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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
        AND EXCHANGE COMMISSION</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
        D.C. 20549</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
        8-K</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
        Report Pursuant to Section 13 or</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15(d)
        of
        the Securities Act of 1934</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
        of
        Report (Date of earliest event reported):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">September
        19, 2005 (September 13, 2005) </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EQUITEX,
        INC.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        name of registrant as specified in its charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="27%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware</font></div>
              </td>
              <td valign="top" width="27%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0-12374</font></div>
              </td>
              <td valign="top" width="27%" style="BORDER-BOTTOM: black thin solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">84-0905189</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  or other jurisdiction of </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">incorporation)</font></div>
              </td>
              <td valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                  File Number)</font></div>
              </td>
              <td valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
                  Employer </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                  No.)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7315
        East
        Peakview Avenue</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Englewood,
        Colorado 80111</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">--------------------------------------------------</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
        of principal executive offices)(Zip Code)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's
        telephone number, including area code: (303) 796-8940</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-------------------------------------------</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
        name or former address, if changed since last report.)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="id_5"/><a name="id_6"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        1.01<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Entry Into A
        Material
        Definitive Agreement.</strong></font></a></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(a)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Agreement
        with Hydrogen Power, Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        September 13, 2005, Equitex, Inc. (&#8220;Equitex or the &#8220;Registrant&#8221;) entered into an
        Agreement and Plan of Merger and Reorganization (the &#8220;Agreement&#8221;) by and among
        the Registrant, EI Acquisition Corp., a newly formed subsidiary of the
        Registrant (&#8220;Merger Sub&#8221;), and Hydrogen Power, Inc. (&#8220;HPI&#8221;), through which (i)
        Merger Sub will merge with and into HPI, and (ii) HPI will be the surviving
        corporation to the merger and will become a wholly owned subsidiary of the
        Registrant. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the Agreement, Equitex shall issue to the stockholders of HPI at closing
        of
        the merger shares of its common stock in an amount equal to an aggregate
        of
        approximately 29% of Equitex&#8217;s common stock outstanding on such date, on a
        post-closing basis. Equitex shall also issue to the stockholders of HPI certain
        shares of its to-be-designated Series L Preferred Stock (the &#8220;Preferred Stock&#8221;).
        The Preferred Stock shall be convertible into common stock of the Registrant
        in
        three tranches, on the 180</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        270</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        and
        360</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        day
        following closing of the merger, respectively; each tranche shall be convertible
        into 40% of the Registrant&#8217;s common stock outstanding on the respective date of
        conversion. The conversion of the Preferred Stock will be subject to the
        achievement by HPI of certain performance benchmarks, including HPI&#8217;s use of its
        hydrogen technology to develop prototype generators, with marketable value,
        for
        various micro and portable power applications and for various macro power
        applications such as fuel cells and internal combustion engines. The successful
        achievement of these benchmarks, and thus the conversion of the Preferred
        Stock,
        shall be determined by Equitex in its sole discretion.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">After
        closing of the merger, the officers and directors of HPI will remain in their
        respective positions, with Equitex having the option to appoint one additional
        HPI director. HPI shall have the option to appoint one additional Equitex
        director. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        part
        of the agreement, Equitex agreed to loan to HPI an aggregate of $3,000,000,
        $1,000,000 of which was previously advanced in July 2005. Equitex also agreed
        to
        use the proceeds from the sale of certain of its assets, if any, and from
        the
        exercise, if any, of existing Equitex warrants toward the development and
        exploitation of HPI&#8217;s technology.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        closing of the merger is subject to the fulfillment of customary conditions,
        including receipt of shareholder approval from the stockholders of
        Equitex.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Agreement, a form of Note and the Security Agreement are attached hereto
        as
        Exhibits 10.1, 10.2 and 10.3, respectively, and are incorporated herein by
        reference.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        definitive Agreement was a deviation from an Agreement in Principle dated
        July
        6, 2005 by and between HPI and the Registration, pursuant to which the
        Registrant was to acquire a license to exploit HPI&#8217;s intellectual property in
        certain territories. The material terms of the Agreement in Principle was
        disclosed by Registrant on a Current Report filed on Form 8-K on July 12,
        2005.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(b)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Agreement
        with Pandora Partners, L.P.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        disclosures set forth in Item 3.02 are hereby incorporated by reference to
        this
        Item 1.01.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        3.02<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Unregistered
        Sales of
        Equity Securities.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        September 15, 2005, the Registrant entered into a purchase agreement (the
        &#8220;Purchase Agreement&#8221;) with Pandora Select Partners, L.P. (&#8220;Pandora&#8221;) and
        Whitebox Hedged High Yield Partners, L.P. (&#8220;WHHY&#8221;), pursuant to which the
