SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-QSB

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934
     For the quarterly period ended March 31, 2006

                                       Or

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934
     For the transition period from __________ to __________


                         COMMISSION FILE NUMBER: 0-25413


                             RENEWABLE ASSETS, INC.
        -----------------------------------------------------------------
        (Exact name of Small Business Issuer as Specified in its Charter)


               DELAWARE                                      20-0858618
   ---------------------------------                     -------------------
     (State or Other Jurisdiction                          (IRS Employer
   of Incorporation or Organization)                     Identification No.)


                   7040 w. Palmetto road, Boca Raton, FL 33433
                   -------------------------------------------
                    (Address of Principal Executive Offices)


                                 (561) 488-9938
                ------------------------------------------------
                (Issuer's Telephone Number, Including Area Code)


Check whether the Issuer (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 [ ] NO [X]

State the number of shares outstanding of each of the Issuer's classes of common
equity as of the latest practicable date: As of September 6, 2005 the Registrant
had 3,014,350 shares of common stock outstanding.
<PAGE>

                             RENEWABLE ASSETS, INC.
                                   FORM 10-QSB
                  For the quarterly period ended March 31, 2005

                                      INDEX

                                                                           Page

PART I                                  FINANCIAL INFORMATION

Item 1      Consolidated Balance Sheet as of March 31, 2005 (unaudited)      1

            Consolidated Statements of Operations for the three months
             ended March 31, 2005 and 2004 (unaudited)                       2

            Consolidated Statements of Cash Flows for the three
             months ended March 31, 2005 and 2004 (unaudited)                3

            Notes to Consolidated Financial Statements                       4

Item 2      Management's Discussion and Analysis or Plan of Operation        8

Item 3      Controls and Procedures                                         10

PART II

Item 1      Legal Proceedings                                               11

Item 2      Changes in Securities                                           11

Item 3      Defaults Upon Senior Securities                                 11

Item 4      Submission of Matters to a Vote of Security Holders             11

Item 5      Other Information                                               11

Item 6      Exhibits and Reports on Form 8-K                                11

Signature                                                                   12

Exhibit 31.1                                                                13

Exhibit 32.1                                                                14


<PAGE>

Item 1.  Financial Information

                             RENEWABLE ASSETS, INC.
                                  SUCCESSOR TO
                  A.M.S. MARKETING, INC. - PHOTOCOPIER DIVISION
                          (A DEVELOPMENT STAGE COMPANY)
                                  BALANCE SHEET
                                 MARCH 31, 2006

ASSETS

CURRENT ASSETS:
    Cash                                                             $      117
    Commissions Receivable                                                2,000
                                                                     ----------
              TOTAL CURRENT ASSETS                                   $    2,117
                                                                     ==========

                      LIABILITIES AND SHAREHOLDER'S EQUITY

CURRENT LIABILITIES:
    Accounts Payable                                                 $   27,138
                                                                     ----------
              TOTAL CURRENT LIABILITIES                                  27,138
                                                                     ----------

SHAREHOLDER'S EQUITY:
    Preferred Stock, $.001 Par Value -
        1,000,000 Shares Authorized -
         -0- Shares Issued and Outstanding
    Common Stock, $.001 Par Value -
        29,000,000 Shares Authorized -
        3,014,350 Shares Issued and Outstanding                           3,014
    Additional Paid-In Capital                                           70,700
    Retained Earnings - Development Stage                               (98,735)
                                                                     ----------
              TOTAL SHAREHOLDER'S EQUITY                                (25,021)
                                                                     ----------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY                           $    2,117
                                                                     ==========

See accompanying notes to financial statements.

