Exhibit 11 - Statement Regarding Computation of Earnings Per Share
THREE MONTHS ENDED MARCH 31 NINE MONTHS ENDED MARCH 31
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1997 1996 1997 1996
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PRIMARY:
Average shares outstanding 3,695,000 1,967,100 3,695,000 1,839,050
Net effect of stock and
warrant issuances with exercise
prices below the initial
public offering price based
on the treasury stock method -- 151,650 -- 151,650
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Total 3,695,000 2,118,750 3,695,000 1,990,700
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Net loss $(1,368,818) $ (888,528) $(3,473,198) $(1,797,794)
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Per share amount $ (0.37) (0.42) $ (0.94) $ (0.90)
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