Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.   (Check one):

The number of shares outstanding of each of the Registrant’s classes of common stock, as of December 28, 2008January 11, 2010 is 16,052,896 shares, all of one class, $.001 par value per share.  Of this number, 9,231,962 shares were held by non-affiliates of the Registrant.

*Affiliates for the purpose of this item refers to the Registrant’s officers and directors and/or any persons or firms (excluding those brokerage firms and/or clearing houses and/or depository companies holding Registrant’s securities as record holders only for their respective clienteles’ beneficial interest) owning 5% or more of the Registrant’s common stock, both of record and beneficially.

We are a Delaware corporation whose principal executive offices are located at 2500 Plaza 5, Harborside Financial Center, Jersey City, NJ 0731. Unless the context otherwise requires, the terms "we", "us" or "our" as used herein refer to Receivable Acquisition & Management Corporation and our subsidiary.

Receivable Acquisition & Management Corporation (the “Company”) is in the business of acquiring and collecting portfolios of performing, sub-performing and non-performing consumer and commercial receivables. These portfolios generally consist of one or more of the following types of consumer receivables:

We generally acquire non-performing and sub-performing consumer and commercial receivable portfolios at a significant discount to the amount actually owed by the debtors or insurers. We acquire these portfolios after a qualitative and quantitative analysis of the underlying receivables and establish a purchase price based on expected recovery and our internal rate of return hurdle. After purchasing a portfolio, we outsource collections to carefully selected collection agencies and we actively monitor its performance and review and adjust our collection and servicing strategies accordingly.

Our objective is to maximize our return on investment on acquired consumer receivable portfolios. As a result, before acquiring a portfolio, we analyze the portfolio to determine how to best maximize collections in a cost efficient manner and carefully analysis of collection agencies selected to service a portfolio. We believe in outsourcing 99% of its recovery efforts. We believe that we can never be experts in collecting all the various types of debt. We retain a handful of accounts internally for benchmarking purposes. Our philosophy is to keep overhead low and concentrate on our strengths of analysis and purchasing the portfolios at the right price and managing the recovery process.

The recovery process is largely done by collection agencies and law firms. Recovery process is generally handed over to lawyers when it is determined the debtor has the ability to satisfy his/her obligation but normal collection activities have not resulted in resolution.

In the event of legal action, we seek attorneys/collection law firms that are located in the state of the debtor. The proximity of the agent to the debtor has a significant influence on the debtors’ actions.

We use an internally developed incentive-based fee structure to negotiate the contingency fees of the recovery partners. This is a tiered method of paying the partner an increasing percentage of collections if they meet pre-agreed to hurdles. These hurdles are recovery of our investment plus returns in defined time periods. In most cases, an underestimation of the collection process involves the extension of the collection horizon. For instance, a debtor that is not in a position to immediately settle their obligation at the moment the obligation is purchased, is most likely to be in a position of being able to clear his/her credit in the foreseeable future if they are capable of gainful employment or expects their financial lot to improve. We will not write off these types of debtors but may extend our collection horizon to include the moment in time when collection/settlement is possible. We continuously weigh the benefits of selling the obligations versus holding it in anticipation of settlement. If we can realize an acceptable return within the expected horizon by selling the loan, the Company will do so. In most cases an obligation becomes collectible at a point in time. Periodically, we will evaluate our portfolios to identify accounts with profiles that are inconsistent with our collection strategies. Such accounts can be offered for sale to a network of investors, collection agencies and law firms.

The purchasing, servicing and collection of charged-off, sub-performing and performing consumer receivables is an industry that is driven by:

We believe that as a result of the difficulty in collecting these past due receivables and the desire of originating institutions to focus on their core businesses and to generate revenue from these receivables, originating institutions are increasingly electing to sell these portfolios. However, due to rapid rise in prices, the Company is looking for investment opportunities in Europe.

