<PAGE>
EXHIBIT 11
COMPUTATION OF LOSS PER SHARE
FOR THE YEAR ENDED JUNE 30, 2000 AND 1999
<TABLE>
<CAPTION>
2000 1999
-------------------- -------------------
<S> <C> <C>
Net income (loss) $ (1,746,948) $(14,830,642)
==================== ===================
Weighted average number of common shares outstanding 7,348,613 7,382,618
==================== ===================
Basic income (loss) per share $ (0.24) $ (2.01)
==================== ===================
Weighted average number of common shares outstanding 7,348,613 7,382,618
Common share equivalents applicable to:
Warrants - Class A
Warrants - Class B
Warrants - Class C 9,067
Warrants - Other 878,750 937,083
Stock options 1,074,367 697,242
Less common stock acquired with net proceeds (1,949,397) (1,643,392)
-------------------- -------------------
Weighted average number of common shares and
common share equivalents used to compute diluted
loss per share 7,352,333 7,382,618
==================== ===================
Diluted income (loss) per share $ (0.24) $ (2.01)
==================== ===================
</TABLE>