1 EXHIBIT 11 Schedule of Computation of Net Loss Per Share Three Months Ended Six Months Ended September 30, September 30, 1996 1995 1996 1995 --------- --------- ---------- --------- Net Loss (376,266) (271,539) (1,139,850) (409,539) Weighted average number of common shares equivalent: --------- --------- ---------- --------- Common shares outstanding 3,496,733 2,031,280 3,412,862 2,031,280 Common equivalent shares representing shares issuable upon exercise of stock warrants(1) -- -- -- -- Total weighted average shares--primary 3,496,733 2,031,280 3,412,862 2,031,280 Incremental common equivalent shares (calculated using the higher of end of period or average fair market value) -- -- -- 46,000 --------- --------- ---------- --------- Total weighted average shares--fully diluted 3,496,733 2,031,280 3,412,862 2,077,280 Primary net loss per common and equivalent share $ (0.11) $ (0.13) $ (0.33) $ (0.20) Fully diluted loss per common and equivalent share $ (0.11) $ (0.13) $ (0.33) $ (0.20) Additional adjustment to fully diluted weighted average shares(2) Total weighted average shares--fully diluted 3,496,733 2,031,280 3,412,862 2,077,280 Common equivalent shares representing shares issuable upon exercise of stock warrants(2) 52,696 -- 61,559 -- ---------- --------- ---------- --------- Total weighted average shares--fully diluted as adjusted 3,549,429 2,031,280 3,474,421 2,077,280 Fully diluted net loss per common and equivalent share, as adjusted(2) $ (0.11) $ (0.13) $ (0.33) $ (0.20) (1) Amount calculated using the treasury stock method and fair market value. (2) This calculation is submitted in accordance with regulation S-K Item 601(b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15 because it produces an anti-dilutive result. (3) These shares of common stock equivalents were included in the calculation even though they produced an anti-dilutive effect in accordance with SAB 83.