<ARTICLE>    5
<LEGEND>
This schedule contains summary financial information extracted from the 
unaudited financial statements contained in the Company's Form 10-QSB and is 
qualified in its entirety by reference to such financial statements.
</LEGEND>
       
                                  
<PERIOD-TYPE>                        3-MOS
<FISCAL-YEAR-END>                    DEC-31-1996
<PERIOD-END>                         MAR-31-1996
<CASH>                                7,566,430
<SECURITIES>                          2,570,000 
<RECEIVABLES>                            49,523
<ALLOWANCES>                                  0
<INVENTORY>                                   0
<CURRENT-ASSETS>                     10,185,953
<PP&E>                                1,080,376
<DEPRECIATION>                                0 
<TOTAL-ASSETS>                       18,653,996
<CURRENT-LIABILITIES>                   896,752
<BONDS>                                       0
<COMMON>                                471,157
<PREFERRED-MANDATORY>                         0
<PREFERRED>                                   0 
<OTHER-SE>                           14,237,043
<TOTAL-LIABILITY-AND-EQUITY>         18,653,996
<SALES>                                       0
<TOTAL-REVENUES>                        804,356
<CGS>                                         0
<TOTAL-COSTS>                           366,468 
<OTHER-EXPENSES>                              0
<LOSS-PROVISION>                              0
<INTEREST-EXPENSE>                            0 
<INCOME-PRETAX>                         433,393
<INCOME-TAX>                            155,000
<INCOME-CONTINUING>                     278,393
<DISCONTINUED>                                0
<EXTRAORDINARY>                               0 
<CHANGES>                                     0 
<NET-INCOME>                            278,393
<EPS-PRIMARY>                               .03
<EPS-DILUTED>                               .03