RESPONSE USA, INC.
EARNINGS PER SHARE
SEPTEMBER 30, 1996
WEIGHTED
TOTAL WEIGHTED TOTAL AVERAGE
DATE DATE EXERCISE DAYS SHARES AVERAGE PROCEEDS PROCEEDS
ISSUED EXPIRE TRANSACTION PRICE O/S ISSUED # SHARES OBTAINABLE OBTAINABLE
------------------------------------------------------------------------------------------------------------------------
OUTSTANDING SHARES:
01-Jul-90 ORIGINAL ISSUANCE 92 37,922 37,922
17-Aug-90 PURCHASE OF SYSTEMS 92 6,656 6,656
13-May-91 ISSUED FOR ASSETS 92 358 358
30-Oct-92 PUBLIC OFFERING 92 80,000 80,000
30-Oct-92 BRIDGE LOAN SHARES ISSUED 92 3,450 3,450
25-Nov-92 OVER-ALLOTMENT ISSUANCE 92 12,000 12,000
30-Jun-93 WARRANTS EXERCISED - GRANTED 2-16-93 0.008 92 5,000 5,000
30-Jun-93 RESTRICTED OPTIONS EXERCISED 0.008 92 1,429 1,429
30-Jun-93 RESTRICTED OPTIONS EXERCISED 0.008 92 136 136
30-Jun-93 RESTRICTED OPTIONS EXERCISED 0.008 92 704 704
30-Jun-93 RESTRICTED OPTIONS EXERCISED 0.008 92 1,250 1,250
30-Jun-93 ADDITIONAL OPTIONS 0.008 92 5,893 5,893
12-May-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 3,572 3,572
17-May-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 6,786 6,786
21-May-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 715 715
25-May-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 1,429 1,429
01-Jun-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 1,072 1,072
02-Jun-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 6,072 6,072
18-Jun-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 5,714 5,714
21-Jun-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 2,143 2,143
23-Jun-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 2,858 2,858
25-Jun-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 1,072 1,072
30-Jun-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 2,143 2,143
06-Jul-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 358 358
09-Jul-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 7,858 7,858
20-Jul-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 1,429 1,429
29-Jul-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 2,858 2,858
04-Aug-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 1,072 1,072
05-Aug-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 358 358
13-Aug-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 1,072 1,072
20-Aug-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 2,143 2,143
25-Aug-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 715 715
07-Sep-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 1,072 1,072
18-Oct-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 2,143 2,143
19-Oct-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 1,429 1,429
28-Oct-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 2,143 2,143
03-Nov-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 2,500 2,500
24-Nov-93 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 1,429 1,429
31-Jan-94 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 715 715
21-Mar-94 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 715 715
29-Mar-94 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 358 358
11-Mar-96 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 14,286 14,286
22-Mar-96 CONVERSION OF CONVERTIBLE NOTES #1/#2 3.50 92 35,715 35,715
27-Mar-96 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 7,143 7,143
09-Apr-96 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 3,572 3,572
09-Apr-96 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 3,572 3,572
26-Apr-96 CONVERSION OF CONVERTIBLE NOTES #1 4.50 92 2,778 2,778
10-Jun-96 CONVERSION OF CONVERTIBLE NOTES #1/#2 1.50 92 67,553 67,553
12-Jun-96 CONVERSION OF CONVERTIBLE NOTES #1 3.50 92 3,571 3,571
14-Jun-96 CONVERSION OF CONVERTIBLE NOTES #1 5.75 92 4,348 4,348
07-Jul-93 PRIVATE PLACEMENT 2.50 92 60,000 60,000
09-Jul-93 PRIVATE PLACEMENT 0.008 92 15,000 15,000
04-Mar-94 PURCHASE UVA/NSF (ORIG) 1.73 92 31,893 31,893
04-Mar-94 PURCHASE UVA/NSF (ORIG) 1.73 92 11,676 11,676
24-Feb-95 PURCHASE UVA/NSF - GUARANTEE 0.375 92 3,126 3,126
24-Feb-95 PURCHASE UVA/NSF - GUARANTEE 0.375 92 7,838 7,838
24-Feb-95 PURCHASE UVA/NSF - GUARANTEE 0.375 92 22,199 22,199
30-Jun-95 PURCHASE UVA/NSF - GUARANTEE 0.40625 92 29,940 29,940
30-Jun-95 PURCHASE UVA/NSF - GUARANTEE 0.40625 92 27,823 27,823
30-Jun-95 PURCHASE UVA/NSF - GUARANTEE 0.40625 92 3,650 3,650
30-Jun-95 PURCHASE UVA/NSF - GUARANTEE 0.40625 92 4,717 4,717
30-Jun-95 PURCHASE UVA/NSF - GUARANTEE 0.40625 92 7,599 7,599
30-Jun-95 PURCHASE UVA/NSF - GUARANTEE 0.40625 92 11,735 11,735
30-Jun-95 PURCHASE UVA/NSF - GUARANTEE 0.40625 92 1,378 1,378
29-Dec-95 PURCHASE UVA/NSF - GUARANTEE (BB) 3.75 92 4,000 4,000
02-Feb-96 PURCHASE UVA/NSF - GUARANTEE 5.00 92 9,177 9,177
