<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> DEC-31-1996 <CASH> 68,961,764 <SECURITIES> 0 <RECEIVABLES> 415,208 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 69,376,972 <PP&E> 5,257,370 <DEPRECIATION> 2,477,565 <TOTAL-ASSETS> 72,159,944 <CURRENT-LIABILITIES> 1,963,603 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 11,807 <OTHER-SE> 69,857,705 <TOTAL-LIABILITY-AND-EQUITY> 72,159,944 <SALES> 0 <TOTAL-REVENUES> 20,342,330 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 16,437,695 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 141,705 <INCOME-PRETAX> 6,454,687 <INCOME-TAX> 350,000 <INCOME-CONTINUING> 6,104,687 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 6,104,687 <EPS-PRIMARY> 0.59 <EPS-DILUTED> 0.55