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 JUNE 30, 2009





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)





2500
Plaza 5


Harborside
Financial Center


Jersey
City, NJ 07311


201-633-4715





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





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




As of
August 15, 2009, there were 16,052,896 shares of the Registrant’s Common Stock,
$0.001 par value per share, outstanding.




Transitional
Small Business Disclosure Format Yes  ̈ No x









RECEIVABLE
ACQUISITION & MANAGEMENT CORPORATION
  FOR
THE QUARTERLY PERIOD ENDED JUNE 30, 2009
  TABLE
OF CONTENTS


PART
      I
            FINANCIAL
      INFORMATION
            4ITEM
      1.
            FINANCIAL
      STATEMENTS
            4ITEM
      2.
            MANAGEMENT’S
      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION &
      OPERATIONS
            19RISK
      FACTORS
            23ITEM
      3.
            QUANTITATIVE
      AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
            23ITEM
      4T.
            CONTROLS
      AND PROCEDURES
            24PART
      II
            OTHER
      INFORMATION
            24ITEM
      1.
            LEGAL
      PROCEEDINGS
            24ITEM
      2.
            UNREGISTERED
      SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
            25ITEM
      3.
            DEFAULTS
      UPON SENIOR SECURITIES
            25ITEM
      4.
            SUBMISSION
      OF MATTERS TO A VOTE OF SECURITY HOLDERS
            25ITEM
      5.
            OTHER
      INFORMATION
            25ITEM
      6.
            EXHIBITS
            25SIGNATURES
            26






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




- 2
-




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


(FORMERLY
FEMINIQUE CORPORATION AND SUBSIDIARIES)






INDEX
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED


FOR
THE NINE AND THREE MONTHS ENDED JUNE 30, 2009 AND 2008




PAGE(S)FINANCIAL
      STATEMENTS:Condensed
      Consolidated Balance Sheets as of June 30, 2009 and September 30, 2008
      (Unaudited)
            4Condensed
      Consolidated Statements of Income (Loss)for the nine months
      ended June 30, 2009 and 2008 (Unaudited)
            5Condensed
      Consolidated Statements of Cash Flows for the nine months ended June 30,
      2009 and 2008 (Unaudited)
            6Notes
      to Consolidated Financial Statements (Unaudited)
            7-18







- 3
-




RECEIVABLE
      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIESCONDENSED
      CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
  ASSETSJune
      30,
              
              
              September
      30,2009
              
              
              2008CURRENT
      ASSETSCash
              
              $
              188,162
              
              
              $
              233,450Prepaid
      Expenses
              
              
              939
              
              
              
              939Finance
      receivables - short term
              
              
              68,542
              
              
              
              79,457Total
      current assets
              
              
              257,643
              
              
              
              313,846OTHER
      ASSETSFinance
      receivables - long-term
              
              
              137,103
              
              
              
              158,938Total
      other assets
              
              
              137,103
              
              
              
              158,938TOTAL
      ASSETS
              
              $
              394,746
              
              
              $
              472,784LIABILITIES AND
      STOCKHOLDERS' EQUITYCURRENT
      LIABILITIESAccrued
      and other expenses
              
              $
              34,273
              
              
              $
              37,497Total
      current liabilities
              
              
              34,273
              
              
              
              37,497TOTAL
      LIABILITIES
              
              
              34,273
              
              
              
              37,497STOCKHOLDERS'  EQUITYPreferred
      stock, par value $10 per share;10,000,000
      shares authorized in June 30, 2009 and September 30, 2008 and 0 and 0
      sharesissued
      and outstanding at June 30, 2008 and September 30, 2008
      respectively
              
              
              —
              
              
              
              —Common
      stock, par value $.001 per share;325,000,000
      shares authorized in  June 30, 2009 and September 30,
      2008and
      16,052,896 and 17,122,896 shares issued and 16,052,896 and
      16,052,896outstanding
      at  June 30, 2009 and September 30, 2008,
      respectively
              
              
              16,053
              
              
              
              17,123Additional
      paid-in capital
              
              
              614,541
              
              
              
              628,535Retained
      earnings (accumulated deficit)
              
              
              (195,332
              )
              
              
              (195,332
              )435,262
              
              
              
              450,326Less:
      Cost of treasury stock, 1,070,000 shares
              
              
              —
              
              
              
              (15,039
              )Total
      stockholders' equity
              
              
              435,262
              
              
              
              435,287TOTAL
      LIABILITIES AND STOCKHOLDERS' EQUITY
              
              $
              469,535
              
              
              $
              472,784
 The
accompanying notes are an integral part of the condensed consolidated financial
statements.