02-Feb-96 PURCHASE UVA/NSF - GUARANTEE 5.00 92 9,177 9,177
12-Mar-96 PURCHASE UVA/NSF - GUARANTEE 4.39 92 6,200 6,200
12-Mar-96 PURCHASE UVA/NSF - GUARANTEE 4.39 92 6,100 6,100
12-Mar-96 PURCHASE UVA/NSF - GUARANTEE 4.42 92 4,200 4,200
12-Mar-96 PURCHASE UVA/NSF - GUARANTEE 4.32 92 3,225 3,225
31-May-96 PURCHASE UVA/NSF - GUARANTEE 7.00 92 1,400 1,400
30-Jun-96 PURCHASE UVA/NSF - GUARANTEE 0.008 92 11,500 11,500
30-Nov-95 PURCHASE USS - GUARANTEE (SL) 3.75 92 18,354 18,354
18-Jan-96 PURCHASE USS - GUARANTEE (SL) 4.125 92 23,862 23,862
14-Jul-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 11,000 11,000
21-Jul-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 46,000 46,000
22-Jul-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 16,000 16,000
26-Jul-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 26,000 26,000
02-Aug-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 13,000 13,000
11-Aug-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 10,000 10,000
16-Aug-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 2,000 2,000
18-Aug-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 8,000 8,000
24-Aug-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 16,000 16,000
26-Aug-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 18,000 18,000
06-Sep-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 13,000 13,000
09-Sep-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 2,000 2,000
23-Sep-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 8,000 8,000
04-Oct-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 2,000 2,000
07-Oct-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 2,000 2,000
14-Oct-94 CONVERSION OF CONVERTIBLE NOTES #2 1.25 92 4,000 4,000
09-Apr-96 CONVERSION OF CONVERTIBLE NOTES #2 3.50 92 7,143 7,143
01-May-96 CONVERSION OF CONVERTIBLE NOTES #2 5.00 92 2,500 2,500
02-Aug-94 PURCHASE TOTAL SECURITY ACCOUNTS 1.00 92 7,500 7,500
02-Aug-94 PURCHASE VAULT ACCOUNTS 1.00 92 1,640 1,640
24-Feb-95 PURCHASE VAULT ACCOUNTS 1.00 92 1,860 1,860
01-Nov-94 PURCHASE UNIVERSAL 0.75 92 75,689 75,689
22-Nov-94 PURCHASE ERS 1.00 92 10,000 10,000
22-Nov-94 PURCHASE ERS - McGinn 0.008 92 10,000 10,000
31-May-96 PURCHASE ERS - GUARANTEE (SPIEGELMANS) 7.00 92 6,000 6,000
24-Feb-95 MONITOR ACQUISITION CORP. 0.34375 92 15,000 15,000
12-May-95 PURCHASE ALERT CENTRE - McGinn 0.40625 92 22,500 22,500
12-Jul-95 DELAWARE ACQUISITION - KEYSER 0.40625 92 10,000 10,000
15-Jul-95 WESTERGARD (CONSULTING) 0.40625 92 2,000 2,000
25-Jul-95 DELAWARE ACQUISITION - MCGINN 0.46875 92 15,000 15,000
04-Dec-95 ERS - N/P Pay-off 4.60 92 32,000 32,000
06-Dec-95 EXERCISE CLASS C WARRANTS 3.75 92 10,800 10,800
08-Dec-95 EXERCISE CLASS C WARRANTS 3.75 92 3,000 3,000
14-Dec-95 EXERCISE CLASS C WARRANTS 3.75 92 4,000 4,000
19-Dec-95 EXERCISE CLASS C WARRANTS 3.75 92 2,000 2,000
31-Dec-95 EXERCISE CLASS C WARRANTS 3.75 92 500 500
30-Mar-96 EXERCISE CLASS C WARRANTS (HI-TEL) 3.50 92 17,500 17,500
04-Jun-96 EXERCISE CLASS C WARRANTS 5.625 92 4,000 4,000
10-Jun-96 EXERCISE CLASS C WARRANTS 3.75 92 3,500 3,500
12-Jun-96 EXERCISE CLASS C WARRANTS 5.625 92 5,000 5,000
18-Jun-96 EXERCISE CLASS C WARRANTS 3.75 92 1,000 1,000
20-Jun-96 EXERCISE CLASS C WARRANTS 5.625 92 7,000 7,000
20-Jun-96 EXERCISE CLASS C WARRANTS 5.625 92 10,000 10,000
20-Jun-96 EXERCISE CLASS C WARRANTS 5.825 92 2,000 2,000
20-Jun-96 EXERCISE CLASS C WARRANTS 5.631 92 500 500
25-Jun-96 EXERCISE CLASS C WARRANTS 3.75 92 2,000 2,000
03-Jul-96 EXERCISE CLASS C WARRANTS 5.625 89 5,000 4,837
17-Jul-96 EXERCISE CLASS C WARRANTS 6.00 76 20,000 16,304
17-Jul-96 EXERCISE CLASS C WARRANTS 5.625 76 2,000 1,630
25-Jul-96 EXERCISE CLASS C WARRANTS 5.625 68 1,000 728
25-Jul-96 EXERCISE CLASS C WARRANTS 3.875 68 1,000 728
03-Sep-96 EXERCISE CLASS C WARRANTS 5.625 28 1,000 293
09-Nov-95 CONVERSION OF CONVERTIBLE NOTES #3 0.30 92 75,000 75,000
13-Nov-95 CONVERSION OF CONVERTIBLE NOTES #3 0.275 92 9,091 9,091
16-Nov-95 CONVERSION OF CONVERTIBLE NOTES #3 2.00 92 74,306 74,306
17-Nov-95 CONVERSION OF CONVERTIBLE NOTES #3 2.00 92 75,000 75,000
21-Nov-95 CONVERSION OF CONVERTIBLE NOTES #3 2.25 92 83,339 83,339
21-Nov-95 CONVERSION OF CONVERTIBLE NOTES #3 2.25 92 11,112 11,112
21-Nov-95 CONVERSION OF CONVERTIBLE NOTES #3 2.00 92 12,500 12,500
21-Nov-95 CONVERSION OF CONVERTIBLE NOTES #3 2.25 92 38,891 38,891
30-Apr-96 CONVERSION OF CONVERTIBLE NOTES #3 3.75 92 6,667 6,667
01-May-96 CONVERSION OF CONVERTIBLE NOTES #3 3.75 92 3,334 3,334
18-Jan-96 EXERCISE WARRANT (BOULDER) 3.50 92 25,000 25,000
31-Jan-96 EXERCISE WARRANT (BOULDER) 3.50 92 12,500 12,500
20-Feb-96 EXERCISE WARRANT (BOULDER) 3.50 92 12,500 12,500
23-Feb-96 EXERCISE WARRANT (BOULDER) 3.50 92 62,500 62,500
