U.S. SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(Mark One)

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

    For the quarterly period ended:  September 30, 2002
                                     ------------------

                                       OR

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

                           Commission File No.: 1-7986
                                                ------

                          Kent Financial Services, Inc.
                          -----------------------------
        (Exact name of small business issuer as specified in its charter)

          Delaware                                             75-1695953
          --------                                             ----------
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                             Identification No.)


           376 Main Street, P.O. Box 74, Bedminster, New Jersey 07921
           ----------------------------------------------------------
                    (Address of principal executive offices)

                                 (908) 234-0078
                                 --------------
                           (Issuer's telephone number)

                                       N/A
                                       ---
              (Former name, former address and former fiscal year,
                          if changed since last report)

     Check  whether  the issuer (1) filed all  reports  required  to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the issuer was required to file such  reports),  and (2) has
been subject to such filing requirements for the past 90 days.
                                 Yes X   No
                                    ---    ---

     State the number of shares  outstanding of each of the issuer's  classes of
common stock:  As of October 31, 2002,  the issuer had  1,659,790  shares of its
common stock, par value $.10 per share, outstanding.

     Transitional Small Business Disclosure Format (check one).
                                 Yes     No X
                                    ---    ---

<PAGE>

PART I  -  FINANCIAL INFORMATION
-------    ---------------------
Item 1. -  Financial Statements
-------    --------------------

                 KENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEET
                               SEPTEMBER 30, 2002
                                   (UNAUDITED)
                                 ($000 Omitted)

ASSETS
------

Cash and cash equivalents                                             $   206
Securities owned                                                        8,401
Receivable from clearing broker                                            98
Property and equipment:
  Land and building                                                     1,447
  Office furniture and equipment                                          279
                                                                      -------
                                                                        1,726
  Accumulated depreciation                                           (    696)
                                                                      -------
  Net property and equipment                                            1,030
                                                                      -------
Other assets                                                               36
                                                                      -------
    Total assets                                                      $ 9,771
                                                                      =======

LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------

Liabilities:
Securities sold, not yet purchased                                    $     1
Accounts payable and accrued expenses                                     798
Mortgage payable                                                          673
Accrual for previously discontinued operations                            166
                                                                      -------
    Total liabilities                                                   1,638
                                                                      -------

Contingent liabilities

Stockholders' equity:

Preferred stock without par value, 500,000
  shares authorized; none outstanding                                       -
Common stock, $.10 par value, 4,000,000
  shares authorized; 1,662,249 outstanding                                166
Additional paid-in capital                                             13,633
Accumulated deficit                                                  (  5,666)
                                                                      -------
    Total stockholders' equity                                          8,133
                                                                      -------
    Total liabilities and stockholders' equity                        $ 9,771
                                                                      =======









     See accompanying notes to condensed consolidated financial statements.

                                       2


<PAGE>

                 KENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
                      ($000 Omitted, except per share data)

                                                           Three Months Ended
                                                              September 30,
                                                         ----------------------
                                                           2002          2001
                                                         --------      --------

Revenues:
  Brokerage commissions                                  $   294       $   226
  Principal transactions:
    Trading                                                   21             -
    Investing losses                                    (  1,094)     (    353)
  Management fee income                                       49            46
  Interest, dividends and other                              124           188
                                                         -------       -------
      Total revenues                                    (    606)          107
                                                         -------       -------

Expenses:
  Brokerage                                                  240           226
  General, administrative and other                          426           444
  Interest                                                    88            86
                                                         -------       -------
      Total expenses                                         754           756
                                                         -------       -------

Loss before income taxes                                (  1,360)     (    649)
Provision for income taxes                                     -             1
                                                         -------       -------
Net loss                                                ($ 1,360)     ($   650)
                                                         =======       =======

Basic and diluted net loss
  per common share                                      ($   .81)     ($   .38)
                                                         =======       =======

Weighted average number of common
  shares outstanding (in 000's)                            1,669         1,715
                                                         =======       =======





















     See accompanying notes to condensed consolidated financial statements.

