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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 March 31,
2004 2003
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Numerator:
Net Income (loss) $ 246,379 $ (628,717)
Dividends on Series A preferred stock (770) (763)
Dividends on Series B preferred stock - (83,466)
Dividends on Series C preferred stock (5,838) -
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Numerator for basic and diluted loss per
share loss available to common shareholders $ 239,771 $ (712,946)
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Denominator:
Denominator for basic loss per share-
weighted average shares outstanding 11,242,663 10,692,674
Effect of dilutive securities 1,223,024 -
Warrants 952,784 -
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Dilutive potential common shares denominator
for diluted earnings (loss) per share adjusted
weighter-average shares and assumed conversion 13,418,471 10,692,674
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Basic earnings (loss) per share $ 0.02 $ (0.07)
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Diluted earnings (loss) per share $ 0.02 $ (0.07)
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