Our strategy is to acquire portfolios and outsource collections. We believe we differentiate ourselves from the rest of the field based on the following:

We have invested significant resources in developing a proprietary analytical tool that takes into accounts all the value objects. Our proprietary database analysis application is able to cleanse and format raw data, sort and produce reports and statistics that analyze the predictability of collection of a pool under consideration such as geographic dispersion, statute analysis, recovery history, etc. This is coupled with a bottom up approach resulting in selection of portfolios with highest probability of collection, and valuation and finally pricing. Final purchase decisions are based on our multiple regression models that determine the likelihood of payment by analyzing both the demographic and account-level data of a given portfolio and comparing it our database of accounts and feedback from our recovery partners This is coupled with internally developed statistical models that attempt to score and map out a potential recovery curve of a given portfolio.  By implementing a multi-tier approach, our analysis will result in the selection of portfolios with highest probability of collection, and valuation and finally rational pricing.  This rigorous disciplined approach does not permit paying more than established range.

Due to capital constraint, the Company has not been able to purchase largeadditional portfolios and the portfolios it has acquired are through the following sources:

We purchase receivables at discounts from the balance actually owed by the consumer. We determine how much to bid on a portfolio and a purchase price by evaluating many different variables, such as:

Once a receivable portfolio has been identified for potential purchase, we prepare various analyses based on extracting customer level data from external sources, other than the issuer, to analyze the potential collectibility of the portfolio. We also analyze the portfolio by comparing it to similar portfolios previously serviced by our recovery partners or potential recovery partners. In addition, we perform qualitative analyses of other matters affecting the value of portfolios, including a review of the delinquency, charge off, placement and recovery policies of the originator as well as the collection authority granted by the originator to any third party collection agencies, and, if possible, by reviewing their recovery efforts on the particular portfolio. After these evaluations are completed, members of our senior management discuss the findings, decide whether to make the purchase and finalize the price at which we are willing to purchase the portfolio.

We purchase most of our consumer receivable portfolios directly from originators and other sellers including, from time to time, our recovery partners through privately negotiated direct sales or through a bidding process. In order for us to consider a potential seller as a source of receivables, a variety of factors are considered. Sellers must demonstrate that they have:

Generally, our portfolio purchase agreements provide that we can return certain accounts to the seller. However, we may acquire a portfolio with few, if any, rights to return accounts to the seller. After acquiring a portfolio, we conduct a detailed analysis to determine which accounts in the portfolio should be returned to the seller. Although the terms of each portfolio purchase agreement differ, examples of accounts that may be returned to the seller include:

Our objective is to maximize our return on investment on acquired consumer receivable portfolios. As a result, before acquiring a portfolio, we analyze the portfolio to determine how to best maximize collections in a cost efficient manner. Once a portfolio has been acquired, we or our recovery partner generally download all receivable information provided by the seller into our account management system and reconcile certain information with the information provided by the seller in the purchase contract. We or our recovery partners send notification letters to obligors of each acquired account explaining, among other matters, our new ownership and asking that the obligor contact us. In addition, we notify the three major credit reporting agencies of our new ownership of the receivables. We presently outsource all our collections to collection agencies. After assignment to a collection agency we actively monitor and review the collection agency’s performance on an ongoing basis.

The customer service department is responsible for:

We sell portfolios if they do not meet our internal rate of return hurdle or if we can achieve our returns through a sale.

Our business of purchasing distressed consumer receivables is highly competitive and fragmented, and we expect that competition from new and existing companies will increase. We compete with:

Some of our competitors are larger and more established and may have substantially greater financial, technological, personnel and other resources than we have, including greater access to capital markets.

We have upgraded our information system to make tracking of collection activities more efficient. In addition, we rely on the information technology of our third-party recovery partners and periodically review their systems to ensure that they can adequately service our consumer receivable portfolios.

As of September 30, 2008,2009, we had 32 full-time employees.

The availability of consumer and commercial receivable portfolios at favorable prices and on terms acceptable to us depends on a number of factors outside of our control, including:

We have seen at certain times that the market for acquiring consumer receivable portfolios is becoming more competitive, thereby possibly diminishing our ability to acquire such receivables at attractive prices in future periods. The growth in consumer debt may also be affected by:

Any slowing of the consumer debt could result in a decrease in the availability of consumer receivable portfolios for purchase that could affect the purchase prices of such portfolios. Any increase in the prices we are required to pay for such portfolios in turn will reduce the profit, if any, we generate from such portfolios.

Because of the nature of our business, our quarterly operating results may fluctuate, which may adversely affect the market price of our common stock. Our results may fluctuate as a result of any of the following:

In order to operate profitably over the long term, we must continually purchase and collect on a sufficient volume of receivables to generate revenue that exceeds our costs.