                                       3


<PAGE>

                 KENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
                      ($000 Omitted, except per share data)

                                                          Nine Months Ended
                                                             September 30,
                                                        ---------------------
                                                          2002         2001
                                                        --------     --------

Revenues:

  Brokerage commissions                                 $   798       $   939
  Principal transactions:
    Trading                                                 263           241
    Investing gains (losses)                           (  1,699)          323
  Management fee income                                     141           138
  Interest, dividends and other                             455           590
                                                        -------       -------
      Total revenues                                   (     42)        2,231
                                                        -------       -------

Expenses:

  Brokerage                                                 764           923
  General, administrative and other                       1,294         1,433
  Interest                                                  238           300
                                                        -------       -------
      Total expenses                                      2,296         2,656
                                                        -------       -------

Loss before income taxes                               (  2,338)     (    425)
Provision for income taxes                                    5             4
                                                        -------       -------
Net loss                                               ($ 2,343)     ($   429)
                                                        =======       =======

Basic and diluted net loss
  per common share                                     ($  1.39)     ($   .25)
                                                        =======       =======

Weighted average number of common
  shares outstanding (in 000's)                           1,679         1,714
                                                        =======       =======





















     See accompanying notes to condensed consolidated financial statements.

                                       4


<PAGE>


                 KENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                                 ($000 Omitted)

                                                            Nine Months Ended
                                                               September 30,
                                                          ---------------------
                                                            2002         2001
                                                          --------     --------
Cash flows from operating activities:
  Net loss                                                ($ 2,343)    ($   429)
  Adjustments to reconcile net
    loss to net cash provided by
    (used in) operating activities:
      Depreciation and amortization                             31           39
      Change in unrealized (gains) and
        losses on securities owned                           1,684     (    334)
      Provision for non-marketable investments                   -          123
  Change in operating assets and liabilities:
    Change in securities owned                            (  2,515)         958
    Change in receivable from
      clearing broker                                     (     21)          28
    Change in accounts payable and
      accrued expenses                                    (     20)    (    128)
    Other, net                                            (     75)    (    106)
                                                           -------      -------
    Net cash provided by (used in)
      operating activities                                (  3,259)         151
                                                           -------      -------

Cash flows from investing activities-
  Purchase of property and equipment                      (      1)    (      4)
                                                           -------      -------

Cash flows from financing activities:
  Purchase of common stock                                (     97)    (    273)
  Payments on debt                                        (      7)    (      7)
                                                           -------      -------
    Net cash used in financing
      activities                                          (    104)    (    280)
                                                           -------      -------

Net decrease in cash and cash equivalents                 (  3,364)    (    133)
Cash and cash equivalents at
  beginning of period                                        3,570        3,812
                                                           -------      -------
Cash and cash equivalents at end of
  period                                                   $   206      $ 3,679
                                                           =======      =======

Supplemental disclosure of cash flow
  information:

    Cash paid for:

      Interest                                             $   238      $   300
                                                           =======      =======
      Taxes                                                $     7      $    18
                                                           =======      =======


     See accompanying notes to condensed consolidated financial statements.

                                       5


<PAGE>


                 KENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2002 AND 2001
                                   (Unaudited)

1.   Basis of Presentation
     ---------------------

     The  accompanying  unaudited  consolidated  financial  statements  of  Kent
Financial  Services,  Inc. and subsidiaries  (the "Company") as of September 30,
2002 and for the three and nine month periods ended September 30, 2002 and 2001,
reflect  all  material   adjustments   consisting   of  only  normal   recurring
adjustments,  which,  in the opinion of  management,  are  necessary  for a fair
presentation  of  results  for the  interim  periods.  Certain  information  and
footnote disclosures required under accounting  principles generally accepted in
the United  States of America  have been  condensed  or omitted  pursuant to the
rules and  regulations of the Securities and Exchange  Commission,  although the
Company  believes  that the  disclosures  are  adequate to make the  information
presented not misleading. These consolidated financial statements should be read
in conjunction  with the year-end  consolidated  financial  statements and notes
thereto  included  in the  Company's  Annual  Report on Form 10-KSB for the year
ended December 31, 2001 as filed with the Securities and Exchange Commission.

     The  preparation  of financial  statements  in conformity  with  accounting
principles   generally  accepted  in  the  United  States  of  America  requires
management to make estimates and assumptions that affect the reported amounts of
assets and  liabilities  and disclosure of contingent  assets and liabilities at
the date of the financial  statements  and the reported  amounts of revenues and
expenses  during the reporting  period.  Actual  results could differ from those
estimates.

     The  results  of  operations  for the three and nine  month  periods  ended
September 30, 2002 and 2001 are not necessarily  indicative of the results to be
expected for the entire year or for any other period.

