PWCO 10-Q Quarterly Report June 30, 2011 | Alphaminr
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PWCO 10-Q Quarter ended June 30, 2011

Balance Sheet
Cash Flow
Income Statement
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PROXIES
DEF 14A
Filed on Dec. 15, 2016
10-Q 1 rcva_10q.htm FORM 10-Q rcva_10q.htm

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

FORM 10-Q

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

1-9370

(COMMISSION FILE NUMBER)

FOR THE QUARTERLY PERIOD JUNE 30, 2011

FOR

RECEIVABLE ACQUISITION & MANAGEMENT CORPORATION

(Exact Name of Registrant as Specified in the Charter)

DELAWARE
13-3186327
(State of Other Jurisdiction
(I.R.S. Employer
of Incorporation)
Identification Number)

2 Executive Drive
Fort Lee, NJ 07024
201-677-8904
(corporate address)

Check whether the Registrant (1) has filed all reports required 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 the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes __       No__

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One)
Large accelerated filer ___       Accelerated filer ___      Non-accelerated filer  ___      Small reporting company X
Indicate the number of shares outstanding of each of the Registrant's classes of common stock, as of the latest practicable date: Aug 12, 2011 - Common Stock:  17,948,896





TABLE OF CONTENTS












2




RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES


INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
FOR THE NINE AND THREE MONTHS ENDED JUNE 30, 20011 AND 2010






















3


RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
June 30,
September 30,
2011
2010
(Unaudited)
CURRENT ASSETS
Cash
$ 114,553 $ 186,401
Prepaid expenses
160 -
Finance receivables - short term
2,848 18,923
Notes Receivable
165,000 -
Interest Receivable
17,066 -
Total current assets
299,627 205,324
OTHER ASSETS
Finance receivables - long-term
5,696 38,418
Total other assets
5,696 38,418
TOTAL ASSETS
$ 305,323 $ 243,742
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accrued and other expenses
$ 41,520 $ 41,481
Notes Payable
99,890 -
Total current liabilities
141,410 41,481
STOCKHOLDERS'  EQUITY
Preferred stock, par value $10 per share;
10,000,000 shares authorized and 0 shares issued
and outstanding at June 30, 2011 and September 30, 2010
- -
Common stock, par value $.001 per share;
325,000,000 shares authorized and 17,948,896 and 16,802,896 shares
issued and outstanding  at June 30, 2011 and September 30, 2010
17,949 16,803
Additional paid-in capital
667,597 651,648
Accumulated deficit
(521,633 ) (466,190 )
Total stockholders' equity
163,913 202,261
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$ 305,323 $ 243,742

The accompanying notes are an integral part of the condensed consolidated financial statements.

4


RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME OPERATIONS
FOR THE NINE AND THREE MONTHS ENDED JUNE 30, 2011 AND 2010
(UNAUDITED)
FOR THE NINE MONTHS ENDED
FOR THE THREE MONTHS ENDED
JUNE 30,
JUNE 30,
2011
2010
2011
2010
REVENUES
Financing income
$ 33,966 $ 131,976 $ 10,855 $ 25,912
Service income and other
874 11,440 463 1,760
Total revenues
34,840 143,416 11,318 27,672
COSTS AND EXPENSES
Selling, general and administrative
107,518 209,747 50,097 61,868
Total costs and expenses
107,518 209,747 50,097 61,868
(LOSS) FROM OPERATIONS
(72,678 ) (66,331 ) (38,779 ) (34,196 )
OTHER INCOME
Other income (loss)
- (61,301 ) - (61,301 )
Interest income
17,235 294 17,107 67
Total other income
17,235 (61,007 ) 17,107 (61,234 )
(LOSS) BEFORE PROVISION FOR INCOME TAX
$ (55,443 ) $ (127,338 ) $ (21,672 ) $ (95,430 )
PROVISION FOR INCOME TAXES
- - - -
(LOSS) APPLICABLE TO COMMON STOCK
$ (55,443 ) $ (127,338 ) $ (21,672 ) $ (95,430 )
(LOSS) PER COMMON SHARE, BASIC AND DILUTED
$ (0.00 ) $ (0.01 ) $ (0.00 ) $ (0.01 )
WEIGHTED AVERAGE OUTSTANDING SHARES
OF COMMON STOCK - BASIC
17,770,698 16,052,896 17,918,127 16,052,896




The accompanying notes are an integral part of the condensed consolidated financial statements.


