Exhibit 11
COMPUTATION OF NET LOSS PER SHARE
Three Months Ended March 31,
----------------------------
2000 1999
---- ----
NET LOSS PER SHARE
Loss from Operations applicable to Common Stock $ (339,724) $ (217,663)
Weighted Average Common Shares Outstanding 3,901,431 3,881,158
----------- -----------
Net Loss Per Share $ (0.09) $ (0.06)
=========== ===========
NET LOSS PER SHARE - ASSUMING DILUTION
Loss from Operations applicable to Common Stock $ (339,724) $ (217,663)
=========== ===========
Weighted Average Common Shares Outstanding 3,901,431 3,881,158
Add: (A) Assumed Conversion of Preferred Stock 1,040,000 -
(B) Assumed Exercise of Stock Options 53,089 3,812
(C) Assumed Exercise of Warrants 9,016 -
Weighted Average Common Shares ----------- -----------
Outstanding - Assuming Dilution 5,003,536 3,884,970
=========== ===========
Net Loss Per Share - Assuming Dilution $ (0.07) $ (0.06)
=========== ===========
NOTE:
The calculation for Net Loss Per Common Share - Assuming Dilution is submitted
in accordance with Securities Exchange Act of 1934 Release No. 9083 although not
required by Financial Accounting Standards Board No. 128 "Earnings Per Share"
("FASB 128") since the results are anti-dilutive.
(A) - For the dilutive options (i.e., the average market price is greater than
the exercise price), assume that options are exercised and proceeds realized as
indicated below. Next, using the treasury stock method with the average market
price per share during each period and the total shares assumed to be reacquired
as of the beginning of each period, the additional shares included as
outstanding are indicated below.
Three Months Ended March 31,
----------------------------
2000 1999
---- ----
Options assumed exercised 207,550 97,050
Proceeds assumed realized $188,443 $95,103
Shares assumed reacquired:
- During 2000 ($188,443/$1.22) 154,461
- During 1999 ($95,103/$1.02) 93,238
Net additional shares assumed outstanding 53,089 3,812
(B) - For the dilutive warrants (i.e., the average market price is greater than
the exercise price), assume that warrants are exercised and proceeds realized as
indicated below. Next, using the treasury stock method with the average market
price per share during each period and the total shares assumed to be reacquired
as of the beginning of each period, the additional shares included as
outstanding are indicated below.
Three Months Ended March 31,
----------------------------
2000 1999
---- ----
Warrants assumed exercised 50,000 -
Proceeds assumed realized $50,000 -
Shares assumed reacquired:
- During 2000 ($50,000/$1.22) 43,931
- During 1999 ($-0-/$1.02) -
Net additional shares assumed outstanding 9,016 -