2.   Business
     --------

     The Company's  business is comprised  principally  of the operation of T.R.
Winston & Company, Inc.  ("Winston"),  a wholly-owned  subsidiary.  Winston is a
licensed securities broker-dealer and is a member of the National Association of
Securities Dealers,  Inc., and the Securities  Investor Protection  Corporation.
All safekeeping,  cashiering,  and customer account  maintenance  activities are
provided  by  an  unrelated  broker-dealer  pursuant  to a  clearing  agreement.
Pursuant to the net capital provisions of Rule 15c3-1 of the Securities Exchange
Act of 1934,  Winston is required to maintain minimum net capital.  At September
30, 2002, Winston had net capital, as defined, of approximately $251,000,  which
was approximately $151,000 in excess of the required minimum.


                                       6

<PAGE>

     The Company also invests through its wholly-owned  subsidiary,  Asset Value
Fund Limited Partnership  ("AVF").  AVF primarily invests in a limited number of
portfolio companies, the securities of which are considered undervalued by AVF's
management.  As of September 30, 2002, AVF held 13 equity investments,  of which
six  consisted  of owning  more than 5% of the  investee's  outstanding  capital
stock. AVF owns  approximately 44% of Cortech,  Inc., a company  supervising the
exploitation of its technology by third parties and also seeking a new business;
38% of General  Devices,  Inc., a non-operating  company seeking a new business;
16% of Gish Biomedical,  Inc., a manufacturer of medical  devices;  10% of Dewey
Electronics  Corporation,  a company engaged in the  manufacturing of electronic
and  eletromechanical  systems for the  military;  9% of Star  Buffet,  Inc.,  a
company that is engaged in the restaurant  industry;  and 5% of  GolfRounds.com,
Inc., a non-operating company seeking a new business.

3.   Securities owned and securities sold, not yet purchased
     -------------------------------------------------------

     Securities owned consist of proprietary  trading  positions held for resale
to customers and portfolio positions held for capital appreciation, all of which
are valued at fair value. The fair values of the portfolio  positions  generally
are based on listed market prices. If listed market prices are not indicative of
fair  value or if  liquidating  the  Company's  positions  would  reasonably  be
expected  to impact  market  prices,  fair  value is  determined  based on other
relevant factors. Among the factors considered by management in determining fair
value of the portfolio positions are the financial condition,  asset composition
and operating  results of the issuer,  the long-term  business  potential of the
issuer and other factors  generally  pertinent to the valuation of  investments.
The fair value of these  investments  are subject to a high degree of volatility
and may be susceptible to significant fluctuation in the near term.

     Securities owned and securities sold, not yet purchased as of September 30,
2002, consist of the following (in 000's):

                                                                        Sold
                                                                       Not Yet
                                                        Owned         Purchased
                                                        -----         ---------
Marketable equity securities:
  Portfolio positions of greater than 5% of
    outstanding common stock:
        Cortech, Inc.(1,579,000 shares)                $ 5,242          $  -
        Star Buffet, Inc. (254,500 shares)                 608             -
        Dewey Electronics Corporation (134,394 shares)     558             -
        General Devices, Inc.(866,558 shares)              138             -
        Golf Rounds.com, Inc.(189,600 shares)              120             -
        Gish Biomedical, Inc.(590,400 shares)              104             -
  All other portfolio positions                          1,560             -
  Held for resale to customers                              71             1
                                                       -------          ----
        Fair value                                     $ 8,401          $  1
                                                       =======          ====

                                       7

<PAGE>

     Securities  owned which are not valued at listed market prices at September
30, 2002 amounted to $5,604,000.

4.   Income taxes
     ------------

     The  components  of income tax expense for the three and nine months  ended
September 30, 2002 and 2001 are as follows ($000 Omitted):

                                           Three Months          Nine Months
                                        Ended September 30,  Ended September 30,
                                        -------------------  -------------------
                                          2002       2001      2002       2001
                                        --------   --------  --------   --------

Federal-Current                           $  -       $  -      $  -       $  -
State-Current                                -          1         5          4
Deferred                                     -          -         -          -
                                          ----       ----      ----       ----

Total                                     $  -       $  1      $  5       $  4
                                          ====       ====      ====       ====


     Total income tax expense for the three and nine months ended  September 30,
2002 and 2001 is  different  from the  amounts  computed  by  multiplying  total
earnings  before income taxes by the statutory  Federal  income tax rate of 34%.
The  reasons  for  these  differences  and the  related  tax  effects  are ($000
Omitted):

