UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 10549
                                   FORM 10-QSB

                 QUARTERLY REPORT UNDER SECTION 11 OR 15 (d) of
                              EXCHANGE ACT OF 1934
                  FOR THE QUARTER PERIOD ENDING MARCH 31, 2003

                         DIAPULSE CORPORATION OF AMERICA
                         -------------------------------
             (Exact Name of registrant as specified on its charter)

         Delaware                                            13-5671991
-------------------------------                        ----------------------
(State or other jurisdiction of)                          (I.R.S. Employer
incorporation of organization                          Identification Number)

321 East Shore Road
Great Neck, New York                                             11023
------------------------------                            ------------------
(Address of principal offices)                                (Zip Code)

Registrant's telephone number,
including area code                                           516-466-3030
                                                          -------------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by section 12 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.

                              Yes X         No
                              -----        ----

As of March 31, 2003 there were 3,960,730 shares of common stock outstanding.

Transitional Small Business Disclosure Format:

Yes [   ]                    No [ X ]








<PAGE>


                         DIAPULSE CORPORATION OF AMERICA

                              INDEX TO FORM 10-QSB

PART I. FINANCIAL INFORMATION

       ITEM 1.        FINANCIAL STATEMENTS

                      BALANCE SHEETS (UNAUDITED)
                      March 31, 2003                                         3-4

                      STATEMENTS OF OPERATIONS (UNAUDITED)
                      Three Months ended March 31, 2003                        5

                      STATEMENTS OF CASH FLOWS (UNAUDITED)
                      Three Months ended March 31, 2003                        6

                      NOTES TO UNAUDITED FINANCIAL STATEMENTS                  7

       ITEM 2.        MANAGEMENT'S DISCUSSION AND ANALYSIS                     8


PART II.  OTHER INFORMATION

       ITEM 1.  LEGAL PROCEEDINGS                                           9-10

       ITEM 2.  CHANGES IN SECURITIES                                         11

       ITEM 3.  DEFAULTS UPON SENIOR SECURITIES                               11

       ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS           11

       ITEM 5.  OTHER INFORMATION                                             11

       ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                              11


SIGNATURES

       SIGNATURE PAGE                                                         12




                                      - 2 -



<PAGE>

                         DIAPULSE CORPORATION OF AMERICA
                                 BALANCE SHEETS
<TABLE>
<CAPTION>

                                                                                March 31, 2003        Dec. 31, 2002
                                                                                   Unaudited             Audited
                                                                                   ----------           ----------
                                    Assets
                                    ------
<S>                                                                                 <C>                  <C>
  Current Assets:
    Cash and cash equivalents                                                       $ 468,241            $522,108
    Current portion of accounts receivable, net of
      Allowance for doubtful accounts of  $1,631,612 at
           March 31, 2003 and $1,545,849 at December 31, 2002                         180,758             211,456
    Inventories                                                                       167,409             164,416
    Commission advances                                                                14,071               8,718
    Other current assets                                                                5,287               6,186
                                                                                   ----------          ----------
        Total current assets                                                          835,766             912,884
                                                                                   ----------          ----------
   Property and equipment, net                                                         60,486              65,475
                                                                                   ----------          ----------
  Other assets:
  Other assets:

  Accounts receivable, net of current portion                                         271,138             317,184
  Commission advances to related parties                                              217,132             234,487
  Security deposits                                                                    21,018              21,018
                                                                                   ----------          ----------
            Total other assets                                                        509,288             572,689
                                                                                   ----------          ----------
            Total Assets                                                           $1,405,540          $1,551,048
                                                                                   ==========          ==========

</TABLE>

                        See Notes to Financial Statements

                                      - 3 -


<PAGE>



                         DIAPULSE CORPORATION OF AMERICA
                                 BALANCE SHEETS

                Liabilities and Stockholder's Equity (Deficiency)
<TABLE>
<CAPTION>

                                                                              March 31, 2003         Dec. 31, 2002
                                                                                Unaudited               Audited
                                                                               ----------              ---------
<S>                                                                              <C>                   <C>
   Current Liabilities:
     Current portion of  amounts due to officer/stockholder                      $100,000              $100,000