01-Mar-96 EXERCISE WARRANT (BOULDER) 3.50 92 60,000 60,000
06-Mar-96 EXERCISE WARRANT (BOULDER) 3.50 92 70,000 70,000
21-Mar-96 EXERCISE WARRANT (BOULDER) 3.50 92 25,000 25,000
01-Apr-96 EXERCISE WARRANT (BOULDER) 3.50 92 35,000 35,000
04-Apr-96 EXERCISE WARRANT (BOULDER) 3.50 92 25,000 25,000
11-Apr-96 EXERCISE WARRANT (BOULDER) 3.50 92 75,000 75,000
17-Apr-96 EXERCISE WARRANT (BOULDER) 3.50 92 100,000 100,000
18-Apr-96 EXERCISE WARRANT (BOULDER) 3.50 92 50,000 50,000
26-Apr-96 EXERCISE WARRANT (BOULDER) 3.50 92 75,000 75,000
01-May-96 EXERCISE WARRANT (BOULDER) 3.50 92 100,000 100,000
02-May-96 EXERCISE WARRANT (BOULDER) 3.50 92 100,000 100,000
14-May-96 EXERCISE WARRANT (BOULDER) 2.50 92 100,000 100,000
14-May-96 EXERCISE WARRANT (BOULDER) 3.50 92 2,500 2,500
21-May-96 EXERCISE WARRANT (BOULDER) 2.50 92 125,000 125,000
23-May-96 EXERCISE WARRANT (BOULDER) 2.50 92 70,000 70,000
14-Jun-96 EXERCISE WARRANT (BOULDER) 2.50 92 125,000 125,000
10-Jun-96 R. RUBIN (BOULDER-COMMISSION) 2.50 92 60,000 60,000
02-Feb-96 EXERCISE OPTIONS (J.B.) 3.75 92 2,500 2,500
15-Feb-96 EXERCISE OPTIONS (R.B.) 2.50 92 25,000 25,000
15-Feb-96 EXERCISE OPTIONS (R.F.) 2.50 92 25,000 25,000
17-Jul-96 EXERCISE OPTIONS (S.L.) 3.75 76 2,500 2,038
07-Feb-96 UNIVERSAL BURG & FIRE - HOLDBACK 4.99 92 7,500 7,500
12-Mar-96 ACCURATE - HOLDBACK 4.68 92 7,000 7,000
12-Mar-96 SHELTON - HOLDBACK (IN ESCROW) 0.008 92 50,000 50,000
28-Feb-96 PURCHASE MAC 4.99 92 127,868 127,868
15-May-96 CONVERSION OF CONVERTIBLE NOTES #4 4.50 92 149,998 149,998
16-May-96 CONVERSION OF CONVERTIBLE NOTES #4 4.50 92 52,774 52,774
17-May-96 CONVERSION OF CONVERTIBLE NOTES #4 4.50 92 11,111 11,111
22-May-96 CONVERSION OF CONVERTIBLE NOTES #4 4.50 92 41,663 41,663
31-May-96 CONVERSION OF CONVERTIBLE NOTES #4 4.50 92 5,555 5,555
04-Jun-96 CONVERSION OF CONVERTIBLE NOTES #4 4.50 92 13,887 13,887
10-Jun-96 CONVERSION OF CONVERTIBLE NOTES #4 4.50 92 5,555 5,555
12-Jun-96 CONVERSION OF CONVERTIBLE NOTES #4 4.50 92 30,552 30,552
13-Jun-96 CONVERSION OF CONVERTIBLE NOTES #4 4.50 92 11,111 11,111
20-Jun-96 CONVERSION OF CONVERTIBLE NOTES #4 4.50 92 5,555 5,555
03-Jul-96 CONVERSION OF CONVERTIBLE NOTES #4 4.50 89 11,110 10,748
08-May-96 EXERCISE WARRANTS (Kuzon) 3.50 92 17,500 17,500
17-May-96 EXERCISE WARRANTS 3.75 92 2,000 2,000
22-May-96 EXERCISE WARRANTS 3.75 92 500 500
27-Aug-96 EXERCISE WARRANTS (ECC) - Class A 3.25 35 14,000 5,174 originally belonged to L
04-Jun-96 N/P STOCKHOLDERS (TH/JC) 6.92 92 44,500 44,500
10-Jun-96 N/P STOCKHOLDERS (RR) 2.50 92 84,208 84,208
03-Jun-96 CONVERSION OF CONVERTIBLE NOTES - MCGI 3.26 92 133,436 133,436
30-Jun-96 MCGINN ANTIDILUTIVE SHARES 0.008 92 115,251 115,251
27-Aug-96 Preferred Stock Conversion 4.33 35 4,682 1,730
19-Sep-96 Preferred Stock Conversion 3.739 12 11,768 1,407
19-Sep-96 Preferred Stock Conversion 3.55 12 3,944 472
20-Sep-96 Preferred Stock Conversion 3.37 11 2,077 226
26-Sep-96 Preferred Stock Conversion 3.37 5 106,657 4,637
26-Sep-96 Preferred Stock Conversion 3.19 5 21,943 954
-----------------------
TOTAL OUTSTANDING SHARES 4,063,625 3,906,851
=======================
COMMON STOCK EQUIVALENTS:
30-Aug-90 31-Jan-96 RESTRICTED OPTIONS $2.80 92 7,142 7,142 $19,998 $19,998
30-Aug-90 31-Jan-97 RESTRICTED OPTIONS 2.80 92 7,142 7,142 19,998 $19,998
30-Jun-93 31-Jan-97 RESTRICTED OPTIONS EXERCISED 2.80 92 (14,284) (14,284) (39,995) ($39,995)
31-Jan-91 31-Jan-96 RESTRICTED OPTIONS 7.00 92 21,428 21,428 149,996 $149,996
31-Jan-91 31-Jan-96 RESTRICTED OPTIONS CANCELLED 7.00 92 (20,070) (20,070) (140,490) ($140,490)
30-Jun-93 31-Jan-96 RESTRICTED OPTIONS EXERCISED 7.00 92 (1,358) (1,358) (9,506) ($9,506)
31-Jan-91 31-Jan-96 RESTRICTED OPTIONS (E.E.) 70.00 92 7,142 7,142 499,940 $499,940
31-Jan-91 31-Jan-96 RESTRICTED OPTIONS (E.E.) Reverse 70.00 92 (6,427) (6,427) (449,890) ($449,890)
31-Jan-91 31-Jan-96 RESTRICTED OPTIONS (E.E.) EXPIRED 70.00 92 (715) (715) (50,050) ($50,050)
15-Nov-91 15-Nov-96 RESTRICTED OPTIONS 4.20 92 10,714 10,714 44,999 $44,999
15-Nov-91 15-Nov-96 RESTRICTED OPTIONS CANCELLED 4.20 92 (3,680) (3,680) (15,456) ($15,456)
30-Jun-93 15-Nov-96 RESTRICTED OPTIONS EXERCISED 4.20 92 (7,034) (7,034) (29,543) ($29,543)
02-Jan-92 02-Jan-97 RESTRICTED OPTIONS 3.50 92 12,500 12,500 43,750 $43,750
30-Jun-93 02-Jan-97 RESTRICTED OPTIONS EXERCISED 3.50 92 (12,500) (12,500) (43,750) ($43,750)
02-Jan-92 02-Jan-97 RESTRICTED OPTIONS (S.A.) 3.75 92 3,571 3,571 13,391 $13,391
02-Jan-92 02-Jan-97 RESTRICTED OPTIONS - REVRSE STCK SPLIT 3.75 92 (3,213) (3,213) (12,049) ($12,049)
02-Jan-92 02-Jan-97 RESTRICTED OPTIONS CANCELLED 3.75 92 (358) (358) (1,343) ($1,343)
30-Oct-92 30-Oct-95 RESTRICTED OPTIONS 3.75 92 15,000 15,000 56,250 $56,250
