**

**Overview**

|                                 |   | **Three Months Ended March 31, 2008 & 2007** |    |
|--------------------------------------|--------|-------------------------------------------------------------------------------------|---------|
|                                 |   | **2008**                                                                            |    | **2007** |   | **$                Change** |   | **%                Change** |   |
|                                 |   |                                                                                |    |   |   |   |   |   |   |
| Net                Collections       |   | $                                                                                   | 170,950 |   | $ | 236,339 |   | $ | (65,389 | ) |   | -28 | % |
|                                 |   |                                                                                |    |   |   |   |   |   |   |   |   |   |   |
| Finance                Income        |   | $                                                                                   | 135,520 |   | $ | 47,962 |   | $ | 87,558 |   |   | 183 | % |
| as                a % of Collections |   |                                                                                | 79      | % |   | 20 | % |   |   |   |   |   |   |
|                                 |   |                                                                                |    |   |   |   |   |   |   |   |   |   |   |
| Servicing                Income      |   | $                                                                                   | 22,943  |   | $ | 24,897 |   | $ | (1,954 | ) |   | -8 | % |
|                                 |   |                                                                                |    |   |   |   |   |   |   |   |   |   |   |
| Gain                on Sale          |   | $                                                                                   | 0       |   | $ | 18,344 |   |   |   |   |   |   |   |
|                                 |   |                                                                                |         |   |   |  |   |   |   |   |   |   |   |
| Operating                Expenses    |   | $                                                                                   | 140,149 |   | $ | 188,417 |   |   | (48,268 | ) |   | -26 | % |
|                                 |   |                                                                                |    |   |   |   |   |   |   |   |   |   |   |
| Income                Before Taxes   |   | $                                                                                   | 78,227  |   | $ | (112,239 | ) | $ | 190,466 |   |   | 170 | % |
|                                 |   |                                                                                |    |   |   |   |   |   |   |   |   |   |   |
| Fully                Diluted EPS     |   | $                                                                                   | (0.010  | ) | $ | (0.010 | ) | $ | 0.000 |   |   | 0 | % |

**Revenue**

**Operating      Expenses **

***Rent      and Occupancy***
** **

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**Purchase      of defaulted receivables**

***Portfolio      Data***

| **Purchase                Period** |   | **Purchase Price(1)** |    | **Actual Cash Collection (2)** |   | **Estimated (3) ** |   |
|------------------------------------|--------|----------------------------|---------|-----------------------------------------------|--------|------------------------------|--------|
|                               |   |                       |    |                                          |   |                         |   |
| 12/31/2003                         |   | $                          | 569,070 |                                          | $      | 1,747,301                    |   | $ | 37,973 |   |
| 4/11/2005                          |   | $                          | 375,000 |                                          | $      | 426,766                      |   | $ | 23,512 |   |
| 7/25/2005                          |   | $                          | 177,668 |                                          | $      | 246,984                      |   | $ | 22,370 |   |
| 3/9/2006                           |   | $                          | 121,972 |                                          | $      | 151,348                      |   | $ | 33,604 |   |
| 4/7/2006                           |   | $                          | 331,974 |                                          | $      | 313,666                      |   | $ | 46,242 |   |
| 6/7/2006                           |   | $                          | 70,020  |                                          | $      | 102,262                      |   | $ | 6,484 |   |
| 12/31/04-12/20/06                  |   | $                          | 780,875 |                                          | $      | 906,263                      |   | $ | 139,821 |   |
| 1/7/2007                           |   | $                          | 324,248 |                                          | $      | 371,585                      |   | $ | 12,692 |   |
| 10/4/2007                          |   | $                          | 201,982 |                                          | $      | 71,349                       |   | $ | 232,616 |   |

| (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. |
|-----|-------------------------------------------------------------------------------------|

| (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. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***Recovery      Partners***

***Seasonality***

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***Currency      Risk***

**Liquidity      and Capital Resources**

***Income      Taxes***

***Contractual      Obligation***

***Market      Outlook for Charged-off Receivables***

**Critical      Accounting Policy & Estimates**

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**OFF-BALANCE      SHEET ARRANGEMENTS**

----

**RISK      FACTORS**

**ITEM      3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET      RISK.**

**ITEM      4. CONTROLS AND PROCEDURES.**

**Evaluation      of disclosure controls and procedures**

| (1) | That                information required to be disclosed by the Company in reports that                it                files or submits under the act is recorded, processed, summarized                and                reported, within the time periods specified in the Commissions’ rules and                forms, and                                                                                                                                                                                                                                                             |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Controls                and procedures are designed by the Company to ensure that information                required to be disclosed by Receivable Acquisition & Management                Corporation Inc. in the reports it files or submits under the Act                is                accumulated and communicated to the issuer’s management including the                principal executive and principal financial officers or persons performing                similar functions, as appropriate to allow timely decisions regarding                financial disclosure. |

**CHANGES      IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

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**PART      II OTHER INFORMATION**

**ITEM      1 - LEGAL PROCEEDINGS**

|   | · | 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. The case was dismissed                in the                Company’s favor on February 7, 2007. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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. The Company received the final settlement                payment in February, 2008. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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. The Company reached a settlement                with the                Defendants and recovered $7,092 in July                2007. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ITEM      1A. RISK FACTORS**

**ITEM      2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF      PROCEEDS**

**ITEM      3 - DEFAULTS UPON SENIOR SECURITIES**

**ITEM      4 - SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS**

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**ITEM      5 - OTHER INFORMATION**

**ITEM      6 - EXHIBITS**

| **Exhibit****Number** |   | **Description**                                                                                                                                                                                                                              |
|-----------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1                  |   | Certification                by Chief Executive Officer, required by Rule 13a-14(a) or Rule 15d-14(a)                of the Exchange Act.                                                                                                    |
|                  |   |                                                                                                                                                                                                                                         |
| 31.2                  |   | Certification                by Chief Financial Officer, required by Rule 13a-14(a) or Rule 15d-14(a)                of the Exchange Act.                                                                                                    |
|                  |   |                                                                                                                                                                                                                                         |
| 32.1                  |   | Certification                by Chief Executive Officer, required by Rule 13a-14(b) or Rule 15d-14(b)                of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of                the                United States Code. |
|                  |   |                                                                                                                                                                                                                                         |
| 32.2                  |   | Certification                by Chief Financial Officer, required by Rule 13a-14(b) or Rule 15d-14(b)                of the Exchange Act and Section 1350 of Chapter 63 of Title 18 of                the                United States Code. |

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**SIGNATURES**

| **RECEIVABLE                  ACQUISITION & MANAGEMENT****CORPORATION** |
|-----------------------------------------------------------------------------|

| Date:                  May 15, 2008 |   |                                     |
|-------------------------------------|--------|------------------------------------------|
|                                | By:    | /s/                  Max Khan            |
|                                |   | Max                  Khan                |
|                                |   | Chief                  Executive Officer |
|                                |   | Chief                  Financial Officer |
|                                |   | Director                                 |

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