SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                         Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934


                Date of earliest event reported - March 25, 1998


                                 Tellurian, Inc.
             -----------------------------------------------------
             (Exact name of registrant as specified in its charter)

 
Delaware                           0-21645                            22-3451918
--------------------------------------------------------------------------------
(State or other                  (Commission                       (IRS Employer
jurisdiction                     File Number)                Identification No.)
of incorporation)



300K Route 17 South
Mahwah, New Jersey                                                         07430
--------------------------------------------------------------------------------
(Address of principal executive offices)                              (Zip Code)


Registrant's telephone number,
including area code:                                              (201) 529-0939
--------------------------------------------------------------------------------





                                        1

<PAGE>
Item 5.           Other Events

I. On March 2, 1998,  Tellurian,  Inc. (the "Company" or  "Tellurian")  had four
members of the Board of Directors. They consisted of Ronald Swallow, Chairman of
the Board,  Stuart French,  President,  Richard  Swallow,  Secretary and Michael
Hurd, Chief Financial Officer. In order to comply with NASDAQ's  requirements of
two  independent  directors and an audit committee and to maintain an odd number
of directors,  Michael Hurd resigned from the Board of Directors and the Company
expanded  the  number  of  directors  to five.  On March 2,  1998,  the Board of
Directors adopted the following resolutions:

         RESOLVED,  that the  resignation of Michael Hurd from his capacity as a
         director of the Company is hereby accepted effective  immediately;  and
         it was further

         RESOLVED, that the number of directors shall be expanded to
         five; and it was further

         RESOLVED,  that James G.H.  Lin and Peter D. Colgan are hereby  elected
         directors to serve in such capacity until their  successors are elected
         and shall qualify; and it was further

         RESOLVED,  that an audit  committee  shall be established  and that the
         members  of the audit  committee  shall  consist  of  Messers.  Lin and
         Colgan; and it was further

         RESOLVED,  that the Audit  Committee  has the power to (I)  select  the
         independent certified public accountant,  (ii) satisfy itself on behalf
         of the Board that the external and internal auditing  procedures assure
         reliable and informative accounting and financial reporting, (iii) have
         meetings with management, or with the auditors, or with both management
         and auditors, to review the scope of the auditor's  examination,  audit
         reports and the Company's  internal  auditing  procedures  and reviews,
         (iv) monitor policies established to prohibit unethical,  questionable,
         or illegal  activities by those  associated  with the Company;  and (v)
         review the  compensation  paid to the auditors through annual audit and
         non-audit  fees and the effect on the  independence  on the auditors in
         relation  thereto,  and it may exercise the powers and authority of the
         Board  of  Directors  to  implement  changes  in  connection  with  the
         foregoing  or, at its option,  may make  recommendations  to the entire
         Board of Directors for its approval.

         The Company reported that since 1977, Peter Colgan has been
Senior Vice President of Computer Horizons Corp. Mr. Colgan has 32
years of marketing and information services experience that
includes management, marketing, sales, manufacturing and
consulting. Neither Computer Horizons Corp. nor Mr. Colgan were
affiliated with the Company prior to his joining the Board of

                                        2

<PAGE>
Directors  and that Mr.  Colgan has never been an  officer  or  employee  of the
Company and any of its  affiliates.  Since June 1992, Mr. Lin has been President
of Asian International Management, a company that assists domestic businesses to
promote products to Asian countries.  Neither Asian International Management nor
Mr. Lin were  affiliated  with the  Company  prior to his  joining  the Board of
Directors  and that Mr. Lin has never been an officer or employee of the Company
and any of its affiliates.  Messrs. Colgan and Lin do not own any of Tellurian's
securities  as of the date  hereof  and are not  related  to any of  Tellurian's
officers, directors or employees.

II. The Company has entered into various  agreements  to convert  $1,386,249  of
debt  into  capital  stock  of the  Company  and its  wholly  owned  subsidiary,
Cyberport  Niagra,  Inc. The  paragraphs  that follow  briefly  summarize  these
agreements:

         (a) The Company has an agreement with Interactive Media Concepts,  Inc.
pursuant to which Interactive is owed  approximately  $56,000.On March 23, 1998,
the Company  accepted  Interactive's  offer to convert  such  indebtedness  into
100,000 shares of the Company's Common Stock.

