EXHIBIT 11.1 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS FOR THE THREE AND NINE MONTHS ENDED JUNE 30, 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 Jan 97 16,635,155 Feb 97 16,635,155 Mar 97 17,851,214 17,851,214 Apr 97 17,851,214 17,851,214 May 97 17,851,214 17,851,214 Jun 97 17,851,214 17,851,214 4 and 7-month totals 71,404,856 169,329,668 Weighted Average Shares 17,851,214 16,932,967 Net Loss ($2,292,840) ($7,617,159) Loss per Weighted Average Share ($0.13) ($0.45)