EXHIBIT 11.1

                        COMPUTATION OF PER SHARE EARNINGS

         The table below presents information necessary for the computation of
loss per common share, on both a primary and fully diluted basis, for the years
ended December 31, 1995, 1994, and 1993.


                                                   Year Ended December 31,
                                           -----------------------------------------
                                               1995          1994            1993
                                           -----------    -----------    -----------
                                                                         
Net loss ...............................   $(2,127,624)   $(6,343,195)   $  (430,697)
Preferred stock dividends ..............       (60,125)          (598)          --
                                           -----------    -----------    -----------

Net loss applicable to common shares and
  common stock equivalents .............   $(2,187,749)   $(6,343,793)   $  (430,697)
                                           ===========    ===========    ===========

Average number of common shares
  outstanding ..........................     4,273,858      2,645,427      2,025,207
Common stock equivalents ...............          --             --             --
                                           -----------    -----------    -----------

    Total common shares and common
      stock equivalents ................   $ 4,273,858      2,645,427      2,025,207
                                           ===========    ===========    ===========

Primary and fully diluted loss
  common share .........................   $     (0.51)   $     (2.40)   $     (0.21)
                                           ===========    ===========    ===========

Common stock equivalents are considered anti-dilutive because of the net losses
incurred by the Company.