                                      - 1 -
<PAGE>

                             RENEWABLE ASSETS, INC.
                                  SUCCESSOR TO
                  A.M.S. MARKETING, INC. - PHOTOCOPIER DIVISION
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS
                   THREE MONTHS ENDED MARCH 31, 2006 AND 2005
              AND FROM JULY 23, 1998 (INCEPTION) TO MARCH 31, 2006


                                                                   CUMULATIVE
                                                                   DEVELOPMENT
                                        2006           2005       STAGE AMOUNTS
                                    ------------   ------------   -------------
COMMISSION REVENUES                 $      2,000   $      7,470   $      75,445

GENERAL AND ADMINISTRATIVE
  EXPENSES                                32,954          7,118         270,254
                                    ------------   ------------   -------------

INCOME (LOSS) BEFORE INCOME TAXES        (30,954)           352        (194,809)

PROVISION FOR INCOME TAXES                    --             --             476
                                    ------------   ------------   -------------

NET INCOME (LOSS)                   $    (30,954)  $        352   $    (195,285)
                                    ============   ============   =============
BASIC AND DILUTED EARNINGS
  (LOSS) PER SHARE                  $      (.010)  $         --   $       (.065)
                                    ============   ============   =============
WEIGHTED AVERAGE NUMBER OF
  COMMON SHARES OUTSTANDING            3,014,350      3,014,350       3,014,350
                                    ============   ============   =============

See accompanying notes to financial statements.

                                      - 2 -
<PAGE>
<TABLE>
<CAPTION>

                             RENEWABLE ASSETS, INC.
                                  SUCCESSOR TO
                  A.M.S. MARKETING, INC. - PHOTOCOPIER DIVISION
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 2006 AND 2005
              AND FROM JULY 23, 1998 (INCEPTION) TO MARCH 31, 2006

                                                                                     CUMULATIVE
                                                                                     DEVELOPMENT
                                                          2006           2005       STAGE AMOUNTS
                                                      ------------   ------------   -------------
<S>                                                   <C>            <C>            <C>
CASH FLOWS FROM OPERATING  ACTIVITIES:
  Net Income or (Loss)                                $    (30,954)  $        352   $    (195,285)
  Adjustments to Reconcile Net Income (Loss) to
      Net Cash (Used in) Operating Activities:
          Officer Compensation Paid by Issuance
              of Common Stock of Parent Company                 --         48,000          48,000
          Commissions Receivable                             1,500         (6,270)         (2,000)
          Accounts Payable                                  20,053           (248)         27,138
          Income Taxes Payable                                  --           (476)             --
                                                      ------------   ------------   -------------
            NET CASH (USED IN) OPERATING
                ACTIVITIES                                  (9,401)        (6,642)       (122,147)
                                                      ------------   ------------   -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from Borrowings                                      --             --          30,000
  Repayment of Borrowings                                       --          5,700         (30,000)
  Capital Contributions                                      9,500             --          22,700
  Issuance of Common Stock                                      --             --          99,564
                                                      ------------   ------------   -------------
            NET CASH PROVIDED BY
                FINANCING ACTIVITIES                         9,500          5,700         122,264
                                                      ------------   ------------   ------------

NET INCREASE (DECREASE) IN CASH                                 99         (5,270)            117

CASH - Beginning of Period                                      18          5,288              --
                                                      ------------   ------------   -------------

CASH - End of Period                                  $        117   $         18   $         117
                                                      ============   ============   =============
</TABLE>

SUPPLEMENTAL CASH FLOW INFORMATION:
----------------------------------

The Company made no payments for interest or income taxes.

See accompanying notes to financial statements.

                                      - 3 -
<PAGE>

                             RENEWABLE ASSETS, INC.
                                  SUCCESSOR TO
                   A.M.S. MARKETING, INC. PHOTOCOPIER DIVISION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2006


NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -

         Nature of Operations:
           A.M.S. Marketing, Inc. ("AMS" or the Company) was incorporated in the
           state of Delaware on July 23, 1998.

           On July 21, 2003, "AMS" acquired 100% ownership of Advanced Imaging
           Systems, LLC ("AIS"), a privately owned Delaware entity in exchange
           for 1,200,000 shares of its previously unissued common stock. Prior
           to the execution of the exchange agreement, the members (owners) of
           "AIS" purchased a controlling interest in "AMS" from an existing
           "AMS" shareholder. As a result of the foregoing transactions, the
           previous owners of "AIS" became the 81.96% owners of "AMS". For
           accounting purposes, "AIS" is considered to be the acquirer and "AMS"
           the acquired entity. The business combination was accounted for as a
           reorganization of entities under common control. No fair value
           adjustments resulted from the reorganization.

