UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                               ---------------------------------
                                                         OMB APPROVAL
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                                 SCHEDULE 13D/A
                               (Amendment No. 3)

                  Under the Securities and Exchange Act of 1934

                             (Amendment No. _____)*


                                 Lantronix, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   516548 10 4
--------------------------------------------------------------------------------
                                 (CUSIP Number)

                                  Tom Kelleher
                            11150 Santa Monica Blvd.
                                    Suite 750
                              Los Angeles, CA 90025
                                 (310) 966-1444
--------------------------------------------------------------------------------
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                  May 28, 2003
--------------------------------------------------------------------------------
             (Date of Event which Requires Filing of This Statement)

     If the filing  person has  previously  filed a statement on Schedule 13G to
report the  acquisition  that is the subject of this Schedule 13D, and is filing
this  schedule  because  of Rule  13d-1(e),  13d-1(f)  or  13d-1(g),  check  the
following box [_].

          Note:  Schedules filed in paper format shall include a signed original
     and five copies of the schedule, including all exhibits. See Rule 13d-7 for
     other parties to whom copies are to be sent.

----------
*    The  remainder  of this  cover  page  shall be filled  out for a  reporting
     person's  initial  filing on this form with respect to the subject class of
     securities,  and for any subsequent amendment containing  information which
     would alter disclosures provided in a prior cover page.

     The  information  required on the remainder of this cover page shall not be
deemed to be "filed"  for the purpose of Section 18 of the  Securities  Exchange
Act of 1934 or otherwise  subject to the  liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).




CUSIP No. 516548 10 4                  13D                   Page 2 of 4 Pages

________________________________________________________________________________
1    NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     SACC Partners LP; Riley Investment Management LLC; B. Riley & Co., Inc.;
     Bryant R. Riley
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*             (a) [X]
                                                                (b) [_]
________________________________________________________________________________
3 SEC USE ONLY

________________________________________________________________________________
4    SOURCE OF FUNDS*

     WC, PF
________________________________________________________________________________
5    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) OR 2(e)                                   [_]

     N/A
________________________________________________________________________________
6    CITIZENSHIP OR PLACE OF ORGANIZATION

     United States
________________________________________________________________________________
               7    SOLE VOTING POWER

  NUMBER OF         4,494,320

   SHARES      _________________________________________________________________
               8    SHARED VOTING POWER
BENEFICIALLY

  OWNED BY          -0-
               _________________________________________________________________
    EACH       9    SOLE DISPOSITIVE POWER

  REPORTING
                    4,494,320
   PERSON      _________________________________________________________________
               10   SHARED DISPOSITIVE POWER
    WITH
                    -0-
________________________________________________________________________________
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON


     4,494,320
________________________________________________________________________________
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*

                                                                      [_]

________________________________________________________________________________
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)


     8.07%
________________________________________________________________________________
14   TYPE OF REPORTING PERSON*


     PN, IA, BD, IN
________________________________________________________________________________
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!




CUSIP No. 516548 10 4                  13D                   Page 3 of 4 Pages


________________________________________________________________________________
Item 1.  Security and Issuer.

Common Stock of Lantronix, Inc.
15353 Barranca Parkway
Irvine, California 92618

________________________________________________________________________________
Item 2.  Identity and Background.

     (a)  SACC Partners LP (a Delaware limited partnership)
          Riley Investment Management LLC (Delaware ltd. liab. co.)
          B. Riley & Co., Inc. (Delaware corporation)
          Bryant R. Riley (individual residing in California)

     (b)  11150 Santa Monica Boulevard, Suite 750
          Los Angeles, CA 90025

     (c)  Mr. Riley owns all of the outstanding shares of B. Riley & Co., Inc.
          ("BRC"), an NASD member broker-dealer. Mr. Riley also manages and owns
          all of the outstanding membership interests of Riley Investment
          Management LLC ("RIM"), a California registered investment adviser.
          RIM is the investment adviser to and general partner of SACC Partners
          LP ("SACC"). They are all located at the address specified in (b)
          above.

     (d)  None

     (e)  None

     (f)  United States

________________________________________________________________________________
Item 3.  Source and Amount of Funds or Other Consideration.

SACC's purchases were made with SACC partnership funds, BRC's purchases were
made with BRC corporate funds and Mr. Riley's purchases were made with his own
personal funds.

________________________________________________________________________________
Item 4.  Purpose of Transaction.

SACC, BRC and Mr. Riley acquired the issuer's shares for investment purposes.
________________________________________________________________________________
Item 5.  Interest in Securities of the Issuer.