5



RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED JUNE 30, 2011 AND 2010
(UNAUDITED)
2011
2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss)
$ (55,443 ) $ (127,338 )
Adjustments to reconcile net (loss) to
net cash  (used in) operating activities:
Impairment charge relating to finance receivables
- 61,301
Options issued for compensation
- 17,581
Issuance of stock for services
10,000 -
Changes in Certain Assets and Liabilities
Collections applied to principal on finance receivables
48,797 11,430
Prepaid assets
(160 ) (1,061 )
Interest Receivable
(17,066 ) -
Accrued expenses
39 16,081
Net cash  (used in) operating activities
(13,833 ) (22,006 )
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options
7,095 -
Proceeds (payment) on notes receivable
(165,000 ) -
Proceeds (payment) on notes payable
99,890 -
Net cash (used in) financing activities
(58,015 ) -
NET (DECREASE) IN CASH
(71,848 ) (22,006 )
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD
186,401 196,443
CASH AND CASH EQUIVALENTS - END OF PERIOD
$ 114,553 $ 174,437
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
CASH PAID DURING THE PERIOD
Interest expense
$ - $ -
Income taxes
$ - $ -





The accompanying notes are an integral part of the condensed consolidated financial statements.

6

RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011 AND 2010 (UNAUDITED)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. THE COMPANY AND PRESENTATION
The condensed consolidated unaudited interim financial statements included herein have been prepared by Receivable Acquisition and Management Corporation and Subsidiaries (the "Company"), formerly Feminique Corporation and Subsidiaries without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted as allowed by such rules and regulations, and the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the September 30, 2010 audited consolidated financial statements and the accompanying notes thereto. While management believes the procedures followed in preparing these condensed consolidated financial statements are reasonable, the accuracy of the amounts are in some respects dependent upon the facts that will exist, and procedures that will be accomplished by the Company later in the year.

The management of the Company believes that the accompanying unaudited condensed consolidated financial statements contain all adjustments (including normal recurring adjustments) necessary to present fairly the operations, changes in stockholders' equity (deficit), and cash flows for the periods presented.
B. FINANCE RECEIVABLES
The Company has adopted the provisions of Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 310-30 for its investment in finance receivables, “Accounting for Loans or Certain Debt Securities Acquired in a Transfer.” This SOP limits the yield that may be accreted (accretable yield) to the excess of the Company’s estimate of undiscounted expected principal, interest and other cash flows (cash flows expected at the acquisition to be collected) over the Company’s initial investment in the finance receivables.  Subsequent increases in cash flows expected to be collected are recognized prospectively through adjustment of the finance receivables yield over its remaining life. Decreases in cash flows expected to be collected are recognized as impairment to the finance receivable portfolios. The Company’s proprietary collections model is designed to track and adjust the yield and carrying value of the finance receivables based on the actual cash flows received in relation to the expected cash flows.

During the nine months ended June 30, 2011 and 2010, the Company neither acquired nor sold any finance receivables.

In the event that cash collections would be inadequate to amortize the carrying balance, an impairment charge would be taken with a corresponding write-off of the receivable balance.

7

RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011 AND 2010 (UNAUDITED)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
B. FINANCE RECEIVABLES (CONTINUED)
In the event that cash collections would be inadequate to amortize the carrying balance, an impairment charge would be taken with a corresponding write-off of the receivable balance. Accordingly, the Company does not maintain an allowance for credit losses.

The agreements to purchase the aforementioned receivables include general representations and warranties from the sellers covering account holder death or bankruptcy, and accounts settled or disputed prior to sale. The representation and warranty period permitting the return of these accounts from the Company to the seller is typically 90 to 180 days. Any funds received from the seller of finance receivables as a return of purchase price are referred to as buybacks. Buyback funds are simply applied against the finance receivable balance received. They are not included in the Company’s cash collections from operations nor are they included in the Company’s cash collections applied to principal amount. Gains on sale of finance receivables, representing the difference between sales price and the unamortized value of the finance receivables, are recognized when finance receivables are sold.

