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

                                   FORM 10-QSB

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

                                     1-9370

                            (COMMISSION FILE NUMBER)

                     FOR THE QUARTERLY PERIOD JUNE 30, 2006

                                       FOR

                 RECEIVABLE ACQUISITION & MANAGEMENT CORPORATION

             (Exact Name of Registrant as Specified in the Charter)

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

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

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

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

As of August 10, 2006, there were 17,808,917 shares of the Registrant's Common
Stock, $0.001 par value per share, outstanding.

Transitional Small Business Disclosure Format Yes [ ] No [X]

<PAGE>

                 RECEIVABLE ACQUISITION & MANAGEMENT CORPORATION

                  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2006


                                TABLE OF CONTENTS

PART I    FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS                                               4

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION &
          OPERATIONS                                                        19

          RISK FACTORS                                                      24

ITEM 3.   CONTROLS AND PROCEDURES                                           24

PART II   OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS                                                 25

ITEM 2.   UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS       26

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES                                   26

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS               26

ITEM 5.   OTHER INFORMATION                                                 26

ITEM 6.   EXHIBITS                                                          26

SIGNATURES                                                                  27


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



                                        2
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES

                             CONDENSED CONSOLIDATED
                        FINANCIAL STATEMENTS - UNAUDITED

                FOR THE NINE MONTHS ENDED JUNE 30, 2006 AND 2005


       INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (UNAUDITED)
                FOR THE NINE MONTHS ENDED JUNE 30, 2006 AND 2005


                                                                          Pages
      Condensed Consolidated Balance Sheet                                 4-5
      as of June 30, 2006 - Unaudited


      Condensed Consolidated Statements of Income (Operations)              6
      For the Nine Months and Three Months
      Ended June 30, 2006 and 2005- Unaudited


      Condensed Consolidated Statements of Cash Flows For the Nine          7
      Months Ended June 30, 2006 and 2005 - Unaudited


      Notes to Condensed Consolidated Financial Statements                8-18



                                        3
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
                CONDENSED CONSOLIDATED BALANCE SHEET - UNAUDITED
                                  JUNE 30, 2006


                                     ASSETS



CURRENT ASSETS
  Cash                                      $  105,203
  Finance receivables - short term          $  328,557
  Prepaid asset                                 15,000
                                            ----------

          TOTAL CURRENT ASSETS                 448,760
                                            ----------

OTHER ASSETS
  Finance receivables - long-term              667,070
                                            ----------

          TOTAL OTHER ASSETS                   667,070
                                            ----------

TOTAL ASSETS                                $1,115,830
                                            ==========


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



                                        4
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
          CONDENSED CONSOLIDATED BALANCE SHEET (CONTINUED) - UNAUDITED
                                  JUNE 30, 2006


                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)


CURRENT LIABILITIES
   Accrued and other expenses                                     $   25,961
   Preferred stock dividend payable                                   30,000
   Notes Payable                                                       8,103
   Notes Payable -short term                                         137,673
   Income tax payable                                                 28,027
                                                                  ----------

          TOTAL CURRENT LIABILITIES                                  229,764
                                                                  ----------

LONG -TERM LIABILITIES
   Note Payable - long term                                           34,578
                                                                  ----------

TOTAL LIABILITIES                                                    264,342
                                                                  ----------

STOCKHOLDERS' EQUITY (DEFICIT)
   Preferred stock, par value $10 per share;
       authorized 10,000,000 shares, 80,000 shares issued
       and outstanding at June 30, 2006                              800,000
   Common stock, par value $.001 per share;
       authorized 325,000,000 shares issued and 17,808,917
       outstanding at June 30, 2006                                   17,809
   Retained earnings                                                  33,679
                                                                  ----------

           TOTAL STOCKHOLDERS' EQUITY                                851,488
                                                                  ----------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)              $1,115,830
                                                                  ==========



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



                                        5
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
           FOR THE NINE AND THREE MONTHS ENDED JUNE 30, 2006 AND 2005

<TABLE>
<CAPTION>
                                                                  FOR THE NINE MONTHS ENDED        FOR THE NINE MONTHS ENDED
                                                                           JUNE 30,                        JUNE 30,
                                                                    2006            2005             2006            2005
                                                               ------------     ------------     ------------     ------------

