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, 2003
                                            ------------------

                                       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, 2003,  the issuer had  1,639,744  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, 2003
                                   (UNAUDITED)
                                 ($000 Omitted)

ASSETS
------

Cash and cash equivalents                                          $  2,076
Securities owned                                                      7,312
Investment in T. R. Winston                                             196
Property and equipment:
  Land and building                                                   1,447
  Office furniture and equipment                                         81
                                                                   --------
                                                                      1,528
  Accumulated depreciation                                        (     535)
                                                                   --------
    Net property and equipment                                          993
                                                                   --------
Other assets                                                             13
                                                                   --------
      Total assets                                                 $ 10,590
                                                                   ========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------

Liabilities:
  Securities sold, not yet purchased                               $    116
  Accounts payable and accrued expenses                                 860
  Mortgage payable                                                      662
  Put option                                                            390
  Accrual for previously discontinued operations                        166
                                                                   --------
      Total liabilities                                               2,194
                                                                   --------
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; 1,639,748 shares issued
  and outstanding                                                       164
Additional paid-in capital                                           13,558
Accumulated deficit                                               (   4,936)
Deferred compensation                                             (     390)
                                                                   --------
      Total stockholders' equity                                      8,396
                                                                   --------
      Total liabilities and stockholders' equity                   $ 10,590
                                                                   ========






     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,
                                                        ----------------------
                                                          2003          2002
                                                        --------      --------

Revenues:
  Brokerage commissions and fees                        $    92        $   294
  Principal transactions:
    Trading                                                  25             21
    Investing gains (losses)                                154       (  1,094)
  Management fee income                                      57             49
  Equity in loss of T. R. Winston                      (     19)             -
  Interest, dividends and other                              42            124
                                                        -------        -------
      Total revenues                                        351       (    606)
                                                        -------        -------
Expenses:
  Brokerage                                                  79            240
  General, administrative and other                         462            426
  Interest                                                   14             88
                                                        -------        -------
      Total expenses                                        555            754
                                                        -------        -------

Loss before income taxes                               (    204)      (  1,360)
Provision for income taxes                                    -              -
                                                        -------        -------
Net loss                                               ($   204)      ($ 1,360)
                                                        =======        =======
Basic and diluted net loss
  per common share                                     ($   .12)      ($   .81)
                                                        =======        =======
Weighted average number of common
  shares outstanding (in 000's)                           1,641          1,669
                                                        =======        =======




















     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,
                                                         ---------------------
                                                           2003         2002
                                                         --------     --------

Revenues:
  Brokerage commissions and fees                         $ 1,869       $   798
  Principal transactions:
    Trading                                                  122           263
    Investing gains (losses)                                 367      (  1,699)
  Management fee income                                      171           141
  Equity in loss of T. R. Winston                       (     19)            -
  Interest, dividends and other                              248           455
                                                         -------       -------
      Total revenues                                       2,758      (     42)
                                                         -------       -------
Expenses:
  Brokerage                                                1,164           764
  General, administrative and other                        1,404         1,294
  Interest                                                    44           238
                                                         -------       -------
      Total expenses                                       2,612         2,296
                                                         -------       -------

Income (loss) before income taxes                            146      (  2,338)
Provision for income taxes                                    20             5
                                                         -------       -------
Net income (loss)                                        $   126      ($ 2,343)
                                                         =======       =======
Basic and diluted net income (loss)
  per common share                                       $   .08      ($  1.39)
                                                         =======       =======
Weighted average number of common
  shares outstanding (in 000's)                            1,650         1,679
                                                         =======       =======




















     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,
                                                         ---------------------
                                                           2003         2002
                                                         --------     --------
Cash flows from operating activities:
  Net income (loss)                                      $   126     ($ 2,343)
  Adjustments to reconcile net income
    (loss) to net cash provided by
    (used in) operating activities:
      Depreciation and amortization                           30           31
      Change in unrealized gains and
        losses on securities owned                      (    856)       1,684
  Change in operating assets and liabilities:
    Change in securities owned                             2,624     (  2,515)
    Change in accounts payable and
      accrued expenses                                  (     34)    (     20)
    Change in investment in T. R. Winston                     19            -
    Other, net                                               133     (     96)
                                                         -------      -------
        Net cash provided by (used in)
         operating activities                              2,042     (  3,259)
                                                         -------      -------

Cash flows from investing activities:
  Purchase of property and equipment                    (      2)    (      1)
  Investment in T. R. Winston                           (    215)           -
                                                         -------      -------
        Net cash used in investing activities           (    217)    (      1)
                                                         -------      -------

Cash flows from financing activities:
  Purchase of common stock                              (     69)    (     97)
  Payments on debt                                      (      8)    (      7)
                                                         -------      -------
        Net cash used in financing activities           (     77)    (    104)
                                                         -------      -------
Net  increase (decrease) in cash and cash
  equivalents                                              1,748     (  3,364)
Cash and cash equivalents at beginning of period             328        3,570
                                                         -------      -------
Cash and cash equivalents at end of period               $ 2,076      $   206
                                                         =======      =======
Supplemental disclosure of cash flow
 information:
   Cash paid for:
     Interest                                            $    44      $   238
                                                         =======      =======
     Taxes                                               $     2      $     7
                                                         =======      =======

   Non-cash put option liability                         $   390      $     -
                                                         =======      =======



     See accompanying notes to condensed consolidated financial statements.

