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                                  UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                       -----------------------------------
                                   FORM 10-QSB
                       -----------------------------------

             Quarterly Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                  For the Quarterly Period Ended June 30, 2005
                                                 -------------
                         Commission File Number: 0-21475
                                                 -------
                               EMERGENT GROUP INC.
                               ------------------
             (Exact name of registrant as specified in its charter)


               Nevada                                   93-1215401
               ------                                   ----------
(State of jurisdiction of Incorporation)    (I.R.S. Employer Identification No.)



                             932 Grand Central Ave.
                               Glendale, CA 91201
                               ------------------
                    (Address of principal executive offices)


                                 (818) 240-8250
                                 --------------
                         (Registrant's telephone number)

                                 Not Applicable
                                ---------------
      (Former name, address and fiscal year, if changed since last report)

                       -----------------------------------

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

         As of August 12, 2005, the registrant had a total of 5,005,530 shares
of Common Stock outstanding.


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<PAGE>
<TABLE>
<CAPTION>
                               EMERGENT GROUP INC.

                          FORM 10-QSB Quarterly Report

                                Table of Contents


                                                                                     Page
                                                                                    ------
<S>                                                                                   <C>
PART I.  FINANCIAL INFORMATION

 Item 1.   Financial Statements

           Condensed Consolidated Balance Sheet as of June 30, 2005 (unaudited)        3

           Condensed Consolidated Statements of Operations for the Three Months
            and Six Months Ended June 30, 2005 and 2004 (unaudited)                    4

           Condensed Consolidated Statements of Cash Flows for the Six Months
            Ended June 30, 2005 and 2004 (unaudited)                                   5

           Notes to the Condensed Consolidated Financial Statements                    6

 Item 2.   Management's Discussion and Analysis of Financial Condition
            and Results of Operations                                                 10

 Item 3.   Controls and Procedures                                                    14

PART II. OTHER INFORMATION

 Item 1.   Legal Proceedings                                                          14

 Item 2.   Changes in Securities                                                      14

 Item 3.   Defaults Upon Senior Securities                                            14

 Item 4.   Submissions of Matters to a Vote of Security Holders                       14

 Item 5.   Other Information                                                          15

 Item 6.   Exhibits and Reports on Form 8-K                                           15


Signatures                                                                            16
</TABLE>

                                       2
<PAGE>
<TABLE>
<CAPTION>
                          PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements
-----------------------------

                      Emergent Group Inc. and Subsidiaries
                      Condensed Consolidated Balance Sheet
                                   (Unaudited)
                                                                              June 30,
                                                                                2005
                                                                           ---------------
                                  ASSETS

Current assets
<S>                                                                              <C>
     Cash                                                                  $       96,847
     Accounts receivable, net of allowance for doubtful
        accounts of $24,030                                                     1,566,489
     Inventory, net of reserves of $133,178                                       387,591
     Prepaid expenses                                                             161,686
                                                                           ---------------

           Total current assets                                                 2,212,613

Property and equipment, net of accumulated depreciation and
        amortization of $3,459,673                                              1,579,932
Goodwill                                                                          779,127
Deposits and other assets                                                         159,956

                                                                           ---------------
Total assets                                                               $    4,731,628
                                                                           ===============

                   LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
     Line of credit                                                        $       63,025
     Current portion of capital lease obligations                                 351,189
     Current portion of notes payable                                             291,578
     Accounts payable                                                             590,528
     Accrued expenses                                                             675,018
                                                                           ---------------

        Total current liabilities                                               1,971,338

Capital lease obligations, net of current portion                                 359,142
Notes payable, net of current portion                                             278,682
                                                                           ---------------

           Total liabilities                                                    2,609,162

Minority Interest                                                                 174,602

Shareholders' equity
     Preferred stock, $0.001 par value, non-voting 10,000,000
        shares authorized, no shares issued and outstanding                             -
     Common stock, $0.04 par value, 100,000,000 shares authorized
        5,005,530 shares issued and outstanding                                   200,181
     Additional paid-in capital                                                14,581,692
     Deferred compensation, net of accumulated amortiziation of $4,333            (99,667)
     Accumulated deficit                                                      (12,734,342)
                                                                           ---------------

           Total shareholders' equity                                           1,947,864

                                                                           ---------------
 Total liabilities and shareholders' equity                                $    4,731,628
                                                                           ===============

The  accompanying  notes  are an  integral  part of  these  condensed  financial statements.
</TABLE>

                                       3
<PAGE>
<TABLE>
<CAPTION>
                      Emergent Group Inc. and Subsidiaries
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)

                                                                 Three Months Ended           Six Months Ended
                                                                      June 30,                    June 30,
                                                            ---------------------------------------------------------
                                                                 2005           2004          2005          2004
                                                            -------------- ------------------------------------------

<S>                                                               <C>            <C>             <C>            <C>
Revenue                                                     $   2,948,415  $   2,806,877   $  5,870,935   $ 5,489,317
Cost of goods sold                                              1,930,905      1,925,922      3,899,853     3,832,527
                                                            -------------- --------------  -------------  ------------

Gross profit                                                    1,017,510        880,955      1,971,082     1,656,790

Selling, general, and administrative expenses                     873,062        773,392      1,672,059     1,573,366
                                                            -------------- --------------  -------------  ------------

Income from operations                                            144,448        107,563        299,023        83,424

Other income (expense)
     Interest expense                                             (31,562)       (29,287)       (66,073)      (59,931)
     Gain (loss) on disposal of property and equipment             39,544            300         48,945        (3,218)
     Other income, net                                             21,314        106,824         27,295       112,304
                                                            -------------- --------------  -------------  ------------

            Total other income                                     29,296         77,837         10,167        49,155
                                                            -------------- --------------  -------------  ------------

Income before provision for income taxes
     and minority interest                                        173,744        185,400        309,190       132,579
Provision for income taxes                                              -              -              -             -
                                                            -------------- --------------  -------------  ------------

Income before minority interest                                   173,744        185,400        309,190       132,579

Minority interest in income of consolidated
     limited liability companies                                  (48,469)       (52,601)       (78,630)      (82,330)
                                                            -------------- --------------  -------------  ------------

Net income                                                  $     125,275  $     132,799   $    230,560   $    50,249
                                                            ============== ==============  =============  ============

Basic earnings per share                                    $        0.03  $        0.03   $       0.05   $      0.01
                                                            ============== ==============  =============  ============
Diluted earnings per share                                  $        0.03  $        0.03   $       0.05   $      0.01
                                                            ============== ==============  =============  ============