<S>                                                            <C>              <C>              <C>              <C>
REVENUES
    FINANCING INCOME                                           $    260,186     $    262,210     $     85,613     $     71,322
    GAIN ON SALE OF FINANCE RECEIVABLE                              199,591           87,514          180,257               --
    SERVICE INCOME                                                  167,316           93,920           70,230           25,887
                                                               ------------     ------------     ------------     ------------
                            TOTAL INCOME                            627,093          443,644          336,100           97,209

COSTS AND EXPENSES
    Selling, general and administrative                             509,184          412,058          157,968          132,189
                                                               ------------     ------------     ------------     ------------
                            TOTAL COSTS AND EXPENSES                509,184          412,058          157,968          132,189
                                                               ------------     ------------     ------------     ------------

NET INCOME (LOSS) BEFORE OTHER INCOME                               117,909           31,586          178,132          (34,980)

OTHER INCOME (LOSS)
   Other income (loss) - loss on sale of finance receivable          (5,409)              --               --
   Interest income                                                      688            1,430              194              183
   Interest expense                                                  (3,281)              --           (3,281)              --
                                                               ------------     ------------     ------------     ------------
                            TOTAL OTHER INCOME (LOSS)                (8,002)           1,430           (3,087)             183
                                                               ------------     ------------     ------------     ------------


NET INCOME (LOSS) BEFORE PROVISION FOR INCOME TAX              $    109,907     $     33,016     $    175,045     $    (34,797)

PROVISION FOR INCOME TAXES                                          (28,027)         (20,583)         (28,027)              --
                                                               ------------     ------------     ------------     ------------

NET INCOME (LOSS)                                                    81,880           12,433          147,018          (34,797)

LESS PREFERRED STOCK DIVIDEND                                       (30,000)         (30,000)         (10,000)         (10,000)
                                                               ------------     ------------     ------------     ------------

INCOME (LOSS) APPLICABLE TO COMMON STOCK                       $     51,880     $    (17,567)    $    137,018     $    (44,797)
                                                               ------------     ------------     ------------     ------------

BASIC INCOME (LOSS) PER COMMON SHARE                           $       0.00     $       0.00     $       0.01     $      (0.00)
                                                               ============     ============     ============     ============

DILUTED INCOME (LOSS)
PER COMMON SHARE                                               $       0.00     $      (0.00)    $       0.01     $      (0.00)
                                                               ============     ============     ============     ============

WEIGHTED AVERAGE OUTSTANDING SHARES
OF COMMON STOCK - BASIC                                          17,338,510       14,962,909       17,808,917       15,070,601
                                                               ============     ============     ============     ============

WEIGHTED AVERAGE OUTSTANDING SHARES
OF COMMON STOCK - DILUTED                                        19,634,510       21,212,909       20,104,917       21,320,601
                                                               ============     ============     ============     ============
</TABLE>


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

                                        6
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
                FOR THE NINE MONTHS ENDED JUNE 30, 2006 AND 2005

<TABLE>
<CAPTION>
                                                                        2006            2005
                                                                    -----------     -----------
<S>                                                                 <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income (Loss)                                                 $    81,880     $    12,433
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:

CHANGES IN CERTAIN ASSETS AND LIABILITIES
Proceeds from sale of portfolio - net of gain                           142,415         205,736
Acquisition of finance receivables, net of buybacks                    (642,185)     (1,033,183)
Collections applied to principal on finance receivables                 336,455         405,982
(Increase) Decrease in Prepaid expenses & exchange account              (15,000)         96,295
(Decrease) Increase Accounts payable - Trade                            (18,238)        (66,247)
(Decrease) Increase Accrued Expenses                                    (15,226)         42,312
Increase in liabilty for stock to be issued                               3,750
(Decrease) in note payable                                              (45,000)             --
(Decrease) Increase in Income taxes                                      28,027         (18,455)
                                                                    -----------     -----------

          NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES          (146,872)       (351,377)
                                                                    -----------     -----------

CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock                                                     --           1,500
Repurchase of warrants                                                 (112,600)       (100,000)
Proceeds from notes payable                                             172,251          80,000
Preferred stock dividend                                                (20,000)        (30,000)
                                                                    -----------     -----------

             NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES         39,651         (48,500)

NET (DECREASE) IN CASH                                                 (107,221)       (399,877)

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD                         212,424         486,124
                                                                    -----------     -----------

CASH AND CASH EQUIVALENTS - END OF PERIOD                           $   105,203     $    86,247
                                                                    ===========     ===========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
  Issuance of Common Stock for:
   Conversion of notes payable                                      $    16,897     $     5,000
                                                                    ===========     ===========
</TABLE>


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

                                        7
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             JUNE 30, 2006 AND 2005


NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      A. THE COMPANY AND PRESENTATION

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

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

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

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



                                        8
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES

        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                             JUNE 30, 2006 AND 2005


NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

      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.

