**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-Q**

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

**EXCHANGE      ACT OF 1934**

**1-9370**

**FOR      THE QUARTERLY PERIOD JUNE 30, 2008**

**RECEIVABLE      ACQUISITION & MANAGEMENT CORPORATION**

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

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**RECEIVABLE      ACQUISITION & MANAGEMENT CORPORATION**

**FOR      THE QUARTERLY PERIOD ENDED JUNE 30, 2008**

**TABLE      OF CONTENTS**

| PART                I  |   |   | FINANCIAL                INFORMATION                                                                             |     |
|------------------------|--------|--------|------------------------------------------------------------------------------------------------------------------|----------|
| ITEM                1. |   |   | FINANCIAL                STATEMENTS                                                                              | 4        |
| ITEM                2. |   |   | MANAGEMENT’S                DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION &                OPERATIONS | 15       |
|                        |   |   | RISK                FACTORS                                                                                      | 20       |
| ITEM                3. |   |   | CONTROLS                AND PROCEDURES                                                                           | 20       |
| PART                II |   |   | OTHER                INFORMATION                                                                                 | 21       |
| ITEM                1. |   |   | LEGAL                PROCEEDINGS                                                                                 | 21       |
| ITEM                2. |   |   | UNREGISTERED                SALES OF EQUITY SECURITIES AND USE OF PROCEEDS                                       |  22 |
| ITEM                3. |   |   | DEFAULTS                UPON SENIOR SECURITIES                                                                   | 22       |
| ITEM                4. |   |   | SUBMISSION                OF MATTERS TO A VOTE OF SECURITY HOLDERS                                               | 22       |
| ITEM                5. |   |   | OTHER                INFORMATION                                                                                 | 22       |
| ITEM                6. |   |   | EXHIBITS                                                                                                         |  22 |
| SIGNATURES             |   |   |                                                                                                             |  23 |

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

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**RECEIVABLE      ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

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

**FOR      THE NINE MONTHS ENDED JUNE 30, 2008 AND 2007**

**CONDENSED      CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED**

|                                                                                                                                                                      |   |   | Pages  |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|
| Condensed                Consolidated Balance Sheets as of June 30, 2008(Unaudited)                and September                30, 2007 (audited).                       |   |   | 4      |   |
|                                                                                                                                                                      |   |   |   |   |
| Condensed                Consolidated Statements of Operations for the nine months and                threeMonths                ended June 30, 2008 and 2007 (Unaudited) |   |   | 5      |   |
|                                                                                                                                                                      |   |   |   |   |
| Condensed                Consolidated Statements of Cash Flows for the nine months ended                June                30, 2008 and 2007                (Unaudited)  |   |   | 6      |   |
|                                                                                                                                                                      |   |
| Notes                to Condensed Consolidated Financial Statements                                                                                                  |   |   | 7-14   |   |

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**ITEM      1.**

| **RECEIVABLEACQUISITION                  AND MANAGEMENT CORPORATION AND SUBSIDIARIES** |
|----------------------------------------------------------------------------------------|
| **CONDENSED                  CONSOLIDATED BALANCE                  SHEETS**            |