Basic weighted average shares outstanding                       4,817,752      4,744,551      4,781,641     4,744,551
                                                            ============== ==============   ============  ============
Diluted weighted-average shares outstanding                     4,926,810      4,744,551      4,890,699     4,744,551
                                                            ============== ==============  =============  ============

The accompanying notes are an integral part of these condensed financial statements.
</TABLE>

                                       4
<PAGE>
<TABLE>
<CAPTION>
                      Emergent Group Inc. and Subsidiaries
                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)
                                                                                      Six Months Ended
                                                                                          June 30,
                                                                               --------------------------------
                                                                                    2005            2004
                                                                               --------------- ----------------

Cash flows from operating activities
<S>                                                                                     <C>             <C>
     Net income                                                                $      230,559  $        50,249
     Adjustments to reconcile net income to net cash
     provided by operating activities:
         Depreciation and amortization                                                588,320          606,670
         (Gain) loss on disposal of property and equipment                            (39,723)           3,218
         Provision for doubtful accounts                                               (2,095)          (3,822)
         Minority interest in income                                                   78,630           82,330
         (Increase) decrease in
            Accounts receivable                                                      (135,239)           2,403
            Inventory                                                                  (9,672)         (56,940)
            Prepaid expenses                                                          (32,718)         (41,974)
            Deposits and other assets                                                 (29,061)          13,699
         Increase (decrease) in
            Accounts payable                                                          103,392          164,712
            Accrued expenses                                                           (9,232)        (170,380)
                                                                               --------------- ----------------

Net cash provided by operating activities                                             743,161          650,165
                                                                               --------------- ----------------

Cash flows from investing activities
     Purchase of property and equipment                                              (132,497)        (353,642)
     Cash paid to limited liability companies                                         (85,956)         (76,192)
     Contributions from new members to limited liability companies                          -           37,500
     Proceeds from the sale of property and equipment                                  57,289            1,782

                                                                               --------------- ----------------
Net cash used in investing activities                                                (161,164)        (390,552)
                                                                               --------------- ----------------

Cash flows from financing activities
     Payments on capital lease obligations                                           (139,554)         (93,346)
     Borrowings under line of credit                                                1,177,496           50,000
     Repayments on line of credit                                                  (1,764,471)        (150,000)
     Payments on notes payable                                                       (110,216)        (229,243)

                                                                               --------------- ----------------
Net cash used in financing activities                                                (836,745)        (422,589)
                                                                               --------------- ----------------

Net decrease in cash                                                                 (254,748)        (162,976)

Cash, beginning of period                                                             351,595          690,331
                                                                               ---------------         -------

Cash, end of period                                                            $       96,847  $       527,355
                                                                               =============== ================

Supplemental disclosures of cash flow information:

     Interest paid                                                             $       69,629  $        67,382
                                                                               =============== ================

Supplemental disclosures of non-cash investing and financing activities -

During the six months ended June 30, 2005 and 2004 the Company financed property
and equipment of $149,883 and $78,000, respectively, through lease financing.


The accompanying notes are an integral part of these condensed financial statements.
</TABLE>

                                       5
<PAGE>
                               EMERGENT GROUP INC
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.   BUSINESS

     Emergent  Group  Inc.  ("Emergent")  is the parent  company of PRI  Medical
     Technologies,  Inc.,  its wholly owned and only operating  subsidiary.  PRI
     Medical  Technologies,  Inc.  primarily  conducted its business through its
     wholly owned subsidiary  Physiologic Reps ("PRI") until March 2005 at which
     time PRI was merged into PRI Medical  Technologies,  Inc. ("PRI  Medical").
     Emergent and PRI Medical are referred to  collectively  hereinafter  as the
     "Company." PRI Medical provides mobile laser/surgical  services, along with
     technical  support,  on a per  procedure  basis to  hospitals,  out-patient
     surgery centers, and physicians' offices.

2.   BASIS OF PRESENTATION

     The accompanying  unaudited condensed  consolidated financial statements of
     Emergent have been  prepared  pursuant to the rules of the  Securities  and
     Exchange Commission ("SEC").  Certain information and footnote  disclosures
     normally  included in  financial  statements  prepared in  accordance  with
     accounting  principles  generally  accepted in the United  States have been
     condensed  or  omitted  pursuant  to  such  rules  and  regulations.  These
     unaudited  condensed  consolidated  financial  statements should be read in
     conjunction with the audited  consolidated  financial  statements and notes
     thereto included in the Company's Annual Report on Form 10-KSB for the year
     ended  December 31, 2004. In the opinion of  management,  the  accompanying
     unaudited   condensed   consolidated   financial   statements  reflect  all
     adjustments,  which are of a normal recurring nature,  necessary for a fair
     presentation of the results for the periods presented.

     The results of operations presented for the three and six months ended June
     30, 2005 are not  necessarily  indicative of the results to be expected for
     any other interim period or any future fiscal year.

     Principles of Consolidation
     ---------------------------
     The consolidated  financial statements include the accounts of Emergent and
     its wholly owned  subsidiaries.  Also,  in  accordance  with the  Financial
     Accounting Standards Board  Interpretation Nos. 46 and 46R,  "Consolidation
     of Variable  Interest  Entities"  the Company has  accounted for its equity
     investments in two limited liability companies under the full consolidation
     method. All significant  inter-company  transactions and balances have been
     eliminated through consolidation.

    Use of Estimates
    -----------------
     The  preparation  of the  condensed  consolidated  financial  statements in
     accordance  with  generally   accepted   accounting   principles   requires
     management  to make  estimates  and  assumptions  that affect the  reported
     amounts of assets and  liabilities,  disclosure  of  contingent  assets and
     liabilities  at the  date of the  financial  statements,  and the  reported
     amounts of income (loss) and expenses during the reporting  period.  Actual
     results could differ significantly from those estimates.

     Inventory
     ---------
     Inventory  consists of finished goods primarily used in connection with the
     delivery of our mobile  surgical  equipment  rental and services  business.
     Inventory  is  stated  at the  lower  of cost  or  market,  on a  first-in,
     first-out basis.

     Earnings Per Share
     ------------------
     The Company  computes  earnings per share in accordance  with SFAS No. 128,
     "Earnings  Per Share."  Under the  provisions  of SFAS No.  128,  basic net
     income  (loss) per common share  ("Basic  EPS") is computed by dividing net
     income per common share by the  weighted  average  number of common  shares
     outstanding.  Diluted  net  income  per  common  share  ("Diluted  EPS") is
     computed by dividing  net income by the weighted  average  number of common
     shares and dilutive common share equivalents then outstanding. SFAS No. 128
     requires the  presentation of both Basic EPS and Diluted EPS on the face of
     the condensed consolidated statements of operations.