Our ability to recover on our portfolios and produce sufficient returns can be negatively impacted by the quality of the purchased receivables. In the normal course of our portfolio acquisitions, some receivables may be included in the portfolios that fail to conform to certain terms of the purchase agreements and we may seek to return these receivables to the seller for payment or replacement receivables. However, we cannot guarantee that any of such sellers will be able to meet their payment obligations to us. Accounts that we are unable to return to sellers may yield no return. If cash flows from operations are less than anticipated as a result of our inability to collect sufficient amounts on our receivables, our ability to satisfy our debt obligations, purchase new portfolios and our future growth and profitability may be materially adversely affected.

We compete with other purchasers of consumer receivable portfolios, with third-party collection agencies and with financial services companies that manage their own consumer receivable portfolios. We compete on the basis of reputation, industry experience and performance. Some of our competitors have greater capital, personnel and other resources than we have. The possible entry of new competitors, including competitors that historically have focused on the acquisition of different asset types, and the expected increase in competition from current market participants may reduce our access to consumer receivable portfolios. Aggressive pricing by our competitors could raise the price of consumer receivable portfolios above levels that we are willing to pay, which could reduce the number of consumer receivable portfolios suitable for us to purchase or if purchased by us, reduce the profits, if any, generated by such portfolios. If we are unable to purchase receivable portfolios at favorable prices or at all, our revenues and earnings could be materially reduced.

We are dependent upon outside collection agencies to service all our consumer receivable portfolios. Any failure by our third party recovery partners to adequately perform collection services for us or remit such collections to us could materially reduce our revenues and our profitability. In addition, our revenues and profitability could be materially adversely affected if we are not able to secure replacement recovery partners and redirect payments from the debtors to our new recovery partner promptly in the event our agreements with our third-party recovery partners are terminated, our third-party recovery partners fail to adequately perform their obligations or if our relationships with such recovery partners adversely change.

During times of economic recession, the amount of defaulted consumer receivables generally increases, which contributes to an increase in the amount of personal bankruptcy filings. Under certain bankruptcy filings, a debtor's assets are sold to repay credit originators, but since the defaulted consumer receivables we purchase are generally unsecured we often would not be able to collect on those receivables. We cannot assure you that our collection experience would not decline with an increase in bankruptcy filings. If our actual collection experience with respect to a defaulted consumer receivables portfolio is significantly lower than we projected when we purchased the portfolio, our earnings could be negatively affected.

If we are unable to access external sources of financing, we may not be able to fund and grow our operations. The failure to obtain financing and capital as needed would limit our ability to:

We recognize finance income on a majority of our consumer receivable portfolios using the interest method. We only use this method if we can reasonably estimate the expected amount and timing of cash to be collected on a specific portfolio based on historic experience and other factors. Under the interest method, we recognize finance income on the effective yield method based on the actual cash collected during a period, future estimated cash flows and the portfolio's carrying value prior to the application of the current quarter's cash collections. The estimated future cash flows are reevaluated quarterly. If future cash collections on these portfolios were less than what was estimated, we would recognize less than anticipated finance income or possibly an expense that would reduce our earnings during such periods. Any reduction in our earnings could materially adversely affect our stock price.

Our Chairman, Gobind Sahney, our President and Chief Executive Officer, Max Khan, are responsible for making substantially all management decisions, including determining which portfolios to purchase, the purchase price and other material terms of such portfolio acquisitions. These decisions are instrumental to the success of our business. The loss of the services of Gobind Sahney or Max Khan could disrupt our operations and adversely affect our ability to successfully acquire and service receivable portfolios.

Federal, state and municipal laws, rules, regulations and ordinances may limit our ability to recover and enforce our rights with respect to the receivables acquired by us. These laws include, but are not limited to, the following federal statutes and regulations promulgated thereunder and comparable statutes in states where consumers reside and/or where creditors are located:

Additional laws may be enacted that could impose additional restrictions on the servicing and collection of receivables. Such new laws may adversely affect the ability to collect the receivables.

