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

                                   FORM 10-QSB


(Mark One)
[X] Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of
1934 For the quarterly period ended: March 31, 2002

[ ]  Transition  report  under  Section 13 or 15(d) of the  Exchange Act For the
transition period from ____________ to ____________


                         Commission File Number: 0-14653

                       Renaissance Acceptance Group, Inc.
        (Exact name of small business issuer as specified in its charter)



          Delaware                                    74-2119162
(State or other  jurisdiction of                    (IRS Employer
incorporation  or organization)                   Identification No.)


                         1349 Empire Central, 13th Floor
                              Dallas, Texas, 75247
                    (Address of principal executive offices)


                                 (214) 231-7624
                           (Issuer's telephone number)


Check whether the  registrant  filed all  documents  and reports  required to be
filed by Section 12, 13, or 15(d) of the Exchange Act after the  distribution of
securities under a plan confirmed by court. Yes [X] No [ ]

    Number of shares outstanding as of: May 13, 2002: Common Stock: 5,000,000

Transitional Small Business Disclosure Format (check one): Yes [ ] No [X]


<PAGE>








                       RENAISSANCE ACCEPTANCE GROUP, INC.
                                      INDEX

                                                                  Page
                                                                  -----

     Part I - Financial Information

         Item 1. Financial Statements                               2

         Item 2. Management's Discussion and
         Analysis of Financial Condition
         and Results of Operations                                  7


     Part II - Other Information

         Item 6. Exhibits and Reports on Form 8-K                  13









                                       1
<PAGE>






ITEM 1. FINANCIAL STATEMENTS


                       RENAISSANCE ACCEPTANCE GROUP, INC.
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>



                                                                                      MARCH 31, 2002    DECEMBER 31, 2001
                                                                                      --------------    -----------------
                                                                                        (Unaudited)

     <S>                                                                              <C>               <C>

     ASSETS

     Cash and cash equivalents-unrestricted                                           $      273,297    $     404,496
     Cash and cash equivalents-restricted                                                    244,318          192,145
     Accounts receivable and prepaid expenses                                                304,118          671,090
     Loans held for sale                                                                   6,699,326       12,743,053
     Loans held for investment, net of reserves of $43,284 and $104,367                      342,935          466,667
     Real estate held for sale                                                               312,052          338,057
     Property  and  equipment,  net of  accumulated  depreciation  of $356,855 and
     $293,726                                                                                414,877          478,309
     Other assets                                                                             36,605           61,602
                                                                                     ---------------   --------------
                   Total assets                                                      $     8,627,528    $  15,355,419
                                                                                     ===============   ==============

     LIABILITIES AND SHAREHOLDERS' DEFICIT

     Warehouse lines of credit                                                       $     6,503,774    $  12,614,968
     Accounts payable and accrued liabilities                                              1,210,088        1,170,482
     Subordinate debt, net of discount                                                     3,477,777        3,476,852
                                                                                     ---------------   --------------
                   Total liabilities                                                      11,191,639       17,262,302
                                                                                     ---------------   --------------




     Preferred stock, 5,000,000 shares authorized, par value of $0.001:
     Series A: 5,000 shares authorized; redeemable, 8% cumulative, convertible;
     2,157.50 shares issued and outstanding                                                2,157,500        2,157,500
     Common stock,  95,000,000 shares authorized,  par value of $0.001,  5,000,000
     shares issued and outstanding                                                             5,000            5,000
     Additional paid-in capital                                                              417,085          417,085
     Accumulated deficit                                                                  (5,143,696)      (4,486,468)
                                                                                     ---------------   --------------
                   Total shareholders' deficit                                            (2,564,111)      (1,906,883)
                                                                                     ---------------   --------------
                   Total liabilities and shareholders' deficit                       $     8,627,528    $  15,355,419
                                                                                     ===============   ==============



</TABLE>



        See accompanying notes to these consolidated financial statements

                                       2

<PAGE>


                       RENAISSANCE ACCEPTANCE GROUP, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>

                                                                                          FOR THE THREE MONTHS ENDED
                                                                                                  MARCH 31,
                                                                                 ---------------- ------ ----------------
                                                                                      2002                    2001
                                                                                 ----------------        ----------------
                                                                                   (Unaudited)               (Unaudited)
     <S>                                                                          <C>                     <C>

