<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> MAR-31-1998 <PERIOD-END> DEC-31-1997 <CASH> 4,697,608 <SECURITIES> 0 <RECEIVABLES> 102,147 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 5,128,222 <PP&E> 0 <DEPRECIATION> 0 <TOTAL-ASSETS> 19,276,604 <CURRENT-LIABILITIES> 3,718,420 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 22,926,545 <OTHER-SE> (12,221,590) <TOTAL-LIABILITY-AND-EQUITY> 19,276,604 <SALES> 18,941,217 <TOTAL-REVENUES> 18,941,217 <CGS> 9,407,861 <TOTAL-COSTS> 23,759,689 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,022,201 <INCOME-PRETAX> (5,817,093) <INCOME-TAX> 1,600 <INCOME-CONTINUING> (5,818,693) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (5,818,693) <EPS-PRIMARY> (0.65) <EPS-DILUTED> (0.65)