SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BISHOP DANIEL L

(Last)

(First)

(Middle)

3811 21ST STREET

(Street)

RACINE

53405

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
EQUITEX INC [ EQTX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/03/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	10/03/2003		P		10,000	A	$1.0162	1,856,404	D
Common Stock	10/03/2003		P		15,100	A	$0.94	1,871,504	D
Common Stock	10/06/2003		P		58,056	A	$0.94	1,929,560	D
Common Stock	10/07/2003		P		3,200	A	$0.95	1,932,760	D
Common Stock								472,450	I	By General Merchandise Liquidators⁽¹⁾
Common Stock								49,800	I	By Special Video, Inc.⁽¹⁾
Common Stock								515,600	I	By Superb Video II, Inc.⁽¹⁾
Common Stock								259,600	I	By Tee & Bee Inc.⁽¹⁾
Common Stock								116,400	I	By Discount Video Liquidators, Inc.⁽¹⁾
Common Stock								8,500	I	Superb Video Two, Inc.⁽¹⁾
Common Stock								122,700	I	By Supreme Video, Inc.⁽¹⁾
Common Stock								32,400	I	Video Liquidators, Inc.⁽¹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Series J 6% Convertible Preferred Stock	$0.4⁽²⁾							10/10/2002	10/10/2005	Common Stock	750,000		300	I	By Discount Video Liquidators, Inc.⁽¹⁾
Warrants	$0.39							10/10/2002	10/10/2005	Common Stock	30,000		30,000	I	By Discount Video Liquidators, Inc.⁽¹⁾
Warrants	$5.78							07/19/2001	07/19/2004	Common Stock	50,000		50,000	D
Warrants	$0.5							06/30/2002	06/30/2007	Common Stock	230,000		230,000	D
Series J 6% Convertible Preferred Stock	$0.4⁽²⁾							11/26/2002	11/26/2005	Common Stock	500,000		200	I	By Tee & Bee, Inc.⁽¹⁾
Warrants	$0.38							11/26/2002	11/26/2005	Common Stock	20,000		20,000	I	By Tee & Bee Inc.⁽¹⁾
Warrants	$0.69							08/20/2003	09/30/2003	Common Stock	200,000		200,000	D

Explanation of Responses:

1. A corporation of which the Reporting Person is an officer, sole director and sole shareholder.

2. The conversion price is the greater of 65% of market value or $0.40 per share.

	s/ Daniel L. Bishop	10/07/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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