Because the receivables were originated and serviced pursuant to a variety of federal and/or state laws by a variety of entities and involved consumers in all 50 states, the District of Columbia and Puerto Rico, there can be no assurance that all original servicing entities have at all times been in substantial compliance with applicable law. Additionally, there can be no assurance that we or our recovery partners have been or will continue to be at all times in Substantial compliance with applicable law. The failure to comply with applicable law could materially adversely affect our ability to collect our receivables and could subject us to increased costs and fines and penalties. In addition, our third-party recovery partners may be subject to these and other laws and their failure to comply with such laws could also materially adversely affect our revenues and earnings.

The Company is also subject to various debt collection and privacy regulations of countries where is operates.

Certain originators and recovery partners in the consumer credit industry have been subject to class actions and other litigation. Claims include failure to comply with applicable laws and regulations and improper or deceptive origination and servicing practices. If we become a party to such class action suits or other litigation, our results of operations and financial condition could be materially adversely affected.

The Securities and Exchange Commission has adopted Rule 15g-9 which establishes the definition of a "penny stock," for the purposes relevant to us, as any equity security that has a market price of less than $5.00 per share or with an exercise price of less than $5.00 per share, subject to certain exceptions. For any transaction involving a penny stock, unless exempt, the rules require:

In order to approve a person's account for transactions in penny stocks, the broker or dealer must:

The broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prescribed by the Commission relating to the penny stock market, which, in highlight form:

Generally, brokers may be less willing to execute transactions in securities subject to the "penny stock" rules. This may make it more difficult for investors to dispose of our common stock and cause a decline in the market value of our stock.

Disclosure also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading and about the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and the rights and remedies available to an investor in cases of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks.

Not applicable.

Total revenue for the twelve months ended September 30, 2008 increased2009 declined by 72%approximately 59% to 608,204$246,558 from $352,944$608,204 for the year ended September 30, 2007.2008.  The Company had a net loss of ($134,540) for the year ended September 2009 versus net income of $168,659 for the year ended September 30, 2008 versus a net loss of ($344,694) for the year ended September 30, 2007. The servicing2008.  Servicing income was generated from Ramco Income Fund Ltd and one other investment vehiclesvehicle managed by the Company. The finance income is net of all collections expenses because the Company outsources all its collections on a contingency basis.

For the twelve months ended September 30, 2008, we invested2009, the Company did not invest in any portfolio compared to $201,982 in one portfolio with a face value of $5,770,917. During$5,770,917 during the year ended September 30, 2007, we acquired new portfolios with a face value in excess of $4,757,555 at a cost of $345,806.2008.  The Company has been unable to make greater investmentsstopped purchasing portfolios after October 2007 due to rise in prices paid for charged off consumer credit charge-offs andthe inability to raise additional capital. The face value represents the outstanding balance owed by debtors at the time of purchase and the Company expects to collect only a small percentage of the outstanding balance.   In 2007, the Company used the accretion method based on SOP03-3 for revenue recognition for certain portfolios and recovery method for others. In 2008,2009, the Company used the recovery method only for all portfolios.

During the year ended September 30, 2008,2009, we serviced a pool of charged-off consumer accounts on behalf of Ramco Income Fund Limited and from otheranother investment vehicles.vehicle. Servicing fees received under this arrangement declined by approximately 15%64% to $89,551$32,267 from $106,075$89,551 in the year ended September 30, 2007.2009. The Fund has been redeeming investors and stopped making fresh investments since January 2007, which has resulted in sharp decline in servicing fees from the Fund. Upon the redemption of underlying investors in the Fund, the Company will receive a majority of the residual cash flow from all portfolios acquired for each series of investors. The cumulative residual from the Fund cannot be estimated at this time.time and is not expected to be material.

Total operating expenses in the year ended September 30, 20082009 declined by approximately 17%32% or $110,008$166,561 to $523,056$356,495 compared to $633,064$523,056 for the year ended September 30, 2007.2008. The Company expects the overall expenses to decline further next year.

  

For the year ended September 30, 2008,2009, the Company had interest and other loss of $2,360 and ($26,963), respectively, compared to interest income of $8,193, interest expense of ($19,921), $32,340 gain on sale of receivables and $62,899 from debt forgiveness versus income of $3,330, interest expense of $42,699 and ($25,205) loss on sale of receivables duringfor the year ended September 30, 2007.2008. The Company has no other contingent expense.

For the year ended September 30, 2008,2009, the Company has not recorded any income tax liability.