     Accounts payable and accrued liabilities including
       $77,074 and $76,754 to related parties in
       2003 and 2002                                                              332,910               415,272
     Accrued income taxes and related interest                                     14,463                 1,918
                                                                               ----------            ----------
            Total current liabilities                                             447,373               517,190

     Long-term portion of amounts due to officer                                2,510,609             2,573,706
                                                                               ----------            ----------
             Total Liabilities                                                  2,957,982             3,090,896
                                                                               ----------            ----------
   Stockholders' equity:
     Common stock - $.025 par value:
       Authorized 15,000,000 shares, issued 3,962,058
       Shares in 2003 and 2002                                                     99,051                99,051
     Additional paid-in capital                                                 2,293,272             2,293,272
      Accumulated deficit                                                      (3,942,437)           (3,929,843)
                                                                               ----------            ----------
                                                                               (1,550,114)           (1,537,520)

   Less treasury stock 1,328 shares in 2003 and 2002 at cost                      (2,328)               (2,328)
                                                                               ----------            ----------
             Total stockholders' equity                                       (1,552,442)           (1,539,848)
                                                                               ----------            ----------
   Total liabilities and stockholders' equity (Deficiency)                     $1,405,540            $1,551,048
                                                                               ==========            ==========

</TABLE>


                        See Notes to Financial Statements

                                     - 4 -


<PAGE>

                         DIAPULSE CORPORTION OF AMERICA
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                                     THREE MONTHS ENDED
                                                                                          MARCH 31
                                                                                ------------------------------
                                                                                 2003                     2002
                                                                                -----                    ------
<S>                                                                          <C>                      <C>
Cash Flows From Operating Activities:
  Net income (Loss)                                                          $ (12,594)               $ (73,092)
                                                                             ---------                ---------
Adjustments to reconcile net income to net cash
  Provided by operating activities:
  Depreciation and amortization                                                  4,989                    5,001
  Changes in operating assets and liabilities:
  (Increase) Decrease in accounts receivable                                    76,744                  (97,434)
  (Increase) Decrease in commission advances                                    12,002                  (20,113)
  (Increase) in inventories                                                     (2,993)                 (21,942)
  (Increase) Decrease in other assets                                              899                  (14,906)
  (Decrease) Increase in accounts payable and
    Accrued liabilities                                                        (82,362)                  10,823
  (Decrease) Increase in income taxes payable                                   12,545                  (20,155)
                                                                             ---------                ---------
         Total adjustments                                                      21,824                 (158,726)
                                                                             ---------                ---------
Net cash provided by (used in) operating
          Activities                                                             9,230                 (231,818)
                                                                             ---------                ---------
et cash used in investing activities, capital
   Expenditures
                                                                                   -                       (195)
                                                                             ---------                ---------
Cash flow from financing activities:

(Decrease) Increase in long term portion of amounts
   Due to officer                                                              (63,097)                  65,103
                                                                             ---------                ---------
     Net cash provided (used) by
     Financing activities                                                      (63,097)                  65,103
                                                                             ---------                ---------
     Net (decrease) in cash
           and cash equivalents                                                (53,867)                (166,910)
Cash and cash equivalents -
  Beginning of Period                                                          522,108                  287,200
                                                                             ---------                ---------
Cash and cash equivalents -
  End of Period                                                              $ 468,241                $ 120,290
                                                                             =========                =========

                        See Notes to Financial Statements

                                       -6-

</TABLE>

<PAGE>




                         DIAPULSE CORPORATION OF AMERICA
                              STATEMENTS OF INCOME
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                                    THREE MONTHS ENDED
                                                                                         MARCH 31
                                                                               ------------------------------
                                                                               2003                      2002
                                                                              ------                    ------
<S>                                                                          <C>                      <C>
Net Sales and rentals                                                        $ 457,729                $ 214,077

Cost of sales and rentals                                                       39,230                   39,981
                                                                             ---------                ---------
          Gross Margin                                                         418,499                  174,096