           Prior to the merger, the Company's ("AMS") principal business was the
           brokerage of pre-owned name brand copy machines from a facility
           located in Pompano Beach, Florida.

           In October, 2003, A.M.S. Marketing, Inc. changed its name to
           International Imaging Systems, Inc. ("IIS").

           On December 12, 2003, "IIS" formed Renewable Assets, Inc., a
           wholly-owned subsidiary, to operate the photocopier division.

           On April 13, 2004, the Board of Directors approved a plan to spin off
           the Company's photocopy division (Renewable Assets, Inc.)

           3,014,350 shares of $.001 par value common stock will be issued to
           shareholders of record of International Imaging Systems, Inc. as of
           April 14, 2004 in connection with the spin-off upon compliance with
           applicable laws and the rules of the Securities and Exchange
           Commission.

                                     - 4 -
<PAGE>

                             RENEWABLE ASSETS, INC.
                                  SUCCESSOR TO
                   A.M.S. MARKETING, INC. PHOTOCOPIER DIVISION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2006

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued -

         Basis of Presentation:
           The financial statements include the accounts of the predecessor
           Company's photocopier division. The historical accumulated deficit
           was eliminated as a result of the reorganization.

         Development Stage:
           The Company's management is in the process of raising working
           capital, developing a new business plan and exploring various
           business opportunities. Accordingly, the Company is classified as a
           development stage company.

         Estimates:
           The preparation of financial statements in conformity with generally
           accepted accounting principles requires management to make estimates
           and assumptions that affect the reported amounts of items included in
           the financial statements. Actual results could differ from those
           estimates.

         Financial Instruments:
           The carrying values of commissions receivable and accounts payable
           approximate fair value at March 31, 2006.

         Commission Receivable:
           The commission receivable is considered to be fully collectible as of
           March 31, 2006.

         Commission Revenues:
           The Company recognizes commission revenues as an agent for a
           principal. As such, commissions are recorded pursuant to a
           predetermined fixed rate, and after the machines are accepted by the
           ultimate purchaser. The Company locates buyers and is not obligated
           to take possession of, or fulfill the shipment of the machines sold.
           Selling prices of the machines sold are determined by the principal,
           and not the Company. Collection of the sales price and customer
           returns are the responsibility of the principal.

                                      - 5 -
<PAGE>

                             RENEWABLE ASSETS, INC.
                                  SUCCESSOR TO
                   A.M.S. MARKETING, INC. PHOTOCOPIER DIVISION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2006

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued -

         Advertising:
           Advertising costs are expensed as incurred.

         Earnings or (Loss) Per Common Share:
           Basic and diluted earnings per common share is calculated by dividing
           net income or loss by the weighted average number of common shares
           outstanding during the period. Shares issued are considered to be
           outstanding for all periods presented.

NOTE B - CONCENTRATION OF RISK -

         Substantially all of the division's revenues are derived from the sale
         of pre-owned, refurbished photocopy machines through a marketing
         arrangement with one company. Termination of the marketing arrangement
         would have a material adverse effect upon the business.

NOTE C - RELATED PARTY TRANSACTIONS -

         The Company received a $9,500 contribution from the shareholder (parent
         company) during 2006, reflected as additional paid-in capital in the
         accompanying balance sheet.

                                      - 6 -
<PAGE>

                             RENEWABLE ASSETS, INC.
                                  SUCCESSOR TO
                   A.M.S. MARKETING, INC. PHOTOCOPIER DIVISION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2006

NOTE D - STOCK OPTION PLAN -

         The Company's 2005 Stock Option Plan (the "Plan") was adopted by the
         Board of Directors and approved by the shareholder on September 15,
         2005. The "Plan" provides for the granting of stock options to
         employees, directors, and consultants.

         Certain awards are intended to qualify as "incentive stock options"
         within the meaning of Section 422 of the Internal Revenue Code (the
         "Code"). Other awards granted under the "Plan" are not intended to
         qualify as incentive stock options under the "Code".

