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:    March 31, 2005
                                         --------------

                                       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)                      (Zip Code)

                                 (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 the latest practicable date: As of April 30, 2005, the issuer
had 2,836,006 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
                                 March 31, 2005
                                   (UNAUDITED)
                                 ($000 Omitted)
ASSETS
------

Current Assets:
  Cash and cash equivalents                                     $  14,898
  Securities owned                                                    726
  Other current assets                                                151
                                                                ---------
    Total current assets                                           15,775
Property and equipment:
  Office furniture and equipment                                       61
  Accumulated depreciation                                     (       58)
                                                                ---------
     Net property and equipment                                         3
Goodwill                                                               90
                                                                ---------
    Total assets                                                $  15,868
                                                                =========

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

Current liabilities:
  Accounts payable and accrued expenses                         $     984
  Dividend payable                                                    851
  Accrual for previously discontinued operations                      166
                                                                ---------
    Total liabilities                                               2,001
                                                                ---------

Contingent liabilities

Minority interest in subsidiaries                                   5,736

Stockholders' equity:
Preferred stock without par value,
  500,000 shares authorized;
  none outstanding                                                      -
Common stock, $.10 par value,
  4,000,000 shares authorized;
  2,836,301 shares issued and outstanding                             284
Additional paid-in capital                                         12,450
Accumulated deficit                                            (    4,603)
                                                                ---------
    Total stockholders' equity                                      8,131
                                                                ---------
    Total liabilities and stockholders' equity                  $  15,868
                                                                =========

     See accompanying notes to condensed consolidated financial statements.

                                       2

<PAGE>

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


                                                        Three Months Ended
                                                             March 31,
                                                        ------------------
                                                         2005        2004
                                                        ------      ------

Revenues:
  Investing gains                                       $   53      $   42
  Management fee income                                     12          57
  Equity in earnings of T. R. Winston                        -         109
  Interest, dividends and other                            228         228
                                                        ------      ------
    Total revenues                                         293         436
                                                        ------      ------

Expenses:
  General and administrative                               262         220
  Interest                                                   -          13
                                                        ------      ------
    Total expenses                                         262         233
                                                        ------      ------

Income before income taxes                                  31         203
Provision for income taxes                                  20          16
                                                        ------      ------
Income before minority interest                             11         187
Minority interest in subsidiaries losses                    18           -
                                                        ------      ------
Net income                                              $   29      $  187
                                                        ======      ======

Basic and diluted net income per common share           $  .01      $  .06
                                                        ======      ======

Weighted average number of common
  shares outstanding (in 000's)                          2,843       2,985
                                                        ======      ======













     See accompanying notes to condensed consolidated financial statements.


                                       3

<PAGE>

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

                                                           Three Months Ended
                                                                 March 31,
                                                           ------------------
                                                            2005        2004
                                                           ------      ------

Cash flows from operating activities:
  Net income                                              $     29   $    187
  Adjustments to reconcile net income to net
   cash provided by (used in) operating activities:
    Depreciation                                                 -          8
    Unrealized losses (gains) on securities owned               95  (      26)
    Equity in earnings of T. R. Winston                          -  (     109)
    Minority interest in subsidiaries losses             (      18)         -
  Changes in operating assets and liabilities:
    Change in securities owned                                 384  (     424)
    Change in accounts payable and accrued expenses             65         44
    Change in other assets                                     175          -
    Other, net                                                   1          1
                                                          --------   --------
     Net cash provided by (used in) operating activities       731  (     319)
                                                          --------   --------

Cash flows from investing activities:
  Cash acquired through consolidation of
   The Academy for Teaching and Leadership, Inc.                50          -
  Investment in T. R. Winston                                    -  (      23)
                                                          --------   --------
     Net cash provided by (used in) investing activities        50  (      23)
                                                          --------   --------

Cash flows from financing activities:
  Repurchase of common stock                             (      39) (     656)
  Payments on debt                                               -  (       3)
                                                          --------   --------
     Net cash used in financing activities               (      39) (     659)
                                                          --------   --------

Net increase (decrease) in cash and cash equivalents           742  (   1,001)
Cash and cash equivalents at beginning of period            14,156      3,737
                                                          --------   --------
Cash and cash equivalents at end of period                $ 14,898   $  2,736
                                                          ========   ========

Supplemental disclosure of cash flow information:
  Cash paid for:
    Interest                                              $      -   $     13
                                                          ========   ========
    Taxes                                                 $     10   $      -
                                                          ========   ========



     See accompanying notes to condensed consolidated financial statements.