- 4
-






RECEIVABLE
      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIESCONDENSED
      CONSOLIDATED STATEMENTS OF INCOME  OPERATIONS
      (UNAUDITED)FOR
      THE NINE AND THREE MONTHS ENDED JUNE 30, 2009 AND
  2008






FOR
      THE NINE MONTHS ENDED
              
              
              FOR
      THE THREE MONTHS ENDEDJUNE
      30,
              
              
              JUNE
      30,2009
              
              
              2008
              
              
              2009
              
              
              2008REVENUESFinancing
      income
              
              $
              188,422
              
              
              $
              396,722
              
              
              $
              55,629
              
              
              $
              99,824Gain  (loss)
      on sales of finance receivable
              
              
              —
              
              
              
              35,910
              
              
              
              —
              
              
              
              (11,034
              )Service
      income and other
              
              
              18,973
              
              
              
              81,271
              
              
              
              4,257
              
              
              
              42,126TOTAL
      INCOME
              
              
              207,395
              
              
              
              513,903
              
              
              
              59,886
              
              
              
              130,916COSTS
      AND EXPENSESSelling,
      general and administrative
              
              
              284,402
              
              
              
              372,027
              
              
              
              47,294
              
              
              
              91,335Total
      costs and expenses
              
              
              284,402
              
              
              
              372,027
              
              
              
              47,294
              
              
              
              91,335NET
      INCOME (LOSS) BEFORE OTHER INCOME
              
              
              (77,008
              )
              
              
              141,876
              
              
              
              12,592
              
              
              
              39,581OTHER
      INCOME (LOSS)Interest
      income
              
              
              2,218
              
              
              
              6,573
              
              
              
              291
              
              
              
              2,387Interest
      expense
              
              
              —
              
              
              
              (19,921
              )
              
              
              —
              
              
              
              (7,385
              )Other
      income
              
              
              
              
              
              
              59,314
              
              
              
              
              
              
              
              (3,585
              )Total
      other income (loss)
              
              
              2,218
              
              
              
              45,966
              
              
              
              291
              
              
              
              (8,583
              )NET
      INCOME INCOME (LOSS) BEFORE PROVISION FOR INCOME TAX
              
              $
              (74,789
              )
              
              $
              187,842
              
              
              $
              12,883
              
              
              $
              30,998PROVISION
      FOR INCOME TAXES
              
              
              —
              
              
              
              —
              
              
              
              —
              
              
              
              —NET
      INCOME (LOSS) APPLICABLE TO COMMON STOCK
              
              $
              (74,789
              )
              
              $
              187,842
              
              
              $
              12,883
              
              
              $
              30,998BASIC
      INCOME (LOSS) PER COMMON SHARE
              
              $
              (0.00
              )
              
              $
              0.01
              
              
              $
              0.00
              
              
              $
              0.00DILUTED
      INCOME (LOSS) PER COMMON SHARE
              
              $
              (0.00
              )
              
              $
              0.01
              
              
              $
              0.00
              
              
              $
              0.00WEIGHTED
      AVERAGE OUTSTANDING SHARESOF
      COMMON STOCK - BASIC
              
              
              16,052,896
              
              
              
              17,108,107
              
              
              
              16,052,896
              
              
              
              17,122,896WEIGHTED
      AVERAGE OUTSTANDING SHARESOF
      COMMON STOCK - DILUTED
              
              
              16,052,896
              
              
              
              19,004,107
              
              
              
              17,948,896
              
              
              
              19,018,896
 The
accompanying notes are an integral part of the condensed consolidated financial
statements.




- 5
-






RECEIVABLE
      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIESCONDENSED
      CONSOLIDATED STATEMENTS OF CASH
    FLOWS  (UNAUDITED)FOR
      THE NINE MONTHS ENDED JUNE 30, 2009 AND
2008






2009
            
            
            2008CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      Income (Loss)
            
            $
            (74,789
            )
            
            $
            187,842Adjustments
      to reconcile net income (loss) tonet
      cash provided by (used in) operating activities:Changes
      in Certain Assets and LiabilitiesProceeds
      from sale of portfolio - net of gain
            
            
            —
            
            
            
            177,545Acquisition
      of finance receivables, net of buybacks
            
            
            —
            
            
            
            (201,982
            )Collections
      applied to principal on finance receivables
            
            
            32,749
            
            
            
            131,224(Increase)
      in prepaid expenses
            
            
            —
            
            
            
            (151
            )(Decrease)
      accrued expenses
            
            
            (3,223
            )
            
            
            (56,063
            )Net
      cash provided by (used in) operating activities
            
            
            (45,263
            )
            
            
            238,415CASH
      FLOWS FROM FINANCING ACTIVITIESRepurchase
      of  common stock
            
            
            (25
            )
            
            
            150Payments
      on notes payable
            
            
            —
            
            
            
            (269,278
            )Net
      cash (used in) financing activities
            
            
            (25
            )
            
            
            (269,128
            )NET
      (DECREASE) IN CASH
            
            
            (45,288
            )
            
            
            (30,713
            )CASH
      AND CASH EQUIVALENTS - BEGINNING OF PERIOD
            
            
            233,450
            
            
            
            286,530CASH
      AND CASH EQUIVALENTS - END OF PERIOD
            
            $
            188,162
            
            
            $
            255,817SUPPLEMENTAL
      DISCLOSURE OF CASH FLOW INFORMATIONCASH
      PAID DURING THE PERIODInterest
      expense
            
            $
            —
            
            
            $
            19,921Income
      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


JUNE
30, 2009 AND 2008 (UNAUDITED)






