Exhibit 11
Computation of Net Loss Per Share
In February 1997, Statement of Financial Accounting Standards No. 128, Earnings
per Share (SFAS 128) was issued. This pronouncement modifies the calculation and
disclosure of earnings (loss) per share (EPS) and was adopted by the Company in
its financial statements for the year ended December 31, 1997. The following
discloses the loss per share calculations in accordance with the provisions of
SFAS 128.
Year ended December 31,
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1998 1997 1996
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Weighted-average number of shares outstanding
for use in computing loss per share 5,993,500 5,806,200 3,832,000
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Weighted-average number of shares outstanding
for use in computing loss per share assuming
dilution 5,993,500 5,806,200 3,832,000
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Net loss $ (7,327,500) $ (4,945,000) $ (3,456,600)
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Net loss per common share $ (1.22) $ (0.85) $ (0.90)
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Net loss per common share assuming dilution $ (1.22) $ (0.85) $ (0.90)
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