EXHIBIT 11
COMPUTATION OF LOSS PER SHARE
FOR THE NINE MONTHS ENDED MARCH 31, 1999 AND 1998
1998 1997
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Net loss $ (10,152,752) $ (4,315,726)
Deduct:
Accretion, discount and dividends on
preferred stock -- (3,449,805)
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Net loss applicable to common shareholders $ (10,152,752) $ (7,765,531)
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Weighted average number of common
shares outstanding 7,212,230 2,826,135
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Basic loss per share $ (1.41) $ (2.75)
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Weighted average number of common
shares outstanding 7,212,230 2,826,135
Common share equivalents applicable to:
Warrants - Class A 411,127
Warrants - Class B 493,983
Warrants - Class C 9,067 16,567
Warrants - Other 1,087,083 903,750
Stock options 689,092 1,156,016
Less common stock acquired with net proceeds (1,785,242) (2,981,443)
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Weighted average number of common shares and
common share equivalents used to compute
diluted loss per share 7,212,230 2,826,135
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Diluted loss per share $ (1.41) $ (1.53)
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EXHIBIT 11
COMPUTATION OF LOSS PER SHARE
FOR THE QUARTERS ENDED MARCH 31, 1999 AND 1998
1999 1998
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Net loss $ (2,869,641) $ (2,181,442)
Deduct:
Accretion, discount and dividends on
preferred stock -- (1,673,608)
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Net loss applicable to common shareholders $ (2,869,641) $ (3,855,050)
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Weighted average number of common
shares outstanding 7,768,587 4,155,163
Basic loss per share $ (0.37) $ (0.93)
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Weighted average number of common
shares outstanding 7,768,587 4,155,163
Common share equivalents applicable to:
Warrants - Class A 411,127
Warrants - Class B 493,983
Warrants - Class C 9,067 16,567
Warrants - Other 1,087,083 903,750
Stock options 689,092 1,156,016
Less common stock acquired with net proceeds (1,785,242) (2,981,443)
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Weighted average number of common shares and
common share equivalents used to compute
diluted loss per share 7,768,587 4,155,163
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Diluted loss per share $ (0.37) $ (0.52)
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