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 March 31, 2006


                         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 [ ]

     Indicate by check mark whether the registrant is an  accelerated  filer (as
defined in Rue 12b-2 of the Exchange Act).

                                 Yes [ ] No [X]

     Indicate  by check mark  whether  the  registrant  is a shell  company  (as
defined in Rue 12b-2 of the Exchange Act).

                                 Yes [ ] No [X]

     As of May 10,  2006,  the  registrant  had a total of  5,452,610  shares of
Common Stock outstanding.



<PAGE>
                               EMERGENT GROUP INC.

                          FORM 10-QSB Quarterly Report

                                Table of Contents

<TABLE>
<CAPTION>
                                                                                                         Page

PART I.  FINANCIAL INFORMATION

<S>                                                                                                       <C>
   Item 1.    Financial Statements

              Condensed Consolidated Balance Sheet as of March 31, 2006 (unaudited)                         3

              Condensed Consolidated Statements of Income for the Three Months
                 Ended March 31, 2006 and 2005 (unaudited)                                                  4

              Condensed Consolidated Statements of Cash Flows for the Three Months
                 Ended March 31, 2006 and 2005 (unaudited)                                                  5

              Notes to Condensed Consolidated Financial Statements                                          6

   Item 2.    Management's Discussion and Analysis of Financial Condition
                 and Results of Operations                                                                 11

   Item 3.    Controls and Procedures                                                                      14

PART II.  OTHER INFORMATION

   Item 1.    Legal Proceedings                                                                            15

   Item 2.    Changes in Securities                                                                        15

   Item 3.    Defaults Upon Senior Securities                                                              15

   Item 4.    Submissions of Matters to a Vote of Security Holders                                         15

   Item 5.    Other Information                                                                            15

   Item 6.    Exhibits                                                                                     15


Signatures                                                                                                 16

</TABLE>

                                       2
<PAGE>


                         PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements


                           Emergent Group Inc. and Subsidiaries
                           Condensed Consolidated Balance Sheet

<TABLE>
<CAPTION>
                                                                              March 31,
                                                                                 2006
                                                                           ---------------
                                  ASSETS                                    (unaudited)

<S>                                                                               <C>
Current assets
     Cash                                                                  $      588,828
     Accounts receivable, net of allowance for doubtful
        accounts of $20,487                                                     2,045,935
     Inventory, net of reserves of $77,402                                        666,766
     Prepaid expenses                                                             140,258
                                                                           ---------------

           Total current assets                                                 3,441,787

Property and equipment, net of accumulated depreciation and
        amortization of $4,063,538                                              2,370,251
Goodwill                                                                        1,193,915
Other intangible assets, net of accumulated amortization of
        $71,411                                                                   194,875
Deposits and other assets                                                         161,713

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

Total assets                                                               $    7,362,541
                                                                           ===============

                   LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
     Current portion of capital lease obligations                          $      615,725
     Current portion of notes payable                                             437,129
     Line of credit                                                                     -
     Accounts payable                                                             899,630
     Accrued expenses                                                           1,060,842

                                                                           ---------------
           Total current liabilities                                            3,013,326

Capital lease obligations, net of current portion                                 866,841
Notes payable, net of current portion                                             270,303
                                                                           ---------------

           Total liabilities                                                    4,150,470

Minority interest                                                                 338,392

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
        5,451,631 shares issued and outstanding                                   218,065
     Additional paid-in capital                                                14,866,025
     Deferred compensation, net of accumulated amortization of $51,403           (162,902)
     Accumulated deficit                                                      (12,047,509)
                                                                           ---------------

           Total shareholders' equity                                           2,873,679

                                                                           ---------------
 Total liabilities and shareholders' equity                                $    7,362,541
                                                                           ===============
</TABLE>

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


                                       3
<PAGE>

                      Emergent Group Inc. and Subsidiaries
                   Condensed Consolidated Statements of Income
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                Three Months Ended
                                                                                     March 31,
                                                                         ---------------------------------
                                                                              2006             2005
                                                                         ---------------- ----------------