|                                                                                                                              |   |                          |     |                               |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|----------|------------------------------------|--------|
|                                                                                                                              |   | **June                  30,** |     | **September                  30,** |   |
|                                                                                                                              |   | **2008**                      |     | **2007**                           |   |
|                                                                                                                              |   | **(Unaudited)**               |     | **(Audited)**                      |   |
| **ASSETS**                                                                                                                        |   |                          |     |                               |   |
|                                                                                                                              |   |                          |     |                               |   |
| **CURRENT                  ASSETS**                                                                                               |   |                          |     |                               |   |
| Cash                                                                                                                              |   | $                             | 255,817  |                               | $      | 286,530 |   |
| Prepaid                  Expenses                                                                                                 |   |                          | 1,090    |                               |   | 1,241 |   |
| Finance                  receivables - short term                                                                                 |   |                          | 88,487   |                               |   | 123,959 |   |
|                                                                                                                              |   |                          |     |                               |   |   |   |
| **Total                  current assets**                                                                                         |   |                          | 345,394  |                               |   | 411,730 |   |
|                                                                                                                              |   |                          |     |                               |   |   |   |
| **OTHER                  ASSETS**                                                                                                 |   |                          |     |                               |   |   |   |
| Finance                  receivables - long-term                                                                                  |   |                          | 176,975  |                               |   | 248,290 |   |
|                                                                                                                              |   |                          |     |                               |   |   |   |
| **Total                  other assets**                                                                                           |   |                          | 176,975  |                               |   | 248,290 |   |
|                                                                                                                              |   |                          |     |                               |   |   |   |
| **TOTAL                  ASSETS**                                                                                                 |   | $                             | 522,369  |                               | $      | 660,020 |   |
|                                                                                                                              |   |                          |     |                               |   |   |   |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY (DEFICIT)**                                                               |   |                          |     |                               |   |   |   |
|                                                                                                                              |   |                          |     |                               |   |   |   |
| **CURRENT                  LIABILITIES**                                                                                          |   |                          |     |                               |   |   |   |
| Accrued                  and other expenses                                                                                       |   | $                             | 52,860   |                               | $      | 53,924 |   |
| Stock                  to be issued                                                                                               |   |                          | -        |                               |   | 1,500 |   |
| Notes                  Payable -short term                                                                                        |   |                          | -        |                               |   | 191,257 |   |
|                                                                                                                              |   |                          |     |                               |   |   |   |
| **Total                  current liabilities**                                                                                    |   |                          | 52,860   |                               |   | 246,681 |   |
|                                                                                                                              |   |                          |     |                               |   |   |   |
| **LONG                  TERM LIABILITIES**                                                                                        |   |                          |     |                               |   |   |   |
| Notes                  payable -long term                                                                                         |   |                          | -        |                               |   | 133,021 |   |
|                                                                                                                              |   |                          |     |                               |   |   |   |
| **TOTAL                  LIABILITIES**                                                                                            |   |                          | 52,860   |                               |   | 379,702 |   |
|                                                                                                                              |   |                          |     |                               |   |   |   |
| **STOCKHOLDERS'                  EQUITY (DEFICIT)**                                                                               |   |                          |     |                               |   |   |   |
| Preferred                  stock, par value $10 per share;                                                                        |   |                          |     |                               |   |   |   |
| authorized                  10,000,000 shares, 0 shares issued                                                                    |   |                          |     |                               |   |   |   |
| and                  outstanding                                                                                                  |   |                          | -        |                               |   | - |   |
| Common                  stock, par value $.001 per share; 325,000,000 shares                  authorized                          |   |                          |     |                               |   |   |   |
| and                  17,122,896 shares issued and outstanding at June 30, 2008 & Dec. 31,                  2007.              |   |                          | 17,123   |                               |   | 16,929 |   |
| Additional                  paid-in capital                                                                                       |   |                          | 628,535  |                               |   | 627,380 |   |
| Accumulated                  deficit                                                                                              |   |                          | (176,149 | )                                  |   | (363,991 | ) |
| **Total                  stockholders' (deficit)**                                                                                |   |                          | 469,509  |                               |   | 280,318 |   |
|                                                                                                                              |   |                          |     |                               |   |   |   |
| **TOTAL                  LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)**                                                         |   | $                             | 522,369  |                               | $      | 660,020 |   |
|                                                                                                                              |   |                          |     |                               |   |   |   |
| The                  accompanying notes are an integral part of the condensed consolidated                  financial statements. |

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| **RECEIVABLEACQUISITION                  AND MANAGEMENT CORPORATION AND SUBSIDIARIES**              |
|-----------------------------------------------------------------------------------------------------|
| **CONDENSED                  CONSOLIDATED STATEMENTS OF INCOME(LOSS)                  (UNAUDITED)** |
| **FOR                  THENINEAND THREEMONTHS ENDED JUNE30, 2008 AND                  2007**        |

