<ARTICLE> 5 <MULTIPLIER> 1 <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