     NET REVENUES:
     Sales of residential real estate                                             $         -             $   2,788,422
     Cost of residential real estate sold                                                   -                (2,124,001)
     Gain on sales of loans                                                              753,530                616,247
     AFA education and services fees                                                     673,206                  -
     Real estate commission                                                              255,443                  -
     Title company fees and net premiums                                                  86,526                  -
     Other income                                                                        136,652                133,376
                                                                                 ----------------        ----------------
     Total net revenues                                                           $    1,905,357          $   1,414,044

     OPERATING EXPENSES:
     Personnel and related expense                                                     1,433,430                799,778
     General and administrative                                                          613,248                464,785
     Advertising expense                                                                 335,520                 36,748
     Depreciation and amortization                                                        65,143                 37,973
                                                                                 ----------------        ----------------
     Total operating expenses                                                          2,447,341              1,339,284
                                                                                 ----------------        ----------------

     Income (Loss) from operations                                                     (541,984)                 74,760
                                                                                 ----------------        ----------------

     OTHER EXPENSE -
     Interest expense, net of interest income                                          (115,244)               (197,470)

     Net loss                                                                     $    (657,228)          $    (122,710)
                                                                                 ================        ================


     Basic and diluted loss per share                                             $       (0.13)          $       (0.03)
     Basic and diluted weighted average shares outstanding                            5,000,000               4,575,000




</TABLE>

        See accompanying notes to these consolidated financial statements

                                       3
<PAGE>


                       RENAISSANCE ACCEPTANCE GROUP, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>

                                                                                             FOR THE THREE MONTHS ENDED
                                                                                                     MARCH 31,
                                                                                     ----------------- --- ----------------
                                                                                          2002                  2001
                                                                                     -----------------     ----------------
                                                                                       (Unaudited)           (Unaudited)
<S>                                                                                    <C>                   <C>

CASH FLOWS FROM OPERATING ACTIVITIES:
     Net loss                                                                          $     (657,228)       $    (122,710)
     Adjustments  to  reconcile  net  loss to net  cash  provided  (used)  in
     operating activities:
     Depreciation expense                                                                      65,143               37,973
     Amortization of subordinated debt discount                                                   925                  -
     Net changes in assets and liabilities:
           Accounts receivable, prepaid expenses and other assets                             391,969              (40,871)
           Loans held for sale and warehouse lines payable, net                               (67,467)             255,703
          Real estate held for sale                                                            26,005              399,795
          Accounts payable and accrued liabilities                                             39,606               51,150
          Deferred gain                                                                        -                  (118,709)
                                                                                     -----------------     ----------------
     Net cash provided (used) in operating activities                                        (201,047)             462,331

CASH FLOWS FROM INVESTING ACTIVITIES:
     Increase in restricted cash                                                              (52,173)                 -
     Purchase of property and equipment                                                        (1,711)             (76,874)
     Loans held for investment                                                                123,732               31,212
                                                                                     -----------------     ----------------
     Net cash provided (used) in investing activities                                          69,848              (45,662)

CASH FLOWS FROM FINANCING ACTIVITIES:                                                             -                    -
                                                                                     -----------------     ----------------

NET CHANGE IN CASH AND CASH EQUIVALENTS                                                      (131,199)             416,669

CASH AND CASH EQUIVALENTS, beginning of period                                                404,496              500,034
                                                                                     -----------------     ----------------

CASH AND CASH EQUIVALENTS, end of period                                               $      273,297        $     916,703
                                                                                     =================     ================

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest Paid, including warehouse lines of credit                                     $      255,117        $     340,967

</TABLE>

        See accompanying notes to these consolidated financial statements

                                       4
<PAGE>


                       RENAISSANCE ACCEPTANCE GROUP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.   NATURE OF BUSINESS, ORGANIZATION AND BASIS OF PREPARATION AND PRESENTATION

     Renaissance  Acceptance  Group,  Inc. (the "Company")  operates in the real
     estate and mortgage banking industries through its subsidiaries, Remodelers
     Holdings,  Inc. ("RHI"),  Remodelers Acceptance Corporation ("RAC"), United
     Lending  Partners,   LP  ("ULP"),   Texas  Real  Estate  Systems,  LLC  and
     Renaissance  Title LLC ("RT").  RAC was  incorporated  in Nevada in October
     1998 and began  operations in the real estate business in the first quarter
     of 2000. RAC acquired a 99% limited partnership  ownership interest in ULP;
     a Texas limited partnership  engaged in the mortgage business,  in December
     2000.