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

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

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

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

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

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

      The Company acquired on April 11, 2005 a portfolio with a face value of
      $5,500,000 for $375,000.


                                        9
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                             JUNE 30, 2006 AND 2005


NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

      B. FINANCE RECEIVABLES (CONTINUED)

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

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

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

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

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

      During the quarter ending March 31, 2006, the Company acquired total
      portfolios for $207,459. The Company will use for these portfolios the
      "Recovery Method" for revenue recognition under which no revenue is
      recognized until the investment amount of $207,459 has been recovered.

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

      During the quarter ending June 30, 2006, the Company acquired total
      portfolios for $434,726. The Company will use for these portfolios the
      "Recovery Method" for revenue recognition under which no revenue is
      recognized until the investment amount of $434,726 has been recovered.

      The Company sold a financial receivable portfolio on April 28th 2006. The
      face amount of the portfolio is $4,107,881. The portfolio was sold for
      $205,394 or approximately 5% of the portfolio's face value. The Company
      recognized a gain of $180,256 on the sale.

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



                                       10
<PAGE>

        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                             JUNE 30, 2006 AND 2005

NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

      B. FINANCE RECEIVABLES (CONTINUED)


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


      Changes in finance receivables for the nine months ended June 30, 2006
      were as follows:

                                                           Nine Months Ended
                                                             June 30, 2006
                                                              -----------
      Balance at the end of the period October 1, 2005        $   832,312
      Acquisition of finance receivables                          642,185
      Cash collections applied to principal                      (336,455)
      Sale of portfolio - net of gain                            (142,415)
                                                              -----------
      Balance at the end of the period                        $   995,627
                                                              ===========
      Estimated Remaining Collections ("ERC") *               $ 2,790,883
                                                              ===========

      o     Estimated remaining collection refers to the sum of all future
            projected cash collections from acquired portfolios. ERC is not a
            balance sheet item, however, it is provided for informational
            purposes. Income recognized on finance receivables was $260,186 and
            $262,210 for the nine months ending June 30, 2006 and 2005,
            respectively.


      C. PRINCIPLES OF CONSOLIDATION

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


                                       11
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                             JUNE 30, 2006 AND 2005


NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

      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,
      2006.

      The Company maintains cash and cash equivalents balances at financial
      institutions that are insured by the Federal Deposit Insurance Corporation
      up to $100,000. At June 30, 2006 and 2005, the Company's uninsured cash
      balances total $5,203 and $0 respectively.

      E. FURNITURE AND EQUIPMENT

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

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

      F. INCOME TAXES

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

      G. USE OF ESTIMATES

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


                                       12
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                             JUNE 30, 2006 AND 2005


NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)


      H. STOCK-BASED COMPENSATION

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

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

      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.

      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
      (loss) per share (EPS) include additional dilution from common stock
      equivalents, such as stock issuable pursuant to the exercise of stock
      options and warrants. Common stock equivalents were not included in the
      computation of diluted earnings per share when the Company reported a loss
      because to do so would be antidilutive for periods presented.

                                       13
<PAGE>

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

                                              June 30,        June 30,
                                                2006            2005
                                            ------------    ------------
      Net income (loss) after payment of
          preferred dividend                $     51,880    $    (17,567)
                                            ------------    ------------
      Weighted-average common shares
      Outstanding (Basic)                     17,338,510      14,962,909

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

      Weighted-average common shares
      Outstanding (Diluted)                   19,634,510      22,212,909
                                            ============    ============

      J. RECENT ACCOUNT PRONOUNCEMENTS

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

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

                                       14
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                             JUNE 30, 2006 AND 2005


NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

      K. RECENT ACCOUNT PRONOUNCEMENTS (CONTINUED)

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

      L. RECLASSIFICATION

      Certain amounts in the June 30, 2005 Financial Statements have been
      reclassified to conform to the 2006 presentation.

