1 EXHIBIT 11.1 Computation of proforma net loss per share 2 EXHIBIT 11.1 Computation of Net Loss Per Share Years ended December 31, ----------------------------------------- 1996 1995 1994 ----------------------------------------- Net loss ($16,775,605) ($8,020,547) ($8,561,487) ============ =========== =========== Calculation of shares used in computing net loss per share: Weighted average common shares outstanding used in calculating net loss per share in accordance with generally accepted accounting principles 11,451,334 2,498,295 1,422,478 Adjustments to reflect certain requirements of the SEC: Effects of SAB 83 224,839 332,175 Conversion of preferred stock- weighted average shares 5,994,416 5,018,525 ------------ ----------- ----------- Shares used in computing net loss per share 11,451,334 8,717,550 6,773,178 ============ =========== =========== Net loss per share ($1.46) ($0.92) ($1.26) ============ =========== ===========