<S>                                                                            <C>              <C>
Revenue                                                                  $     3,990,817  $     2,922,523
Cost of goods sold                                                             2,439,680        1,968,948
                                                                         ---------------- ----------------

Gross profit                                                                   1,551,137          953,575

Selling, general, and administrative expenses                                    976,328          799,134
                                                                         ---------------- ----------------

Income from operations                                                           574,809          154,441

Other income (expense)
     Interest expense                                                            (46,741)         (34,382)
     Gain on disposal of property and equipment                                    1,300            9,401
     Other income, net                                                            30,577            5,980
                                                                         ---------------- ----------------

            Total other income (expense)                                         (14,864)         (19,001)
                                                                         ---------------- ----------------

Income before provision for income taxes
     and minority interest                                                       559,945          135,440
Provision for income taxes                                                       (23,864)               -
                                                                         ---------------- ----------------

Income before minority interest                                                  536,081          135,440

Minority interest in income of consolidated
     limited liability companies                                                 (72,086)         (30,162)
                                                                         ---------------- ----------------

Net income                                                               $       463,995  $       105,278
                                                                         ================ ================

Basic earnings per share                                                 $          0.09  $          0.02
                                                                         ================ ================
Diluted earnings per share                                               $          0.08  $          0.02
                                                                         ================ ================

Basic weighted average shares outstanding                                      5,451,631        4,744,551
                                                                         ================ ================

Diluted weighted-average shares outstanding                                    5,816,939        4,744,551
                                                                         ================ ================
</TABLE>

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

                                       4
<PAGE>

                      Emergent Group Inc. and Subsidiaries
                 Condensed Consolidated Statements of Cash Flows
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                                     March 31,
                                                                      ------------------------------------
                                                                                2006              2005
                                                                      ------------------------------------
<S>                                                                           <C>                 <C>
Cash flows from operating activities
     Net income                                                       $         463,995    $      105,278
     Adjustments to reconcile net income to net cash
     provided by operating activities:
        Depreciation and amortization                                           269,348           299,854
        Amortization of finance fees                                              3,348                 -
        Gain on disposal of property and equipment and other                     (1,300)           (9,401)
        Provision for doubtful accounts                                               -            (2,006)
        Minority interest in income                                              72,086            30,162
        Other income                                                            (17,000)                -
        (Increase) decrease in
            Accounts receivable                                                (154,522)          (89,136)
            Inventory                                                             3,505           (14,738)
            Prepaid expenses                                                     17,268           (30,663)
            Deposits and other assets                                           (61,262)          (14,146)
        Increase (decrease) in
            Accounts payable                                                    261,334           132,400
            Accrued expenses                                                     68,262            (7,221)
                                                                      ------------------------------------

Net cash provided by operating activities                                       925,062           400,383
                                                                      ------------------------------------

Cash flows from investing activities
     Purchase of property and equipment                                         (96,027)          (57,865)
     Cash paid to members of limited liability companies                        (73,115)          (42,291)
     Proceeds from the sale of property and equipment                             5,050            11,539

                                                                      ------------------------------------
Net cash used in investing activities                                          (164,092)          (88,617)
                                                                      ------------------------------------

Cash flows from financing activities
     Payments on capital lease obligations                                     (139,642)          (73,371)
     Payments on dividends declared                                            (512,861)                -
     Borrowings under line of credit                                          3,954,691                 -
     Repayments on line of credit                                            (3,954,691)                -
     Payments on notes payable, net                                            (105,016)          (96,180)

                                                                      ------------------------------------
Net cash used in financing activities                                          (757,519)         (169,551)
                                                                      ------------------------------------

Net increase in cash                                                              3,451           142,215

Cash, beginning of period                                                       585,377           351,595
                                                                      ------------------------------------

Cash, end of period                                                   $         588,828    $      493,810
                                                                      ====================================

Supplemental disclosures of cash flow information:
     Interest paid                                                    $          47,468    $       35,738
                                                                      ====================================

</TABLE>

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


                                       5
<PAGE>


                               EMERGENT GROUP INC
              NOTES TO CONDENSED 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, 2005. 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 months ended March 31,
     2006 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  four   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.

