UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K/A

Amendment No. 110-K

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

For the fiscal year ended September 30, 2012December 31, 2013

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

 1934

Commission file number 000-17750number:  001-09370

201-633-4715

(212) 796-4097

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12(g) of the Act: Common Stock, $.001$0.001 Par Value Per Share

Indicate by check mark whetherif the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [  ]¨ No [X]x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [  ]¨ No [X]x

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 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]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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’sregistrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [  ]¨

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

Large accelerated filer [  ]   Accelerated filer [  ]   Non-accelerated filer £

Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined byin Rule 12b-2 of the Exchange Act):  Yes [  ]o No [X]x

The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter (June 30, 2013) was $3,514,551.

The numberAs of May 5, 2014, there were 197,488,959 shares outstanding of each of the Registrant’s classes ofregistrant’s common stock as of December 31, 2012 is 17,948,896 shares, all of one class, $.001 par value per share.   

outstanding.

DOCUMENTS INCORPORATED BY REFERENCE - None

TABLE OF CONTENTS

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

In this annual report, references to "Receivable“Receivable Acquisition & Management Corporation," "RAMC," "the” “CSEI,” “the Company," "we," "us,"” “we,” “us,” and "our"“our” refer to Receivable Acquisition & Management Corporation and its wholly owned subsidiary.subsidiaries, Cornerstone Program Advisors LLC and Sustainable Energy Industries, Inc.

Except for the historical information contained herein, some of the statements in this Report contain forward-looking statements that involve risks and uncertainties. These statements are found in the sections entitled "Business," "Management's“Business,” “Management’s Discussion and Analysis of Financial Condition and Results of Operation,"” and "Risk“Risk Factors."” They include statements concerning: our business strategy; expectations of market and customer response; liquidity and capital expenditures; future sources of revenues; expansion of our proposed product line; and trends in industry activity generally. In some cases, you can identify forward-looking statements by words such as "may," "will," "should," "expect," "plan," "could," "anticipate," "intend," "believe," "estimate," "predict," "potential," "goal,"“may,” “will,” “should,” “expect,” “plan,” “could,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “goal,” or "continue"“continue” or similar terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including, but not limited to, the risks outlined under "Risk“Risk Factors,"” that may cause our or our industry'sindustry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. For example, assumptions that could cause actual results to vary materially from future results include, but are not limited to: our ability to successfully develop and market our products to customers; our ability to generate customer demand for our products in our target markets; the development of our target markets and market opportunities; our ability to manufacture suitable products at competitive cost; market pricing for our products and for competing products; the extent of increasing competition; technological developments in our target markets and the development of alternate, competing technologies in them; and sales of shares by existing shareholders. Although we believe that the expectations reflected in the forward looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Unless we are required to do so under federal securities laws or other applicable laws, we do not intend to update or revise any forward-looking statements.

2

Part I

ITEM 1.  BUSINESS

We are a Delaware corporation whose principal executive offices are located at 2 Executive Drive, Suite 630, Fort Lee, NJ 07024.60 E. 42nd Street, 46th Floor, New York, NY. Unless the context otherwise requires, the terms "we"“we”, "us"“us”, “our”, or "our"“the Company” as used herein refer to Receivable Acquisition & Management Corporation and our subsidiaries, Cornerstone Program Advisors LLC and Sustainable Energy Industries, Inc..  The Company does business as Cornerstone Sustainable Energy.

Description of the Business

The Company specializes in delivering energy infrastructure and alternative energy solutions to a wide range of commercial customers and institutions such as hospitals and universities.  The Company has recently begun to expand and transform its business to take maximum advantage of opportunities in the alternative energy and clean energy arenas.

The Company has three business components.  The first business component is the management of infrastructure projects for commercial and institutional customers.  These projects typically involve some combination of energy infrastructure components, including electrical power generation, steam production, or chilled water production, as well as the infrastructure to distribute these services.  Generally, the Company acts as the representative of the institution in overseeing and managing an infrastructure project, or can take the role of project developer under an agreement with the institution.  The Company has competitors, some of which are very large and well-recognized, but, in the non-profit hospital and university market in its geographical scope of operation, has developed a reputation for excellence and an established market position.  The Company operates in this first business component under its subsidiary, Cornerstone Program Advisors LLC, a Delaware limited liability company (“Cornerstone”), which it acquired in a merger on May 15, 2013 (the “Merger”), as discussed in greater detail below.  Since the closing of the Merger, all of the Company’s revenues have been through the Cornerstone subsidiary.