NOTE
      1-
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES




A.
            THE COMPANY AND
      PRESENTATION





The
condensed consolidated unaudited interim financial statements included herein
have been prepared by Receivable Acquisition and Management Corporation and
Subsidiaries (the "Company"), formerly Feminique Corporation and Subsidiaries
without audit, pursuant to the rules and regulations of the Securities and
Exchange Commission (the "SEC"). Certain information and footnote disclosures
normally included in the financial statements prepared in accordance with
accounting principles generally accepted in the United States of America have
been condensed or omitted as allowed by such rules and regulations, and the
Company believes that the disclosures are adequate to make the information
presented not misleading. It is suggested that these condensed consolidated
financial statements be read in conjunction with the September 30, 2008 audited
consolidated financial statements and the accompanying notes thereto. While
management believes the procedures followed in preparing these condensed
consolidated financial statements are reasonable, the accuracy of the amounts
are in some respects dependent upon the facts that will exist, and procedures
that will be accomplished by the Company later in the year.





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




On
November 25, 2003, the Feminique Corporation incorporated a wholly-owned
subsidiary Receivable Acquisition and Management Corp of New York. The Company
purchases, manages and collects defaulted consumer receivables.




On April
21, 2004, Feminique Corporation amended its certificate of incorporation to
increase its authorized number of shares of common stock from 75,000,000 shares
to 325,000,000 shares.  This amendment was approved by Feminique
Corporation’s shareholders at its April 20, 2004 annual meeting.  The
shareholders also changed the name of Feminique Corporation to Receivable
Acquisition and Management Corporation.






B.
            FINANCE
      RECEIVABLES





The
Company accounts for its investment in finance receivables under the guidance of
Statement of Position (“SOP”) 03-3, “Accounting for Loans or Certain Debt
Securities Acquired in a Transfer.” This SOP limits the yield that may be
accreted (accretable yield) to the excess of the Company’s estimate of
undiscounted expected principal, interest and other cash flows (cash flows
expected at the acquisition to be collected) over the Company’s initial
investment in the finance receivables.  Subsequent increases in cash
flows expected to be collected are recognized prospectively through adjustment
of the finance receivables yield over its remaining life. Decreases in cash
flows expected to be collected are recognized as impairment to the finance
receivable portfolios. The Company’s proprietary collections model is designed
to track and adjust the yield and carrying value of the finance receivables
based on the actual cash flows received in relation to the expected cash
flows.






- 7
-




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 JUNE
30, 2009 AND 2008 (UNAUDITED)


NOTE
      1-
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)




B.
            FINANCE RECEIVABLES
      (CONTINUED)





During
the nine months ended June 30, 2009, the Company neither acquired nor sold any
finance receivables.




During
the quarter ended December 31, 2007, the Company acquired total portfolios for
$201,982. The Company will use for these portfolios the "Recovery Method" for
revenue recognition under which no revenue is recognized until the investment
amount of $201,982 has been recovered.




During
the quarter ended December 31, 2007 the Company sold several portfolios for a
total sales price of $224,489. The Company recognized a net gain of $46,944 on
these sales.




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




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






- 8
-




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 JUNE
30, 2009 AND 2008 (UNAUDITED)


NOTE
      1-
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)




B.
            FINANCE RECEIVABLES
      (CONTINUED)





Changes
in finance receivables for the period ended June 30, 2009 were as
follows:




2009Balance
      at beginning of year October 1, 2008
              
              $
              238,394Acquisition
      of finance receivables - net
              
              
              —Cash
      collections applied to principal
              
              
              (32,749
              )Sale
      of portfolio - net of gain
              
              
              —Balance
      at the end of the year
              
              $
              205,645Estimated
      Remaining Collections ("ERC")*
              
              $
              245,000


*
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 $188,422 and $396,722 for the period ended June 30, 2009 and
2008, respectively.




Under
SOP-03-3 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 three months or less to be cash or cash
equivalents. There were no cash equivalents as of June 30, 2009 and September
30, 2008.




The
Company maintains cash and cash equivalents balances at financial institutions
that are insured by the Federal Deposit Insurance Corporation up to
$250,000.  At June 30, 2009 and September 30, 2008, the Company’s
uninsured cash balances total $0 and $0, respectively.





E.
            INCOME
      TAXES





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






- 9
-




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
 NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 JUNE
30, 2009 AND 2008 (UNAUDITED)


NOTE
      1-
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)





F.
            USE OF
      ESTIMATES





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





G.
            SHARE-BASED
      COMPENSATION





Effective
December 31, 2005, the Company adopted the provisions of Financial Accounting
Standards Board Statement of Financial Accounting Standard ("SFAS") No. 123(R),
"Share-Based Payments," which establishes the accounting for employee
stock-based awards. Under the provisions of SFAS No.123(R), stock-based
compensation is measured at the grant date, based on the calculated fair value
of the award, and is recognized as an expense over the requisite employee
service period (generally the vesting period of the grant). The Company adopted
SFAS No. 123(R) using the modified prospective method and, as a result, periods
prior to December 31, 2005 have not been restated. The Company recognized
stock-based compensation for awards issued under the Company's stock option
plans in other income/expenses included in the Consolidated Statement of
Operations. Additionally, no modifications were made to outstanding stock
options prior to the adoption of SFAS No. 123(R), and no cumulative adjustments
were recorded in the Company's financial statements.