     Accounts  Receivable  and  Concentration  of Business  and Credit  Risks
     ------------------------------------------------------------------------

     We market our  services  primarily  to hospitals  and  out-patient  centers
     located in California,  Nevada, Utah,  Colorado,  Arizona and New York. Our
     equipment  rental and technician  services are subject to competition  from
     other  similar  businesses.  Our accounts  receivable  represent  financial
     instruments  with  potential  credit risk. We offer credit terms and credit
     limits  to most of our  customers  based  on the  creditworthiness  of such
     customers.  However,  we retain the right to place such customers on credit
     hold should their account become  delinquent.  We maintain an allowance for
     doubtful  accounts  for  estimated  losses  should  customers  fail to make
     required  payments.  In  addition,  we monitor the age of customer  account
     balances,  historical  bad  debt  experience,   customer  creditworthiness,
     customer specific information,  and changes in payment patterns when making
     estimates of the collectibility of trade receivables.  Accounts  receivable
     are written off when all collection attempts have failed. Our allowance for
     doubtful accounts will be increased if circumstances  warrant. Based on the
     information available, management believes that our net accounts receivable
     are collectible.

     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.

                                       6
<PAGE>
     Stock-Based Compensation
     ------------------------
     In December  2004, the FASB issued SFAS No.  123(R),"Share-Based  Payment".
     SFAS 123(R) amends SFAS No. 123,"Accounting 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 for public companies  qualifying as SEC small business issuers
     for the fiscal year beginning after December 15, 2005.


     Effective  January 1, 2006,  we adopted  Statement of Financial  Accounting
     Standards  ("SFAS")  No.  123R,  Share-Based  Payment,  using the  modified
     prospective method. Under this method,  compensation cost recognized during
     the three months ended March 31, 2006  includes  compensation  cost for all
     share-based  payments granted prior to, but not yet vested as of January 1,
     2006,  based on the grant date fair value  estimated in accordance with the
     original  provisions of SFAS No. 123 amortized  over the remaining  vesting
     period for such options.  There were no options  granted during the quarter
     ended March 31, 2006. The implementation of the provisions of SFAS No. 123R
     on January 1, 2006 resulted in additional  compensation costs of $3,079 for
     the quarter ended March 31, 2006.  Basic and diluted  earnings per share of
     $.09 and $0.08 did not change as a result of implementing SFAS No. 123R. In
     addition,  the  implementation  of SFAS No. 123R did not have a significant
     impact on our financial position, results of operations or cash flows.


     Prior to  January,  we  accounted  for  employee  stock  options  grants in
     accordance with APB No. 25, and had adopted only the disclosure  provisions
     of SFAS No. 123, Accounting for Stock-Based Compensation.  Accordingly,  no
     stock based compensation  expense was recognized for the three months ended
     March 31, 2005 as all options  were  granted with a price based on the fair
     value of such  options on the grant date.  For the three months ended March
     31, 2005, had we adopted the fair value recognition  provisions of SFAS No.
     123 to  account  for our  employee  stock  options  for the we  would  have
     recognized  compensation  expense of $1,342,  which  assumes  that the fair
     value of such  options,  as  prescribed  by SFAS No. 123, was  amortized to
     expense over the vesting  period of such  options.  The total fair value of
     the 73,000  options  granted  during the three  months ended March 31, 2005
     were  estimated  at  $26,831 at the date of grant  using the  Black-Scholes
     valuation  model assuming  volatility of 150%, a risk free interest rate of
     3.5%, no annual dividends and expected lives of seven years.


