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





(COMMISSION
FILE NUMBER)





FOR
THE QUARTERLY PERIOD MARCH 31, 2010





FOR





RECEIVABLE
ACQUISITION & MANAGEMENT CORPORATION





(Exact
Name of Registrant as Specified in the Charter)





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





2
Executive Drive


Fort Lee,
NJ 07024


201-677-8904





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 has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).  Yes  ̈    
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





Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.  See the definitions of “large accelerated filer,”
“accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
Exchange Act. (Check One)




Large
accelerated filer  ̈       Accelerated
filer  ̈      Non-accelerated
filer  ̈      Small
reporting company x




Indicate
the number of shares outstanding of each of the Registrant's classes of common
stock, as of the latest practicable date:


May 10,
2010


Common
Stock:  16,052,896










TABLE
OF CONTENTS





PART
      I
                
                FINANCIAL
      INFORMATIONITEM
      1.
                
                FINANCIAL
      STATEMENTS
                
                3CONDENSED
      CONSOLIDATED  BALANCE SHEETS AT SEPTEMBER 30, 2009 AND
      MARCH  31, 2010 – UNAUDITED
                
                4CONDENSED
      CONSOLIDATED  STATEMENTS OF OPERATIONS FOR SIX & THREE
      MONTHS ENDED MARCH  31, 2010  AND 2009–
      UNAUDITED
                
                5CONDENSED
      CONSOLIDATED  STATEMENTS  OF CASH FLOW FOR THE SIX
      MONTHS ENDED MARCH 31, 2010– UNAUDITED
                
                6NOTES
      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                
                7-12ITEM
      2.
                
                MANAGEMENT’S
      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION & RESULTS OF
      OPERATIONS
                
                13RISK
      FACTORS
                
                16ITEM
      4T.
                
                CONTROLS
      AND PROCEDURES
                
                17PART
      II
                
                OTHER
      INFORMATIONITEM
      1A.
                
                LEGAL
      PROCEEDINGS
                
                18ITEM
      2.
                
                UNREGISTERED
      SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
                
                18ITEM
      3.
                
                DEFAULTS
      UPON SENIOR SECURITIES
                
                18ITEM
      4.
                
                SUBMISSION
      OF MATTERS TO A VOTE OF SECURITY HOLDERS
                
                18ITEM
      5.
                
                OTHER
      INFORMATION
                
                18ITEM
      6.
                
                EXHIBITS
                
                18SIGNATURES
                
                
                
                19


2





RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


(FORMERLY
FEMINIQUE CORPORATION AND SUBSIDIARIES)





INDEX
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED


FOR
THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009





PagesCondensed
      Consolidated Balance Sheet as of March 31, 2010 –
Unaudited
              4Condensed
      Consolidated Statements of OperationsFor
      the Six Months and Three MonthsEnded
      March 31, 2010 and 2009 – Unaudited
              5Condensed
      Consolidated Statements of Cash Flows For the Six MonthsEnded
      March 31, 2010 and 2009 – Unaudited
              6Notes
      to Condensed Consolidated Financial Statements
              7-12


3





RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


CONDENSED
CONSOLIDATED BALANCE SHEETS





March 31,
                          
                          
                          September 30,2010
                          
                          
                          2009(Unaudited)ASSETSCURRENT
      ASSETSCash
                          
                          $
                          176,031
                          
                          
                          $
                          196,443Prepaid
      assets
                          
                          
                          4,313
                          
                          
                          
                          939Finance
      receivables - short term
                          
                          
                          44,670
                          
                          
                          
                          47,050Total
      current assets
                          
                          
                          225,014
                          
                          
                          
                          244,432OTHER
      ASSETSFinance
      receivables - long-term
                          
                          
                          89,339
                          
                          
                          
                          94,113Total
      other assets
                          
                          
                          89,339
                          
                          
                          
                          94,113TOTAL
      ASSETS
                          
                          $
                          314,353
                          
                          
                          $
                          338,545LIABILITIES AND STOCKHOLDERS'
      EQUITYCURRENT
      LIABILITIESAccrued
      and other expenses
                          
                          $
                          45,513
                          
                          
                          $
                          37,798Total
      current liabilities
                          
                          
                          45,513
                          
                          
                          
                          37,798STOCKHOLDERS'  EQUITYPreferred
      stock, par value $10 per share;10,000,000
      shares authorized and 0 shares issuedand
      outstanding at March 31, 2010 and September 30, 2009
                          
