<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