<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> JUN-30-1998 <PERIOD-START> JUL-01-1998 <PERIOD-END> DEC-31-1998 <CASH> 3,076 <SECURITIES> 0 <RECEIVABLES> 46,783 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 49,859 <PP&E> 14,999,477 <DEPRECIATION> (1,087) <TOTAL-ASSETS> 15,048,249 <CURRENT-LIABILITIES> 3,558,994 <BONDS> 575,716 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 6,224,784 <OTHER-SE> 4,688,756 <TOTAL-LIABILITY-AND-EQUITY> 15,048,249 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 176,259 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 429,226 <INCOME-PRETAX> (605,485) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 2,056,474 <CHANGES> 0 <NET-INCOME> 1,450,989 <EPS-PRIMARY> .05 <EPS-DILUTED> .05