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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 September 30, Nine months ended September 30,
2003 2002 2003 2002
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Numerator:
Net Income (loss) $ (608,555) $ (759,819) $(1,681,635) $ (792,855)
Dividends on Series A preferred stock (780) (780) (2,315) (2,315)
Dividends on Series B preferred stock (85,321) (85,321) (253,180) (186,036)
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Numerator for basic and diluted loss per
share loss available to common shareholders $ (694,656) $ (845,920) $(1,937,130) $ (981,206)
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Denominator:
Denominator for basic loss per share-
weighted average shares outstanding 10,740,174 10,519,907 10,713,140 10,300,395
Effect of dilutive securities - - - -
Warrants - - - -
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Dilutive potential common shares denominator
for diluted earnings (loss) per share adjusted
weighter-average shares and assumed conversion 10,740,174 10,519,907 10,713,140 10,300,395
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Basic earnings (loss) per share $ (0.06) $ (0.08) $ (0.18) $ (0.10)
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Diluted earnings (loss) per share $ (0.06) $ (0.08) $ (0.18) $ (0.10)
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