<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from (a)
financial statements for the nine months ended March 31, 1997 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>                   9-MOS
<FISCAL-YEAR-END>                          JUN-30-1997
<PERIOD-START>                             JUL-01-1996
<PERIOD-END>                               MAR-31-1997
<EXCHANGE-RATE>                                      1
<CASH>                                         138,085
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,928,149
<PP&E>                                          45,703
<DEPRECIATION>                                (38,047)
<TOTAL-ASSETS>                               1,940,055
<CURRENT-LIABILITIES>                        3,300,433
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                 32,509,031
<COMMON>                                    50,508,593
<OTHER-SE>                               (102,724,047)
<TOTAL-LIABILITY-AND-EQUITY>                 1,940,055
<SALES>                                              0
<TOTAL-REVENUES>                             3,004,999
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             1,471,106
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             272,682
<INCOME-PRETAX>                              3,011,721
<INCOME-TAX>                                    68,333
<INCOME-CONTINUING>                          2,943,388
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 2,943,388
<EPS-PRIMARY>                                     0.12
<EPS-DILUTED>                                     0.12