<PAGE>


                   U. S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

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

                                 FORM 10-QSB-A


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

                For the nine months period ended March 31, 1997

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES       
    EXCHANGE ACT OF 1934

                        Commission File Number: 0-21419

                                NAM CORPORATION
------------------------------------------------------------------------------
         (Name of small business issuer as specified in its charter)

              Delaware                                 23-2753988
---------------------------------                  -------------------
  (State or Other Jurisdiction                      (I.R.S. Employer
of Incorporation or Organization)                  Identification No.)

                            1010 Northern Boulevard
                          Great Neck, New York 11021
                   ----------------------------------------
                   (Address of Principal Executive Offices)

                                (516) 829-4343
                          ---------------------------
                          (Issuer's Telephone Number,
                             Including Area Code)

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

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such report), and (2) has been
subject to such filing requirements for the past 90 days. Yes _X_  No ___


As of May 12, 1997, 3,334,978 shares of common stock of the issuer were
outstanding.

Transitional small business disclosure format (check one):  Yes ___   No _X_
                                                                      

<PAGE>

                                NAM CORPORATION
                                     INDEX

PART I.   FINANCIAL INFORMATION                                     Page
                                                                    ----

 ITEM 1.  UNAUDITED FINANCIAL STATEMENTS

          Consolidated Balance Sheets at
           March 31, 1997 and June 30, 1996                            3

          Consolidated Statements of Operations
           for the three month and nine month
           periods ended March 31, 1997 and 1996                       4

          Consolidated Statements of Cash Flows
            for the nine month periods ended
            March 31, 1997 and 1996                                    5

          Notes to Consolidated Financial Statements                   6

 ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
          FINANCIAL CONDITION AND RESULTS OF
          OPERATIONS                                                7-11



PART II.  OTHER INFORMATION                                           12

          Exhibit 27:  Financial Data Schedule                        13


















                                       2


<PAGE>

                                NAM CORPORATION
                          CONSOLIDATED BALANCE SHEETS
                                                                                


<TABLE>
<CAPTION>
                                                                     March 31, 1997     June 30, 1996
                                                                       (unaudited)

<S>                                                                    <C>               <C>        
                                   ASSETS:

Current assets:
  Cash and cash equivalents                                            $ 1,009,662       $    31,474
  Securities available for sale                                          2,922,254              --
  Accounts receivable (net of allowance for doubtful accounts)             378,558           455,956
  Other receivables                                                         41,890             5,873
  Prepaid assets                                                            73,080            53,010
                                                                       -----------       -----------
     Total current assets                                                4,425,444           546,313
                                                                       -----------       -----------

Furniture and equipment, net                                               207,178           216,507
Organization costs, net                                                     23,225            29,669
Deferred offering costs                                                       --             112,001
Other assets                                                                44,256            34,503
                                                                       -----------       -----------
     Total noncurrent assets                                               274,659           392,680
                                                                       -----------       -----------

     Total assets                                                      $ 4,700,103       $   938,993
                                                                       ===========       ===========


                    LIABILITIES AND STOCKHOLDERS' EQUITY:

Current liabilities:
  Accounts payable                                                     $   168,905       $   239,261
  Accrued liabilities and dividends payable                                126,758           199,571
  Accrued payroll and employee benefits                                     27,131            45,527
  Deferred revenue                                                         144,876           126,380
  Notes payable-private placement                                             --             400,000
                                                                       -----------       -----------
     Total current liabilities                                             467,670         1,010,739
                                                                       -----------       -----------

Stockholders' equity:
  Preferred stock ($0.001 par value, 5,000,000 shares authorized;
    none issued)                                                       $      --         $      --
  Common stock ($0.001 par value, 15,000,000 shares authorized;
    3,334,978 and 1,813,075 shares issued, respectively)                     3,335             1,813
  Paid-in capital                                                        4,766,261            28,739
  Accumulated deficit                                                     (502,324)         (101,990)
  Unrealized loss on securities available for sale                         (34,608)             --
  Unearned compensation                                                       (231)             (308)
                                                                       -----------       -----------
     Total stockholders' equity                                          4,232,433           (71,746)
                                                                       -----------       -----------

     Total liabilities and stockholders' equity                        $ 4,700,103       $   938,993
                                                                       ===========       ===========
</TABLE>

