Place oats in a blender or food processor; blend only until some of the oats start to break down (do not blend into a flour).
Add processed oats to a medium-size mixing bowl, and stir in cocoa, baking powder, cinnamon, wheat germ, and flax; set aside.
In a separate bowl, whisk together eggs and vanilla; then add to the oat mixture and stir to combine. (Batter will be thick; stir in water a little at a time until the desired consistency is reached.)
Spray a large skillet or griddle with cooking spray; heat over medium.
Pour 1/4 cup of batter per pancake onto the hot skillet; cook 2-3 minutes per side until pancakes are cooked through and golden. Repeat until all batter has been used.
Serve pancakes topped with butter, syrup, and/or banana slices as desired.