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SECURITIES AND EXCHANGE COMMISSION

FORM 10-Q

(Mark One)

For the quarterly period ended                      June 30, 2003

OR

For the transition period from _________________to ________________

Commission file number 0-10695

REGENCY EQUITIES CORP.

     Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

     Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act. Yes [  ] No [X]

     Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Number of Shares of Common Stock outstanding as of August 8, 2003 is 87,283,661.

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REGENCY EQUITIES CORP.

INDEX

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PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

REGENCY EQUITIES CORP.

BALANCE SHEETS

See accompanying notes to financial statements

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REGENCY EQUITIES CORP.
STATEMENTS OF OPERATIONS
(Unaudited)

See accompanying notes to financial statements

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REGENCY EQUITIES CORP.

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

(Unaudited)

See accompanying notes to financial statements

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REGENCY EQUITIES CORP.

STATEMENTS OF CASH FLOWS

(Unaudited)

See accompanying notes to financial statements

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Regency Equities Corp.
Notes to Financial Statements
June 30, 2003
(Unaudited)

1.		Significant accounting policies
		Significant accounting policies of Regency Equities Corp. (the “Company”) are set forth in its Annual Report on Form 10-K as filed by the Company for the year ended December 31, 2002, together with certain procedural disclosures.
2.		Basis of reporting
		The balance sheet as of June 30, 2003, the statements of operations for the three month and six month periods ended June 30, 2003 and 2002, the statement of changes in shareholders’ equity for the six months ended June 30, 2003 and the statements of cash flows for the six month periods ended June 30, 2003 and 2002 have been prepared by the Company without audit. The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statement presentation. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the financial position of the Company at June 30, 2003, the results of its operations for the three month and six month periods ended June 30, 2003 and 2002 and cash flows for the six month period ended June 30, 2003 and 2002. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2002. The results of operations for the three month and six month periods ended June 30, 2003 are not necessarily indicative of the results that might be affected for the year ending December 31, 2003.

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3.		Rental property
		Real estate owned consists of a shopping center (the “Center”) located in Grand Rapids, Michigan. Approximately 12.5% of the Center is leased to a tenant on a month-to-month basis. Minimum rent in connection with this tenant is $3,500 per month. The remaining 87.5% of the Center is vacant.

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

Results of Operations

	(a)		During the second quarter of 2003, the Company recorded a loss of $56,764 before income taxes compared to a loss of $36,949 for the same period of 2002. The increase in loss resulted principally from (i) a decrease in interest income of $3,243, (ii) an increase in insurance expense of $9,275 arising from an increased insurance premium, and (iii) an increase in the snow removal expense of $4,710.
	(b)		During the six months ended June 30, 2003, the Company recorded a loss of $122,195 before income taxes compared to a loss of $84,610 for the same period of 2002. The increase in loss resulted principally from (i) a decrease in interest income of $6,624, (ii) an increase in insurance of $18,551 arising from an increase in insurance premium, and (iii) an increase in legal fees of $7,742 due to the requirements of the Sarbanes-Oxley Act of 2002.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

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Item 4. Controls and Procedures.

Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 (the “Exchange Act”), the Company’s management, with the participation of the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective in ensuring that information required to be disclosed in reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. No change in the Company’s internal control over financial reporting occurred during the Company’s most recent fiscal quarter that materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II - Other Information

Item 6. Exhibits and Reports on Form 8-K

(a)

Exhibits:

	(b)		Reports on Form 8-K
			None.

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SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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REGENCY EQUITIES CORP.

QUARTERLY REPORT ON FORM 10-Q

INDEX TO EXHIBITS

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