                          
                          -
                          
                          
                          
                          -Common
      stock, par value $.001 per share;325,000,000
      shares authorized and 16,052,896 sharesissued
      and outstanding  at  March 31, 2010 and September 30,
      2009
                          
                          
                          16,053
                          
                          
                          
                          16,053Additional
      paid-in capital
                          
                          
                          614,566
                          
                          
                          
                          614,566Accumulated
      deficit
                          
                          
                          (361,779
                          )
                          
                          
                          (329,872
                          )Total
      stockholders' equity
                          
                          
                          268,840
                          
                          
                          
                          300,747TOTAL
      LIABILITIES AND STOCKHOLDERS' EQUITY
                          
                          $
                          314,353
                          
                          
                          $
                          338,545





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


4




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS


FOR
THE SIX AND THREE MONTHS ENDED MARCH 31, 2010 AND 2009


(UNAUDITED)





FOR THE SIX MONTHS
                    
                    
                    FOR THE THREE MONTHSENDED MARCH 31,
                    
                    
                    ENDED MARCH 31,2010
                    
                    
                    2009
                    
                    
                    2010
                    
                    
                    2009REVENUESFinancing
      income
                    
                    $
                    106,064
                    
                    
                    $
                    132,792
                    
                    
                    $
                    52,144
                    
                    
                    $
                    54,840Service
      income and other
                    
                    
                    9,680
                    
                    
                    
                    14,716
                    
                    
                    
                    6,880
                    
                    
                    
                    5,932Total
      revenues
                    
                    
                    115,744
                    
                    
                    
                    147,508
                    
                    
                    
                    59,024
                    
                    
                    
                    60,772COSTS
      AND EXPENSESSelling,
      general and administrative
                    
                    
                    147,878
                    
                    
                    
                    237,107
                    
                    
                    
                    73,290
                    
                    
                    
                    100,722Total
      costs and expenses
                    
                    
                    147,878
                    
                    
                    
                    237,107
                    
                    
                    
                    73,290
                    
                    
                    
                    100,722LOSS
      FROM OPERATIONS
                    
                    
                    (32,134
                    )
                    
                    
                    (89,599
                    )
                    
                    
                    (14,266
                    )
                    
                    
                    (39,950
                    )OTHER
      INCOMEInterest
      income
                    
                    
                    227
                    
                    
                    
                    1,927
                    
                    
                    
                    106
                    
                    
                    
                    498Total
      other income
                    
                    
                    227
                    
                    
                    
                    1,927
                    
                    
                    
                    106
                    
                    
                    
                    498LOSS
      BEFORE PROVISION FOR INCOME TAX
                    
                    $
                    (31,907
                    )
                    
                    $
                    (87,672
                    )
                    
                    $
                    (14,160
                    )
                    
                    $
                    (39,452
                    )PROVISION
      FOR INCOME TAXES
                    
                    
                    -
                    
                    
                    
                    -
                    
                    
                    
                    -
                    
                    
                    
                    -NET
      LOSS
                    
                    $
                    (31,907
                    )
                    
                    $
                    (87,672
                    )
                    
                    $
                    (14,160
                    )
                    
                    $
                    (39,452
                    )LOSS
      PER COMMON SHARE, BASIC AND DILUTED
                    
                    $
                    (0.00
                    )
                    
                    $
                    (0.01
                    )
                    
                    $
                    (0.00
                    )
                    
                    $
                    (0.00
                    )WEIGHTED
      AVERAGE OUTSTANDING SHARES OF COMMON STOCK - BASIC
                    
                    
                    16,052,896
                    
                    
                    
                    16,052,896
                    
                    
                    
                    16,052,896
                    
                    
                    
                    16,052,896





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


5





RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS


FOR
THE SIX MONTHS ENDED MARCH 31, 2010 AND 2009


(UNAUDITED)





2010
                
                
                2009CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      (Loss)
                
                $
                (31,907
                )
                
                $
                (87,672
                )Adjustments
      to reconcile net (loss) to net cash  (used in) operating
      activities:Changes
      in Certain Assets and LiabilitiesCollections
      applied to principal on finance receivables
                
                
                7,154
                
                
                
                28,924Prepaid
      assets
                
                
                (3,374
                )
                
                
                -Accrued
      expenses
                
                
                7,715
                
                
                
                33,537Net
      cash  (used in) operating activities
                
                
                (20,412
                )
                
                
                (25,211
                )CASH
      FLOWS FROM FINANCING ACTIVITIESRepurchase
      of  common stock
                