Changes in finance receivables for the nine months ended June 30, 2011 were as follows:

2011
Balance at beginning of year October 1, 2010
$ 57,341
Cash collection applied to principal
(48,797 )
Balance at the end of the period
$ 8,544
Estimated Remaining Collections (“ERC”)*
$ 8,544

*Estimated remaining collection refers to the sum of all future projected cash collections from acquired portfolios. ERC is not a balance sheet item, however, it is provided for informational purposes. Income recognized on finance receivables was $33,966 and $131,976 for the periods ended June 30, 2011 and 2010 respectively.

Under ASC 310-30 debt security impairment is recognized only if the fair market value of the debt has declined below its amortized costs. Currently no amortized costs are below fair market value. Therefore, the Company has not recognized any impairment for the finance receivables.
C. PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of the Company and its subsidiaries.  All significant intercompany accounts and transactions have been eliminated in consolidation.

8

RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011 AND 2010 (UNAUDITED)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. CASH AND CASH EQUIVALENTS

The Company considers all highly liquid debt instruments and other short-term investments with an initial maturity of nine months or less to be cash or cash equivalents. There were no cash equivalents as of June 30, 2011 and September 30, 2010.

The Company maintains cash and cash equivalents balances at financial institutions that are insured by the Federal Deposit Insurance Corporation up to $250,000.

E. INCOME TAXES

The Company accounts for income taxes pursuant to the provisions of the ASC 740, Accounting for Income Taxes, which requires an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities.

F. USE OF ESTIMATES

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during this reported period. Actual results could differ from those estimates.

G. EARNINGS (LOSS) PER SHARE OF COMMON STOCK

Historical net income (loss) per common share is computed using the weighted average number of common shares outstanding. Diluted earnings per share (EPS) include additional dilution from common stock equivalents, such as stock issuable pursuant to the exercise of stock options and warrants. Common stock equivalents were not included in the computation of diluted earnings per share when the Company reported a loss because to do so would be antidilutive for periods presented.

H. RECENT ACCOUNT PRONOUNCEMENTS

In January 2010, the FASB issued Accounting Standards Update (“ASU”) No. 2010-06, “Improving Disclosures about Fair Value Measurements” (the “Update”). The Update provides amendments to FASB Accounting Standards

9

RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011 AND 2010 (UNAUDITED)


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

H. RECENT ACCOUNT PRONOUNCEMENTS (CONTINUED)

Codification (“ASC”) 820-10 that require entities to disclose separately the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements and describe the reasons for the transfers. In addition the Update requires entities to present separately information about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). The disclosures related to Level 1 and Level 2 fair value measurements are effective for the Company in 2010 and the disclosures related to Level 3 fair value measurements are effective for the Company in 2011. The Update requires new disclosures only, and has no impact on our consolidated financial position, results of operations, or cash flow.

NOTE 2 - NOTES RECEIVABLE

On April 27, 2011 the Company has notes receivable from Airbak Technologies, LLC. The principal balances of these notes are $165,000 at June 30, 2011 and $0 at September 30, 2010. These notes bear interest at a rate of 15% or maximum of $24,000.

NOTE 3 - NOTES PAYABLE

On May 4, 2011, the Company issued a convertible note payable in the amounts of $50,000 each to Brent Grady and Dr. Rizwan Chaudhry, at an annual interest rate of 5%.  The note is due on November 4, 2012.

NOTE 4 - STOCK OPTIONS

In April 2004, the Company adopted a stock option plan upon approval by the shareholders at the Annual General Meeting under which selected eligible key employees of the Company are granted the opportunity to purchase shares of the Company’s common stock. The plan provides that 37,500,000 shares of the Company’s authorized common stock be reserved for issuance under the plan as either incentive stock options or non-qualified options. Options are granted at prices not less than 100 percent of the fair market value at the end of the date of grant and are exercisable over a period of ten years or as long as that person continues to be employed or serve on the on the Board of Directors, whichever is shorter. At June 30, 2011 and September 30, 2010, the Company had no options outstanding under this plan.

NOTE 5 - WARRANTS

The Company issued warrants during the year 2004. At June 30, 2011 and September 30, 2010, respectively, the Company had 946,000 warrants outstanding exercisable at

10

RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011 AND 2010 (UNAUDITED)


NOTE 5 - WARRANTS (CONTINUED)
approximately $.0075 per warrant per share. In October, 2010 the Company received $6,750 for exercising 900,000 warrants and in January, 2011 the Company received $345 for exercising the final balance 46,000 warrants. There are no warrants outstanding as of June 30, 2011.