                                           Three Months          Nine Months
                                        Ended September 30,  Ended September 30,
                                        -------------------  -------------------
                                          2002       2001      2002       2001
                                        --------   --------  --------   --------

Income tax expense computed at
  statutory rates on total earnings
    before income taxes                  ($ 462)    ($ 221)   ($ 795)    ($ 145)
Increase in tax from:
  Valuation allowance on net
    operating loss carryforward             462        221       795        145
  State income tax, net of Federal
    Benefit                                   -          1         5          4
                                          -----      -----     -----      -----

      Total                               $   -      $   1     $   5      $   4
                                          =====      =====     =====      =====


5.   Capital Stock Activity
     ----------------------

     Common Stock Repurchases
     ------------------------

     In February 2000 the Board of Directors approved a plan to repurchase up to
200,000 shares of the Company's  common stock at prices deemed  favorable in the
open   market  or  in  privately  negotiated   transactions  subject  to  market

                                       8

<PAGE>

conditions,  the Company's  financial position and other  considerations  ("2000
Plan").  During 2001,  all shares had been acquired under the 2000 Plan and have
been canceled and returned to the status of authorized but unissued shares.

     In March 2001,  the Board of Directors  approved a plan to repurchase up to
an  additional  150,000  shares of the  Company's  common stock at prices deemed
favorable in the open market or in privately negotiated  transactions subject to
market conditions,  the Company's  financial  position and other  considerations
("2001  Plan").  For the nine  months  ended  September  30,  2002  the  Company
repurchased  26,558 shares and returned these shares to the status of authorized
and unissued.  These shares were repurchased under the 2001 Plan and the Company
can still repurchase approximately 114,600 shares under the 2001 Plan.

6.   Related Party Transactions
     --------------------------

     A  management  fee of $15,200  per month,  increased  to $19,000  per month
effective  September  2002, is paid to the Company by affiliates  for management
services  performed by the Company on behalf of the  affiliates.  These services
include corporate governance, financial management and accounting services.

7.   Subsequent Event
     ----------------

     On October  28,  2002 Gish  Biomedical,  Inc.  announced  that it was being
acquired by  CardioTech  International,  Inc.  As a result of this  announcement
shares of Gish have traded at significantly  higher prices than were used by the
Company to determine fair value of this  portfolio  position as of September 30,
2002.  Based on the closing price of Gish as of the date of this filing the fair
value is  approximately  $699,000 greater than that recorded as of September 30,
2002.  The fair value of this position is subject to a high degree of volatility
and  may  be  susceptible   to   significant   fluctuation  in  the  near  term.
Additionally,  there is no assurance that the  acquisition of Gish by CardioTech
will be approved by their respective shareholders.


















                                       9

<PAGE>

Item 2.    Management's  Discussion  and  Analysis  of  Financial  Condition and
------     Results of Operations
           ---------------------

Liquidity and Capital Resources
-------------------------------

     Kent Financial Services, Inc. (the "Company") had cash and cash equivalents
(U.S.  Treasury  bills  with  original  maturities  of  ninety  days or less) of
approximately  $206,000 and securities  owned of  approximately  $8.4 million at
September 30, 2002.  Substantially  all securities are owned by AVF.  Securities
carried at fair value of $5,604,000 were valued based on management's estimates.
These  securities  are  subject  to a  high  degree  of  volatility  and  may be
susceptible  to  significant  fluctuation in the near term. The remainder of the
securities owned are valued at quoted market prices.

     Net  cash  used in  operations  was  $3,259,000  in the nine  months  ended
September 30, 2002 compared to net cash provided by operations of  approximately
$151,000  in the  comparable  period  of 2001.  The  change  in net cash used in
operations  for the nine months ended  September  30, 2002 from cash provided by
operations in the comparable period in 2001 was principally due to the change in
securities owned and the net loss. Unrealized gains (losses) on securities owned
are included in the results of  operations  but do not generate  cash flows from
operations.

     Net cash used in financing  activities of $104,000 and $280,000 in the nine
month periods ended September 30, 2002 and 2001, respectively,  was comprised of
the  purchase of Company  common  stock,  which was  subsequently  retired,  and
payments on the  mortgage  loan  collateralized  by the  Company's  headquarters
building.

     The  Company   believes  that  its  liquidity  is  sufficient   for  future
operations.

