<ARTICLE> 5 <PERIOD-TYPE> 12-MOS 3-MOS <FISCAL-YEAR-END> DEC-31-1994 DEC-31-1995 <PERIOD-END> DEC-31-1994 MAR-31-1995 <CASH> 1,151,098 3,391,890 <SECURITIES> 0 0 <RECEIVABLES> 714,634 186,884 <ALLOWANCES> (51,086) (17,302) <INVENTORY> 0 0 <CURRENT-ASSETS> 0 0 <PP&E> 22,557,552 22,319,016 <DEPRECIATION> (13,696,125) (14,078,484) <TOTAL-ASSETS> 33,985,057 27,249,350 <CURRENT-LIABILITIES> 0 0 <BONDS> 30,979,473 22,842,124 <COMMON> 0 0 <PREFERRED-MANDATORY> 0 0 <PREFERRED> 0 0 <OTHER-SE> (3,123,094) (2,038,545) <TOTAL-LIABILITY-AND-EQUITY> 33,985,057 27,249,350 <SALES> 8,054,097 2,007,881 <TOTAL-REVENUES> 8,316,120 3,649,015 <CGS> 0 0 <TOTAL-COSTS> 0 0 <OTHER-EXPENSES> 6,942,981 1,714,917 <LOSS-PROVISION> 0 0 <INTEREST-EXPENSE> 3,264,735 849,549 <INCOME-PRETAX> (1,891,596) 1,084,549 <INCOME-TAX> 0 0 <INCOME-CONTINUING> (1,891,596) 1,084,549 <DISCONTINUED> 0 0 <EXTRAORDINARY> 0 0 <CHANGES> 0 0 <NET-INCOME> (1,891,596) 1,084,549 <EPS-PRIMARY> 0 0 <EPS-DILUTED> 0 0