EXHIBIT 11.1
CALCULATION OF NET LOSS PER COMMON SHARE
THREE MONTHS ENDED JUNE 30,
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1998 1997
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Net loss attributable to common shareholders............ $(4,854,001) $(460,474)
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Weighted average shares outstanding..................... 7,704,795 7,216,265
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Basic and diluted net loss per common share............. $(0.63) $(0.06)
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SIX MONTHS ENDED JUNE 30,
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1998 1997
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Net loss attributable to common shareholders............ $(6,390,754) $(500,932)
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Weighted average shares outstanding..................... 7,489,646 7,164,414
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Basic and diluted net loss per common share............. $(0.85) $(0.07)
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CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
THREE MONTH SIX MONTH
PERIOD PERIOD
ACTUAL WEIGHTED WEIGHTED
ISSUE DATE SHARES AVERAGE AVERAGE
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Common shares, December 31, 1996 6,841,177 6,841,177 6,841,177
Issuance of over-allotment shares 1/25/97 375,000 375,000 323,193
Exercise of stock option 6/27/97 2,000 88 44
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Common shares, June 30, 1997 7,218,177 7,216,265 7,164,414
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Common shares, December 31, 1997 7,225,462 7,225,462 7,225,462
Exercise of stock option 01/09/98 31,655 31,655 30,256
Exercise of stock option 01/13/98 3,876 3,876 3,619
Restricted stock award 03/06/98 50,000 50,000 32,320
Exercise of stock option 04/09/98 35,966 32,804 16,493
Exercise of stock option 05/13/98 1,938 1,044 525
Sale of shares for cash 06/10/98 1,462,044 337,395 169,629
Exercise of stock option 06/11/98 96,506 21,210 10,664
Exercise of stock option 06/12/98 6,462 1,349 678
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Common shares, June 30, 1998 8,913,909 7,704,795 7,489,646
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