WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  


<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM 10-Q AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                      34,221,852
<SECURITIES>                                 1,954,794
<RECEIVABLES>                                4,589,052
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            40,965,370
<PP&E>                                       2,824,450
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              44,046,143
<CURRENT-LIABILITIES>                       14,307,325
<BONDS>                                        798,884
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       121,166
<OTHER-SE>                                  28,831,645
<TOTAL-LIABILITY-AND-EQUITY>                44,046,143
<SALES>                                              0
<TOTAL-REVENUES>                             5,029,291
<CGS>                                                0
<TOTAL-COSTS>                                2,257,506
<OTHER-EXPENSES>                               838,725
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             738,206
<INCOME-PRETAX>                            (2,510,221)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (2,510,221)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (2,510,221)
<EPS-PRIMARY>                                   (0.95)
<EPS-DILUTED>                                   (0.95)
        

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