<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> MAR-31-1996 <PERIOD-END> DEC-31-1996 <CASH> 0 <SECURITIES> 0 <RECEIVABLES> 897,309 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 1,508,753 <DEPRECIATION> 0 <TOTAL-ASSETS> 13,264,873 <CURRENT-LIABILITIES> 0 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 1,860 <COMMON> 6,515 <OTHER-SE> 93,949 <TOTAL-LIABILITY-AND-EQUITY> 13,264,873 <SALES> 0 <TOTAL-REVENUES> 5,158,321 <CGS> 0 <TOTAL-COSTS> 6,036,274 <OTHER-EXPENSES> 79,664 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 675,179 <INCOME-PRETAX> (1,632,796) <INCOME-TAX> 441,884 <INCOME-CONTINUING> (2,074,680) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (2,074,680) <EPS-PRIMARY> (.45) <EPS-DILUTED> (.45)