The
Company measures compensation expense for its non-employee stock-based
compensation under the Financial Accounting Standards Board (FASB) Emerging
Issues Task Force (EITF) Issue No. 96-18, "Accounting for Equity Instruments
that are Issued to Other Than Employees for Acquiring, or in Conjunction with
Selling, Goods or Services". The fair value of the option issued is used to
measure the transaction, as this is more reliable than the fair value of the
services received.




The fair
value is measured at the value of the Company's common stock on the date that
the commitment for performance by the counterparty has been reached or the
counterparty's performance is complete. The fair value of the equity instrument
is charged directly to compensation expense and additional paid-in
capital.






- 10
-




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 JUNE
30, 2009 AND 2008 (UNAUDITED)


NOTE
      1-
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)




H.
            REVENUE
      RECOGNITION





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





I.
            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 anti-dilutive for periods
presented.




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




June
      30,
              
              
              June
      30,2009
              
              
              2008Net
      income (loss)
              
              $
              (74,789
              )
              
              $
              187,842Weighted-average
      common sharesOutstanding
      (Basic)
              
              
              16,052,896
              
              
              
              17,108,107Weighted-average
      common stockEquivalentsStock
      options
              
              
              —
              
              
              
              950,000Warrants
              
              
              —
              
              
              
              946,000Weighted-average
      common sharesOutstanding
      (Diluted)
              
              
              16,052,896
              
              
              
              19,004,107


For the
nine month period ended June 30, 2009 options (950,000) and warrants (946,000)
were not included in the computation of diluted EPS because inclusion would have
been anti-dilutive.






- 11
-




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
 NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 JUNE
30, 2009 AND 2008 (UNAUDITED)


NOTE
      1-
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)





J.
            RECENT ACCOUNTING
      PRONOUNCEMENTS





In
September 2006, the SEC staff issued Staff Accounting Bulletin No. 108,
Considering the Effects of Prior Year Misstatements when Quantifying
Misstatements in Current Year Financial Statements (SAB 108). SAB 108 was issued
in order to eliminate the diversity in practice surrounding how public companies
quantify financial statement misstatements. SAB 108 requires that registrants
quantify errors using both a balance sheet and income statement approach and
evaluate whether either approach results in a misstated amount that, when all
relevant quantitative and qualitative factors are considered, is material.
SAB108 must be implemented by the end of the Company's first fiscal year ending
after November 15, 2007. The adoption of SAB 108 did not  have a
material impact on the Company's  financial reporting or
disclosures.




In March
2006, the FASB issued FASB Statement No. 156, Accounting for Servicing of
Financial Assets - an amendment of FASB Statement No. 140. This
Statement:




1.
Requires an entity to recognize a servicing asset or servicing liability each
time it undertakes an obligation to service a financial asset by entering into a
servicing contract under certain situations.




2.
Requires all separately recognized servicing assets and servicing liabilities to
be initially measured at fair value, if practicable.




3.
Permits an entity to choose either the amortization method or the fair value
measurement method subsequent measurement methods for each class of separately
recognized servicing assets and servicing liabilities.




4. At its
initial adoption, permits a one-time reclassification of available-for-sale
securities to trading securities by entities with recognized servicing rights,
without calling into question the treatment of other available-for-sale
securities under Statement 115, provided that the available-for-sale
securities  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.




5.
Requires separate presentation of servicing assets and servicing liabilities
subsequently measured at fair value in the statement of financial position and
additional disclosures for all separately recognized servicing assets and
servicing liabilities.




The
adoption of FASB No. 156 did not have a material impact on the company’s results
or financial statements.




In
September 2006, the FASB issued FASB Statement No. 157, Fair Value Measurements.
This Statement defines fair value, establishes a framework for measuring fair
value in generally accepted accounting principles (GAAP), and expands
disclosures about fair value measurements.






- 12
-




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
 NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 JUNE
30, 2009 AND 2008 (UNAUDITED)






NOTE
      1-
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)





J.
            RECENT ACCOUNTING
      PRONOUNCEMENTS (CONTINUED)




This
Statement applies under other accounting pronouncements that require or permit
fair value measurements, the Board having previously concluded in those
accounting pronouncements that fair value is the relevant measurement attribute.
Accordingly, this Statement does not require any new fair value measurements.
FASB Statement No. 157 will be effective for our financial statements issued for
our fiscal year beginning October 1, 2008. The adoption of FASB Statement No.
157 did not have a material impact on the Company's results of operations or
financial statements.




In
February 2008, FASB Staff Position ("FSP") FAS No. 157-2, "Effective
Date of FASB Statement No. 157" ("FSP No. 157-2") was issued. FSP
No. 157-2 defers the effective date of SFAS No. 157 to fiscal years
beginning after December 15, 2008, and interim periods within those fiscal
years, for all nonfinancial assets and liabilities, except those that are
recognized or disclosed at fair value in the financial statements on a recurring
basis (at least annually). Examples of items within the scope of FSP
No. 157-2 are nonfinancial assets and nonfinancial liabilities initially
measured at fair value in a business combination (but not measured at fair value
in subsequent periods), and long-lived assets, such as property, plant and
equipment and intangible assets measured at fair value for an impairment
assessment under SFAS No. 144.