OverviewThe second business component is the anticipated deployment of engine technology which converts low-grade heat to mechanical energy.  The Company is actively marketing the technology particularly for power generation.  While the Company has not yet manufactured or deployed an engine configured for power generation, significant progress has been made on the engineering of such an engine.  The technology is non-polluting and entirely “green,” and Management believes, based on its knowledge of the industry, is superior to all other lower-temperature engine technologies, such as those utilizing the organic Rankine physical cycle, and operates at lower temperature ranges and heat flow volume than any others in the market.  The engines in this configuration are relatively costly yet able to deliver substantial cost savings in most client applications, and are not unusually costly as compared to competing technologies.  Although the engine is readily built to order of common parts and components, a material investment may be required by the Company.  The Company has not yet generated any revenues through this business segment.

Receivable Acquisition & Management CorporationThe third business componeent is focused on generating fees and financial participations from assisting in the funding of infrastructure projects, arranging leasing and other financing arrangements for engines, and participations in power purchase agreements from developed projects.  The Company has the capability of arranging very favorable financing for projects involving non-profits.  The Company has not yet generated any revenues through this business segment.

The Company’s primary markets are (i) large domestic non-profit institutions and organizations, particularly where electricity rates are high, and currently localized in the Northeast; (ii) the geothermal marketplace primarily in the Western Hemisphere, typically power generation; and (iii) the independent power producer market, primarily domestic but extending through the Western Hemisphere.  All of these markets are large and multifaceted with no dominant customers.

Merger

On May 15, 2013, the Company completed the Merger with Cornerstone and Sustainable Energy Industries, Inc., a Delaware corporation (“Sustainable”), under a March 29, 2013 agreement (the “Company”“Merger Agreement”).  As a result of the Merger, the Company adopted the operations of each of Cornerstone and Sustainable.  Cornerstone is an energy infrastructure project management company focused on healthcare and higher learning institutions.  Sustainable is focused on the alternative energy business, with emphasis on “green” engine technology it has licensed.  As a result of the Merger, the members of Cornerstone and shareholders of Sustainable received an aggregate of ninety percent (90%) of the equity securities of the Company on a fully diluted basis.  For financial reporting purposes, the merger was accounted for as a reverse acquisition.

Prior to the Merger, the Company was in the business of acquiring and collecting portfolios of performing, sub-performing and non-performing consumer and commercial receivables.

WeThe Company generally acquired 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 acquireThe Company acquired these portfolios after a qualitative and quantitative analysis of the underlying receivables and establishestablished a purchase price based on expected recovery and ouran internal rate of return hurdle. After purchasing a portfolio, we outsourcethe Company outsourced collections to carefully selected collection agencies, and we actively monitor itsmonitored performance, and reviewreviewed and adjust ouradjusted its collection and servicing strategies accordingly.

The recovery processCompany 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 locatedno longer in the statebusiness of the debtor. The proximity of the agent to the debtor has a significant influence on the debtors’ actions.

For the years ended September 30, 2012collecting consumer and September 30, 2011, our revenues were approximately $84,535 and $52,572 and our net loss was ($148,338) and  ($81,812),  respectively. The Company has discontinued making new investments and is seeking to merge with or acquire another company seeking to go public via reverse merger.

Industry Overview

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

·

levels of consumer debt;

·

defaults of the underlying receivables; and

·

utilization of third-party providers to collect suchcommercial receivables.

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.  

Strategy

The Company ceased making new investmentsis pursuing 3 growth initiatives:  

(1)  Acquiring and applying cleantech solutions – technology, equipment and methods to solve client needs and provide a competitive advantage, such as cleantech engine technology.  In the first such acquisition, the Company merged with the holder of manufacturing and sales rights for the engine technology described above.  The Company has also finalized an exclusive manufacturing agreement for this engine with one of the country’s premier engineering and engine manufacturing companies.  

(2)  Making strategic acquisitions and entering into strategic joint ventures in charged off consumer credit portfolios since October 2007 and is currently running off existing portfoliosaround its core areas of expertise.  The first of these was in cleantech, described above.  Other potential acquisition or merger targets are continually under review.  They must meet rigorous financial and seeking to merge withgrowth criteria, offer a strategic fit, and expand the market or acquire companiescompetitive position of the Company. Targets include those in the healthcareclean water, bio incineration, plasma heat, waste heat recovery, and information technology industry.clean engine technologies.

