SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 25049

                                  SCHEDULE 13D

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934

                              EQUIDYNE CORPORATION
                                (NAME OF ISSUER)

                     COMMON STOCK, PAR VALUE $.10 PER SHARE
                         (TITLE OF CLASS OF SECURITIES)

                                   29442R105
                                 (CUSIP NUMBER)

                            MR. JEFFREY B. WEINRESS
                            C/O EQUIDYNE CORPORATION
                      11770 BERNARDO PLAZA CT., SUITE 351
                           SAN DIEGO, CALIFORNIA 92128
                                 (858) 451-7001
   (NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES
                               AND COMMUNICATIONS)

                                JANUARY 14, 2003
             (DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)

IF THE FILING PERSON HAS PREVIOUSLY FILED A STATEMENT ON SCHEDULE 13G TO REPORT
THE ACQUISITION THAT IS THE SUBJECT OF THIS SCHEDULE 13D, AND IS FILING THIS
SCHEDULE BECAUSE OF SS.SS.240.13D-1(E), 240.13D-1(F) OR 240.13D-1(G), CHECK THE
FOLLOWING BOX [ ].

NOTE: SCHEDULES FILED IN PAPER FORMAT SHALL INCLUDE A SIGNED ORIGINAL AND FIVE
COPIES OF THE SCHEDULE, INCLUDING ALL EXHIBITS. SEE SS.240.13D-7 FOR OTHER
PARTIES TO WHOM COPIES ARE TO BE SENT.

*THE REMAINDER OF THIS COVER PAGE SHALL BE FILLED OUT FOR A REPORTING PERSON'S
INITIAL FILING ON THIS FORM WITH RESPECT TO THE SUBJECT CLASS OF SECURITIES, AND
FOR ANY SUBSEQUENT AMENDMENT CONTAINING INFORMATION WHICH WOULD ALTER
DISCLOSURES PROVIDED IN A PRIOR COVER PAGE.

THE INFORMATION REQUIRED ON THE REMAINDER OF THIS COVER PAGE SHALL NOT BE DEEMED
TO BE "FILED" FOR THE PURPOSE OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF
1934 ("ACT") OR OTHERWISE SUBJECT TO THE LIABILITIES OF THAT SECTION OF THE ACT
BUT SHALL BE SUBJECT TO ALL OTHER PROVISIONS OF THE ACT (HOWEVER, SEE THE
NOTES).





                                  SCHEDULE 13D

CUSIP No. 29442R105
- --------------------------------------------------------------------------------
1)       NAMES OF REPORTING PERSONS
         I.R.S.   IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

         Marcus R. Rowan

- --------------------------------------------------------------------------------
2)       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
         (SEE INSTRUCTIONS)
         (a) [ ]
         (b) [ ]
- --------------------------------------------------------------------------------
3)       SEC USE ONLY

- --------------------------------------------------------------------------------
4)       SOURCE OF FUNDS (SEE INSTRUCTIONS)
         OO

- --------------------------------------------------------------------------------
5)       CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
         2(d) OR 2(e)

- --------------------------------------------------------------------------------
6)       CITIZENSHIP OR PLACE OF ORGANIZATION
         USA

- --------------------------------------------------------------------------------

                      7)      SOLE VOTING POWER
                                     948,300
                      ----------------------------------------------------------
NUMBER OF             8) SHARED VOTING POWER
SHARES
BENEFICIALLY                        0
OWNED BY              ----------------------------------------------------------
EACH                  9)      SOLE DISPOSITIVE POWER
REPORTING                           948,300
PERSON WITH           ----------------------------------------------------------
                      10) SHARED DISPOSITIVE POWER
                                    0

- --------------------------------------------------------------------------------
11)      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                  948,300

- --------------------------------------------------------------------------------
12)      CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
         (SEE INSTRUCTIONS)

- --------------------------------------------------------------------------------
13)      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
                  6.0%

- --------------------------------------------------------------------------------
14)      TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
                  IN

- --------------------------------------------------------------------------------






This statement is filed by Marcus R. Rowan with the U.S. Securities and Exchange
Commission on January 31, 2003.