30-Oct-92 30-Oct-95 RESTRICTED OPTIONS - REVERSE 3.75 92 (13,500) (13,500) (50,625) ($50,625)
30-Oct-92 30-Oct-95 RESTRICTED OPTIONS EXPIRED 3.75 92 (1,500) (1,500) (5,625) ($5,625)
30-Oct-92 30-Oct-95 RESTRICTED OPTIONS 52.50 92 5,000 5,000 262,500 $262,500
30-Oct-92 30-Oct-95 RESTRICTED OPTIONS EXPIRED 52.50 92 (5,000) (5,000) (262,500) ($262,500)
16-Feb-94 28-Feb-99 RESTRICTED OPTIONS 3.75 92 15,000 15,000 56,250 $56,250
16-Feb-94 28-Feb-99 RESTRICTED OPTIONS - REVRSE STCK SPLIT 3.75 92 (13,500) (13,500) (50,625) ($50,625)
16-Feb-94 28-Feb-99 RESTRICTED OPTIONS CANCELLED 3.75 92 (1,500) (1,500) (5,624) ($5,625)
15-Nov-95 14-Nov-04 RESTRICTED OPTIONS (SA) 3.875 92 13,358 13,358 51,763 $51,762
15-Nov-95 14-Nov-04 RESTRICTED OPTIONS (MG) 3.875 92 15,000 15,000 58,126 $58,125
02-Jan-92 02-Jan-97 RESTRICTED OPTIONS (Consultants) 35.00 92 83,929 83,929 2,937,515 $2,937,515
02-Jan-92 02-Jan-97 RESTRICTED OPTIONS CANCELLED 35.00 92 (6,250) (6,250) (218,750) ($218,750)
30-Jun-93 02-Jan-97 RESTRICTED OPTIONS EXERCISED 35.00 92 (58,929) (58,929) (2,062,515)($2,062,515)
30-Jun-93 02-Jan-97 RESTRICTED OPTIONS (Consult) Reverse 35.00 92 (16,875) (16,875) (590,625) ($590,625)
30-Jun-93 02-Jan-97 RESTRICTED OPTIONS CANCELLED 35.00 92 (1,250) (1,250) (43,750) ($43,750)
07-Sep-94 07-Sep-04 RESTRICTED OPTIONS (Consultants R.R.) 3.75 92 150,000 150,000 562,500 $562,500
01-Feb-95 01-Feb-05 RESTRICTED OPTIONS (Consultants R.R.) 3.75 92 150,000 150,000 562,500 $562,500
07-Sep-94 07-Sep-04 RESTRICTED OPTIONS CANCELLED 3.75 92 (150,000) (150,000) (562,500) ($562,500)
01-Feb-95 01-Feb-05 RESTRICTED OPTIONS CANCELLED 3.75 92 (150,000) (150,000) (562,500) ($562,500)
15-Nov-95 14-Nov-04 RESTRICTED OPTIONS (Consultants R.R.) 2.50 92 300,000 300,000 750,000 $750,000
01-Aug-95 31-Jul-05 RESTRICTED OPTIONS (Consultants LPI) 4.45 92 41,250 41,250 183,563 $183,563
01-Feb-95 01-Feb-05 RESTRICTED OPTIONS (Director - SL) 3.75 92 25,000 25,000 93,750 $93,750
01-Feb-95 01-Feb-05 RESTRICTED OPTIONS (SL) Reverse Split 3.75 92 (22,500) (22,500) (84,375) ($84,375)
01-Feb-95 01-Feb-05 RESTRICTED OPTIONS (SL) CANCELLED 3.75 92 (2,500) (2,500) (9,375) ($9,375)
01-Feb-95 01-Feb-05 RESTRICTED OPTIONS (Director - JB) 3.75 92 25,000 25,000 93,750 $93,750
01-Feb-95 01-Feb-05 RESTRICTED OPTIONS (JB) Reverse Split 3.75 92 (22,500) (22,500) (84,375) ($84,375)
01-Feb-95 01-Feb-05 RESTRICTED OPTIONS (JB) EXERCISED 3.75 92 (2,500) (2,500) (9,375) ($9,375)
15-Nov-95 14-Nov-04 RESTRICTED OPTIONS (Director - SL) 3.75 92 2,500 2,500 9,375 $9,375
17-Jul-96 14-Nov-04 RESTRICTED OPTIONS (SL) EXERCISED 3.75 17 (2,500) (2,038) (9,375) ($1,732)
28-Aug-92 28-Aug-97 EMPLOYMENT AGREEMENT OPTIONS (R.B.) 3.75 92 133,333 133,333 499,999 $499,999
31-Aug-94 31-Aug-04 EMPLOYMENT AGREEMENT OPTIONS (R.B.) 3.75 92 300,000 300,000 1,125,000 $1,125,000
01-Feb-95 01-Feb-05 EMPLOYMENT AGREEMENT OPTIONS (R.B.) 3.75 92 300,000 300,000 1,125,000 $1,125,000
28-Aug-92 28-Aug-97 EMPLOYMENT OPTIONS (R.B.) CANCELLED 3.75 92 (733,333) (733,333) (2,749,999)($2,749,999)
28-Aug-92 28-Aug-97 EMPLOYMENT AGREEMENT OPTIONS (R.F.) 3.75 92 85,067 85,067 319,001 $319,001
31-Aug-94 31-Aug-04 EMPLOYMENT AGREEMENT OPTIONS (R.F.) 3.75 92 100,000 100,000 375,000 $375,000
01-Feb-95 01-Feb-05 EMPLOYMENT AGREEMENT OPTIONS (R.F.) 3.75 92 100,000 100,000 375,000 $375,000
28-Aug-92 28-Aug-97 EMPLOYMENT OPTIONS (R.F.) CANCELLED 3.75 92 (285,067) (285,067) (1,069,001)($1,069,001)
28-Aug-92 28-Aug-97 EMPLOYMENT AGREEMENT OPTIONS (H.L.) 5.00 92 181,600 181,600 908,000 $908,000
28-Aug-92 28-Aug-97 EMPLOYMENT OPTIONS (H.L.) CANCELLED 5.00 92 (181,600) (181,600) (908,000) ($908,000)
04-Mar-94 31-Mar-99 EMPLOYMENT AGREEMENT OPTIONS (T.H.) 3.75 92 300,000 300,000 1,125,000 $1,125,000
04-Mar-94 31-Mar-99 EMPLOYMENT OPTIONS (T.H.) CANCELLED 3.75 92 (300,000) (300,000) (1,125,000)($1,125,000)
04-Mar-94 31-Mar-99 EMPLOYMENT AGREEMENT OPTIONS (J.C.) 3.75 92 300,000 300,000 1,125,000 $1,125,000
04-Mar-94 31-Mar-99 EMPLOYMENT OPTIONS (J.C.) CANCELLED 3.75 92 (300,000) (300,000) (1,125,000)($1,125,000)
15-Nov-95 14-Nov-04 EMPLOYMENT AGREEMENT OPTIONS (R.B.) 2.50 92 733,333 733,333 1,833,333 $1,833,333
15-Nov-95 14-Nov-04 EMPLOYMENT OPTIONS (R.B.) EXERCISED 2.50 92 (25,000) (25,000) (62,500) ($62,500)
15-Nov-95 14-Nov-04 EMPLOYMENT AGREEMENT OPTIONS (R.F.) 2.50 92 285,067 285,067 712,668 $712,668
15-Nov-95 14-Nov-04 EMPLOYMENT OPTIONS (R.F.) EXERCISED 2.50 92 (25,000) (25,000) (62,500) ($62,500)
15-Nov-95 14-Nov-04 EMPLOYMENT AGREEMENT OPTIONS (T.H.) 2.50 92 300,000 300,000 750,000 $750,000
15-Nov-95 14-Nov-04 EMPLOYMENT AGREEMENT OPTIONS (J.C.) 2.50 92 300,000 300,000 750,000 $750,000
30-Mar-92 NONE BRIDGE LOAN SHARES ISSUABLE 0.008 92 30,000 30,000 240 $240