(3)  Establishing and leveraging alliances, a number of which are established or in some level of development. In two major developments, CSE has established collaborative marketing arrangements that will enable it to capitalize on proprietary expertise in a market niche area of financing with two prominent infrastructure companies, including a premier power generator and retailer, and a major service supplier and facilities manager.  We intend to source business by helping these companies offer a uniquely competitive financing and development platform to existing and prospective non-profit clients such as universities, hospitals and municipalities.

For the most part, power technologies are well known and widely available.  The Company entered intois focused on selecting the right technology or technologies for each project, and maintains a letterconstant focus on both cost effectiveness for the client and financial returns to the Company.  To enhance its competitive position, however, the Company will focus on obtaining exclusive market positions and on enhancing its technological strengths, such as by patenting its own developments.

Industry Overview

The general marketplace for the Company’s offerings is composed of intentslarge consumers and producers of power which have an interest in (a) reducing energy consumption, , (b) reducing the cost of energy, (c) improving the environmental profile of their energy production, or (d) some combination of these.  The Company is engaged in this overall energy infrastructure industry at two separate points.  These sub-industries, or markets, are relatively distinct, albeit related, so each will be described separately.

One market is the segment composed of large not-for-profit institutions, generally comprising large hospitals, colleges and universities.  These institutions often operate large, and frequently aging, centralized utility plant and infrastructure installations which provide heat (often steam), cooling (chilled water), and power to merge with Airbak Technologies LLCa sizeable campus of buildings. Energy infrastructure upgrades and advanced $166,000improvements are often required to provide for expansion of campus facilities, replace aging equipment, and reduce the cost and or the amount of their energy consumption.  The Company, acting as a secured loan. However,the client’s representative, helps design and develop upgrades to or replacements of such facilities, and then oversees the implementation projects for these institutions. The Company may act as project developer or co-developer, and offers to arrange or assist in the project financing.  Projects are typically multi-year and often complex.

With regard to financing, the Company has specialized capabilities to arrange financing for such projects.

The other market is composed of project developers, governments and NGOs, power producers and major power consumers (primarily industrial) seeking to generate power more cheaply and cleanly.  The industry involves technologies for converting wasted heat or geothermal heat to power production.  The most promising of these is being particularly, although not exclusively, targeted by the Company.  It is the enormous and largely unexploited low-grade geothermal market.  Vast geothermal resources are currently untapped because earlier technologies were incapable of converting low-grade heat and low volume heat flows into power, and the Company has a technology that can be utilized to convert this enormous natural resource into baseload power.

This market, typical of the power production industry, relies heavily on experience, and the Company’s technology is relatively new and has little track record.  However, the scale of the available resource is so sizeable that there is a great deal of interest in developing it. The market potential has not been able closeaccurately measured because no technology existed to develop it.  However, it is estimated that the merger and filed suit to recoverenergy available from lower temperature geothermal resources is a multiple of the amount lent to Airbak.energy tapped at higher temperature levels.  The Company continues to remain engagedgeothermal market in the Airbak matter but thereU.S. alone has approximately 3200MW of installed capacity.  Almost all the added capacity increase in the past two decades has utilized lower temperature resources, yet still higher than where the Company’s technology can operate.  Currently, an additional 4300MW is no certaintyin some stage of recoveringdevelopment, representing an anticipated investment of some $13-$17 billion.  Although the funds advanced or concludingCompany’s technology can be configured to operate in the entire range of temperatures, its prime market is in these untapped lower temperature resources.  This is in addition to a transaction with Airbak. The Company is aggressively looking at additional targets.  

related market opportunity for adding this technology to capture waste heat from existing higher-temperature geothermal plants in a “bottoming cycle”, enabling them to increase output from an already-tapped resource.

The Company's technology is also well suited to the waste heat recovery market as related to industries that create wasted heat as a result of their manufacturing or production processes.  This market is well defined and, according to a recent report published by the U.S. Department of Energy, “The United States industrial sector accounts for approximately one third of all energy used in the United States, consuming approximately 32 quadrillion (a million billion) BTUs of energy annually and emitting about 1,680 million metric tons of carbon dioxide associated with this energy use.”  The opportunity in the waste heat recovery market is substantial.  The report continues, “A valuable alternative approach to improving overall energy efficiency is to capture and reuse the lost or ‘waste heat’ that is intrinsic to all industrial manufacturing. During these manufacturing processes, as much as 20% to 50% of the energy consumed is ultimately lost via waste heat contained in streams of hot exhaust gases and liquids, as well as through heat conduction, convection, and radiation from hot equipment surfaces and from heated product streams.  In some cases, such as industrial furnaces, waste heat recovery can improve energy efficiency by 10% to as much as 50%.”