     The 2002 Employee Benefit and Consulting  Services  Compensation  Plan (the
     "2002 Plan") was adopted in 2002 for the purpose of providing incentives to
     key  employees,  officers,  and  consultants  of the  Company  who  provide
     significant  services  to the  Company.  As of March  31,  2006,  there are
     650,000 common shares  authorized  for grant under the 2002 Plan.  However,
     325,000  shares of the 650,000 shares  represent an increase  authorized by
     the Company's Board of Directors subject to shareholder  approval.  Options
     will not be  granted  for a term of more  than ten  years  from the date of
     grant. Generally, options will vest evenly over a period of five years, and
     the 2002 Plan  expires in March 2012.  Since  shareholder  approval was not
     obtained on or before April 1, 2003,  all incentive  stock options  granted
     under the 2002 Plan have automatically  become non-statutory stock options,
     and the Board is limited to granting  non-statutory stock options under the
     2002 Plan. As of March 31, 2006,  the number of shares  reserved for future
     awards was 244,663.


     A summary of the Company's outstanding options and activity is as follows:

                                                                Weighted Average
                                             Number of Shares    Exercise Price
                                             ----------------    -------------

        Outstanding at January 1, 2006                431,099    $        1.45

        Options Granted                                     -    $           -
        Options Canceled                                    -    $           -
        Options Exercised                                   -    $           -
                                             ----------------

        Outstanding at March 31, 2006                 431,099    $        1.45
                                             ================

        Exercisable at March 31, 2006                 280,277    $        1.84
                                             ================

                                       7
<PAGE>

     The weighted-average  remaining contractual life of the options outstanding
     at March 31,  2006 is 7.33  years.  The  exercise  prices  for the  options
     outstanding at March 31, 2006 ranged from $0.40 to $162.16, and information
     relating to these options is as follows:
<TABLE>
<CAPTION>

                                                                    Weighted-        Weighted-
                                                   Weighted-        Average          Average
                                                   Average          Exercise         Exercise
                                    Stock          Remaining        Price of         Price of
     Range of     Stock Options    Options        Contractual       Options          Options
 Exercise Prices    Outstanding   Exercisable        Life           Outstanding      Exercisable
------------------------------------------------------------------------------------------------
<S>                    <C>             <C>             <C>                 <C>            <C>
 $          0.40       417,589        266,767     7.62  years         $     0.40     $     0.40
 $  2.00 -  8.00         4,000          4,000     7.00  years         $     5.00     $     5.00
 $ 20.00 - 51.00         9,339          9,339     5.75  years         $    38.66     $    38.66
 $        162.16           171            171     1.29  years         $   162.16     $   162.16
                 ------------- --------------

 $ 0.40 - 162.16       431,099        280,277     7.33  years         $     1.45     $     1.84
                 ============= ==============
</TABLE>



     As of March 31, 2006, the total  unrecognized fair value  compensation cost
     related to unvested  stock  options was $50,454,  which is to be recognized
     over a remaining weighted average period of approximately 4.10 years.

     Earnings Per Share
     ------------------
     The Company utilizes SFAS No. 128, "Earnings per Share." Basic earnings per
     share is computed by dividing earnings available to common  shareholders by
     the weighted-average number of common shares outstanding.  Diluted earnings
     per share is computed  similar to basic  earnings per share except that the
     denominator is increased to include the number of additional  common shares
     that would have been outstanding if the potential common share  equivalents
     had been issued and if the additional  common shares were dilutive.  Common
     equivalent  shares are  excluded  from the  computation  if their effect is
     anti-dilutive.

     Recent Accounting Pronounments
     ------------------------------
     In May 2005, the FASB issued  Statement of Financial  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.  The Company  implemented  SFAS No. 154,  effective  January 1, 2006,
     which did not have a material impact upon the Company's financial position,
     results of operations or cash flows.

