<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONDENSED CONSOLIDATED BALANCE SHEET AND THE CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JANUARY 31, 1999 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH CONDENSED FINANCIAL STATEMENTS. </LEGEND> <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> JUL-31-1999 <PERIOD-START> AUG-31-1998 <PERIOD-END> JAN-31-1999 <CASH> 449,644 <SECURITIES> 0 <RECEIVABLES> 405,251 <ALLOWANCES> 1,000 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 459,063 <DEPRECIATION> 418,062 <TOTAL-ASSETS> 4,725,877 <CURRENT-LIABILITIES> 0 <BONDS> 4,589,180 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 1,723,765 <OTHER-SE> (3,984,526) <TOTAL-LIABILITY-AND-EQUITY> 4,725,877 <SALES> 0 <TOTAL-REVENUES> 697,448 <CGS> 0 <TOTAL-COSTS> 1,530,476 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 285,169 <INCOME-PRETAX> (833,028) <INCOME-TAX> 0 <INCOME-CONTINUING> (833,028) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (833,028) <EPS-PRIMARY> (.81) <EPS-DILUTED> (.81)