     In April 2001 the  shareholders  of RAC (in a stock  exchange  transaction)
     exchanged  their 100%  ownership  interest in RAC for 100% of the ownership
     interest  in  the  newly  formed  RHI  (a  wholly-owned  subsidiary  of the
     Company). As a result of this stock exchange,  RHI became the 100% owner of
     RAC.  On April 30,  2001,  RHI became the 99%  limited  partner of ULP as a
     result of an  upstream  dividend  from RAC of the 99%  limited  partnership
     interest owned by RAC. The accompanying  financial statements are presented
     as if RHI had  existed  as the  holding  company  of RAC  for  all  periods
     presented.

     Pursuant to an Agreement  and Plan of Merger,  dated as of July 2, 2001, by
     and among Cardiac Control Systems,  Inc., RHI, Nineteenth  Acquisition Sub,
     Inc.  and Kersey,  Scillia,  Forster and Brooks,  Inc.  (the  "Agreement"),
     approximately 94.6 percent of the Company's common stock shares were issued
     to the  stockholders  of RHI in  connection  with  the  reverse  merger  of
     Nineteenth Acquisition Sub, Inc. ("Nineteenth"),  a wholly-owned subsidiary
     of the  registrant  created  to effect the  merger,  with and into RHI (the
     "Merger").

     In  accordance  with the terms of the Merger,  $170,000 in cash was paid by
     RHI and 250,000 shares of the registrant's  common stock were issued to the
     liquidating  trust and to certain of its  creditors  and  stockholders.  In
     addition, 20,000 shares of the registrant's common stock were issued to the
     liquidating trust to be sold and applied to RHI's  administrative costs and
     fees related to the Merger.  The remaining  4,730,000 initial shares of the
     Company's common stock were issued to the holders of common stock of RHI on
     a pro rata basis  according to their  ownership of the common stock of RHI.
     All  share  and per share  information  has been  revised  to  reflect  the
     exchange ratio in the reverse merger on a retroactive basis.

     Following the Plan  confirmation  and Merger,  the Company became a holding
     company  and RHI  became  its  wholly  owned  subsidiary.  The  Company  is
     authorized to issue 95,000,000 shares of its common stock, par value $0.001
     per share, of which 5,000,000  shares are  outstanding.  Additionally,  the
     Company is authorized to issue 5,000,000 shares of its preferred stock, par
     value $0.001 per share,  of which  2,157.5  shares of Series A  Convertible
     Preferred Stock are outstanding.  The former  stockholders of RHI currently
     own   4,730,000   shares  of  the   Company's   outstanding   common  stock
     (approximately 94.6 percent) and all of the Company's outstanding preferred
     stock.

     Beginning  in May 2001,  the  Company,  through  RAC,  operates in the real
     estate  business  as  Assistance  for  America  ("AFA").  AFA  is  designed
     primarily to help renters become  homeowners by facilitating  financing and
     down payment  assistance.  AFA earns fees associated with their  customer's
     purchase of a home.  Prior to the AFA program,  the Company bought and sold
     single-family  real estate. AFA was created as a solution to the increasing
     capital needs associated with the purchase of real estate.

     The  Company   operates  in  the  mortgage  banking  business  through  its
     subsidiary  ULP. ULP originates  loans from various  sources and then sells
     these loans to third party institutional  investors  utilizing  conforming,
     non-conforming, and U.S. government agency lending programs.

     For financial reporting purposes, the ULP acquisition is considered to have
     occurred on December 31, 2000. All  significant  intercompany  accounts and
     transactions have been eliminated in consolidation.


     Reclassifications
     Certain  amounts have been  reclassified  to conform to the current  period
     presentation.


                                       5
<PAGE>

                       RENAISSANCE ACCEPTANCE GROUP, INC.