(a) SACC owns 3,486,700 shares of Lantronix's common stock. Because RIM has
sole voting and investment power over SACC's security holdings and Mr. Riley in
his role as the sole manager of RIM controls RIM's voting and investment
decisions, each of SACC, RIM and Mr. Riley may be deemed to have beneficial
ownership of the 3,486,700 shares held by SACC, representing approximately 6.27%
of Lantronix's common stock.

BRC owns 402,201 shares of Lantronix's common stock. Because Mr. Riley has sole
voting and investment power over BRC's security holdings, both BRC and Mr. Riley
may be deemed to have beneficial ownership of the 402,201 shares of Lantronix's
common stock, representing approximately 0.72% of Lantronix's common stock.

Mr. Riley personally owns 605,419 shares of Lantronix's common stock,
representing approximately 1.09% of Lantronix's common stock.

To summarize, Mr. Riley may be deemed to beneficially own a total of
4,494,320 shares of Lantronix common stock (8.07%) through his relationships
with SACC, RIM and BRC, as well as his personal holdings.

(b) With respect to all of the shares that he holds and that are held by
each of SACC and BRC, Mr. Riley has sole power to vote and dispose or direct the
disposition of the shares.

(c) Please see Exhibit A for Mr. Riley's, SACC's and BRC's transactions in
Lantronix's shares in the past sixty (60) calendar days.

(d) None

(e) Not applicable

________________________________________________________________________________
Item 6.  Contracts, Arrangements, Understandings or Relationships with Respect
         to Securities of the Issuer.

The relationships between Mr. Riley, SACC, RIM and BRC are described above under
Item 2(c) above. There is no written agreement among the reporting parties
regarding Lantronix's shares.

________________________________________________________________________________
Item 7.  Material to be Filed as Exhibits.

There are no written agreements amongst the parties relating to the filing of
this joint acquisition statement, nor are there any written agreements,
contracts, arrangements, understandings, plans or proposals relating to (1) the
borrowing of funds to finance the acquisition of shares, (2) the acquisition of
issuer control, liquidation, sale of assets, merger, or change in business or
corporate structure or any matter disclosed under Item 4, or (3) the transfer or
voting of securities, finder's fees, joint ventures, options, puts, calls,
guarantees of loans, guarantees against loss or of profit, or the giving or
withholding of any proxy.

________________________________________________________________________________





CUSIP No. 516548 10 4                  13D                   Page 4 of 4 Pages

                                   SIGNATURE


     After  reasonable  inquiry and to the best of my  knowledge  and belief,  I
certify that the information  set forth in this statement is true,  complete and
correct.


Date: May 28, 2003

                                               SACC PARTNERS LP

                                               By: Riley Investment Management
                                               LLC, its General Partner

                                               By: /s/ Bryant R. Riley
                                               --------------------------------
                                               Bryant R. Riley,
                                               President

                                               RILEY INVESTMENT MANAGEMENT LLC

                                               By: /s/ Bryant R. Riley
                                               --------------------------------
                                               Bryant R. Riley, President

                                               B. RILEY & CO., INC.

                                               By: Bryant R. Riley
                                               --------------------------------
                                               Bryant R. Riley, President

                                               /s/ Bryant R. Riley
                                               --------------------------------
                                               Bryant R. Riley


Attention.  Intentional  misstatements  or omissions of fact constitute  federal
criminal violations (see 18 U.S.C. 1001).