                
                -
                
                
                
                (25
                )Net
      cash (used in) financing activities
                
                
                -
                
                
                
                (25
                )NET
      DECREASE IN CASH
                
                
                (20,412
                )
                
                
                (25,236
                )CASH
      AND CASH EQUIVALENTS - BEGINNING OF PERIOD
                
                
                196,443
                
                
                
                233,450CASH
      AND CASH EQUIVALENTS - END OF PERIOD
                
                $
                176,031
                
                
                $
                208,214SUPPLEMENTAL
      DISCLOSURE OF CASH FLOW INFORMATIONCASH
      PAID DURING THE PERIODInterest
      expense
                
                $
                -
                
                
                $
                -Income
      taxes
                
                $
                -
                
                
                $
                -





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


6





RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


MARCH
31, 2010 AND 2009 (UNAUDITED)




NOTE
      1-
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES





A.
            THE COMPANY AND
      PRESENTATION





The
accompanying 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 ("GAAP") 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, 2009 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.





B.
            FINANCE
      RECEIVABLES





The
Company has adopted the provisions of Financial Accounting Standards Board
Accounting Standards Codification (FASB ASC) 310-30 for its investment in
finance receivables, “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.





During
the six months ended March 31, 2010 and 2009, the Company neither acquired nor
sold any finance receivables.





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.










RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


MARCH
31, 2010 AND 2009 (UNAUDITED)





NOTE
      1-
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)





B.
            FINANCE RECEIVABLES
      (CONTINUED)





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, 2010 were as
follows:





2009Balance
      at beginning of year October 1, 2009
                          
                          $
                          141,163Acquisition
      of finance receivables - net
                          
                          
                          -Cash
      collections applied to principal
                          
                          
                          (7,154
                          )Sale
      of portfolio - net of gain
                          
                          
                          -Balance
      at the end of the period
                          
                          $
                          134,009Estimated
      Remaining Collections ("ERC")*
                          
                          $
                          134,000





*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 $106,064 and $132,792 for the periods ended March 31, 2010 and 2009
respectively.





Under ASC
310-30 debt security impairment is recognized only if the fair market value of
the debt has declined below its amortized costs. Currently no amortized costs
are below fair market value. Therefore, the Company has not recognized any
impairment for the finance receivables.





C.
            PRINCIPLES OF
      CONSOLIDATION





The
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 six months or less to be cash or cash
equivalents. There were no cash equivalents as of March 31, 2010 and September
30, 2009.





The
Company maintains cash and cash equivalents balances at financial institutions
that are insured by the Federal Deposit Insurance Corporation up to
$250,000.





E.
            INCOME
      TAXES





The
Company accounts for income taxes pursuant to the provisions of the ASC 740,
Accounting for Income Taxes, which requires an asset and liability approach to
calculating deferred income taxes. The asset and liability approach requires the
recognition of deferred tax liabilities and assets for the expected future tax
consequences of temporary differences between the carrying amounts and the tax
basis of assets and liabilities.




8




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


MARCH
31, 2010 AND 2009 (UNAUDITED)




NOTE
      1-
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)





F.
            USE OF
      ESTIMATES





The
preparation of financial statements in conformity with GAAP 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.





G.
            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 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.





H.
            RECENT ACCOUNTING
      PRONOUNCEMENTS




In
January 2010, the FASB issued Accounting Standards Update (“ASU”) No. 2010-06,
“Improving Disclosures about Fair Value Measurements” (the “Update”). The Update
provides amendments to FASB Accounting Standards Codification (“ASC”) 820-10
that require entities to disclose separately the amounts of significant
transfers in and out of Level 1 and Level 2 fair value measurements and describe
the reasons for the transfers. In addition the Update requires entities to
present separately information about purchases, sales, issuances, and
settlements in the reconciliation for fair value measurements using significant
unobservable inputs (Level 3). The disclosures related to Level 1 and Level 2
fair value measurements are effective for the Company in 2010 and the
disclosures related to Level 3 fair value measurements are effective for the
Company in 2011. The Update requires new disclosures only, and has no impact on
our consolidated financial position, results of operations, or cash
flow.





9





RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


MARCH
31, 2010 AND 2009 (UNAUDITED)




NOTE
      2-
            STOCK
      OPTIONS





In April
2004, the Company adopted a stock option plan upon approval by the shareholders
at 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 as long as that person continues to be
employed or serve on the on the Board of Directors, whichever is shorter. At
March 31, 2010 and September 30, 2009, the Company had no options outstanding
under this plan.