|                                                                                                                              |   |                                           |       |                                            |   |       |   |     |       |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|------------|-------------------------------------------------|--------|------------|--------|----------|------------|
|                                                                                                                              |   | **FOR                  THE NINE MONTHS ENDED** |       | **FOR                  THE THREE MONTHS ENDED** |   |
|                                                                                                                              |   | **JUNE                  30,**                  |       | **JUNE                  30,**                   |   |
|                                                                                                                              |   | **2008**                                       |       | **2007**                                        |   | **2008**   |   | **2007** |       |
| **REVENUES**                                                                                                                      |   |                                           |       |                                            |   |       |   |     |       |
| Financing                  income                                                                                                 |   | $                                              | 396,722    |                                            | $      | 171,201    |   | $        | 99,824     |   | $ | 51,464 |   |
| Gain                  on sales of finance receivable                                                                              |   |                                           | 35,910     |                                            |   | 18,334     |   |     | (11,034    | ) |   | - |   |
| Service                  income and other                                                                                         |   |                                           | 81,271     |                                            |   | 81,819     |   |     | 42,126     |   |   | 11,554 |   |
| **TOTAL                  INCOME**                                                                                                 |   |                                           | 513,903    |                                            |   | 271,354    |   |     | 130,916    |   |   | 63,018 |   |
|                                                                                                                              |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
| **COSTS                  AND EXPENSES**                                                                                           |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
| Selling,                  general and administrative                                                                              |   |                                           | 372,027    |                                            |   | 539,783    |   |     | 91,335     |   |   | 161,653 |   |
| **Total                  costs and expenses**                                                                                     |   |                                           | 372,027    |                                            |   | 539,783    |   |     | 91,335     |   |   | 161,653 |   |
|                                                                                                                              |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
| **NET                  INCOME (LOSS) BEFORE OTHER INCOME**                                                                        |   |                                           | 141,876    |                                            |   | (268,429   | )      |     | 39,581     |   |   | (98,635 | ) |
|                                                                                                                              |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
| **OTHER                  INCOME (LOSS)**                                                                                          |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
| Loss                  on sale of finance receivables                                                                              |   |                                           | -          |                                            |   | (15,205    | )      |     | -          |   |   | - |   |
| Interest                  income                                                                                                  |   |                                           | 6,573      |                                            |   | 700        |   |     | 2,387      |   |   | 344 |   |
| Interest                  expense                                                                                                 |   |                                           | (19,921    | )                                               |   | (9,598     | )      |     | (7,385     | ) |   | (9,598 | ) |
| Other                  income (loss)                                                                                              |   |                                           | 59,314     |                                            |   | -          |   |     | (3,585     | ) |   | - |   |
| Total                  other Income (Loss)                                                                                        |   |                                           | 45,966     |                                            |   | (24,103    | )      |     | (8,583     | ) |   | (9,254 | ) |
|                                                                                                                              |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
|                                                                                                                              |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
| **NET                  INCOME (LOSS) BEFORE PROVISION FOR INCOME TAX**                                                            |   | $                                              | 187,842    |                                            | $      | (292,532   | )      | $        | 30,998     |   | $ | (107,889 | ) |
|                                                                                                                              |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
| **PROVISION                  FOR INCOME TAXES**                                                                                   |   |                                           | -          |                                            |   | -          |   |     | -          |   |   | - |   |
|                                                                                                                              |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
| **NET                  (LOSS) APPLICABLE TO COMMON STOCK**                                                                        |   | $                                              | 187,842    |                                            | $      | (292,532   | )      | $        | 30,998     |   | $ | (107,889 | ) |
|                                                                                                                              |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
| **BASIC                  INCOME (LOSS) PER COMMON SHARE**                                                                         |   | $                                              | 0.01       |                                            | $      | (0.02      | )      | $        | -          |   | $ | (0.01 | ) |
|                                                                                                                              |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
| **DILUTED                  INCOME (LOSS) PER COMMON SHARE**                                                                       |   | $                                              | 0.01       |                                            | $      | -          |   | $        | -          |   | $ | - |   |
|                                                                                                                              |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
| **WEIGHTED                  AVERAGE OUTSTANDING SHARES**                                                                          |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
| **OF                  COMMON STOCK - BASIC**                                                                                      |   |                                           | 17,108,107 |                                            |   | 16,949,283 |   |     | 17,122,896 |   |   | 16,928,917 |   |
|                                                                                                                              |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
| **WEIGHTED                  AVERAGE OUTSTANDING**                                                                                 |   |                                           |       |                                            |   |       |   |     |       |   |   |   |   |
| **SHARES**OF COMMON STOCK - DILUTED                                                                                               |   |                                           | 19,004,107 |                                            |   | 19,045,283 |   |     | 19,018,896 |   |   | 19,024,917 |   |
|                                                                                                                              |   |                                           |       |
| The                  accompanying notes are an integral part of the condensed consolidated                  financial statements. |

