*Table
        of Contents*







**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**WASHINGTON,
      D.C. 20549**




**FORM
      10-Q**




x
            **Quarterly
                Report under Section 13 or 15(d) of the Securities Exchange Act of
                1934**
              For
                the quarterly period ended: March 31, 2008o
            **Transition
                Report under Section 13 or 15(d) of the Exchange Act of
                1934**For
                the transition period from ________ to _________Commission
                File Number: 000-52712




**PEER
      REVIEW MEDIATION AND ARBITRATION** , **INC.**


(Exact
      Name of Small Business Issuer as specified in its charter)




**FLORIDA**
            
            **65-1126951**(State
                or other Jurisdiction of
            
            (IRS
                EmployerIncorporation
                or Organization)
            
            Identification
                No.)





**1450
      S. Dixie Highway, Ste. 201**


**Boca
      Raton, Florida 33432**


(Address
      of principal executive offices)




**(561)
      347-1178**


(Issuer’s
      telephone number, including area code)






(Former
      name, former address and former fiscal year, if changed since last
      report)




**Copies
      to:**


Brooks
      Law Firm, PA


1201
      Brickell Ave. Ste. 230


Miami,
      Florida 33131


Tel.
      (305) 373-0901





Indicate
      by check mark whether the registrant (1) has filed all reports required to
      be
      filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
      the
      past 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
o




Indicate
      by check mark whether the registrant is a large accelerated filer, an
      accelerated filer, a non-accelerated filer, or a smaller reporting
      company




Large
      accelerated filer o               Accelerated
      filer o                
      Non-accelerated
      filer o               
      Smaller
      reporting company x


(Do
      not
      check if a smaller reporting company)




Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act). Yes
o No
x




The
      number of shares of the issuer's common stock outstanding as of May 14, 2008: **** 7,533,197 .












*Table
        of Contents*




**TABLE
      OF CONTENTS**





**Heading**
            
            **Page****PART
                I — FINANCIAL INFORMATION**Item
                1.
            Financial
                Statements
            3Item
                2.
            Management's
                Discussion and Analysis of Financial Condition and Results of
                Operations
            12Item
                3.
            Quantitative
                and Qualitative Disclosures About Market Risk
            15Item
                4(T).
            Controls
                and Procedures
            15**PART
                II — OTHER INFORMATION**Item
                1.
            Legal
                Proceedings
            15Item
                1A.
            Risk
                Factors
            15Item
                2
            Unregistered
                Sales of Equity Securities and Use of Proceeds
            15Item
                3.
            Defaults
                Upon Senior Securities
            16Item
                4.
            Submission
                of Matters to a Vote of Securities Holders
            16Item
                5.
            Other
                Information
            16Item
                6.
            Exhibits
            16Signatures
            17






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          2 -
 *Table
          of Contents*
  **Item
        1. Financial Statements.**






**PEER
      REVIEW MEDIATION AND ARBITRATION, INC.**




**CONSOLIDATED
        FINANCIAL STATEMENTS**
 **(Unaudited)**
 
 **Quarter
        Ended March 31, 2008**
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            3 -
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            of Contents*
  **PEER
        REVIEW MEDIATION AND ARBITRATION, INC.**
 
 **Consolidated
        Financial Statements**
 **(Unaudited)**
  **TABLE
        OF CONTENTS**
  PageFINANCIAL
                  STATEMENTSConsolidated
                  balance sheet
              5Consolidated
                  statements of operation
              6Consolidated
                  statements of cash flows
              7Notes
                  to consolidated financial
                  statements
              8
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            4 -
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            of Contents*
  **PEER
                    REVIEW MEDIATION AND ARBITRATION, INC.****CONSOLIDATED
                    BALANCE SHEET****(Unaudited)**
  **March
                    31,****2008****ASSETS****Current
                  assets**Cash
                
                $
                18,795Accounts
                    receivable
                
                
                4,780Marketable
                    securities
                
                
                1,977**Total
                    current assets**
                
                
                25,552Fixed
                    assets
                
                
                65,621Less
                    accumulated depreciation
                
                
                (46,381
                )Other
                    assets
                
                
                50019,740**Total
                    Assets**
                
                $
                45,292**LIABILITIES
                    AND STOCKHOLDERS' EQUITY****Current
                    liabilities**Accrued
                    payables
                
