<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A)
FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH (B) ANNUAL REPORT ON FORM 10-K.
</LEGEND>
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          JUN-30-1996
<PERIOD-START>                             JUL-01-1995
<PERIOD-END>                               JUN-30-1996
<CASH>                                         294,448
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,236,524
<PP&E>                                          45,703
<DEPRECIATION>                                  33,880
<TOTAL-ASSETS>                               1,481,767
<CURRENT-LIABILITIES>                        9,643,267
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                 32,509,031
<COMMON>                                    50,508,593
<OTHER-SE>                               (105,667,435)
<TOTAL-LIABILITY-AND-EQUITY>                 1,481,767
<SALES>                                              0
<TOTAL-REVENUES>                             3,202,704
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                            10,654,871
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                           1,183,680
<INCOME-PRETAX>                            (8,289,637)
<INCOME-TAX>                                   319,450
<INCOME-CONTINUING>                        (8,609,087)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (8,609,087)
<EPS-PRIMARY>                                   (0.93)
<EPS-DILUTED>                                   (0.93)