<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH QUARTERLY REPORT ON FORM 10-Q.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JUN-30-1998
<PERIOD-START>                             JUL-01-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                       1,753,148
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,791,428
<PP&E>                                               0
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                               1,799,822
<CURRENT-LIABILITIES>                        1,652,173
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                 32,509,031
<COMMON>                                    50,230,850
<OTHER-SE>                               (100,271,611)
<TOTAL-LIABILITY-AND-EQUITY>                 1,799,822
<SALES>                                              0
<TOTAL-REVENUES>                             2,083,333
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                              1,564,781
<INCOME-TAX>                                   150,000
<INCOME-CONTINUING>                          1,414,781
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 1,414,781
<EPS-PRIMARY>                                     0.06
<EPS-DILUTED>                                     0.06