<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <CASH> 636,882 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 8,727,071 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 8,727,071 <CURRENT-LIABILITIES> 87,181 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 1,703 <OTHER-SE> 7,024,672 <TOTAL-LIABILITY-AND-EQUITY> 8,727,071 <SALES> 0 <TOTAL-REVENUES> 17,394 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 39,049 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 25,641 <INCOME-PRETAX> (47,296) <INCOME-TAX> 0 <INCOME-CONTINUING> (47,296) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (47,296) <EPS-PRIMARY> (0.07) <EPS-DILUTED> (0.07)