SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(MARK ONE)

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

                  For the quarterly period ended June 30, 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: 000-50699
                                                ---------


                             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 Park Road, Building 4, No. 572, Boca Raton, FL 33433
      ---------------------------------------------------------------------
                    (Address of Principal Executive Offices)


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


          ------------------------------------------------------------
          (Former Name and Former Address of Issuer Since Last Report)


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 [X] No [ ]

Indicate by check mark whether or not the Registrant is a shell company (as
defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes [ ] No [X]

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the Issuer's classes of common
equity as of the latest practicable date: As of August 15, 2006 the Registrant
had 3,014,350 shares of common stock outstanding.

     Transmittal Small Business Disclosure Format (check one) Yes [ ] No [X]
<PAGE>

                             RENEWABLE ASSETS, INC.

                                   FORM 10-QSB

                  For the Quarterly Period Ended June 30, 2006


                                      INDEX
                                      -----
                                                                           Page
                                                                          Number
                                                                          ------
PART I   FINANCIAL INFORMATION

Item 1 - Consolidated Balance Sheet
           at June 30, 2006 (unaudited)                                      1

         Consolidated Statements of Operations for the three months and
           six months ended June 30, 2006 and June 30, 2005 (unaudited)      2

         Consolidated Statements of Cash Flows for the six months ended
           June 30, 2006 and June 30, 2005 (unaudited)                       3

         Notes to Consolidated Financial Statements                          4

Item 2 - Management's Discussion and Analysis of Financial Condition and
           Results of Operations                                             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 STATEMENTS

                             RENEWABLE ASSETS, INC.
                                  SUCCESSOR TO
                  A.M.S. MARKETING, INC. - PHOTOCOPIER DIVISION
                          (A DEVELOPMENT STAGE COMPANY)
                                  BALANCE SHEET
                                  JUNE 30, 2006


ASSETS

CURRENT ASSETS:
    Cash                                                      $         94
    Commissions Receivable                                           2,500
                                                              ------------

              TOTAL CURRENT ASSETS                            $      2,594
                                                              ============

           LIABILITIES AND SHAREHOLDER'S EQUITY

CURRENT LIABILITIES:
    Accounts Payable                                          $     28,079
                                                              ------------

              TOTAL CURRENT LIABILITIES                             28,079
                                                              ------------
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                          (99,199)
                                                              ------------

              TOTAL SHAREHOLDER'S EQUITY                           (25,485)
                                                              ------------

TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY                    $      2,594
                                                              ============

See accompanying notes to financial statements.

                                      - 1 -
<PAGE>
<TABLE>
<CAPTION>

                             RENEWABLE ASSETS, INC.
                                  SUCCESSOR TO
                  A.M.S. MARKETING, INC. - PHOTOCOPIER DIVISION
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS
                     SIX MONTHS ENDED JUNE 30, 2006 AND 2005
                                   (UNAUDITED)


                                       SIX MONTHS ENDED             THREE MONTHS ENDED         CUMULATIVE
                                            JUNE 30                       JUNE 30              DEVELOPMENT
                                  ---------------------------   ---------------------------       STAGE
                                      2006           2005           2006           2005          AMOUNTS
                                  ------------   ------------   ------------   ------------   ------------
<S>                               <C>            <C>            <C>            <C>            <C>
COMMISSION REVENUES               $      4,500   $     11,470   $      2,500   $      4,000   $     77,945

GENERAL AND ADMINISTRATIVE
    EXPENSES                            35,918          9,016          2,964          1,898        273,218
                                  ------------   ------------   ------------   ------------   ------------
INCOME (LOSS) BEFORE
    INCOME TAXES                       (31,418)         2,454           (464)         2,102       (195,273)

PROVISION FOR INCOME TAXES                  --            315             --            315            476
                                  ------------   ------------   ------------   ------------   ------------

NET INCOME (LOSS)                 $    (31,418)  $      2,139   $       (464)  $      1,787   $   (195,749)
                                  ============   ============   ============   ============   ============

BASIC AND DILUTED EARNINGS
    (LOSS) PER SHARE              $       (.01)  $         --   $         --   $         --   $       (.06)
                                  ============   ============   ============   ============   ============
WEIGHTED AVERAGE NUMBER
    OF COMMON SHARES
    OUTSTANDING                      3,014,350      3,014,350      3,014,350      3,014,350      3,014,350
                                  ============   ============   ============   ============   ============
</TABLE>

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
                     SIX MONTHS ENDED JUNE 30, 2006 AND 2005
               AND FROM JULY 23, 1998 (INCEPTION) TO JUNE 30, 2006