See notes to consolidated financial statements 






                                       3

<PAGE>

                                NAM CORPORATION
               CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


<TABLE>
<CAPTION>
                                              Three Months Ended March 31,        Nine Months Ended March 31,
                                                 1997              1996              1997              1996
                                             -----------       -----------       -----------       -----------
                                                                        
<S>                                          <C>               <C>               <C>               <C>        
Revenues                                     $   739,034       $   682,022       $ 2,474,654       $ 2,204,178

Operating costs and expenses:
  Cost of services                               177,660           159,493           610,183           505,123
  Sales and marketing expenses                   533,610           321,681         1,451,710         1,026,264
  General and administrative expenses            316,672           221,896           767,110           553,913
                                             -----------       -----------       -----------       -----------
     Total operating costs and expenses        1,027,942           703,070         2,829,003         2,085,300
                                             -----------       -----------       -----------       -----------

Income (loss) from operations                   (288,908)          (21,048)         (354,349)          118,878

Other income (loss)                               63,063            15,663           (42,038)            3,405

                                             -----------       -----------       -----------       -----------
Income (loss) before income taxes               (225,845)           (5,385)         (396,387)          122,283

Provision for income taxes                         2,766             2,330             3,945             3,525

                                             ===========       ===========       ===========       ===========
Net income (loss)                            $  (228,611)      $    (7,715)      $  (400,332)      $   118,758
                                             ===========       ===========       ===========       ===========

Net income (loss) per common share           $     (0.07)      $     (0.00)      $     (0.16)      $      0.06
                                             ===========       ===========       ===========       ===========

Weighted average common stock and
     common stock equivalents                  3,334,978         1,805,943         2,572,168         1,947,504
                                             -----------       -----------       -----------       -----------
</TABLE>

                                                                        

See notes to consolidated financial statements.




                                       4

<PAGE>



                                NAM CORPORATION
               CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

<TABLE>
<CAPTION>
                                                                       Nine Months Ended March 31,
                                                                         1997              1996
                                                                     -----------       -----------

<S>                                                                  <C>               <C>        
Cash Flows from Operating Activities:
Net income (loss)                                                    $  (400,332)      $   118,758
Adjustments to reconcile net income (loss) to net
   cash from operating activities:
Depreciation and amortization                                             45,357            34,094
Provision for bad debts                                                     --              15,622
(Gain) on sale of securities available for sale                           (7,123)             --
Earned portion of stock bonus plan                                            77               426
Decrease (increase) in accounts receivable                                77,398           (25,786)
(Increase) decrease in other receivables                                 (36,017)            5,919
Increase in prepaid expenses                                             (20,070)          (39,023)
(Increase) decrease in other assets                                       (9,752)           14,927
(Decrease) increase in accounts payable and accrued liabilities         (143,169)           33,507
Decrease in accrued payroll and employee benefits                        (18,396)          (20,317)
Increase in deferred revenues                                             18,496             6,614
                                                                     -----------       -----------
            Net cash (used in) provided by operating activities         (493,531)          144,741
                                                                     -----------       -----------

Cash Flows from Investing Activities:
Purchases of securities available for sale                            (3,309,429)             --
Proceeds from sales of securities available for sale                     362,373              --
Purchases of furniture and equipment                                     (32,263)          (96,562)
Increase in organization costs                                              --              (1,080)
                                                                     -----------       -----------
           Net cash used in investment activities                     (2,979,319)          (97,642)
                                                                     -----------       -----------

Cash Flows from Financing Activities:
Issuance of common stock, net of issuance costs                        4,739,037              --
Repayment of notes payable                                              (400,000)             --
Decrease (increase) in deferred offering costs                           112,001           (32,500)
                                                                     -----------       -----------
           Net cash provided by (used in) financing activities         4,451,038           (32,500)
                                                                     -----------       -----------

Net increase in cash                                                     978,188            14,599
Cash and cash equivalents at beginning of period                          31,474            56,070

                                                                     ===========       ===========
Cash and cash equivalents at end of period                           $ 1,009,662       $    70,669
                                                                     ===========       ===========
</TABLE>



See notes to consolidated financial statements.