                                       5

<PAGE>

                 KENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                           SEPTEMBER 30, 2003 AND 2002
                                   (Unaudited)

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

     The  accompanying  unaudited  consolidated  financial  statements  of  Kent
Financial  Services,  Inc. and subsidiaries  (the "Company") as of September 30,
2003 and for the three and nine month periods ended September 30, 2003 and 2002,
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, 2002 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.

     Prior years' financial  statements have been reclassified to conform to the
current year's presentation.

     The  results  of  operations  for the three and nine  month  periods  ended
September 30, 2003 and 2002 are not necessarily  indicative of the results to be
expected for the entire year or for any other period.

2.   Business
     --------

     Until July 31, 2003,  the Company's  business was comprised  principally of
the  operation  of T.  R.  Winston  &  Company,  Inc.  ("Winston"),  a  licensed
securities broker-dealer and a wholly-owned subsidiary. Effective July 31, 2003,
the Company sold 60% of Winston to two executives of Winston (the  "Agreement").
The terms of the Agreement were negotiated on an arms length basis.  Immediately
prior to the  sale,  Winston  paid  cash to Kent  reducing  Winston's  equity to
$500,000.  The Company then recorded its 40%  investment in Winston at $200,000.

                                       6

<PAGE>

Subsequent to the Agreement,  the Company has no management  responsibility  for
Winston but is  entitled to a 40%  distributive  share of  Winston's  profits as
defined by the Agreement, and is accounting for its investment in Winston by the
equity method.  A copy of the Agreement was filed as an exhibit to the Company's
Form 10-QSB for the period ended June 30, 2003.

     The Company also invests through its wholly-owned  subsidiary,  Asset Value
Fund Limited  Partnership  ("AVF").  AVF principally selects investments using a
value based  approach.  At  September  30,  2003,  AVF owned more than 5% of the
following securities:

                                                                    Percentage
Security                     Description of Business                Ownership
--------                     -----------------------                ----------

Cortech, Inc.                Manages its technology portfolio           45%
                             and is seeking an acquisition of
                             an operating business

General Devices, Inc.        Seeks to acquire an operating              37%
                             business

Dewey Electronics Corp       Manufactures electronic and                10%
                             eletromechanical devices for
                             the military

Star Buffet, Inc.            Operates restaurants                        8%

GolfRounds.com, Inc.         Seeks to acquire an operating               5%
                             business

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

     Securities   owned  consist  of  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.






                                       7

<PAGE>

     Securities owned and securities sold, not yet purchased as of September 30,
2003, 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.(1,610,738 shares)                   $ 5,187         $   -
      Star Buffet, Inc. (236,992 shares)                    730             -
      Dewey Electronics Corporation (139,800 shares)        519             -
      Golf Rounds.com, Inc.(189,600 shares)                 190             -
      General Devices, Inc.(866,558 shares)                 139             -
  All other portfolio positions                             547           116
                                                        -------         -----
      Fair value                                        $ 7,312         $ 116
                                                        =======         =====

     Securities  owned which are not valued at listed market prices at September
30, 2003 amounted to $5,516,000.

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

     The  components  of income tax expense for the three and nine months  ended
September 30, 2003 and 2002 are as follows ($000 Omitted):

                                    Three Months               Nine Months
                                 Ended September 30,        Ended September 30,
                                 -------------------        -------------------
                                   2003       2002            2003       2002
                                 --------   --------        --------   --------

Federal-Current                    $  -       $  -            $  -       $  -
State-Current                         -          -              20          5
Deferred                              -          -               -          -
                                   ----       ----            ----       ----

Total                              $  -       $  -            $ 20       $  5
                                   ====       ====            ====       ====













                                       8

<PAGE>

     Total income tax expense for the three and nine months ended  September 30,
2003 and 2002 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,
                                      -------------------    -------------------
                                        2003       2002        2003       2002
                                      --------   --------    --------   --------

Income tax expense (benefit)
  computed at statutory rates on
  total earnings before income taxes   ($  69)    ($ 462)      $  50     ($ 795)
Increase (decrease) in tax from:
  Valuation allowance on net
    operating loss carryforward            69        462      (   50)       795
  State income tax, net of Federal
    benefit                                 -          -          20          5
                                        -----      -----       -----      -----

      Total                             $   -      $   -       $  20      $   5
                                        =====      =====       =====      =====

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

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

     In March 2001,  the Board of Directors  approved a plan to repurchase up to
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, 2003 the Company  repurchased
57,439  shares  and  returned  these  shares  to the  status of  authorized  and
unissued.

