<ARTICLE> 5
<LEGEND>
THE FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE COMPANY'S ANNUAL REPORT ON FORM 10-K FOR THE PERIOD ENDED JUNE 30, 1995
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUN-30-1995
<PERIOD-END>                               JUN-30-1995
<CASH>                                         2772221
<SECURITIES>                                 116237299
<RECEIVABLES>                                  1916977
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               6532076
<PP&E>                                         6677112
<DEPRECIATION>                               (4012292)
<TOTAL-ASSETS>                               128073122
<CURRENT-LIABILITIES>                        113395282
<BONDS>                                              0
<COMMON>                                         78539
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                     253575
<OTHER-SE>                                     8329109
<TOTAL-LIABILITY-AND-EQUITY>                 128073122
<SALES>                                       10059782
<TOTAL-REVENUES>                              15770738
<CGS>                                                0
<TOTAL-COSTS>                                 21666598
<OTHER-EXPENSES>                              15317220
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             6349378
<INCOME-PRETAX>                              (5895860)
<INCOME-TAX>                                 (2005142)
<INCOME-CONTINUING>                          (3890718)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                        43284
<NET-INCOME>                                 (3847434)
<EPS-PRIMARY>                                    (.64)
<EPS-DILUTED>                                    (.64)