<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> MAR-31-1997 <PERIOD-START> APR-01-1997 <PERIOD-END> SEP-30-1997 <CASH> 6,661,743 <SECURITIES> 0 <RECEIVABLES> 100,000 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 7,367,375 <PP&E> 498,913 <DEPRECIATION> 0 <TOTAL-ASSETS> 35,949,457 <CURRENT-LIABILITIES> 3,843,935 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 33,315 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 35,949,457 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2,922,779 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 60,933 <INCOME-PRETAX> (2,922,779) <INCOME-TAX> 0 <INCOME-CONTINUING> (2,922,779) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (2,899,579) <EPS-PRIMARY> (.09) <EPS-DILUTED> (.09)