Operating Expenses:
  Selling, general and administrative                                          400,053                  210,252
  Interest expense (principally to related parties)                             35,097                   35,863
                                                                             ---------                ---------
          Total Operating Expenses                                             435,150                  246,115
                                                                             ---------                ---------
         Net Operating Income (Loss)                                           (16,651)                 (72,019)
Interest and other income                                                        1,857                      401
                                                                             ---------                ---------
         Income before Provision for Income Taxes                              (14,794)                 (71,618)
Provision for Income Taxes                                                      (2,200)                   1,474
          Net Income (Loss)                                                  $ (12,594)               $ (73,092)
                                                                             =========                =========

          Basic Earnings Per Share                                           $    -0-                 $   (0.02)
                                                                             =========                =========
          Weighted Average Number of Common
          Shares Outstanding                                                 3,960,730                3,960,730
                                                                             =========                =========



</TABLE>


                        See Notes to Financial Statements

                                      - 5-


<PAGE>


                         DIAPULSE CORPORATION OF AMERICA
                          NOTES TO FINANCIAL STATEMENTS

1.  Basis of presentation

     The balance sheets of Diapulse Corporation of America as of March 31, 2003,
and the related statements of income and cash flows for the three months ended
March 31, 2003, and 2002 have been prepared by the Company without audit. In the
opinion of management, all adjustments (which included only normal recurring
adjustments) necessary to present fairly the financial position, results of
operations and changes in cash flows for the three months ended March 31, 2003
and 2002 and for all periods presented have been made. Certain information and
footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been omitted. It
is suggested that these financial statements be read in conjunction with the
financial statements and notes thereto included in the Company's December 31,
2002 annual report to shareholders. There have been no changes of significant
accounting policies since December 31, 2002. Results of operations for the three
month period ended are not necessarily indicative of the results that may be
expected for the year ending December 31, 2003.

2.  Income Taxes

     The Company accounts for income taxes under the asset and liability method.

3.  Inventories

     Inventories as of March 31, 2003 and December 31, 2002 consisted of the
following:

                                               March 31             December. 31
                                               -------              ------------
                                                 2003                   2002
                                                 ----                   ----

Parts, components and subassemblies            $ 77,004               $ 74,011
Finished goods                                   90,405                 90,405
                                              ---------              ---------
          Total Inventories                   $ 167,409              $ 164,416
                                              =========               ========






                                       -7-


<PAGE>



                         DIAPULSE CORPORATION OF AMERICA
                           PART II - OTHER INFORMATION
               For the Three Months Ended March 31, 2003 and 2002

Results of Operations

         Net sales and rentals for the current three months increased by
$243,652 to $457,729 from last year's comparable three month period of $214,077.
This was due primarily to machine sales.

         Operating expenses for the current three months increased to $400,053
from last year's comparable three month period of $210,252. This was due mainly
to reserve for bad debts set up in this quarter.

Liquidity and Capital Resources

         As of March 31, 2003 the Company had working capital of $388,393 and a
current ratio of 1.87 to 1. This represents a decrease in working capital since
December 31, 2002 of $7,301.

         The Company intends to fund its future operations, pursue research and
development of current and future products and expand operations through product
rental and sales.

Impact of Inflation

         Although the Company has not attempted to calculate the effect of
inflation, management does not believe inflation has had a material effect on
its results of operations. Material increases in costs and expenses in the
future could have a significant impact on the Company's operating results to the
extent that the effect of such increases cannot be transferred to its customers.

Forward-Looking Information

         The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for certain forward-looking statements made by the Company in its
disclosures to the public. There is certain information contained herein in the
Company's press releases and in oral statements made by authorized officers of
the Company which are forward-looking statements, as defined by such Act. When
used herein, in the Company's press releases and in such oral statements, the
words "estimate", "project", "anticipate", "expect", "intend", "believe",
"plans", and similar expressions are intended to identify forward-looking
statements. Because such forward-looking statements involve risks and
uncertainties, there are important factors that could cause actual results to
differ materially from those expressed or implied by such forward-looking
statements

                                       -8-


<PAGE>



                         DIAPULSE CORPORATION OF AMERICA
                           PART II - OTHER INFORMATION
               For the Three Months Ended March 31, 2003 and 2002

