----

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**UNITED        STATES**

**SECURITIES        AND EXCHANGE COMMISSION**

**WASHINGTON,        D.C. 20549**

**FORM        10-QSB**

| x | QUARTERLY                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                  ACT OF                  1934 |
|---|--------------------------------------------------------------------------------------------------------------------------------------------|

| o | TRANSITION                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                  ACT OF                  1934 |
|---|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | For                  the transition period from: ________ to                  ________. |
|--------|-----------------------------------------------------------------------------------------|

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

**APPLICABLE        ONLY TO ISSUERS INVOLVED IN BANKRUPTCY**

**PROCEEDINGS        DURING THE PRECEDING FIVE YEARS**

**APPLICABLE        ONLY TO CORPORATE ISSUERS**

----

----

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**KENT        FINANCIAL SERVICES, INC. AND        SUBSIDIARIES**

**FORM        10-QSB**

|                                                                                                                      |                                                                                                                        | PageNumber |
|---------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|------------|
|                                                                                                                      |                                                                                                                        |       |
|                                                                                                                      | **PART                  I. FINANCIAL INFORMATION**                                                                          |       |
|                                                                                                                      |                                                                                                                        |       |
| **Item                  1.**                                                                                              | **Financial                  Statements**                                                                                   |       |
|                                                                                                                      |                                                                                                                        |       |
| Consolidated                  Balance Sheet as of March 31,                  2007                                         | 3                                                                                                                           |
|                                                                                                                      |                                                                                                                        |       |
| Consolidated                  Statement of Operations for the Three Months                  Ended March 31, 2007 and 2006 | 4                                                                                                                           |
|                                                                                                                      |                                                                                                                        |       |
| Consolidated                  Statement of Cash Flows Three Months Ended March                  31, 2007 and 2006         | 5                                                                                                                           |
|                                                                                                                      |                                                                                                                        |       |
| Notes                  to Consolidated Financial                  Statements                                              | 6                                                                                                                           |
|                                                                                                                      |                                                                                                                        |       |
| **Item                  2.**                                                                                              | **Management's                  Discussion and Analysis of Financial Condition and                  Results of Operations** | 12         |
|                                                                                                                      |                                                                                                                        |       |
| **Item                  3.**                                                                                              | **Controls                  and Procedures**                                                                                | 14         |
|                                                                                                                      |                                                                                                                        |       |
|                                                                                                                      | **PART                  II. OTHER INFORMATION**                                                                             |       |
|                                                                                                                      |                                                                                                                        |       |
| **Item                  1.**                                                                                              | **Legal                  Proceedings**                                                                                      | 15         |
|                                                                                                                      |                                                                                                                        |       |
| **Item                  2.**                                                                                              | **Unregistered                  Sales of Equity Securities and Use of                  Proceeds**                           | 15         |
|                                                                                                                      |                                                                                                                        |       |
| **Item                  3.**                                                                                              | **Defaults                  Upon Senior Securities**                                                                        | 15         |
|                                                                                                                      |                                                                                                                        |       |
| **Item                  4.**                                                                                              | **Submission                  of Matters to a Vote of Security                  Holders**                                   | 15         |
|                                                                                                                      |                                                                                                                        |       |
| **Item                  5.**                                                                                              | **Other                  Information**                                                                                      | 16         |
|                                                                                                                      |                                                                                                                        |       |
| **Item                  6.**                                                                                              | **Exhibits**                                                                                                                | 16         |
|                                                                                                                      |                                                                                                                        |       |
| **Signatures**                                                                                                            | 17                                                                                                                          |

----

*Table            of Contents*

| **PART                  I****-** | **FINANCIAL                  INFORMATION** |
|----------------------------------|--------------------------------------------|

| **Item1.****-** | **Financial                  Statements** |
|-----------------|-------------------------------------------|