                                       6
<PAGE>
     Recent Accounting Pronouncements
     --------------------------------
     In November 2004, the FASB issued SFAS No. 151,"Inventory  Costs". SFAS No.
     151 amends the  accounting for abnormal  amounts of idle facility  expense,
     freight,  handling costs, and wasted material (spoilage) under the guidance
     in ARB No. 43, Chapter 4, "Inventory  Pricing".  Paragraph 5 of ARB No. 43,
     Chapter 4, previously  stated that ". . . under some  circumstances,  items
     such as idle facility  expense,  excessive  spoilage,  double freight,  and
     rehandling  costs may be so  abnormal  as to require  treatment  as current
     period  charges.  . . ."  This  Statement  requires  that  those  items  be
     recognized as  current-period  charges  regardless of whether they meet the
     criterion of "so  abnormal."  In addition,  this  Statement  requires  that
     allocation of fixed production overhead to the costs of conversion be based
     on the normal  capacity of the  production  facilities.  This  statement is
     effective for inventory  costs incurred during fiscal years beginning after
     June 15, 2005.  Management does not expect adoption of SFAS No. 151 to have
     a material impact on the Company's financial statements.


     In December 2004, the FASB issued SFAS No.  152,"Accounting for Real Estate
     Time-Sharing  Transactions".  The FASB issued this Statement as a result of
     the guidance provided in AICPA Statement of Position (SOP) 04-2,"Accounting
     for Real Estate  Time-Sharing  Transactions".  SOP 04-2 applies to all real
     estate  time-sharing  transactions.  Among other  items,  the SOP  provides
     guidance on the  recording  of credit  losses and the  treatment of selling
     costs,  but does not change the  revenue  recognition  guidance in SFAS No.
     66,"Accounting  for Sales of Real  Estate",  for real  estate  time-sharing
     transactions.  SFAS No.  152  amends  Statement  No.  66 to  reference  the
     guidance  provided  in SOP 04-2.  SFAS No.  152 also  amends  SFAS No.  67,
     "Accounting  for  Costs  and  Initial  Rental  Operations  of  Real  Estate
     Projects",  to state  that SOP  04-2  provides  the  relevant  guidance  on
     accounting for incidental  operations and costs related to the sale of real
     estate  time-sharing  transactions.  SFAS No.  152 is  effective  for years
     beginning  after June 15, 2005,  with  restatements  of  previously  issued
     financial  statements  prohibited.  This statement is not applicable to the
     Company.

     In December  2004, the FASB issued SFAS No.  153,"Exchanges  of Nonmonetary
     Assets,"  an  amendment  to  Opinion  No.  29,"Accounting  for  Nonmonetary
     Transactions".  Statement No. 153  eliminates  certain  differences  in the
     guidance  in  Opinion  No. 29 as  compared  to the  guidance  contained  in
     standards  issued by the  International  Accounting  Standards  Board.  The
     amendment  to  Opinion  No. 29  eliminates  the fair  value  exception  for
     nonmonetary  exchanges of similar  productive assets and replaces it with a
     general  exception  for  exchanges of  nonmonetary  assets that do not have
     commercial  substance.  Such an exchange  has  commercial  substance if the
     future cash flows of the entity are expected to change  significantly  as a
     result of the  exchange.  SFAS No. 153 is effective for  nonmonetary  asset
     exchanges  occurring  in periods  beginning  after June 15,  2005.  Earlier
     application  is permitted  for  nonmonetary  asset  exchanges  occurring in
     periods  beginning  after  December  16, 2004.  Management  does not expect
     adoption  of  SFAS  No.  153 to have a  material  impact  on the  Company's
     financial statements.

     In December  2004, the FASB issued SFAS No.  123(R),"Share-Based  Payment".
     SFAS 123(R) amends SFAS No. 123,"Accountung for Stock-Based  Compensation",
     and APB  Opinion  25,"Accounting  for  Stock  Issued  to  Employees."  SFAS
     No.123(R)  requires  that  the  cost of  share-based  payment  transactions
     (including  those with  employees and  non-employees)  be recognized in the
     financial  statements.  SFAS No. 123(R) applies to all share-based  payment
     transactions  in which an entity  acquires goods or services by issuing (or
     offering to issue) its shares,  share options,  or other equity instruments
     (except  for  those  held by an ESOP) or by  incurring  liabilities  (1) in
     amounts  based (even in part) on the price of the entity's  shares or other
     equity instruments,  or (2) that require (or may require) settlement by the
     issuance of an entity's shares or other equity instruments.  This statement
     is effective  (1) for public  companies  qualifying  as SEC small  business
     issuers,  as of the first  interim  period or fiscal year  beginning  after
     December 15, 2005, or (2) for all other public  companies,  as of the first
     interim period or fiscal year beginning after June 15, 2005, or (3) for all
     nonpublic  entities,  as of the first fiscal year beginning  after December
     15, 2005.  Management is currently  assessing the effect of SFAS No. 123(R)
     on the Company's financial statements.

     In May 2005, the FASB issued  Statement of Accounting  Standards (SFAS) No.
     154,  "Accounting Changes and Error Corrections" an amendment to Accounting
     Principles  Bulletin (APB) Opinion No. 20, "Accounting  Changes",  and SFAS
     No. 3,  "Reporting  Accounting  Changes  in Interim  Financial  Statements"
     though SFAS No. 154 carries forward the guidance in APB No. 20 and SFAS No.
     3 with respect to accounting for changes in estimates, changes in reporting
     entity,  and the  correction  of  errors.  SFAS  No.  154  establishes  new
     standards on accounting for changes in accounting  principles,  whereby all
     such changes  must be accounted  for by  retrospective  application  to the
     financial  statements of prior periods unless it is impracticable to do so.
     SFAS No. 154 is effective for accounting changes and error corrections made
     in fiscal years  beginning  after  December 15, 2005,  with early  adoption
     permitted for changes and  corrections  made in years  beginning  after May
     2005.