     In  February  2006,  the FASB  issued  Statement  of  Financial  Accounting
     Standards No. 155,  "Accounting for Certain Hybrid  Financial  Instruments"
     ("SFAS  155"),  which  amends SFAS No.  133,  "Accounting  for  Derivatives
     Instruments  and  Hedging  Activities"  ("SFAS  133")  and  SFAS  No.  140,
     "Accounting   for  Transfers   and   Servicing  of  Financial   Assets  and
     Extinguishment  of Liabilities"  ("SFAS 140").  SFAS 155 amends SFAS 133 to
     narrow the scope exception for interest-only and  principal-only  strips on
     debt instruments to include only such strips representing rights to receive
     a specified  portion of the  contractual  interest or principle cash flows.
     SFAS 155 also amends SFAS 140 to allow qualifying  special-purpose entities
     to hold a passive derivative financial instrument  pertaining to beneficial
     interests that itself is a derivative instrument.  The Company is currently
     evaluating  the impact of this new Standard,  but believes that it will not
     have a material  impact on the  Company's  financial  position,  results of
     operations or cash flows.

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


                                       8
<PAGE>

     and certain  fixed assets  (collectively  referred to herein as the "Credit
     Facility").  Advances  under the Revolver are based on 80% of each eligible
     receivable,  as defined.  Borrowings  under the Revolver and Term Note bear
     interest  at the prime  rate  (7.75% as of March 31,  2006),  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 pay off 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
     March 31, 2006,  total  borrowings  outstanding  under the Credit  Facility
     amounted to $106,016 all of which was outstanding  under the Term Note. The
     Company has $893,984 of borrowing availability under the Credit Facility as
     of March 31, 2006.

     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 196,000 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.

     As of March 31, 2006 we have certain outstanding debt and lease obligations
     amounting to $241,832 and $57,896,  respectively,  which require additional
     principal payments of up to $187,500,  in the event of default. As of March
     31, 2006 and the filing of this Quarterly  Report on Form 10-QSB we were in
     compliance with the terms and conditions of such debt and lease agreements.

     The Company  incurred net interest  expense of $46,741 and $ 34,382 for the
     three months ended March 31, 2006 and 2005, respectively.

4.   COMMITMENTS AND CONTINGENCIES

     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
     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 has
     denied the  Plaintiff's  allegations  against  the  Company  and intends to
     vigorously  defend this  lawsuit.  During the quarter ended March 31, 2006,
     there were no material developments in this matter.

                                       9
<PAGE>


     Equipment Agreement
     --------------------

     In  March  2006 we  entered  into an  agreement  with a  medical  equipment
     supplier to rent certain surgical equipment for evaluation purposes for the
     period from March 1, 2006 to June 30, 2006. The rental  agreement  provides
     an option to  purchase  such  equipment  on or before  June 30,  2006.  The
     agreement  requires  the  Company to make  deposits  of $75,000  during the
     evaluation period. Such deposits are subject to forfeiture should we decide
     not to exercise our right under the agreement to purchase  such  equipment.
     The deposits will be either  refunded or applied against the purchase price
     should we decide to exercise our right to purchase the equipment.

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  $9,458 and $8,299 for the
     three months ended March 31, 2006 and 2005, respectively.

6.   LIMITED LIABILITY COMPANIES

     In  connection  with  expanding  its  business  in certain  commercial  and
     geographic  areas, PRI Medical will at times help to form Limited Liability
     Companies  ("LLCs") in which it will acquire a minority  interest and offer
     the  remaining  interest to other  investors.  These LLCs  acquire  certain
     equipment for use in their respective  business  activities which generally
     focus on  surgical  procedures.  As of March  31,  2006 PRI  Medical  holds
     minority equity interests in four LLCs which conduct business in California
     and Colorado.  During 2005, PRI Medical helped to form two new LLCs,  which
     subsequently raised total capital of $200,000 from investors. In late 2005,
     PRI  Medical,  on behalf of such LLCs,  acquired  two  surgical  lasers for
     $650,000. The LLCs finalized lease financing of $600,000 for such equipment
     in January  2006.  The cost of the  equipment  is included in property  and
     equipment  and the  related  lease  payable is  included  in capital  lease
     obligations payable in the accompanying balance sheet as of March 31, 2006.
     The investors in each LLC agreed to provide individual  proportionate lease
     guarantees based on their respective ownership percentages in the LLCs. PRI
     Medical  provided   corporate   guarantees  to  the  financing  company  in
     connection with such lease  financing.  In addition,  the investors in each
     LLC agreed to indemnify PRI Medical  against  losses,  if any,  incurred in
     connection with its guarantees.