Results of Operations
---------------------

     The Company  incurred a net loss of  $1,360,000,  or $.81 basic and diluted
loss per share,  for the three months ended September 30, 2002 compared to a net
loss of $650,000 or $.38 basic and diluted  loss per share,  for the  comparable
quarter in 2001. For the nine months ended  September 30, 2002, the net loss was
$2,343,000 or $1.39 basic and diluted loss per share,  compared to a net loss of
$429,000 or $.25 basic and diluted loss per share, for the comparable  period in
2001.

     Total  brokerage  income  (consisting of brokerage  commissions and trading
gains) for the three months ended  September 30, 2002 was $315,000,  an increase
of $89,000, or 39%, from $226,000 in the comparable 2001 period. Total brokerage
income was $1,061,000  for the nine months ended  September 30, 2002, a decrease
of $119,000 or 10% from $1,180,000 for the nine month period ended September 30,


                                       10

<PAGE>

2002.  Brokerage expenses  (including all fixed and variable expenses) increased
by $14,000,  or 6%, from  $226,000 in the quarter  ended  September 30, 2001, to
$240,000 in the quarter  ended  September  30,  2002.  For the nine months ended
September 30, 2002,  brokerage  expenses were $764,000  compared to $923,000 for
the  comparable  period in the prior year,  a decrease  of $159,000 or 17%.  Net
brokerage  income of $75,000  for the three  months  ended  September  30,  2002
increased  $75,000 from the break-even level during the same period in 2001. For
the nine month  period  ended  September  30,  2002,  net  brokerage  income was
$297,000,  compared to $257,000 for the nine months ended  September 30, 2001, a
increase of $40,000 or 16%.

     For the quarter ended September 30, 2002 net brokerage income increased due
to trading gains on principal  transactions  accounting for a greater percentage
of  brokerage  revenues in  comparison  to the same  quarter in 2001.  Principal
transactions  carry lower clearing  charges than agency or commission  business.
Additionally,  during  September 2002 Winston  served as a placement  agent in a
private real estate transaction in which placement fees and commission  amounted
to approximately $38,000 and had no corresponding clearing charges.

     The decrease in total brokerage income and total brokerage  expense for the
nine months ended  September 30, 2002 compared to the comparable  period in 2001
was due to  decreased  activity  by the brokers  employed at Winston,  which was
consistent with the activity in the equity markets in general.

     Net investing  losses were $1,094,000 and $1,699,000 for the three and nine
months  ended  September  30,  2002,  respectively,  compared  to net  investing
(losses) gains of ($353,000)  and $323,000 for the  comparable  periods in 2001.
The net investing  losses for the three months ended  September 30, 2002 related
to a decrease of $214,000 in the fair value of portfolio  positions in which the
Company owns greater  than five  percent of the common stock  outstanding  along
with net realized and  unrealized  losses in other  securities of  approximately
$880,000.

     Net investing  losses for the nine months ended  September 30, 2002 related
primarily to a decrease of approximately $718,000 in the fair value of portfolio
positions  in which the Company  owns  greater  than five  percent of the common
stock  outstanding.  This decrease along with net realized and unrealized losses
in other securities held of approximately  $981,000 accounted for the nine month
investing losses.

     A  management  fee of $15,200  per month,  increased  to $19,000  per month
effective  September  2002, is paid to the Company by affiliates  for management
services  performed by the Company on behalf of the  affiliates.  These services
include corporate governance, financial management and accounting services.

     Interest,  dividends  and other  income was  $124,000  and $455,000 for the
three  and nine  months ended  September  30, 2002,  respectively,  compared  to


                                       11

<PAGE>

$188,000 and $590,000  for the three and nine months ended  September  30, 2001,
respectively.  These  decreases were the result of lower interest  income earned
due to lower  available  interest  rates on the Company's cash  equivalents  and
lower invested cash equivalents.

     General and  administrative  expenses  were  $426,000  and $444,000 for the
quarters ended September 30, 2002 and 2001, respectively,  a decrease of $18,000
or 4%.

     For the nine month periods ended  September 30, 2002 and 2001,  general and
administrative expenses were $1,294,000 and $1,433,000 respectively,  a decrease
of $139,000 or 10%. This decrease was due  principally  to provisions in 2001 of
$123,000 for non-marketable  investments  included in other assets and increases
in legal and accounting fees offset by decreases in various other administrative
expenses.

