Exhibit 11
COMPUTATION OF NET LOSS PER SHARE
YEARS ENDED DECEMBER 31,
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1991 1992 1993
------------ ------------ ------------
Net loss $ (2,263,138) $ (1,989,895) $ (1,364,689)
Weighted average common shares outstanding 2,143,892 2,144,740 4,586,361
Weighted average convertible preferred stock
outstanding 6,197,882 6,197,882 6,478,996
Common stock equivalents (relating to options) 402,832 402,832 --
Common shares subject to SAB 83 1,491,887 1,491,887 --
Convertible preferred shares subject to SAB 83 6,760,143 6,760,143 --
------------ ------------ ------------
Total shares outstanding 16,996,636 16,997,484 11,065,357
2-1 REVERSE STOCK SPLIT 8,498,318 8,498,742 n/a
Net loss per share $ (.27) $ (.23) $ (.12)
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1994 1995 1996
------------ ------------ ------------
Net loss $ (4,357,868) $ (3,983,451) $ (5,080,591)
Weighted average common shares 12,831,585 13,504,790 15,382,848
outstanding
Common stock equivalents (relating to -- -- --
options)
Common shares subject to SAB 83 -- -- --
Convertible preferred shares subject to SAB 83 -- -- --
-- -- --
------------ ------------ ------------
Total shares outstanding 12,831,585 13,504,790 15,382,848
Net loss per share $ (.34) $ (.29) $ (.33)
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