NOTE 2- NOTES PAYABLE

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

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


NOTE 2- NOTES PAYABLE (CONTINUED)

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

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

                                       15
<PAGE>

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

      E. On April 10, 2006, the Company issued a convertible note offering in
      the amount of $300,000. The company intended to repay the holder of the
      convertible note in 18 payments of $ 18,155 from the date of issuance of
      the convertible note at a rate of 11% per annum on or before October 7,
      2007 (the "Maturity Date"). However, the Company repaid $116,000 of the
      principal on May 11, 2006. The repayment terms, as of May 11, 2006 were
      restated as $11,738, per month until October 7, 2007. The interest rate of
      11% per annum will not change.


NOTE 3- STOCK OPTIONS

      In April 2004, the Company adopted a stock option plan upon approval by
      the shareholders art the Annual General Meeting under which selected
      eligible key employees of the Company are granted the opportunity to
      purchase shares of the Company's common stock. The plan provides that
      37,500,000 shares of the Company's authorized common stock be reserved for
      issuance under the plan as either incentive stock options or non-qualified
      options. Options are granted at prices not less than 100 percent of the
      fair market value at the end of the date of grant and are exercisable over
      a period of ten years or a long as that person continues to be employed or
      serve on the on the Board of Directors, whichever is shorter. At June 30,
      2006, the Company had 950,000 options outstanding under this plan.


NOTE 4- INCOME TAXES

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

                                                 June 30,     June 30,
                                                   2006         2005
                                                 -------      -------
           Provision

           Current:
                Federal                          $21,916      $ 9,625
                State and Local                    6,111       10,958
                                                 -------      -------

                   Total Current                  28,027       20,583

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

           Total provision for income taxes      $28,027      $20,583
                                                 =======      =======

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

                                       16
<PAGE>

       RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                             JUNE 30, 2006 AND 2005


NOTE 5- STOCK HOLDERS' EQUITY (EQUITY)

      There were 325,000,000 shares of common stock authorized, with 17,808,917
      and 15,070,601 shares issued and outstanding at June 30, 2006 and 2005,
      respectively. The par value for the common stock is $.001 per share.

      The following details the stock transactions for the periods ended June
      30, 2006 and 2005.

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

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

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

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

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

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

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

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

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

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

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

                                       17
<PAGE>

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

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

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

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

      The Company repurchased 150,000 shares of common stock during May 2006.
      The shares will be retired in August 2006. Currently, the purchase is
      accounted for as a prepaid asset. The shares were repurchased for $.10 per
      share for a total amount of $15,000.


      PREFERRED STOCK

      There were 10,000,000 shares of preferred stock authorized, with 80,000
      issued an outstanding as of June 30, 2006 and 2005. The par value for the
      preferred shares is $10 per share.




                                       18
<PAGE>

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

This "Management's Discussion and Analysis of Financial Condition and Results of
Operations" should be read in conjunction with "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the Annual Report
on Form 10-K as of and for the year ended September 30, 2004 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:

      o     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;

      o     ability to acquire sufficient portfolios;

      o     ability to recover sufficient amounts on acquired portfolios;

      o     a decrease in collections if bankruptcy filings increase or if
            bankruptcy laws or other debt collection laws change;

      o     changes in government regulations that affect the Company's ability
            to collect sufficient amounts on its acquired or serviced
            receivables;

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

      o     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;

      o     the degree and nature of the Company's competition; and


      o     our ability to respond to changes in technology and increased
            competition;

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


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 $2.1 million in invested capital. The
Company continues to seek additional capital to invest into additional
portfolios but it cannot provide any assurances that it will be able to raise or
generate such capital.

                                       19
<PAGE>

RESULTS OF OPERATIONS

OVERVIEW

The Company continues to execute its long term strategy. With several
relationships in place with debt sellers, the Company is now in discussions with
several lenders for a credit facility which will allow us to acquire larger
portfolios although it cannot provide any guarantees that it will be successful
in any obtaining any such credit facility or finalizing any such acquisition.
The following table summarizes collections, revenues, operating expenses, income
before taxes and fully diluted net income.