The advantage of recapturing and utilizing waste heat is that it typically replaces purchased electric power, much of which does and will continue to require burning fossil fuels, or directly replaces fuels which must be purchased and combusted.  Thus it actually can directly reduce emissions and eliminate transmission losses.  Projections of market potential are truly enormous, with unrecovered waste heat in industrial processes estimated at half a quintillion (a billion billion) BTUs.

Employees

As of September 30, 2012,December 31, 2013, we had 1two full-time employee.consultants as officers under consulting agreements with Tom Telegades, the president, CEO, and interim CFO, and Peter Fazio, the COO, and no part-time employees.  See Item 11 “Executive Compensation” below.  Carefully selected contractors are used for managing infrastructure projects, matched to the needs of these clients.  Their staffing levels vary depending on the number and size of infrastructure projects underway.  The Company prefers to outsource non-core, non-critical activities wherever possible, including manufacturing activities.

ITEM 1A. RISK FACTORS

You should carefully considerThe Company is not required to provide the risks described below as well as other information provided to youcalled for in this document, including information in the section of this annual report entitled “Information Regarding Forward Looking Statements.” The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties not presently knownitem due to us or that we currently believes are immaterial may also impair our business operations. If any of the following risks actually occur, the Company’s businesses, financial condition or results of operations could be materially adversely affected, the value of the common stock could decline, and you may lose all or part of your investment.

The Company has ceased making portfolio purchases since October 2007.

Due to inability to raise capital and deep recession, the Company decided 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 andits status as a result, shareholders may be adversely affected.Smaller Reporting Company.

We may not be able to purchase consumer or commercial receivable portfolios at favorable prices or on sufficiently favorable terms or at all and our success depends upon the continued availability of consumer receivable portfolios that meet our purchasing criteria and our ability to identify and finance the purchases of such portfolios.

Our quarterly operating results may fluctuate and cause our stock price to decline.

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:

Failure of our third party recovery partners to adequately perform collection services could materially reduce our revenues and our profitability, if any.

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.

We may not be able to continue our operations if we are unable to generate funding from third party financing sources

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:

The loss of any of our executive officers may adversely affect our operations and our ability to successfully merge with or acquire another company.

Our President and Chief Executive Officer, Max Khan, is responsible for making substantially all management decisions. The loss of Max Khan could disrupt our operations and adversely affect our ability to successfully merge with another company.

Government regulations may limit our ability to recover and enforce the collection of our receivables.

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.  

If a significant portion of our shares available for resale are sold in the public market, the market value of our common stock could be adversely affected.

Sales of a substantial number of shares of our common stock in the public market could cause a decrease in the market price of our common stock. We had approximately 17,948,896 shares of common stock issued and outstanding as of the date hereof.  We may also issue additional shares in connection with our business and may grant additional stock options to our employees, officers, directors and consultants under our stock option plans or warrants to third parties.  

Our common stock will be subject to the “Penny Stock” rules of the SEC.

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.

ITEM 1B. UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 2. PROPERTIES

OurThe Company maintains a headquarters office at 60 E. 42nd Street, 46th Floor, New York, NY 10165. The Company leases facilities for executive and administrative offices are locatedpurposes in New York City and nearby suburbs on an as-needed basis for a total at 2 Executive Drive, Suite 630, Fort Lee, NJ 07024. We lease our New Jersey facility atyear end 2013 of approximately $2,000 per month on$4,400 a month-to-month basis.month.  No leases exceed one year in duration.

ITEM 3. 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, in connection with its earlier business activities 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 had advanced $166,000 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 $166,000 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.  However, the Company is not actively pursuing this claim and it is unlikely that the Company will obtain anything from it.

Other Proceedings

In connection with a November 5, 2013, proceeding commenced by the Securities Division of the Arizona Corporation Commission (the “ACC”) the Company learned that each of Deluge, Inc. (“Deluge”) and Hydrotherm Power Corporation (“Hydrotherm”) were classified as dissolved by the Delaware Division of Corporations after March 1, 2010 for failure to pay franchise taxes to the State of Delaware, and similarly classified by the ACC as of approximately the same time.