NOTE
      3-
            WARRANTS





The
Company issued warrants during the year 2004. At March 31, 2010 and September
30, 2009, respectively, the Company had 946,000 warrants outstanding exercisable
at approximately $.0075 per warrant per share. The warrants expire on December
31, 2010.





NOTE
      4-
            INCOME
      TAXES





Income
taxes are provided for the tax effects of transactions reported in the financial
statements and consist of taxes currently due.  Deferred taxes related
to differences between the basis of assets and liabilities for financial and
income tax reporting will either be taxable or deductible when the assets or
liabilities are recovered or settled.  The difference between the
basis of assets and liabilities for financial and income tax reporting are not
material therefore, the provision for income taxes from operations consist of
income taxes currently payable.





There was
no provision for income tax for the six months ended March 31, 2010 and
2009.





Due to
the uncertainty of utilizing the approximate $ 361,779 and $283,004 in net
operating losses, for the six months ended March 31, 2010 and 2009 respectively,
and recognizing the deferred tax assets, an offsetting valuation allowance has
been established. The losses are available to offset future taxable income
through 2030.





March 31,
                      2010
                    
                    
                    March 31,
                      2009Deferred
      tax assets
                    
                    $
                    126,623
                    
                    
                    $
                    99,051Less:
      valuation allowance
                    
                    
                    (126,623
                    )
                    
                    
                    (99,051
                    )Totals
                    
                    $
                    -
                    
                    
                    $
                    -





NOTE
      5-
            STOCK HOLDERS’
      EQUITY





COMMON
STOCK





There
were 325,000,000 shares of common stock authorized, with 16,052,896 shares
issued and outstanding at March 31, 2010 and September 30, 2009. The par value
for the common stock is $.001 per share.




10




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


MARCH
31, 2010 AND 2009 (UNAUDITED)




NOTE
      5-
            STOCK HOLDERS’ EQUITY
      (CONTINUED)





COMMON
STOCK





The
following details the stock transactions for the six months ended March 31, 2010
and 2009.





During
the quarter ended September 30, 2008 the Company repurchased 1,070,000 shares of
common stock at a market price of approximately $ .014 per share. The total
purchase price was $15,039. The shares were accounted for as treasury stock as
of September 30, 2008.  During the quarter ended December 31, 2008 the
Company retired these treasury shares.





There
were no common stock transactions for the six months ended March 31,
2010.





PREFERRED
STOCK





There were 10,000,000 shares of preferred stock
authorized, no shares issued and outstanding as of March 31, 2010 and September
30, 2009.





NOTE
      6-
            RELATED
      PARTY





The
Company receives fees from Ramco Income Fund Limited (“Fund”) a Bermuda entity
and other investments it manages. The Company is the investment manager of the
Fund.  The servicing fees for the periods ending March 31, 2010 and
2009 were $9,680 and $14,716 respectively.





NOTE
      7-
            FAIR VALUE
      MEASUREMENTS




The
Company has categorized its financial assets and liabilities
based  upon the fair value hierarchy specified by FASB Accounting
Standards Codification   (“ASC “) Topic 820, Fair Value
Measurement and Disclosures (“ASC 820”) This standard defines fair value,
provides guidance for measuring fair value and requires certain disclosures.
This standard does not require any new fair value measurement, but discusses
valuation techniques, such as the market approach (comparable market prices),
the income approach (present value of future income or cash flow), and the cost
approach (cost to replace the service capacity of an asset or replacement
cost).  This standard provides for a fair value hierarchy that
prioritizes the inputs to valuation techniques used to measure fair value into
three broad levels. The following is a brief description of those three
levels:




Level 1 –
Observable inputs such as quoted prices (unadjusted) in active markets for
identical assets or liabilities.




Level 2 –
Inputs other than quoted prices that are observable for the asset or liability
either directly or indirectly.  These include quoted prices for
similar assets or liabilities in active markets and quoted prices for identical
or similar assets or liabilities in markets that are not active




Level 3 –
Unobservable inputs that reflect the Company’s own assumptions.




The
following table represents the fair value hierarchy for those financial assets
and liabilities measured at fair value on a recurring basis as of March 31,
2010.