                                       7
<PAGE>
3. DEBT OBLIGATIONS

     On May 25, 2005, the Company  entered into a two-year  agreement with a new
     lender to provide a revolving  credit line (the  "Revolver")  and term note
     (the "Term Note") of up to $1,000,000 collateralized by accounts receivable
     and certain  fixed assets  (collectively  referred to herein as the "Credit
     Facility").  Advances under the Revolver are based on 80% of each purchased
     receivable,  as defined.  Borrowings  under the Revolver and Term Note bear
     interest at the prime rate,  plus 2%. The Credit Facility also provides for
     payment of a monthly  collateral  management  fee equal to 20 basis  points
     (0.02%)  on  the  average  daily  outstanding  balances  under  the  Credit
     Facility. In addition, the Credit Facility provides for an annual fee equal
     to 1% of the capital availability  amount, as defined,  upon closing and on
     each anniversary of the closing date. The Company incurred loan and closing
     costs of $26,785 in connection  with the  negotiation  and execution of the
     Credit Facility which is being amortized over the loan term of 24 months.

     On May 27, 2005, the Company  borrowed a total of $805,218 under the Credit
     Facility to payoff  amounts  owed under the  Company's  bank line of credit
     (the "Bank Line of Credit") of $654,184  and bank term loan (the "Bank Term
     Loan") of $151,034, both of which were due on or before May 31, 2005. As of
     June 30,  2005  total  borrowings  outstanding  under the  Credit  Facility
     amounted  to  $245,725  of which  $63,024  is due  under the  Revolver  and
     $182,701 is due under the Term Note.  The Company has $754,275 of borrowing
     availability under the Credit Facility as of June 30, 2005.

     The terms and conditions of the Credit Facility included limited guarantees
     from  three  executive  officers  and  one  director  of  the  Company.  In
     connection  with  providing  such  limited  guarantees  to the lender,  the
     guarantors  were issued an  aggregate  of 260,000  shares of the  Company's
     common  stock,  of which an  aggregate  of 200,500 are being  issued to the
     executive  officers,  and  64,000  shares  to  one  outside  director.  The
     guarantors  have each entered into an agreement  with the Company to return
     the shares that they received in consideration  of their limited  guarantee
     in the event the  guarantor  on his own  volition  breaches  (other  than a
     breach that is cured within the terms of the limited  guarantee  agreement)
     or terminates his own respective limited guarantee, prior to the payment in
     full of the Company's  obligations  to the lender or the voluntary  release
     from the limited  guarantees by the lender.  The Company recorded  deferred
     compensation  costs of $104,000 in  connection  with the issuance of common
     stock for the limited guarantees,  which is being amortized to compensation
     expense over the guarantee period of 24 months.

     In 2002 we renegotiated substantially all of our outstanding debt and lease
     obligations  with  our key  creditors.  The  restructured  debt  and  lease
     agreements  provided  for, in some cases,  the return of equipment  used to
     collateralize   such   obligations,   and  certain   periodic  and  monthly
     installment  payments for the balance of such  obligations.  As of June 30,
     2005 our outstanding  restructured debt and lease  obligations  amounted to
     $387,558 and $114,341, respectively. In the event of default by the Company
     all amounts then outstanding are accelerated and become immediately due and
     payable. In addition,  in the event of default,  certain  restructured debt
     and lease  agreements  provide  for the  payment  of  additional  principal
     amounts of up to $187,500,  excluding collection costs. As of June 30, 2005
     and  the  filing  of  this  Quarterly  Report  on  Form  10-QSB  we were in
     compliance with the terms and conditions of our renegotiated debt and lease
     agreements.

     The Company  incurred net  interest  expense of $66,073 and $59,931 for the
     six months ended June 30, 2005 and 2004, respectively.

4.   LEGAL MATTERS

     Byong Y.  Kwon,  Plaintiff  against  Daniel J. Yun,  Emergent  Group  Inc.,
     Emergent Capital Investment  Management,  LLC,  Metedeconk  Holdings,  LLC,
     Voyager  Advisors,  LLC,  Millennium  Tradition  Limited (f/k/a  Millennium
     Heritage,  Limited),  Emergent Management Company, LLC, Endurance Advisors,
     Limited,  SK Networks Co., Ltd. (f/k/a SK Global Co., Ltd.),  Hye Min Kang,
     John Does 1-2 and Richard Roes 1-2 (collectively the "Defendants").

     Plaintiff's  Complaint  against  the  Defendants  named  above  is a  civil
     lawsuit,  which was signed by the clerk on February 2, 2005. This action is
     brought in the United States District Court,  Southern District of New York
     by Plaintiff against the Company, a former director,  Daniel Yun, and other
     parties  to  recover   money   damages   for   alleged   fraud,   negligent
     misrepresentations  and aiding and abetting  fraud.  The Amended  Complaint
     alleges that the factual  basis  involving  the action  against the Company
     involves alleged false  representations to Plaintiff to induce him to leave
     his then  employment  in 2001 and accept the  Company's  and another  named

                                       8
<PAGE>
     Defendant's  alleged  offer of  employment.  Plaintiff  seeks  compensatory
     damages and punitive damages each in the amount of not less than $2,100,000
     together  with  interest  thereon,  reasonable  attorneys'  fees and  other
     specific  relief  against  Defendants  other than the  Company.  Management
     intends to deny the  Plaintiff's  allegations  against  the  Company and to
     vigorously  defend this  lawsuit.  During the quarter  ended June 30, 2005,
     there were no material developments in this matter.

5.   RELATED PARTY TRANSACTIONS

     Transactions with BJH Management

     The Company's  Chairman and Chief Executive  Officer  maintains his primary
     office in New York. In this regard,  the Company reimbursed BJH Management,
     LLC, a company owned by the Company's Chairman and Chief Executive Officer,
     for office rent and related  expenses  totaling $16,856 and $15,551 for the
     six months ended June 30, 2005 and 2004, respectively.

     In May 2005,  the Company  agreed with  Messrs.  Haber and Buther to extend
     their respective  employment  agreements until June 30, 2006. Further, each
     amended  agreement  states that on or before June 1 of each year  following
     June 30, 2005, the Company must offer to extend the  respective  employment
     agreements of Messrs.  Haber and Buther for a period of one additional year
     on  terms  no less  favorable  than the  existing  terms  of their  current
     respective  employment  agreements  unless  they have been  released by the
     applicable  institutional  lender(s)  from all personal  guarantees  of the
     Company's  loans or the Company has  retired all  outstanding  indebtedness
     owed to such lender(s).

