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*
CRAIG WALTER M JR
(Last) (First) (Middle)
(Street)
(City) (State) (Zip)
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
Officer (give title below) Other (specify below)
President/CEO
3. Date of Earliest Transaction (Month/Day/Year)
12/31/2003
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)
Code V Amount (A) or (D) Price
Common Stock 12/09/2004 A 8,470 A $0.03 488,640 D
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)
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 Options(1) $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)
Explanation of Responses:
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
/S/ Walter M. Craig 12/13/2004
** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.