WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE. <ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> DEC-31-1998 <CASH> 79511 <SECURITIES> 43,016,243 <RECEIVABLES> 227,213 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 43,590,445 <PP&E> 1,224,092 <DEPRECIATION> (796,159) <TOTAL-ASSETS> 44,056,349 [CURRENT-ASSETS] 8,752,515 <BONDS> 0 <COMMON> 53,097 <PREFERRED-MANDATORY> 0 <PREFERED> 35,250,737 <TOTAL-LIABILITY-AND-EQUITY> 44,056,349 <SALES> 324,192 <TOTAL-REVENUES> 2,629,438 <CGS> 0 <TOTAL-COSTS> 961,031 <OTHER-EXPENSES> 1,561,159 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 484,563 <INCOME-PRETAX> (377,315) <INCOME-TAX> 43,145 <INCOME-CONTINUING> (420,460) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (420,460) <EPS-INCOME> (.09) <EPS-DILUTED> (.09)