6.   ISSUANCE OF STOCK OPTIONS

     During March 2005 the Company issued to employees stock options to purchase
     73,000  shares of common  stock  under the 2002  Stock  Option  Plan.  Such
     options  have a  10-year  term and are  exercisable  at $0.40 per share and
     generally  vest in equal  installments  over five  consecutive  years.  The
     options were valued using the Black  Schoels Model  assuming  volatility of
     150% and a risk free interest rate of 3.5%.  The total value of the options
     was  determined to be $26,831.  The Company's  basic and diluted net income
     and pro forma net income per share for the six months  ended June 30,  2005
     are follows:

                  Net income:
                     As reported                     $  230,560
                     Pro Forma                       $  203,729
                  Basic earnings per share:
                     As reported                     $     0.05
                     Pro forma                       $     0.04
                  Diluted earnings per share:
                     As reported                     $     0.05
                     Pro forma                       $     0.04


                                       9
<PAGE>
     Item 2.  Management's  Discussion  and Analysis of Financial  Condition and
     Results of Operations

     Forward-Looking Statements

     The  information  contained in this Form 10-QSB and documents  incorporated
     herein by reference are intended to update the information contained in the
     Company's Annual Report on Form 10-KSB for the year ended December 31, 2004
     and such  information  presumes  that readers have access to, and will have
     read, the "Management's  Discussion and Analysis of Financial Condition and
     Results of Operations,"  "Risk Factors" and other information  contained in
     such Form 10-KSB and other Company filings with the Securities and Exchange
     Commission ("SEC").

     This Quarterly  Report on Form 10-QSB contains  forward-looking  statements
     within  the  meaning  of  Section  27A of the  Securities  Act of 1933,  as
     amended,  and  Section  21E of the  Securities  Exchange  Act of  1934,  as
     amended. These forward-looking  statements involve risks and uncertainties,
     and actual results could be significantly different than those discussed in
     this Form 10-QSB.  Certain statements contained in Management's  Discussion
     and  Analysis,  particularly  in  "Liquidity  and Capital  Resources,"  and
     elsewhere  in  this  Form  10-QSB  are  forward-looking  statements.  These
     statements discuss,  among other things,  expected growth,  future revenues
     and future performance.  Although we believe the expectations  expressed in
     such forward-looking  statements are based on reasonable assumptions within
     the bounds of our  knowledge  of our  business,  a number of factors  could
     cause  actual  results to differ  materially  from those  expressed  in any
     forward-looking  statements,  whether oral or written, made by us or on our
     behalf.   The   forward-looking   statements   are  subject  to  risks  and
     uncertainties including,  without limitation, the following: (a) changes in
     levels  of  competition   from  current   competitors   and  potential  new
     competition,   (b)  possible  loss  of  significant  customer(s),  (c)  the
     Company's  ability to meet the terms and  conditions  of its debt and lease
     obligations,  and (d) changes in  availability  or terms of working capital
     financing from vendors and lending  institutions.  The foregoing should not
     be construed as an  exhaustive  list of all factors that could cause actual
     results  to differ  materially  from  those  expressed  in  forward-looking
     statements  made by us. All  forward-looking  statements  included  in this
     document are made as of the date hereof, based on information  available to
     the Company on the date thereof,  and the Company  assumes no obligation to
     update any forward-looking statements.

     Overview

     Emergent  Group  Inc.  ("Emergent")  is the parent  company of PRI  Medical
     Technologies,  Inc.,  its wholly owned and only operating  subsidiary.  PRI
     Medical  Technologies,  Inc.  primarily  conducted its business through its
     wholly owned subsidiary  Physiologic Reps ("PRI") until March 2005 at which
     time PRI was merged into PRI Medical  Technologies,  Inc. ("PRI  Medical").
     Emergent and PRI Medical are referred to  collectively  hereinafter  as the
     "Company." PRI Medical provides mobile laser/surgical  services, along with
     technical  support  on a per  procedure  basis  to  hospitals,  out-patient
     surgery centers, and physicians' offices.

     Critical Accounting Policies

     Our  discussion  and  analysis of our  financial  condition  and results of
     operations  are  based  upon our  financial  statements,  which  have  been
     prepared in accordance with generally accepted accounting principles in the
     United States. The preparation of financial  statements require managers to
     make estimates and disclosures on the date of the financial statements.  On
     an on-going basis, we evaluate our estimates including, but not limited to,
     those related to revenue recognition,  inventory valuation and property and
     equipment. We use authoritative  pronouncements,  historical experience and
     other assumptions as the basis for making  judgments.  Actual results could
     differ  from  those  estimates.  We  believe  that the  following  critical
     accounting policies affect our more significant  judgments and estimates in
     the preparation of our financial statements.

     Revenue Recognition.  Revenue is recognized when the services are performed
     and  billable.  We are  required  to make  judgments  based  on  historical
     experience and future  expectations,  as to the  realizability of goods and
     services  billed to our customers.  These  judgments are required to assess
     the  propriety  of the  recognition  of revenue  based on Staff  Accounting
     Bulletin ("SAB") No. 104, "Revenue  Recognition," and related guidance.  We
     make such

                                       10
<PAGE>
assessments based on the following factors: (a)  customer-specific  information,
and (b) historical experience for issues not yet identified.

Inventory  Valuation.  We are  required to make  judgments  based on  historical
experience and future expectations as to the realizability of our inventory.  We
make these assessments based on the following  factors:  (a) existing orders and
usage, (b) age of the inventory, and (c) historical experience.

Property and Equipment.  We are required to make  judgments  based on historical
experience and future  expectations as to the  realizability of our property and
equipment.  We made these  assessments based on the following  factors:  (a) the
estimated  useful  lives  of  such  assets,  (b)  technological  changes  in our
industry, and (c) the changing needs of our customers.

Results of Operations

The following table sets forth certain selected unaudited condensed consolidated
statement  of  operations  data for the  periods  indicated  in dollars and as a
percentage of total revenues. The following discussion relates to our results of
operations  for the  periods  noted and are not  necessarily  indicative  of the
results  expected for any other  interim  period or any future  fiscal year.  In
addition, we note that the period-to-period  comparison may not be indicative of
future performance.
<TABLE>
<CAPTION>

                                                   Three Months Ended                             Six Months Ended
                                                         June 30,                                     June 30,
                                             ---------------------------------           --------------------------------
                                                 2005        %        2004       %           2005      %        2004        %
                                             ------------  ----   ------------  ----    ------------  ----  -------------  ----
<S>                                              <C>        <C>      <C>         <C>        <C>       <C>       <C>        <C>
                                                                             (unaudited)
Revenue                                      $ 2,948,415   100%   $ 2,806,877   100%    $ 5,870,935   100%  $  5,489,317   100%
Cost of goods sold                             1,930,905    65%     1,925,922    69%      3,899,853    66%     3,832,527    70%
                                             ------------  ----   ------------  ----    ------------  ----  -------------  ----
Gross profit                                   1,017,510    35%       880,955    31%      1,971,082    34%     1,656,790    30%

