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<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> SEP-30-2000
<CASH> 82,053
<SECURITIES> 0
<RECEIVABLES> 459,550
<ALLOWANCES> 0
<INVENTORY> 29,428,885
<CURRENT-ASSETS> 0
<PP&E> 2,712,347
<DEPRECIATION> 253,367
<TOTAL-ASSETS> 33,312,357
<CURRENT-LIABILITIES> 0
<BONDS> 29,470,700
0
0
<COMMON> 193,088
<OTHER-SE> 1,251,225
<TOTAL-LIABILITY-AND-EQUITY> 33,312,337
<SALES> 4,633,553
<TOTAL-REVENUES> 4,663,553
<CGS> 0
<TOTAL-COSTS> 5,269,191
<OTHER-EXPENSES> (91,513)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,269,529
<INCOME-PRETAX> (2,221,161)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,221,161)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,221,161)
<EPS-BASIC> (.10)
<EPS-DILUTED> (.10)
</TABLE>
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