                                       4

<PAGE>

                 KENT FINANCIAL SERVICES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             March 31, 2005 AND 2004
                                   (UNAUDITED)



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

     The accompanying  unaudited condensed  consolidated financial statements of
Kent Financial  Services,  Inc. and subsidiaries (the "Company") as of March 31,
2005 and for the three month  periods  ended March 31, 2005 and 2004 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
consolidated  financial  statements and notes thereto  included in the Company's
Annual Report on Form 10-KSB for the year ended  December 31, 2004 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.  Estimates  that  are  particularly  susceptible  to  change  include
assumptions  used  in  determining  the  fair  value  of  securities  owned  and
non-readily marketable securities.

     The results of  operations  for the three  months  ended March 31, 2005 and
2004 are not necessarily indicative of the results to be expected for the entire
year or for any other period.

2.   Business
     --------

     The Company's business in comprised  principally of the management of Asset
Value Fund Limited Partnership ("AVF"), an investment  partnership whose primary
purpose is to make investments in a limited number of companies whose securities
are considered undervalued by AVF's management.

     In 2004,  AVF  acquired an  additional  139,328  shares of Cortech,  Inc.'s
("Cortech") common stock for approximately $427,000, increasing its ownership of
Cortech to 50.06% at June 30, 2004.  (the "Cortech  Acquisition')  Prior to June

                                       5

<PAGE>

30, 2004,  AVF had been  accounting for its investment in Cortech based upon its
fair value as  determined by the  management  of AVF.  Subsequent to the Cortech
Acquisition,   Cortech  has  been   consolidated  in  the  Company's   financial
statements.  Cortech  is  currently  seeking  the  acquisition  of an  operating
business.  All of Cortech's  assets,  excluding its portfolio of  pharmaceutical
patents, are invested in cash and United States Treasury Bills.

     Through  AVF,  Kent  also  owns  44% of  General  Devices,  Inc,  ("General
Devices") having  purchased an additional  714,413 shares of General Devices for
$71,400 in February 2005.  General Devices is currently  seeking the acquisition
of an operating business.

     In August  2004,  the Company  formed a new  subsidiary,  Kent  Educational
Services,  Inc.,  ("KES"),  initially  funded with  $300,000.  KES purchased for
$300,000, a 60% controlling interest in The Academy for Teaching and Leadership,
Inc.  ("The  Academy"),  a new company  formed to offer  educators  high quality
programs designed to dramatically improve themselves,  their students, and their
schools. Dr. Saul Cooperman,  a former Commissioner of Education in the State of
New Jersey,  heads the  Academy.  KES and The Academy  are  consolidated  in the
Company's financial  statements.  Goodwill of $90,000 was recorded in connection
with the consolidation of The Academy.

     Until July 2003, the Company owned T.R. Winston & Company, Inc. ("Winston),
a licensed  securities  broker-dealer.  In July 2003,  the  Company  sold 60% of
Winston to two  executives  of Winston and in August 2004,  the Company sold its
remaining interest.

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
position  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.







                                       6

<PAGE>

     Securities  owned as of March 31, 2005,  consisting of portfolio  positions
(equity securities) held for capital appreciation consist of the following:


                                                                        %
                                                       Value           Owned
                                                       -----           -----
                                                    (in $000's)
    Marketable equity securities:
      Portfolio positions of greater
        than 5% of outstanding common stock:
          Golf Rounds.com, Inc. (193,800 shares)      $   140           5.6%
          General Devices, Inc. (1,580,971 shares)        158          43.9%
      All other portfolio positions                       428
                                                      -------
    Aggregate market                                  $   726
                                                      =======

     Securities  owned which are not valued at listed market prices at March 31,
2005 amounted to $298,000.

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

     The components of income tax expense are as follows ($000 Omitted):

                                                        Three Months Ended
                                                              March 31,
                                                        ------------------
                                                         2005        2004
                                                        ------      ------

                    Federal - Current                    $  4        $  -
                    State - Current                        16          16
                    Deferred                                -           -
                                                         ----        ----
                      Total                              $ 20        $ 16
                                                         ====        ====

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

     On April 16, 2004 the Board of Directors approved a two for one stock split
in the form of a 100% stock  dividend.  The record  date was April 30,  2004 and
distribution  date  was May 3,  2004.  Accordingly,  all  share  and  per  share
information has been restated.

     On March 10,  2005 the Company  declared a dividend of $.30 per share.  The
record date for the  dividend was March 21, 2005 and the  distribution  date was
April 5, 2005.