NOTE 6 - INCOME TAXES

Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due.  Deferred taxes related to differences between the basis of assets and liabilities for financial and income tax reporting will either be taxable or deductible when the assets or liabilities are recovered or settled.  The difference between the basis of assets and liabilities for financial and income tax reporting are not material therefore, the provision for income taxes from operations consist of income taxes currently payable.

There was no provision for income tax for the nine months ended June 30, 2011 and 2010.

Due to the uncertainty of utilizing the approximate $521,633 and $457,210 in net operating losses, for the nine months ended June 30, 2011 and 2010 respectively , and recognizing the deferred tax assets, an offsetting valuation allowance has been established. The losses are available to offset future taxable income through 2031.

June 30, 2011
June 30, 2010
Deferred tax assets
$ 182,572 $ 160,024
Less: valuation
(182,572 ) (160,024 )
Totals
$ - $ -

NOTE 7 - STOCK HOLDERS’ EQUITY

COMMON STOCK

There were 325,000,000 shares of common stock authorized, with 17,948,896 and 16,802,896 shares issued and outstanding at June 30, 2010 and September 30, 2009, respectively. The par value for the common stock is $.001 per share.

The following details the stock transactions for the nine months ended June 30, 2011 and 2010.

There were no common stock transactions for the nine months ended June 30, 2010.

During the nine months ended June 30, 2011 the Company issued stock for 900,000 and 46,000 warrants, the Company received cash of $6,750 and $345.


11

RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011 AND 2010 (UNAUDITED)


NOTE 7 - STOCK HOLDERS’ EQUITY (CONTINUED)

COMMON STOCK (CONTINUED)

During the nine months ended June 30, 2011 the Company issued stock 200,000 shares of common stock for director’s compensation. The common stocks were issued at a price of $.05 per share.

PREFERRED STOCK

There were 10,000,000 shares of preferred stock authorized, no shares issued and outstanding as of June 30, 2011 and September 30, 2010.

NOTE 8 - RELATED PARTY

The Company receives fees from Ramco Income Fund Limited (“Fund”) a Bermuda entity and other investments. The Company is the investment manager of the Fund.  The servicing fees for the nine months ended June 30, 2011 and 2010 were $874 and $11,440 respectively.

NOTE 9 - FAIR VALUE MEASUREMENTS
The Company has categorized its financial assets and liabilities based  upon the fair value hierarchy specified by FASB Accounting Standards Codification   (“ASC “) Topic 820, Fair Value Measurement and Disclosures (“ASC 820”) This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurement, but discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost).  This standard provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:
Level 1 – Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly.  These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active
Level 3 – Unobservable inputs that reflect the Company’s own assumptions.
The following table represents the fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2011.


12

RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011 AND 2010 (UNAUDITED)


NOTE 9 - FAIR VALUE MEASUREMENTS (CONTINUED)


Assets
Level I
Level II
Level III
Total
Finance receivables
- - $ 8,544 $ 8,544
Total Assets
- - $ 8,544 $ 8,544
Liabilities
- - - -
Total Liabilities
- - - -


The following table represents the fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2010:

Assets
Level 1
Level 2
Level 3
Total
Finance receivables
- - $ 57,341 $ 57,341
Total Assets
- - $ 57,341 $ 57,341
Liabilities
- - - -
Total Liabilities
- - - -

The following table is a reconciliation of changes in the net fair value of finance receivables which are classified as level 3 in the fair value hierarchy.

2011
2010
Finance Receivables
Balance as of October 1,
57,341 141,163
Cash collected
48,797 22,521
Impairment of receivables
- 61,301
Balance as of June 30, 2011 and September 30, 2010
8,544 57,341


13

RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2011 AND 2010 (UNAUDITED)


NOTE 10 - SUBSEQUENT EVENTS

Management has evaluated all subsequent events occurring since June 30, 2011 through August 5, 2011. The Company advanced $165,000 to Airbak Technologies LLC under a master loan agreement in anticipation of concluding a merger with Airbak Technologies LLC. As of August 5, the Company has not been able to complete the merger. The Notes were due on June 16, August 7 and August 12 in the amounts of $100,000, $60,000 and $5,000 respectively. Airbak Technologies LLC is currently in default of notes due on June 16, 2011 and August 7, 2011. The Company continues to negotiate a merger with Airbak Technologies LLC. However, in order to protect the Company’s interest, the Company filed a suit against Philip Troy Christy who is one-third owner of Airbak Technologies LLC and Airbak Technologies LLC. We cannot determine what the ultimate outcome will be at this point.



























