<ARTICLE> 5 <LEGEND> This schedule contains summary financial information extracted from the registrant's unaudited consolidated financial statements for the three month period ended September 30, 1999 and is qualified in its entirety by reference to those financial statements. </LEGEND> <CURRENCY> U.S. Dollars <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> JUN-30-1999 <PERIOD-START> JUL-1-1999 <PERIOD-END> SEP-30-1999 <EXCHANGE-RATE> 1 <CASH> 10,725,204 <SECURITIES> 857,457 <RECEIVABLES> 1,250,000 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 12,910,982 <PP&E> 2,138,780 <DEPRECIATION> 733,030 <TOTAL-ASSETS> 14,564,262 <CURRENT-LIABILITIES> 2,612,475 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 7,518 <COMMON> 72,404 <OTHER-SE> 11,871,865 <TOTAL-LIABILITY-AND-EQUITY> 14,564,262 <SALES> 0 <TOTAL-REVENUES> 1,750,000 <CGS> 0 <TOTAL-COSTS> 3,218,057 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 25,236 <INCOME-PRETAX> (1,421,978) <INCOME-TAX> 0 <INCOME-CONTINUING> (1,421,978) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (1,421,978) <EPS-BASIC> (.20) <EPS-DILUTED> (.20)