23-Jun-92 NONE BRIDGE LOAN SHARES ISSUABLE 0.008 92 4,500 4,500 36 $36
30-Oct-92 NONE BRIDGE LOAN SHARES ISSUED 0.008 92 (34,500) (34,500) (276) ($276)
30-Oct-92 30-Oct-95 INCENTIVE OPTIONS (RAS) 5.25 92 30,500 30,500 160,125 $160,125
30-Oct-92 30-Oct-95 INCENTIVE OPTIONS (RAS) EXPIRED 5.25 92 (30,500) (30,500) (160,125) ($160,125)
16-Feb-94 28-Feb-99 INCENTIVE OPTIONS (RAS) 16.25 92 37,000 37,000 601,250 $601,250
16-Feb-94 28-Feb-99 INCENTIVE OPTIONS (RAS) CANCELLED 16.25 92 (18,500) (18,500) (300,625) ($300,625)
16-Feb-94 28-Feb-99 INCENTIVE OPTIONS (RAS) REVERSE SPLIT 16.25 92 (16,650) (16,650) (270,563) ($270,563)
20-Apr-94 30-Apr-99 INCENTIVE OPTIONS (UVS) 12.50 92 35,000 35,000 437,500 $437,500
20-Apr-94 30-Apr-99 INCENTIVE OPTIONS (UVS) CANCELLED 12.50 92 (15,500) (15,500) (193,750) ($193,750)
20-Apr-94 30-Apr-99 INCENTIVE OPTIONS (USS) REVERSE SPLIT 12.50 92 (17,550) (17,550) (219,375) ($219,375)
22-Dec-94 22-Dec-99 INCENTIVE OPTIONS (UVS) 5.00 92 13,000 13,000 65,000 $65,000
22-Dec-94 22-Dec-99 INCENTIVE OPTIONS (UVS) CANCELLED 5.00 92 (8,000) (8,000) (40,000) ($40,000)
22-Dec-94 22-Dec-99 INCENTIVE OPTIONS (USS) REVERSE SPLIT 5.00 92 (4,500) (4,500) (22,500) ($22,500)
27-Nov-95 27-Nov-01 INCENTIVE OPTIONS (USA) 3.875 92 62,750 63,250 63,250 $243,156
30-Oct-92 22-Oct-97 CLASS A WARRANTS - IPO 4.50 92 80,000 80,000 360,000 $360,000
30-Oct-92 22-Oct-97 CLASS B WARRANTS - IPO 5.50 92 80,000 80,000 440,000 $440,000
25-Nov-92 22-Oct-97 CLASS A WARRANTS - OVER ALLOTMENT 4.50 92 12,000 12,000 54,000 $54,000
25-Nov-92 22-Oct-97 CLASS B WARRANTS - OVER ALLOTMENT 5.50 92 12,000 12,000 66,000 $66,000
30-Oct-92 30-Oct-96 CLASS A UNDERWRITER WARRANTS 4.50 92 8,000 8,000 36,000 $36,000
30-Oct-92 22-Oct-97 CLASS A WTS UNDERLYING U/W WTS 4.50 92 8,000 8,000 36,000 $36,000
30-Oct-92 22-Oct-97 CLASS B WTS UNDERLYING U/W WTS 5.50 92 8,000 8,000 44,000 $44,000
25-Nov-92 25-Nov-96 CLASS A UNDERWRITER WARRANTS 4.50 92 1,200 1,200 5,400 $5,400
25-Nov-92 22-Oct-97 CLASS A WTS UNDERLYING U/W WTS 4.50 92 1,200 1,200 5,400 $5,400
25-Nov-92 22-Oct-97 CLASS B WTS UNDERLYING U/W WTS 5.50 92 1,200 1,200 6,600 $6,600
16-Feb-93 NONE WARRANTS 0.008 92 50,000 50,000 400 $400
30-Jun-93 NONE WARRANTS EXERCISED 0.008 92 (50,000) (50,000) (400) ($400)
24-Mar-93 31-Mar-96 CLASS B WARRANTS 5.50 92 17,858 17,858 98,219 $98,219
31-Mar-93 31-Mar-96 CLASS B WARRANTS 5.50 92 19,286 19,286 106,073 $106,073
07-Apr-93 31-Mar-96 CLASS B WARRANTS 5.50 92 14,643 14,643 80,537 $80,537
22-Apr-93 31-Mar-96 CLASS B WARRANTS 5.50 92 17,143 17,143 94,287 $94,287
26-Apr-93 31-Mar-96 CLASS B WARRANTS 5.50 92 2,142 2,142 11,781 $11,781
22-Nov-93 31-Mar-96 CLASS B WARRANTS-PLACEMENT AGENT 5.50 92 7,108 7,108 39,094 $39,094
22-Nov-93 31-Mar-96 CLASS A WARRANTS (ORIG HOLDERS) 4.50 92 14,215 14,215 63,968 $63,968
15-Dec-93 30-Nov-96 CLASS A WARRANTS 4.50 92 133,000 133,000 598,500 $598,500
15-Dec-93 30-Nov-96 CLASS B WARRANTS 5.50 92 133,000 133,000 731,500 $731,500
15-Dec-93 30-Nov-96 CLASS A WARRANTS-PLACEMENT AGENT 4.50 92 13,300 13,300 59,850 $59,850
15-Dec-93 30-Nov-96 CLASS B WARRANTS-PLACEMENT AGENT 5.50 92 13,300 13,300 73,150 $73,150
15-Dec-93 30-Nov-96 CLASS B WARRANTS-PLACEMENT AGENT 5.50 92 2,000 2,000 11,000 $11,000
30-Dec-93 30-Nov-96 CLASS A WARRANTS 4.50 92 71,000 71,000 319,500 $319,500
30-Dec-93 30-Nov-96 CLASS B WARRANTS 5.50 92 71,000 71,000 390,500 $390,500
30-Dec-93 30-Nov-96 CLASS A WARRANTS-PLACEMENT AGENT 4.50 92 7,100 7,100 31,950 $31,950
30-Dec-93 30-Nov-96 CLASS B WARRANTS-PLACEMENT AGENT 5.50 92 7,100 7,100 39,050 $39,050
18-Jan-94 30-Nov-96 CLASS A WARRANTS 4.50 92 11,000 11,000 49,500 $49,500
18-Jan-94 30-Nov-96 CLASS B WARRANTS 5.50 92 11,000 11,000 60,500 $60,500
18-Jan-94 30-Nov-96 CLASS A WARRANTS-PLACEMENT AGENT 4.50 92 1,100 1,100 4,950 $4,950
18-Jan-94 30-Nov-96 CLASS B WARRANTS-PLACEMENT AGENT 5.50 92 1,100 1,100 6,050 $6,050
08-Feb-94 30-Nov-96 CLASS A WARRANTS 4.50 92 3,000 3,000 13,500 $13,500
08-Feb-94 30-Nov-96 CLASS B WARRANTS 5.50 92 3,000 3,000 16,500 $16,500
08-Feb-94 30-Nov-96 CLASS A WARRANTS-PLACEMENT AGENT 4.50 92 300 300 1,350 $1,350
08-Feb-94 30-Nov-96 CLASS B WARRANTS-PLACEMENT AGENT 5.50 92 300 300 1,650 $1,650
10-Mar-95 15-Jan-00 CLASS C WARRANTS - 12% 3.75 92 20,000 20,000 75,000 $75,000
17-Mar-95 15-Jan-00 CLASS C WARRANTS - 12% 3.75 92 10,000 10,000 37,500 $37,500
07-Apr-95 15-Jan-00 CLASS C WARRANTS - 12% 3.75 92 4,500 4,500 16,875 $16,875
21-Apr-95 15-Jan-00 CLASS C WARRANTS - 12% 3.75 92 2,000 2,000 7,500 $7,500
10-Mar-96 15-Jan-00 CLASS C WARRANTS - EXERCISED 12% 3.75 92 (20,000) (20,000) (75,000) ($75,000)
17-Mar-96 15-Jan-00 CLASS C WARRANTS - EXERCISED 12% 3.75 92 (9,300) (9,300) (34,875) ($34,875)