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| **RECEIVABLEACQUISITION                  AND MANAGEMENT CORPORATION AND SUBSIDIARIES** |
|----------------------------------------------------------------------------------------|
| **CONDENSED                  CONSOLIDATED STATEMENTS OF CASH FLOWS****(UNAUDITED)**    |
| **FOR                  THENINEMONTHS ENDED JUNE30, 2008 AND 2007**                     |
|                                                                                   |

|                                                                      |   | **2008** |     | **2007** |   |
|---------------------------------------------------------------------------|--------|----------|----------|----------|--------|
| **CASH                  FLOWS FROM OPERATING ACTIVITIES:**                |   |     |     |     |   |
| Net                  (Loss)                                               |   | $        | 187,842  |     | $      | (292,532 | ) |
| **Adjustments                  to reconcile net (loss) to**               |   |     |     |     |   |   |   |
| **net                  cash provided by (used in) operating activities:** |   |     |     |     |   |   |   |
|                                                                      |   |     |     |     |   |   |   |
| **Changes                  in Certain Assets and Liabilities**            |   |     |     |     |   |   |   |
| Proceeds                  from sale of portfolio - net of gain            |   |     | 177,545  |     |   | 227,907 |   |
| Acquisition                  of finance receivables, net of buybacks      |   |     | (201,982 | )        |   | (397,808 | ) |
| Collections                  applied to principal on finance receivables  |   |     | 131,224  |     |   | 504,602 |   |
| (Increase)                  decrease in prepaid expenses                  |   |     | (151     | )        |   | (1,090 | ) |
| Increase                  (decrease) accrued expenses                     |   |     | (56,063  | )        |   | 46,638 |   |
| Increase                  in liability for stock to be issued             |   |     | -        |     |   | 1,500 |   |
| (Decrease)                  Increase in Income Taxes                      |   |     | -        |     |   | (1,900 | ) |
|                                                                      |   |     |     |     |   |   |   |
| **Net                  cash provided by (used in) operating activities**  |   |     | 238,415  |     |   | 87,317 |   |
|                                                                      |   |     |     |     |   |   |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES**                 |   |     |     |     |   |   |   |
| Repurchase                  of retired common stock                       |   |     | 150      |     |   | (55,000 | ) |
| Payments                  on notes payable                                |   |     | (269,278 | )        |   | (217,548 | ) |
| Proceeds                  from Note Payable                               |   |     | -        |     |   | 300,000 |   |
|                                                                      |   |     |     |     |   |   |   |
| **Net                  cash provided by (used in) financing activities**  |   |     | (269,128 | )        |   | 27,452 |   |
|                                                                      |   |     |     |     |   |   |   |
| **NET                  INCREASE(DECREASE) IN CASH**                       |   |     | (30,713  | )        |   | 114,769 |   |
|                                                                      |   |     |     |     |   |   |   |
| **CASH                  AND CASH EQUIVALENTS - BEGINNING OF PERIOD**      |   |     | 286,530  |     |   | 154,640 |   |
|                                                                      |   |     |     |     |   |   |   |
| **CASH                  AND CASH EQUIVALENTS - END OF PERIOD**            |   | $        | 255,817  |     | $      | 269,409 |   |
|                                                                      |   |     |     |     |   |   |   |
| **SUPPLEMENTAL                  DISCLOSURE OF CASH FLOW INFORMATION**     |   |     |     |     |   |   |   |
| **Issuance                  of Common Stock for:**                        |   |     |     |     |   |   |   |
| Conversion                  of preferred stock                            |   | $        | -        |     | $      | 800,000 |   |
| Conversion                  of preferred stock payable                    |   | $        | -        |     | $      | 20,000 |   |
|                                                                      |   |     |     |     |   |   |   |
| **Retirement                  of Common Stock for:**                      |   |     |     |     |   |   |   |
| Repurchase                  of Common Stock - Non cash                    |   | $        | -        |     | $      | 160,000 |   |
|                                                                      |   |     |     |     |   |   |   |
|                                                                           |

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**RECEIVABLE          ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**JUNE          30, 2008 AND 2007 (UNAUDITED)**

|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
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| **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, 2007 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.                                                                                                                                                                                                                                                        |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                       | During                the quarter ended June 30, 2008, the Company neither acquired nor                sold any                finance receivables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

