<ARTICLE> 5 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> MAY-31-1997 <PERIOD-START> JUN-01-1996 <PERIOD-END> MAY-31-1997 <CASH> 2,685,581 <SECURITIES> 0 <RECEIVABLES> 4,903,045 <ALLOWANCES> 1,536,879 <INVENTORY> 0 <CURRENT-ASSETS> 2,602,497 <PP&E> 6,631,207 <DEPRECIATION> 1,450,286 <TOTAL-ASSETS> 24,903,167 <CURRENT-LIABILITIES> 4,879,079 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 7,000,000 <COMMON> 32,208 <OTHER-SE> (247,437) <TOTAL-LIABILITY-AND-EQUITY> 24,903,167 <SALES> 0 <TOTAL-REVENUES> 2,576,336 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 1,494,001 <INTEREST-EXPENSE> 751,729 <INCOME-PRETAX> (14,246,259) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (14,253,656) <EPS-BASIC> (0.55) <EPS-DILUTED> (0.55)