31-Mar-95 15-Jan-00 CLASS C WARRANTS-PLACEMENT AGENTS 3.75 92 20,000 20,000 75,000 $75,000
31-Mar-96 15-Jan-00 CLASS A WARRANTS-PLACEMENT AGENTS 3.25 92 92,000 92,000 299,000 $299,000
27-Aug-96 CLASS A WARRANTS-EXERCISED 3.25 58 (14,000) (5,174) (45,500) ($28,685)
28-Jul-95 30-Jun-97 CLASS C WARRANTS - McGinn 13.8% 3.26 92 6,667 6,667 21,734 $21,734
04-Oct-95 30-Jun-97 CLASS C WARRANTS - McGinn 13.8% 3.26 92 6,667 6,667 21,734 $21,734
01-Dec-95 30-Jun-97 CLASS C WARRANTS - McGinn 13.8% 3.26 92 6,666 6,666 21,731 $21,731
10-Jan-96 31-Dec-97 CLASS C WARRANTS - 10% 5.625 92 27,000 27,000 151,875 $151,875
22-Jan-96 31-Dec-97 CLASS C WARRANTS - 10% 5.625 92 17,000 17,000 95,625 $95,625
31-Jan-96 31-Dec-97 CLASS C WARRANTS - 10% 5.625 92 12,000 12,000 67,500 $67,500
28-Feb-96 31-Dec-97 CLASS C WARRANTS - 10% 5.625 92 5,000 5,000 28,125 $28,125
10-Jan-96 31-Dec-97 CLASS C WARRANTS - EXERCISED 10% 5.625 92 (27,000) (27,000) (151,875) ($151,875)
22-Jan-96 31-Dec-97 CLASS C WARRANTS - EXERCISED 10% 5.625 92 (1,500) (1,500) (8,438) ($8,438)
03-Jul-96 CLASS C WARRANTS - EXERCISED 5.625 3 (5,000) (4,837) (28,125) ($917)
17-Jul-96 CLASS C WARRANTS - EXERCISED 6.00 17 (20,000) (16,304) (120,000) ($22,174)
17-Jul-96 CLASS C WARRANTS - EXERCISED 5.625 17 (2,000) (1,630) (11,250) ($2,079)
25-Jul-96 CLASS C WARRANTS - EXERCISED 5.625 25 (1,000) (728) (5,625) ($1,529)
25-Jul-96 CLASS C WARRANTS - EXERCISED 3.875 25 (1,000) (728) (3,875) ($1,053)
03-Sep-96 CLASS C WARRANTS - EXERCISED 5.625 65 (1,000) (293) (5,625) ($3,974)
30-Jun-96 30-Jun-01 WARRANTS - ECC CONSULTING 5.125 92 200,000 200,000 1,025,000 $1,025,000
30-Jun-96 01-Jul-00 WARRANTS - BWF CONSULTING - MELLON 4.50 92 100,000 100,000 450,000 $450,000
30-Jun-96 30-Jun-01 WARRANTS - ZANNETT CAPITAL - PREFERRED 6.13 92 500,000 500,000 3,065,000 $3,065,000
30-Jun-96 30-Jun-01 WARRANTS - ZANNETT CAPITAL - PREFERRED 8.00 92 250,000 250,000 2,000,000 $2,000,000
30-Jun-96 30-Jun-00 WARRANTS - BWF CONSULTING - PREFERRED 4.50 92 75,000 75,000 337,500 $337,500
30-Jun-96 30-Jun-06 WARRANTS - PUT OPTIONS - MELLON 3.25 92 1,032,135 1,032,135 3,354,439 $3,354,439
--------- --------- --------- ---------
TOTAL COMMON STOCK EQUIVALENTS 5,076,113 5,091,379 $19,723,824 $20,070,960
========= ========= ========= =========
OTHER POTENTIALLY DILUTIVE SECURITIES:
24-Mar-93 31-Mar-96 $625,000 CONVERTIBLE NOTES 7% 3.50 92 178,571 178,571 $624,999 $624,999
31-Mar-93 31-Mar-96 $675,000 CONVERTIBLE NOTES 7% 3.50 92 192,857 192,857 $675,000 $675,000
07-Apr-93 31-Mar-96 $512,500 CONVERTIBLE NOTES 7% 3.50 92 146,429 146,429 $512,502 $512,502
22-Apr-93 31-Mar-96 $600,000 CONVERTIBLE NOTES 7% 3.50 92 171,429 171,429 $600,002 $600,002
26-Apr-93 31-Mar-96 $75,000 CONVERTIBLE NOTES 7% 3.50 92 21,428 21,428 $74,998 $74,998
15-Dec-93 30-Nov-96 $1,662,500 CONVERTIBLE NOTES 5% 1.25 92 1,330,000 1,330,000 $1,662,500 $1,662,500
30-Dec-93 30-Nov-96 $887,500 CONVERTIBLE NOTES 5% 1.25 92 710,000 710,000 $887,500 $887,500
18-Jan-94 30-Nov-96 $137,500 CONVERTIBLE NOTES 5% 1.25 92 110,000 110,000 $137,500 $137,500
08-Feb-94 30-Nov-96 $37,500 CONVERTIBLE NOTES 5% 1.25 92 30,000 30,000 $37,500 $37,500
10-Mar-95 31-Dec-96 $500,000 CONVERTIBLE NOTES 12% 2.50 92 200,000 200,000 $500,000 $500,000
17-Mar-95 31-Dec-96 $250,000 CONVERTIBLE NOTES 12% 2.50 92 100,000 100,000 $250,000 $250,000
07-Apr-95 31-Dec-96 $112,500 CONVERTIBLE NOTES 12% 2.50 92 45,000 45,000 $112,500 $112,500
21-Apr-95 31-Dec-96 $50,000 CONVERTIBLE NOTES 12% 2.50 92 20,000 20,000 $50,000 $50,000
Adjust for Reverse Stock Split/Price 92 (2,394,238)(2,394,238)($4,256,309)($4,256,309)
10-Jan-96 31-Dec-97 $675,000 CONVERTIBLE NOTES 10% 4.50 92 150,000 150,000 $675,000 $675,000
22-Jan-96 31-Dec-97 $425,000 CONVERTIBLE NOTES 10% 4.50 92 94,444 94,444 $425,000 $425,000
31-Jan-96 31-Dec-97 $300,000 CONVERTIBLE NOTES 10% 4.50 92 66,667 66,667 $300,000 $300,000
28-Feb-96 31-Dec-97 $125,000 CONVERTIBLE NOTES 10% 4.50 92 27,778 27,778 $125,000 $125,000
28-Jul-95 30-Jun-97 $145,000 CONVERTIBLE NOTES 13.8% 3.26 92 44,479 44,479 $145,002 $145,002
04-Oct-95 30-Jun-97 $145,000 CONVERTIBLE NOTES 13.8% 3.26 92 44,479 44,479 $145,002 $145,002
01-Dec-95 30-Jun-97 $145,000 CONVERTIBLE NOTES 13.8% 3.26 92 44,478 44,478 $144,998 $144,998
12-May-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (3,572) (3,572) ($12,502) ($12,502)
17-May-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (6,786) (6,786) ($23,751) ($23,751)
21-May-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (715) (715) ($2,503) ($2,503)
25-May-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (1,429) (1,429) ($5,002) ($5,002)
01-Jun-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (1,072) (1,072) ($3,752) ($3,752)
