EXHIBIT 11

                    STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
                  FOR THE THREE AND SIX MONTHS ENDED MARCH 31, 1997



 

MONTH                                           SHARES OUTSTANDING AT MONTH END
- -----                                           -------------------------------
                                              
Sept 96                                               15,978,537
Oct 96                                                15,978,537
Nov 96                                                16,070,773
Dec 96                  16,626,655                    16,626,655
Jan 97                  16,635,155                    16,635,155
Feb 97                  16,635,155                    16,635,155
Mar 97                  17,851,214                    17,851,214
                        ----------                  ------------
4 and 7-month totals    67,748,179                   115,776,026

Weighted
Average Shares          16,937,045                    16,539,432

Net Loss               ($3,622,584)                  ($5,324,319)

Loss per Weighted
Average Share               ($0.21)                       ($0.32)