Ownership Submission
FORM 3
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  PAULSON CAPITAL CORP
2. Date of Event Requiring Statement (Month/Day/Year)
11/01/2008
3. Issuer Name and Ticker or Trading Symbol
QUANTUM GROUP INC /FL [QGP]
(Last)
(First)
(Middle)
811 SW NAITO PARKWAY, SUITE 200
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
See Remarks
5. If Amendment, Date Original Filed(Month/Day/Year)
11/05/2008
(Street)

PORTLAND, OR 97204
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 101,920
I
See Footnote (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(Month/Day/Year)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Class A Warrants (Right to buy Common Stock) 12/12/2008 12/12/2012 Common Stock 65,796 $ 7 I See Footnote (1)
Class B Warrants (Right to buy Common Stock) 12/12/2008 12/12/2012 Common Stock 65,796 $ 11 I See Footnote (1)
Underwriter Warrants (Right to buy Unit) 12/12/2008 12/12/2012 Common Stock 588,000 (2) $ 13.2 (2) I See Footnote (1)

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
PAULSON CAPITAL CORP
811 SW NAITO PARKWAY
SUITE 200
PORTLAND, OR 97204
      See Remarks
PAULSON JACQUELINE M
811 SW NAITO PARKWAY
SUITE 200
PORTLAND, OR 97204
      See Remarks
PAULSON CHESTER L F
811 SW NAITO PARKWAY
SUITE 200
PORTLAND, OR 97204
      See Remarks

Signatures

Carol A. Rice, Attorney-in-Fact for Chester L.F. Paulson 01/21/2009
**Signature of Reporting Person Date

Carol A. Rice, Attorney-in-Fact for Jacqueline M. Paulson 01/21/2009
**Signature of Reporting Person Date

Carol A. Rice, Authorized Agent for Paulson Capital Corp. 01/21/2009
**Signature of Reporting Person Date

Carol A. Rice, Authorized Agent for Paulson Family LLC 01/21/2009
**Signature of Reporting Person Date

Carol A. Rice, Authorized Agent for Paulson Investment Co., Inc. 01/21/2009
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Form filed by more than one reporting person. In addition to Paulson Capital Corp. ("PLCC"), the following are reporting parties: Chester L.F. Paulson, Jacqueline M. Paulson, Paulson Family LLC ("LLC") and Paulson Investment Company, Inc. ("PICI"). The address for each of the reporting parties is the same as that provided for PLCC. PICI is a registered broker-dealer and a wholly owned subsidiary of PLCC. Mr. and Mrs. Paulson are controlling managers of the LLC, which is a controlling shareholder of PLCC, which is the parent company of PICI. Mr. and Mrs. Paulson and the LLC expressly disclaim any beneficial ownership of securities held in the name of PLCC and PICI.
(2) The Reporting Persons own 84,000 Underwriter Warrants. One (1) Underwriter Warrant is exercisable at $13.20 into one (1) Unit of The Quantum Group Inc. Each Unit consists of three (3) shares of Common Stock, two (2) Class A Warrants and two (2) Class B Warrants. Each Class A Warrant is exercisable at $7.00 into one (1) share of Common Stock and expire December 12, 2012. Each Class B Warrant is exercisable at $11.00 into one (1) share of Common Stock and expire December 12, 2012.
 
Remarks:
A form 3 was filed on November 5, 2008 in error.  On the form 3, the number of shares of Common Stock the Underwriter Warrants are exercisable into was incorrect.  This form 3/A is to correct the number of shares of Common Stock the Underwriter Warrants are exercisable into.  In addition, due to the error, the reporting parties are not subject to Section 16 reporting.  The reporting parties were not, and are not, a Director, Officer, or 10% Owner of the Issuer.  A form 5 is being filed concurrently to show the reporting persons are not subject to Section 16 reporting.

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