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EXHIBIT 11
The following table sets forth the computation of basic and diluted earnings per
share:
(Expressed in U.S. Currency)
Three months ended June 30, Six months ended June 30,
2003 2002 2003 2002
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Numerator:
Net Income (loss) $ (444,363) $ 474,898 $ (1,073,080) $ (33,036)
Dividends on Series A preferred stock (772) (772) (1,535) (1,535)
Dividends on Series B preferred stock (84,393) (50,118) (167,859) (100,715)
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Numerator for basic and diluted loss per
share loss available to common shareholders $ (529,528) $ 424,008 $ (1,242,474) $ (135,286)
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Denominator:
Denominator for basic loss per share-
weighted average shares outstanding 10,706,049 10,314,467 10,699,399 10,188,820
Effect of dilutive securities - 1,405,000 - 1,405,000
Warrants - 952,784 - 952,784
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Dilutive potential common shares denominator
for diluted earnings (loss) per share adjusted
weighter-average shares and assumed conversion 10,706,049 12,672,251 10,699,399 12,546,604
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Basic earnings (loss) per share $ (0.05) $ 0.04 $ (0.12) $ (0.01)
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Diluted earnings (loss) per share $ (0.05) $ 0.03 $ (0.12) $ (0.01)
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