----

**RECEIVABLE          ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**JUNE          30, 2008 AND 2007 (UNAUDITED)**

| **NOTE                1-** | **SUMMARY                OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                       | **B.** **FINANCE                RECEIVABLES (CONTINUED)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                       | 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. During the quarter ended June 30, 2008 the                Company                was required to refund to the purchaser of these portfolios $11,034.                Therefore the gain was adjusted to $35,910 as of June 30,                2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                       | In                the event that cash collections would be inadequate to amortize the                carrying balance, an impairment charge would be taken with a corresponding                write-off of the receivable balance. Accordingly, the Company does                not                maintain an allowance for credit losses.The                agreements to purchase the aforementioned receivables include general                representations and warranties from the sellers covering account                holder                death or bankruptcy, and accounts settled or disputed prior to sale.                The                representation and warranty period permitting the return of these                accounts                from the Company to the seller is typically 90 to 180 days. Any funds                received from the seller of finance receivables as a return of purchase                price are referred to as buybacks. Buyback funds are simply applied                against the finance receivable balance received. They are not included                in                the Company’s cash collections from operations nor are they included in                the Company’s cash collections applied to principal amount. Gains on sale                of finance receivables, representing the difference between sales                price                and the unamortized value of the finance receivables, are recognized                when                finance receivables are sold. |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                       | Changes                in finance receivables for the six months ended June 30, 2008 were                as                follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

|                                                          |   | 2007   |     |
|---------------------------------------------------------------|--------|--------|----------|
|                                                          |   |   |     |
| Balance                  at beginning of year October 1, 2007 |   | $      | 372,249  |   |
| Acquisition                  of finance receivables - net     |   |   | 201,982  |   |
| Cash                  collections applied to principal        |   |   | (131,224 | ) |
| Sale                  of portfolio - net of gain              |   |   | (177,545 | ) |
| Balance                  at the end of the period             |   | $      | 265,462  |   |
| Estimated                  Remaining Collections ("ERC")*     |   | $      | 438,000  |   |

----

| * | 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 $396,722 and $171,201 for the nine months                    ended                    June 30, 2008 and 2007                    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. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**RECEIVABLE        ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**JUNE        30, 2008 AND 2007 (UNAUDITED)**

| **NOTE                1-** | **SUMMARY                OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                       | **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,                2008.                                                                                                                                                                                                                                                                                                                                                                                                 |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                       | 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, 2008, the Company’s uninsured cash balances                total was $154,899.                                                                                                                                                                                                                                                                                                                                                                                            |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                       | **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. |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                       | **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.** **STOCK-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. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**RECEIVABLE          ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**JUNE          30, 2008 AND 2007 (UNAUDITED)**

| **NOTE                1-** | **SUMMARY                OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                       | **G.** **STOCK-BASED                COMPENSATION (CONTINUED)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                       | Prior                to December 31, 2005, the Company accounted for stock-based compensation                in accordance with provisions of Accounting Principles Board Opinion                No.                25 ("APB No. 25"), "Accounting for Stock Issued to Employees," and                related                interpretations. Under APB No. 25, compensation cost was recognized                based                on the difference, if any, on the date of grant between the fair                value of                the Company's stock and the amount an employee must pay to acquire                the                stock. The Company grants stock options at an exercise price equal                to 100%                of the market price on the date of grant. Accordingly, no compensation                expense was recognized for the stock option grants in periods prior                to the                adoption of SFAS No. 123(R). |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                       | 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

**RECEIVABLE          ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**JUNE          30, 2008 AND 2007 (UNAUDITED)**

|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **NOTE                1-** | **SUMMARY                OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                       | **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                antidilutive for periods presented. |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                       | The                following is a reconciliation of the computation for basic and diluted                EPS:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

|                                                                    |   | 2008   |       | 2007   |   |
|-------------------------------------------------------------------------|--------|--------|------------|--------|--------|
|                                                                    |   |   |       |   |   |
| Net                  income (loss)                                      |   | $      | 187,842    |   | $      | (292,531 | ) |
|                                                                         |   |   |       |   |   |   |   |
| Weighted-average                    common shares Outstanding (Basic)   |   |   | 17,108,107 |   |   | 16,949,283 |   |
|                                                                    |   |   |       |   |   |   |   |
| Weighted-average                  common stock  Equivalents        |   |   |       |   |   |   |   |
| Stock                  options                                          |   |   | 950,000    |   |   | 950,000 |   |
| Warrants                                                                |   |   | 946,000    |   |   | 1,146,000 |   |
|                                                                         |   |   |       |   |   |   |   |
| Weighted-average                    common shares Outstanding (Diluted) |   |   | 19,004,107 |   |   | 19,045,283 |   |

