Exhibit 11.1
Statement of Computation of Per Share Amounts
For the three
For the year ended months ended
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)
Weighted average number of
shares of common stock
outstanding 2,958,970 2,994,466 2,944,466 2,994,466 2,944,466
Shares issuable upon
exercise of outstanding
options and warrants (1) 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 2,312,208 2,415,227 2,312,208 2,312,208 2,312,208
(1)
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)
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 2,958,970 2,994,466 2,994,466 2,994,466 2,994,466
Shares issuable upon
exercise of outstanding
options and warrants (1) 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 2,312,208 2,415,227 2,312,208 2,312,208 2,312,208
(1)
Shares used in computing 4,402,907 4,649,648 4,438,403 4,438,403 4,438,403
Earnings per share
Net (loss) income per share $ (0.04) $ 0.33 $ (0.72) $ (0.20) $ (0.86)
______________
(1) 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.