<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> DEC-31-1996 <CASH> 1,060,283 <SECURITIES> 3,437,386 <RECEIVABLES> 851,198 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 5,348,867 <PP&E> 4,687,476 <DEPRECIATION> 242,896 <TOTAL-ASSETS> 10,132,488 <CURRENT-LIABILITIES> 1,927,480 <BONDS> 1,762,963 <PREFERRED-MANDATORY> 0 <PREFERRED> 3,867 <COMMON> 1,423 <OTHER-SE> 6,436,755 <TOTAL-LIABILITY-AND-EQUITY> 10,132,488 <SALES> 150,000 <TOTAL-REVENUES> 150,000 <CGS> 0 <TOTAL-COSTS> 7,306,908 <OTHER-EXPENSES> (568,145) <LOSS-PROVISION> (72,065) <INTEREST-EXPENSE> 2,386,732 <INCOME-PRETAX> (9,047,560) <INCOME-TAX> 0 <INCOME-CONTINUING> (9,047,560) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (9,047,560) <EPS-PRIMARY> (0.85) <EPS-DILUTED> (0.85)