**KENT        FINANCIAL SERVICES, INC. AND SUBSIDIARIES**

| ASSETS                                                                                                                                                      |   |    |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|
|                                                                                                                                                        |   |    |   |
| Current                    Assets:                                                                                                                          |   |    |   |
| Cash                    and cash equivalents                                                                                                                |   | $            | 162    |   |
| Short-term                    investments                                                                                                                   |   |         | 12,772 |   |
| Marketable                    securities                                                                                                                    |   |         | 147    |   |
| Accounts                    receivable                                                                                                                      |   |         | 56     |   |
| Prepaid                    expenses and other current assets                                                                                                |   |         | 61     |   |
|                                                                                                                                                        |   |         |   |   |
| Total                    current assets                                                                                                                     |   |         | 13,198 |   |
|                                                                                                                                                        |   |         |   |   |
| Property                    and equipment, net of accumulated depreciation of $8                                                                            |   |         | 47     |   |
|                                                                                                                                                        |   |         |   |   |
| Goodwill                                                                                                                                                    |   |         | 90     |   |
|                                                                                                                                                        |   |         |   |   |
| Other                    assets                                                                                                                             |   |         | 61     |   |
|                                                                                                                                                        |   |         |   |   |
| Total                    assets                                                                                                                             |   | $            | 13,396 |   |
|                                                                                                                                                        |   |         |   |   |
| LIABILITIES                    AND STOCKHOLDERS’ EQUITY                                                                                               |   |         |   |   |
|                                                                                                                                                        |   |         |   |   |
| Current                    liabilities:                                                                                                                     |   |         |   |   |
| Accounts                    payable and accrued expenses                                                                                                    |   | $            | 338    |   |
| Deferred                    revenue                                                                                                                         |   |         | 11     |   |
|                                                                                                                                                        |   |         |   |   |
| Total                    current liabilities                                                                                                                |   |         | 349    |   |
|                                                                                                                                                        |   |         |   |   |
| Noncurrent                    liabilities:                                                                                                                  |   |         |   |   |
| Accrued                    post employment obligations                                                                                                      |   |         | 652    |   |
|                                                                                                                                                        |   |         |   |   |
| Minority                    interest in subsidiaries                                                                                                        |   |         | 5,210  |   |
|                                                                                                                                                        |   |         |   |   |
| Stockholders'                    equity:                                                                                                                    |   |         |   |   |
| Preferred                    stock without par value; 500,000 shares authorized; none outstanding                                                           |   |         | -      |   |
| Common                    stock, $.10 par value; 8,000,000 shares authorized; 2,795,580                    shares                    issued and outstanding |   |         | 280    |   |
| Additional                    paid-in capital                                                                                                               |   |         | 12,406 |   |
| Accumulated                    deficit                                                                                                                      |   |         | (5,499 | ) |
| Accumulated                    other comprehensive loss                                                                                                     |   |         | (2     | ) |
|                                                                                                                                                        |   |         |   |   |
| Total                    stockholders' equity                                                                                                               |   |         | 7,185  |   |
|                                                                                                                                                        |   |         |   |   |
| Total                    liabilities and stockholders' equity                                                                                               |   | $            | 13,396 |   |

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*Table            of Contents*

**KENT        FINANCIAL SERVICES, INC. AND        SUBSIDIARIES**

|                                                                                                 |   | Three                  Months Ended |   |
|------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|
|                                                                                                 |   | March                  31           |   |
|                                                                                                 |   | 2007                                |   | 2006 |   |
| Revenues:                                                                                            |   |                                |   |   |   |
| Seminar                  fees                                                                        |   | $                                   | 107    |   | $ | 51 |   |
| Interest                                                                                             |   |                                | 159    |   |   | 141 |   |
| Investing                  losses                                                                    |   |                                |   |   |   | (16 | ) |
| Other                  income                                                                        |   |                                | 101    |   |   | 16 |   |
|                                                                                                 |   |                                |   |   |   |   |   |
| Total                  revenues                                                                      |   |                                | 367    |   |   | 192 |   |
|                                                                                                 |   |                                |   |   |   |   |   |
| Expenses:                                                                                            |   |                                |   |   |   |   |   |
| General                  and administrative                                                          |   |                                | 427    |   |   | 400 |   |
|                                                                                                 |   |                                |   |   |   |   |   |
| Loss                  before income taxes, minority interest and extraordinary                  gain |   |                                | (60    | ) |   | (208 | ) |
| Provision                  for income taxes                                                          |   |                                | 10     |   |   | 1 |   |
| Loss                  before minority interest and extraordinary gain                                |   |                                | (70    | ) |   | (209 | ) |
| Minority                  interest in subsidiaries losses                                            |   |                                | 17     |   |   | 34 |   |
|                                                                                                 |   |                                |   |   |   |   |   |
| Loss                  before extraordinary item                                                      |   |                                | (53    | ) |   | (175 | ) |
| Extraordinary                  gain due to purchase of subsidiary stock                              |   |                                | -      |   |   | 10 |   |
|                                                                                                 |   |                                |   |   |   |   |   |
| Net                  loss                                                                            |   |                                | (53    | ) |   | (165 | ) |
|                                                                                                 |   |                                |   |   |   |   |   |
| Other                  comprehensive loss:                                                           |   |                                |   |   |   |   |   |
| Unrealized                  loss on available for sale securities                                    |   |                                | (2     | ) |   | - |   |
|                                                                                                 |   |                                |   |   |   |   |   |
| Comprehensive                  loss                                                                  |   | $                                   | (55    | ) | $ | (165 | ) |
|                                                                                                 |   |                                |   |   |   |   |   |
| Basic                  and diluted net loss per common share:                                        |   |                                |   |   |   |   |   |
| Loss                  per share before extraordinary gain                                            |   | $                                   | (0.02  | ) | $ | (0.06 | ) |
| Extraordinary                  gain                                                                  |   |                                | -      |   |   | - |   |
|                                                                                                 |   |                                |   |   |   |   |   |
| Net                  loss per share                                                                  |   | $                                   | (0.02  | ) | $ | (0.06 | ) |
|                                                                                                 |   |                                |   |   |   |   |   |
| Weighted                  average number of common shares outstanding (in 000's)                     |   |                                | 2,799  |   |   | 2,804 |   |

