<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> MAR-31-1998 <PERIOD-END> DEC-31-1997 <CASH> 12,976,000 <SECURITIES> 0 <RECEIVABLES> 116,215 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 13,258,187 <PP&E> 543,119 <DEPRECIATION> 58,072 <TOTAL-ASSETS> 45,033,406 <CURRENT-LIABILITIES> 15,450,303 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 321 <COMMON> 21,980,877 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 45,033,406 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 3,672,582 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 93,587 <INCOME-PRETAX> (3,704,973) <INCOME-TAX> 0 <INCOME-CONTINUING> (3,927,864) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (3,927,864) <EPS-PRIMARY> (0.13) <EPS-DILUTED> 0