<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> APR-01-1997 <PERIOD-END> JUN-30-1997 <CASH> 6,447,837 <SECURITIES> 20,302,030 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 27,103,293 <PP&E> 2,798,784 <DEPRECIATION> 1,411,495 <TOTAL-ASSETS> 28,546,637 <CURRENT-LIABILITIES> 9,534,125 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 34,480,413 <OTHER-SE> (15,622,922) <TOTAL-LIABILITY-AND-EQUITY> 28,546,637 <SALES> 0 <TOTAL-REVENUES> 4,700,000 <CGS> 0 <TOTAL-COSTS> 4,536,077 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 29,360 <INCOME-PRETAX> 405,593 <INCOME-TAX> 0 <INCOME-CONTINUING> 405,593 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 405,593 <EPS-PRIMARY> .04 <EPS-DILUTED> .04