EXHIBIT 11.1 STATEMENT OF COMPUTATION OF NET LOSS PER SHARE YEAR ENDED DECEMBER 31, -------------------------------------- 1994 1995 1996 ----------- ----------- ----------- Net Loss ........................................... (705,111) (876,866) (2,687,835) Weighted average shares of Common Stock outstanding 1,398,996 1,410,923 2,453,904 Shares related to staff accounting bulletin topic 4D: Stock options ................................... 164,008 164,008 164,008 Common Stock .................................... 1,700,443 1,700,443 657,936 Shares used in computing net loss per share ........ 3,263,447 3,275,374 3,275,848 Net loss per share ................................. $ (0.22) $ (0.27) $ (0.82) Calculation of shares outstanding for computing pro forma net loss per share: Shares used in computing net loss per share ..... 3,263,447 3,275,374 3,275,848 Adjusted to reflect the effect of the assumed con- version of Preferred Stock from the date of issuance(1) ................................... 1,196,413 1,345,102 1,510,015 Shares used in computing pro forma net loss per share 4,459,860 4,620,476 4,785,863 Pro forma net loss per share ....................... $ (0.16) $ (0.19) $ (0.56) - ------------- (1) Series A and B.