                                    EXHIBIT A

-------------------------------------------------------------------------------
  Reporting Party      Date      # of Shares   Price/Share   Type and Manner
-------------------------------------------------------------------------------
       SACC           4/22/03      75,000        0.4667          Brokered
                    -----------------------------------------------------------
                    -----------------------------------------------------------
  B. Riley & Co.      3/28/03        200          0.75           Brokered
                    -----------------------------------------------------------
                      3/28/03       5300          0.72           Brokered
                    -----------------------------------------------------------
                      3/31/03        100          0.77           Brokered
                    -----------------------------------------------------------
                      3/31/03        200          0.77           Brokered
                    -----------------------------------------------------------
                      3/31/03        400          0.77           Brokered
                    -----------------------------------------------------------
                      3/31/03       4300          0.77           Brokered
                    -----------------------------------------------------------
                      3/31/03       4774          0.75           Brokered
                    -----------------------------------------------------------
                      3/31/03       5000          0.75           Brokered
                    -----------------------------------------------------------
                      3/31/03       10000         0.77           Brokered
                    -----------------------------------------------------------
                      4/2/03         100          0.75           Brokered
                    -----------------------------------------------------------
                      4/2/03         400          0.78           Brokered
                    -----------------------------------------------------------
                      4/2/03         500          0.78           Brokered
                    -----------------------------------------------------------
                      4/2/03        1100          0.78           Brokered
                    -----------------------------------------------------------
                      4/2/03        2000          0.77           Brokered
                    -----------------------------------------------------------
                      4/3/03         300          0.75           Brokered
                    -----------------------------------------------------------
                      4/3/03        1200          0.75           Brokered
                    -----------------------------------------------------------
                      4/4/03        5200          0.75           Brokered
                    -----------------------------------------------------------
                      4/7/03         400          0.71           Brokered
                    -----------------------------------------------------------
                      4/7/03        10000         0.75           Brokered
                    -----------------------------------------------------------
                      4/8/03         200          0.71           Brokered
                    -----------------------------------------------------------
                      4/8/03        4600          0.71           Brokered
                    -----------------------------------------------------------
                      4/9/03        8900          0.71           Brokered
                    -----------------------------------------------------------
                      4/14/03       2200          0.71           Brokered
                    -----------------------------------------------------------
                      4/15/03        100          0.62           Brokered
                    -----------------------------------------------------------
                      4/15/03        100          0.65           Brokered
                    -----------------------------------------------------------
                      4/15/03        100          0.68           Brokered
                    -----------------------------------------------------------
                      4/15/03        500          0.71           Brokered
                    -----------------------------------------------------------
                      4/15/03       3700          0.71           Brokered
                    -----------------------------------------------------------
                      4/17/03      -25500         0.66           Brokered
                    -----------------------------------------------------------
                      4/17/03        100          0.62           Brokered
                    -----------------------------------------------------------
                      4/17/03        100          0.65           Brokered
                    -----------------------------------------------------------
                      4/17/03        350          0.65           Brokered
                    -----------------------------------------------------------
                      4/17/03       25100         0.65           Brokered
                    -----------------------------------------------------------
                      4/22/03      -75000        0.4667          Brokered
                    -----------------------------------------------------------
                      4/22/03       25000          0.5           Brokered
                    -----------------------------------------------------------
                      4/22/03       50000         0.45           Brokered
                    -----------------------------------------------------------
                      4/23/03      -100000        0.51           Brokered
                    -----------------------------------------------------------
                      4/23/03       1100           0.5           Brokered
                    -----------------------------------------------------------
                      4/23/03       33300          0.5           Brokered
                    -----------------------------------------------------------
                      4/24/03      -10300        0.5764          Brokered
                    -----------------------------------------------------------
                      4/24/03        100          0.55           Brokered
                    -----------------------------------------------------------
                      4/24/03        200          0.55           Brokered
                    -----------------------------------------------------------
                      4/24/03        600           0.5           Brokered
                    -----------------------------------------------------------
                      4/24/03        700          0.54           Brokered
                    -----------------------------------------------------------
                      4/24/03       1300          0.55           Brokered
                    -----------------------------------------------------------
                      4/24/03       7400          0.55           Brokered
                    -----------------------------------------------------------


