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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
EQUITEX, INC.
(Name of Issuer)
COMMON STOCK, $.02 PAR VALUE PER SHARE
(Title of Class of Securities)
294592 30 8
(CUSIP Number)
Wayne William Mills William M. Mower, Esq.
The Colonnade, Suite 290 Maslon Edelman Borman & Brand, LLP
5500 Wayzata Boulevard 3300 Norwest Center
Golden Valley, Minnesota 55416 Minneapolis, Minnesota 55402
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
Copy to:
William M. Mower, Esq.
Maslon Edelman Borman & Brand, LLP
3300 Norwest Center
Minneapolis, Minnesota 55402
FEBRUARY 2, 1998
(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13-1(e), 13d-1(f) or 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 Rule 13d-7(b) for other
parties to whom copies are to be sent.
(Continued on following pages)
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SCHEDULE 13D
<TABLE>
<CAPTION>
Cusip No. 294592 30 8 Page 2 of 5 pages
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<S> <C>
1 Name of Reporting Persons
I.R.S. Identification Nos. of Above Persons (entities only)
WAYNE WILLIAM MILLS
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2 Check the Appropriate Box if a Member of a Group* (a) []
(b) []
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3 SEC Use Only
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4 Source of Funds*
PF
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5 Check Box If Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) []
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6 Citizenship or Place of Organization
USA
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7 Sole Voting Power
330,000
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Number of
Shares 8 Shared Voting Power
beneficially
owned 0
by each ---------------------------------------------------------------------------------------------------------------
reporting
person with: 9 Sole Dispositive Power
330,000
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10 Shared Dispositive Power
0
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11 Aggregate Amount Beneficially Owned by Each Reporting Person
330,000 shares
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12 Check Box if the Aggregate amount in Row (11) Excludes Certain Shares* []
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13 Percent of Class Represented by Amount in Row (11)
8.7%
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14 Type of Reporting Person*
IN
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</TABLE>
* SEE INSTRUCTIONS BEFORE FILLING OUT!
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ITEM 1. SECURITY AND ISSUER.
This Statement on Schedule 13D dated February 27, 1998 (the "Schedule
13D") relates to the Common Stock, $.02 par value per share (the "Common
Stock"), of Equitex, Inc., a Delaware corporation (the "Issuer"). The
address of the principal executive office of the Issuer is 7315 East Peakview
Avenue, Engelwood, Colorado 80111.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This Schedule 13D is being filed by Wayne William Mills (the
"Filing Person"), an individual residing in the State of Minnesota. The
Filing Person is making this filing because he is the beneficial owner,
pursuant to Rule 13d-3 under the Securities Exchange Act of 1934 (the
"Exchange Act"), of more than five percent (5%) of the outstanding shares
of Common Stock of the Issuer.
(b) The principal office of Mr. Mills is The Colonnade, Suite 290,
5500 Wayzata Boulevard, Golden Valley, Minnesota 55436.
(c) Mr. Mills is an executive with R.J. Steichen & Company located at
the address listed in (b) above.
(d)-(e) During the last five years, the Filing Person has not been
convicted in a criminal proceeding (excluding traffic violations and similar
misdemeanors) nor has the Filing Person been a party to a civil proceeding of
a judicial or administrative body of competent jurisdiction as a result of
which such individual was or is subject to a judgment, decree, or final order
enjoining future violations of, or prohibiting, or mandating activity subject
to, federal or state securities laws or finding any violation with respect to
such laws.
(f) The Reporting Person is a citizen of the United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The aggregate purchase price of the purchases identified in response
to Item 5(c) was $326,008. All such purchases were paid for with personal
funds.
ITEM 4. PURPOSE OF TRANSACTION.
The Filing Person purchased the Securities reported herein as an
investment. Although the Filing Person has a present intention to purchase
additional securities from time to time, depending upon market conditions and
his evaluation of the Issuer's business and prospects, he may alternatively
determine to decrease or dispose of his investment in securities of the Issuer,
whether now owned or hereafter acquired, in privately negotiated or open market
transactions, on such terms and at such times as the Filing Person considers
desirable. In making anysuch determination, the Filing Person will take into
consideration other available business opportunities, general economic
conditions, monetary and stock market conditions, and future developments
affecting the Issuer.
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The Filing Person has not formed any specific intentions regarding:
(i) Any extraordinary corporate transaction such as a merger,
reorganization, or liquidation involving the Issuer or any of its securities;
(ii) A sale or transfer of material amount of assets of the Issuer or
any of its subsidiaries;
(iii) Any change in the present Board of Directors or management of
the Issuer (including plans or proposals to change the number or term of
Directors or to fill any existing vacancies on the Board;
(iv) Any material change in the present capitalization or dividend
policy of the Issuer;
(v) Any other material change in the Issuer's business or corporate
structure;
(vi) Changes in the Issuer's charter, bylaws or instruments
corresponding thereto or other acts which may impede the acquisition of control
of the Issuer by any person;
(vii) Causing a class of securities of the Issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted in the
Nasdaq market;
(viii) A class of the equity securities of the Issuer becoming eligible
for termination of registration pursuant to Section 12(g)(4) of the Exchange
Act; or
(ix)Any action similar to those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) The Reporting Person beneficially owns 330,000 shares of the
outstanding Common Stock of the Issuer, representing approximately 8.7% of the
Common Stock (based upon 3,791,115 shares outstanding).
(b) The Reporting Person has sole voting and dispositive power with respect
to a total of 330,000 shares.
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(c) Listed below are all transactions effected in the Issuer's Common
Stock by the Reporting Person:
<TABLE>
<CAPTION>
Nature of Number Price per Total Pur-
Trade Date Transaction of Shares Share chase Price
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<S> <C> <C> <C> <C>
2/02/98 Buy 240,000 $0.7500 $180,000
2/11/98 Buy 40,000 1.3750 55,000
2/13/98 Buy 40,000 1.8126 72,504
2/19/98 Buy 10,000 1.8504 18,504
</TABLE>
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
There are no contracts, arrangements, understandings or relationships between
the Filing Person and any other person with respect to any securities of the
Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: February 27, 1998
By /s/ Wayne William Mills
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Wayne William Mills
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