         The total number of shares of the Company's stock that may be issued
         under the "Plan" may not exceed 2,000,000. The purchase price, exercise
         date, and expiration date of options to be issued will be set at the
         time of grant by management.

         As of March 31, 2006, no stock options were granted under the "Plan".

NOTE E - INCOME TAXES -

         The Company has a net operating loss carryforward of approximately
         $97,000, which may be carried forward through the year 2026 to offset
         future taxable income.

         Deferred tax assets, amounting to approximately $19,000, relating to
         the potential tax benefit of the net operating loss carryforward, was
         offset by a valuation allowance due to the uncertainty of profitable
         operations in the future.

NOTE F - GOING CONCERN UNCERTAINTY -

         The photocopier division has sustained recurring operating losses in
         prior years and has minimal assets. These factors raise substantial
         doubt as to the business's ability to continue as a going concern.
         Management's plans regarding this uncertainty are to raise additional
         working capital through the implementation of a successful business
         plan.

                                      - 7 -
<PAGE>

Item 2. Management's Discussion and Analysis or Plan of Operation

Overview
--------

         The Company is in the development stage. We commenced operations in
2003. We were formed to pursue the pre-owned, brand name photocopier marketing
services business of our parent, International Imaging Systems, Inc., that
commenced operations in the Fall of 1998.

         The Company is currently engaged in marketing activities for an
unrelated third party and has no employees other than its president, Alfred M.
Schiffrin, who is unsalaried. Pursuant to an oral agreement among the Company,
International Imaging Systems and Mr. Schiffrin, he is entitled to 25% of the
profits on our sales revenues until the consummation of the spin-off of our
shares owned by International Imaging Systems to its shareholders on the basis
of one-half share of our common stock for each share of International Imaging
Systems' common stock owned by the holders thereof on April 14, 2004. To date,
we have been unable to comply with applicable rules and regulations relating to
the spin off and there can be no assurance that the spin off will be effected.
Mr. Schiffrin, the Company and International Imaging Systems have agreed that
Mr. Schiffrin will accept and receive shares of International Imaging Systems
common stock in lieu of any commissions accrued but unpaid through June 30,
2006.

         We do not anticipate hiring any employees, purchasing any plant or
significant equipment or conducting any product research and development during
the next twelve months. We also do not anticipate initiating any sales
activities for our own account until such time as our resources permit.

         During the next twelve months, we intend to continue marketing
pre-owned, brand name photocopiers. We will also continue to explore the
marketing of other products, including new and pre-owned items of office
equipment other than photocopiers, office furniture, home furnishings and
appliances, as well as the purchase and resale of such items to the extent that
our limited resources permit. We are also considering other means of expanding
our business, such as through acquisition, merger or other form of business
combination involving one or more entities engaged in the same or similar
business as us. Any such transaction may entail the issuance of additional
shares of our common stock. Although management has had preliminary discussions
from time to time with potential candidates, there are no current plans to
engage in any such transaction. In any event, any acquisition, merger or
combination will be made in compliance with applicable Federal and state
securities and corporate law, and, depending on the structure of the
transaction, submission of information to shareholders regarding any such
transaction prior to consummation, as well as shareholder approval thereof, may
not be required.

         We earn commission revenues as a sales and marketing agent for an
unrelated third party principal. We locate buyers and are not obligated to pay
for, take possession of or fulfill the shipment of the photocopiers sold. In
addition, collection of the sales price and customer returns are the
responsibility of the unrelated third party principal. Accordingly, there are no
direct costs that are attributable to sales and therefore gross profit as a

                                     - 8 -
<PAGE>

percentage of sales is and will remain a constant at 100% until such time, if
ever, that we operate in the capacity of a principal.

         As discussed below, the three month period ended March 31, 2005 was
characterized by revenues of $7,470, offset by general and administrative
expenses of $7,118 resulting in a net profit of $352 as compared to revenues of
$1,600, general and administrative expenses of $400, and a net profit of $1,200
in the same period in the prior year.