                                       5

<PAGE>



                                NAM CORPORATION



                  Notes to Consolidated Financial Statements
                                  (Unaudited)



1. The consolidated balance sheet as of March 31, 1997 and the related
consolidated statements of operations for the three and nine month periods
ended March 31, 1997 and 1996 have been prepared by NAM Corporation, including
the accounts of its wholly-owned subsidiaries. In the opinion of management,
all adjustments necessary to present fairly the financial position as of March
31, 1997 and for all periods presented, consisting of normal recurring
adjustments, have been made. Results of operations for the nine month period
ended March 31, 1997 are not necessarily indicative of the operating results
expected for the full year.

2. The Company completed its initial public offering on
November 18, 1996 and the over-allotment on December 3, 1996, which, in the
aggregate, consisted of 1,460,000 units, realizing approximately $4.7 million
in net proceeds after offering costs. Each unit included one share of common
stock and one redeemable warrant exercisable at $6.00 per share.

3. Cash and cash equivalents consist of cash, money market funds and
securities with a maturity at date of purchase of three months or less.
Securities available for sale consist of government securities, corporate
bonds and marketable equity securities.

4. In February 1997, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 128, "Earnings Per Share," which is
effective for financial statements for both interim and annual periods ending
after December 15, 1997. Early adoption of the new standard is not permitted.
The new standard eliminates primary and fully diluted earnings per share and
requires presentation of basic and diluted earnings per share together with
disclosure of how the per share amounts were computed. The adoption of this
new standard is not expected to have a material impact on the disclosure of
earnings per share in the financial statements.





                                       6


<PAGE>

                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS


     The following Management's Discussion and Analysis of Financial Condition
and Results of Operations contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 (the "Act").
The Company desires to avail itself of certain "safe harbor" provisions of the
Act and therefore is including this special note to enable it to do so.
Forward-looking statements contained herein involve risks and uncertainties.
The Company's actual results and experience could differ materially from those
anticipated in these forward-looking statements as a result of many factors
including changes in the markets and/or regions currently served by the
Company and in those markets and/or regions that the Company may expand into;
changes in the insurance industry; the Company's inability to retain current
or new hearing officers; and changes in the public court system.

General

     The Company provides alternative dispute resolution ("ADR") services to
insurance companies, law firms, large self-insured corporations and
municipalities. To date, the Company has focused the majority of its marketing
efforts on developing relationships, and expanding existing relationships,
with insurance companies which the Company believes are some of the largest
consumers of ADR services.

     The Company opened for business in March 1992 in New York and currently
has offices in New York, Pennsylvania, Massachusetts, Tennessee, South
Carolina and the Midwest. The Midwest region, with headquarters in Wisconsin,
commenced operations in the third quarter of the 1997 fiscal year.

     The Company's objective is to become the leading provider of ADR services
nationally. To accomplish this goal, the Company plans to open up new offices
in states where it does not presently have offices, which may include the
acquisition of existing ADR companies. In addition, the Company intends to
increase its marketing of its ADR services to litigants in other types of
disputes, including complex commercial issues, construction, employment and
worker's compensation cases.

Third Quarter Ended March 31, 1997 Compared to Third Quarter Ended March 31,
1996

     Revenues. Revenues increased 8% to $739,034 for the third quarter ended
March 31, 1997 from $682,022 for the comparable prior period. Management
attributes this growth in sales to a higher level of business with existing as
well as new clients in a majority of its offices. Excluding the Pennsylvania
office,

                                       7

<PAGE>

revenues for the other offices combined increased approximately 14% over the
prior period. Management believes that the Pennsylvania office will continue
to experience a lower volume of cases heard through the end of the fiscal year
and into the 1998 fiscal year. The Company has focused its resources in
re-staffing and rebuilding this location in an effort to reverse this trend.
In addition, the current period includes approximately $13,000 from a new
source of business. Such revenue relates to commissions earned from the
referral of clients to a company specializing in structured settlements.

     Cost of Services. Cost of services increased 11% to $177,660 for the
third quarter ended March 31, 1997 from $159,493 for the third quarter ended
March 31, 1996. The higher volume of business serviced resulted in greater
hearing officer fees. In addition, cost of services as a percentage of
revenues remained stable at 24% in the third quarter of fiscal year 1997 as
compared to 23% in the third quarter of fiscal year 1996.

