WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  

<MULTIPLIER>     1



EXHIBIT  27.1

                           
<FISCAL-YEAR-END>               DEC-31-1999
<PERIOD-START>                  JAN-01-1999
<PERIOD-END>                    JUN-30-1999
<PERIOD-TYPE>                        6-MOS
<CASH>                              372374
<SECURITIES>                       9841447
<RECEIVABLES>                      7073261
<ALLOWANCES>                        878886
<INVENTORY>                              0
<CURRENT-ASSETS>                         0
<PP&E>                             2037300
<DEPRECIATION>                      919942
<TOTAL-ASSETS>                    19147751
<CURRENT-LIABILITIES>                    0
<BONDS>                           12257467
<COMMON>                              1000
<PREFERRED-MANDATORY>                    0
<PREFERRED>                       10856000
<OTHER-SE>                        (5053994)
<TOTAL-LIABILITY-AND-EQUITY>      19147751
<SALES>                                  0
<TOTAL-REVENUES>                   5673597
<CGS>                                    0
<TOTAL-COSTS>                     15524763
<OTHER-EXPENSES>                         0
<LOSS-PROVISION>                     60465
<INTEREST-EXPENSE>                 1518120
<INCOME-PRETAX>                   (9851166)
<INCOME-TAX>                       (101800)
<INCOME-CONTINUING>               (9749366)
<DISCONTINUED>                           0
<EXTRAORDINARY>                          0
<CHANGES>                                0
<NET-INCOME>                      (9749366)
<EPS-BASIC>                 $      (1.62)
<EPS-DILUTED>                 $      (1.62)