14


MANAGEMENTS’S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

This “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Annual Report on Form 10-K as of and for the year ended September 30, 2010 as filed with the Securities and Exchange Commission.   Cautionary Statements Pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995:

This report contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve risks, uncertainties and assumptions that, if they never materialize or prove incorrect, could cause the results of the Company to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are forward-looking statements, including statements regarding overall trends, gross margin trends, operating cost trends, liquidity and capital needs and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts.

RESULTS OF OPERATIONS
Overview

The Company is engaged in the purchase and recovery of defaulted consumer receivables. These receivables are acquired at deep discounts and outsourced for collections on a contingency basis. The Company also manages Ramco Income Fund, Ltd, a Bermuda domiciled mutual fund. The Company is no longer acquiring any portfolios and is seeking to merge with or acquire another operating entity seeking to go public via reverse merger. There is no assurance that the company will succeed in such a merger or acquisition.

Revenue

The Company generated $11,318 in revenue and net loss of ($21,672) during the quarter ended June 30, 2011 versus $27,672 in revenue and had a net loss of ($95,430) during the quarter ended June 30, 2010. For the nine months ended June 30, 2011, the company had a net loss of ($55,443) on revenue of $34,840 versus net loss of  ($127,338) on revenue of $143,416 during the nine months ended June 30, 2010. Total revenue for the quarter ended June 30, 2011 included finance income of $10,855 and servicing income of $463 versus finance income of $25,912 and servicing income of $1,760 during quarter ended June 30, 2010. Finance income during the quarter ended June 30, 2011 declined by 58% or $15,057 compared to the quarter ended June 30, 2010. Servicing income declined by 74% or $1,297 compared to the quarter ended June 30, 2010. During the nine months ended June 30, 2011, finance income declined by approximately 74% or $98,010 and servicing income declined by approximately 92% or $10,566 compared to nine months ended June 30, 2010.  The Company has not invested in new portfolios since September 2007 and is essentially in a run-off mode with respect to current receivables.

Operating Expenses

During the quarter ended June 30, 2011, total operating expenses decreased by approximately 19% or $11,771 to $50,097 from $61,868 during the quarter ended June 30, 2010. The operating expenses include $12,500 in legal expenses for work done related to potential merger with Airbak Technologies LLC and $10,000 charge for options issued as compensation. The Company expects to maintain the current level of expenses going forward.

15

Rent and Occupancy

Rent and occupancy expenses were $6,000 during the quarter ended June 30, 2011 versus $6,312 during the quarter ended June 30, 2010.

Depreciation

The Company did not record any depreciation expense for the nine months ended June 30, 2011.
Recovery Partners

The Company outsources all its recovery activities to carefully selected debt collection agencies and network of collection attorneys with specific collection expertise. The Company is currently using four collection agencies and several law firms in the U.S. and U.K.

Seasonality

Collections tend to be higher in the first and second quarters of the year and lower in the third and fourth quarter of the year, due to consumer payment patterns in connection with seasonal employment, income tax refunds and holiday spending habits.

Liquidity and Capital Resources

As of June 30, 2011, the Company had working capital of $158,217 versus $170,294 at the end of quarter ended June 30, 2010. During the quarter the company advanced $165,000 to Airbak Technologies LLC and raised $100,000 through issuance of convertible notes. The decline is in line with declining collections due to lack of new investments and declining collections from remaining portfolios. The Company believes that funds generated from operations, together with existing cash will be sufficient to finance its operations for the next twelve months. For the nine months ended June 30, 2011, the Company had net cash of $114,553 versus net cash of $174,437 at the end of nine months ended June 30, 2010. Net cash used in operating activities was ($13,833) during the nine months ended June 30, 2011 versus net cash used of ($22,006) during the nine months ended June 30, 2010. Net cash used from financing activities was $58,015 during the nine months ended June 30, 2011 versus no net cash used in financing activities during the nine months ended June 30, 2010.