----

**RECEIVABLE          ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**JUNE          30, 2008 AND 2007 (UNAUDITED)**

|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **NOTE                2-** | **NOTES                PAYABLE**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                       | A. The                Note Payable issued on October 30, 2006 for a value of $150,000 had                an                outstanding balance of $102,899 as of December 31, 2007. During the                month                of January 2008 the note was paid off in full for a discounted value                of                $40,000. The amount of $62,899 was recognized as                income.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                       | B. The                Company issued on January 8, 2007 a private note offering in the                amount of                $300,000. The Company intends to pay the holder of the note in 24                fixed                monthly payments of $14,546 from the date of issuance of the note                at a                rate of 15% per annum on or before January 9, 2009 (the "Maturity                Date”).The note was paid in full during the                quarter ending June 30, 2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| **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,                2008, the                Company had 950,000 options outstanding under this                plan. |

----

**RECEIVABLE          ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**JUNE          30, 2008 AND 2007 (UNAUDITED)**

| **NOTE                4-** | **INCOME                TAXES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                       | Income                Taxes are provided for the tax effects of transactions reported in                the                financial statements and consist of taxes currently due. Deferred                taxes                related to differences between the basis of assets and liabilities                for                financial and income tax reporting will either be taxable or deductible                when the assets or liabilities are recovered or settled. The difference                between the basis of assets and liabilities for financial and income                tax                reporting are not material therefore, the provision for income taxes                from                operations consist of income taxes currently payable. |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                       | The                Company’s effective tax rate is different than what would be expected if                the statutory rates were applied to “net income (loss) before income                taxes” primarily because of expenses deductible for financial reporting                purposes that are not deductible for tax purposes                allowed.                                                                                                                                                                                                                                                                                                                                                                                                        |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                       | There                was no provision for income tax for the nine months ended June 30,                2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                       | At                June 30, 2008 and 2007 the Company had an accumulated deficit                approximating $176,149 and 291,827, available to offset future taxable                income through 2027.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

|                                 |   | June                  30, |    | June                  30, |   |
|--------------------------------------|--------|---------------------------|---------|---------------------------|--------|
|                                 |   | 2008                      |    | 2007                      |   |
|                                 |   |                      |    |                      |   |
| Deferred                  tax assets |   | $                         | 61,652  |                      | $      | 102,139 |   |
| Less:                  valuation     |   |                      | (61,652 | )                         |   | (102,139 | ) |
| Totals                               |   | $                         | -       |                      | $      | - |   |
|                                 |   |                      |    |                      |   |   |   |

| **NOTE                5-** | **STOCKHOLDERS                EQUITY**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                       | **COMMON                STOCK**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                       | There                were 325,000,000 shares of common stock authorized, with 17,122,896                and                19,078,917 shares issued and outstanding at June 30, 2008 and 2007,                respectively. The par value for the common stock is $.001 per                share. The                following details the stock transactions for the nine months ended                June                30, 2008 and 2007. The                Company received $1,500 for the exercise of 200,000 warrants at $.0075                per                share in September 2006. The Company issued 200,000 shares of common                stock                in November 2006. |

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**RECEIVABLE          ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES**

