EXHIBIT 11
The following table sets forth the computation of basic and diluted earnings
per share:
<Table>
<Caption>
Three months ended September 30, Nine months ended September 30,
2002 2001 2002 2001
------------ ----------- ------------ -----------
Numerator:
Net Income (loss) (759,819) (1,343,195) (792,855) (4,333,951)
Dividends on Series A preferred stock (780) (780) (2,315) (2,315)
Dividends on Series B preferred stock (85,321) (52,175) (186,036) (155,564)
------------ ----------- ------------ -----------
Numerator for basic and diluted earnings (loss) per
share-income (loss) available to common shareholders (845,920) (1,396,150) (981,206) (4,491,830)
------------ ----------- ------------ -----------
Denominator:
Denominator for basic earnings (loss) per share-
weighted average shares outstanding 10,519,907 9,326,558 10,300,395 9,172,060
Effect of dilutive securities 1,405,000 1,405,000
Warrants 952,784 -- 952,784 --
------------ ----------- ------------ -----------
Dilutive potential common shares denominator
for diluted earnings (loss) per share adjusted
weighted-average shares and assumed conversion 12,877,691 9,326,558 12,658,179 9,172,060
------------ ----------- ------------ -----------
Basic earnings (loss) per share (0.08) (0.15) (0.10) (0.49)
------------ ----------- ------------ -----------
Diluted earnings (loss) per share (0.08) (0.15) (0.10) (0.49)
------------ ----------- ------------ -----------
</Table>