
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  FORM 10-KSB/A

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

                    For the fiscal year ended March 31, 2003

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

                  For the transition period from ____ to ____

                         Commission file number 0-14807

                        AMERICAN CLAIMS EVALUATION, INC.
                 (Name of small business issuer in its charter)

           New York                                              11-2601199
(State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)

                      One Jericho Plaza, Jericho, NY 11753
               (Address of principal executive offices) (Zip Code)

                    Issuer's telephone number: (516) 938-8000

      Securities registered under Section 12(b) of the Exchange Act: None.

         Securities registered under Section 12(g) of the Exchange Act:
                          Common Stock, $.01 par value
                                (Title of class)

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 registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days: Yes [X] No [ ]

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the  best  of  registrant's   knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part III of this Form  10-KSB or any
amendment to this Form 10-KSB. [X]

The issuer's revenues for the fiscal year ending March 31, 2003 were $1,197,700.

On June 13, 2003, the aggregate  market value of the  registrant's  common stock
held by non-affiliates was $2,578,408.  For purposes of this disclosure,  shares
of common stock held by directors,  officers and  stockholders  whose  ownership
exceeds five percent of the common stock outstanding were excluded. Exclusion of
shares held by any person  should not be construed to indicate  that such person
possesses  the power,  direct or indirect,  to direct or cause the  direction of
management  or policies of the issuer,  or that such person is  controlled by or
under common control of the issuer.

The number of shares of the  registrant's  common stock  outstanding on June 13,
2003 was 4,259,800.

                       DOCUMENTS INCORPORATED BY REFERENCE

None.

Transitional Small Business Disclosure Format (check one): Yes [ ]  No [X]

<PAGE>



This  Amendment to Form 10-KSB is being filed solely to correct a  typographical
error  which  appeared  in  "Item  13.  1.  FINANCIAL  STATEMENTS,  Consolidated
Statement of Operations for the years ended March 31, 2003 and 2002." This error
was caused by the Edgarization  process and consisted of the omission of the net
loss figure for the year ended March 31,  2003 on the  aforementioned  financial
statement.

No other changes have been made.







<PAGE>


                 AMERICAN CLAIMS EVALUATION, INC. AND SUBSIDIARY
                      Consolidated Statements of Operations
                       Years ended March 31, 2003 and 2002


                                                         2003           2002
                                                     -----------     ----------
Revenues                                             $ 1,197,700      1,260,913
Cost of services                                         572,663        619,488
                                                     -----------     ----------
       Gross margin                                      625,037        641,425
Selling, general, and administrative expenses          1,474,350      1,147,695
                                                     -----------     ----------
       Operating loss                                   (849,313)      (506,270)
Other income:
  Interest income                                        144,479        265,040
  Gain on sale of marketable securities                       --        450,069
                                                     -----------     ----------
       Earnings (loss) before income tax benefit        (704,834)       208,839
Income tax benefit                                       (34,000)       (94,000)
                                                     -----------     ----------
       Net earnings (loss)                           $  (670,834)       302,839
                                                     ===========     ==========
Earnings (loss) per share - basic                    $     (0.16)          0.07
Earnings (loss) per share - diluted                        (0.16)          0.07
Weighted average shares - basic                        4,259,800      4,273,500
Potential dilutive shares                                     --          9,773
                                                     -----------     ----------
Weighted average shares - diluted                      4,259,800      4,283,273
                                                     ===========     ==========


See accompanying notes to consolidated financial statements.

                                      F-3
<PAGE>


                                   SIGNATURES

In  accordance  with  Section 13 or 15(d) of the Exchange  Act,  the  registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                           AMERICAN CLAIMS EVALUATION, INC.


                                           By: /s/ Gary Gelman
                                               ---------------------------------
                                               Gary Gelman
                                               Chairman of the Board, President
                                               and Chief Executive Officer

DATE:   July 7, 2003

In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated:


SIGNATURES                            TITLE                           DATE
----------                            -----                           ----

 /s/ Gary Gelman                Chairman of the Board,             July 7, 2003
---------------------------     President and Chief
Gary Gelman                     Executive Officer
                                (Principal Executive Officer)


 /s/ Gary J. Knauer             Chief Financial Officer,           July 7, 2003
---------------------------     Treasurer (Principal Financial
Gary J. Knauer                  and Accounting Officer)
                                and Secretary


 /s/ Edward M. Elkin            Director                           July 7, 2003
---------------------------
Edward M. Elkin, M.D.


 /s/ Peter Gutmann              Director                           July 7, 2003
---------------------------
Peter Gutmann



<PAGE>


                                 CERTIFICATIONS

I, Gary Gelman, certify that:

1.   I have  reviewed  this  annual  report on Form  10-KSB of  American  Claims
     Evaluation, Inc.;

2.   Based on my  knowledge,  this  annual  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 annual report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information included in this annual 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 annual report;

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

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

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

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

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

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

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

6.   The  registrant's  other  certifying  officers and I have indicated in this
     annual  report  whether or not there were  significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date: June 20, 2003

/s/ Gary Gelman
-----------------------
Gary Gelman
Chief Executive Officer



<PAGE>

                                 CERTIFICATIONS

I, Gary J. Knauer, certify that:

1.   I have  reviewed  this  annual  report on Form  10-KSB of  American  Claims
     Evaluation, Inc.;

2.   Based on my  knowledge,  this  annual  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 annual report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information included in this annual 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 annual report;

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

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

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

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

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

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

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

6.   The  registrant's  other  certifying  officers and I have indicated in this
     annual  report  whether or not there were  significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

Date: June 20, 2003

/s/ Gary J. Knauer
-----------------------
Gary J. Knauer
Chief Financial Officer