**NOTES          TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**JUNE          30, 2008 AND 2007 (UNAUDITED)**

| **NOTE                5-** | **STOCKHOLDERS                EQUITY (CONTINUED)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                       | **COMMON                STOCK (CONTINUED)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                       | The                Company repurchased 150,000 shares of common stock during May 2006.                The                shares were accounted for as a prepaid asset until November 2006.                The                shares were repurchased for $.10 per share for a total amount of                $15,000.                The shares were cancelled in November 2006. On                October 31, 2006 the Company reached an agreement with a shareholder                to                buyback 2,000,000 shares of that shareholder's common stock at $.10                per                share for a total amount of $200,000. The stock purchase was completed                on                October 31, 2006. The shares were cancelled in November 2006. On                February 23, 2007 the Company issued an additional 200,000 shares                of                common stock to Artemis Hedge Fund, Ltd. to resolve all outstanding                accrued dividends. The                company received $1,500 for the exercise of 200,000 warrants at $.0075                per                share in May 2007.  During                the month of October 2007 the company issued 200,000 common shares                in                exchange for warrants exercised in May 2007 for $.0075 per share.                The                company was carrying the unissued shares as a liability for stock                to be                issued till the date of issuance. During                the quarter ended December 31, 2007 the company repurchased 6,020                shares                of common stock at $.025 per share for a total amount of $151. The                stock                purchase was completed at December 31, 2007. The shares were                retired. |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                       | **PREFERRED                STOCK**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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|                       | On                October 28, 2006 the Company reached an agreement with Artemis Hedge                Fund                Ltd the holder of 80,000 Series A Convertible Preferred Stock at                $10 par                value to convert the preferred shares into 800,000 shares of the                Company's                common stock. Additionally the Company agreed to issue 70,000 shares                of                common stock for all accrued dividends. There were 10,000,000 shares                of                preferred stock authorized, no shares outstanding as of March 31,                2008 and                2007 respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **NOTE                6-** | **RELATED                PARTY**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                       |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                       | The                Company receives servicing fees from Ramco Income Fund Limited. The                Company manages Ramco Income Fund Limited a Bermuda entity. The servicing                fees were for the nine months ended June 30, 2008 and 2007 were $81,271                and $81,819 respectively.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

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**ITEM      2.**

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

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

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

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

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

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

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

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

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

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

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

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**RESULTS      OF OPERATIONS**

**Overview**

|                                              |   | **Three                  Months Ended June 30, 2007 & 2008** |     |
|---------------------------------------------------|--------|------------------------------------------------------------------|----------|
|                                              |   | **2008**                                                         |     | **2007** |   | **$                  Change** |   | **%                  Change** |   |
| Net                  Collections (excluding sale) |   | $                                                                | 118,277  |   | $ | 239,311 |   |   | ($121,034 | ) |   | -50.58 | % |
|                                              |   |                                                             |     |   |   |   |   |   |   |   |   |   |   |
| Finance                  Income                   |   | $                                                                | 99,824   |   | $ | 51,464 |   | $ | 48,360 |   |   | 48 | % |
| as                  a % of Collections            |   |                                                             | 84       | % |   | 22 | % |   |   |   |   |   |   |
|                                              |   |                                                             |     |   |   |   |   |   |   |   |   |   |   |
| Servicing                  Income                 |   | $                                                                | 42,126   |   | $ | 11,554 |   | $ | 30,572 |   |   | 265 | % |
|                                              |   |                                                             |     |   |   |   |   |   |   |   |   |   |   |
| Gain                  (Loss) on Portfolio Sale    |   |                                                             | ($11,034 | ) | $ | 0 |   |   |   |   |   |   |   |
|                                              |   |                                                             |     |   |   |   |   |   |   |   |   |   |   |
| Operating                  Expenses               |   | $                                                                | 91,335   |   | $ | 161,653 |   |   | ($70,318 | ) |   | -43 | % |
|                                              |   |                                                             |     |   |   |   |   |   |   |   |   |   |   |
| Net                  Income (Loss)                |   | $                                                                | 30,998   |   |   | ($107,889 | ) | $ | 138,887 |   |   | 128 | % |
|                                              |   |                                                             |     |   |   |   |   |   |   |   |   |   |   |
| Fully                  Diluted EPS                |   |                                                             | -        |   |   | - |   |   |   |   |   |   |   |