     Sales and Marketing. Sales and marketing costs increased 66% to $533,610
for the third quarter ended March 31, 1997 from $321,681 for the third quarter
ended March 31, 1996. This expense category includes all salary and related
payroll and employee benefit costs as well as advertising and promotional
expenses. Sales-related employee commissions have risen based on the higher
volume of business. Sales and marketing costs as a percentage of revenues
increased to 72% in the third quarter of fiscal year 1997 from 47% in the
third quarter of fiscal year 1996. This is attributed to the hiring and
upgrading of personnel to staff and support the Company's expansion plans. For
example, the Midwest region, with personnel in Wisconsin and Illinois, opened
during the current period. In addition, at the end of the current quarter, the
Company embarked on an advertising campaign with the goal of creating an
increased national presence through a variety of media. Additional marketing
expenditures are planned in the fourth quarter as well as in the 1998 fiscal
year. Proceeds from the initial public offering are being utilized for this
marketing effort.

     General and Administrative. General and administrative costs increased
43% to $316,672 for the third quarter ended March 31, 1997 from $221,896 for
the third quarter ended March 31, 1996. Furthermore, general and
administrative costs as a percentage of revenues increased to 43% in the third
quarter of fiscal year 1997 from 33% for the comparable prior period. A
portion of the increase relates to higher rent expense. To support business
opportunities throughout the country, larger office space was obtained in four
locations and new offices were opened in Wisconsin and Illinois. In addition,
higher expenses were incurred in the



                                       8

<PAGE>
third quarter of the fiscal year for professional fees and employee
recruitment arising from the expansion of the Company as well as the overall
additional costs of being a publicly traded entity.

     Other Income. Other income increased 303% to $63,063 for the third
quarter ended March 31, 1997 from $15,663 for the third quarter ended March
31, 1996. Other income as a percentage of revenues increased to 9% in the
third quarter of fiscal year 1997 from 2% in the third quarter of fiscal year
1996. The current period reflects the first full quarter of income generated
from the investment of the initial public offering proceeds which have yet to
be used in operations. Other income in the prior period was offset by interest
expense relating to a past private placement financing. This debt was
satisfied in full on November 20, 1996.

     Provision for Income Taxes. The Company's tax expense for the third
quarter ended March 31, 1997 and 1996 was $2,766 and $2,330, respectively, and
relates to state franchise taxes.

     Net Loss. Net loss for the third quarter ended March 31, 1997 increased
to ($228,611) from ($7,715) for the comparable 1996 period. As discussed
above, this decrease was primarily due to higher general and administrative
expenditures as well as sales and marketing costs incurred as an investment in
the Company's infrastructure in anticipation of future growth.


Nine Months Ended March 31, 1997 Compared to Nine Months Ended March 31, 1996

     Revenues. Revenues increased 12% to $2,474,654 for the nine months ended
March 31, 1997 from $2,204,178 for the comparable 1996 period. Management
attributes this growth in sales to a higher level of business with existing as
well as new clients in all offices other than Pennsylvania. Excluding
Pennsylvania, revenues grew by 19% over the prior period for all other offices
combined. Management believes that the Pennsylvania office will continue to
experience a lower volume of cases heard through the end of the fiscal year
and into the 1998 fiscal year. The Company has focused its resources in
re-staffing and rebuilding this location in an effort to reverse this trend.
In addition, in the third quarter of this fiscal year, approximately $13,000
of revenues were generated from commissions earned from an arrangement with a
company specializing in structured settlements.

     Cost of Services. Cost of services increased 21% to $610,183 for the nine
months ended March 31, 1997 from $505,123 for the nine months ended March 31,
1996. The higher volume of business serviced resulted in greater hearing
officer fees. In addition, cost of services as a percentage of revenues
increased slightly to 25% in the first nine months of fiscal year 1997 from
23% in the comparable prior period.


                                       9

<PAGE>

     Sales and Marketing. Sales and marketing costs increased 41% to
$1,451,710 for the nine months ended March 31, 1997 from $1,026,264 for the
nine months ended March 31, 1996. Sales-related employee commissions have
risen based on the higher volume of business. Furthermore, sales and marketing
costs as a percentage of revenues for the nine months ended March 31, 1997
increased to 59% from 47% for the comparable prior period. This is attributed
to the hiring and upgrading of personnel to staff and support the Company's
expansion plans as evidenced by the opening of the Midwest region during the
third quarter of 1997.

