YEAR ENDED JULY 31,
-------------------------------------
1997 1996 1995
----------- ---------- ---------
Primary
Average Shares outstanding 1,583,859 1,035,186 43,463(1)
----------- ---------- ---------
Net income (loss) $ (672,080) $ 293,552 $(522,044)
=========== ========== =========
Per share - amount $ (.42) $ .28 $ (12.01)
=========== ========== =========
Fully diluted
Average shares outstanding 1,583,859 1,035,186 43,463(1)
Assumed conversion of 4% Series A Preferred Stock (2) 155,000 (2)
Assumed conversion of $90 Series B Preferred Stock (2) 48 (2)
----------- ---------- ---------
Total 1,583,859 1,190,234 43,463
=========== ========== =========
Net income (loss) $ (672,080) $ 293,552 $(522,044)
=========== ========== =========
Per share-amount $ (.42) $ .28 $ (12.01)
=========== ========== =========
(1) After giving retroactive effect to 1-for-100 reverse stock split in
August 1995.
(2) Coversion of the Series A and Series B Preferred Stock is not assumed in the
computation of fully diluted per share net loss because its effect is
anti-dilutive.