Results of Operations
---------------------

Sales

         Sales for the three month period ended March 31, 2005 were $7,470 as
compared to sales of $ $1,600 for the same period in the prior fiscal year, an
increase of 367%. Management does not believe that the increase in sales for the
period is meaningful or indicative of a trend but is more related to factors
beyond our control, such as customer needs and timing of receipt of orders.
Accordingly, comparisons between periods may not be meaningful.

General and Administrative Expenses

         General and Administrative expenses ("G&A") were $7,118, or 95% of
sales for the three months ended March 31, 2005 as compared to $400 or 25% of
sales in the same period in the prior year. The increase in G&A as a percentage
of sales is primarily attributable to the allocation of certain legal and
accounting fees to the Company by its parent, International Imaging Systems
rather than direct expenses incurred by the Company.

Liquidity and Capital Resources

         The Company financed its operations during the three month period ended
March 31, 2005 through revenues from operations. As of March 31, 2005, the
Company's principal sources of liquidity consisted of cash of $4,346 and
commissions receivable of $7,470. Because we have limited expenses, we believe
that such funds, together with expected revenues from operations, will be
sufficient to fund the Company's operations for the foreseeable future. However,
we intend to seek to raise additional capital from both our parent's
shareholders and new shareholders in order to maintain and expand our
operations. There can be no assurance that the Company will be able to find
sources of financing on terms acceptable to us, if at all. If we do not find
sources to finance such activities, we will be unable to expand our operations,
and if any of the above expected sources of revenue should fail to appear or our
expenses should increase, we may have to curtail our operations.

                                      - 9 -
<PAGE>

Item 3.  Controls and Procedures

         (a)      Disclosure Controls. We conducted an evaluation, with the
participation of the Chief Executive and Chief Financial Officer, of the
effectiveness of our disclosure controls and procedures as of the end of the
period covered by this report. Our disclosure controls and procedures are
designed to ensure that information required to be disclosed by Renewable
Assets, Inc. in the reports we filed under the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), is recorded, processed, summarized and reported
on a timely basis. Based upon that evaluation, the Chief Executive and Chief
Financial Officer concluded that our disclosure controls and procedures were
effective as of the end of the period covered by this report so as to alert him
in a timely fashion to material information required to be disclosed in reports
we file under the Exchange Act.

         (b)      Changes in Internal Control Over Financial Reporting.

         None.


                           FORWARD LOOKING STATEMENTS

This Form 10-QSB and other reports filed by the Company from time to time with
the Securities and Exchange Commission (collectively the "Filings") contain or
may contain forward looking statements and information that are based upon
beliefs of and information currently available to the Company's management as
well as estimates and assumptions made by the Company's management.

When used in the Filings the words "anticipate", "believe", "estimate",
"expect", "future", "intend", "plan" and similar expressions as they relate to
the Company or the Company's management identify forward looking statements.
Such statements reflect the current view of the Company with respect to future
events and are subject to risks, uncertainties and assumptions relating to the
Company's operations and results of operations and any businesses that may be
acquired by the Company. Should one or more of these risks or uncertainties
materialize, or should the underlying assumptions prove incorrect, actual
results may differ significantly from those anticipated, believed, estimated,
intended or planned.

                                     - 10 -
<PAGE>

                                     PART II
                                OTHER INFORMATION

Item 1   Legal Proceedings

         None

Item 2   Changes in Securities

         None

Item 3   Defaults Upon Senior Securities

         None

Item 4   Submission of Matters to a Vote of Security Holders

         None

Item 5   Other Information

         None

Item 6   Exhibits and Reports on Form 8-K

         (a)      Exhibits

                  31.1     Certification of the Chief Executive Officer and the
                           Chief Financial Officer pursuant to Section 302 of
                           the Sarbanes-Oxley Act of 2002.

                  32.1     Certification of the Chief Executive Officer and the
                           Chief Financial Officer pursuant to 18 U.S.C. Section
                           1350.

         (b)      Reports on Form 8-K

                  None



                                     - 11 -
<PAGE>

                                   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 duly authorized.


RENEWABLE ASSETS, INC.


By: /s/ ALFRED M. SCHIFFRIN
    -------------------------------------------
    Alfred M. Schiffrin
    Chief Executive and Chief Financial Officer

Dated: May 8, 2006


                                     - 12 -