                                                                                               CUMULATIVE
                                                                                               DEVELOPMENT
                                                                                                  STAGE
                                                                    2006           2005          AMOUNTS
                                                                ------------   ------------   ------------
<S>                                                             <C>            <C>            <C>
CASH FLOWS FROM OPERATING
    ACTIVITIES:
        Net Income (Loss)                                       $    (31,418)  $      2,139   $   (195,749)
        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
                Commissions Receivable                                 1,000         (2,800)        (2,500)
                Accounts Payable                                      20,994            (36)        28,079
                Income Taxes Payable                                      --           (161)            --
                                                                ------------   ------------   ------------
              NET CASH (USED IN) OPERATING
                  ACTIVITIES                                          (9,424)          (858)      (122,170)
                                                                ------------   ------------   ------------
CASH FLOWS FROM FINANCING
    ACTIVITIES:
        Proceeds from Borrowings                                          --          5,700         30,000
        Repayment of Borrowings                                           --             --        (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 IN CASH                                                      76          4,842             94

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

CASH - End of Period                                            $         94   $     10,130   $         94
                                                                ============   ============   ============
</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
                                  JUNE 30, 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 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. filed a Certificate of
           Amendment to 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
           existing shareholders of International Imaging Systems, Inc. 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
                                  JUNE 30, 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 June 30, 2006.

         Commissions Receivable:
           All accounts are considered to be fully collectible as of June 30,
           2006.

         Commission Revenues:
           The Company recognizes commission revenues as an agent for a
           principal. As such, commissions are recorded at a fixed rate after
           the machines are accepted by the ultimate purchaser. The Company
           locates buyers but is not obligated to take possession of, or ship
           the machines. Selling prices of the machines 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
                                  JUNE 30, 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 working capital advance 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
                                  JUNE 30, 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 June 30, 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 OF FINANCIAL CONDITION AND
         ---------------------------------------------------------------
         RESULTS OF OPERATIONS
         ---------------------
Overview

         The Company is in the development stage. We commenced operations during
December 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 during the latter months 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 had been 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
consummated. Mr. Schiffrin, the Company and International Imaging Systems have
agreed, and Mr. Schiffrin has accepted 160,000 shares of International Imaging
Systems' common stock in lieu of any commissions that may accrue through the
effective date of the spin-off.

         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 merger, acquisition, or another 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. There are no current plans to engage in any such
transaction. In any event, a merger, an acquisition, or another form of business
combination, if any, 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. We locate buyers and are not obligated to pay for, take
possession of, or fulfill the shipment of the photocopiers sold. In addition,

                                     - 8 -
<PAGE>

collection of the sales price and customer returns are the responsibility of the
unrelated third party. Accordingly, there are no direct costs that are
attributable to sales, and therefore gross profit as a 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 June 30, 2006 was
characterized by revenues of $ 2,500, offset by general and administrative
expenses of $ 2,964, resulting in a net loss of $ 464 in such period as compared
to revenues of $ 4,000, general and administrative expenses of $ 1,898, and a
net profit of $ 2,102 in the same period in the prior year.

Results of Operations

Sales
-----

         Sales for the three month period ended June 30, 2006 were $ 2,500 as
compared to sales of $ 4,000 for the same period in the prior year, a decrease
of approximately 37%. Sales for the six month period ended June 30, 2006 were $
4,500 as compared to sales of $ 11,470 for the same period in the prior year, a
decrease of 61%. The decrease in sales for both periods is not considered
meaningful. The Company does not believe that fluctuations between reporting
periods is necessarily indicative of any trend, but is more related to factors
beyond the Company's control. Accordingly, comparisons between periods may not
be meaningful.

General and Administrative Expenses
-----------------------------------

         General and administrative expenses ("G&A") were $ 2,964, or
approximately 118% of sales for the three months ended June 30, 2006, as
compared to $ 1,898, or approximately 47% of sales for the same period in the
prior fiscal year. G & A were $ 35,918, or approximately 313% of sales for the
six months ended June 30, 2006, as compared to $ 9,016, or 79% of sales for the
same period in the prior year. The increase in G & A as a percentage of sales in
the three and six months ended June 30, 2006 is primarily attributable to the
allocation of certain legal and accounting expenses to the Company by our
parent, International Imaging Systems.

Liquidity and Capital Resources
-------------------------------

         The Company financed its operations during the three month period ended
June 30, 2006, through revenues from operations. As of June 30, 2006, the
Company's principal sources of liquidity consisted of cash of $ 94 and
commissions receivable $ 2,500. Because we have limited operating expenses, we
believe that such funds, together with expected revenues from operations, will
be adequate to fund 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 we will be able to find sources of financing on terms acceptable
to the Company, 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 expected sources
of revenue should fail to appear or our expenses should increase, we may have to
curtail certain of our current activities.

                                     - 9 -
<PAGE>

ITEM 3. CONTROLS AND PROCEDURES

(a) Disclosure Controls. We conducted an evaluation, with the participation of
the Chief Executive Officer and the 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. (the "Company") in the Reports that the Company files 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 Officer and the Chief Financial Officer
concluded that the Company's 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 that
the Company files 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 Officer and
    Chief Financial Officer

Dated: August 15, 2006

                                      - 12-