                $
                60,616Related
                    party payables
                
                
                1,639,115Notes
                    payable - current portion
                
                
                16,902Related
                    party loans
                
                
                921,441**Total
                    current liabilties**
                
                
                2,638,074**Total
                    Liabilities**
                
                
                2,638,074**Stockholders'
                    Equity**Preferred
                    stock, Series II, $.001 par value;1,000,000
                    shares authorized; convertible;1,000,000
                    issued and outstanding
                
                
                1,000Common
                    stock, $.001 par value;45,000,000
                    shares authorized;8,148,626
                    sharesissued
                    and outstanding
                
                
                8,149Additional
                    paid in capital
                
                
                6,520,197Accumulated
                    deficit
                
                
                (9,109,205
                )Accumulated
                    other comprehensive income (loss)
                
                
                (12,923
                )**Total
                    Stockholders' Equity**
                
                
                (2,592,782
                )**Total
                    Liabilities and Stockholders' Equity**
                
                $
                45,292
 The
          accompanying notes are an integral part of the consolidated financial
          statements.
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              5 -
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              of Contents*
  **PEER
                    REVIEW MEDIATION AND ARBITRATION, INC.****CONSOLIDATED
                    STATEMENTS OF INCOME AND COMPREHENSIVE
                    INCOME****(Unaudited)**
  **Three
                    Months**
                
                **Three
                    Months****Ended**
                
                **Ended****Mar.
                    31, 2007**
                
                **Mar.
                    31, 2008**Revenue
                
                $
                47,503
                
                $
                17,485Cost
                    of sales
                
                
                27,985
                
                
                6,03519,518
                
                
                11,450Expenses:Depreciation
                
                
                3,005
                
                
                2,639Selling,
                    general and administrative
                
                
                461,131
                
                
                326,118464,136
                
                
                328,757Loss
                    from operations
                
                
                (444,618
                )
                
                (317,307
                )Other
                    income (expense)Interest
                    (expense)
                
                
                (760
                )
                
                (494
                )Realized
                    gain (loss) on securities
                
                
                (3,977
                )
                
                -(4,737
                )
                
                (494
                )Income
                    (loss) before provisionfor
                    income taxes
                
                
                (449,355
                )
                
                (317,801
                )Provision
                    for income tax
                
                
                -
                
                
                -**Net
                    income (loss)**
                
                $
                (449,355
                )
                $
                (317,801
                )**Other
                    comprehensive income (loss) -****net
                    of tax**Unrealized
                    gain (loss) on securities
                
                
                3,797
                
                
                (1,655
                )**Comprehensive
                    income (loss)**
                
                $
                (445,558
                )
                $
                (319,456
                )**Net
                    income (loss) per share**(Basic
                    and fully diluted)
                
                $
                (0.06
                )
                $
                (0.04
                )Weighted
                    average number ofcommon
                    shares outstanding
                
                
                8,043,478
                
                
                8,133,376
 The
          accompanying notes are an integral part of the consolidated financial
          statements.
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              6 -
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              of Contents*
  **PEER
                    REVIEW MEDIATION AND ARBITRATION, INC.****CONSOLIDATED
                    STATEMENTS OF CASH
                    FLOWS****(Unaudited)**
  **Three
                    Months**
                
                **Three
                    Months****Ended**
                
                **Ended****Mar.
                    31, 2007**
                
                **Mar.
                    31, 2008****Cash
                  Flows From Operating Activities:**Net
                    income (loss)
                
                $
                (449,355
                )
                $
                (317,801
                )Adjustments
                    to reconcile net income tonet
                    cash provided by (used for)operating
                    activities:Depreciation
                
                
                3,005
                
                
                2,638Accounts
                    receivable
                
                
                (1,503
                )
                
                (4,780
                )Accrued
                    payables
                
                
                4,621
                
                
                (13,643
                )Related
                    party payables
                
                
                90,241
                
                
                10,000Realized
                    (gain) loss on sale of securities
                
                
                3,977**Net
                    cash provided by (used for)****operating
                    activities**
                
                
                (349,014
                )
                
                (323,586
                )**Cash
                    Flows From Investing Activities:**Fixed
                    assets
                
                
                (7,027
                )Sales
                    of marketable securities
                
                
                39,679**Net
                    cash provided by (used for)****investing
                    activities**
                
                
                32,652
                
                
                -
 (Continued
                    On Following Page)
 -
            7 -
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            of Contents*
  **PEER
                    REVIEW MEDIATION AND ARBITRATION, INC.****CONSOLIDATED
                    STATEMENTS OF CASH FLOWS****(Unaudited)**(Continued
                    From Previous Page)
  **Three
                    Months**
                
