Exhibit 11.1
Statement of Computation of Per Share Amounts
For the three
For the year ended months ended
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09/30/94 09/30/95 09/30/96 12/31/95 12/31/96
Primary:
Net loss for the period $ (169,809) $1,515,980 $(3,176,314) $ (885,043) $(3,798,072)
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Weighted average number of
shares of common stock
outstanding 58,364 685,381 2,994,461 2,994,461 2,994,461
Weighted average number of
preferred stock
common equivalents (1) 2,900,606 2,309,080 -- -- --
Shares issuable upon exercise of
outstanding options and
warrants (2) 3,756,144 4,070,409 3,756,144 3,756,144 3,756,144
Shares assumed to be acquired
in accordance with the treasury
stock method (2) 2,312,208 2,415,222 2,312,203 2,312,203 2,312,203
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Shares used in computing
Earnings per share 4,402,907 4,649,648 4,438,403 4,438,403 4,438,403
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Net (loss) income per share $ (0.04) $ 0.33 $ (0.72) $ (0.20) $ (0.86)
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Fully Diluted:
Net Loss for the period $ (169,809) $1,515,980 $(3,176,314) $ (885,043) $(3,798,072)
========== ========== =========== ========== ===========
Weighted average number of
shares of common stock
outstanding 58,364 685,381 2,994,461 2,994,461 2,994,461
Weighted average number of
preferred stock
common equivalents (1) 2,900,606 2,309,080 -- -- --
Shares issuable upon exercise of
outstanding options and
warrants (2) 3,756,144 4,070,409 3,756,144 3,756,144 3,756,144
Shares assumed to be acquired
in accordance with the treasury
stock method (2) 2,312,208 2,415,222 2,312,203 2,312,203 2,312,203
---------- ---------- ----------- ---------- -----------
Shares used in computing
Earnings per share 4,402,907 4,649,648 4,438,403 4,438,403 4,438,403
========== ========== =========== ========== ===========
Net (loss) income per share $ (0.04) $ 0.33 $ (0.72) $ (0.20) $ (0.86)
========== ========== =========== ========== ===========
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(1) Preferred stock common equivalents have been included in the per share
calculation to provide more meaningful per share data as a result of the
Company's fiscal 1995 preferred stock restructuring activities. Such
activities resulted in the conversion of all outstanding preferred stock
into common stock based upon exchange ratios substantially different from
the original terms of the preferred stock and as such, the preferred stock
has been included in the fiscal 1994 earnings per share calculation as if
converted in such period.
(2) Under the provisions of Securities and Exchange Commission Staff Accounting
Bulletin No. 64 ("SAB No. 64"), common stock and common stock equivalents
issued by the company within one year or in contemplation of the Company's
offering are treated as if they were outstanding for all periods presented.
Accordingly, the shares issuable upon exercise of outstanding options and
warrants have been increased by 3,756,144 and the shares assumed to be
acquired in accordance with the treasury stock method has been increased by
2,312,208 for each year presented.