Item 1.  Legal Proceedings

The Company was involved as plaintiff in litigation filed in August 1994,
alleging deceptive acts and practices, false advertising, unfair competition,
breach of fiduciary duty under New York Law and under Federal Law. The complaint
demands damages in an unspecified amount for compensatory, punitive and treble
damages, profits and attorneys' fees against corporate and individual
defendants. In early 2000, a settlement agreement was reached whereby all claims
against the Company were dismissed with prejudice and one of the corporate
defendants agreed to pay the Company the sum of $50,000 with interest rate of 9%
per year, in level monthly installment payments of $1,867.41. The agreement
further provided that in the event of failure to make the installment payments
when due, the entire balance would immediately become due and payable and the
Company would be entitled to enter a judgement for the balance. The agreement
also provides for the defendants to refrain from engaging in certain marketing
practices in the future. The defendants failed to make any payments after the
payment due on January 2001 and in late 2001 a judgment for $39, 215.61 was
entered against the corporate defendant who had agreed to the monetary
settlement. The Company is currently attempting to enforce the judgement but is
not aware of any assets owned by the judgment debtor.

A former employee of the Company, who was terminated in May 1999, filed five
small claim actions against the Company and other employees and an
officer-shareholder of the Company. Each action seeks $3,000 in damages. The
former employee's son also filed one small claim action for approximately $1,500
against the Company and an employee and an officer-shareholder of the Company.
Most of the cases allege various employment contract and/or labor violations;
some allege liability for property allegedly held or used by the Company. All
actions were instituted after the employee was terminated from employment. It is
the opinion of counsel that the actions filed by the former employee and his son
are either without merit or frivolous. The Company is awaiting a decision.

                                       -9-


<PAGE>




                         DIAPULSE CORPORATION OF AMERICA
                           PART II - OTHER INFORMATION
               For the Three Months Ended March 31, 2003 and 2002

The Company also sued a former employee alleging that this former employee,
without authorization, took trade secrets and other confidential information and
documents relating to the Company. The lawsuit seeks to recover possession of
the items allegedly taken by the former employee and to enjoin the former
employee from distributing, sharing or selling the trade secrets and other
confidential information. The former employee counterclaimed for malicious
prosecution and seeks damages in the sum of $1,000,000. In late 2001 the lawsuit
was settled by a stipulation that was "so ordered" by the court. The stipulation
provides that the defendant be enjoined from utilizing, distributing, sharing,
selling or disseminating the Company's trade secrets which were the subject of
the litigation.

A former independent contractor sued the Company for an amount in excess of
$75,000 pursuant to a signed Commission salesperson Agreement. In January 2003
The Company deposited $75,000 in escrow pending a decision by arbitration on the
Company's claim for loss of revenue on two machines utilized by the independent
contractor. The Company is awaiting a decision.

The Company filed a claim with one of its insurance carriers for loss of, and
damage to, property that was being stored with a storage company. The insurance
carrier was unable to process the claim because the storage company refused to
allow access to inspect the property unless the insurance carrier agreed not to
exercise its right of subrogation. The property remains at the storage company
facility pending final resolution of the claim. In September 2001, the storage
company sued the Company for unpaid storage of approximately $80,000. The
company denies liability on the merits of the case and also has raised the
statute of limitations as a partial defense. The Company counter sued the
storage company for $80,000 for damages done to their machines. Counsel ventures
no opinion on the ultimate outcome, but believes there are good defenses
although some liability is possible.

                                      -10-


<PAGE>



Item 2.  Changes in Securities
None

Item 3.  Defaults Upon Senior Securities
None.

Item 4.  Submission of Matters to a Vote of Security Holders
None.

Item 5.  Other Information
Not applicable.

Item 6.  Exhibits and Reports on Form 8-K
(a)      Exhibits Filed:  None

         (b) Reports on Form 8-K: None.

                                      -11-


<PAGE>




                                   SIGNATURES

Pursuant to the requirements of Section 11 or 15 (d) of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

                                                 DIAPULSE CORPORATION OF AMERICA

                                                          Registrant

                                                 By   /s/ Jesse Ross
                                                    ----------------------------
                                                      Jesse Ross, President

                                                  Date: April 29, 2003

                                     - 12 -