On December 11, 2010, Sustainable Energy LLC, a New York limited liability company (“Sustainable LLC”), entered into an Original Equipment Manufacturer Supply and Marketing and Sales Agreement with Deluge, and on November 15, 2012, entered into an Engine Technology License Agreement with Deluge and an Intellectual Property Owner Agreement with Hydrotherm (collectively the “Contracts”).  On May 15, 2013, Sustainable LLC assigned each of the Contracts to Sustainable, a wholly owned subsidiary of the Company, which Deluge and Hydrotherm had consented to on May 11, 2013.

In performing due diligence in regard to the status of Deluge and Hydrotherm, the Company subsequently learned also that two United States patents that are owned by Hydrotherm and were licensed to the Company under the Contracts have been classified as expired due to Hydrotherm’s failure to pay maintenance fees thereon.  The Company has confirmed that Deluge and Hydrotherm are taking steps to have the corporate charters of each, as well as the patents, reinstated, but may not be successful in such reinstatements.

Pursuant to the Contracts, the Company has obtained previously described rights to all forms of intellectual property covering certain engine technology that is the subject of the Contracts and is not relying solely on the patents to be reinstated in order to maintain the rights to use such technology. However, at this time, there can be no assurance that the foregoing matters will not have a material adverse effect on the Company’s operations.

ITEM 4.  MINE SAFETY DISCLOSURES  

None.

PART II

ITEM 5. MARKET FOR REGISTRANT'SREGISTRANT’S COMMON EQUITY, RELATED STAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Since October 2004, ourThe Company’s common stock, par value $.001$0.001 per share, trades on the OTC Markets under the symbol “CSEI”.  The Company changed its symbol from “RCVA” to “CSEI” in November 2013 as a result of the change of the Company’s business because of the Merger.  The Company’s common stock had been quoted on the OTC Markets under the symbol “RCVA”. Prior since October 2004, and prior to October 2004,this time, there was no market for our common stock.

During the last two years, our common stock has been very illiquid and rarely trades.  The last reported price as of December 31, 20122013 was $0.01$0.03 per share.  Due to the low level of liquidity of our stock and infrequency of trades, the last reported price of our common stock is not reliable.

Holders

As of December 31, 20122013 we had approximately 270265 holders of record of our common stock. The number of record holders was determined from the records of our transfer agent and doesmay not include beneficial owners of common stock whose shares are held in the names of various security brokers, dealers, and registered clearing agencies.

Dividends

We have never declared or paid any cash dividends on our common stock. We do not anticipate paying any cash dividends to stockholders in the foreseeable future. In addition, any future determination to pay cash dividends will be at the discretion of the Board of Directors and will be dependent upon our financial condition, results of operations, capital requirements, and such other factors as the Board of Directors deem relevant.

Equity Compensation Plans

During the fiscal year ended September 30, 2012, we did not issue anyThe following table contains information about our common stock that may be issued under our equity compensation plans as of December 31, 2013. See “Executive Compensation-Benefit Plans” for the benefita description of our directors, officersstock option and incentive plans.

⁽¹⁾ Our 2013 Equity Incentive Award Plan was adopted by our stockholders on or future employees.   about July 12, 2013.

ITEM 6.  SELECTED FINANCIAL DATA

Not required.

ITEM 7. MANAGEMENT'SMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

Introduction

The following management’s discussion should be read in conjunction with the Financial Statements and Notes thereto. Our fiscal year ends September 30. This documentanalysis contains certain forward-looking statements including, among others, anticipated trends inthat involve risks and uncertainties, such as statements of our financial conditionplans, objectives, expectations and resultsintentions. Any statements that are not statements of operationshistorical fact are forward-looking statements. When used, the words “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,” “expect” and our business strategy. (See Part I, Item 1A, "Risk Factors"the like, and/or future tense or conditional constructions (“will,” “may,” “could,” “should,” etc.)., or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are based largely on our current expectations and are subject to a number of risks and uncertainties. Actualuncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements in this quarterly report. The Company’s actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. Important factorsstatements as a result of several factors. The Company does not undertake any obligation to consider in evaluating suchupdate forward-looking statements include (i) changesto reflect events or circumstances occurring after the date of this quarterly report.

