<TABLE> <S> <C>

<PAGE>
 
          
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE AUDITED
FINANCIAL STATEMENTS OF THE COMPANY FOR THE YEARS ENDED DECEMBER 31, 1996 AND
1997, RESPECTIVELY, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS. AS MORE FULLY DESCRIBED IN NOTE 2 TO THE UNAUDITED
FINANCIAL STATEMENTS, THE COMPANY ADOPTED SFAS 128 "EARNINGS PER SHARE" IN 1997.
THE ADOPTION OF SFAS 128 DID NOT IMPACT THE EARNINGS PER SHARE CALCULATIONS FOR
1996 AND 1995.
</LEGEND>
       
<S>                             <C>                     <C>
<PERIOD-TYPE>                   YEAR                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1998             DEC-31-1997
<PERIOD-START>                             JAN-01-1998             JAN-01-1997
<PERIOD-END>                               MAR-31-1998             DEC-31-1997
<CASH>                                       3,549,861               8,782,019
<SECURITIES>                                         0                       0
<RECEIVABLES>                                        0                       0
<ALLOWANCES>                                         0                       0
<INVENTORY>                                          0                       0
<CURRENT-ASSETS>                            14,921,646              14,606,483
<PP&E>                                         504,000               1,548,068
<DEPRECIATION>                                  65,762                 220,208
<TOTAL-ASSETS>                              72,595,458              73,410,583
<CURRENT-LIABILITIES>                        1,611,148               2,113,337
<BONDS>                                              0                       0
<PREFERRED-MANDATORY>                       60,463,943              54,473,947
<PREFERRED>                                          0                       0
<COMMON>                                       208,074                 207,975
<OTHER-SE>                                   9,566,231              15,869,262
<TOTAL-LIABILITY-AND-EQUITY>                72,595,458              73,410,583
<SALES>                                     21,165,795              46,037,234
<TOTAL-REVENUES>                            21,270,010              46,535,329
<CGS>                                                0                       0
<TOTAL-COSTS>                               15,811,560              36,078,855
<OTHER-EXPENSES>                               132,842                  98,269
<LOSS-PROVISION>                               688,328               1,105,616
<INTEREST-EXPENSE>                              38,315                 161,938
<INCOME-PRETAX>                            (1,949,883)             (6,505,511)
<INCOME-TAX>                                         0               (795,281)
<INCOME-CONTINUING>                        (1,949,883)             (5,710,230)
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                               (1,949,883)             (5,710,230)
<EPS-PRIMARY>                                   (0.17)                  (0.41)
<EPS-DILUTED>                                        0                       0
        


</TABLE>