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*Table            of Contents*

**KENT        FINANCIAL SERVICES, INC. AND SUBSIDIARIES**

|                                                                                                          |   | Three                  Months Ended |   |
|---------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|
|                                                                                                          |   | March                  31           |   |
|                                                                                                          |   | 2007                                |   | 2006 |   |
| Cash                  flows from operating activities:                                                        |   |                                |   |   |   |
| Net                  loss                                                                                     |   | $                                   | (53    | ) | $ | (165 | ) |
| Adjustments                  to reconcile net loss to net cash used in operating                  activities: |   |                                |   |   |   |   |   |
| Depreciation                                                                                                  |   |                                | 2      |   |   | 1 |   |
| Unrealized                  losses on securities owned                                                        |   |                                |   |   |   | 28 |   |
| Interest                  receivable on short-term investments                                                |   |                                | (126   | ) |   | (132 | ) |
| Stock-based                  compensation expense                                                             |   |                                | 9      |   |   | 9 |   |
| Extraordinary                  gain on purchase of stock of subsidiary                                        |   |                                |   |   |   | (10 | ) |
| Minority                  interest in subsidiaries losses                                                     |   |                                | (17    | ) |   | (34 | ) |
| Change                  in accounts receivable                                                                |   |                                | 19     |   |   | (14 | ) |
| Change                  in prepaid expenses and other assets                                                  |   |                                | (33    | ) |   |   |   |
| Change                  in accounts payable and accrued expenses                                              |   |                                | (19    | ) |   | (28 | ) |
| Change                  in deferred revenue                                                                   |   |                                | (12    | ) |   |   |   |
|                                                                                                          |   |                                |   |   |   |   |   |
| Net                  cash used in operating activities                                                        |   |                                | (230   | ) |   | (345 | ) |
|                                                                                                          |   |                                |   |   |   |   |   |
|                                                                                                          |   |                                |   |   |   |   |   |
| Cash                  flows from investing activities:                                                        |   |                                |   |   |   |   |   |
| Purchase                  of stock of subsidiary                                                              |   |                                |   |   |   | (86 | ) |
| Acquistion                  of property and equipment                                                         |   |                                | (14    | ) |   |   |   |
| Purchase                  of short-term investments                                                           |   |                                | (1,174 | ) |   | (440 | ) |
| Sales                  and maturities of short-term investments                                               |   |                                | 1,428  |   |   | 73 |   |
|                                                                                                          |   |                                |   |   |   |   |   |
| Net                  cash provided by (used in) investing activities                                          |   |                                | 240    |   |   | (453 | ) |
|                                                                                                          |   |                                |   |   |   |   |   |
| Cash                  flows from financing activities:                                                        |   |                                |   |   |   |   |   |
| Repurchase                  of common stock by subsidiary                                                     |   |                                | (6     | ) |   |   |   |
| Repurchase                  of common stock                                                                   |   |                                | (9     | ) |   | (5 | ) |
|                                                                                                          |   |                                |   |   |   |   |   |
| Net                  cash used in financing activities                                                        |   |                                | (15    | ) |   | (5 | ) |
|                                                                                                          |   |                                |   |   |   |   |   |
| Net                  decrease in cash and cash equivalents                                                    |   |                                | (5     | ) |   | (803 | ) |
| Cash                  and cash equivalents at beginning of period                                             |   |                                | 167    |   |   | 1,890 |   |
|                                                                                                          |   |                                |   |   |   |   |   |
| Cash                  and cash equivalents at end of period                                                   |   | $                                   | 162    |   | $ | 1,087 |   |
|                                                                                                          |   |                                |   |   |   |   |   |
| Supplemental                  disclosure of cash flow information:                                            |   |                                |   |   |   |   |   |
| Cash                  paid for:                                                                               |   |                                |   |   |   |   |   |
| Taxes                                                                                                         |   | $                                   | 6      |   | $ | 1 |   |