11




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)


MARCH
31, 2010 AND 2009 (UNAUDITED)





NOTE
      7-
            FAIR VALUE
      MEASUREMENTS (CONTINUED)





Level I
                      
                      
                      Level II
                      
                      
                      Level III
                      
                      
                      TotalAssetsFinance
      receivables
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      134,009
                      
                      
                      
                      134,009Total
      Assets
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      134,009
                      
                      
                      
                      134,009Liabilities
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -Total
      Liabilities
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -
                      
                      
                      
                      -







12


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 10K as of and for the year ended September 30, 2009 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 ever 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.





Overview





The
Company is engaged in the purchase and recovery of defaulted 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. The Company is no longer acquiring any
portfolios and is seeking to merge with or acquire another operating entity
seeking to go public via reverse merger. There is no assurance that the company
will succeed in such a merger or acquisition.





RESULTS
OF OPERATIONS





Quarter Ended March 31, 2010 &
      20092010
                    
                    
                    2009
                    
                    
                    $ Change
                    
                    
                    % ChangeNet
      Collections
                    
                    $
                    57,434
                    
                    
                    $
                    66,315
                    
                    
                    $
                    (8,881
                    )
                    
                    
                    -13
                    %Finance
      Income
                    
                    $
                    52,144
                    
                    
                    $
                    54,840
                    
                    
                    $
                    (2,696
                    )
                    
                    
                    -5
                    %Servicing
      Income
                    
                    $
                    6,880
                    
                    
                    $
                    5,932
                    
                    
                    $
                    948
                    
                    
                    
                    16
                    %Operating
      Expenses
                    
                    $
                    73,290
                    
                    
                    $
                    100,722
                    
                    
                    $
                    (27,432
                    )
                    
                    
                    -27
                    %Loss
      Before Taxes
                    
                    $
                    (14,160
                    )
                    
                    $
                    (39,452
                    )
                    
                    $
                    25,292
                    
                    
                    
                    64
                    %Fully
      Diluted EPS
                    
                    $
                    (0.00
                    )
                    
                    $
                    (0.00
                    )
                    
                    $
                    0.000
                    
                    
                    
                    0
                    %




13




Revenue





The
Company generated $59,024 in revenue and suffered a net loss of ($14,160) during
the quarter ended March 31, 2010 versus $60,772 in revenue and suffered a net
loss of $39,452 during the quarter ended March 31, 2009. During the quarter
ended March 31, 2010, total revenue included $52,144 in finance income and
$6,880 in servicing income versus $54,840 in finance income and $5,932 in
servicing income during the quarter ended March 31, 2009. In the quarter ended
March 31, 2010, finance income declined by approximately 5% to $52,144 and
servicing income increased by approximately 16% when compared to finance income
of $54,840 and servicing income of 5,932 in the quarter ended March 31, 2009.
Finance income and servicing incomes will continue to decline due to lower
collections, lack of new investments and declining level of managed funds.
During the quarter ended March 31, 2010, the company collected $57,434 versus
$66,315 during the quarter ended March 31, 2009.





Operating
Expenses





Total
operating expenses decreased by approximately 27% or $27,432 to $73,290 for the
three months ended March 31, 2010 versus $100,722 for the three months ended
March 31, 2009. The Company expects operating expenses to decline
sequentially.





Rent and
Occupancy





Rent and
occupancy expenses were $9,729 for the three months ended March 31, 2010 versus
$9,510 for the three months ended March 31, 2009.





Depreciation





The
Company did not record any depreciation expense for the three months ended March
31, 2010.





Purchase
of defaulted receivables





During the quarters ended March 31,
2010 and March 31, 2009, the Company did not purchase any portfolio of
receivables





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 several collection agencies and
several law firms in the U.S. and U.K. The average contingent collections fee is
26%.





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.





Liquidity
and Capital Resources





As of
March 31, 2010, the Company had working capital of $179,501 versus $207,936 as
of March 31, 2009.   The Company believes that funds generated
from operations, together with existing cash will be sufficient to finance its
operations for the next twelve months. At the six month ended March 31, 2010,
the Company had net cash of $176,031 versus net cash of $208,214 at the end of
six month ended March 31, 2009. Net cash used from operating activities during
the six months ended March 31, 2010 was ($20,412) versus ($25,211) during the
six months ended March 31, 2009. There was no cash flow from financing activity
during the six months ended March 31, 2010 and was not material during the six
months ended March 31, 2009.




14




Cash
generated from operations is dependent 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 negative impact on the Company’s business could have a material
negative impact on its expected future cash flows. During the quarter ended
March 31, 2010, the Company generated approximately $57,434 in collections
versus approximately $66,315 during the quarter ended March 31,
2009.  The Company believes that funds generated from operations,
together with existing cash will be sufficient to finance its operations for the
next twelve months.





