Form: S-1/A

General form of registration statement for all companies including face-amount certificate companies

March 4, 1997

STATEMENT OF COMPUTATION PER SHARE

Published on March 4, 1997



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 58,364 900,034 2,994,461 2,994,461 2,994,461

Weighted average number of
preferred stock
common equivalents (1) -- 719,472 -- -- --

Shares issuable upon exercise of
outstanding options and
warrants (2) 3,756,144 3,872,516 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 2,346,730 2,312,203 2,312,203 2,312,203
---------- ---------- ----------- ---------- -----------

Shares used in computing
Earnings per share 1,502,300 3,145,292 4,438,403 4,438,403 4,438,403
========== ========== =========== ========== ===========
Net (loss) income per share $ (0.11) $ 0.48 $ (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 58,364 900,034 2,994,461 2,994,461 2,994,461

Weighted average number of
preferred stock
common equivalents (1) -- 719,472 -- -- --

Shares issuable upon exercise of
outstanding options and
warrants (2) 3,756,144 3,872,516 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 2,346,730 2,312,203 2,312,203 2,312,203
---------- ---------- ----------- ---------- -----------

Shares used in computing
Earnings per share 1,507,300 3,145,292 4,438,403 4,438,403 4,438,403
========== ========== =========== ========== ===========

Net (loss) income per share $ (0.11) $ 0.48 $ (0.72) $ (0.20) $ (0.86)
========== ========== =========== ========== ===========
-----------------

(1) Reflects the conversion of preferred shares into common shares based upon
the original terms of the instrument. This assumed conversion is
presented only in years in which the effect is dilutive.

(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.