Selling, general, and administrative expenses    873,062    30%       773,392    28%      1,672,059    28%     1,573,366    29%
                                             ------------  ----   ------------  ----    ------------  ----  -------------  ----
Income from operations                           144,448     5%       107,563     4%        299,023     5%        83,424     2%

Other income                                      29,296     1%        77,837     3%         10,167     0%        49,155     1%
                                             ------------  ----   ------------  ----    ------------  ----  -------------  ----
Income before provision for income
    taxes and minority interest                  173,744     6%       185,400     7%        309,190     5%       132,579     2%
Provision for income taxes                             -     0%             -     0%              -     0%             -     0%
                                             ------------  ----   ------------  ----    ------------  ----  -------------  ----
Income before minority interest                  173,744     6%       185,400     7%        309,190     5%       132,579     2%
                                                 (48,469)   -2%       (52,601)   -2%        (78,630)   -1%       (82,330)   -1%
                                             ------------  ----   ------------  ----    ------------  ----  -------------  ----
Minority interest in income of consolidated  $   125,275     4%   $   132,799     5%    $   230,560     4%  $     50,249     1%
    limited liability companies              ============  ====   ============  ====    ============  ====  =============  ====
</TABLE>
Comparison of the Three Months Ended June 30, 2005 to June 30,2004

We generated  revenues of $2,948,415 in 2005 compared to $2,806,877 in 2004. The
increase in revenues of $141,538 in 2005  compared to 2004 is primarily  related
to an increase in revenues from our surgical  procedures and to price  increases
implemented  in late 2004 and  early  2005 for  various  surgical  and  cosmetic
procedures.  Total  revenues  from  surgical and cosmetic  procedures  comprised
approximately 88% and 12%, respectively,  of total revenues for 2005 and 88% and
11% for 2004, respectively.

Cost of  goods  sold was  $1,930,905  or 65% of  revenues  in 2005  compared  to
$1,925,922  or 69% of revenues in 2004.  Cost of goods sold include  payroll and
related expenses for technicians, cost of disposables used in providing surgical
and  cosmetic  services,  depreciation  and  amortization,  and  other  expenses
primarily  related to  delivery  of our  mobile  surgical  equipment  rental and
technician  services.  The  overall  increase in cost of goods sold of $4,983 in
2005 is related to an increase in the cost of disposables  related to the number
of surgical procedures performed in 2005 which required higher priced disposable
items offset by a decrease depreciation and amortization expense. Overall, other
cost of goods sold cost  categories  remained  relatively  flat from  quarter to
quarter. The cost of disposables used for certain surgical procedures are higher
in terms of absolute  dollars  than those used other  surgical  procedures.  The
total disposable  costs related to surgical  procedures will vary from period to
period depending on the mix of procedures performed.

                                       11
<PAGE>
Gross margin was  $1,017,510 in 2005 or 35% of revenues  compared to $880,955 in
2004 or 31% of revenues. Gross margins will vary period-to-period depending upon
a number of factors  including  mix of services,  pricing,  cost of  disposables
consumed in rendering our services, and contractual agreements.  The improvement
in gross  margin  during 2005 is related to the mix of services  provided by the
Company,  price  increases  implemented in late 2004 and early 2005, and to cost
control  efforts.  These  factors,  among  others,  resulted in the  increase of
approximately 4% in our gross margin rate in 2005 compared to 2004.

Selling,  general, and administrative  expenses were $873,062 or 30% of revenues
in 2005  compared to $773,392  or 28% of  revenues in 2004.  Such costs  include
payroll and related  expenses,  insurance  and rents.  The  increase in selling,
general and  administrative  expenses of $99,670 in 2005 is primarily related to
increases  in selling  payroll and  commissions  and to  incentive  compensation
expense.

Other income was $29,296 in 2005  compared to $77,837 in 2004.  The net decrease
in other  income of $48,541 is  primarily  related to the fact that other income
for 2004 included a nonrecurring  gain of $85,000 from the sale of investment in
common  stock of an  unrelated  entity,  while no such gain is included in other
income for 2005.  In addition,  other income for 2005 includes a gain of $39,151
from the disposition of property and equipment compared to only $300 for 2004.

The  minority  interest in income of limited  liability  companies of $48,469 in
2005 and $52,601 in 2004 relates to the  consolidation  of two entities in which
we hold equity investment interests. As of June 30, 2005 and 2004, in accordance
with the Financial  Accounting  Standards Board  Interpretation Nos. 46 and 46R,
"Consolidation  of Variable  Interest  Entities"  the Company  accounted for its
equity  investments in these entities under the full  consolidation  method. The
Company   previously   utilized  the  equity  method  of  accounting   for  such
investments.

Net income was $125,275 in 2005  compared to $132,799 in 2004.  No provision for
income  taxes is provided  for in 2005 and 2004 due to the  availability  of net
operating loss carryforwards.

Comparison of the Six Months Ended June 30, 2005 to June 30,2004

We generated  revenues of $5,870,935 in 2005 compared to $5,489,317 in 2004. The
increase in revenues of $381,618 in 2005  compared to 2004 is primarily  related
to an overall  increase in revenues  from our surgical  procedures  and to price
increases  implemented  in late 2004 and early  2005 for  various  surgical  and
cosmetic  procedures.  Revenues  from surgical and cosmetic  services  comprised
approximately 88% and 12%, respectively,  of total revenues for 2005 compared to
86% and 13% for 2004, respectively.

Cost of  goods  sold was  $3,899,853  or 66% of  revenues  in 2005  compared  to
$3,832,527  or 70% of revenues in 2004.  Cost of goods sold include  payroll and
related expenses for technicians, cost of disposables used in providing surgical
and  cosmetic  services,  depreciation  and  amortization,  and  other  expenses
primarily  related to  delivery  of our  mobile  surgical  equipment  rental and
technician  services.  The overall  increase in cost of goods sold of $67,326 in
2005 is primarily due to an increase in disposable  costs related to an increase
in the number of surgical  procedures  performed  which  required  higher priced
disposable  items. The cost of disposables used for certain surgical  procedures
are  higher  in terms  of  absolute  dollars  than  those  used  other  surgical
procedures.  The total disposable costs related to surgical procedures will vary
depending on the mix of procedures performed.