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

     In August 2004, the Board of Directors  approved a plan to repurchase up to
200,000 shares of the Company's  common stock at prices deemed  favorable in the
open  market  or  in  privately   negotiated   transactions  subject  to  market
conditions,  the Company's  financial position and other  considerations.  As of
March 31, 2005, 58,073 shares under this plan have been repurchased, canceled


                                       7

<PAGE>

and returned to the status of authorized but unissued shares.

6.   Net Income Per Share
     --------------------

     The Company reports income per share under the requirements of Statement of
Financial  Accounting  Standards No. 128, "Earnings per Share". Basic income per
share includes the weighted average number of common shares  outstanding  during
the year.  Diluted  income per share  includes  the weighted  average  number of
shares  outstanding and dilutive  potential common shares,  such as warrants and
options.  Since there are no dilutive potential common shares, basic and diluted
earnings per share are the same.

     Cortech Stock Options Plans
     ---------------------------

     Cortech has issued certain common stock options to its employees, directors
and  consultants.  At March 31, 2005 Cortech had 366,210  common  stock  options
outstanding.  Any  exercises of these common stock options could have a dilutive
effect on the percentage of Cortech owned by the Company.

     Cortech applies Accounting  Principles Board ("APB") Opinion 25 and related
interpretations in accounting for its options. Accordingly, no compensation cost
has been  recognized for stock options  issued.  Had  compensation  cost for the
issued stock options been determined  based upon the fair values at the dates of
awards under those plans  consistent  with the method of FASB Statement 123, the
Company's net income and net income per share would have been reduced to the pro
forma amounts indicated below:

                                                 Three Months Ended
                                                       March 31
                                                 -------------------
                                                  2005         2004
                                                 ------       ------

     Net income (in $000's)
       As reported                               $  29        $ 187
       Proforma compensation expense            (   16)      (   16)
       Pro forma                                    13          171

     Basic and fully diluted
      net income per share
       As reported                               $ .01        $ .06
       Pro forma                                     -          .06

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

     An affiliate of the Company pays an administrative  fee of $4,000 per month
for  management  services  performed by the Company on behalf of the  affiliate.
These services include corporate governance, financial management and accounting
services. Prior to the consolidation of Cortech in the Financial Statements, the

                                       8

<PAGE>

Company recorded an additional $15,000 per month in management fee income.

8.   Investment Company Act of 1940
     ------------------------------

     As a result of the Company's  sale of 100% of its holdings of Winston,  the
Company  believes that a large portion of its remaining assets may be classified
as "investment securities" as such term is defined in the Investment Company Act
of 1940, as amended (the "1940 Act"). If the Company,  therefore, were deemed to
be an investment company under the 1940 Act, it would be required to register as
an investment  company with the  Securities  and Exchange  Commission  and would
become  subject  to the  regulatory  duties  and  restrictions  of the 1940 Act,
including, but not limited to, restrictions on:

         o  operating methods;
         o  management structure;
         o  capital structure and debt issuance;
         o  issuance of dividends; and
         o  transactions with affiliates

     These  restrictions  would require the Company to significantly  change the
manner in which it conducts its operations  and require it to incur  significant
expenses  for which it has not  provided.  This would  have a  material  adverse
effect on the Company's results of operations.

     Furthermore,  if the Company were deemed to be an  unregistered  investment
company,  it would be  subject to  substantial  restrictions  on its  ability to
conduct its present  business  activities  unless it became  registered with the
Securities  and  Exchange  Commission.  These  restrictions  would  also  have a
material adverse effect on the Company's results of operations.

     The Company intends to engage primarily in a business other than that of an
investment  company and,  unless an exclusion  from the definition of investment
company under the 1940 Act is available to it, the Company intends on taking all
action  necessary to prevent it from being deemed an investment  company  within
the time  permitted by the 1940 Act. This may include  reducing the value of the
"investment  securities"  that the Company  holds as a  percentage  of its total
assets and any other  actions  that the Company  deems to be  appropriate.  This
reduction  could  be  achieved  in a  number  of  ways,  including  through  the
disposition of "investment  securities"  and the  acquisition of  non-investment
security assets.  If the Company is required to sell "investment  securities" it
may be forced to sell them sooner than it otherwise would and these dispositions
may be made  under  unfavorable  market  conditions  resulting  in losses to the
Company.

     Currently, the Company believes that its 50.06% ownership in Cortech is its
primary  business,  and that it will not be deemed to be an  investment  company
under the 1940 Act.

