Company: EQS
Filing Date: 2025-11-17
Form Type: NT 10-Q
Source: 0000878932-25-000004
Chunk: 0

Company: EQUUS TOTAL RETURN, INC.
Filing Date: 2025-11-17
Form: NT 10-Q
Chunk 0
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<div align='center'>UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WACHINGTON, D.C. 20549

FORM 12b-25

NOTIFICATION OF LATE FILING</div>

Commission File Number: 814-00098

(Check One): [ ] Form 10-K [ ] Form 20-F [ ] Form
11-K [ X ] Form 10-Q

[ ] Form 10-D [ ] Form N-SAR [ ] Form N-CSR

For Period Ended: September 30, 2025

[ ] Transition Report on Form 10-K [ ] Transition
Report on Form 20-F

[ ] Transition Report on Form 11-K [ ] Transition
Report on Form 10-K

[ ] Transition Report on Form N-SAR

Form the transition period ended:

If the notification relates to a portion of the filing
checked above, identify the Item(s) to which the notification relates:

<div align='center'>PART I – REGISTRANT INFORMATION

Full Name of Registrant

_____________________

Former Name if Applicable

Address of Principal Executive Office
(Street and Number)

City, State and Zip Code

PART II – RULES 12b-25 (b) and (c)</div>

If the subject report could not
be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25 (b), the following should be completed.
(Check box if appropriate)

| [ X ] | (a) The reasons described in reasonable detail in Part III of this form could not be eliminated without 
 unreasonable effort or expense;                                                                         |

| [ X ] | (b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K,                                
 Form N-SAR or Form N-CSR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date;  
 or the subject quarterly report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will 
 be filed on or before the fifth calendar day following the prescribed due date; and                                                     |

[ ] (c) The accountant’s
statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

<div align='center'>PART III – NARRATIVE</div>

The finalization of the financial statements of the registrant
to be