                **Three
                    Months****Ended**
                
                **Ended****Mar.
                    31, 2007**
                
                **Mar.
                    31, 2008****Cash
                  Flows From Financing Activities:**Notes
                    payable - payments
                
                
                
                
                
                (3,375
                )Related
                    party loans
                
                
                
                
                
                (5,000
                )Sales
                    of common stock
                
                
                73,630
                
                
                150,975Sales
                    of options
                
                
                745
                
                
                1,525**Net
                    cash provided by (used for)****financing
                    activities**
                
                
                74,375
                
                
                144,125**Net
                    Increase (Decrease) In Cash**
                
                
                (241,987
                )
                
                (179,461
                )**Cash
                    At The Beginning Of The Period**
                
                
                288,568
                
                
                198,256**Cash
                    At The End Of The Period**
                
                $
                46,581
                
                $
                18,795Schedule
                    of Non-Cash Investing and Financing ActivitiesNoneSupplemental
                    DisclosureCash
                    paid for interest
                
                $
                -
                
                $
                494Cash
                    paid for income taxes
                
                $
                -
                
                $
                -
 The
          accompanying notes are an integral part of the consolidated financial
          statements.
  -
            8 -
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            of Contents*
  **PEER
        REVIEW MEDIATION AND ARBITRATION, INC.**
 **NOTES
        TO CONSOLIDATED********FINANCIAL
        STATEMENTS**
 **(Unaudited)**
  **NOTE
        1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING
        POLICIES:**
 
 Peer
        Review Mediation And Arbitration, Inc. (“PRMA”, the “Company”), was incorporated
        in the State of Florida on April 16, 2001. The Company provides peer review
        services and expertise to law firms, medical practitioners, insurance companies,
        hospitals and other organizations in regard to personal injury, professional
        liability and quality review.
 
 Basis
        of Presentation
 
 The
        accompanying unaudited financial statements have been prepared in accordance
        with the instructions to Form 10-QSB and do not include all of the information
        and disclosures required by generally accepted accounting principles for
        complete financial statements. All adjustments which are, in the opinion
        of
        management, necessary for a fair presentation of the results of operations
        for
        the interim periods have been made and are of a recurring nature unless
        otherwise disclosed herein. The results of operations for such interim periods
        are not necessarily indicative of operations for a full year.
 
 Principles
        of consolidation
 
 The
        accompanying consolidated financial statements include the accounts of Peer
        Review Mediation and Arbitration, Inc. and its wholly owned subsidiary. All
        intercompany accounts and transactions have been eliminated in
        consolidation.
 
 Cash
        and cash equivalents
 
 The
        Company considers all highly liquid investments with an original maturity
        of
        three months or less as cash equivalents.
 
 Use
        of
        Estimates
 
 The
        preparation of financial statements in conformity with generally accepted
        accounting principles requires management to make estimates and assumptions
        that
        affect reported amounts of assets and liabilities and disclosure of contingent
        assets and liabilities at the date of the financial statements and the reported
        amounts of revenues and expenses during the reporting period. Actual results
        could differ from those estimates.
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  **PEER
        REVIEW MEDIATION AND ARBITRATION, INC.**
 **NOTES
        TO CONSOLIDATED** **** **FINANCIAL
        STATEMENTS**
 **(Unaudited)**
  **NOTE
        1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING
        POLICIES:**
  Income
        tax
 
 The
        Company accounts for income taxes under Statement of Financial Accounting
        Standards No. 109 (“SFAS 109”). Under SFAS 109 deferred taxes are provided on a
        liability method whereby deferred tax assets are recognized for deductible
        temporary differences and operating loss carryforwards and deferred tax
        liabilities are recognized for taxable temporary differences. Temporary
        differences are the differences between the reported amounts of assets and
        liabilities and their tax bases. Deferred tax assets are reduced by a valuation
        allowance when, in the opinion of management, it is more likely than not
        that
        some portion or all of the deferred tax assets will not be realized. Deferred
        tax assets and liabilities are adjusted for the effects of changes in tax
        laws
        and rates on the date of enactment.
 
 Net
        income (loss) per share
 
 The
        net
        income (loss) per share is computed by dividing the net income (loss) by
        the
        weighted average number of shares of common outstanding. Warrants, stock
        options, and common stock issuable upon the conversion of the Company's
        preferred stock (if any), are not included in the computation if the effect
        would be anti-dilutive and would increase the earnings or decrease loss per
        share.
 