In June
2006, the Financial Accounting Standards Board ("FASB") issued FASB
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - an
interpretation of FASB Statement No. 109" (FIN 48), which prescribes a
recognition threshold and measurement attribute for the financial statement
recognition and measurement of a tax position taken or expected to be taken in a
tax return. FIN 48 also provides guidance on recognition, classification,
interest and penalties, accounting in interim periods, disclosure and
transition. FIN 48 will be effective for our fiscal year beginning October 1,
2007.The adoption of FIN 48 did not have a material impact on our financial
reporting and disclosure.




In
September 2006, the Securities and Exchange Commission issued Staff Accounting
Bulletin No. 108, “Quantifying Misstatements”. SAB 108 is effective for
financial statements issued for fiscal years beginning after November 15,
2007.  The adoption of SAB 108 did not have material impact on its results
or financial statements.




The FASB
also issued in September 2006 Statement of Financial Accounting Standards No.
158, employers’ Accounting for Defined Benefit Pension and other Postretirement
Plans effective for financial statements issued for fiscal years beginning after
December 15, 2006. This Standard requires recognition of the funded status of a
benefit plan in the statement of financial position. The adoption FASB 158 did
not have a material impact on its results or financial statements.




In
February 2007 the FASB issued Financial Accounting Standards No. 159, The Fair
Value Option for Financial Assets and Financial Liabilities – including an
amendment of FASB Statement No. 115 effective for financial statements issued
for fiscal years beginning after November 15, 2007. This Statement permits
entities to choose to measure many financial instruments and certain other items
at fair value. The adoption of FASB 159 did not have a material impact on its
operations or financial statements.






- 13
-




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
 NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 JUNE
30, 2009 AND 2008 (UNAUDITED)







NOTE
      1-
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)





J.
            RECENT ACCOUNTING
      PRONOUNCEMENTS (CONTINUED)




Also in
February 2007 the FASB issued Financial Accounting Standards No. 160,
Non-controlling Interests in Consolidated Financial Statements- an amendment of
ARB No. 51 effective for financial statements issued for fiscal years beginning
after December 15, 2008. The Company does not expect FASB 160 to have a material
impact on its results or financial statements.




In March
2008 the FASB issued Financial Accounting Standards No. 161, Disclosures about
Derivative Instruments and Hedging Activities – an amendment of FASB No. 133
effective for financial statements issued for fiscal years beginning after
November 15, 2007. This Statement requires enhanced disclosures about an
entity’s derivatives and hedging activities and thereby improves the
transparence of financial reporting. The adoption of FASB 161 did not have a
material impact on its results of operations or financial
statements.




In May of
2008, the FASB issued Statement No. 162, “The Hierarchy of Generally Accepted
Accounting Principles.”  This statement identifies literature
established by the FASB as the source for accounting principles to be applied by
entities which prepare financial statements presented in conformity with
generally accepted accounting principles (GAAP) in the United
States.  This statement is effective 60 days following approval by the
SEC of the Public Company Accounting Oversight Board amendments to AU Section
411, “The Meaning of Present Fairly in Conformity With Generally Accepted
Accounting Principles.”  This statement will require no changes in the
Company’s financial reporting practices.




In May of
2008 the Financial Accounting Standards Board (FASB) issued Statement of
Financial Accounting Standards (SFAS) No. 163, “Accounting for Financial
Guarantee Insurance – an interpretation of FASB Statement No. 60, Accounting and
Reporting by Insurance Enterprises.  This statement requires that an
insurance enterprise recognize a claim liability prior to an event of default
(insured event) when there is evidence that credit deterioration has occurred in
an insured financial obligation.  This statement also clarifies how
Statement 60 applies to financial guarantee insurance contracts.  This
statement is effective for fiscal years beginning after December 15,
2008.  This statement has no effect on the Company’s financial
reporting at this time.




In May of
2009, the Financial Accounting Standards Board (FASB) issued Statement of
Financial Accounting Standards (SFAS) No. 165, “Subsequent Events”. This
Statement is intended to establish general standards of accounting for and
disclosures of events that occur after the balance sheet date but before
financial statements are issued or are available to be issued.  It requires
the disclosure of the date through which an entity has evaluated subsequent
events and the basis for that date—that is, whether that date represents the
date the financial statements were issued or were available to be issued. 
This Statement is effective for interim and annual periods ending after June 15,
2009. The adoption of SFAS 165 will not have a material impact on its financial
position or results of operations.






- 14
-




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
 NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 JUNE
30, 2009 AND 2008 (UNAUDITED)


NOTE
      1-
            SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)





J.
            RECENT ACCOUNTING
      PRONOUNCEMENTS (CONTINUED)




In June
2009, the FASB issued SFAS No. 166, “Accounting for Transfers of
Financial Assets, an amendment of SFAS No. 140” (SFAS 166).
SFAS 166 amends SFAS No. 140 to improve the relevance,
representational faithfulness, and comparability of the information that a
reporting entity provides in its financial reports about a transfer of financial
assets; the effects of a transfer on its financial position, financial
performance, and cash flows; and a transferor’s continuing involvement in
transferred financial assets. This Statement is effective as of the beginning of
each reporting entity’s first annual reporting period that begins after
November 15, 2009, for interim periods within that first annual reporting
period, and for interim and annual reporting periods thereafter. Earlier
application is prohibited. The recognition and measurement provisions of this
Statement shall be applied to transfers that occur on or after the effective
date. The Company is currently assessing the impact of the adoption of
SFAS 166.




