Exhibit 11.1 - Statement Re: Computation of Net Loss Per Share
Period from
Three Months Ended Nine Months Ended December 12,
September 30, September 30, 1986
( Inception)
-------------------------- ------------------------- to September 30,
1996 1995 1996 1995 1996
----------- ------------ ------------ ---------- ----------------
Primary:
Average shares outstanding 9,405,846 7,687,551 8,633,939 7,599,329 2,327,092
Net effect of dilutive stock
options -- based on the treasury
stock method using average 445,445
market price (See Note A Below)
---------------
Totals 2,772,537
Net loss $(1,308,531) $(1,552,587) $(4,732,297) $(7,263,904) $(33,897,788)
Per share amount $(.14) $(.20) $(.55) $(.96) $ (12.23)
---------------
---------------
Fully diluted:
Average shares outstanding 9,405,846 7,687,551 8,633,939 7,599,329 3,678,779
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) 445,445
---------------
Totals 9,405,846 7,687,551 8,633,939 7,599,329 4,124,224
---------------
---------------
Net loss $(1,308,531) $(1,552,587) $(4,732,297) $(7,263,904) $(33,897,788)
---------------
---------------
Per share amount $(.14) $(.20) $(.55) $(.96) $ (8.22)
---------------
---------------
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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