EXHIBIT 11.1
COMPUTATION OF NET LOSS PER COMMON SHARE
THREE MONTHS ENDED JUNE 30,
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1999 1998
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Net loss attributable to common
shareholders........................ $(1,799,126) $(4,854,001)
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Weighted average shares outstanding... 9,594,950 7,704,795
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Basic and diluted net loss per common
share................................. $(0.19) $(0.63)
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SIX MONTHS ENDED JUNE 30,
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1999 1998
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Net loss attributable to common
shareholders........................ $(3,284,112) $(6,390,754)
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Weighted average shares outstanding... 9,488,232 7,489,646
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Basic and diluted net loss per common
share................................. $(0.35) $(0.85)
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COMPUTATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
THREE MONTH SIX MONTH
PERIOD PERIOD
ACTUAL WEIGHTED WEIGHTED
ISSUE DATE SHARES AVERAGE AVERAGE
---------- ------ ------- -------
Common Shares, December 31, 1997 ......... 7,225,462 7,225,462 7,225,462
Option Exercise .......................... 01/09/98 31,655 31,655 30,256
Option Exercise........................... 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........... 06/30/98 8,913,909 7,704,795 7,489,646
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Common Shares, December 31, 1998 ......... 9,379,209 9,379,209 9,379,209
Option Exercise .......................... 03/26/99 20,144 20,144 10,684
Dilution Shares Issued ................... 04/29/99 286,408 195,135 98,107
Dilution Shares Issued ................... 06/23/99 6,000 462 232
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Common Shares, June 30, 1999........... 06/30/99 9,691,761 9,594,950 9,488,232
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