EXHIBIT 23.2






                          INDEPENDENT AUDITORS' CONSENT




     We consent to the incorporation by reference in this Registration Statement
on Form S-8 of Equitex, Inc. of our report dated March 27, 1988, relating to the
consolidated balance sheet of Equitex,  Inc. and subsidiaries as of December 31,
1997,  and the related  consolidated  statements  of  operations,  shareholders'
equity,  and cash  flows  for each of the  years in the  two-year  period  ended
December 31, 1997,  which report  appears in the December 31, 1997 annual report
on Form 10-KSB of Equitex, Inc.


/S/ DAVIS & CO., CPA'S, P.C.

DAVIS & CO., CPA'S, P.C.


Englewood, Colorado
July 23, 1998