02-Jun-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (6,072) (6,072) ($21,252) ($21,252)
18-Jun-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (5,714) (5,714) ($19,999) ($19,999)
21-Jun-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (2,143) (2,143) ($7,501) ($7,501)
23-Jun-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (2,858) (2,858) ($10,003) ($10,003)
25-Jun-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (1,072) (1,072) ($3,752) ($3,752)
30-Jun-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (2,143) (2,143) ($7,501) ($7,501)
06-Jul-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (358) (358) ($1,253) ($1,253)
09-Jul-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (7,858) (7,858) ($27,503) ($27,503)
20-Jul-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (1,429) (1,429) ($5,002) ($5,002)
29-Jul-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (2,858) (2,858) ($10,003) ($10,003)
04-Aug-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (1,072) (1,072) ($3,752) ($3,752)
05-Aug-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (358) (358) ($1,253) ($1,253)
13-Aug-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (1,072) (1,072) ($3,752) ($3,752)
20-Aug-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (2,143) (2,143) ($7,501) ($7,501)
25-Aug-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (715) (715) ($2,503) ($2,503)
07-Sep-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (1,072) (1,072) ($3,752) ($3,752)
18-Oct-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (2,143) (2,143) ($7,501) ($7,501)
19-Oct-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (1,429) (1,429) ($5,002) ($5,002)
28-Oct-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (2,143) (2,143) ($7,501) ($7,501)
03-Nov-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (2,500) (2,500) ($8,750) ($8,750)
24-Nov-93 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (1,429) (1,429) ($5,002) ($5,002)
31-Jan-94 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (715) (715) ($2,503) ($2,503)
21-Mar-94 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (715) (715) ($2,503) ($2,503)
29-Mar-94 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (357) (357) ($1,250) ($1,250)
11-Mar-96 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (14,286) (14,286) ($50,001) ($50,001)
22-Mar-96 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (7,143) (7,143) ($25,001) ($25,001)
27-Mar-96 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (7,143) (7,143) ($25,001) ($25,001)
09-Apr-96 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (7,144) (7,144) ($25,004) ($25,004)
26-Apr-96 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 4.50 92 (2,778) (2,778) ($12,501) ($12,501)
10-Jun-96 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 1.50 92 (33,333) (33,333) ($50,000) ($50,000)
12-Jun-96 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 3.50 92 (3,571) (3,571) ($12,499) ($12,499)
14-Jun-96 31-Mar-96 CONVERSION OF CONVERTIBLE NOTES 7% 5.75 92 (4,348) (4,348) ($25,001) ($25,001)
14-Jul-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (11,000) (11,000) ($13,750) ($13,750)
21-Jul-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (46,000) (46,000) ($57,500) ($57,500)
22-Jul-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (16,000) (16,000) ($20,000) ($20,000)
26-Jul-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (26,000) (26,000) ($32,500) ($32,500)
02-Aug-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (13,000) (13,000) ($16,250) ($16,250)
11-Aug-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (10,000) (10,000) ($12,500) ($12,500)
16-Aug-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (2,000) (2,000) ($2,500) ($2,500)
18-Aug-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (8,000) (8,000) ($10,000) ($10,000)
24-Aug-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (16,000) (16,000) ($20,000) ($20,000)
26-Aug-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (18,000) (18,000) ($22,500) ($22,500)
06-Sep-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (13,000) (13,000) ($16,250) ($16,250)
09-Sep-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (2,000) (2,000) ($2,500) ($2,500)
23-Sep-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (8,000) (8,000) ($10,000) ($10,000)
04-Oct-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (2,000) (2,000) ($2,500) ($2,500)
07-Oct-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (2,000) (2,000) ($2,500) ($2,500)
14-Oct-94 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.25 92 (4,000) (4,000) ($5,000) ($5,000)
22-Mar-96 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 3.50 92 (28,572) (28,572) ($100,002) ($100,002)