Overview

On May 15, 2013, Receivable Acquisition & Management Corporation, a Delaware corporation (the “Company”) completed the acquisition of Cornerstone Program Advisors LLC, a Delaware limited liability company (“Cornerstone”) and Sustainable Energy Industries, Inc., a Delaware corporation (“Sustainable”), and the Company assumed the operations of each of these entities (the “Merger”).  Receivable Acquisition & Management Corporation had operated as a business purchasing and collecting upon defaulted consumer receivables and its operations were spun off by the Company.  Cornerstone has been in external factors orthe business of managing energy infrastructure projects, specializing in our internal budgeting processthe non-profit marketplace.  Sustainable is in the business of developing, marketing, and implementing clean tech technologies.  The Company has refocused on managing energy infrastructure projects and developing applications for a licensed environmentally benign heat engine with particular focus on the geothermal and independent power production markets.

On August 5, 2013, the Company filed Amendment No. 1 to its Current Report on Form 8-K (the “Form 8-K/A”), which might impact trendsincluded the audited Financial Statements of Cornerstone for the fiscal years ended December 31, 2012 and December 31, 2011, as well as the unaudited Financial Statements of Cornerstone as of March 31, 2013 and for the three months ended March 31, 2013 and 2012.  In addition, the Company provided the audited Financial Statements of Sustainable Energy, LLC, a New York limited liability company (“Sustainable LLC”), for the fiscal years ended December 31, 2012 and December 31, 2011, and the unaudited financial statements of Sustainable LLC, as of March 31, 2013, and for the three months ended March 31, 2013 and 2012.  The Financial Statements of Sustainable LLC were provided in ourlieu of those of Sustainable because Sustainable LLC had transferred to Sustainable substantially all of its assets pursuant to a May 15, 2013 Assignment and Assumption Agreement.  In addition, the Company provided the unaudited pro forma condensed combined financial information of the Company, Cornerstone, and Sustainable, as of and for the six months ended March 31, 2013 and for the fiscal year ended September 30, 2012.

Cornerstone is considered to be the “acquiring entity” in the Merger strictly from an accounting perspective.  Accordingly, under the applicable accounting rules, in this Annual Report on Form 10-K for the period ended December 31, 2013 (the “10-K”), the Company is reporting the financial results for Cornerstone through the closing of the Merger on May 15, 2013, and then the financial results of operations; (ii) unanticipated working capital or other cash requirements; (iii) changes in our business strategy or an inability to execute our strategy due to unanticipated changesall of the entities that were combined as a result of the Merger from May 15, 2013 through the end of the December 31, 2013 period.  In the following Results of Operations section, the Company is comparing these combined financial statements (after May 15, 2013) against the financial statements of only Cornerstone from last year, so the Results of Operations could be different.

As reported in the industries inForm 8-K/A, the Company changed its fiscal year from September 30 to December 31 to correspond with the fiscal years of each of Cornerstone and Sustainable.  However, as the Company is reporting the financials of Cornerstone prior to May 15, 2013, which we operate; and (iv) various competitive market factors that may prevent us from competing successfully inhas always had a December 31 fiscal year end, the marketplace.December 31 year end applies to last year’s figures.

Results of Operations

Year Ended September 30, 2012 Compared to Year Ended September 30, 2011.ended December 31, 2013 as compared with December 31, 2012.

RevenuesRevenue

Total revenue for the twelve months ended September 30, 2012 increased by approximately 62% or $32,854 to $85,426 from $52,572 forDuring the year ended September 30, 2011.  TheDecember 31, 2013, the Company had a net lossincome (loss) of ($148,338) for the year ended September 30, 2011151,453), on revenues of $992,195, versus net lossprofits of ($81,812) for the year ended September 30, 2011. The net loss was largely impacted by impairment$263,563 on revenue of note receivable from Airbak Technologies LLC.  

Total operating expenses

Total operating expenses$711,037 in the year ended September 30, 2012 declined by approximately 32%  or $43,705December 31, 2012.  Net operations in 2013 turned to $90,877a loss as compared to $134,582  forlast year due principally to the year ended September 30, 2011.

Other incomecost of professional services, particularly those associated with the Merger transaction and expense

Forresultant conversion of Company operations from a limited liability company to a corporation (see Notes to the year ended September 30, 2012,financial statements).  In addition, the Companymost recent period had interest income of $88, loss of ($165,000) from impairment of notes receivable and income of $22,025 from debt reliefhigher marketing expenses as compared to interest income of $198 for the year ended September 30, 2011. The Company has no other contingent expense.

