<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <CASH> 25,950,513 <SECURITIES> 300,000 <RECEIVABLES> 13,037 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 26,510,754 <PP&E> 4,172,169 <DEPRECIATION> (1,881,551) <TOTAL-ASSETS> 28,843,526 <CURRENT-LIABILITIES> 3,193,476 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 8,187 <OTHER-SE> 24,996,420 <TOTAL-LIABILITY-AND-EQUITY> 28,843,526 <SALES> 0 <TOTAL-REVENUES> 14,455,312 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> (4,522,811) <LOSS-PROVISION> 0 <INTEREST-EXPENSE> (46,011) <INCOME-PRETAX> 10,028,831 <INCOME-TAX> 200,000 <INCOME-CONTINUING> 9,828,831 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 9,828,831 <EPS-PRIMARY> 1.16 <EPS-DILUTED> 0