                      4/25/03       5200          0.55           Brokered
                    -----------------------------------------------------------
                      4/28/03        300          0.55           Brokered
                    -----------------------------------------------------------
                      4/28/03       1600          0.55           Brokered
                    -----------------------------------------------------------
                      4/28/03       8500          0.55           Brokered
                    -----------------------------------------------------------
                      4/28/03       10000         0.55           Brokered
                    -----------------------------------------------------------
                      4/30/03       2900          0.55           Brokered
                    -----------------------------------------------------------
                      5/1/03         100          0.52           Brokered
                    -----------------------------------------------------------
                      5/1/03         200          0.55           Brokered
                    -----------------------------------------------------------
                      5/1/03         300          0.55           Brokered
                    -----------------------------------------------------------
                      5/1/03        7100          0.55           Brokered
                    -----------------------------------------------------------
                      5/2/03         500          0.55           Brokered
                    -----------------------------------------------------------
                      5/2/03        16000         0.55           Brokered
                    -----------------------------------------------------------
                      5/6/03       -25000         0.52           Brokered
                    -----------------------------------------------------------
                      5/6/03       -14000         0.53           Brokered
                    -----------------------------------------------------------
                      5/6/03        -8100         0.53           Brokered
                    -----------------------------------------------------------
                      5/6/03         200          0.51           Brokered
                    -----------------------------------------------------------
                      5/6/03        4030          0.53           Brokered
                    -----------------------------------------------------------
                      5/6/03        22000         0.52           Brokered
                    -----------------------------------------------------------
                      5/6/03        25000         0.45           Brokered
                    -----------------------------------------------------------
                      5/7/03       -16600         0.53           Brokered
                    -----------------------------------------------------------
                      5/7/03        -7000         0.54           Brokered
                    -----------------------------------------------------------
                      5/7/03        -5000         0.54           Brokered
                    -----------------------------------------------------------
                      5/7/03        -2200         0.53           Brokered
                    -----------------------------------------------------------
                      5/7/03        -1000         0.53           Brokered
                    -----------------------------------------------------------
                      5/7/03        -300          0.53           Brokered
                    -----------------------------------------------------------
                      5/7/03         100          0.51           Brokered
                    -----------------------------------------------------------
                      5/7/03        32000        0.5237          Brokered
                    -----------------------------------------------------------
                      5/8/03       -13700        0.5196          Brokered
                    -----------------------------------------------------------
                      5/8/03        -4500         0.53           Brokered
                    -----------------------------------------------------------
                      5/8/03        -1000         0.53           Brokered
                    -----------------------------------------------------------
                      5/8/03         500          0.51           Brokered
                    -----------------------------------------------------------
                      5/8/03        18700        0.5229          Brokered
                    -----------------------------------------------------------
                      5/9/03        -6800         0.51           Brokered
                    -----------------------------------------------------------
                      5/9/03        6800          0.51           Brokered
                    -----------------------------------------------------------
                      5/12/03       -400           0.6           Brokered
                    -----------------------------------------------------------
                      5/13/03      -26500          0.6           Brokered
                    -----------------------------------------------------------
                      5/13/03      -16000          0.6           Brokered
                    -----------------------------------------------------------
                      5/13/03       -5500          0.6           Brokered
                    -----------------------------------------------------------
                      5/13/03       -5500          0.6           Brokered
                    -----------------------------------------------------------
                      5/13/03       -100           0.6           Brokered
                    -----------------------------------------------------------
                      5/13/03       5000          0.58           Brokered
                    -----------------------------------------------------------
                      5/13/03       8000           0.6           Brokered
                    -----------------------------------------------------------
                      5/14/03      -58100          0.6           Brokered
                    -----------------------------------------------------------
                      5/14/03      -20000         0.59           Brokered
                    -----------------------------------------------------------
                      5/14/03      -15000          0.6           Brokered
                    -----------------------------------------------------------
                      5/14/03      -13000          0.6           Brokered
                    -----------------------------------------------------------
                      5/14/03       -5400          0.6           Brokered
                    -----------------------------------------------------------
                      5/14/03       -2000          0.6           Brokered
                    -----------------------------------------------------------
                      5/14/03       -1200          0.6           Brokered
                    -----------------------------------------------------------
                      5/14/03       -1000          0.6           Brokered
                    -----------------------------------------------------------
                       5/14/03       -400           0.6           Brokered
                    -----------------------------------------------------------
                      5/14/03       58000        0.5883          Brokered
                    -----------------------------------------------------------
                      5/15/03      -30000          0.6           Brokered
                    -----------------------------------------------------------
                      5/15/03       -5000          0.6           Brokered
                    -----------------------------------------------------------