     2.   UNAUDITED INFORMATION
     The March 31, 2001 and 2002 financial  statements have been prepared by the
     Company  without  audit.  According  to the  rules and  regulations  of the
     Securities  and  Exchange  Commission,  certain  information  and  footnote
     disclosures   normally  included  in  financial   statements   prepared  in
     accordance  with  generally  accepted   accounting   principles  have  been
     condensed  or  omitted.   However,  in  the  opinion  of  management,   all
     adjustments (consisting of only normal recurring adjustments) necessary for
     a fair  presentation  of the  Company's  financial  position and results of
     operations  for the  periods  presented  have been  made.  The  results  of
     operations  for the three month periods ended March 31, 2001,  and 2002 are
     not  necessarily  indicative  of those that will be obtained for the entire
     fiscal year.

     These financial  statements should be read in conjunction with the December
     31, 2001 financial statements of the Company contained in Form 10-KSB filed
     with the Securities and Exchange Commission.


     3.  BUSINESS SEGMENT INFORMATION

     The Company  operates in two segments:  real estate  (including Title Agent
     operations)  and  mortgage   banking.   Segment   operations  are  measured
     consistent  with  the  accounting   policies  used  in  these  consolidated
     financial  statements.  The following provides information on the Company's
     segments for the quarters ended March 31, 2002 and 2001.


<TABLE>
<CAPTION>

     Quarter ended March 31, 2002

                                                            Real                  Mortgage

                                                           Estate                  Banking                Total
                                                 -----------------------    -----------------    -------------------
          <S>                                       <C>                        <C>                  <C>

          Revenues from external customers          $    1,151,827             $     753,530        $  1,905,357

          Gross Profit                              $    1,151,827             $     753,530        $  1,905,357

          Net loss                                  $     (493,886)            $    (163,342)       $   (657,228)

          Identifiable assets                       $      760,914             $   7,866,614        $  8,627,528


<CAPTION>

     Quarter ended March 31, 2001
                                                            Real                  Mortgage

                                                           Estate                  Banking                Total
                                                 -----------------------    -----------------    -------------------
          <S>                                       <C>                        <C>                   <C>

          Revenues from external customers          $    2,921,798             $     616,247         $  3,538,045

          Gross profit                              $      797,797             $     616,247         $  1,414,044

          Net income (loss)                         $     (154,995)            $      32,285         $   (122,710)

          Identifiable assets                       $    4,608,480             $  17,861,836         $ 22,470,316


</TABLE>

                                       6
<PAGE>

                       RENAISSANCE ACCEPTANCE GROUP, INC.

     ITEM 2.  MANAGEMENT'S  DISCUSSION  AND ANALYSIS OF FINANCIAL  CONDITION AND
     RESULTS OF OPERATION

     You  should  read  the  following  discussion  and  analysis  of  financial
     condition  and results of  operations  in  conjunction  with the  Company's
     consolidated  financial  statements  presented  in  Part I - Item 1 of this
     report.  This discussion and analysis contains  forward-looking  statements
     within the meaning of the Private Securities Litigation Reform Act of 1995.
     Forward-looking  statements are statements  that are not historical  facts.
     Broadly speaking, forward-looking statements include:

          o    projections  of the  Company's  revenues,  income,  earnings  per
               share, capital expenditures, capital structure or other financial
               items;

          o    descriptions of strategic initiatives, plans or objectives of the
               Company's  management for future  operations,  including  pending
               acquisitions;

          o    descriptions of products, services and industry sectors;

          o    forecasts of future economic performance; and

          o    descriptions of assumptions  underlying or relating to any of the
               foregoing.

     You can identify these and other  forward-looking  statements by the use of
     words such as "becoming," "may," "will," "should," "predicts," "potential,"
     "continue,"  "anticipates,"  "believes,"  "estimates,"  "seeks," "expects,"
     "plans,"   "intends,"  or  the  negative  of  such  terms,   or  comparable
     terminology.  Although the Company believes that the expectations reflected
     in these forward-looking  statements are reasonable,  and the Company based
     these  expectations on its beliefs,  as well as its assumptions,  that such
     expectations  may prove to be incorrect.  The Company's  actual  results of
     operations and financial  performance could differ significantly from those
     expressed in or implied by its management's forward-looking statements. For
     information  with  respect to factors  that could cause  actual  results to
     differ from the expectations stated in the forward-looking  statements, see
     the text under the caption  "Risk  Factors"  included in the Form 8-K filed
     with the  Securities  and Exchange  Commission on July 9, 2001. The Company
     urges  investors to consider all of these  factors  carefully in evaluating
     the forward-looking  statements  contained in this discussion and analysis.
     All subsequent written or oral forward-looking  statements  attributable to
     the  Company  or  persons  acting on the  Company's  behalf  are  expressly
     qualified  in  their   entirety  by  these   cautionary   statements.   The
     forward-looking  statements included in this filing are made only as of the
     date of this  filing.  The  Company  does not  intend,  and  undertakes  no
     obligation, to update these forward-looking statements.

