<ARTICLE> 5 <PERIOD-TYPE> 3-MOS 3-MOS <FISCAL-YEAR-END> DEC-31-1998 DEC-31-1997 <PERIOD-END> MAR-31-1998 MAR-31-1997 <CASH> 593,000 3,423,000 <SECURITIES> 0 0 <RECEIVABLES> 34,000 102,000 <ALLOWANCES> 0 0 <INVENTORY> 0 0 <CURRENT-ASSETS> 690,000 3,587,000 <PP&E> 22,603,000 19,935,000 <DEPRECIATION> 5,000 3,000 <TOTAL-ASSETS> 23,288,000 23,519,000 <CURRENT-LIABILITIES> 399,000 231,000 <BONDS> 0 0 <PREFERRED-MANDATORY> 4,525,000 4,500,000 <PREFERRED> 0 0 <COMMON> 4,996,000 4,971,000 <OTHER-SE> 13,158,000 13,607,000 <TOTAL-LIABILITY-AND-EQUITY> 23,288,000 23,519,000 <SALES> 0 0 <TOTAL-REVENUES> 202,000 73,000 <CGS> 0 0 <TOTAL-COSTS> 882,000 220,000 <OTHER-EXPENSES> 332,000 174,000 <LOSS-PROVISION> 0 0 <INTEREST-EXPENSE> 0 70,000 <INCOME-PRETAX> (1,012,000) (427,000) <INCOME-TAX> 0 0 <INCOME-CONTINUING> (1,012,000) (391,000) <DISCONTINUED> 0 0 <EXTRAORDINARY> 0 (36,000) <CHANGES> 0 0 <NET-INCOME> (1,012,000) (427,000) <EPS-PRIMARY> (.02) (.011) <EPS-DILUTED> (.02) (.011)