<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)