6.   Put Option Liability
     --------------------

     In connection with the Agreement  relating to the sale of Winston  $390,000
has been accrued as of September 30, 2003.  Due to the  characteristics  of this
accrual,  the  $390,000  was not  expensed  and was  recorded as a deduction  in
stockholders'  equity  in  the  accompanying  financial  statements.  (For  more
information on the Agreement, see Note 2.)

7.   Related Party Transactions
     --------------------------

     A management  fee of $19,000 per month 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.  Commencing August 1, 2003 the Company reimburses Winston for the cost
of certain services provided by Winston which include  approximately  $3,000 per
month  for  accounting  services  which is  expensed,  and  $7,500  per month in
accordance  with the  Agreement  which is recorded as  additional  investment in
Winston.  Kent continues to receive  approximately $5,300 per month from Winston
for office space rental.


                                       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 $2.1 million and securities owned of approximately $7.3 million at
September 30, 2003.  Substantially  all securities are owned by AVF.  Securities
carried at fair value of $5,516,000 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  provided by  operations  was  $2,042,000 in the nine months ended
September  30, 2003  compared to net cash used in  operations  of  approximately
$3,259,000 in the  comparable  period of 2002. The increase in net cash provided
by  operations  for the nine months ended  September  30, 2003 from cash used in
operations  in the  comparable  period  in 2002 was  principally  due to the net
income for the nine months ended September 30, 2003, combined with the change in
securities  owned  offset  by the  change  in  unrealized  gains  and  losses on
securities  owned.  Unrealized gains and 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 $77,000 and $104,000 in the nine
month periods ended September 30, 2003 and 2002, 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.

     In 2003 $390,000 was recorded as a liability in connection with the sale of
T.  R.  Winston  & Co.,  Inc.  ("Winston"). Due to the  characteristics  of this
accrual,  the  $390,000  was not  expensed  and was  recorded as a deduction  in
stockholders'  equity  in  the  accompanying  financial  statements.  (For  more
information see Note 2 of Notes to the Consolidated Financial Statements).

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

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

     The Company incurred a net loss of $204,000, or $.12 basic and diluted loss
per share,  for the three months ended September 30, 2003 compared to a net loss
of  $1,360,000  or $.81 basic and  diluted  loss per share,  for the  comparable
quarter in 2002.  For the nine months  ended  September  30,  2003,  the Company


                                       10

<PAGE>

recorded  net income of  $126,000  or $.08 basic and  diluted  income per share,
compared to a net loss of  $2,343,000 or $1.39 basic and diluted loss per share,
for the comparable period in 2002.

     Total  brokerage  income  (consisting of brokerage  commissions and trading
gains) for the three months ended September 30, 2003 was $117,000, a decrease of
$198,000,  from $315,000 in the comparable 2002 period.  Total brokerage  income
was  $1,991,000  for the nine months ended  September  30, 2003,  an increase of
$930,000  from  $1,061,000  for the nine month period ended  September 30, 2003.
Brokerage  expenses  (including  all fixed and variable  expenses)  decreased by
$161,000,  from $240,000 in the quarter ended  September 30, 2002, to $79,000 in
the quarter ended  September 30, 2003.  For the nine months ended  September 30,
2003, brokerage expenses were $1,164,000 compared to $764,000 for the comparable
period in the prior year, an increase of $400,000.

     The decrease in total brokerage income and total brokerage  expense for the
three months ended September 30, 2003 compared to the comparable  period in 2002
was due to the sale of 60% of Winston effective July 31, 2003 (the "Agreement").
Subsequent to the  Agreement,  the Company is accounting  for its  investment in
Winston by the  equity  method,  and a $19,000  loss was  recorded  in the third
quarter.  For the nine months  ended  September  30, 2003 net  brokerage  income
increased  primarily  because Winston acted as placement agent for a real estate
exchange  program which was completed in May 2003, for which it received fees of
$1,323,000.

     Net  investing  gains were  $154,000  and  $367,000  for the three and nine
months ended September 30, 2003, respectively,  compared to net investing losses
of  $1,094,000  and  $1,699,000  for the  comparable  periods  in 2002.  The net
investing  gains for the three  months  ended  September  30, 2003 related to an
increase  of  $222,000  in the fair value of  portfolio  positions  in which the
Company owns greater than five percent of the common stock outstanding offset by
net realized and unrealized losses in other securities of approximately $68,000.