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*Table            of Contents*

**KENT        FINANCIAL SERVICES, INC. AND        SUBSIDIARIES**

**NOTE        A**
**Basis        of Presentation**

**NOTE        B**
**Business        and Segment Information**

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*Table            of Contents*

|                                                 |   | BusinessDevelopmentActivities |   | EducationalServices |   | All                  OtherOperations |   | Eliminations |   | ConsolidatedTotals |   |
|------------------------------------------------------|--------|-------------------------------|--------|---------------------|--------|--------------------------------------|--------|--------------|--------|--------------------|--------|
| Three                  Months Ended March 31, 2007   |   |                          |   |                |   |                                 |   |         |   |               |   |
| Revenues                  from external customers    |   |                          |   |                | $      | 107                                  |   | $            | 101    |               |   |   |   | $ | 208 |   |
| Management                  fees                     |   |                          |   |                |   |                                 |   |         | 63     |               | $      | (63 | ) |   |   |   |
| Interest                  revenue                    |   | $                             | 134    |                |   | 3                                    |   |         | 22     |               |   |   |   |   | 159 |   |
|                                                 |   |                          |   |                |   |                                 |   |         |   |               |   |   |   |   |   |   |
| Total                  revenues                      |   |                          | 134    |                |   | 110                                  |   |         | 186    |               |   | (63 | ) |   | 367 |   |
|                                                 |   |                          |   |                |   |                                 |   |         |   |               |   |   |   |   |   |   |
| General                  and administrative expenses |   |                          | (200   | )                   |   | (65                                  | )      |         | (225   | )                  |   | 63 |   |   | (427 | ) |
| Income                  tax expense                  |   |                          |   |                |   | (10                                  | )      |         |   |               |   |   |   |   | (10 | ) |
| Minority                  interest                   |   |                          | 31     |                |   | (14                                  | )      |         |   |               |   |   |   |   | 17 |   |
|                                                 |   |                          |   |                |   |                                 |   |         |   |               |   |   |   |   |   |   |
| Net                  income (loss) by segment        |   | $                             | (35    | )                   | $      | 21                                   |   | $            | (39    | )                  | $      | - |   | $ | (53 | ) |
|                                                 |   |                          |   |                |   |                                 |   |         |   |               |   |   |   |   |   |   |
| As                  of March 31, 2007                |   |                          |   |                |   |                                 |   |         |   |               |   |   |   |   |   |   |
| Total                  assets by segment             |   | $                             | 10,874 |                | $      | 520                                  |   | $            | 2,002  |               | $      | - |   | $ | 13,396 |   |