     In accordance with the Financial  Accounting Standards Board Interpretation
     No.  46R,   "Consolidation  of  Variable  Interest  Entities"  the  Company
     accounted  for  its  equity   investments   in  its  LLCs  under  the  full
     consolidation method whereby transactions between the Company and LLCs have
     been eliminated through consolidation.


                                       10
<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,  2005 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
effectively  integrate new and changing medical technologies into to its product
and  service  offerings,  (d) the  Company's  ability  to  meet  the  terms  and
conditions of its debt and lease obligations, and (e) 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  requires  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 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.

                                       11
<PAGE>

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
statements  of  income  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>


                                                            March 31,
                                              ---------------------------------------
                                                  2006        %       2005        %
                                              --------------  --   -------------- ---

<S>                                             <C>           <C>     <C>         <C>
Revenue                                         $ 3,990,817   100%    $2,922,523  100%
Cost of goods sold                                2,439,680    61%     1,968,948   67%
                                              --------------  ---  -------------- ---

Gross profit                                      1,551,137   39%       953,575   33%

Selling, general, and administrative expenses       976,328   24%       799,134   27%
                                              --------------  ---  -------------- ---

Income from operations                              574,809   14%       154,441    5%

Other income (expense)                              (14,864)   0%       (19,001)  -1%
                                              --------------  ---  -------------- ---

Income before provision for income
    taxes and minority interest                     559,945   14%       135,440    5%
Provision for income taxes                          (23,864)   0%             -    0%
                                              --------------  ---   ------------- ---
Net income before minority interest                 536,081   14%       135,440    5%
                                                              --                  ---

Minority interest in income of consolidated
    limited liability companies                     (72,086)   2%      (30,162)    1%
                                              --------------  ---  -------------- ---
Net income                                       $ 463,995    12%    $ 105,278     4%
                                              ==============  ===  ============== ===
</TABLE>

Comparison of the Three Months Ended March 31, 2006 to March 31, 2005

The Company  generated  revenues of $3,990,817 in 2006 compared to $2,922,523 in
2005.  The increase in revenues in 2006 of  $1,068,294,  or 37% is related to an
increase in revenues from our  higher-priced  surgical  procedures,  to revenues
generated from certain customers of an acquired competitor in November 2005, and
to the full impact of certain  price  increases  implemented  in early 2005.  In
November 2005 we acquired  certain  operating  assets and customer  lists from a
competitor which contributed to the increase in revenues for 2006.  Revenues for
2006  include  revenues of $462,020  from four  consolidated  limited  liability
companies  while 2005  includes  revenues of $166,776  from two such  companies.
Revenues from our surgical and cosmetic procedures represented approximately 92%
and 8% of total revenues for 2006 and 88% and 12% for 2005, respectively.

Cost of  goods  sold  was  $2,439,680  in 2006 or 61% of  revenues  compared  to
$1,968,948 or 67% in 2005. Costs of good sold primarily consist of payroll costs
and related expenses for technicians,  cost of disposables  consumed,  insurance
costs and other operating costs incurred in rendering  mobile medical  equipment
and technician services.  The overall increase in cost of goods sold of $470,732
or 24% for 2005 is generally  due to increases in  disposable  costs and payroll
and related costs offset by a decrease in depreciation expense. Disposable costs
increased as a result of a change in the mix of surgical  procedures rendered to
customers whereby a greater number of procedures were performed in 2006 compared
to 2005 that  required  more  expensive  disposable  items while  payroll  costs
increased  as a result of the  increase in the number of surgical  and  cosmetic
procedures  performed in 2006.  Depreciation and amortization  expense decreased
due to the fact that certain  assets  became fully  depreciated  in mid-2005 and
such decreases in depreciation  were not entirely  offset by  depreciation  from
newly acquired assets. The net change in other cost categories  included in cost
of goods sold remained relatively unchanged in 2006 compared to 2005.

