<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> APR-30-1998 <PERIOD-END> JUL-31-1997 <CASH> 11,890,131 <SECURITIES> 0 <RECEIVABLES> 5,277,014 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 28,187,623 <PP&E> 1,893,868 <DEPRECIATION> (222,059) <TOTAL-ASSETS> 37,063,838 <CURRENT-LIABILITIES> 2,310,996 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 99,358 <OTHER-SE> 34,193,484 <TOTAL-LIABILITY-AND-EQUITY> 37,063,838 <SALES> 0 <TOTAL-REVENUES> 494,210 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 1,202,651 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (468,562) <INCOME-TAX> (159,169) <INCOME-CONTINUING> (309,393) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (309,393) <EPS-PRIMARY> (.03) <EPS-DILUTED> (.03)