In June
2009, the FASB issued SFAS No. 167, “Amendments to FASB Interpretation
No. 46(R)” (SFAS 167). SFAS 167 amends certain requirements of
FASB Interpretation No. 46 (revised December 2003), Consolidation of
Variable Interest Entities, to improve financial reporting by enterprises
involved with variable interest entities and to provide more relevant and
reliable information to users of financial statements. This Statement is
effective as of the beginning of each reporting entity’s first annual reporting
period that begins after November 15, 2009, for interim periods within that
first annual reporting period, and for interim and annual reporting periods
thereafter. Earlier application is prohibited. The Company is currently
assessing the impact of the adoption of SFAS 167.




On
June 2009, the FASB issued SFAS 168, “The FASB Accounting Standards
Codification TM and the Hierarchy of Generally Accepted Accounting Principles—a
replacement of FASB Statement No. 162” (“SFAS 168”). Under SFAS 168, the
FASB Accounting Standards Codification will become the source of authoritative
U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to
be applied by nongovernmental entities. On the effective date of this statement,
the Codification will supersede all existing non-SEC accounting and reporting
standards. This standard is effective for financial statements issued for
interim and annual periods ending after September 15, 2009. The adoption of
SFAS 168 will not have a material impact on its financial position or results of
operations








NOTE
      2-
            NOTES
      PAYABLE





A.
              The
      Company issued on October 30, 2006 a note payable for the value of
      $150,000 in exchange for the retirement of 2,000,000 shares of common
      stock for $200,000. The company paid $50,000 in cash and issued a note
      payable of $150,000 for the balance. The terms are as follows: The Company
      is currently paying $3,000 per month. The note had an outstanding balance
      of $102,899 as of December 31, 2007. During the month of January 2008 the
      note was repaid in full for a discounted value of $40,000. The amount of
      $62,899 was recognized as
income.






- 15
-




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
 NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 JUNE
30, 2009 AND 2008 (UNAUDITED)


NOTE
      2-
              NOTES PAYABLE
      (CONTINUED)


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 note was repaid in full during the year ended September 30,
      2008.





NOTE
      3-
            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 a long as that person continues to be
employed or serve on the on the Board of Directors, whichever is shorter. At
June 30, 2009 and September 30, 2008, the Company had 950,000 options
outstanding under this plan.





NOTE
      4-
            WARRANTS





The
Company issued warrants during the year 2004. At June 30, 2009 and September 30,
2008, respectively, the Company had 946,000 warrants outstanding exercisable at
approximately $.01 per warrant per share.





NOTE
      5-
            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 taxes for the three months and nine months ending June
30, 2009 and 2008.




At June
30, 2009 and 2008 the Company had an accumulated deficit approximating $270,121
and $176,149 available to offset future taxable income through
2028.






- 16
-




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
 NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 JUNE
30, 2009 AND 2008 (UNAUDITED)


NOTE
      5-
            INCOME TAXES
      (CONTINUED)




June
      30,
              
              
              June
      30,2009
              
              
              2008Deferred
      tax assets
              
              $
              (94,542
              )
              
              $
              (61,652
              )Less:
      valuation
              
              
              94,542
              
              
              
              61,652Totals
              
              $
              —
              
              
              $
              —


NOTE
      6-
            STOCK HOLDERS’
      EQUITY





COMMON
STOCK




There
were 325,000,000 shares of common stock authorized, with 16,052,896 and
17,122,896 shares issued and 16,052,896 outstanding at June 30, 2009 and
September 30, 2008, respectively.  The par value for the common stock
is $.001 per share.




The
following details the stock transactions for the period ended June 30, 2009 and
2008.




During
the month ended December 31, 2007 the Company cancelled 6,020 shares of common
stock at $.025 per share for a total amount of $151.




During
the quarter ended December 31, 2008 the Company retired the Treasury stock of
1,070,000 shares of common stock at a market price of approximately $ .014 per
share. The total purchase price was $15,039.




PREFERRED
STOCK




There
were 10,000,000 shares of preferred stock authorized, no shares outstanding as
of June 30, 2009 and September 30, 2008.




NOTE
      7-
            RELATED
      PARTY




The
Company receives fees from Ramco Income Fund Limited. The Company manages Ramco
Income Fund Limited a Bermuda entity. The servicing fees for the periods ended
June 30, 2009 and 2008 were $18,973 and $81,271, respectively.





NOTE
      8-
            FAIR VALUE
      MEASUREMENTS





On
January 1, 2009, the Company adopted SFAS No. 157 “Fair Value
Measurements” (“SFAS 157”). SFAS 157 defines fair value, provides a consistent
framework for measuring fair value under Generally Accepted Accounting
Principles and expands fair value financial statement disclosure requirements.
SFAS 157’s valuation techniques are based on observable and unobservable inputs.
Observable inputs reflect readily obtainable data from independent sources,
while unobservable inputs reflect our market assumptions. SFAS 157 classifies
these inputs into the following hierarchy:




Level 1
Inputs– Quoted prices for identical instruments in active markets.