     Overview

     Renaissance  Acceptance  Group,  Inc. ("the Company")  operates in the real
     estate and mortgage banking industries through its subsidiaries, Remodelers
     Holdings,  Inc. ("RHI"),  Remodelers Acceptance  Corporation ("RAC"), Texas
     Real Estate Systems LLC ("TRES"),  United Lending Partners, LP. ("ULP") and
     Renaissance Title LLC ("RT").

     On May 24, 2001, Cardiac Control Systems,  Inc ("Cardiac"),  predecessor to
     the Company,  obtained the approval of the United States  Bankruptcy Court,
     Middle District of Florida,  Jacksonville Division for its confirmed Second
     Amended  Chapter 11 Plan of  Reorganization  (the "Plan").  Pursuant to the
     Plan and to an Agreement  and Plan of Merger,  dated as of July 2, 2001, by
     and among  Cardiac,  RHI,  Nineteenth  Acquisition  Sub,  Inc.  and Kersey,
     Scillia,  Forster and Brooks,  Inc. (the  "Agreement"),  approximately 94.6
     percent  of  the   Company's   common  stock  shares  were  issued  to  the
     stockholders  of RHI in  connection  with the reverse  merger of Nineteenth
     Acquisition Sub, Inc. ("Nineteenth"),  a wholly-owned subsidiary of Cardiac
     created  to  effect  the  merger,  with and into RHI (the  "Merger").  Upon
     execution  of  the  Merger,  Cardiac's  name  was  changed  to  Renaissance

                                       7
<PAGE>

     Acceptance Group, Inc. (the "Company"). Cardiac had virtually no operations
     during  the  period  January 1, 2000,  through  the  effective  date of the
     merger,  July 2, 2001, and accordingly the following  business  description
     relates to that of RHI and its subsidiaries.

     The  Company  was   incorporated   in  Delaware  in  1980.   The  Company's
     headquarters  are  located  in Dallas,  Texas.  Through  subsidiaries,  the
     Company operates in two primary segments- real estate and mortgage banking.
     Through RAC, the Company began real estate  operations in the first quarter
     of 2000 and through its  acquisition  in December  2000 of ULP, an existing
     mortgage company, entered the mortgage banking business.

     The Company's  primary  strategy is to enable and encourage home ownership.
     Today,  many families and  individuals  encounter  difficulties  purchasing
     homes due a variety of reasons  including:  a lack of initial cash reserves
     for  down  payments  and  closing  costs,  poor  historical  credit  due to
     situational  circumstances  and an overall lack of customer  service by the
     realty and  financial  service  industries.  Funds  typically  required  to
     purchase a $100,000 home, assuming financing through a government sponsored
     program are approximately $6,000 to $8,000. Although many people can afford
     the current $850 to $1,000  monthly  payment  required on a home this size,
     they do not have,  nor will have,  the amount of money required to purchase
     and finance this home. Additionally, limited credit and self-perceived poor
     credit are also significant factors that deter home ownership.  Many people
     are not sure if they can be approved for a home and mortgage, and many have
     false beliefs as to the quality of their own credit.  Finally, poor service
     to these customers needing  additional  support,  education and guidance to
     purchase and finance a home, priced less than the median home price in most
     areas, contribute greatly to an underserved market.

     The Company  believes its high  customer  service  level  combined with its
     knowledge  of  financing  programs  and down  payment  assistance  fills an
     existing  void  in the  conventional  home  ownership  arena.  The  Company
     currently services the Dallas-Ft Worth,  Houston and San Antonio markets in
     Texas.


