<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL 
STATEMENTS FOR THE YEAR ENDED JUNE 30, 1998 AND IS QUALIFIED IN ITS ENTIRETY BY 
REFERENCE TO SUCH ANNUAL REPORT ON FORM 10-K 
</LEGEND>
<CURRENCY> US DOLLARS
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          JUN-30-1998
<PERIOD-START>                             JUL-01-1997
<PERIOD-END>                               JUN-30-1998
<EXCHANGE-RATE>                                      1
<CASH>                                         915,690
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               934,956
<PP&E>                                          15,322
<DEPRECIATION>                                  15,322
<TOTAL-ASSETS>                                 934,956
<CURRENT-LIABILITIES>                        1,475,456
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                 32,612,081
<COMMON>                                    50,230,850
<OTHER-SE>                               (100,062,808)
<TOTAL-LIABILITY-AND-EQUITY>                   934,956
<SALES>                                              0
<TOTAL-REVENUES>                             3,083,335
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                             1,226,501
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                              1,881,094
<INCOME-TAX>                                   154,460
<INCOME-CONTINUING>                          1,726,634
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 1,726,634
<EPS-PRIMARY>                                     0.20
<EPS-DILUTED>                                     0.07