         General and Administrative. General and administrative costs
increased 38% to $767,110 for the nine months ended March 31, 1997 from
$553,913 for the nine months ended March 31, 1996. Furthermore, general and
administrative costs as a percentage of revenues for the nine months ended
March 31, 1997 increased to 31% from 25% for the comparable prior period.
Higher costs with respect to rent, professional fees and employee recruitment
were due to the expansion of the Company and its status as a publicly traded
entity.

     Other Income (Loss). Other income (loss)changed to a loss of $42,038 for
the nine months ended March 31, 1997 from income of $3,405 for the nine months
ended March 31, 1996. In connection with the initial public offering, the
Company contributed warrants underlying units sold by two executive officers
and also agreed to pay the underwriting costs associated with shares sold by
them. With respect thereto, the Company expensed $115,500 upon the
consummation of the initial public offering in the second quarter. Offsetting
this expense was investment income generated from the proceeds of the initial
public offering that have yet to be used in operations. Other income in the
prior period was offset by interest expense relating to a past private
placement financing. This debt was satisfied in full on November 20, 1996.

     Provision for Income Taxes. The Company's tax expense for the nine months
ended March 31, 1997 and 1996 was $3,945 and $3,525, respectively. Such
expense represents state franchise taxes.

     Net Income (loss). Net income (loss) for the nine months ended March 31,
1997 decreased to ($400,332) from $118,758 for the comparable 1996 period. As
discussed above, this decrease was primarily due to higher general and
administrative expenditures as well as sales and marketing costs incurred as
an investment in the Company's infrastructure in anticipation of future
growth. In addition, the current period was adversely affected by
non-recurring charges incurred in connection with the initial public offering.


                                      10



<PAGE>

Liquidity and Capital Resources

     At March 31, 1997, the Company had working capital surplus of $3,957,774
compared to a working capital deficit of $464,426 at June 30, 1996. This
change in working capital was primarily due to the Company's completion of its
initial public offering on November 18, 1996.

         Net cash used in operating activities was $493,531 for the nine
months ended March 31, 1997 versus cash provided by operating activities of
$144,741 in the prior comparable period. The decline is attributable to the
decrease in net income (loss) from the nine month period ended March 31, 1996
to the same period in the current year: $118,758 in 1996 versus ($400,332) in
1997. Furthermore, upon receipt of the funds from the initial public offering,
accounts payable and accrued expenses were paid down. This results in a use of
operating funds.

     Net cash used in investing activities was $2,979,319 for the nine months
ended March 31, 1997 versus $97,642 for the comparable prior period.
Additional investing activity occurred primarily in the second and third
quarters of the 1997 fiscal year when the net proceeds from the initial public
offering were received. Initially, a majority of the proceeds was invested in
money market funds which are considered cash equivalents. However, during the
third quarter, a portion of these funds was invested in other short-term
securities to achieve a better yield.

     Net cash provided by financing activities was $4,451,038 for the nine
months ended March 31, 1997 primarily as the result of proceeds realized from
the initial public offering. A portion of the proceeds were utilized to repay
promissory notes in the aggregate amount of $400,000. The notes bore interest
at a rate of 8% per annum, and were originally due June 30, 1996. Subsequently
the due dates of the notes were extended to December 31, 1996. On November 20,
1996, the notes were repaid in full.











                                      11

<PAGE>



                          PART II - OTHER INFORMATION


Item 1.           Legal Proceedings.
                           Not applicable.

Item 2.           Changes in Securities.
                           Not applicable.

Item 3.           Defaults upon Senior Securities.
                           Not applicable.

Item 4.           Submission of matters to a Vote of Security Holders.
                           None.

Item 5.           Other information.
                           Not applicable.

Item 6.           Exhibits and Reports on Form 8-K.
                  (a)      Exhibits. See Exhibit 27.
                  (b)      Reports on Form 8-K. Form 8-K, dated
                           March 4, 1997, was filed on March 11, 1997 as there
                           was a change in the Company's certifying accountant.






                                  SIGNATURES

In accordance with the requirements 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.

                                NAM CORPORATION

Date:September 17, 1997                  By: /s/ Roy Israel 
                                             ----------------------------------
                                             Roy Israel, President and CEO

Date:September 17, 1997                  By: /s/ Patricia A. Giuliani-Rheaume
                                             ----------------------------------
                                             Patricia A. Giuliani-Rheaume,
                                             Vice President, Treasurer and CFO


                                      12