<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from (a)
financial statements for the quarter ended September 30, 1996 and is qualified
in its entirety by reference to such (b) quarterly report on Form 10-Q.
</LEGEND>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JUN-30-1997
<PERIOD-START>                             JUL-01-1996
<PERIOD-END>                               SEP-30-1996
<EXCHANGE-RATE>                                      1
<CASH>                                         260,055
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             2,738,221
<PP&E>                                          45,703
<DEPRECIATION>                                (35,270)
<TOTAL-ASSETS>                               2,847,354
<CURRENT-LIABILITIES>                        5,298,891
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                 32,509,031
<COMMON>                                    50,508,593
<OTHER-SE>                                (104,481,872)
<TOTAL-LIABILITY-AND-EQUITY>                 2,847,354
<SALES>                                              0
<TOTAL-REVENUES>                               838,333
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               550,128
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                         (1,497,358)
<INCOME-PRETAX>                              1,785,563
<INCOME-TAX>                                   600,000
<INCOME-CONTINUING>                          1,185,563
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 1,185,563
<EPS-PRIMARY>                                     0.05 
<EPS-DILUTED>                                     0.05