**Revenue**

----

**Operating      Expenses **

**Rent      and Occupancy **

**Depreciation      **

* *

**Purchase      of Defaulted Receivables**

**Portfolio      Data**

|                                 |   |   | **Purchase                  Price(1)** |   |   | **Actual                  Cash Collection (2)** |   |   | **Est.                  Remaining Collections (3)** |   |
|--------------------------------------|--------|--------|----------------------------------------|--------|--------|-------------------------------------------------|--------|--------|-----------------------------------------------------|--------|
| **Purchase                  Period** |   |   |                                   |   |   |                                            |   |   |                                                |   |
| 12/31/2003                           |   | $      | 569,070                                |   | $      | 1,756,296                                       |   | $      | 28,978                                              |   |
| 4/11/2005                            |   | $      | 375,000                                |   | $      | 433,531                                         |   | $      | 16,747                                              |   |
| 7/25/2005                            |   | $      | 177,668                                |   | $      | 251,176                                         |   | $      | 18,178                                              |   |
| 3/9/2006                             |   | $      | 121,972                                |   | $      | 153,606                                         |   | $      | 31,346                                              |   |
| 4/7/2006                             |   | $      | 331,974                                |   | $      | 324,413                                         |   | $      | 35,495                                              |   |
| 6/7/2006                             |   | $      | 70,020                                 |   | $      | 102,262                                         |   | $      | 4,000                                               |   |
| 12/31/04-12/20/06                    |   | $      | 780,875                                |   | $      | 968,831                                         |   | $      | 107,253                                             |   |
| 1/7/2007                             |   | $      | 324,248                                |   | $      | 381,125                                         |   | $      | 3,152                                               |   |
| 10/4/2007                            |   | $      | 201,982                                |   | $      | 81,075                                          |   | $      | 192,904                                             |   |

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**Recovery      Partners**

**Seasonality**

**Currency      Risk**

**Liquidity      and Capital Resources**

----

***Income      Taxes***

***Contractual      Obligation***

**Critical      Accounting Policy & Estimates**

----

**OFF-BALANCE      SHEET ARRANGEMENTS**

**RISK      FACTORS**

**ITEM      3. CONTROLS AND PROCEDURES.**

**Evaluation      of disclosure controls and procedures**

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

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**PART      II**

**OTHER      INFORMATION**

**ITEM      1.**
**LEGAL PROCEEDINGS**

|   | · | On                April 23, 2004, Reliant Industries, Inc., Michael Wong and Debbie                Wong                filed a complaint with the Supreme Court of the State of New York                Suffolk                County against Biopharmaceuticals, Inc. and Edward Fine.                Biopharmaceuticals, Inc. is the Company’s former name. The plaintiffs                allege that the Company together with the other defendant committed                fraud,                breach of contract and negligence. The plaintiffs are seeking monetary                payments for any loss that they may suffer as a result of the alleged                fraud, breach of contract and negligence as well as legal fees, punitive                damages and costs disbursements. The Company denies all allegations                and                intends to defend this action vigorously. The case was dismissed                in the                Company’s favor on February 7, 2007. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | On                June 29, 2005, Allied Surgical Centers Management, LLC, et al. (“Allied”)                filed a complaint against the Company seeking declaratory and injunctive                relief in connection with contracts entered in April 2005 between                Allied                and the Company pursuant to which the Company acquired various account                receivables from Allied (the “Contracts”). Such 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. The Company received the final settlement                payment in February, 2008. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | On                September 9, 2005, the Company filed a complaint with the Supreme                Court of                the State of New York - County of New York against Triton Capital,                Inc.,                Southern Capital Associates, Inc., JMS Collections, LLC., Wendt Law                Office, James Roscetti, and Dave Dwyer for breach of contract, conversion,                deceptive business practices and unjust enrichment. The Company is                seeking                an amount no less than $46,931. The Company reached a settlement                with the                Defendants and recovered $7,092 in July                2007. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**ITEM      1A. RISK FACTORS**

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

**ITEM      3 - DEFAULTS UPON SENIOR SECURITIES**

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

**ITEM      5 - OTHER INFORMATION**

**ITEM      6 - EXHIBITS**

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

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**SIGNATURES**

|                                 |                                                                                                |                                   |
|--------------------------------------|-----------------------------------------------------------------------------------------------------|----------------------------------------|
|                                 | **RECEIVABLE                ACQUISITION & MANAGEMENT                CORPORATION**               |
|                            |                                                                                           |                              |
| Date:                August 14, 2008 | By:                                                                                       | /s/              Max              Khan |
|                                 | Max                KhanChief                Executive OfficerChief                Financial Officer |
|                                 | Director                                                                                            |

|   |                                                                                  |                          |
|--------|---------------------------------------------------------------------------------------|-------------------------------|
|   | By:                                                                         | */s/                Max Khan* |
|   | Max KhanChief Executive Officer,Chief                  Financial Officer and Director |
|   | Date:                August                14, 2008                                   |

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