Income taxes

For the years ended September 30,same period in 2012, due to a more aggressive marketing and 2011, the Company has not recorded any income tax liability.

Net Income (loss)

Net loss for the year ended September 30, 2012 was ($148,338) versus ($81,812) for the year ended September 30, 2011.public relations effort.     

Although revenues show strong improvement, the margin of project management revenue over the corresponding cost of subcontracted consultants for such projects has declined from 2012 to 2013.  This gross profit for the year ended December 31, 2013 was 15% of revenues, down from 41% for 2012.  This is due to a change in the arrangement with these subcontractors to attract and retain talent, providing them with a larger share of revenues received.

The revenue increase for the year ended December 31, 2013, over the prior year was a consequence of growing business activity with clients.  Influencing the results for the period is the fact that during the first half of 2012, the Company was engaged in advisory, oversight, and management activities for one customer, but this was increased to two customers in the corresponding period in 2013 due to successful business development activities.

Operating Expenses

Total operating expenses for the year ended December 31, 2013 were $1,143,648, versus $447,474 during the year ended December 31, 2012.  The 156% increase in operating expenses in 2013 as compared with 2012 is primarily due to two factors, the previously mentioned increase in share of revenues to subcontractors and the costs of professional fees connected with the Merger and public filing requirements, as well as related activity.   

Consulting Expenses  

The Company outsources a significant portion of its project management, oversight and advisory activities to a carefully selected group of small firms, individuals and subcontractors with expertise specific to the projects underway.  As of the year ended December 31, 2013, the Company was using five such consulting resources. Consulting expenses consistently constitute the bulk of operating costs for the project advisory and management business activities of the Company, and accordingly generally track revenue.  

Liquidity and Capital Resources

Liquidity

At September 30, 2012As of December 31, 2013, the Company had a working capital deficit of ($10,794)157,244) versus working capital of $136,679 at September 30, 2011, largely$298,662 as of year ended December 31, 2012.  Most of this change is due to impairmentthe assumption of notes receivables. a license agreement at the time of the Merger, and a substantial increase in professional fees as a public company.  

At the year ended September 30, 2012,December 31, 2013, the Company had $60,572net cash of $347,877 as compared with $3,415 at December 31, 2012. At the end of 2013, net cash provided by operating activities was $534,283 as compared with $338,230 at December 31, 2012.  The increase in net cash and is not able to generate sufficient cash to fund operations for the foreseeable future.  The Company is seeking to merger with another company seeking to go public but timing and type of company cannot be ascertained at this time.

Cash Flows and Expenditures

Year ended September 30, 2012 compared to September 30, 2011

During the years ended September 30, 2012 and 2011, the Company had finance income of $ 84,535 and $51,512 , respectively.

During the year ended September 30, 2012, we generated $891 compared to $1,060 in servicing income in the year ended September 30, 2011.

Cash provided from operating activities was $5,036 duringprimarily due to the year ended September 30, 2012 versusincrease in accounts payable and accrued expenses.  In addition, the increased revenues resulting from the growth in the business over that time were more than offset by increasing charges for marketing efforts and professional fees.  

At the end of 2013, there was ($243,750) net cash used from operations of ($22,960) during the year ended September 30, 2011.

Net cash used fromby financing activities versus ($334,815) during 2012.  This was ($122,782) and net cash provided of $14,877 duringprimarily due to increased distributions paid prior to the years ended September 30, 2012 and 2011 respectively.

Capital Resources

The cash flow from portfolios currently owned would be not be adequate to meet our operating expenses for the foreseeable future.

Inflation

We believe that inflation has not had a material impact on our results of operations for the year ended September 30, 2012.

Critical Accounting PoliciesMerger.

The Company utilizesbelieves that funds generated from operations, together with existing cash and cash infusions by major stockholders, will be sufficient to finance its operations for the interest method under guidance providednext twelve months, but are likely to be insufficient to fund its contractual obligation and to fund growth.  The Company expects to seek additional capital to cover any working capital needs and its contractual obligation discussed below, and to fund growth initiatives in its identified markets.  However, there can be no assurance that any new debt or equity financing arrangement will be available to the Company when needed on acceptable terms, if at all.  The continued operations of the Company are dependent on its ability to collect its receivables and increase revenues.