Net incomeloss for the twelve months ended September 30, 20082009 was $168,659($134,540) versus a lossnet income of ($344,694)$168,659 for the twelve months ended September 30, 2007.2008.

For the year ended September 30, 20082009 the Company had working capital of $276,349$206,634 versus $165,049$276,349 versus for the year ended September 30, 2007.2008. Working capital for year ended September 30, 2008 improved2009 declined by approximately 67%25% or $111,300$69,715 from $165,049$276,349 for the year ended September 30, 2007.2008. The improvementdecline was largely due repaymentto declining collections and lack of note and lower operating expenses. Theinvestments into new portfolios. At the year ended September 30, 2009, the Company had $233,450$196,443 in cash and continues to generate sufficient cash to fund operations for the foreseeable future.  We can raise additional capital through structured notes for any additional portfolio purchases, for which weThe Company is seeking to merger with another company seeking to go public but timing and type of company cannot provide any guarantee.be ascertained at this time.

During the year ended September 30, 2008,2009, the Company spentdid not purchase any portfolio compared to $201,982 on portfolio acquisitions compared to $345,806 during year ended September 30, 2007 on portfolio acquisitions.2008. Total cash collected excluding portfolio sales, wereduring the year ended September 30, 2009 was $282,229 versus $582,341 and $873,761 respectively. The Company has financing in place to acquire portfolios if they become available at reasonable prices.during the year ended September 30, 2008.

During the year we generated $89,551$32,267 in servicing revenue compared to $106,075 during 2007$89,551during 2008 primarily from Ramco Income Fund, Ltd and otheranother investment vehicles.vehicle. Servicing fees from the Fund has declined due to redemptions and lack of additional investments.

We currently utilize various business channels for the collection of charged off credit cards and other receivables. The Company is currently using seven (7) collection agencies and several law firms on a contingency basis.

Cash flowused from operations was $223,489($37,007) versus cash flow provided by operations $231,388 during the year ended September 30, 2008 compared to $147,372 during the year ended September 30, 2007.2008.

Our primary investing activity is the purchase of new receivable portfolios. We purchase receivable portfolios directly from issuers and from resellers as well as from brokers that represent various issuers. We carefully evaluate portfolios and bid on only those that meet our selective targeted return profile.

Capital expenditures for fixed assets were not material for the year ended September 30, 20082009 and all purchases of capital expenditures were funded with internal cash flow.

Net cash (used) from financing activities was ($276,569)$0 during the year ended September 30, 20082009 versus ($15,482)284,468) during the year ended September 30, 2007. The company paid off one note payable and paid off a second note on a discounted basis.2008.

The following table shows the Company’s portfolio buying activity during the quarter, among other things, the purchase price, actual cash collections and estimated cash collection as of September 30, 2008.2009.

We believe that inflation has not had a material impact on our results of operations for the year ended September 30, 2008.

The Company utilizes the interest method under guidance provided by the AICPA issued Statement of PositionFinancial Accounting Standards Board Accounting Standards Certification (“SOP”ASC”) 03-03310-30 to determine income recognized on finance receivables

In October 2003, the American Institute of Certified Public Accountants issued Statement of Position (“SOP”) 03-03,ASC 310-30, “Accounting for Loans or Certain Securities Acquired in a Transfer.”Transfer” was issued. This SOPASC 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 SOPASC is effective for loans acquired in fiscal years beginning after December 15, 2004. The SOPASC 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 SOPASC 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 SOPASC 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 SOPASC provides that previously issued annual financial statements would not need to be restated. Management is in the process of evaluating the application of this SOP.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.

This report contains “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical facts, included or incorporated into this Form 10-K are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” and similar expressions often characterize forward looking statements. These statements may include, but are not limited to, projections of collections, revenues, income or loss, estimates of capital expenditures, plans for future operations, products or services, and financing needs or plans, as well as assumptions relating to these matters. These statements include, among others, statements found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business.”

Actual results could differ materially from those contained in the forward-looking statements due to a number of factors, some of which are beyond our control. Factors that could affect our results and cause them to differ from those contained in the forward-looking statements include:

To Receivable Acquisition and Management Corporation and Subsidiaries

2500 Plaza 5, Harborside Financial Center, Jersey City, New Jersey, 07311