<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> JUN-30-1998 <PERIOD-START> JUL-01-1997 <PERIOD-END> SEP-30-1997 <CASH> 7,370,991 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 7,508,134 <PP&E> 262,914 <DEPRECIATION> 150,355 <TOTAL-ASSETS> 7,650,115 <CURRENT-LIABILITIES> 1,203,290 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 18,206,486 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 7,650,115 <SALES> 0 <TOTAL-REVENUES> 125,000 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> (1,183,766) <LOSS-PROVISION> 0 <INTEREST-EXPENSE> (76,145) <INCOME-PRETAX> (982,621) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (982,621) <EPS-PRIMARY> (0.10) <EPS-DILUTED> 0