         (b)  The  Company  owed  $1,295,527  U.S.   (equivalent  to  $1,865,559
Canadian) to certain  contractors in Canada for work done on improvements to its
Cyberport facility.  These contractors  included Newman Bros.  Limited,  Phoenix
Wood Products  Corporation  (formerly known as Trigin  Management  Corporation),
Star Tile  Centre  Limited,  Ecco  Electric  Limited,  DBN  Drywall &  Acoustics
Limited,  Expoplex Incorporated (the "Cyberport Creditors").  On March 26, 1998,
the Cyberport Creditors agreed to convert $601,083 U.S.  (equivalent to $865,559
Canadian) into 865,559  Series B Special Shares (also known as Preferred  Stock)
of Cyberport  Niagra,  Inc.  The  Cyberport  creditors  also agreed to assign to
Cyberport  Niagra's  landlord (also known as 1174757 Ontario Inc.) $694,444 U.S.
(equivalent   to   $1,000,000    Canadian)of    the   Company's    indebtedness.
Contemporaneously, 1174757 Ontario Inc. entered into an agreement to convert the
entire debt into 350,000  restricted  shares of the Company's  Common Stock. The
Company also agreed to pay the landlord $36,111 U.S. ($52,000  Canadian) in rent
arrears and $33,333 U.S. ($48,000 Canadian) in additional security deposit.  The
aforesaid  agreements  conclude  various  creditor law suits that were initiated
against the Company and its subsidiary  demanding payment of the  aforementioned
debt.

(c) The following unaudited financial statements (expressed in U.S. dollars with
a conversion ratio of 1.44 Canadian dollars for each U.S. dollar)  represent the
Company's  income  statement for the two months ended  February 28, 1998 and the
Company's  balance  sheet at  February  28,  1998.  The balance  sheet  reflects
adjustments for the  transactions  specified above that took place in March 1998
and a pro forma balance sheet.


                                        3

<PAGE>

<TABLE>
<CAPTION>


                                          TELLURIAN, INC. AND SUBSIDIARY
                                            CONSOLIDATED BALANCE SHEET
<S>                                                                                 <C>            <C>               <C>  
ASSETS
                                                                                    FEBRUARY 28,                     FEBRUARY 28,
                                                                                        1998       Adjustments          1998
                                                                                    -----------    -----------       -----------

                                                                                      Unaudited      Unaudited         Unaudited
CURRENT ASSETS:
  Cash and cash equivalents .....................................................   $   681,888    $    69,444(6)    $   612,444
  Accounts Receivable ...........................................................         8,789                            8,789
  Inventories ...................................................................       661,917                          661,917
  Prepaid consulting fees .......................................................        50,000         80,000           130,000
  Prepaid expenses and other current assets .....................................         3,837                            3,837
                                                                                    -----------    -----------       -----------
           Total current assets .................................................     1,406,431        149,444         1,416,987
                                                                                    -----------    -----------       -----------

PROPERTY AND EQUIPMENT--at cost
   less accumulated depreciation ................................................     2,606,900                        2,606,900
                                                                                    -----------                      -----------

OTHER ASSETS:   Security deposits ...............................................        69,799         33,333(6)        103,132
                                                                                    -----------    -----------       -----------
                  Total Assets ..................................................   $ 4,083,130    $   182,777       $ 4,127,019
                                                                                    ===========    ===========       ===========
                                       LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Accounts payable ..............................................................   $ 1,664,727    ($ 1,422,360)(2)  $   242,367
Accrued expenses ................................................................        50,540                           50,540
  Payroll payable ...............................................................        67,378                           67,378
  Payroll taxes payable .........................................................        36,193                           36,193
  Other accrued liabilities .....................................................        37,282                           37,282
  Notes Payable .................................................................       548,245                          548,245
  Notes payable--related parties ................................................       502,736                          502,736
  Interest payable--related parties .............................................       363,380                          363,380
  Deferred currency translation gain ............................................        29,073                           29,073
                                                                                    -----------    -----------       -----------
          Total current liabilities .............................................     3,299,554     (1,386,249)        1,877,194
                                                                                    -----------    -----------       -----------

COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
   Common Stock - $.01 par value
      Authorized-25,000,000 shares
      Issued and outstanding - 3,628,010 shares .................................        33,241          4,500 (3)        37,741
Preferred Stock--Subsidiary Corporation .........................................          --          635,805 (4)       635,805
     Additional paid-in capital .................................................     6,842,182        825,944 (5)     7,668,126
     Accumulated deficit ........................................................    (6,091,847)                      (6,091,847)
                                                                                    -----------    -----------       -----------
              Total stockholders' equity ........................................   $   783,576    $ 1,466,249       $ 2,249,825
                                                                                    -----------    -----------       -----------
                                                                                    $ 4,083,130    $    80,000       $ 4,127,019
                                                                                    ===========    ===========       ===========

</TABLE>
                                        4

<PAGE>

                          TELLURIAN, INC AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                      TWO MONTHS ENDED
                                      FEBRUARY 28, 1998

REVENUES ..........................   $    12,077

COST OF GOODS SOLD ................        86,506
                                      -----------

GROSS PROFIT (LOSS) ...............       (74,429)

OPERATING EXPENSES:
   Research and Development .......        95,455
   Selling ........................        54,598
   General and Administrative .....       128,593
                                      -----------

                                          278,647

LOSS FROM OPERATIONS ..............      (353,076)

OTHER INCOME AND EXPENSES:
  Other Income ....................          --
  Interest Expense ................        (3,700)
  Interest Expense--related parties        (8,400)
  Interest Income .................         1,233
  Deferred Debt Costs .............          --
                                      -----------

                                          (10,867)

NET LOSS ..........................      (363,840)
                                      ===========
NET LOSS PER COMMON SHARE .........   $      (.12)
WEIGHTED AVERAGE NUMBER OF
  COMMON SHARES OUTSTANDING .......     3,025,000

                                        5

<PAGE>
                       NOTES TO CONSOLIDATED BALANCE SHEET


(1) The  consulting  agreement  with  Interactive  Media  Inc.  has  ten  months
remaining at $8,000 per month.  Interactive  Media  accepted  100,000  shares of
Tellurian  common stock in full  payment of the balance  owed to them  ($56,000)
plus the remaining payments due under the terms of its consulting contract.

(2) The $1,422,360  includes the following:  (a) The $56,000 owed to Interactive
Media discussed in Note 1; (b)$1,295,524 in debt conversions as discussed in the
paragraphs  preceding the Balance Sheet; (c) payments of rent arrears of $36,111
to  Cyberport's  landlord in  connection  with his  conversion  of $694,444 into
350,000 shares of the Company's Common Stock; and (d) $34,722 in cancellation of
over  accruals.  On the  Company's  books and  records,  the Company had accrued
$1,330,249 in  indebtedness  to various  contractors  who performed  work at the
Cyberport Niagara subsidiary, which included $34,722 in over accruals.

(3) A total of  450,000  restricted  shares of  Tellurian  common  stock will be
issued  pursuant to the  agreements  with  Interactive  Media and the  Cyberport
creditors at $.01 per share nominal value.

(4) The preferred  stock issued by the Cyberport  subsidiary is reflected at the
U.S. dollar conversion value.

(5) The net increase to the Additional  Paid-In Capital  account  resulting from
the Interactive  Media and Cyberport  creditor  transactions  is $825,944,  with
$135,000  stemming from the Interactive  transaction and $690,944  (expressed in
U.S. dollars) from the Cyberport creditors transaction.

(6)  Represents  $36,111 in rent  payments  and $33,333 of  additional  security
deposits made to the Cyberport  landlord in  connection  with his  conversion of
$694,444 of indebtedness into 350,000 shares of the Company's Common Stock.

Item 7.           Exhibits and Financial Statements


         (c)      Exhibits.

                  10.0  Agreement  dated March 26,  1998 by and among  Cyberport
Niagara, Inc., Tellurian, Inc. and 1174757 Ontario, Inc.

                  10.1    Agreement dated March 26, 1998 by and Cyberport Niagra
Inc., Tellurian, Inc. and the Cyberport creditors.


                                        6

<PAGE>

                                   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.


