UNITED STATES
                       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


                                  July 7, 1997
                ------------------------------------------------
                Date of Report (Date of earliest event reported)


                            COVOL TECHNOLOGIES, INC.
             ------------------------------------------------------
             (Exact Name of Registrant as specified in its charter)


     Delaware                       0-27803                  87-0547337
- -------------------------     -------------------         ---------------------
(State or other juris-         (Commission File            (IRS Employer
diction of incorporation)           Number)                 Identification No.)



   3280 North Frontage Road
         Lehi, Utah,                                     84043
   ------------------------                            -----------
   (Address of principal                               (Zip Code)
      executive offices)


                                 (801) 768-4481
               ---------------------------------------------------
              (Registrant's telephone number, including area code)



Item 9.  Sales of Equity Securities Pursuant to Regulation S

         On July 7, 1997,  and in reliance on Regulation S of the Securities Act
of 1933, as amended  ("Regulation S"), Covol Technologies,  Inc. (the "Company")
received additional funds and accepted additional  subscriptions for the sale of
60,000 units (the  "Units")  from  accredited  non-U.S.  persons (the  "Non-U.S.
Persons") in connection  with  Regulation S sales that occurred on similar units
on May 26, 1997 as reported in the  Company's  Current  Report on Form 8-K dated
June 6, 1997.  Each Unit  consisted  of (i) one share of Company  common  stock,
$0.001 par value per share (the "Common  Stock"),  and (ii) a warrant to acquire
one  share  of  Company  Common  Stock  at a  price  of  $7.25  per  share  (the
"Warrants"),  for a total  purchase  price  per  Unit of  $6.00,  or a total  of
$360,000.  The  Warrants  are  exercisable  at any  time  prior  to  the  second
anniversary of their issuance.  On May 26, 1997, the Company sold 224,000 Units,
for a total purchase  price of $1,344,000  resulting in a total of 284,000 Units
for an aggregate  purchase price of $1,704,000  having been sold on May 26, 1997
and July 7, 1997 in connection with this Regulation S sale of securities.

         The shares of Company  Common Stock issuable under the Warrants and the
Finder  Warrants  (as defined  below) have  piggy-back  registration  rights and
conditional demand  registration  rights.  The conditional  demand  registration
rights are triggered if within twelve (12) months from the date of subscription,
the  Securities  and Exchange  Commission  imposes an additional  holding period
requirement  on securities  issued under  Regulation S, other than those holding
period restrictions currently in effect.

         Doyle  Capital  Resources,  an Australian  entity  located at Level 32,
Chifley Tower,  Two Chifley  Square,  Sydney NSW 2000 Australia  ("Doyle Capital
Resources"),  and Aymkone Pty Ltd, an Australian  entity  located at Level 4, 70
Castlereagh Street, Sydney NSW 2000 Australia  ("Aymkone"),  acted as finders in
the sale to the Non-U.S.  Persons. As compensation for acting as finders on both
subscriptions,  Doyle Capital  Resources  received a cash fee of five percent of
the  proceeds of such  offerings  and Aymkone  received  warrants  (the  "Finder
Warrants") to purchase 71,000 shares of Company Common Stock at a price of $7.25
per share in connection  with the May 26, 1997 sales and the July 7, 1997 sales.
The Finder Warrants are exercisable at any time prior to the second  anniversary
of their issuance.  Based upon representations  made to the Company,  Aymkone is
also a non-U.S.  person and the  Finder  Warrants  were  issued in  reliance  on
Regulation S.
                                        2



                                   SIGNATURES

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


                                        COVOL TECHNOLOGIES, INC.
                                        ---------------------------
                                             (Registrant)


                                        /s/ Stanley M. Kimball
Date:  July 21, 1997                    -------------------------------
                                        By:  Stanley M. Kimball
                                        Title:  Chief Financial Officer