                                     THREE MONTHS ENDED JUNE 30, 2006
                             -------------------------------------------------
                                2006         2005       $ CHANGE      % CHANGE
                             -------------------------------------------------

Net Collections              $ 302,535    $ 213,575     $  88,960        42%

Finance Income               $  85,613    $  71,322     $  14,291        17%
     as a % of Collections       28%          33%                       as a %

Servicing Income             $  70,230    $  25,887     $  44,343        63%


Operating Expenses           $ 157,968    $ 132,189     $  25,779        20%

Income Before Taxes          $ 175,045     ($34,797)    $ 209,842       603%

Fully Diluted EPS            $   0.010      ($0.002)    $   0.012       600%


REVENUE

The Company had a net income of $137,018 during the quarter ended June 30, 2006
versus a net loss of $44,797 during the quarter ended June 30, 2005. For the
nine months ended June 30, 2006 the Company had revenue of $627,093 and a net
income of $81,880 versus revenue of $443,644 and net income of $12,433 during
nine months ended June 30, 2005.The Company generated $336,100 in total revenue
during the quarter ended June 30, 2006 versus $97,209 for quarter ended June 30,
2005. Total revenue for the quarter ended June 30, 2005 included $85,613 finance
income and $70,230 servicing income versus finance income of $71,322 and
servicing income of $25,887 during the quarter ended June 30, 2005. Finance
income increased by 17% or $14,291 compared to the quarter ended June 30, 2005
and declined by 13% or $12,824 compared to the quarter ended March 31, 2006.
Servicing income increased sequentially by 32% or $17,252 from the quarter ended
March 31, 2006. Servicing income is expected to decline due to additional
redemptions of shares in Ramco Income Fund. During the quarter, the Company
acquired two portfolios and the third tranche of a forward flow with total face
value of $6,052,952 for $642,185. The Company collected $302,535 during the
quarter ended June 30, 2006 versus $213,575 during the quarter ended June 30,
2005 but recognized only $85,613 as revenue versus $71,322 during the quarter
ended June 30, 2005. As a percentage, recognized revenue (finance income) was
28% versus 33% of total cash collected. The Company continues to remain
conservative in its revenue recognition policy.

                                       20
<PAGE>

OPERATING EXPENSES

Total operating expenses decreased by 20% or $25,779 from $157,968 during the
quarter ended June 30, 2006 when compared to $132,189 for the three months ended
June 30, 2005 and sequentially decreased by 11% or $20,775 when compared to
quarter ended March 31, 2006. The Company does not expect the overall expenses
to rise materially for the remainder of the year.

RENT AND OCCUPANCY

Rent and occupancy expenses were $9,212 for the three month ended June 30, 2006
versus $8,350 for the three months ended June 30, 2005.

DEPRECIATION

The Company did not record any depreciation expense for the three months ended
June 30, 2006.

PURCHASE OF DEFAULTED RECEIVABLES

      During the three months ended June 30, 2006, the Company acquired
defaulted consumer receivables portfolios with aggregate face value amount of
$7,740,612 at a cost of $642,185. As a part of its strategy, the Company does
not do any in-house collection, but outsources collection to carefully selected
specialist debt collection agencies. The Company is currently working with four
collection agencies on a contingency basis. The contingency fees averaged 25.5%
during the quarter.

PORTFOLIO DATA

The following table shows the Company's portfolio buying activity during the
quarter, among other things, the purchase price, actual cash collections and
estimated cash collection as of June 30, 2006.

                                       ACTUAL CASH
PURCHASE PERIOD   PURCHASE PRICE(1)   COLLECTIONS (2)      ESTIMATED (3)
12/31/2003          $  569,070          $1,575,276          $  210,000
12/31/2004          $  100,444          $  131,326          $  130,550
 2/28/2005          $   81,076          $   92,428          $  106,379
 4/11/2005          $  375,000          $  202,275          $  398,223
 6/2/2005           $   37,660          $   42,118          $   69,985
 7/25/2005          $  177,668          $  136,164          $  280,936
 9/28/2005          $   61,974          $   32,782          $  133,870
12/28/2005          $   80,000          $   27,191          $  146,316
 1/3/2006           $   49,725          $   18,313          $   43,547
 3/9/2006           $  121,972          $   55,218          $  190,881
 4/2/2006           $  104,049          $   12,317          $  219,218
 4/7/2006           $  331,974          $   52,405          $  544,271
 6/7/2006           $   70,020          $    1,644          $  131,287
 6/14/2006          $   98,864          $   11,703          $  185,369

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

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

                                       21
<PAGE>

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

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

RECOVERY PARTNERS

The Company outsources all its recovery activities to carefully selected debt
collection agencies and network of collection attorneys with specific collection
expertise. The company is currently using four collection agencies and several
law firms in the U.S. and U.K. The average contingent collections fee is 30%
which rises during the later years of recovery.