                                                       TELLURIAN, Inc.
                                             -----------------------------------
                                                         (Registrant)


Dated: March 26, 1998                        /s/Stuart French
                                             -----------------------------------
                                             Stuart French, President



                                        7
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 17553}]
{"company-data": {"conformed-name": "TELLURIAN INC /NJ/", "cik": "0001018039", "assigned-sic": "3570", "irs-number": "223451918", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-21645", "film-number": "98575871"}, "business-address": {"street1": "300 K ROUTE 17 SOUTH", "city": "MAHWAH", "state": "NJ", "zip": "07430", "phone": "2015290929"}, "mail-address": {"street1": "300 K ROUTE 17 SOUTH", "city": "MAHWAH", "state": "NJ", "zip": "07430"}}
SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
                         Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

                Date of earliest event reported - March 25, 1998

                                 Tellurian, Inc.
             -----------------------------------------------------
             (Exact name of registrant as specified in its charter)

 
Delaware                           0-21645                            22-3451918
--------------------------------------------------------------------------------
(State or other                  (Commission                       (IRS Employer
jurisdiction                     File Number)                Identification No.)
of incorporation)

300K Route 17 South
Mahwah, New Jersey                                                         07430
--------------------------------------------------------------------------------
(Address of principal executive offices)                              (Zip Code)

Registrant's telephone number,
including area code:                                              (201) 529-0939
--------------------------------------------------------------------------------

                                        1
Item 5.           Other Events

I. On March 2, 1998,  Tellurian,  Inc. (the "Company" or  "Tellurian")  had four
members of the Board of Directors. They consisted of Ronald Swallow, Chairman of
the Board,  Stuart French,  President,  Richard  Swallow,  Secretary and Michael
Hurd, Chief Financial Officer. In order to comply with NASDAQ's  requirements of
two  independent  directors and an audit committee and to maintain an odd number
of directors,  Michael Hurd resigned from the Board of Directors and the Company
expanded  the  number  of  directors  to five.  On March 2,  1998,  the Board of
Directors adopted the following resolutions:

         RESOLVED,  that the  resignation of Michael Hurd from his capacity as a
         director of the Company is hereby accepted effective  immediately;  and
         it was further

         RESOLVED, that the number of directors shall be expanded to
         five; and it was further

         RESOLVED,  that James G.H.  Lin and Peter D. Colgan are hereby  elected
         directors to serve in such capacity until their  successors are elected
         and shall qualify; and it was further

         RESOLVED,  that an audit  committee  shall be established  and that the
         members  of the audit  committee  shall  consist  of  Messers.  Lin and
         Colgan; and it was further

         RESOLVED,  that the Audit  Committee  has the power to (I)  select  the
         independent certified public accountant,  (ii) satisfy itself on behalf
         of the Board that the external and internal auditing  procedures assure
         reliable and informative accounting and financial reporting, (iii) have
         meetings with management, or with the auditors, or with both management
         and auditors, to review the scope of the auditor's  examination,  audit
         reports and the Company's  internal  auditing  procedures  and reviews,
         (iv) monitor policies established to prohibit unethical,  questionable,
         or illegal  activities by those  associated  with the Company;  and (v)
         review the  compensation  paid to the auditors through annual audit and
         non-audit  fees and the effect on the  independence  on the auditors in
         relation  thereto,  and it may exercise the powers and authority of the
         Board  of  Directors  to  implement  changes  in  connection  with  the
         foregoing  or, at its option,  may make  recommendations  to the entire
         Board of Directors for its approval.

         The Company reported that since 1977, Peter Colgan has been
Senior Vice President of Computer Horizons Corp. Mr. Colgan has 32
years of marketing and information services experience that
includes management, marketing, sales, manufacturing and
consulting. Neither Computer Horizons Corp. nor Mr. Colgan were
affiliated with the Company prior to his joining the Board of

                                        2
Directors  and that Mr.  Colgan has never been an  officer  or  employee  of the
Company and any of its  affiliates.  Since June 1992, Mr. Lin has been President
of Asian International Management, a company that assists domestic businesses to
promote products to Asian countries.  Neither Asian International Management nor
Mr. Lin were  affiliated  with the  Company  prior to his  joining  the Board of
Directors  and that Mr. Lin has never been an officer or employee of the Company
and any of its affiliates.  Messrs. Colgan and Lin do not own any of Tellurian's
securities  as of the date  hereof  and are not  related  to any of  Tellurian's
officers, directors or employees.

