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EXHIBIT 11
COMPUTATION OF LOSS PER COMMON SHARE
<TABLE>
<CAPTION>
2000 1999 1998
------------ ------------ ------------
<S> <C> <C> <C>
BASIC AND DILUTED WEIGHTED
AVERAGE COMMON SHARES.............................. 78,452,813 60,109,133 50,502,503
============ ============ ============
NET LOSS............................................. $(12,310,895) $(10,650,832) $ (7,856,136)
Deduct required dividends on convertible preferred
stock, Series A.................................... 2,650 2,650 2,823
Deduct required dividends on convertible preferred
stock, Series D.................................... -- -- 169,221
Deduct required dividends on convertible preferred
stock, Series E.................................... -- -- 127,918
Deduct required dividends on convertible preferred
stock, Series F.................................... -- -- 524,416
Deduct required dividends on convertible preferred
stock, Series G.................................... -- -- 708,139
Deduct required dividends on convertible preferred
stock, Series H.................................... -- 676,498 733,681
Deduct required dividends on convertible preferred
stock, Series I.................................... 2,699 322,774 232,154
------------ ------------ ------------
LOSS ATTRIBUTABLE TO COMMON STOCK.................... $(12,316,244) $(11,652,754) $(10,354,488)
============ ============ ============
BASIC AND DILUTED LOSS PER
COMMON SHARE, after deduction for required
dividends on convertible preferred stock........... $ (0.16) $ (0.19) $ (0.21)
============ ============ ============
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