<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1999 <PERIOD-START> JUL-01-1999 <PERIOD-END> SEP-30-1999 <CASH> 7,658,072 <SECURITIES> 7,490,663 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 165,499 <PP&E> 4,035,973 <DEPRECIATION> (3,061,399) <TOTAL-ASSETS> 16,288,809 <CURRENT-LIABILITIES> 9,236,195 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 37,131,042 <OTHER-SE> (30,078,428) <TOTAL-LIABILITY-AND-EQUITY> 16,288,809 <SALES> 0 <TOTAL-REVENUES> 5,000,000 <CGS> 0 <TOTAL-COSTS> 3,130,807 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> (20,335) <INCOME-PRETAX> 1,912,329 <INCOME-TAX> 0 <INCOME-CONTINUING> 1,912,329 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 1,912,329 <EPS-BASIC> .21 <EPS-DILUTED> .21