II. The Company has entered into various  agreements  to convert  $1,386,249  of
debt  into  capital  stock  of the  Company  and its  wholly  owned  subsidiary,
Cyberport  Niagra,  Inc. The  paragraphs  that follow  briefly  summarize  these
agreements:

         (a) The Company has an agreement with Interactive Media Concepts,  Inc.
pursuant to which Interactive is owed  approximately  $56,000.On March 23, 1998,
the Company  accepted  Interactive's  offer to convert  such  indebtedness  into
100,000 shares of the Company's Common Stock.

         (b)  The  Company  owed  $1,295,527  U.S.   (equivalent  to  $1,865,559
Canadian) to certain  contractors in Canada for work done on improvements to its
Cyberport facility.  These contractors  included Newman Bros.  Limited,  Phoenix
Wood Products  Corporation  (formerly known as Trigin  Management  Corporation),
Star Tile  Centre  Limited,  Ecco  Electric  Limited,  DBN  Drywall &  Acoustics
Limited,  Expoplex Incorporated (the "Cyberport Creditors").  On March 26, 1998,
the Cyberport Creditors agreed to convert $601,083 U.S.  (equivalent to $865,559
Canadian) into 865,559  Series B Special Shares (also known as Preferred  Stock)
of Cyberport  Niagra,  Inc.  The  Cyberport  creditors  also agreed to assign to
Cyberport  Niagra's  landlord (also known as 1174757 Ontario Inc.) $694,444 U.S.
(equivalent   to   $1,000,000    Canadian)of    the   Company's    indebtedness.
Contemporaneously, 1174757 Ontario Inc. entered into an agreement to convert the
entire debt into 350,000  restricted  shares of the Company's  Common Stock. The
Company also agreed to pay the landlord $36,111 U.S. ($52,000  Canadian) in rent
arrears and $33,333 U.S. ($48,000 Canadian) in additional security deposit.  The
aforesaid  agreements  conclude  various  creditor law suits that were initiated
against the Company and its subsidiary  demanding payment of the  aforementioned
debt.

(c) The following unaudited financial statements (expressed in U.S. dollars with
a conversion ratio of 1.44 Canadian dollars for each U.S. dollar)  represent the
Company's  income  statement for the two months ended  February 28, 1998 and the
Company's  balance  sheet at  February  28,  1998.  The balance  sheet  reflects
adjustments for the  transactions  specified above that took place in March 1998
and a pro forma balance sheet.

                                        3
TELLURIAN, INC. AND SUBSIDIARY
                                            CONSOLIDATED BALANCE SHEET
ASSETS
                                                                                    FEBRUARY 28,                     FEBRUARY 28,
                                                                                        1998       Adjustments          1998
                                                                                    -----------    -----------       -----------

                                                                                      Unaudited      Unaudited         Unaudited
CURRENT ASSETS:
  Cash and cash equivalents .....................................................   $   681,888    $    69,444(6)    $   612,444
  Accounts Receivable ...........................................................         8,789                            8,789
  Inventories ...................................................................       661,917                          661,917
  Prepaid consulting fees .......................................................        50,000         80,000           130,000
  Prepaid expenses and other current assets .....................................         3,837                            3,837
                                                                                    -----------    -----------       -----------
           Total current assets .................................................     1,406,431        149,444         1,416,987
                                                                                    -----------    -----------       -----------

PROPERTY AND EQUIPMENT--at cost
   less accumulated depreciation ................................................     2,606,900                        2,606,900
                                                                                    -----------                      -----------

OTHER ASSETS:   Security deposits ...............................................        69,799         33,333(6)        103,132
                                                                                    -----------    -----------       -----------
                  Total Assets ..................................................   $ 4,083,130    $   182,777       $ 4,127,019
                                                                                    ===========    ===========       ===========
                                       LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Accounts payable ..............................................................   $ 1,664,727    ($ 1,422,360)(2)  $   242,367
Accrued expenses ................................................................        50,540                           50,540
  Payroll payable ...............................................................        67,378                           67,378
  Payroll taxes payable .........................................................        36,193                           36,193
  Other accrued liabilities .....................................................        37,282                           37,282
  Notes Payable .................................................................       548,245                          548,245
  Notes payable--related parties ................................................       502,736                          502,736
  Interest payable--related parties .............................................       363,380                          363,380
  Deferred currency translation gain ............................................        29,073                           29,073
                                                                                    -----------    -----------       -----------
          Total current liabilities .............................................     3,299,554     (1,386,249)        1,877,194
                                                                                    -----------    -----------       -----------

COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
   Common Stock - $.01 par value
      Authorized-25,000,000 shares
      Issued and outstanding - 3,628,010 shares .................................        33,241          4,500 (3)        37,741
Preferred Stock--Subsidiary Corporation .........................................          --          635,805 (4)       635,805
     Additional paid-in capital .................................................     6,842,182        825,944 (5)     7,668,126
     Accumulated deficit ........................................................    (6,091,847)                      (6,091,847)
                                                                                    -----------    -----------       -----------
              Total stockholders' equity ........................................   $   783,576    $ 1,466,249       $ 2,249,825
                                                                                    -----------    -----------       -----------
                                                                                    $ 4,083,130    $    80,000       $ 4,127,019
                                                                                    ===========    ===========       ===========
4
TELLURIAN, INC AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                      TWO MONTHS ENDED
                                      FEBRUARY 28, 1998

REVENUES ..........................   $    12,077

COST OF GOODS SOLD ................        86,506
                                      -----------

GROSS PROFIT (LOSS) ...............       (74,429)

OPERATING EXPENSES:
   Research and Development .......        95,455
   Selling ........................        54,598
   General and Administrative .....       128,593
                                      -----------

                                          278,647

LOSS FROM OPERATIONS ..............      (353,076)

OTHER INCOME AND EXPENSES:
  Other Income ....................          --
  Interest Expense ................        (3,700)
  Interest Expense--related parties        (8,400)
  Interest Income .................         1,233
  Deferred Debt Costs .............          --
                                      -----------

                                          (10,867)

NET LOSS ..........................      (363,840)
                                      ===========
NET LOSS PER COMMON SHARE .........   $      (.12)
WEIGHTED AVERAGE NUMBER OF
  COMMON SHARES OUTSTANDING .......     3,025,000

                                        5
NOTES TO CONSOLIDATED BALANCE SHEET

(1) The  consulting  agreement  with  Interactive  Media  Inc.  has  ten  months
remaining at $8,000 per month.  Interactive  Media  accepted  100,000  shares of
Tellurian  common stock in full  payment of the balance  owed to them  ($56,000)
plus the remaining payments due under the terms of its consulting contract.

(2) The $1,422,360  includes the following:  (a) The $56,000 owed to Interactive
Media discussed in Note 1; (b)$1,295,524 in debt conversions as discussed in the
paragraphs  preceding the Balance Sheet; (c) payments of rent arrears of $36,111
to  Cyberport's  landlord in  connection  with his  conversion  of $694,444 into
350,000 shares of the Company's Common Stock; and (d) $34,722 in cancellation of
over  accruals.  On the  Company's  books and  records,  the Company had accrued
$1,330,249 in  indebtedness  to various  contractors  who performed  work at the
Cyberport Niagara subsidiary, which included $34,722 in over accruals.

(3) A total of  450,000  restricted  shares of  Tellurian  common  stock will be
issued  pursuant to the  agreements  with  Interactive  Media and the  Cyberport
creditors at $.01 per share nominal value.

(4) The preferred  stock issued by the Cyberport  subsidiary is reflected at the
U.S. dollar conversion value.

(5) The net increase to the Additional  Paid-In Capital  account  resulting from
the Interactive  Media and Cyberport  creditor  transactions  is $825,944,  with
$135,000  stemming from the Interactive  transaction and $690,944  (expressed in
U.S. dollars) from the Cyberport creditors transaction.

(6)  Represents  $36,111 in rent  payments  and $33,333 of  additional  security
deposits made to the Cyberport  landlord in  connection  with his  conversion of
$694,444 of indebtedness into 350,000 shares of the Company's Common Stock.

Item 7.           Exhibits and Financial Statements

         (c)      Exhibits.

                  10.0  Agreement  dated March 26,  1998 by and among  Cyberport
Niagara, Inc., Tellurian, Inc. and 1174757 Ontario, Inc.

                  10.1    Agreement dated March 26, 1998 by and Cyberport Niagra
Inc., Tellurian, Inc. and the Cyberport creditors.

                                        6
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.

                                                       TELLURIAN, Inc.
                                             -----------------------------------
                                                         (Registrant)

Dated: March 26, 1998                        /s/Stuart French
                                             -----------------------------------
                                             Stuart French, President

                                        7