     Net  investing  gains for the nine months ended  September 30, 2003 related
primarily  to an  increase  of  approximately  $734,000  in the  fair  value  of
portfolio  positions  in which the Company owns greater than five percent of the
common  stock  outstanding.  This  increase  was  offset  by  net  realized  and
unrealized losses in other securities held of approximately $367,000.

     A management  fee of $19,000 per month 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.  Commencing August 1, 2003 the Company reimburses Winston for the cost


                                       11

<PAGE>

of certain services provided by Winston which include  approximately  $3,000 per
month  for  accounting  services  which is  expensed,  and  $7,500  per month in
accordance  with the  Agreement  which is recorded as  additional  investment in
Winston.  Kent continues to receive  approximately $5,300 per month from Winston
for office space rental.

     Interest, dividends and other income was $42,000 and $248,000 for the three
and nine months ended September 30, 2003, respectively, compared to $124,000 and
$455,000 for the three and nine months ended  September 30, 2002,  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  $462,000  and $426,000 for the
quarters  ended  September  30,  2003 and 2002,  respectively,  an  increase  of
$36,000.  For the nine months  ended  September  30, 2003 and 2002,  general and
administrative expenses were $1,404,000 and $1,294,000 respectively, an increase
of $110,000 or 9%. This increase was due primarily to higher legal fees incurred
in  connection  with the sale of Winston,  higher  travel  expenses  incurred at
Winston and increased personnel costs.

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 Rule 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 3, 2003.
Management's  nominees,  Messrs. Paul O. Koether, Casey K. Tjang, and M. Michael
Witte, were elected to the Board of Directors

     The following is a tabulation for all nominees:

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

     Paul O. Koether              1,006,193                     -
     Casey K. Tjang               1,006,193                     -
     M. Michael Witte             1,006,193                     -

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

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

            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

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

     No reports on Form 8-K were filed  during the quarter for which this report
is being filed.




















                                       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 19, 2003                 By: /s/ Sue Ann Merrill
                                             --------------------------------
                                             Sue Ann Merrill
                                             Chief Financial Officer
                                               and Secretary






































                                       14

<PAGE>
                                                                   EXHIBIT 31.1

                      CERTIFICATION PURSUANT TO SECTION 302
                        OF THE SARBANES-OXLEY ACT OF 2002

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 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
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  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 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-15(e) and 15d-15(e))  and internal  control over
     financial  reporting  (as  defined  in  Exchange  Act Rules  13a-15(f)  and
     15d-15(f)) for the registrant and have:

     a)   designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

     b)   designed such internal  control over  financial  reporting,  or caused
          such internal  control over  financial  reporting to be designed under
          our  supervision,   to  provide  reasonable  assurance  regarding  the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     c)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

     d)   disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most recent fiscal quarter (the registrant's  fourth fiscal quarter in
          the case of an annual  report)  that has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, 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 and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize and report financial information; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.

November 19, 2003                              /s/ PAUL O. KOETHER
                                               -------------------------------
                                               Paul O. Koether
                                               Chairman and President

<PAGE>

                                                                   EXHIBIT 31.2

                      CERTIFICATION PURSUANT TO SECTION 302
                        OF THE SARBANES-OXLEY ACT OF 2002

I, Sue Ann Merrill, certify that:

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

2.   Based on my knowledge, this 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
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  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 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-15(e) and 15d-15(e))  and internal  control over
     financial  reporting  (as  defined  in  Exchange  Act Rules  13a-15(f)  and
     15d-15(f)) for the registrant and have:

     a)   designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

     b)   designed such internal  control over  financial  reporting,  or caused
          such internal  control over  financial  reporting to be designed under
          our  supervision,   to  provide  reasonable  assurance  regarding  the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     c)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

     d)   disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most recent fiscal quarter (the registrant's  fourth fiscal quarter in
          the case of an annual  report)  that has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, 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 and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to  adversely  affect the  registrant's  ability to
          record, process, summarize and report financial information; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.

November 19, 2003                            /s/ SUE ANN MERRILL
                                             -------------------------------
                                             Sue Ann Merrill
                                             Chief Financial Officer
                                              and Secretary

<PAGE>

                                                                    Exhibit 32

     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
Sue Ann Merrill,  the Chief Financial  Officer and Secretary 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, 2003, to which this Certification is attached as Exhibit
          32 (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 19, 2003




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




/s/ Sue Ann Merrill
----------------------------------------
Sue Ann Merrill
Chief Financial Officer and Secretary