Level 2
Inputs– Quoted prices for similar instruments in active markets; quoted prices
for identical or similar instruments in markets that are not active; and
model-derived valuations whose inputs are observable or whose significant value
drivers are observable.




Level 3
Inputs– Instruments with primarily unobservable value drivers.






- 17
-




RECEIVABLE
ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 JUNE
30, 2009 AND 2008 (UNAUDITED)


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,
2009.




Assets
            
            Level
    I
            
            
            Level
    II
            
            
            Level
      III
            
            
            TotalFinance
      receivables
            
            
            —
            
            
            
            —
            
            
            
            205,645
            
            
            
            205,645Total
    Assets
            
            
            —
            
            
            
            —
            
            
            
            205,645
            
            
            
            205,645Liabilities
            
            
            —
            
            
            
            —
            
            
            
            —
            
            
            
            —Total
      Liabilities
            
            
            —
            
            
            
            —
            
            
            
            —
            
            
            
            —






- 18
-






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





This
“Management’s Discussion and Analysis of Financial Condition and Results of
Operations” should be read in conjunction with “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in the Annual Report
on Form 10-K as of and for the year ended September 30, 2008 as filed with the
Securities and Exchange Commission.   Cautionary Statements
Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform
Act of 1995:





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




§
              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.


- 19
-




RESULTS
OF OPERATIONS





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 with circa $400,000 under management. The
Company is no longer making new investments and seeking to acquire or merge with
another operating entity. There is no guarantee that the Company will
succeed.  The following table summarizes collections, revenues,
operating expenses, income before taxes and fully diluted net
income.




Three
      Months Ended June 30, 2009 & 20082009
            
            
            2008
            
            
            $
      Change
            
            
            %
      ChangeNet Collections
      (excluding sale)
            
            $
            59,455
            
            
            $
            118,277
            
            
            $
            (58,822
            )
            
            
            -49.73
            %Finance
    Income
            
            $
            55,629
            
            
            $
            99,824
            
            
            $
            (44,195
            )
            
            
            -44
            %as a % of
      Collections
            
            
            94
            %
            
            
            84
            %Servicing
      Income
            
            $
            4,257
            
            
            $
            42,126
            
            
            $
            (37,869
            )
            
            
            -90
            %Gain (Loss) on
      Portfolio Sale
            
            
            —
            
            
            $
            (11,034
            )Operating
      Expenses
            
            $
            47,294
            
            
            $
            91,335
            
            
            $
            (44,041
            )
            
            
            -48
            %Net Income
      (Loss)
            
            $
            12,883
            
            
            $
            30,998
            
            
            $
            (18,115
            )
            
            
            -58
            %Fully Diluted 
      EPS
            
            
            —
            
            
            
            —




Revenue





The
Company had a net income of $12,883 on revenue of $59, 886 during the quarter
ended June 30, 2009 versus net income of $30,998 on revenue of $130,916 during
the quarter ended June 30, 2008. For the nine months ended June 30, 2009, the
Company had net loss of ($74,789) on revenue of $207,395 versus revenue of
$513,903 and net income of $187,842 during the nine months ended June 30, 2009.
Total revenue for the quarter ended June 30, 2009 included finance income of
$55,629 and $4,257 servicing income versus finance income of $99,824 and
servicing income of $42,126 during quarter ended June 30, 2008. Finance income
during the quarter ended June 30, 2009 declined by 44% or $44,195 compared to
the quarter ended June 30, 2008. Servicing income declined by 90% or $37,869
compared to quarter ended June 30, 2008. Servicing income largely came from
servicing of portfolios other than from Ramco Income Fund managed by the Company
and is expected to decline during subsequent quarters due to additional
redemptions of shares in Ramco Income Fund and declining recoveries from two
other managed portfolios. During the nine months ended June 30, 2009, finance
income declined by 53% or $208,300 compared to nine months ended June 30, 2008
and finance income declined by 77% or $62,298 compared to nine months ended June
30, 2008. During the quarter ended June 30, 2009, the Company collected $59,455
versus $118,277 during the quarter ended June 30, 2008. The Company is not
making fresh investment in new portfolios and is running off the existing
portfolios.




- 20
-




Operating
Expenses





During
the quarter ended June 30, 2009, total operating expenses declined by 48% or
$44,041 to $47,294 from $91,335 during the quarter ended June 30, 2008. The
Company continues to reduce operating expenses in the face of declining
recovering and lack of fresh investments.





Rent
and Occupancy





Rent and
occupancy expenses were $9,635 during the quarter ended June 30, 2009 compared
to $9,355 during the three months ended June 30, 2008.





Depreciation





The
Company did not record any depreciation expense for the nine months ended June
30, 2008.





Purchase
of Defaulted Receivables





During
the quarters ended June 30, 2009 and June 30, 2008, the Company did not purchase
any portfolio of receivables





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





Recovery
Partners





The
Company outsources all its recovery activities to carefully selected debt
collection agencies and network of collection attorneys with specific collection
expertise. The company is currently using four collection agencies and several
law firms in the U.S. and U.K. The average contingent collections fee was
approximately 26% during the quarter ended June 30, 2009.





