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



                                    FORM 8-K



                                 CURRENT REPORT



                        PURSUANT TO SECTION 13 FOR 15(D)
                                     of the
                         SECURITIES EXCHANGE ACT OF 1934


                Date of Event Requiring Report: January 13, 1998




                            CYBERAMERICA CORPORATION
             (Exact Name of Registrant as Specified on its Charter)


              I-9418                                     87-0509512
     (Commission File Number)             (IRS Employer Identification Number)


                                     NEVADA
         (State or Other Jurisdiction of Incorporation or Organization)




                          268 West 400 South, Suite 300
                           Salt Lake City, Utah 84101
                    (Address of Principal Executive Offices)




                                 (801) 575-8073
              (Registrant's Telephone Number, Including Area Code)

ITEM 9.           SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S


         On January 12, 1997, the board of directors of CyberAmerica Corporation
(the  "Company")  ratified the execution of three separate  Offshore  Securities
Subscription Agreements (the "Agreements") with three offshore entities, namely:
Leeward   Consulting  Group,  LLC,  a  corporation  of  the  Nevis  West  Indies
("Leeward") with principal  offices at Main Street,  P. O. Box 556,  Charleston,
Nevis West  Indies;  Karston  Electronics,  LTD., a  corporation  of the British
Virgin Islands,  ("Karston") with principal  offices at the Omar Hodge Building,
Wickham's  Cay,   Tortola,   British  Virgin  Island;   and  East  West  Trading
Corporation,  a  corporation  of the  Nevis  West  Indies,  ("East  West")  with
principal  offices in the National Bank Building,  Memorial  Square,  Nevis West
Indies. Pursuant to the Agreements, the Company received an aggregate payment of
$25,000 in exchange for issuing an aggregate of 111,113  shares of the Company's
Common  Stock all of which shares were exempt from  registration  pursuant to an
exemption under Regulation S promulgated  under the Securities Act of 1933, (the
"Act").

         More  specifically,  the  Company  received  a payment  of $5,000  from
Leeward in  exchange  for an  issuance  of 22,223  shares of Common  Stock;  the
Company  received a payment of $10,000  from Karston in exchange for an issuance
of 44,445 shares of Common Stock;  and the Company received a payment of $10,000
from East West in exchange for an issuance of 44,445 shares of Common Stock. All
shares issued pursuant to the Agreements were sold for $0.225 per share.


                 [THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK]



                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Dated: January 15, 1998


                                              CyberAmerica Corporation



                                              By:/s/ Richard Surber
                                              -------------------------
                                              Richard Surber, President