                                       9

<PAGE>

9.   Recent Accounting Standards
     ---------------------------

     In December 2004, the Financial  Accounting Standards Board ("FASB") issued
Statement of Financial  Accounting  Standards  ("SFAS") No. 123 (revised  2004),
"Share-Based  Payment"  ("SFAS  123R").  SFAS 123R  addresses the accounting for
share-based  payments to employees,  including grants of employee stock options.
Under  the new  standard,  companies  will no  longer  be  able to  account  for
share-based  compensation  transactions using the intrinsic method in accordance
with APB Opinion No. 25,  "Accounting  for Stock Issued to Employees".  Instead,
companies will be required to account for such  transactions  using a fair-value
method and recognize the related expense associated with share-based payments in
the consolidated statement of operations.  SFAS 123R will be effective as of the
beginning of the first fiscal year beginning after June 15, 2005. The Company is
currently  assessing  the  impact  that SFAS 123R  will have on the  results  of
operations, financial positions and cash flows.





























                                       10

<PAGE>

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

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

     The Company had net income of $29,000, or $.01 basic and diluted net income
per share,  for the three months ended March 31, 2005  compared to net income of
$187,000,  or $.06 basic and diluted income per share, for the comparable period
in 2004.  Per share  earnings  for the  quarter  ended  March 31, 2004 have been
adjusted for a 100% stock dividend which was effected in April 2004.

     Net investing gains were $53,000 for the three months ended March 31, 2005,
compared to net investing  gains of $42,000 for the  comparable  period in 2004.
The  increase was due to an increase in realized  gains of $132,000  offset by a
decrease in unrealized gains of $121,000.

     Interest,  dividends  and other  income was  $228,000  for the three months
ended  March 31, 2005 and 2004.  Interest  income  increased  to $82,000 for the
first quarter of 2005,  from $5,000 for the first quarter of 2004, due primarily
to the inclusion of Cortech in the Company's  consolidated financial statements.
Cortech earned  interest  income of $64,000 in the first quarter of 2005.  Other
income  decreased to $146,000 for the first quarter of 2005 from $223,000 in the
first quarter of 2004,  due primarily to a reduction in fees earned for services
(primarily general and administrative services).

     General,  administrative  and other expenses were $262,000 and $220,000 for
the quarters ended March 31, 2005 and 2004, respectively.  This increase was due
primarily  to  the   consolidation  of  Cortech's   expenses  in  the  financial
statements.

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

     The  Company had cash and cash  equivalents  (U.S.  Treasury  bills with an
original  maturity of ninety days or less) of  approximately  $14.9  million and
securities owned of approximately $726,000 at March 31, 2005.  Substantially all
securities are owned by Asset Value Fund Limited Partnership. Securities carried
at fair value of $298,000  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  $731,000 for the three months ended
March 31, 2005  compared to the net cash used in  operations of $319,000 for the
comparable period of 2004. Net income of $29,000, adjusted for unrealized losses
on marketable securities of $95,000, a change in securities owned of $384,000, a
change in accounts  payable and accrued  expenses of $65,000,  and the change in
other  assets of  $175,000  were the primary  reasons  for the cash  provided by

                                       11

<PAGE>

operations.  For the quarter  ended March 31, 2004,  the net income of $187,000,
offset by the change in securities owned of $424,000, adjusted for the equity in
earnings of T.R. Winston were the primary reasons for the cash used in operating
activities.

     Net cash of $50,000 was provided by investing activity is the quarter ended
March 31,  2005,  due to the cash  acquired  through  the  consolidation  of The
Academy for Teaching and  Leadership,  Inc. In the quarter ended March 31, 2004,
net cash of $23,000 was used in  investing  activities  in  connection  with the
Company's investment in T.R. Winston, which was sold in August 2004.

     Net cash used in financing  activities of $39,000 and $659,000 in the three
month periods ended March 31, 2005 and 2004,  respectively,  was due principally
to the purchase of the Company's common stock, which was subsequently retired.

     The Company  believes that its cash and cash  equivalents are sufficient to
fund  operations  for at least the next  twelve  months,  including  the cost of
acquiring operating businesses, or making additional investments.

Off-Balance Sheet Arrangements
------------------------------

     The Company has no off-balance sheet arrangements.

Related Party Transactions
--------------------------

     An affiliate of the Company pays an administrative  fee of $4,000 per month
for  management  services  performed by the Company on behalf of the  affiliate.
These services include corporate governance, financial management and accounting
services. Prior to the consolidation of Cortech in the Financial Statements, the
Company recorded an additional $15,000 per month in management fee income.


