Exhibit 11.1 - Statement Re: Computation of Net Loss Per Share
Period from
December 12,
1986
Three Months Ended Six Months Ended (Inception) to
June 30 June 30 June 30,
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1996 1995 1996 1995 1996
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Primary: 8,654,230 7,572,503 8,239,311 7,556,891 2,140,770
Average shares outstanding
Net effect of dilutive stock
options -- based on the treasury
stock method using average
market price (See Note A Below) 469,524
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Totals 2,610,294
Net loss $(1,689,982) $(2,733,561) $(3,423,766) $(5,711,315) $(32,589,257)
Per share amount $(.20) $(0.36) (0.42) (0.76) $ (12.48)
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Fully diluted:
Average shares outstanding 8,654,230 7,572,503 8,239,311 7,556,891 3,528,028
Net effect of dilutive stock
options -- based on the treasury
stock method using average
market price or the ending market
price if higher (See Note A Below) 469,524
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Totals 3,997,552
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------------
Net loss $(1,689,982) $(2,733,561) $(3,423,766) $(5,711,315) $(32,589,257)
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Per share amount $(0.20) $(0.36) $(0.42) $(0.76) $ (8.15)
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NOTE A: Represents shares required by the provisions of Staff Accounting
Bulletin No. 83 for "cheap stock" issued prior to the Company's initial public
offering in August 1994.
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