Gross margin was $1,971,082 in 2005 or 34% of revenues compared to $1,656,790 in
2004 or 30% of revenues. Gross margins will vary period-to-period depending upon
a number of factors  including  mix of services,  pricing,  cost of  disposables
consumed in rendering our services, and contractual agreements.  The improvement
in gross  margin  during 2005 is related to the mix of services  provided by the
Company,  price  increases  implemented in late 2004 and early 2005, and to cost
control  efforts.  These  factors,  among  others,  resulted in the  increase of
approximately 4% in our gross margin rate in 2005 compared to 2004.

Selling, general, and administrative expenses were $1,672,059 or 28% of revenues
in 2005 compared to  $1,573,366  or 29% of revenues in 2004.  Such costs include
payroll and related  expenses,  insurance and rents.  The increase of $98,693 in
selling,  general  and  administrative  expenses  in  2005  compared  to 2004 is
primarily  related to  increases  in selling  payroll  and  commissions,  and to
incentive compensation expense.


                                       12
<PAGE>
Other income was $10,167 in 2005  compared to $49,155 in 2004.  The net decrease
in other  income of $38,988 is  primarily  related to the fact that other income
for 2004 included a nonrecurring  gain of $85,000 from the sale of investment in
common  stock of an  unrelated  entity,  while no such gain is included in other
income for 2005.  In addition,  other income for 2005 includes a gain of $32,151
from the disposition of property and equipment compared to a loss of $3,218 from
such activities in 2004.

The  minority  interest in income of limited  liability  companies of $78,630 in
2005 and $82,330 in 2004 relates to the  consolidation  of two entities in which
we hold equity investment interests. As of June 30, 2005 and 2004, in accordance
with the Financial  Accounting  Standards Board  Interpretation Nos. 46 and 46R,
"Consolidation  of Variable  Interest  Entities"  the Company  accounted for its
equity  investments in these entities under the full  consolidation  method. The
Company   previously   utilized  the  equity  method  of  accounting   for  such
investments.

Net income was $230,560 in 2005  compared to $50,249 in 2004.  No provision  for
income  taxes is provided  for in 2005 and 2004 due to the  availability  of net
operating loss carryforwards.

Liquidity and Capital Resources

On May 25, 2005, the Company entered into a two-year agreement with a new lender
to provide a  revolving  credit line (the  "Revolver")  and term note (the "Term
Note") of up to $1,000,000  collateralized  by accounts  receivable  and certain
fixed  assets  (collectively  referred  to  herein  as the  "Credit  Facility").
Advances  under the Revolver are based on 80% of each purchased  receivable,  as
defined.  Borrowings under the Revolver and Term Note bear interest at the prime
rate,  plus 2%. The  Credit  Facility  also  provides  for  payment of a monthly
collateral  management fee equal to 20 basis points (0.02%) on the average daily
outstanding balances under the Credit Facility. In addition, the Credit Facility
provides for an annual fee equal to 1% of the capital  availability  amount,  as
defined,  upon closing and on each  anniversary of the closing date. The Company
incurred loan and closing costs of $26,785 in  connection  with the  negotiation
and execution of the Credit Facility which is being amortized over the loan term
of 24 months.

On May 27,  2005,  the  Company  borrowed a total of  $805,218  under the Credit
Facility to payoff  amounts  owed under the  Company's  bank line of credit (the
"Bank Line of Credit") of $654,184  and bank term loan (the "Bank Term Loan") of
$151,034,  both of which were due on or before May 31, 2005. As of June 30, 2005
total borrowings  outstanding  under the Credit Facility amounted to $245,725 of
which $63,024 is due under the Revolver and $190,000 is due under the Term Note.
The Company has $754,275 of borrowing  availability under the Credit Facility as
of June 30, 2005.

The terms and conditions of the Credit Facility included limited guarantees from
three  executive  officers and one director of the Company.  In connection  with
providing such limited  guarantees to the lender,  the guarantors were issued an
aggregate of 260,000 shares of the Company's common stock, of which an aggregate
of 200,500  were  issued to the  executive  officers,  and 64,000  shares to one
director. The guarantors have each entered into an agreement with the Company to
return the shares that they received in consideration of their limited guarantee
in the event the  guarantor  on his own volition  breaches  (other than a breach
that is cured within the terms of the limited guarantee agreement) or terminates
his own  respective  limited  guarantee,  prior  to the  payment  in full of the
Company's  obligations  to the lender or the voluntary  release from the limited
guarantees by the lender.  The Company recorded deferred  compensation  costs of
$104,000  in  connection  with the  issuance  of common  stock  for the  limited
guarantees,  which is being amortized to compensation expense over the guarantee
period of 24 months.

In 2002 we  renegotiated  substantially  all of our  outstanding  debt and lease
obligations with our key creditors.  The restructured  debt and lease agreements
provided for, in some cases, the return of equipment used to collateralize  such
obligations,  and certain  periodic  and monthly  installment  payments  for the
balance of such  obligations.  As of June 30, 2005 our outstanding  restructured
debt and lease obligations amounted to $387,558 and $114,341,  respectively.  In
the event of default by the Company all amounts then outstanding are accelerated
and become  immediately due and payable.  In addition,  in the event of default,
certain  restructured  debt and lease  agreements  provide  for the  payment  of
additional  principal amounts of up to $187,500,  excluding collection costs. As
of June 30, 2005 and the filing of this Quarterly  Report on Form 10-QSB we were
in compliance with the terms and conditions of our  renegotiated  debt and lease
agreements.

The  Company had cash and cash  equivalents  of $96,847 at June 30,  2005.  Cash
provided  by  operating  activities  for the six months  ended June 30, 2005 was
$743,161.  Cash  generated  from  operations  includes  net income of  $230,559,
depreciation  and amortization of $588,320,  minority  interest in net income of
$78,630 and an increase in accounts  payable of $103,392;  offset by an increase
in  accounts  receivable  of $135,239  and an increase of $80,683 in  inventory,
prepaid  expenses,  and  deposits  and  other  assets.  Cash  used in  investing

                                       13
<PAGE>
activities  was $161,164  related to the  purchase of property and  equipment of
$132,497 and to cash  distributions of $85,956 to limited  liability  companies,
offset  by net  proceeds  of  $57,289  from  the  disposition  of  property  and
equipment.  Cash used for financing  activities was $836,745 from net repayments
of $586,975 on our revolving  line of credit and from payments on lease and debt
obligations of $139,554 and $110,216, respectively.