Cash generated from operations is depended upon the Company’s ability to collect on its defaulted consumer receivables. Many factors, including the economy, purchase price and the Company’s ability to retain the services of its recovery partners, are essential to generate cash flows. Fluctuations in these factors that cause a negative impact on the Company’s business could have a material negative impact on its expected future cash flows.

The Company believes that funds generated from operations, together with existing cash will be sufficient to finance its operations for the foreseeable future.

Income Taxes

The Company did not record any provision for taxes for the nine month ended June 30, 2011.
Contractual Obligation

The Company entered into a 24 month lease at $2,000 per month which includes broadband and telephone.  The lease expires on March 31, 2012.

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Critical Accounting Policy & Estimates
Our Management’s Discussion and Analysis of Financial Condition and Results of Operations section discusses our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued expenses, financing operations, and contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions. The most significant accounting estimates inherent in the preparation of our financial statements include estimates as to the appropriate carrying value of certain assets and liabilities which are not readily apparent from other sources. These accounting policies are described at relevant sections in this discussion and analysis and in the condensed consolidated financial statements included in this quarterly report.

The Company utilizes the interest method under guidance provided by the Financial Accounting Standards Board Accounting Standards Certification (“ASC”) 310-30 to determine income recognized on finance receivables
In October 2003, ASC 310-30, “Accounting for Loans or Certain Securities Acquired in a Transfer” was issued. This ASC proposes guidance on accounting for differences between contractual and expected cash flows from an investor’s initial investment in loans or debt securities acquired in a transfer if those differences are attributable, at least in part, to credit quality. This ASC is effective for loans acquired in fiscal years beginning after December 15, 2004. The ASC would limit the revenue that may be accrued to the excess of the estimate of expected future cash flows over a portfolio’s initial cost of accounts receivable acquired. The ASC would require that the excess of the contractual cash flows over expected cash flows not be recognized as an adjustment of revenue, expense, or on the balance sheet. The ASC would freeze the internal rate of return, referred to as IRR, originally estimated when the accounts receivable are purchased for subsequent impairment testing. Rather than lower the estimated IRR if the original collection estimates are not received, the carrying value of a portfolio would be written down to maintain the original IRR. Increases in expected future cash flows would be recognized prospectively through adjustment of the IRR over a portfolio’s remaining life. The ASC provides that previously issued annual financial statements would not need to be restated. Management is in the process of evaluating the application of this ASC. In accordance with ASC 310-30, the Company is currently is using the cost recovery method for revenue recognition for all its current portfolios.

OFF-BALANCE SHEET ARRANGEMENTS
The Company has no off-balance sheet arrangements.







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RISK FACTORS

IN ADDITION TO OTHER INFORMATION IN THIS REPORT, YOU SHOULD CONSIDER THE FOLLOWING RISK FACTORS CAREFULLY.  THESE RISKS MAY IMPAIR THE COMPANY'S OPERATING RESULTS AND BUSINESS PROSPECTS AS WELL AS THE MARKET PRICE OF THE COMPANY'S COMMON STOCK.
PENNY STOCK REGULATIONS AND REQUIREMENTS FOR LOW PRICED STOCK

The SEC adopted regulations which generally define a "penny stock" to be any non-Nasdaq equity security that has a market price of less than $5.00 per share, subject to certain exceptions.  Based upon the price of the Common Stock as currently traded on the NASDAQ Bulletin Board, the Company's Common Stock is subject to Rule 15g-9 under the Exchange Act which imposes additional sales practice requirements on broker-dealers which sell securities to persons other than established customers and "accredited investors."  For transactions covered by this rule, a broker-dealer must make a special suitability determination for the purchaser and have received a purchaser's written consent to the transaction prior to sale.  Consequently, this rule may have a negative effect on the ability of stockholders to sell common shares of the Company in the secondary market.
The risks, uncertainties and assumptions may include the following:

§
Due to an inability to raise capital and a deep recession, the Company decided not to make new investments and has subsequently been in a run-off mode. The management is focused on merging with or acquiring another operating company that may be seeking to go public via reverse merger. There is no assurance that the management will succeed and as a result, shareholders may be adversely affected.

