<ARTICLE> 5 <MULTIPLIER> 1 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> MAR-31-1997 <CASH> 51,378,170 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 54,951,742 <PP&E> 11,911,273 <DEPRECIATION> 1,723,300 <TOTAL-ASSETS> 65,143,115 <CURRENT-LIABILITIES> 1,495,970 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 94,953 <OTHER-SE> 53,715,102 <TOTAL-LIABILITY-AND-EQUITY> 65,143,115 <SALES> 0 <TOTAL-REVENUES> 312,500 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2,682,306 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 43,071 <INCOME-PRETAX> (1,828,475) <INCOME-TAX> 0 <INCOME-CONTINUING> (1,828,475) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (1,828,475) <EPS-PRIMARY> (.20) <EPS-DILUTED> (.20)