<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1995 <PERIOD-END> MAR-31-1995 <CASH> 60,682 <SECURITIES> 1,253,622 <RECEIVABLES> 1,477,366 <ALLOWANCES> 64,000 <INVENTORY> 0 <CURRENT-ASSETS> 2,791,670 <PP&E> 12,760 <DEPRECIATION> 12,760 <TOTAL-ASSETS> 4,248,562 <CURRENT-LIABILITIES> 243,069 <BONDS> 0 <COMMON> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 4,005,493 <TOTAL-LIABILITY-AND-EQUITY> 4,248,562 <SALES> 0 <TOTAL-REVENUES> 81,577 <CGS> 0 <TOTAL-COSTS> 257,719 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (176,142) <INCOME-TAX> 0 <INCOME-CONTINUING> (176,142) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (176,142) <EPS-PRIMARY> (4.25) <EPS-DILUTED> (4.25)