<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> DEC-31-1996 <CASH> 1428510 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 1531024 <PP&E> 35637 <DEPRECIATION> 16153 <TOTAL-ASSETS> 1563392 <CURRENT-LIABILITIES> 213577 <BONDS> 3201985 <PREFERRED-MANDATORY> 0 <PREFERRED> 2310400 <COMMON> 619155 <OTHER-SE> 4781726 <TOTAL-LIABILITY-AND-EQUITY> 1563392 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2546848 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 140987 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> (2687835) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (2687835) <EPS-PRIMARY> (.82) <EPS-DILUTED> (.82)