----

*Table            of Contents*

|                                                 |   | BusinessDevelopmentActivities |   | EducationalServices |   | All                  OtherOperations |   | Eliminations |   | ConsolidatedTotals |   |
|------------------------------------------------------|--------|-------------------------------|--------|---------------------|--------|--------------------------------------|--------|--------------|--------|--------------------|--------|
| Three                  Months Ended March 31, 2006   |   |                          |   |                |   |                                 |   |         |   |               |   |
| Revenues                  from external customers    |   |                          |   |                | $      | 51                                   |   | $            | 16     |               |   |   |   | $ | 67 |   |
| Management                  fees                     |   |                          |   |                |   |                                 |   |         | 63     |               | $      | (63 | ) |   |   |   |
| Interest                  revenue                    |   | $                             | 115    |                |   | 1                                    |   |         | 25     |               |   |   |   |   | 141 |   |
| Investing                  losses                    |   |                          |   |                |   |                            |   |         | (16    | )                  |   |                       |   |   | (16 | ) |
|                                                 |   |                          |   |                |   |                                 |   |         |   |               |   |   |   |   |   |   |
| Total                  revenues                      |   |                          | 115    |                |   | 52                                   |   |         | 88     |               |   | (63 | ) |   | 192 |   |
|                                                 |   |                          |   |                |   |                                 |   |         |   |               |   |   |   |   |   |   |
| General                  and administrative expenses |   |                          | (180   | )                   |   | (57                                  | )      |         | (226   | )                  |   | 63 |   |   | (400 | ) |
| Income                  tax expense                  |   |                          | (1     | )                   |   |                                 |   |         |   |               |   |   |   |   | (1 | ) |
| Minority                  interest                   |   |                          | 32     |                |   | 2                                    |   |         |   |               |   |   |   |   | 34 |   |
| Extraordinary                  gain                  |   |                          |   |                |   |                                 |   |         | 10     |               |   |   |   |   | 10 |   |
|                                                 |   |                          |   |                |   |                                 |   |         |   |               |   |   |   |   |   |   |
| Net                  loss by segment                 |   | $                             | (34    | )                   | $      | (3                                   | )      | $            | (128   | )                  | $      | - |   | $ | (165 | ) |
|                                                 |   |                          |   |                |   |                                 |   |         |   |               |   |   |   |   |   |   |
| As                  of March 31, 2006                |   |                          |   |                |   |                                 |   |         |   |               |   |   |   |   |   |   |
| Total                  assets by segment             |   | $                             | 11,195 |                | $      | 375                                  |   | $            | 2,492  |               | $      | - |   | $ | 14,062 |   |

**NOTE        C -**
**Securities        Owned**

|                                         |   |         |   | March                  31, 2007 |   |
|----------------------------------------------|--------|--------------|--------|---------------------------------|--------|
|                                         |   | PercentOwned |   | Cost                            |   | Fair                  Value |   | UnrealizedGains(Losses) |   |
|                                         |   |         |   |                            |   |   |   |   |   |
| GolfRounds.com,                  Inc.        |   |         | 5.62   | %                               | $      | 132 |   | $ | 127 |   | $ | (5 | ) |
| All                  other equity securities |   |         | N/A    |                            |   | 17 |   |   | 20 |   |   | 3 |   |
|                                         |   |         |   |                            |   |   |   |   |   |   |   |   |   |
|                                         |   |         |   |                            | $      | 149 |   | $ | 147 |   | $ | (2 | ) |

----

*Table            of Contents*

**NOTE        D -**
**Capital        Stock Activity**

**Dividends**

**Common        Stock Repurchases**

**NOTE        E -**
**Net        Income (Loss) Per Share**

**NOTE        F - Stock Option Plans**

----

*Table            of Contents*

**Kent        International Stock Options Plans**

**NOTE        G -**
**Related        Party Transactions**

**NOTE        H -**
**Legal        Proceedings**

**Texas        American Petrochemicals, Inc. (“TAPI”)**

**NOTE        I - Net Operating Loss Carryforwards**

----

*Table            of Contents*

**NOTE        J - New Accounting Pronouncements**

*Fair        Value Measurements*

----

*Table            of Contents*

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

**Results        of Operations**

**Revenue**

**Expenses**

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*Table            of Contents*

**Liquidity        and Capital Resources**

**Other        Disclosures - Related Party Transactions**

----

*Table            of Contents*

**Off-Balance        Sheet Arrangements**

| **Item3.****-** | **Controls                  and Procedures** |
|-----------------|----------------------------------------------|

**Compliance        with Section 404 of Sarbanes-Oxley Act**

----

*Table            of Contents*

| **PART                  II****-** | **OTHER                  INFORMATION** |
|-----------------------------------|----------------------------------------|

| **ITEM                  1.****-** | **Legal                  Proceedings** |
|-----------------------------------|----------------------------------------|

**Texas        American Petrochemicals, Inc. (“TAPI”)**

| **ITEM                  2.****-** | **Unregistered                  Sales of Equity Securities and Use of                  Proceeds** |
|-----------------------------------|---------------------------------------------------------------------------------------------------|