ITEM 1. SECURITY AND ISSUER.

This Statement relates to the common stock, par value $.10 per share (the
"Common Stock"), of EQUIDYNE CORPORATION (the "Company"). The Company's
principal executive offices are located at 11770 Bernardo Plaza Ct., San Diego,
California 92128.

ITEM 2. IDENTITY AND BACKGROUND.

(a)-(c) This Statement is filed by Marcus R. Rowan. Mr. Rowan has a principal
place of business and principal office at c/o EQUIDYNE CORPORATION, 11770
Bernardo Plaza Ct., Suite 351, San Diego, California 92128. Mr. Rowan is a
director and Chief Executive Officer of the Company.

(d)-(e) Mr. Rowan has not during the last five years (i) been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors) or
(ii) been a party to any civil proceeding of a judicial or administrative body
of competent jurisdiction (except for matters that were dismissed without
sanction or settlement) that resulted in a judgment, decree or final order
enjoining him from future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws.

(f) Mr. Rowan is a United States citizen.

ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.

On January 14, 2003, Mr. Rowan was granted an option to purchase 450,000 shares
of Common Stock at $0.34 per share, pursuant to the Company's 2002 Long-Term
Incentive and Share Award Plan. 225,000 of the options became exercisable on
January 14, 2003 and 18,750 more of the options become exercisable each month
beginning February 14, 2003 through January 14, 2004. In addition, on December
28, 2001, Mr. Rowan was granted an option to purchase 750,000 shares of Common
Stock at $0.86 per share pursuant to his Employment Agreement, dated December
28, 2001, 75,000 of which were exercisable at date of grant and 22,500 more of
these options became exercisable each month beginning January 1, 2002. Mr. Rowan
was granted options in August 1999 and March 2000, to purchase 50,000 and 75,000
shares of Common Stock, respectively, in relation to his service as a director
of the Company. Mr. Rowan also holds 148,300 shares purchased on the open
market.

ITEM 4. PURPOSE OF THE TRANSACTION.

Mr. Rowan, who serves as Director and Chief Executive Officer of the Company has
acquired certain of the shares over time as an investment and other shares and
options as incentive compensation. Mr. Rowan has no plans, in his capacity as an
individual investor which relate to or which would result in:

(a) the acquisition by any person of additional securities of the Company, or
the disposition of securities of the Company; (b) an extraordinary corporate
transaction, such as a merger, reorganization or liquidation, involving the
Company or any of its subsidiaries; (c) a sale or transfer of a material amount
of assets of the Company or any of its subsidiaries; (d) any change in the Board
of Directors of the Company or management of the Company; (e) any material
change in the present capitalization or dividend policy of the Company; (f) any
other material change in the Company's business or corporate structure; (g)
changes in the Company's charter, bylaws or instruments corresponding thereto or
other actions that might impede the acquisition of control of the Company by any
person; (h) causing a class of securities of the Company to be delisted from a
national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association;
(i) a class of equity securities of the Company becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Act; or (j) any
action similar to any of those enumerated above.

In his capacity as a Director or as Chief Executive Officer of the Company, Mr.
Rowan may, from time to time, have a role in formulating plans which relate to
or would result in any of the foregoing actions, which would be disclosed by the
Company as required under applicable law. Mr. Rowan has no such plans in his
capacity as an investor.

ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.

(a) Mr. Rowan beneficially owns (as defined by Rule 13d-3 under the Act) 948,300
shares, or 6.0% of the shares of Common Stock outstanding as of January 30,
2003. 800,000 of such shares are issuable pursuant to presently exercisable
options under the Company's stock option plans. 148,300 of such shares are owned
and held as a personal investment.

(b) Mr. Rowan has sole voting and dispositive power over 948,300 shares of
Common Stock.

(c) Not applicable

(d) Not applicable.

(e) Not applicable.

ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
        RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.

         None.

ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.

         None.



                                    SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

January 31, 2003
                                             /s/ Marcus R. Rowan
                                             -----------------------------
                                             Marcus R. Rowan