     Real Estate Business

     Through May 2001,  the Company was  primarily in the business of purchasing
     homes, which the Company believed, were in attractive markets, refurbishing
     the homes and then marketing the homes and selling them.  This business was
     extremely  capital  intensive as homes purchased had to be carried for both
     the time  needed to  refurbish  the  house,  as well as the time  needed to
     market the house.  In addition,  the mortgage loans resulting from the sale
     of  these  refurbished  houses  were  becoming  less  marketable,  as  many
     investors  increased  their scrutiny and  requirements  of how many times a
     property  could change legal  ownership  during the previous  year.  As the
     combination of these  obstacles  mounted,  the Company changed its focus in
     the real estate  business to the AFA  business.  The AFA business is a real
     estate marketing education and consulting business. Under the AFA business,
     the  Company  earns a fee paid at the  closing  of the home  sale,  and the
     Company rarely takes  property  ownership or expends money to purchase real
     estate.


     Mortgage Banking Business

     Although  the Company  began in the mortgage  banking  business in December
     2000 through its acquisition of United Lending Partners,  LP (ULP), ULP had
     been in existence for two years.  During 2001, ULP was  transformed  from a
     predominately wholesale lender to a mortgage company with an increasing mix
     of retail  business.  The increase in retail is largely  attributed  to the
     retail loans originated from customers in the AFA Program.


     Ancillary Businesses

     Texas Real Estate  Systems,  LLC (TRES) is a licensed  real estate  broker,
     providing services to AFA. TRES earns its revenues,  which are typically 3%
     of a  home's  sales  price,  as  the  AFA  broker  representative  in  each
     transaction.

     Renaissance  Title (RT) is a licensed  title  agency.  The  majority of AFA
     customers'  transactions  are  closed  using  RT's  services.  RT earns its
     revenues  through  its  share of title  premiums  and  escrow  fees.  Title

                                       8
<PAGE>

     premiums are prescribed  statutory  rates;  however,  escrow fees are based
     upon general market  conditions.  RT is not a title  insurance  company and
     relies on other title insurance companies to underwrite its title policies.

     Strategic Alternatives

     After reviewing the Company's financial condition and operating results for
     the period ending June 2001 and current economic and market conditions, the
     board of directors of the Company decided to consider various financial and
     strategic  alternatives  to  minimize  current  expenditures  and  maximize
     shareholder value.

     To enhance and  maximize  shareholder  value,  the board of  directors  has
     decided to analyze a number of options,  including  (i)  attempting to list
     the Company's common stock with an exchange; (ii) acquiring or merging with
     another real estate and mortgage  banking  company;  (iii) selling all or a
     portion of the Company;  (iv) selling additional equity; and (v) taking the
     Company private. The board of directors'  preliminary  conclusions are that
     taking the Company private is likely the most feasible and effective way to
     maximize shareholder value.

     The Company is not  obligated  to complete  any of these  transactions  and
     cannot  offer  any  assurances  that  any of  these  transactions  will  be
     implemented.


     Quarter ended  March 31, 2002 compared to quarter ended March 31, 2001

     Results of Operations

     The Company's  net loss  increased  from $122,710  during the quarter ended
     March 31, 2001 to $657,228 for the quarter ended March 31, 2002.

     Net Revenues

     AFA Business

     Net  revenues  for the  quarter  ended March 31,  2002 were  $1,905,357  as
     compared with  $1,414,000 for the quarter ended March 31, 2001, an increase
     of 35%.  AFA  transactions,  and the  various  revenue  these  transactions
     generate,  contributed  to the  majority  of  this  growth.  The  following
     highlights the significance of the AFA Program to the results of operations
     during the quarter  ended March 31, 2002.  The table below  reflects  gross
     revenues related to the AFA transactions completed during the quarter ended
     March 31, 2002. None were completed during the first quarter of 2001 as the
     AFA program began in May 2001.




                                       9
<PAGE>



         Quarterly AFA Transactions                        85 homes

         Average sales price per home                      $112,800

         Education and service fee income
                 Quarter ended March 31, 2002              $673,206
                 Per transaction                             $7,920

            Real estate commission
                 Quarter ended March 31, 2002              $255,443
                 Per transaction                             $3,005

         Title and escrow fees
                 Quarter ended March 31, 2002               $86,526
                 Per transaction                             $1,018


     The education and service fee  attributable  to the AFA program is variable
     and is paid at closing.  This fee is determined by the ultimate  difference
     between the fair value,  or appraised  value a customer pays for a home and
     the  transaction  costs that are paid for by the seller of the home as well
     as the net  proceeds  that the seller has agreed to receive.  These  seller
     paid costs and net proceeds are heavily  negotiated  on every  transaction.
     Real  estate  commission  is usually 3% of the  seller's  agreed upon sales
     price,  title premiums are prescribed  statutory  rates and escrow fees are
     based upon general market conditions.


