Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CRAIG WALTER M JR
   2. Issuer Name and Ticker or Trading Symbol
EQUIFIN INC [EQUI] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President/CEO
(Last)
(First)
(Middle)
3. Date of Earliest Transaction (Month/Day/Year)
12/31/2003
(Street)

 		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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)
Code V Amount (A) or (D) Price
Common Stock 12/21/2004   A   15,000 A $ 0.03 403,640 D  

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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants $ 1             12/31/2003 09/30/2004 Common Stock 3,750   3,750 D  
Warrants $ 0.25             12/31/2003 12/31/2007 Common Stock 220,000   220,000 D  
Stock Options $ 0.25             12/31/2003 03/31/2011 Common Stock 100,000   100,000 D  
Stock $ 0.25             10/01/2010 03/31/2011 Common Stock 50,000   50,000 D  
Stock Options (1) $ 0.5             10/01/2010 03/31/2011 Common Stock 50,000   50,000 D  
Stock Options (1) $ 0.75             10/01/2010 03/31/2011 Common Stock 50,000   50,000 D  
Stock Options (1) $ 1             10/01/2010 03/31/2011 Common Stock 50,000   50,000 D  
Stock Options (1) $ 1.25             10/01/2010 03/31/2011 Common Stock 50,000   50,000 D  
Stock Options (1) $ 1.5             10/01/2011 03/31/2011 Common Stock 50,000   50,000 D  
Stock Options $ 0.22             12/31/2003 07/31/2012 Common Stock 80,000   80,000 D  
Stock Options $ 0.25               (2) 12/31/2006 Common Stock 40,000   40,000 D  
Series AA Preferred $ 0.44             12/31/2003   (3) Common Stock 1,704,545   $ 750,000 I SEE FOOTNOTE (3)
Series AB Preferred $ 0.5             12/31/2003   (3) Common Stock 500,000   $ 250,000 I SEE FOOTNOTE (3)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CRAIG WALTER M JR

 		   X   X   President/CEO  

Signatures

 /S/ Walter M. Craig   12/23/2004
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Options may become exercisable at an earlier date based upon the Company's attaining certain earnings thresholds
(2) 13,333 options become exercisable January 2, 2004; 13,333 on January 2, 2005 and 13,334 on January 2, 2006
(3) Preferred stock was issued in exchange for a $750,000 11% convertible note and a $250,000 13% convertible note owned by Coast Capital Partners, LLC of which Mr. Craig is the Managing Director and sole member

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