        Registrant borrowed an aggregate of $1,500,000 from Pandora and WHHY (the
        &#8220;Loan&#8221;). In consideration of the Loan, the Registrant issued two 10% Secured
        Convertible Promissory Notes (the &#8220;Notes&#8221;), one in favor of Pandora in the
        principal amount of $900,000 and the other in favor of WHHY in the principal
        amount of $600,000. The Notes are payable with interest only through December
        15, 2005, at which time Equitex will be required to pay the remaining principal
        and interest in equal installments over 21 months. The principal balance
        on each
        of the Notes, together with accrued interest thereon, is convertible at the
        option of the respective payee at a conversion rate of $5.50, subject to
        certain
        adjustments. The Registrant has the option to pay the Notes in its common
        stock
        at a price per share equal to 85% of the average of the Registrant&#8217;s closing bid
        prices for the 20 consecutive trading days immediately prior to the payment
        date. Additionally, the Registrant has the option to convert the remaining
        balance under the Notes upon the occurrence of certain events. The number
        of
        shares of the Registrant&#8217;s common stock to be issued under the Notes, together
        with common stock issued upon exercise of the Warrants (as hereinafter defined)
        are subject to certain limitations.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        connection with the financing, Equitex paid a 3% origination fee, agreed
        to
        reimburse Pandora and WHHY up to an aggregate of $20,000 in non-accountable
        expenses, and issued five-year warrants for the purchase of an aggregate
        of
        125,000 shares of Equitex common stock at an exercise price of $6.00 per
        share
        to such lenders (the &#8220;Warrants&#8221;). </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Registrant also entered into a registration rights agreement (the &#8220;Registration
        Rights Agreement&#8221;) with Pandora and WHHY, pursuant to which the Registrant
        agreed to file a registration statement relating to the resale of the common
        stock to be issued upon conversion of the Notes, upon payment of the Notes
        and
        upon the exercise of the Warrants within 90 days of the closing of the
        transaction.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Registrant borrowed $1,500,000 from Pandora and WHHY pursuant to a similar
        loan
        transaction on March 8, 2004 (the &#8220;Prior Loan&#8221;). The agreements related to the
        Prior Loan are attached as exhibits to the Registrant&#8217;s Annual Report on Form
        10-K for the year ended December 31, 2003 and filed on April 14, 2004. As
        additional consideration for the Loan, the Registrant agreed to amend the
        terms
        of the security agreement dated March 8, 2004 which Registrant, Pandora and
        WHHY
        entered into relating to the Prior Loan. As amended, the security agreement
        grants a security interest to Pandora and WHHY on certain of Registrant&#8217;s assets
        to secure performance of the Purchase Agreement, Registration Agreement and
        certain other related agreements, in addition to certain of the Registrant&#8217;s
        obligations pursuant to the Prior Loan. Pursuant to the amended security
        agreement and a stock pledge agreement, the Registrant also pledged to Pandora
        and WHHY certain of its shares of common stock of FastFunds Financial
        Corporation. <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the transaction, Henry Fong, an officer and director of the Registrant,
        provided a guaranty of the Registrant&#8217;s obligations under the Purchase
        Agreement, the Notes and the related agreements.</font></font></div>
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        offered and sold the Notes and Warrants in reliance on an exemption from
        registration under Section 4(2) of the Securities Act of 1933, as amended
        (the
&#8220;Securities Act&#8221;), for offers and sales of securities that do not involve a
        public offering. Neither the Notes nor the Warrants, or the common stock
        underlying the Notes and Warrants, may resold in the United States absent
        registration or an applicable exemption from registration
        requirements.</font></div>
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              <td align="right" style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font></td>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agreement
                  and Plan of Merger and Reorganization by and among Equitex, Inc.,
                  EI
                  Acquisition Corp. and Hydrogen Power, Inc. dated September 13,
                  2005.</font></div>
              </td>
            </tr>

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      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font></td>
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                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
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      <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 72pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Security Agreement.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="right" style="WIDTH: 72pt">&#160;</td>
              <td>&#160;</td>
            </tr>

        </table>
      </div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

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              <td align="right" style="WIDTH: 72pt">
                <div><font size="2">99.1<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;</font></div>
              </td>
              <td><font size="2">Press Release dated September 14,
                2005.</font></td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of the Securities Exchange Act of 1934, the Registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.</font></div>
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              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EQUITEX,
                INC.</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;September
                19, 2005</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;Thomas
                B. Olson</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="FONT-FAMILY: Times New Roman" size="1">&#160;</font></td>
              <td align="left">
                <hr style="COLOR: #000000" align="left" noshade size="2" width="80%"><font size="2">Thomas
                B. Olson<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
                Secretary</font></font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td>&#160;</td>
            </tr>

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{"company-data": {"conformed-name": "EQUITEX INC", "cik": "0000716101", "assigned-sic": "6162", "irs-number": "840905189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-12374", "film-number": "051091967"}, "business-address": {"street1": "7315 E PEAKVIEW AVE", "street2": "GREENWOOD EXECUTIVE PARK BLDG 8", "city": "ENGLEWOOD", "state": "CO", "zip": "80111", "phone": "3037968940"}, "mail-address": {"street1": "7315 EAST PEAKVIEW AVENUE", "city": "ENGLEWOOD", "state": "CO", "zip": "80111-6701"}}
Unassociated Document
SECURITIES
        AND EXCHANGE COMMISSION
Washington,
        D.C. 20549
FORM
        8-K
Current
        Report Pursuant to Section 13 or
15(d)
        of
        the Securities Act of 1934
Date
        of
        Report (Date of earliest event reported):
September
        19, 2005 (September 13, 2005)
EQUITEX,
        INC.