     Sales and costs of sales on sales of real estate

     As previously  indicated,  the Company's  business strategy related to real
     estate shifted in May 2001 away from purchasing, refurbishing and reselling
     real estate, to the AFA business,  therefore there are no sales and cost of
     sales balances for 2002.

     Gain on sales of loans

     Gain on sales of loans were  $753,530 for the quarter  ended March 31, 2002
     compared with $616,247 in the quarter  ending March 31, 2001. The following
     table reflects loan  originations  during 2002 as compared with 2001. Loans
     are typically sold to investors by ULP within 30 days of origination. Gains
     are recorded in operations upon the sale of the loan. The table below shows
     production levels for each quarter.



    (Production $'s in millions)
    -----------------------------
    Production Channel         March 31, 2002          March 31, 2001
    ------------------         --------------          --------------

    Wholesale                        $10.5                   $35.8
    Retail                             8.5                     3.7
    Retail-AFA                         9.8                     0.0
                                     -----                   -----
         Total                       $28.8                   $39.5
                                     -----                   -----


     Gross profit on sales of loans,  which includes net interest  income earned
     on  loans,  as  well as  that  paid to  warehouse  lenders  on  these  loan
     categories generally ranged from (as a percent of the loan amount)

                                       10
<PAGE>


          o    Wholesale 0.75 %- 1.25%
          o    Retail 1.00%- 2.50%
          o    Retail AFA 2.50%-5.00%.

     As such, due to the more  profitable mix of loans,  net gain increased even
     though gross production decreased.


     Operating Expenses

     Operating expenses increased from $1,339,284 during the quarter ended March
     31, 2001 to $2,447,341 during the quarter ended March 31, 2002.

     Personnel and related expense

     Personnel  expense increased to $1,433,000 for the quarter ending March 31,
     2002 from $780,000 for the same period in 2001, or an increase of $654,000.
     The  transition  to the AFA  business  required  significant  additions  in
     personnel.  TRES personnel contributed to $92,000 of the increase. RT began
     operations  in May of 2001 and  contributed  to  $86,800  of the  increased
     personnel costs. Sales personnel added for the AFA business  contributed to
     a  $225,500  increase  in the Dallas  area and  $36,000  increase  in other
     markets.  ULP personnel  expense  increased  with the shift from  wholesale
     business to retail business.

     In  addition,  due  the  increase  in  growth  of the  Company,  additional
     management was added in the second half of 2001 contributing to an increase
     from the first  quarter of 2001 of $70,000.  The remaining  increases  were
     related to  additional  benefits  and health  insurance  expense due to the
     growth of the Company. The Company has grown from 46 employees at March 31,
     2001 to 65 employees at March 31, 2002.  There were 86 employees during the
     month  of  January  2002,  prior  to  a  workforce  reduction,  which  also
     contributed to higher personnel expense during 2002.

     General and administrative expense

     General and  administrative  expense  increased to $613,000 for the quarter
     ended March 31, 2002 from $465,000 for the quarter ended March 31, 2001, an
     increase of $148,000. The majority of this increase resulted from growth in
     the Company overall including the addition of RT and the AFA business.

     Professional  and legal  expenses  increased  from  $63,000  during 2001 to
     $133,000  during 2002. Of this increase  $52,000  related to an increase in
     legal  fees  associated  with the  company's  decision  to  pursue  various
     strategic  alternatives and increased costs involved with currently being a
     public  reporting  company.  Accounting  and auditing  costs also increased
     $18,000 as a result of the merger with Cardiac  Control  Systems,  Inc. and
     costs involved with being a public reporting company.

     Occupancy costs increased from $71,000 in 2001 to $155,000 in 2002.  During
     September 2001, as a result of operational  growth,  the Company  relocated
     its  entire  Dallas   operations   increasing   monthly  rent  by  $25,000.
     Additionally,  AFA has offices in Houston and San Antonio  that were leased
     during the 4th quarter of 2001.