Item 3. -  Controls and Procedures
-------    -----------------------

     As of the end of the period  covered by this  report,  the Company  carried
out,  under  the  supervision  and  with  the  participation  of  the  Company's
management,  including its Chief Executive Officer and Chief Financial  Officer,
an evaluation of the  effectiveness of the design and operation of the Company's
disclosure  controls and  procedures (as defined in Rule 13a-15(e) and 15d-15(e)
under the  Securities  Exchange Act of 1934).  Based upon that  evaluation,  the
Chief Executive  Officer and Chief Financial  Officer  concluded that the design
and operation of these disclosure  controls and procedures are effective.  There
was no change in the Company's  internal  control over  financial  reporting (as
defined in Rule  13a-15(f) and 15d-15(f)  under the  Securities  Exchange Act of
1934) during the quarter ended March 31, 2005 that has materially  affected,  or


                                       12

<PAGE>

is reasonably likely to materially  affect,  the Company's internal control over
financial reporting.

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

     In order to achieve  compliance with Section 404 of the  Sarbanes-Oxley Act
of 2002 (the "Act") by December  31,  2006,  the  Company  expects to begin,  in
fiscal  2005,  the system and process  documentation  and  evaluation  needed to
comply with Section 404.











































                                       13

<PAGE>

PART II  -  OTHER INFORMATION
-------     -----------------
ITEM 1.     Legal Proceedings
-------     -----------------

     None.

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

Purchase of Equity Securities
-----------------------------

     In August 2004, the Board of Directors  approved a plan to repurchase up to
200,000 shares of the Company's common stock.  This plan has no expiration date.
The  following  table  sets  forth  certain   information  about  the  Company's
repurchase of shares under this Plan during the quarter ended March 31, 2005.

              SMALL BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES
                   (COMMON STOCK-AUGUST 2004 REPURCHASE PLAN)

                                                     (c) Total
                                                    Number of      (d) Maximum
                                                      Shares        Number of
                                                   Purchased as    Shares that
                                                      Part of      May Yet Be
                      (a) Total                      Publicly      Purchased
                      Number of         (b)          Announced     Under the
                        Shares      Average Price     Plans or      Plans or
     Period           Purchased    Paid per Share     Programs     Programs
--------------------------------------------------------------------------------

January 1, 2005 -
January 31, 2005             -        $   -                 -          156,397

February 1, 2005 -      14,454         2.67            14,454          141,943
February 28, 2005

March 1, 2005 -             16         2.92                16          141,927
March 31, 2005

Total                   14,470         2.67            14,470          141,927


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

     None.

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

     None.

ITEM 5.     Other Information
-------     -----------------

     None.

                                       14

<PAGE>

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

(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 Incorporation.
                      (3)

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

            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 *

------------------
*   Filed herewith.

(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.












                                       15

<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: May 13, 2005                    By: /s/ Sue Ann Merrill
                                           -------------------------------------
                                           Sue Ann Merrill
                                           Chief Financial Officer and
                                           Secretary (Principal Financial and
                                           Accounting Officer, and officer
                                           duly authorized to sign on behalf
                                           of the small business issuer)























                                       16

<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 small  business  issuer as of, and for,  the periods  presented in this
     report;

4.   The small business issuer'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))  for the small
     business issuer 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 small
          business  issuer,  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)   evaluated the effectiveness of the small business issuer'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

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


5.   The small business issuer's other certifying  officer and I have disclosed,
     based on our most recent  evaluation  of internal  control  over  financial
     reporting,  to the small business issuer's auditors and the audit committee
     of the small business  issuer'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 small  business  issuer'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 small business  issuer's
          internal control over financial reporting.


May 13, 2005                                    /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 small  business  issuer as of, and for,  the periods  presented in this
     report;

4.   The small business issuer'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))  for the small
     business issuer 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 small
          business  issuer,  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)   evaluated the effectiveness of the small business issuer'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

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

5.   The small business issuer's other certifying  officer and I have disclosed,
     based on our most recent  evaluation  of internal  control  over  financial
     reporting,  to the small business issuer's auditors and the audit committee
     of the small business  issuer'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 small  business  issuer'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 small business  issuer's
          internal control over financial reporting.


May 13, 2005                                    /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 his or her knowledge:

     1.   The  Quarterly  Report on Form  10-QSB of the  Company  for the period
          ended March 31, 2005,  (the "Quarterly  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  and  results  of
          operations of the Company.


Dated:   May 13, 2005


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



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