Disclosure controls and procedures
----------------------------------

     Within the 90 days prior to the date of this  report,  the Company  carried
out an  evaluation,  under the  supervision  and with the  participation  of the
Company's  management,  including  the Company's  President and Chief  Financial
Officer,  of the  effectiveness  of the design and  operation  of the  Company's
disclosure  controls and procedures  pursuant to Exchange Act Rul 13a-14.  Based
upon that evaluation,  the President and Chief Financial  Officer concluded that
the  Company's  disclosure  controls  and  procedures  are  effective  in timely
alerting  them to material  information  relating to the Company  required to be
included  in the  Company's  periodic  SEC  filings.  There were no  significant
changes in internal controls,  or other factors, that could significantly affect
these controls, subsequent to the date of the evaluation.
























                                       12

<PAGE>

PART II  -  OTHER INFORMATION
-------     -----------------

Item 4.  -  Submission of Matters to a Vote of Security Holders
-------     ---------------------------------------------------

     The Company held its Annual  Meeting of  Stockholders  on November 4, 2002.
Management's  nominees,  Mesrs.  Paul O. Koether,  Mathew E.  Hoffman,  Casey K.
Tjang,  M.  Michael  Witte,  and Qun Yi  Zheng,  were  elected  to the  Board of
Directors

     The following is a tabulation for all nominees:

                                          For                  Withheld
                                        -------                --------

     Paul O. Koether                    997,908                    -
     Mathew E. Hoffman                  997,908                    -
     Casey K. Tjang                     997,908                    -
     M. Michael Witte                   997,908                    -
     Qun Yi Zheng                       997,908                    -

Item 6.  - Exhibits and Reports on Form 8-K
-------    --------------------------------

(a)        Exhibits
           --------

           99.1 - Certification  pursuant to  Section 906  of the Sarbanes-Oxley
           Act of 2002

(b)        Reports on Form 8-K
           -------------------

           None




















                                       13

<PAGE>

                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

                                              KENT FINANCIAL SERVICES, INC.



Dated: November 12, 2002                      By: /s/ John W. Galuchie, Jr.
                                                  -----------------------------
                                                  John W. Galuchie, Jr.
                                                  Executive Vice President






















                                       14

<PAGE>

                                 CERTIFICATIONS
I, Paul O. Koether, certify that:

1.   I have  reviewed  this  quarterly  report on Form 10-QSB of Kent  Financial
     Services, Inc.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material information  relating to the registrant,  is made known to us
          by others  within those  entities,  particularly  during the period in
          which this quarterly report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officer and I have  indicated in this
     quarterly  report  whether  there  were  significant  changes  in  internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

November 12, 2002                                    /s/ PAUL O. KOETHER
                                                     --------------------------
                                                     Paul O. Koether
                                                     Chairman and President

                                       15
<PAGE>
                                 CERTIFICATIONS
I, John W. Galuchie, Jr., certify that:

1.   I have  reviewed  this  quarterly  report on Form 10-QSB of Kent  Financial
     Services, Inc.;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material information  relating to the registrant,  is made known to us
          by others  within those  entities,  particularly  during the period in
          which this quarterly report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent functions):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

6.   The  registrant's  other  certifying  officer and I have  indicated in this
     quarterly  report  whether  there  were  significant  changes  in  internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

November 12, 2002                                   /s/ JOHN W. GALUCHIE, JR.
                                                    ---------------------------
                                                    John W. Galuchie, Jr.
                                                    Executive Vice President and
                                                    Treasurer

                                       16
<PAGE>


                                                                   Exhibit 99.1

     CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 906 of the Public  Company  Accounting  Reform and  Investor
Protection  Act of 2002 (18 U.S.C.  1350,  as  adopted),  Paul O.  Koether,  the
Chairman and President of Kent Financial  Services,  Inc., (the "Company"),  and
John W. Galuchie, Jr., the Executive Vice President and Treasurer of the Company
each hereby certifies that, to the best of their knowledge:

     1.   The  Company's  Quarterly  Report on Form 10-QSB for the period  ended
          September 30, 2002, to which this Certification is attached as Exhibit
          99.1 (the "Periodic Report"),  fully complies with the requirements of
          Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934,
          as amended;

     and

     2.   The information  contained in the Periodic Report fairly presents,  in
          all material respects,  the financial  condition of the Company at the
          end of the  period  covered  by the  Periodic  Report  and  results of
          operations  of the  Company  for the period  covered  by the  Periodic
          Report.

Dated:   November 12, 2002



/s/ Paul O. Koether
----------------------------
Paul O. Koether
Chairman and President




/s/ John W. Galuchie, Jr.
----------------------------
John W. Galuchie, Jr.
Executive Vice President and Treasurer