     Advertising

     Advertising  expense increased from $37,000 for the quarter ended March 31,
     2001 to $336,000  for the quarter  ended March 31,  2002.  The AFA Program,
     which  began May 2001,  is based  upon  obtaining  customers  using  direct
     marketing  methods,  primarily outbound direct mail. The number of mailings
     sent out on a daily basis was approximately 10,000 to 15,000 pieces per day
     during the first  quarter of 2002.  Including  printing and cost of postage
     and envelopes  this equals $0.29 to $0.36 per piece or $2,900 to $4,500 per
     day. During 2000 and prior to the AFA Program, advertising was limited to a
     few newspaper and press advertisements.

                                       11
<PAGE>

     Depreciation

     Depreciation increased from $38,000 for the quarter ended March 31, 2001 to
     $65,000 for the quarter ended March 31, 2002.  This increase was due to the
     addition  of  property  and  equipment  such as  telephone  equipment,  and
     increased technology costs associated with the relocation of the Company in
     September 2001.

     Interest

     Net interest  expense of $115,000  during the quarter ended March 31, 2002,
     decreased by $69,000 from the net interest  expense of $184,000  during the
     quarter ended March 31, 2001.  The  conversion of $500,000 of  subordinated
     debt to  preferred  stock  decreased  interest  expense by $16,000  for the
     quarter  ended March 31,  2002 as  compared to the quarter  ended March 31,
     2001.  Also,  the Company had a revolving line of credit in 2001 bearing an
     interest rate of 15% per annum. At March 31, 2001, the  outstanding  amount
     of  this  line of  credit  was  $1,247,000  and was  paid  off in May  2001
     accounting for $47,000 of the decrease.


     Liquidity and Capital Resources

     During the three months ended March 31, 2002,  the  Company's  unrestricted
     cash declined from $404,496 to $273,297.  The Company's  operating  loss of
     $657,228  offset by the collection of $366,972 in receivables  and $123,731
     in loans held for investment led to this decrease.

     As a result of losses during the year ended  December 31, 2001, the Company
     underwent a restructuring in January 2002 and eliminated  approximately 25%
     of its  employees.  In  addition,  subsequent  to year end, the Company has
     revised its marketing  strategy resulting in a reduction of over 40% of the
     average amounts spent for advertising in the fourth quarter of 2001.

     ULP has an  $8,000,000  revolving  warehouse  facility  with  Regions  Bank
     ("Regions"),  whereby  loans are  financed  for a  maximum  of 60 days with
     pre-approved investor take-out commitments.  Amounts are advanced under the
     facility at 100% of the "net loan value" (as  defined)  which  approximates
     the related  loan  amount.  Borrowings  bear  interest at LIBOR plus 2.75%,
     (4.60% at March 31,  2002) and are  collateralized  by the  related  loans.
     Certain members of management guarantee the facility.

     The  Regions  facility  contains  debt  covenants  that  require the ULP to
     maintain a ratio of current assets to current  liabilities of not less than
     1.05 to 1, a ratio of total liabilities to tangible net worth of no greater
     than 10 to 1 and  tangible  net  worth of at least  $250,000.  At March 31,
     2002, ULP was in compliance with these covenants.

     ULP also has a $10,000,000  revolving warehouse facility with First Savings
     Bank,  FSB ("First  Savings")  whereby  loans are financed for a maximum of
     sixty days with pre-approved investor take-out commitments. Financing is at
     99% of the lesser of the note  amount or the  related  commitment  take-out
     price.  Borrowings  bear interest at Prime plus one percent (5.75% at March
     31, 2002) and are  collateralized by the related loans.  Certain members of
     management guarantee the facility.

     ULP also has a revolving  warehouse facility with Monitex Financial Service
     ("Monitex")  whereby  loans  are  financed  for a  maximum  of 60 days with
     pre-approved investor take-out commitments. Financing is at 99% of the note
     amount and is collateralized by the related notes.  Monitex is guaranteed a
     rate of 10.5% per annum.


                                       12
<PAGE>






     PART II - OTHER INFORMATION

     ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     (a) Exhibits
     None

     (b) Reports on Form 8-K
     None









                                       13
<PAGE>






                                   SIGNATURES

     In accordance  with the  requirements  of the Exchange Act, the  registrant
     caused this report to be signed on its behalf by the undersigned, thereunto
     duly authorized.


     Dated:   May 20, 2002          RENAISSANCE ACCEPTANCE GROUP, INC.




                                    By:  /s/ Paul Fagan
                                       ----------------------------------
                                       Paul Fagan
                                       President and Chief Executive Officer

















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