The Company had cash and cash  equivalents  of $527,355 at June 30,  2004.  Cash
provided  by  operating  activities  for the six months  ended June 30, 2004 was
$650,165. Cash from operations includes net income of $50,249,  depreciation and
amortization  of  $606,670,  minority  interest  in net income of $82,330 and an
increase  in  accounts  payable  of  $164,712  offset by a  decrease  in accrued
expenses  of  $170,380  and an increase  in  inventory  and prepaid  expenses of
$56,940  and  $41,974,  respectively.  Cash  used in  investing  activities  was
$390,552  due to the  purchase of property  and  equipment  of $353,642 and cash
payments  of  $38,692  limited  liability  companies.  Cash  used for  financing
activities was $$422,589  resulting from payments on lease and debt  obligations
of $93,346 and $229,243,  respectively,  and net  repayments on our bank line of
credit of $100,000.

We anticipate that our future liquidity requirements will arise from the need to
finance our accounts  receivable and inventories,  and from the need to fund our
current  debt  obligations  and capital  expenditures.  The  primary  sources of
funding for such  requirements  will be cash generated from operations,  raising
additional capital from the sale of equity or other securities, borrowings under
debt  facilities and trade payables.  The Company  believes that it can generate
sufficient  cash flow from these sources to fund its operations for at least the
next twelve months.

Item 3.  Controls  and  Procedures
----------------------------------
The Company  maintains  disclosure  controls and procedures that are designed to
ensure that information  required to be disclosed in the Company's  Exchange Act
reports is recorded, processed,  summarized and reported within the time periods
specified in the SEC's rules and forms, and that such information is accumulated
and  communicated  to the Company's  management,  including its Chief  Executive
Officer and Chief Financial Officer,  as appropriate,  to allow timely decisions
regarding  required  disclosure  based closely on the  definition of "disclosure
controls and  procedures"  in Rule  13a-15(e).  In designing and  evaluating the
disclosure controls and procedures,  management recognized that any controls and
procedures,  no  matter  how  well  designed  and  operated,  can  provide  only
reasonable assurance of achieving the desired control objectives, and management
necessarily  was required to apply its judgment in evaluating  the  cost-benefit
relationship  of possible  controls and  procedures.  The Company carried out an
evaluation,  under the supervision and with the  participation  of the Company's
management,  including the Company's Chief  Executive  Officer and the Company's
Chief Financial Officer, of the effectiveness of the design and operation of the
Company's  disclosure  controls  and  procedures.  Based on the  foregoing,  the
Company's Chief Executive Officer and Chief Financial Officer concluded that the
Company's  disclosure  controls and procedures  were effective at the reasonable
assurance  level at the end of our  most  recent  quarter.  There  have  been no
changes in the Company's  disclosure controls and procedures or in other factors
that could affect the  disclosure  controls  subsequent  to the date the Company
completed its evaluation.

                           PART II. OTHER INFORMATION

Item 1.   Legal Proceedings
          -----------------

          See note 4 to  Notes to  Consolidated  Financial  Statements  included
          herein for a description of legal matters.

Item 2.   Changes in Securities
          ---------------------

     (a)  In the  second  quarter  ended  June 30,  2005  there were no sales of
          unregistered securities,  except for an aggregate of 260,000 shares of
          the  Company's  common stock which were issued to  executive  officers
          and/or directors of the Company in connection with loan guarantees, as
          described  elsewhere  herein.   There  were  no  commissions  paid  in
          connection  with the  issuance of these  shares.  The  issuance of the
          260,000  shares is exempt under Section 4(2) of the  Securities Act of
          1933, as amended.
     (b)  Rule 463 of the Securities Act is not applicable to the Company.
     (c)  In the second quarter ended June 30, 2005 there were no repurchases by
          the Company of its Common Stock.

                                       14
<PAGE>
Item 3.  Defaults Upon Senior Securities
         -------------------------------
         None.


Item 4.  Submissions of Matters to a Vote of Security Holders
         ----------------------------------------------------

         In the  second  quarter  ended  June 30,  2005  there  were no  matters
         submitted to a vote of security holders.


Item 5.  Other Information
         -----------------

         None.

Item 6. Exhibits and Reports on Form 8-K
----------------------------------------

     (a) Except for the exhibits  listed below,  other  required  exhibits  have
         been  previously  filed with the  Securities  and Exchange   Commission
         under the Securities Exchange Act of 1934, as amended.
     (b) During the quarter  ended  June 30, 2005, we filed one Form 8-K on June
         2, 2005 wherein we disclosed the closing of our new credit facility.

Number   Exhibit Description
--------------------------------------------

11.1    Statement  re:  computation  of  earnings  per share.  See  consolidated
        statement of operations and notes thereto.
10.1    Accounts  Receivable  Purchase  Agreement  executed  May 25, 2005 by and
        among Access Capital, EGI and EGI's wholly-owned subsidiary, PRI Medical
        Technologies, Inc.*
10.2    May 2005 Letter  Agreement by and among EGI and the limited  guarantors,
        Bruce J. Haber, Mark Waldron, William M. McKay and Louis Buther*
10.3    May 2005 Amendment to Employment Contract of Bruce Haber*
10.4    May 2005 Amendment of Employment Contract of Louis Buther*
31.1    Certification  of Chief  Executive  Officer  Pursuant to Rule  13a-14(a)
        under the  Securities  Exchange  Act of 1934,  as  adopted  pursuant  to
        Section 302 of the Sarbanes-Oxley Act of 2002
31.2    Certification  of Chief  Financial  Officer  Pursuant to Rule  13a-14(a)
        under the  Securities  Exchange  Act of 1934,  as  adopted  pursuant  to
        Section 302 of the Sarbanes-Oxley Act of 2002
32.1    Certification of Chief Executive  Officer pursuant to 18 U.S.C.  Section
        1350, as adopted  pursuant to Section 906 of the  Sarbanes-Oxley  Act of
        2002
32.2    Certification of Chief Financial  Officer pursuant to 18 U.S.C.  Section
        1350, as adopted  pursuant to Section 906 of the  Sarbanes-Oxley  Act of
        2002
        -----------------------------------------------
        *Previously filed with Form 8-K on June 2, 2005.

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<PAGE>
                                   SIGNATURES


Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned, thereunto duly authorized.


                                                      EMERGENT GROUP INC.


Date:    August 12, 2005                              By: /s/ Bruce J. Haber
                                                          ------------------
                                                          Bruce J. Haber,
                                                          Chairman and Chief
                                                          Executive Officer



Date:    August 12, 2005                              By:  /s/ William M. McKay
                                                           --------------------
                                                           William M. McKay,
                                                           Chief Financial
                                                           Officer



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