 Revenue
        recognition
 
 Revenue
        is recognized on an accrual basis after services have been performed under
        contract terms, the service price to the client is fixed or determinable,
        and
        collectibility is reasonably assured. The Company's revenues to date have
        been
        earned primarily from consulting fees for arranging medical expert insurance
        case review.
 
 Property
        and equipment
 
 Property
        and equipment are recorded at cost and depreciated under the straight line
        method over each item's estimated useful life.
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  **PEER
        REVIEW MEDIATION AND ARBITRATION, INC.**
 **NOTES
        TO CONSOLIDATED FINANCIAL STATEMENTS**
 **(Unaudited)**
  **NOTE
        1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
        (Continued):**
 
 Financial
        Instruments
 
 The
        carrying value of the Company’s financial instruments, as reported in the
        accompanying balance sheet, approximates fair value.
 
 Marketable
        Securities
 
 The
        Company's marketable securities are classified as available-for-sale, are
        presented in the balance sheets at fair market value, and consist entirely
        of
        equity securities. Gains and losses are determined using the specific
        identification method.
 
 Comprehensive
        income (loss)
 
 The
        Company accounts for comprehensive income (loss) under Statement of Financial
        Accounting Standards No. 130, “Reporting Comprehensive Income” (“SFAS 130”).
        SFAS 130 establishes standards for reporting and display of comprehensive
        income
        and its components. Unrealized gains (losses) from marketable securities
        are
        reported as other comprehensive income (loss) in the consolidated statements
        of
        income and comprehensive income and as accumulated other comprehensive income
        (loss) in stockholders’ equity.
 
 Stock
        based compensation
 
 The
        Company accounts for employee and non-employee stock awards under SFAS 123(r),
        whereby equity instruments issued to employees for services are recorded
        based
        on the fair value of the instrument issued and those issued to non-employees
        are
        recorded based on the fair value of the consideration received or the fair
        value
        of the equity instrument, whichever is more reliably measurable.
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            11 -
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  **ITEM
        2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
        AND RESULTS OF OPERATIONS**





The
      following is management’s discussion and analysis of certain significant factors
      that have affected our financial position and operating results during the
      periods included in the accompanying consolidated financial statements, as
      well
      as information relating to the plans of our current management. This report
      includes forward-looking statements. Generally, the words “believes,”
“anticipates,” “may,” “will,” “should,” “expect,” “intend,” “estimate,”
“continue,” and similar expressions or the negative thereof or comparable
      terminology are intended to identify forward-looking statements. Such statements
      are subject to certain risks and uncertainties, including the matters set forth
      in this report or other reports or documents we file with the Securities and
      Exchange Commission from time to time, which could cause actual results or
      outcomes to differ materially from those anticipated. Undue reliance should
      not
      be placed on these forward-looking statements that speak only as of the date
      hereof. We undertake no obligation to update these forward-looking statements.





The
      following discussion and analysis should be read in conjunction with our
      consolidated financial statements and the related notes thereto and other
      financial information contained elsewhere in this Form 10Q.





***Overview
      and Corporate History***





Peer
      Review Mediation and Arbitration, Inc., (“Peer Review“, “PRMA”, “We”, “Our” or
      the “Company”) was organized under the laws of the State of Florida on April 16,
      2001. We have been conducting business operations ever since, primarily focused
      on the creation and continual development of our proprietary Private Network
      Application (“PNA”) which allows direct access to our Peer Review Data Archival
      resource via our www.peerreviewboard.com web
      site.





On
      February 11, 2005, Peer Review acquired all of the outstanding common shares
      of
      Independent Review, Inc. (“IRI”), Texas corporation, in exchange for 75,000
      unregistered shares of our Common Stock. IRI is engaged in providing medical
      case reviews to the Texas Insurance Commission, pursuant to a license from
      the
      State of Texas.




**Business
      Plan**




Peer
      Review Mediation And Arbitration, Inc., offers independent advisory and support
      services to insurance, healthcare companies, attorneys and consumers. Clients
      may assemble a panel of experts for medical case management, quality review,
      and
      legal case evaluation. Over the past 6 years our medical and computer experts
      have brought together software technology in order to create our proprietary
      technology platform. Our service gives subscribers the ability to efficiently
      gain relevant input and information regarding specific medical cases, obtain detailed
      analysis and reports, and gather corroborating evidence in support of many
      matters relating to dispute resolution, personal injury and medical
      malpractice.