(Exact
        name of registrant as specified in its charter)
Delaware
0-12374
84-0905189
(State
                  or other jurisdiction of
incorporation)
(Commission
                  File Number)
(I.R.S.
                  Employer
Identification
                  No.)
7315
        East
        Peakview Avenue
Englewood,
        Colorado 80111
--------------------------------------------------
(Address
        of principal executive offices)(Zip Code)
Registrant's
        telephone number, including area code: (303) 796-8940
-------------------------------------------
(Former
        name or former address, if changed since last report.)
Item
        1.01
Entry Into A
        Material
        Definitive Agreement.
(a)
Agreement
        with Hydrogen Power, Inc.
On
        September 13, 2005, Equitex, Inc. ("Equitex or the "Registrant") entered into an
        Agreement and Plan of Merger and Reorganization (the "Agreement") by and among
        the Registrant, EI Acquisition Corp., a newly formed subsidiary of the
        Registrant ("Merger Sub"), and Hydrogen Power, Inc. ("HPI"), through which (i)
        Merger Sub will merge with and into HPI, and (ii) HPI will be the surviving
        corporation to the merger and will become a wholly owned subsidiary of the
        Registrant.
Pursuant
        to the Agreement, Equitex shall issue to the stockholders of HPI at closing
        of
        the merger shares of its common stock in an amount equal to an aggregate
        of
        approximately 29% of Equitex's common stock outstanding on such date, on a
        post-closing basis. Equitex shall also issue to the stockholders of HPI certain
        shares of its to-be-designated Series L Preferred Stock (the "Preferred Stock").
        The Preferred Stock shall be convertible into common stock of the Registrant
        in
        three tranches, on the 180
th
,
        270
th
and
        360
th
day
        following closing of the merger, respectively; each tranche shall be convertible
        into 40% of the Registrant's common stock outstanding on the respective date of
        conversion. The conversion of the Preferred Stock will be subject to the
        achievement by HPI of certain performance benchmarks, including HPI's use of its
        hydrogen technology to develop prototype generators, with marketable value,
        for
        various micro and portable power applications and for various macro power
        applications such as fuel cells and internal combustion engines. The successful
        achievement of these benchmarks, and thus the conversion of the Preferred
        Stock,
        shall be determined by Equitex in its sole discretion.
After
        closing of the merger, the officers and directors of HPI will remain in their
        respective positions, with Equitex having the option to appoint one additional
        HPI director. HPI shall have the option to appoint one additional Equitex
        director.
As
        part
        of the agreement, Equitex agreed to loan to HPI an aggregate of $3,000,000,
        $1,000,000 of which was previously advanced in July 2005. Equitex also agreed
        to
        use the proceeds from the sale of certain of its assets, if any, and from
        the
        exercise, if any, of existing Equitex warrants toward the development and
        exploitation of HPI's technology.
The
        closing of the merger is subject to the fulfillment of customary conditions,
        including receipt of shareholder approval from the stockholders of
        Equitex.
The
        Agreement, a form of Note and the Security Agreement are attached hereto
        as
        Exhibits 10.1, 10.2 and 10.3, respectively, and are incorporated herein by
        reference.
The
        definitive Agreement was a deviation from an Agreement in Principle dated
        July
        6, 2005 by and between HPI and the Registration, pursuant to which the
        Registrant was to acquire a license to exploit HPI's intellectual property in
        certain territories. The material terms of the Agreement in Principle was
        disclosed by Registrant on a Current Report filed on Form 8-K on July 12,
        2005.
(b)
Agreement
        with Pandora Partners, L.P.