                                       12
<PAGE>

Gross profit from  operations  was  $1,551,137  in 2006  compared to $953,575 in
2005.  Gross profit as a percentage  of revenues was 39% in 2006 compared to 33%
for 2005. The improvement in our gross profit margin in 2006 is primarily due to
certain  per  procedure  price  increases  implemented  early  2005 for  various
surgical  and  cosmetic  procedures  and  to  the  mix  of  surgical  procedures
performed.  Profit margins,  net of disposable costs, will vary depending on the
type of surgical  procedure  performed  due to the fact that certain  procedures
require more expensive  disposable  items. In addition,  gross margin rates will
vary from period to period depending upon various factors  including product and
service mix, pricing  considerations,  and equipment and technician  utilization
rates.  The gross margin for 2006 is not  necessarily  indicative of the margins
that may be realized in future periods.

Selling,  general, and administrative  expenses were $976,328 or 24% of revenues
in 2006  compared to $799,134  or 27% of revenues in 2005.  Such costs  include,
among others, payroll and related expenses, insurance costs and occupancy costs.
The increase in selling, general and administrative expenses of $177,194 in 2006
is primarily  related to increases in selling  payroll and  commissions,  and to
incentive compensation expense.

Other income  (expense)  was  ($14,864)  in 2006  compared to ($19,001) in 2005.
Other income (expense)  includes interest expense,  gains and losses on disposal
of property and equipment, and other miscellaneous income and expense items. The
net  decrease  in other  income  (expense)  of $4,137 is  primarily  related  to
miscellaneous  income from the write-off of certain vendor obligations  relating
to prior years,  offset by an increase in net interest expense and a decrease in
gains from the disposals of property and equipment in 2006 compared to 2005.

The minority interest in net income of limited  liability  companies was $72,086
in 2006 compared to $30,162 in 2005.  Minority interest in income relates to the
consolidation of four entities in 2006 and two entities in 2005 in which we hold
an equity investment interest.  As of March 31, 2006 and 2005 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.

Net income was  $463,995 in 2006  compared to  $105,278 in 2005.  Provision  for
income taxes was ($23,864) in 2006 compared to $-0- in 2005. The Company has net
operating  loss  carryforwards  for both  federal  and state tax  purposes.  The
provision  for  income  taxes of  ($23,864)  as of March  31,  2006  relates  to
estimated  Alternative  Minimum Taxes (AMT) and to minimum state taxes  payable.
Basic net income per share for 2006 and 2005 was $0.09 and $0.02,  respectively,
while fully  diluted net income per share for 2006 and 2005 was $0.08 and $0.02,
respectively. Basic and fully diluted shares outstanding for 2006 were 5,451,631
and 5,816,939, respectively, and 4,744,551 for 2005.

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  eligible  receivables,  as
defined.  Borrowings under the Revolver and Term Note bear interest at the prime
rate (7.75% as of March 31,  2006),  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 pay off 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 March 31, 2006
total borrowings  outstanding under the Credit Facility amounted to $106,016 all
of which was  outstanding  under the Term Note.  The  Company  has  $893,984  of
borrowing availability under the Credit Facility as of March 31, 2006.

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 196,000  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.

                                       13
<PAGE>

As of March 31,  2006 we have  certain  outstanding  debt and lease  obligations
amounting  to $241,832  and  $57,896,  respectively,  which  require  additional
principal payments of up to $187,500,  in the event of default.  As of March 31,
2006  and the  filing  of  this  Quarterly  Report  on  Form  10-QSB  we were in
compliance with the terms and conditions of such debt and lease agreements.