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          12 -
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          of Contents*




**Results
      of Operations**




***Results
      of operations for the three months ended March 31, 2008 as compared to the
      three
      months ended March 31, 2007.***





**SALES.**





Sales
      were $17,485for the three months ended March 31, 2008, as compared to sales
      of
      $47,503 for the comparable period of 2007. The fees from our division IRI
      handling medical denied insurance cases for the Texas Department of Insurance
      fell by 63% from the same quarter a year earlier **.** **** The
      decrease resulted from a decline in fees from the IRI operation handling medical
      denied insurance cases for the insurance companies under the guidance of the
      Texas Department of Insurance.  This decline in the fees is due to an
      increase in the number of service providers utilized by the Texas Department
      of
      Insurance.




**COST
      OF SALES**





Cost
      of
      sales was $6,035 for the three months ended March 31, 2008, as compared to
      Cost
      of sales of $27,985 for the comparable period of 2007. Cost of sales decreased
      78% this last quarter compared to the same quarter last year.  Cost
      of
      Sales declined principally due to the decline in the volume of business
      processed in the first quarter of 2008 versus a year ago and a lower
      average cost for each case reviewed.




**GROSS
      PROFIT (LOSS)**




From
      a
      loss of ($449,355) for the first quarter of 2007 to a loss of ($317,801)1for
      the
      first quarter of 2008, our gross loss fell by 29%.  Gross
      Loss  declined
      principally slightly.




**SELLING,
      GENERAL AND ADMINISTRATION**




For
      the
      three month period ended March 31, 2008, the Company incurred selling, general
      and administration expenses of $326,118, compared to $461,131 for the same
      periods last year, or 29% decrease. The Selling, General and Administrative
      Expenses up in the first three months ending March 31, 2008, consisted of
      $45,850 Physician Recruitment, $30,530 Administrative Expense, $25,475
      Operational Expense, $58,543 IT Maintenance, $24,007 Rent, $50,000 Officers
      & Directors Compensation, $21,067 Consulting fees, $4,031 telephone, $25,061
      legal & professional fees, $1,166 utilities/maintenance, $14,847 office
      supplies, $1,725 licenses/permits, $5,082 promotion & advertising, and
      $12,734 miscellaneous fees (includes depreciation).




**RESEARCH
      AND DEVELOPMENT EXPENSE**




The
      Company had no Research and Development expenses during the three month period
      ending March 31, 2008.




**DEPRECIATION
      AND AMORTIZATION**




Depreciation
      and amortization expense decreased to $2,639 for the three months ended March
      31, 2008, compared with that of $3,005 for the same period of 2007. The decrease
      in depreciation and amortization expense was primarily due to the
      change in the percentage of depreciated assets as compared to one year
      ago.  At 3/31/2007 the percentage of depreciated assets was 54,5% as
      compared to 70.7% at 3/31/2008.


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          of Contents*




**OTHER
      INCOME (LOSS)**




The
      loss
      of $1,655 for the first quarter of 2008 resulted from the decrease in the
      valuation of the Marketable Securities held for Investment by the Company. 
In the first quarter of 2007, the valuation of these securities had increased
      by
      $3,005, and reported as a gain .





**INTEREST**





At
      December 31, 2007 and at March 31, 2008 the Company had a Note Payable to a
      bank
      of $20,277 and $16,902.  The note bears a variable rate of interest,
      currently 6 1/4% as compared to 8 1/2 % per annum previously  and is
      secured by various Company Assets.  The Note requires monthly principal and
      interest payments of $1,250. per month through July 28, 2008 then $750 per
      month
      until November 2009 and a final payment on November 28, 2009 of $660 to retire
      the Note.  The note is also payable on demand at the lenders
      discretion.  The Company calculates interest in accordance with the terms
      of the note.  Interest expense for the three months ending March 31, 2007
      was $760 and for the three months ended March 31, 2008 was $494. "




**INCOME
      TAX**




There
      is
      no income tax provision for the first quarter of 2008 because there is a Taxable
      Loss for the first quarter ended March 31, 2008




**NET
      LOSS** *.*





Net
      loss
      for the three months ended March 31, 2008 was ($319,456) or ($0.04) per
      share, compared to ($445,558) or $0.06 per share for the same period last year.  The
      net
      loss, for the quarter-to-quarter comparison, decreased from less cost for
      personnel.




**STOCK-BASED
      COMPENSATION**





The
      Company issued no stock-based compensation for the first quarter ended March
      31,
      2008.