The
        disclosures set forth in Item 3.02 are hereby incorporated by reference to
        this
        Item 1.01.
-2-
Item
        3.02
Unregistered
        Sales of
        Equity Securities.
On
        September 15, 2005, the Registrant entered into a purchase agreement (the
        "Purchase Agreement") with Pandora Select Partners, L.P. ("Pandora") and
        Whitebox Hedged High Yield Partners, L.P. ("WHHY"), pursuant to which the
        Registrant borrowed an aggregate of $1,500,000 from Pandora and WHHY (the
        "Loan"). In consideration of the Loan, the Registrant issued two 10% Secured
        Convertible Promissory Notes (the "Notes"), one in favor of Pandora in the
        principal amount of $900,000 and the other in favor of WHHY in the principal
        amount of $600,000. The Notes are payable with interest only through December
        15, 2005, at which time Equitex will be required to pay the remaining principal
        and interest in equal installments over 21 months. The principal balance
        on each
        of the Notes, together with accrued interest thereon, is convertible at the
        option of the respective payee at a conversion rate of $5.50, subject to
        certain
        adjustments. The Registrant has the option to pay the Notes in its common
        stock
        at a price per share equal to 85% of the average of the Registrant's closing bid
        prices for the 20 consecutive trading days immediately prior to the payment
        date. Additionally, the Registrant has the option to convert the remaining
        balance under the Notes upon the occurrence of certain events. The number
        of
        shares of the Registrant's common stock to be issued under the Notes, together
        with common stock issued upon exercise of the Warrants (as hereinafter defined)
        are subject to certain limitations.
In
        connection with the financing, Equitex paid a 3% origination fee, agreed
        to
        reimburse Pandora and WHHY up to an aggregate of $20,000 in non-accountable
        expenses, and issued five-year warrants for the purchase of an aggregate
        of
        125,000 shares of Equitex common stock at an exercise price of $6.00 per
        share
        to such lenders (the "Warrants").
The
        Registrant also entered into a registration rights agreement (the "Registration
        Rights Agreement") with Pandora and WHHY, pursuant to which the Registrant
        agreed to file a registration statement relating to the resale of the common
        stock to be issued upon conversion of the Notes, upon payment of the Notes
        and
        upon the exercise of the Warrants within 90 days of the closing of the
        transaction.
The
        Registrant borrowed $1,500,000 from Pandora and WHHY pursuant to a similar
        loan
        transaction on March 8, 2004 (the "Prior Loan"). The agreements related to the
        Prior Loan are attached as exhibits to the Registrant's Annual Report on Form
        10-K for the year ended December 31, 2003 and filed on April 14, 2004. As
        additional consideration for the Loan, the Registrant agreed to amend the
        terms
        of the security agreement dated March 8, 2004 which Registrant, Pandora and
        WHHY
        entered into relating to the Prior Loan. As amended, the security agreement
        grants a security interest to Pandora and WHHY on certain of Registrant's assets
        to secure performance of the Purchase Agreement, Registration Agreement and
        certain other related agreements, in addition to certain of the Registrant's
        obligations pursuant to the Prior Loan. Pursuant to the amended security
        agreement and a stock pledge agreement, the Registrant also pledged to Pandora
        and WHHY certain of its shares of common stock of FastFunds Financial
        Corporation.
Pursuant
        to the transaction, Henry Fong, an officer and director of the Registrant,
        provided a guaranty of the Registrant's obligations under the Purchase
        Agreement, the Notes and the related agreements.
Equitex
        offered and sold the Notes and Warrants in reliance on an exemption from
        registration under Section 4(2) of the Securities Act of 1933, as amended
        (the
"Securities Act"), for offers and sales of securities that do not involve a
        public offering. Neither the Notes nor the Warrants, or the common stock
        underlying the Notes and Warrants, may resold in the United States absent
        registration or an applicable exemption from registration
        requirements.
-3-
ITEM
        9.01
FINANCIAL STATEMENTS
        AND EXHIBITS
(a)
Exhibits
10.1
Agreement
                  and Plan of Merger and Reorganization by and among Equitex, Inc.,
                  EI
                  Acquisition Corp. and Hydrogen Power, Inc. dated September 13,
                  2005.
10.2
Form
                  of Note.
10.3
Form
                  of Security Agreement.
99.1
Press Release dated September 14,
                2005.
-4-
SIGNATURES
Pursuant
        to the requirements of the Securities Exchange Act of 1934, the Registrant
        has
        duly caused this report to be signed on its behalf by the undersigned hereunto
        duly authorized.
EQUITEX,
                INC.
Date: September
                19, 2005
By:
/s/ Thomas
                B. Olson
Thomas
                B. Olson
,
                Secretary
-5-