EXHIBIT 11.1
CALCULATION OF NET LOSS PER COMMON SHARE
THREE MONTHS ENDED MARCH 31,
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1996 1997
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Net Loss........................................ $ (453,139) $ (40,458)
Accretion on mandatorily redeemable
Series B preferred stock, $.01 par value....... (10,866) -
Dividend on mandatorily redeemable Series C
senior preferred stock, $.01 par value......... (171,584) -
Accretion on mandatorily redeemable Series C
senior preferred stock, $.01 par value......... (2,845) -
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Net Loss Attributable to Common Stock........... $ (638,434) $ (40,458)
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Weighted Average Shares Outstanding............. 3,148,825 7,112,010
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Net Loss Per Common Share....................... $(.20) $(.01)
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CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
WEIGHTED
ISSUE DATE ACTUAL SHARES AVERAGE
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December 31, 1995 Ending Balance.... 3,148,825 3,148,825
Activity through March 31, 1996..... - - -
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March 31, 1996 Ending Balance....... 3,148,825 3,148,825
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December 31, 1996 Ending Balance.... 6,841,177 6,841,177
Issuance of over-allotment shares... 1/25/97 375,000 270,833
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March 31, 1997 Ending Balance....... 7,216,177 7,112,010
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