**FINANCIAL
      CONDITION**




**Liquidity
      and Capital Resources**




At
      March
      31, 2008, the Company had $20,772 in cash and marketable securities. Working
      capital in the first three months of 2008 decreased by primarily as a result
      of
      the Company funding operating losses. At
      March
      31, 2008, the Company had total assets of $45,292 and total current liabilities
      of $2,638,074.




The
      financial conditions of the Company raise substantial doubt about the Company's
      ability to continue as a going concern. Management's plan for the Company's
      continued existence includes selling additional stock through private placements
      to pay overhead expenses. The future success of the Company is dependent upon
      its ability to achieve profitable operations, generate cash from operating
      activities and obtain additional financing. There is no assurance that the
      Company will be able to generate sufficient cash from operations, sell
      additional shares of Common Stock or borrow additional funds. The inability
      of
      the Company to obtain additional cash could have a material adverse effect
      on
      its financial position, results of operations and its ability to continue as
      a
      going concern.




**Off-Balance
      Sheet Arrangements**




The
      Company is not a party to any off-balance sheet arrangements.




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          14 -
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          of Contents*




**ITEM
      3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
      RISK**





Not
      applicable to smaller reporting companies





**ITEM
      4. CONTROLS AND PROCEDURES**





**Management’s
      Report on Internal Control over Financial Reporting**




Our
      management is responsible for establishing adequate internal control over
      financial reporting, as such item is defined in Exchange Act Rule 13a-15(f)
      and
      15d-15(f). Under the supervision and with the participation of our management,
      including the Chief Executive Officer, we conducted an evaluation of the
      effectiveness of our internal control over financial reporting, as of December
      31, 2007. Based on our evaluation under the framework in *Internal
      Control-Integrated Framework* ,
      our
      management including the Chief Executive Officer has concluded that our internal
      control over financial reporting was effective as of March 31,
      2008.





Because
      of inherent limitations, internal control over financial reporting may not
      prevent or detect misstatements. Also, projection of any evaluation of
      effectiveness to future periods are subject to the risk that controls may become
      inadequate because of changes in conditions, or that the degree of compliance
      with policies and procedure may deteriorate.





This
      report does not include an attestation report of the company’s registered public
      accounting firm regarding internal control over financial reporting. The
      management’s report was not subject to attestation by the Company’s registered
      public accounting firm pursuant to temporary roles of the Securities and
      Exchange Commission that permit the company to provide only a management’s
      report in this report.




**Changes
      in Internal Control over Financial Reporting**




There
      was
      no change in our internal controls over financial reporting during the fiscal
      quarter ended March 31, 2008 covered by this Quarterly Report on Form 10-Q
      that
      has materially affected, or is reasonably likely to materially affect, our
      internal control over financial reporting.




**PART
      II   OTHER INFORMATION**




**Item
      1.********Legal
      Proceedings**




As
      of the
      filling of the present Quarterly report on form 10-Q there was no actual,
      pending or threatened litigation, claims, or assessments against the Company.




**Item
      2.********Unregistered
      Sales of Equity Securities and Use of Proceeds**




During
      the three months ended March 31, 2008, the Company issued 30,500 shares of
      Common Stock respectively to 19 accredited investors at $4.95 per Common Share,
      for an aggregate of $150,975. The shares of the Company's common stock, with
      an
      included 30,500 Common Stock Purchase Option issued at $0.05 each, were issued
      during the fiscal quarter pursuant to the exemption from registration provided
      by Section 4(2) and Section 4(6) of the Act, and in connection with Regulation
      D
      Rule 506 of the Act, under a Private Placement Agreement.. No options were
      exercised leaving a March 31, 2008 balance of 207,840 Purchase Stock options
      outstanding. As a condition to closing
      under the placement agent agreement, the Company’s shareholders, entered into
      agreements whereby each agreed not to sell any shares owned directly or
      indirectly by any of them for a period of 18 months after the Common Stock
      has
      been quoted on a public stock exchange.




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**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**
 
 (a)
              Exhibits:
 
 31.1
              Certification
                  of Principal Executive Officer pursuant to Rule 13a-14 and Rule
                  15d-14(a),
                  promulgated under the Securities and Exchange Act of 1934, as
                  amended.
  32.1
              Certification
                  pursuant to Section 906 of the Sarbanes-Oxley Act of
                  2002.
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            of Contents*
  **SIGNATURES**




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




**PEER
                REVIEW MEDIATION & ARBITRATION**By*:**/s/
                Willis Hale*Name:Willis HaleTitle:Chief executive Officer


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        17
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