<ARTICLE> 5 <PERIOD-TYPE> 3-MOS 9-MOS <FISCAL-YEAR-END> DEC-31-1997 DEC-31-1997 <PERIOD-START> JUL-01-1997 JAN-01-1997 <PERIOD-END> SEP-30-1997 SEP-30-1997 <CASH> 0 9,920,140 <SECURITIES> 0 8,678,763 <RECEIVABLES> 0 6,063,360 <ALLOWANCES> 0 0 <INVENTORY> 0 0 <CURRENT-ASSETS> 0 26,587,675 <PP&E> 0 4,027,349 <DEPRECIATION> 0 0 <TOTAL-ASSETS> 0 32,797,449 <CURRENT-LIABILITIES> 0 23,332,091 <BONDS> 0 0 <PREFERRED-MANDATORY> 0 0 <PREFERRED> 0 0 <COMMON> 0 163,334 <OTHER-SE> 0 8,067,423 <TOTAL-LIABILITY-AND-EQUITY> 0 32,797,449 <SALES> 0 0 <TOTAL-REVENUES> 8,853,897 26,429,619 <CGS> 4,266,171 13,099,003 <TOTAL-COSTS> 7,554,508 27,868,261 <OTHER-EXPENSES> 0 0 <LOSS-PROVISION> 0 0 <INTEREST-EXPENSE> 174,157 432,399 <INCOME-PRETAX> 0 0 <INCOME-TAX> 0 0 <INCOME-CONTINUING> 0 0 <DISCONTINUED> 0 0 <EXTRAORDINARY> 0 0 <CHANGES> 0 0 <NET-INCOME> (2,808,328) (13,783,274) <EPS-PRIMARY> (0.17) (0.86) <EPS-DILUTED> 0 0