<ARTICLE> 5 <MULTIPLIER> 1 <CURRENCY> US DOLLAR <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> JUL-31-1999 <PERIOD-START> AUG-1-1998 <PERIOD-END> JUL-31-1999 <EXCHANGE-RATE> 1 <CASH> 3,214,681 <SECURITIES> 0 <RECEIVABLES> 762,976 <ALLOWANCES> 66,917 <INVENTORY> 0 <CURRENT-ASSETS> 4,370,655 <PP&E> 210,006 <DEPRECIATION> 452,022 <TOTAL-ASSETS> 12,085,046 <CURRENT-LIABILITIES> 2,263,434 <BONDS> 3,497,459 <PREFERRED-MANDATORY> 0 <PREFERRED> 40,524 <COMMON> 3,789 <OTHER-SE> 6,279,840 <TOTAL-LIABILITY-AND-EQUITY> 12,085,076 <SALES> 1,846,438 <TOTAL-REVENUES> 1,846,438 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 8,598,590 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 483,378 <INCOME-PRETAX> (7,097,465) <INCOME-TAX> 1,600 <INCOME-CONTINUING> (7,099,065) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (7,099,065) <EPS-BASIC> (21.79) <EPS-DILUTED> (21.79)