WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  

<ARTICLE>                     5
<MULTIPLIER>                  1
<CURRENCY>                    U.S. DOLLARS
       
                                                          
<PERIOD-TYPE>                                                3-MOS
<FISCAL-YEAR-END>                                            MAY-31-1996
<PERIOD-END>                                                 AUG-31-1995
<CASH>                                                           286,943
<SECURITIES>                                                  35,058,248
<RECEIVABLES>                                                    383,836
<ALLOWANCES>                                                     (72,291)
<INVENTORY>                                                            0
<CURRENT-ASSETS>                                              35,764,017
<PP&E>                                                           138,557
<DEPRECIATION>                                                  (102,381)
<TOTAL-ASSETS>                                                35,838,211
<CURRENT-LIABILITIES>                                          3,351,243
<BONDS>                                                        2,000,000
<COMMON>                                                          77,578
<PREFERRED-MANDATORY>                                                  0
<PREFERRED>                                                            0
<OTHER-SE>                                                    30,410,380
<TOTAL-LIABILITY-AND-EQUITY>                                  35,838,211
<SALES>                                                          199,776
<TOTAL-REVENUES>                                                 199,776
<CGS>                                                                  0
<TOTAL-COSTS>                                                    650,338
<OTHER-EXPENSES>                                                       0
<LOSS-PROVISION>                                                       0
<INTEREST-EXPENSE>                                                77,208
<INCOME-PRETAX>                                                  (27,427)
<INCOME-TAX>                                                    (158,508)
<INCOME-CONTINUING>                                              131,081
<DISCONTINUED>                                                   228,935
<EXTRAORDINARY>                                                        0
<CHANGES>                                                              0
<NET-INCOME>                                                     360,016
<EPS-PRIMARY>                                                      0.050
<EPS-DILUTED>                                                      0.050