SEASONALITY

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

CURRENCY RISK

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

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2006, the Company had a working capital of $229,764 versus
working capital of $285,028 as of the quarter ended June 30, 2005. The decline
in working capital is largely due to investment of $642,185 in additional
portfolios during the quarter ended June 30, 2006 versus $412,660 in the quarter
ended June 30, 2005. Working capital sequentially declined from $237,234 in
quarter ended March 31, 2006 due to issuance of note payable in the amount of
$300,000 and additional investment in portfolios. The Company believes that
funds generated from operations, together with existing cash will be sufficient
to finance its operations for the foreseeable future. For the nine months ended
June 30, 2005, the Company had net cash of $105,203 versus $86,247 at the end of
June 30, 2005 and $96,931 at the end of March 31, 2006. Net cash used by
operating activities was $176,872 for the nine months ended June 30, 2006 versus
$351,377 for the nine month ended June 30, 2005. Net cash provided by financing
activities was $69,651 for the nine months ended June 30, 2006 versus net cash
used by financing activities of $48,500 during the nine month ended June 30,
2005. The Company repurchased warrants for $112,600 and raised $300,000 through
the issuance of notes payable during the nine months ended June 30, 2006. The
Company did not raise any capital through issuance of securities during the nine
month ended June 30, 2005. Our primary investing activity to date has been the
purchase of charged-off consumer receivable portfolios. During the quarter ended
June 30, 2006, we invested $642,185 in three portfolios with a face value of
approximately $7.3 million.

Cash generated from operations is depended upon the Company's ability to collect
on its defaulted consumer receivables. Many factors, including the economy,
purchase price and the Company's ability to retain the services of its recovery
partners, are essential to generate cash flows. Fluctuations in these factors
that cause a negative impact on the Company's business could have a material
negative impact on its expected future cash flows. During the quarter, the
Company generated approximately $302,535 from collections, $70,230 from
servicing and $205,000 from portfolio resale.

                                       22
<PAGE>

The Company believes that funds generated from operations, together with
existing cash will be sufficient to finance its operations for the foreseeable
future The Company continues to work with a capital provider for a credit
facility that would allow the company to make larger portfolio acquisitions in
the near future. There is no assurance that the negotiations would be
successful.


INCOME TAXES

We recorded an income tax provision of $28,027 for the nine month ended June 30,
2006. The provision reflects an effective tax rate of 25%

CONTRACTUAL OBLIGATION

The Company entered into a 12 month lease with H&Q Global Services at $2,550 per
month plus variable expenses that include telecommunication, copier, postage and
delivery charges.

MARKET OUTLOOK FOR CHARGED-OFF RECEIVABLES

The current market remains quite challenging and it has become harder to buy
portfolios at rational prices. As a result the company is looking to diversify
into other asset classes where return objective can still be achieved. We expect
that over time, many of these new entrants to the market, whose business model
may be based on less than a multi-disciplined approach to purchasing and
collecting, will not generate the returns they anticipated. This may then reduce
their ability to access capital and potentially may require them to sell their
remaining portfolios and exit the market. Also, the sellers are increasing
turning to large buyers that has hampered our ability to invest our available
cash.

CRITICAL ACCOUNTING POLICY & 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.

                                       23
<PAGE>

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. CONTROLS AND PROCEDURES

                EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

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

                                       24
<PAGE>

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, 2005 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:


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

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

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

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<PAGE>

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

The Company repurchased 150,000 warrants at a price of $0.10 per warrant on
March 16, 2006. The total repurchase price was $15,000.


ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not Applicable.

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

Not Applicable.

ITEM 5. OTHER INFORMATION

Not Applicable

ITEM 6. EXHIBITS

                  Exhibits:

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

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


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<PAGE>

                                   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 15, 2005

                              By:  /s/ Max Khan
                                   ------------------------------------
                                   Max Khan
                                   Chief Executive Officer
                                   Chief Financial Officer
                                   Director


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


                                   /s/ MAX KHAN
                                   ------------------------------------
                                   By: Max Khan
                                   Chief Executive Officer,
                                   Chief Financial Officer and Director
                                   Date: August 15, 2005






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