§
changes in the business practices of credit originators in terms of selling defaulted consumer receivables or outsourcing defaulted consumer receivables to third-party contingent fee collection agencies;

§
ability to acquire sufficient portfolios;

§
ability to recover sufficient amounts on acquired portfolios;

§
a decrease in collections if bankruptcy filings increase or if bankruptcy laws or other debt collection laws change;

§
changes in government regulations that affect the Company’s ability to collect sufficient amounts on its acquired or serviced receivables;

§
the Company’s ability to retain the services of recovery partners;

§
changes in the credit or capital markets, which affect the Company’s ability to borrow money or raise capital to purchase or service defaulted consumer receivables;

§
the degree and nature of the Company’s competition;

§
our ability to respond to changes in technology and increased competition;

§
the risk factors listed from time to time in the Company’s filings with the Securities and Exchange Commission.


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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Registrant is not required to provide the information called for in this Item 3 due to its status as a Smaller Reporting Company.
ITEM 4T. CONTROLS AND PROCEDURES.

Evaluation of disclosure controls and procedures

The term “ disclosure controls and procedures “ is defined in Rules 13(a)-15e and 15(d) - 15(e) of the Securities Exchange Act of 1934, as amended (the Exchange Act). Our principal executive officer and principal financial officer have evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2011. They have concluded that, as of June 30, 2011 that our disclosures were effective to ensure that:
(1)
That information required to be disclosed by the Company in reports that it files or submits under the act is recorded, processed, summarized and reported, within the time periods specified in the Commissions’ rules and forms, and
(2)
Controls and procedures are designed by the Company to ensure that information required to be disclosed by Receivable Acquisition & Management Corporation Inc. in the reports it files or submits under the Act is accumulated and communicated to the issuer’s management including the principal executive and principal financial officers or persons performing similar functions, as appropriate to allow timely decisions regarding financial disclosure.

This term refers to the controls and procedures of a Company that are designed to ensure that information required to be disclosed by a Company in the reports that it files under the Exchange Act is recorded, processed, summarized and reported within the required time periods. Our principal executive officer and principal financial officer have evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this quarterly report. They have concluded that, as of June 30, 2011 our disclosure and procedures were effective in ensuring that required information will be disclosed on a timely basis in our reports filed under the exchange act.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

No changes in the Company’s internal control over financial reporting have come to management’s attention during the Company’s last fiscal quarter that have materially affected, or are likely to materially affect, the Company’s internal control over financial reporting.





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OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Company is not a party to any pending legal proceedings or a proceeding being contemplated by a governmental authority nor is any of the Company’s property the subject of any pending legal proceedings or a proceeding being contemplated by a governmental authority except for the following:
·
On July 28, 2011, the Company filed a complaint with the United States District Court, District of New Jersey against Philip Troy Christ and Airbak Technologies LLC for breach of contract, false representations, and default of certain Promissory Notes issued under a Master Loan Agreement. The Company and an investor introduced by the Company had advanced $266,000 to Airbak under a Secured Master Loan Agreement with the intent of concluding a merger. However, Mr. Philip Troy Christy individually and concurrently entered into merger negotiations with another company and Airbak failed to repay the Promissory Notes that became due. The Company is seeking an amount no less than $266,000 plus accrued interest, cost of litigation and other legal costs incurred while negotiating a merger with Airbak. The outcome of this complaint cannot be determined at this point.
ITEM 2. UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS
Not Applicable
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not Applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not Applicable.

ITEM 5. OTHER INFORMATION
Not Applicable.
There were no material changes to the procedures by which security holders may recommend nominees to the registrant’s board of directors.






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ITEM 6.  EXHIBITS

Exhibits:

31.1*           Certification pursuant to Section 302 of Sarbanes Oxley Act of  2002

32.1*           Certification pursuant to Section 906 of Sarbanes Oxley Act of 2002
101.0**                The following materials from the Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income Operations, (iii) the Condensed Consolidated Statements of Cash Flows and (iv) the Notes to the Condensed Consolidated Financial Statements.

* filed herewith
** Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

























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


RECEIVABLE ACQUISITION & MANAGEMENT    CORPORATION


Date:  Aug 12, 2011

By: /s/ Max Khan
Max Khan
Chief Executive Officer
Chief Financial Officer
Director


In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:


/s/  Max Khan
By:  Max Khan
Chief Executive Officer,
Chief Financial Officer and Director
Date:  Aug 12, 2011



















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