<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-2000 <PERIOD-START> JAN-01-2000 <PERIOD-END> MAR-31-2000 <CASH> 2,261,000 <SECURITIES> 2,853,000 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 5,252,000 <PP&E> 11,913,000 <DEPRECIATION> 431,000 <TOTAL-ASSETS> 17,359,000 <CURRENT-LIABILITIES> 1,266,000 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 5,000,000 <COMMON> 1,000 <OTHER-SE> (252,000) <TOTAL-LIABILITY-AND-EQUITY> 17,359,000 <SALES> 0 <TOTAL-REVENUES> 51,000 <CGS> 0 <TOTAL-COSTS> 1,484,000 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 278,000 <INCOME-PRETAX> (1,433,000) <INCOME-TAX> 0 <INCOME-CONTINUING> (1,433,000) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (1,433,000) <EPS-BASIC> (.16) <EPS-DILUTED> (.16)