<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AT JULY 31, 1998 AND THE CONSOLIDATED STATEMENT OF
OPERATIONS AND RETAINED EARNINGS FOR THE YEAR ENDED JULY 31, 1998 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH CONSOLIDATED FINANCIAL
STATEMENTS.
</LEGEND>
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUL-31-1998
<PERIOD-START>                             AUG-01-1997
<PERIOD-END>                               JUL-31-1998
<CASH>                                         752,493
<SECURITIES>                                         0
<RECEIVABLES>                                  804,046
<ALLOWANCES>                                     1,000
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                         455,892
<DEPRECIATION>                                 413,242
<TOTAL-ASSETS>                               5,406,774
<CURRENT-LIABILITIES>                                0
<BONDS>                                      4,877,254
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                     1,723,765
<OTHER-SE>                                 (3,151,498)
<TOTAL-LIABILITY-AND-EQUITY>                 5,406,774
<SALES>                                              0
<TOTAL-REVENUES>                             1,916,355
<CGS>                                                0
<TOTAL-COSTS>                                2,532,239
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             810,640
<INCOME-PRETAX>                              (615,884)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          (615,884)
<DISCONTINUED>                                 349,017
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (266,867)
<EPS-PRIMARY>                                    (.26)
<EPS-DILUTED>                                    (.26)