                       5/15/03       -5000         0.65           Brokered
                    -----------------------------------------------------------
                       5/15/03       -3600          0.6           Brokered
                    -----------------------------------------------------------
                       5/15/03       -2700         0.65           Brokered
                    -----------------------------------------------------------
                       5/15/03       -1000          0.6           Brokered
                    -----------------------------------------------------------
                       5/15/03       -100          0.65           Brokered
                    -----------------------------------------------------------
                       5/16/03       -9800         0.73           Brokered
                    -----------------------------------------------------------
                       5/16/03       -8250         0.73           Brokered
                    -----------------------------------------------------------
                       5/16/03       -3000         0.75           Brokered
                    -----------------------------------------------------------
                       5/16/03       -3000         0.75           Brokered
                    -----------------------------------------------------------
                       5/16/03       -3000         0.73           Brokered
                    -----------------------------------------------------------
                       5/16/03       -3000         0.73           Brokered
                    -----------------------------------------------------------
                       5/16/03       -2400         0.77           Brokered
                    -----------------------------------------------------------
                       5/16/03       -2000         0.77           Brokered
                    -----------------------------------------------------------
                       5/16/03       -1000         0.84           Brokered
                    -----------------------------------------------------------
                       5/16/03       -1000         0.84           Brokered
                    -----------------------------------------------------------
                       5/16/03       -1000         0.84           Brokered
                    -----------------------------------------------------------
                       5/16/03       -1000         0.79           Brokered
                    -----------------------------------------------------------
                       5/16/03       -1000         0.84           Brokered
                    -----------------------------------------------------------
                       5/16/03       -1000         0.79           Brokered
                    -----------------------------------------------------------
                       5/16/03       -1000         0.79           Brokered
                    -----------------------------------------------------------
                       5/16/03       -1000         0.77           Brokered
                    -----------------------------------------------------------
                       5/16/03       -1000         0.77           Brokered
                    -----------------------------------------------------------
                       5/16/03       -1000         0.71           Brokered
                    -----------------------------------------------------------
                       5/16/03       -900          0.73           Brokered
                    -----------------------------------------------------------
                       5/16/03       -800          0.75           Brokered
                    -----------------------------------------------------------
                       5/16/03       -600          0.73           Brokered
                    -----------------------------------------------------------
                       5/16/03       -600          0.73           Brokered
                    -----------------------------------------------------------
                       5/16/03       -500          0.75           Brokered
                    -----------------------------------------------------------
                       5/16/03       -400          0.84           Brokered
                    -----------------------------------------------------------
                       5/16/03       -400          0.84           Brokered
                    -----------------------------------------------------------
                       5/16/03       -300          0.73           Brokered
                    -----------------------------------------------------------
                       5/16/03       -100          0.79           Brokered
                    -----------------------------------------------------------
                       5/16/03       -100           0.8           Brokered
                    -----------------------------------------------------------
                       5/16/03       -100           0.8           Brokered
                    -----------------------------------------------------------
                       5/16/03       -100          0.81           Brokered
                    -----------------------------------------------------------
                       5/16/03       -100          0.77           Brokered
                    -----------------------------------------------------------
                       5/16/03       25000         0.742          Brokered
                    -----------------------------------------------------------
                       5/20/03      -40000        0.6342          Brokered
                    -----------------------------------------------------------
                       5/20/03       -400          0.66           Brokered
                    -----------------------------------------------------------
                       5/20/03       -100          0.64           Brokered
                    -----------------------------------------------------------
                       5/20/03       1000          0.63           Brokered
                    -----------------------------------------------------------
                       5/20/03       4841          0.63           Brokered
                    -----------------------------------------------------------
                       5/20/03       17200        0.6405          Brokered
                    -----------------------------------------------------------
                       5/20/03       17500         0.63           Brokered
                    -----------------------------------------------------------
                       5/21/03       -100          0.65           Brokered
                    -----------------------------------------------------------
                       5/21/03        100          0.55           Brokered
                    -----------------------------------------------------------
                       5/21/03       5000          0.58           Brokered
                    -----------------------------------------------------------
                       5/22/03      -25000         0.65           Brokered
                    -----------------------------------------------------------
                       5/22/03       -1099         0.65           Brokered
                    -----------------------------------------------------------
                       5/23/03      -25000         0.66           Brokered
                    -----------------------------------------------------------




                       5/23/03       -1600         0.68           Brokered
                    -----------------------------------------------------------
                       5/27/03      -12600         0.67           Brokered
                    -----------------------------------------------------------
                       5/27/03       -3000         0.69           Brokered
                    -----------------------------------------------------------
                       5/27/03       -2500         0.69           Brokered
                    -----------------------------------------------------------
                       5/27/03       3100          0.69           Brokered
                    -----------------------------------------------------------
                      5/28/03       -17300        0.69           Brokered
                    ------------------------------------------------------------
                      5/28/03       -1100         0.69           Brokered
                    ------------------------------------------------------------
                      5/28/03        2500         0.66           Brokered
                    ------------------------------------------------------------
                      5/28/03        7700         0.69           Brokered
                    ------------------------------------------------------------
                      5/29/03       -1025         0.69           Brokered
                    ------------------------------------------------------------
                      5/29/03        100          0.63           Brokered
                    ------------------------------------------------------------
                      5/30/03       -59000       0.6469          Brokered
                    ------------------------------------------------------------
                      5/30/03        2900         0.65           Brokered
                    ------------------------------------------------------------
                      5/30/03        4900         0.65           Brokered
                    ------------------------------------------------------------
                      5/30/03        5000         0.65           Brokered
                    ------------------------------------------------------------
                      5/30/03        7200         0.65           Brokered
                    ------------------------------------------------------------
                      5/30/03        9000         0.63           Brokered
                    ------------------------------------------------------------
                      5/30/03       10000         0.65           Brokered
                    ------------------------------------------------------------
                      5/30/03       20000         0.65           Brokered
                    ------------------------------------------------------------
                      6/3/03        -20000        0.66           Brokered
                    ------------------------------------------------------------
                      6/3/03        20000         0.66           Brokered
                    ------------------------------------------------------------
   Bryant Riley       5/15/03     -100,000        0.59           Brokered
                    -----------------------------------------------------------