<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)