<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> JUN-30-1998 <PERIOD-END> DEC-31-1997 <CASH> 1115 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 74612 <PP&E> 15871457 <DEPRECIATION> 20193 <TOTAL-ASSETS> 15982814 <CURRENT-LIABILITIES> 4789950 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 3225000 <COMMON> 19422457 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 15982814 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 544931 <OTHER-EXPENSES> 72151 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 63746 <INCOME-PRETAX> (627082) <INCOME-TAX> 0 <INCOME-CONTINUING> (627082) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (627082) <EPS-PRIMARY> (.05) <EPS-DILUTED> (.05)