<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> MAY-31-1999 <PERIOD-START> JUN-01-1998 <PERIOD-END> AUG-31-1998 <CASH> 5,524,378 <SECURITIES> 0 <RECEIVABLES> 20,769,581 <ALLOWANCES> 4,415,898 <INVENTORY> 0 <CURRENT-ASSETS> 5,602,545 <PP&E> 10,363,913 <DEPRECIATION> 3,364,419 <TOTAL-ASSETS> 39,975,281 <CURRENT-LIABILITIES> 6,172,616 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 27,000,000 <COMMON> 34,762 <OTHER-SE> (24,016,095) <TOTAL-LIABILITY-AND-EQUITY> 39,975,281 <SALES> 0 <TOTAL-REVENUES> 10,215,127 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 1,388,679 <INTEREST-EXPENSE> 1,282,538 <INCOME-PRETAX> 208,782 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (91,217) <EPS-BASIC> 0 <EPS-DILUTED> 0