EXHIBIT 11
COMPUTATION OF NET LOSS PER SHARE
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
-------------------------- --------------------------
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
NET LOSS PER SHARE
Loss from Operations applicable to Common Stock $ (360,538) $ (334,503) $ (700,262) $ (552,166)
Weighted Average Common Shares Outstanding 3,901,431 3,891,855 3,901,431 3,886,536
----------- ----------- ----------- -----------
Net Loss Per Share $ (0.09) $ (0.09) $ (0.18) $ (0.14)
=========== =========== =========== ===========
NET LOSS PER SHARE -
ASSUMING DILUTION (See "NOTE")
Loss from Operations applicable to Common Stock $ (360,538) $ (334,503) $ (700,262) $ (552,166)
=========== =========== =========== ===========
Weighted Average Common Shares Outstanding 3,901,431 3,891,855 3,901,431 3,886,536
Add: (A) Assumed Conversion of Preferred Stock 1,040,000 -- 1,040,000 --
(B) Assumed Exercise of Stock Options 26,129 114,111 49,329 80,224
(C) Assumed Exercise of Warrants -- -- 4,545 --
----------- ----------- ----------- -----------
Weighted Average Common Shares
Outstanding - Assuming Dilution 4,967,560 4,005,966 4,995,306 3,966,760
=========== =========== =========== ===========
Net Loss Per Share - Assuming Dilution $ (0.07) $ (0.08) $ (0.14) $ (0.14)
=========== =========== =========== ===========
</TABLE>
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 2000, 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.
<TABLE>
<CAPTION>
PERIOD ENDED JUNE 30, 2000
THREE MONTHS SIX MONTHS
------------ ----------
<S> <C> <C>
Options assumed exercised 195,050 247,550
Proceeds assumed realized $165,543 $218,043
Shares assumed reacquired:
- During three months ($165,543/$.98) 168,921
- During six months ($218,043/$1.10) 198,221
Net additional shares assumed outstanding 26,129 49,329
</TABLE>
<PAGE>
For 1999, 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.
<TABLE>
<CAPTION>
PERIOD ENDED JUNE 30, 2000
THREE MONTHS SIX MONTHS
------------ ----------
<S> <C> <C>
Options assumed exercised 229,550 207,550
Proceeds assumed realized $221,643 $188,443
Shares assumed reacquired:
- During three months ($221,643/$1.92) 115,439
- During six months ($188,443/$1.48) 127,326
Net additional shares assumed outstanding 114,111 80,224
</TABLE>
(B) - For 2000, 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.
<TABLE>
<CAPTION>
PERIOD ENDED JUNE 30, 2000
THREE MONTHS SIX MONTHS
------------ ----------
<S> <C> <C>
Warrants assumed exercised -- 50,000
Proceeds assumed realized -- $50,000
Shares assumed reacquired:
- During three months ($-0-/$.98) --
- During six months ($50,000/$1.10) 45,455
Net additional shares assumed outstanding -- 4,545
</TABLE>
For 1999, the dilutive warrants (i.e., the average market price is greater than
the exercise price), assume that warrants are exercised and proceeds realized as
indicated below. Next, using the treasury stock method with the average market
price per share during each period and the total shares assumed to be reacquired
as of the beginning of each period, the additional shares included as
outstanding are indicated below.
<TABLE>
<CAPTION>
PERIOD ENDED JUNE 30, 2000
THREE MONTHS SIX MONTHS
------------ ----------
<S> <C> <C>
Warrants assumed exercised -- --
Proceeds assumed realized -- --
Shares assumed reacquired:
- During three months ($-0-/$1.92) --
- During six months ($-0-/$1.48) --
Net additional shares assumed outstanding -- --
</TABLE>