Income Taxes

The Company has paid modest projected income taxes to New York State and City, but does not expect any material income tax liability for the period ended December 31, 2013.  

Contractual Obligation

As previously disclosed, the Company has entered into a renewable 20-year engine technology license agreement (the “Agreement”) with a third party licensor (the “Licensor”) that developed engines capable of converting low grade heat into other forms of energy.  Under the terms of the Agreement, the Company obtained certain exclusive license rights in the engines developed by the Financial Accounting Standards Board Accounting Standards Certification (“ASC”) 310-30Licensor which will permit the Company to determine income recognized on finance receivables.

In October 2003, ASC 310-30, “Accounting for Loans or Certain Securities Acquireddevelop, manufacture and integrate such engines into its projects.  An upfront payment of $200,000 and escalating volume-related quarterly payments are contractually required 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 downorder to maintain certain exclusive markets.  The payments, taken as whole, are expected to obligate the original IRR. IncreasesCompany to amounts of $250,000 to $400,000 per year depending upon the growth in revenue from this source.  If the expected future cash flows would be recognized prospectively through adjustment ofrevenues do not materialize, the IRR over a portfolio’s remaining life. The ASC provides that previously issued annual financial statements wouldCompany may elect not need to be restated. Management ispay these sums, and in the processevent of evaluating the application of this ASC. In accordance with ASC 310-30,non-payment, the Company is currently is usingretains a non-exclusive license subject to royalty fees.  As of December 31, 2013, the cost recovery method for revenue recognition for all its current portfolios.Company has begun payments under this Agreement.

Special Note on Forward-Looking StatementsCritical Accounting Policy & Estimates

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’sOur Management’s Discussion and Analysis of Financial Condition and Results of Operations”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 “Business.”

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 couldmay differ materially from those containedthese estimates under different assumptions and conditions. The most significant accounting estimates inherent in the forward-lookingpreparation of our financial statements dueinclude estimates as to a numberthe appropriate carrying value of factors, some ofcertain assets and liabilities which are beyond our control. Factors that could affect our resultsnot readily apparent from other sources. These accounting policies are described at relevant sections in this discussion and cause them to differ from those containedanalysis and in the forward-lookingcondensed consolidated financial statements include:included in this quarterly report.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of
Receivable Acquisition and Management Corp.

We have audited the accompanying balance sheet of Receivable Acquisition and Management Corp. (the “Company”) as of December 31, 2013 and 2012, and the related statements of operations, stockholders’ equity and cash flows for each of the years then ended These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

RECEIVABLE ACQUISITION AND MANAGEMENT CORPORATION AND SUBSIDIARIESWe conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining on a test basis, evidence supporting the amount and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED SEPTEMBER 30,In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2013 and 2012, AND 2011and the results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ PKF O'Connor Davies
A Division of O'Connor Davies, LLP
New York, NY
May 6, 2014

Receivable Acquisition and Management Corp.

Balance Sheet

Silberstein Ungar, PLLC CPAs and Business Advisors

Phone (248) 203-0080

Fax (248) 281-0940

30600 Telegraph Road, Suite 2175

Bingham Farms, MI 48025-4586

www.sucpas.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To Receivable Acquisition and Management Corporation and Subsidiaries

2 Executive Drive, Suite 630, Fort Lee, NJ 07024

We have audited the accompanying consolidated balance sheets of Receivable Acquisition and Management Corporation and Subsidiaries (the “Company”) as of September 30, 2012 and 2011, and the related consolidated statements of operations, stockholders’ equity (deficit) and cash flows for the years ended September 30, 2012 and 2011. These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit.

We conducted our audits in accordance with standards of the Public Company Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Receivable Acquisition and Management Corporation and Subsidiaries as of September 30, 2012 and 2011 and the results of its operations and its cash flows for the years ended September 30, 2012 and 2011 in conformity with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming that Receivable Acquisition and Management Corporation will continue as a going concern.  As discussed in Note 10 to the financial statements, the Company has incurred losses from operations, has limited working capital, and is in need of additional capital to grow its operations so that it can become profitable.  These factors raise substantial doubt about the Company’s ability to continue as a going concern.  Management’s plans with regard to these matters are described in Note 10. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ Silberstein Unger, PLLC

Bingham Farms, Michigan

December 28, 2012

The accompanyingSee notes are an integral part of the consolidatedto financial statements.

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