09-Apr-96 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 3.50 92 (7,143) (7,143) ($25,001) ($25,001)
01-May-96 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 5.00 92 (2,500) (2,500) ($12,500) ($12,500)
10-Jun-96 30-Nov-96 CONVERSION OF CONVERTIBLE NOTES 5% 1.50 92 (33,333) (33,333) ($50,000) ($50,000)
09-Nov-95 31-Dec-96 CONVERSION OF CONVERTIBLE NOTES 12% 3.00 92 (75,000) (75,000) ($225,000) ($225,000)
13-Nov-95 31-Dec-96 CONVERSION OF CONVERTIBLE NOTES 12% 2.750 92 (9,091) (9,091) ($25,000) ($25,000)
16-Nov-95 31-Dec-96 CONVERSION OF CONVERTIBLE NOTES 12% 2.00 92 (74,306) (74,306) ($148,612) ($148,612)
17-Nov-95 31-Dec-96 CONVERSION OF CONVERTIBLE NOTES 12% 2.00 92 (75,000) (75,000) ($150,000) ($150,000)
21-Nov-95 31-Dec-96 CONVERSION OF CONVERTIBLE NOTES 12% 2.25 92 (83,339) (83,339) ($187,513) ($187,513)
21-Nov-95 31-Dec-96 CONVERSION OF CONVERTIBLE NOTES 12% 2.25 92 (11,112) (11,112) ($25,002) ($25,002)
21-Nov-95 31-Dec-96 CONVERSION OF CONVERTIBLE NOTES 12% 2.00 92 (12,500) (12,500) ($25,000) ($25,000)
21-Nov-95 31-Dec-96 CONVERSION OF CONVERTIBLE NOTES 12% 2.25 92 (38,891) (38,891) ($87,505) ($87,505)
30-Apr-96 31-Dec-96 CONVERSION OF CONVERTIBLE NOTES 12% 3.75 92 (6,667) (6,667) ($25,001) ($25,001)
01-May-96 31-Dec-96 CONVERSION OF CONVERTIBLE NOTES 12% 3.75 92 (3,334) (3,334) ($12,503) ($12,503)
15-May-96 31-Dec-97 CONVERSION OF CONVERTIBLE NOTES 10% 4.50 92 (149,998) (149,998) ($674,991) ($674,991)
16-May-96 31-Dec-97 CONVERSION OF CONVERTIBLE NOTES 10% 4.50 92 (52,774) (52,774) ($237,483) ($237,483)
17-May-96 31-Dec-97 CONVERSION OF CONVERTIBLE NOTES 10% 4.50 92 (11,111) (11,111) ($50,000) ($50,000)
22-May-96 31-Dec-97 CONVERSION OF CONVERTIBLE NOTES 10% 4.50 92 (41,663) (41,663) ($187,484) ($187,484)
31-May-96 31-Dec-97 CONVERSION OF CONVERTIBLE NOTES 10% 4.50 92 (5,555) (5,555) ($24,998) ($24,998)
04-Jun-96 31-Dec-97 CONVERSION OF CONVERTIBLE NOTES 10% 4.50 92 (13,887) (13,887) ($62,492) ($62,492)
10-Jun-96 31-Dec-97 CONVERSION OF CONVERTIBLE NOTES 10% 4.50 92 (5,555) (5,555) ($24,998) ($24,998)
12-Jun-96 31-Dec-97 CONVERSION OF CONVERTIBLE NOTES 10% 4.50 92 (30,569) (30,569) ($137,561) ($137,561)
13-Jun-96 31-Dec-97 CONVERSION OF CONVERTIBLE NOTES 10% 4.50 92 (11,111) (11,111) ($50,000) ($50,000)
20-Jun-96 31-Dec-97 CONVERSION OF CONVERTIBLE NOTES 10% 4.50 92 (5,555) (5,555) ($24,997) ($24,998)
03-Jul-96 31-Dec-97 CONVERSION OF CONVERTIBLE NOTES 10% 4.50 3 (11,110) (10,748) ($49,994) ($1,630)
03-Jun-96 30-Jun-97 CONVERSION OF CONVERTIBLE NOTES 13.8% 3.26 92 (133,436) (133,436) ($435,000) ($435,001)
30-Jun-96 01-Jun-99 Preferred Stock 5.00 92 2,010,000 2,010,000 $10,050,000 $10,050,000
19-Aug-96 01-Jun-99 CONVERSION OF PREFERRED STOCK 5.00 50 (5,360) (2,447) ($26,800) ($14,565)
17-Sep-96 01-Jun-99 CONVERSION OF PREFERRED STOCK 5.00 79 (11,792) (1,666) ($58,960) ($50,629)
19-Sep-96 01-Jun-99 CONVERSION OF PREFERRED STOCK 5.00 81 (3,752) (449) ($18,760) ($16,517)
20-Sep-96 01-Jun-99 CONVERSION OF PREFERRED STOCK 5.00 82 (97,016) (10,545) ($485,080) ($432,354)
23-Sep-96 01-Jun-99 CONVERSION OF PREFERRED STOCK 5.00 85 (18,760) (1,427) ($93,800) ($86,663)
--------- --------- --------- ---------
TOTAL OTHER POTENTIALLY DILUTIVE SECURITIES 1,386,601 1,987,691 $6,708,007 $7,169,729
========= ========= ========= =========
EARNINGS PER SHARE COMPUTATIONS:
MODIFIED TREASURY STOCK METHOD:
TOTAL EXERCISE PROCEEDS $20,070,960
---------
PERIOD-END OUTSTANDING SHARES 4,063,625
---------
20% OF PERIOD-END OUTSTANDING SHARES 812,725
---------
AVERAGE SHARE PRICE DURING PERIOD $6.13 ***
---------
PROCEEDS USED TO PURCHASE SHARES 4,982,004
---------
REMAINING PROCEEDS 15,088,955
---------
PROCEEDS USED TO RETIRE AVERAGE DEBT 9,340,967
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REMAINING PROCEEDS INVESTED $5,747,988
=========
ADJUSTED INCOME (LOSS):
NET INCOME (LOSS) ($3,158,260)
ACCRETION TO PREFERRED STOCK (2,376,600)
DEEMED DIVIDENDS (187,486)
------------
ADJUSTED INCOME (LOSS) (5,722,346)
INTEREST (EXPENSE) ON RETIRED DEBT (10.25%) 239,362
INTEREST INCOME ON PROCEEDS INVESTED (2.5%) 35,925
TAX EFFECT OF INTEREST ADJUSTMENTS (40%) (110,115)
---------
NET INCOME (LOSS) FOR EARNINGS PER SHARE PURPOSES (5,557,174)
---------
SHARES:
WEIGHTED AVERAGE SHARES OUTSTANDING 3,906,851
WEIGHTED AVERAGE EQUIVALENT SHARES OUTSTANDING 5,091,379
20% OF PERIOD-END OUTSTANDING SHARES (812,725)
---------
TOTAL SHARES FOR EARNINGS PER SHARE PURPOSES 8,185,506
---------
NET INCOME (LOSS) PER SHARE ($0.68)
=========
MAXIMUM INCOME (MINIMUM LOSS) PER SHARE:
ADJUSTED INCOME (LOSS) ($5,722,346)
---------
WEIGHTED AVERAGE SHARES OUTSTANDING 3,906,851
---------
NET INCOME (LOSS) PER SHARE ($1.46)
=========