Income
Taxes





We did
not record any income tax provision for the quarter ended March 31,
2010.





Contractual
Obligation





The
Company entered into a 12 month lease with Fort Lee EP LLC at $2,000 per month
which includes Internet and Telephony effective April 1, 2010.





Critical
Accounting Policy & Estimates





Our
Management’s Discussion and Analysis of Financial Condition and Results of
Operations section discusses our condensed consolidated financial statements,
which have been prepared in accordance with accounting principles generally
accepted in the United States of America as promulgated by the Public Company
Accounting Oversight Board. The preparation of these financial statements
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amount of revenues and expenses during the reporting period. On an
ongoing basis, management evaluates its estimates and judgments, including those
related to revenue recognition, accrued expenses, financing operations, and
contingencies and litigation. Management bases its estimates and judgments on
historical experience and on various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis for
making judgments about the carrying value of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these
estimates under different assumptions and conditions. The most significant
accounting estimates inherent in the preparation of our financial statements
include estimates as to the appropriate carrying value of certain assets and
liabilities which are not readily apparent from other sources. These accounting
policies are described at relevant sections in this discussion and analysis and
in the condensed consolidated financial statements included in this quarterly
report.





The
Company utilizes the interest method under guidance provided by the Financial
Accounting Standards Board Accounting Standards Certification (“ASC”) 310-30 to
determine income recognized on finance receivables




In
October 2003, ASC 310-30, “Accounting for Loans or Certain Securities
Acquired in a Transfer” was issued. This ASC 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 ASC is
effective for loans acquired in fiscal years beginning after December 15,
2004. The ASC 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 ASC 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 ASC 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 ASC
provides that previously issued annual financial statements would not need to be
restated. Management is in the process of evaluating the application of this
ASC. In accordance with ASC 310-30, the Company is currently is using the cost
recovery method for revenue recognition for all its current
portfolios.




15




OFF-BALANCE
SHEET ARRANGEMENTS




The
Company has no off-balance sheet arrangements





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.


The
risks, uncertainties and assumptions may include the following:





§
            Due
      to an inability to raise capital and a deep recession, the Company decided
      not to make new investments and has subsequently been in a run-off mode.
      The management is focused on merging with or acquiring another operating
      company that may be seeking to go public via reverse merger. There is no
      assurance that the management will succeed and as a result, shareholders
      may be adversely affected.





§
            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;




16




§
            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;





§
            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.





ITEM
      4T.
            CONTROLS
      AND PROCEDURES





Evaluation of disclosure controls and
procedures





The term
“ disclosure controls and procedures “ is defined in Rules 13(a)-15e and 15(d) -
15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act). Our
principal executive officer and principal financial officer have evaluated the
effectiveness of our disclosure controls and procedures as of March 31, 2010.
They have concluded that, as of March 31, 2010 that our disclosures were
effective to ensure that:




(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.





This term
refers to the controls and procedures of a Company that are designed to ensure
that information required to be disclosed by a Company in the reports that it
files under the Exchange Act is recorded, processed, summarized and reported
within the required time periods. Our principal executive officer and principal
financial officer have evaluated the effectiveness of our disclosure controls
and procedures as of the end of the period covered by this quarterly report.
They have concluded that, as of March 31, 2010 our disclosure and procedures
were effective in ensuring that required information will be disclosed on a
timely basis in our reports filed under the exchange act.





CHANGES IN INTERNAL CONTROL
OVER FINANCIAL REPORTING





No
changes in the Company’s internal control over financial reporting have come to
management’s attention during the Company’s last fiscal quarter that have
materially affected, or are likely to materially affect, the Company’s internal
control over financial reporting.




17





PART II





OTHER
INFORMATION





ITEM
      1.
            LEGAL
      PROCEEDINGS





Not
Applicable.





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





Not
Applicable





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





ITEM
      6.
            EXHIBITS





Exhibits:ExhibitNumber
                  
                  Description31.1
                  
                  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.


18





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 &
      MANAGEMENTCORPORATIONDate:  May
      13, 2010By:
                    /s/    Max
      KhanMax
      KhanChief
      Executive OfficerChief
      Financial OfficerDirector





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
      KhanBy:  Max
      KhanChief
      Executive Officer,Chief
      Financial Officer and DirectorDate:  May
      13, 2010




19