<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> JUN-30-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 7,345,433 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 7,624,362 <PP&E> 80,228 <DEPRECIATION> 127,005 <TOTAL-ASSETS> 7,744,012 <CURRENT-LIABILITIES> 101,871 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 17,630,596 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 7,744,012 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> (566,910) <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (520,282) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (520,282) <EPS-PRIMARY> (0.17) <EPS-DILUTED> 0