Seasonality





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





Currency
Risk





The
Company plans to acquire defaulted receivable portfolios in the United Kingdom
and such purchase may expose the Company to adverse currency risks.




- 21
-




Liquidity
and Capital Resources





As of
June 30, 2009, the Company had working capital of $223,370 versus $292,534
during the quarter ended June 30, 2008. The decline is in line with declining
collections due to lack of new investments. The Company believes that funds
generated from operations, together with existing cash will be sufficient to
finance its operations for the next twelve months. For the nine months ended
June 30, 2009, the Company had net cash of $188,162 versus net cash of $255,817
at the end of nine months ended June 30, 2008. Net cash used
in    operating activities was ($45,263) during the nine
months ended June 30, 2009 versus net cash provided by operating activities of
$238,415 during the nine months ended June 30, 2008. Net cash used in financing
activities was ($25) during the nine months ended June 30, 2009 versus net cash
used in financing activities of (269,128) during the nine months ended June 30,
2008. The decline was largely due to repayment of outstanding note payables. The
Company did not raise any capital through issuance of securities during the nine
month ended June 30, 2009.





Cash
generated from operations is depended upon the Company’s ability to collect on
its defaulted consumer receivables. Many factors, including the economy,
purchase price and the Company’s ability to retain the services of its recovery
partners, are essential to generate cash flows. Fluctuations in these factors
that cause a negative impact on the Company’s business could have a material
negative impact on its expected future cash flows. During the quarter ended June
30, 2009, the Company generated approximately $59,455 from collections and
$4,257 from servicing versus approximately $118,227 from collections and 42,126
from servicing, respectively during the quarter ended June 30,
2008.





The
Company believes that funds generated from operations, together with existing
cash will be sufficient to finance its operations for the foreseeable
future





Income
Taxes





The
Company did not record any provision for taxes for the nine month ended June 30,
2009.





Contractual
Obligation





The
Company entered into a 12 month lease with Regus Inc. at $2,500 per month plus
variable expenses that include telecommunication, copier, postage and delivery
charges. The lease expires on February 28, 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.




- 22
-





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




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.







ITEM
      3.
            QUANTITATIVE
      AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK





The
Registrant is not required to provide the information called for in this Item 3
due to its status as a Smaller Reporting Company.




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ITEM4T.
            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 June 30, 2009.
They have concluded that, as of June 30, 2009 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 June 30, 2008 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.




PART II




OTHER
INFORMATION





ITEM
      1.
            LEGAL
      PROCEEDINGS





The
Company is not a party to any material pending legal proceedings or, to the best
of its knowledge, a proceeding being contemplated by a governmental authority,
nor is any of the Company’s property the subject of any pending legal
proceedings or a proceeding being contemplated by a governmental authority
except for the following:




·
            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 complaint was
      filed in the Superior Court of the State of California, For the County of
      Los Angeles, Central District. Allied is seeking a declaratory judgment
      from the court which would exclude various account receivables (the
      “Disputed Account Receivables”) from the Contracts.  Allied is
      also seeking a temporary restraining order and preliminary injunction
      restricting the Company from attempting to seize or collecting the
      Disputed Account Receivables.  The Company filed a cross
      complaint on July 15, 2005.  In the cross complaint, the Company
      is seeking an accounting, a mandatory injunction for specific performance
      of the Contracts and damages in the amount of $21,000,000 in connection
      with Allied’s alleged breach of contract, fraud, intentional interference
      with prospective economic advantage, breach of good faith, breach of
      fiduciary duty, conversion and slander.  The Company and Allied
      have reached a settlement in connection with this matter. Allied has
      dropped all its claims and agreed to pay all funds received since the
      purchase of Allied’s portfolio in April 2005. The settlement agreement was
      executed on February 10, 2006 and the Company received the first
      settlement payment on March 1, 2006 and the final settlement payment in
      January 2008.






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




None.




ITEM
      3.
            DEFAULTS
      UPON SENIOR SECURITIES




None.




ITEM
      4.
            SUBMISSION
      OF MATTERS TO VOTE OF SECURITY
HOLDERS




None.




ITEM
      5.
            OTHER
      INFORMATION




None.




There
were no material changes to the procedures by which security holders may
recommend nominees to the registrant’s board of directors.




ITEM
      6.
            EXHIBITS





Exhibits:




ExhibitNumber
            
            Description31.1
            
            Certification
      by Principal Executive Officer pursuant to Sarbanes Oxley Section
      302(1)31.2
            
            Certification
      by Principal Financial Officer pursuant to Sarbanes Oxley Section
      302(1)32.1
            
            Certification
      by Principal Executive Officer a pursuant to 18 U.S.C. Section
      1350(1)32.2
            
            Certification
      by Principal Financial Officer a pursuant to 18 U.S.C. Section
      1350(1)





(1)
            Filed
      herewith.








- 25
-




SIGNATURES





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






RECEIVABLE ACQUISITION &
MANAGEMENT CORPORATION


Date: 
August 14, 2009




By: 
/s/  Max Khan


Max
Khan


Chief
Executive Officer


(Principal
executive officer)


Chief
Financial Officer


(Principal
financial and accounting officer)








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