<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                       2,184,458
<SECURITIES>                                 2,932,807
<RECEIVABLES>                                  540,585
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             5,667,373
<PP&E>                                          74,085
<DEPRECIATION>                                  43,199
<TOTAL-ASSETS>                               6,259,917
<CURRENT-LIABILITIES>                          537,312
<BONDS>                                      3,000,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                     4,940,767
<OTHER-SE>                                     413,506
<TOTAL-LIABILITY-AND-EQUITY>                 6,259,917
<SALES>                                        279,000
<TOTAL-REVENUES>                               279,000
<CGS>                                                0
<TOTAL-COSTS>                                  844,676
<OTHER-EXPENSES>                             1,093,256
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              29,076
<INCOME-PRETAX>                            (1,688,008)
<INCOME-TAX>                                    92,932
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (1,780,940)
<EPS-PRIMARY>                                    (.16)
<EPS-DILUTED>                                    (.16)