**Purchase        of Equity Securities**

| Period                                                |   | Total                  Number of Shares Purchased |   | Average                  Price Paid per Share |   | Total                  Number of Shares Purchased as Part of Publicly Announced Plans                  or                  Programs |   | Maximum                  Number of Shares that May Yet Be Purchased Under the Plans or                  Programs |   |
|-------------------------------------------------------|--------|---------------------------------------------------|--------|-----------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|--------|
| January                  1, 2007 - January 31, 2007   |   |                                              |        |                                          |   |                                                                                                                                     |   |                                                                                                             |        |   |   | 105,418 |   |
| February                  1, 2007 - February 28, 2007 |   |                                              | 112    |                                          | $      | 2.27                                                                                                                                |   |                                                                                                             | 112    |   |   | 105,306 |   |
| March                  1, 2007 - March 31, 2007       |   |                                              | 4,100  |                                          |   | 2.18                                                                                                                                |   |                                                                                                             | 4,100  |   |   | 101,206 |   |
| Total                                                 |   |                                              | 4,212  |                                          | $      | 2.18                                                                                                                                |   |                                                                                                             | 4,212  |   |   | 101,206 |   |

| (1) | In                  August 2004, the Board of Directors approved a stock repurchase                  program                  authorizing the Company to repurchase up to 200,000 shares of its                  common                  stock. This program has no expiration                  date. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **ITEM                  3.****-** | **Defaults                  Upon Senior Securities** |
|-----------------------------------|------------------------------------------------------|

| **ITEM4.****-** | **Submission                  of Matters to a Vote of Security                  Holders** |
|-----------------|-------------------------------------------------------------------------------------------|

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*Table            of Contents*

| **ITEM5.****-** | **Other                  Information** |
|-----------------|----------------------------------------|

| **ITEM                  6.****-** | **Exhibits** |
|-----------------------------------|--------------|

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

|   | 3.1 | Bylaws                  of the Registrant, as amended. (l) |
|--------|-----|------------------------------------------------------------|

|   | 3.2(a) | Articles                  of Incorporation of Registrant, as amended (including certificate                  of stock                  designation for $2.575 Cumulative Convertible Exchangeable Preferred                  Stock). (2) |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2(b) | Certificate                  of Amendment to Certificate of Incorpora-tion.                  (3) |
|--------|--------|--------------------------------------------------------------------------------------------------|

|   | 3.2(c) | Certificate                  of Amendment to Certificate of Incorporation dated September 26,                  1991.                  (4) |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1 | Employment                  Agreement dated December 31, 2002 by and between Kent Financial                  Services,                  Inc. and Paul O. Koether. (5) ** |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.2 | Employment                  Agreement dated May 1, 2006 by and between Kent Financial Services,                  Inc.                  and Bryan P. Healey. (6) ** |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.1 | Certification                  pursuant to Section 302 of the Sarbanes-Oxley Act of                  2002. |
|--------|------|------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification                  pursuant to Section 302 of the Sarbanes-Oxley Act of                  2002. |
|--------|------|------------------------------------------------------------------------------------------------------------|

|   | 32 | Certification                  pursuant to Section 906 of the Sarbanes-Oxley Act of                  2002. |
|--------|----|------------------------------------------------------------------------------------------------------------|

| (1) | Incorporated                  by reference to Texas American Energy Corporation Registration                  Statement,                  as amended, on Form S-l, No.                  33-11109. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Incorporated                  by reference to Texas American Energy Corporation Form 10-K, for                  the                  fiscal year ended December 31,                  1984. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Incorporated                  by reference to Texas American Energy Corporation Form 10-K for                  the fiscal                  year ended December 31, 1987. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Incorporated                  by reference to Kent Financial Services, Inc. Form 10-Q for the                  quarter                  ended September 30, 1991. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Incorporated                  by reference to Kent Financial Services, Inc., Form 10-KSB for                  the fiscal                  year ended December 31, 2002. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Incorporated                  by reference to Kent Financial Services, Inc. Form 8-K filed on                  May 1,                  2006. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| ** | Compensatory                  Plan |
|----|------------------------------------|

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*Table            of Contents*

**SIGNATURES**

|                                   |   | KENT                    FINANCIAL SERVICES, INC. |                                                                                                                                                                              |
|----------------------------------------|--------|--------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                   |   |                                             |                                                                                                                                                                              |   |
|                                   |   |                                             |                                                                                                                                                                              |   |
|                                   |   |                                             |                                                                                                                                                                              |   |
| Dated:                    May 11, 2007 |   | By:                                              | /s/                    Bryan P. Healey                                                                                                                                            |   |
|                                   |   |                                             | Bryan                    P. Healey                                                                                                                                                |   |
|                                   |   |                                             | Chief                    Financial Officer and Secretary                                                                                                                          |   |
|                                   |   |                                             | (Principal                    Financial and Accounting Officer, and officer duly authorized                    to sign on                    behalf of the small business issuer) |   |

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