<ARTICLE> 5
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS

                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          JUN-30-2001
<PERIOD-START>                             JUL-01-2000
<PERIOD-END>                               SEP-30-2000
<EXCHANGE-RATE>                                      1
<CASH>                                       2,676,000
<SECURITIES>                                         0
<RECEIVABLES>                                1,006,000
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                            13,562,000
<PP&E>                                         141,000
<DEPRECIATION>                                 129,000
<TOTAL-ASSETS>                              14,925,000
<CURRENT-LIABILITIES>                          286,000
<BONDS>                                     24,997,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       400,000
<OTHER-SE>                                     300,000
<TOTAL-LIABILITY-AND-EQUITY>                14,925,000
<SALES>                                              0
<TOTAL-REVENUES>                               111,000
<CGS>                                                0
<TOTAL-COSTS>                                  847,000
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                              (511,000)
<INCOME-TAX>                                     3,000
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (514,000)
<EPS-BASIC>                                      (.26)
<EPS-DILUTED>                                    (.26)