In March 2006 we entered into an agreement with a medical equipment  supplier to
rent certain  surgical  equipment  for  evaluation  purposes for the period from
March 1, 2006 to June 30,  2006.  The  rental  agreement  provides  an option to
purchase such equipment on or before June 30, 2006.  The agreement  requires the
Company to make deposits of $75,000 during the evaluation period.  Such deposits
are subject to  forfeiture  should we decide not to exercise our right under the
agreement to purchase such  equipment.  The deposits will be either  refunded or
applied  against  the  purchase  price  should we decide to  exercise  our right
purchase the equipment.

The Company had cash and cash  equivalents  of $588,828 at March 31, 2006.  Cash
provided by operating  activities  for the three months ended March 31, 2006 was
$925,062.  Cash  generated  from  operations  includes  net income of  $463,995,
depreciation  and amortization of $272,696,  minority  interest in net income of
$72,086 and an increase in accounts  payable and accrued  expenses of  $329,596;
offset by an  increase  in accounts  receivable  of  $154,522  and a decrease in
prepaid  expenses of $17,268.  Cash used in  investing  activities  was $164,092
related to the  purchase  of  property  and  equipment  of  $96,027  and to cash
distributions of $73,115 to members of limited  liability  companies,  offset by
net proceeds of $5,050 from the disposition of property and equipment. Cash used
for  financing   activities  was  $757,519  from  payments  on  lease  and  debt
obligations of $139,642 and $105,016,  respectively, and payment of dividends on
common stock of $512,861.  In addition,  during the quarter ended March 31, 2006
we borrowed and repaid $3,954,691 under our line of credit.

The Company had cash and cash  equivalents  of $493,810 at March 31, 2005.  Cash
provided by operating  activities  for the three months ended March 31, 2005 was
$400,383. Cash from operations includes net income of $105,278, depreciation and
amortization of $299,854,  minority interest in net income of $30,162, decreases
in accounts  receivable,  inventory,  prepaid  expense,  and  deposits and other
assets of $148,683 and an increase in accounts payable of $132,400. Cash used in
investing  activities  was $88,617 due to the purchase of property and equipment
of $57,865  and net cash  payments  of $42,291  to limited  liability  companies
offset by net proceeds of $11,539 from the sale of property and equipment.  Cash
used for financing  activities was $169,551 resulting from payments on lease and
debt obligations of $73,371 and $96,180, respectively.

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 and lease obligations and capital expenditures. The primary sources
of  funding  for  such  requirements  will be cash  generated  from  operations,
borrowings  under debt  facilities and trade  payables,  and raising  additional
capital from the sale of equity or other  securities.  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  ended  March 31,  2006.
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.

                                       14
<PAGE>

Management has not yet completed, and is not yet required to have completed, its
assessment of the effectiveness of internal control over financial reporting as
required by Section 404 of the Sarbanes-Oxley Act of 2002, as amended.


                           PART II. OTHER INFORMATION

Item 1.   Legal Proceedings

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


Item 2.   Changes in Securities

     (a)  In the first  quarter  ended  March 31,  2006  there  were no sales of
          unregistered securities.
     (b)  Rule 463 of the Securities Act is not applicable to the Company.
     (c)  In the first quarter ended March 31, 2006 there were no repurchases by
          the Company of its Common Stock.


Item 3.   Defaults Upon Senior Securities

          None.


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

          In the first  quarter  ended  March 31,  2006  there  were no  matters
          submitted to a vote of security holders.


Item 5.   Other Information

          None.


Item 6.   Exhibits

          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.

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

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*
11.1    Statement  re:   computation  of  earnings  per  share.   See  condensed
        consolidated statement of operations and notes thereto.
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.
        ** Filed herewith.

                                       15
<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: May 15, 2006                        By:  /s/ Bruce J. Haber
                                          -----------------------
                                          Bruce J. Haber,
                                          Chairman and Chief Executive Officer



Date: May 15, 2006                        By:  /s/ William M. McKay
                                          --------------------------
                                          William M. McKay,
                                          Chief Financial Officer and Secretary