EXHIBIT 11.1



STATEMENTS RE: COMPUTATION OF PER SHARE EARNINGS



The following tabulation presents the calculation of basic and fully diluted earnings per share for the years ended December 31, 2003, 2002
and 2001.



|                                                    |  |      |             |   |      |   |            |      |  |   |            |  
|--------------------------------------------------- |  | ---- | ----------- | - | ---- | - | ---------- | ---- |  | - | ---------- | -
|                                                    |  | 2003 |             |   | 2002 |   |            | 2001 | 
|Reported income (loss) from continuing operations   |  | $    | (13,099,948 | ) |      | $ | (5,023,133 | )    |  | $ | (2,381,351 | )
|                                                    |  |      |             |   |      |   |            |      |  |   |            |  
|Reported income (loss) from discontinued operations |  | $    |            |   |      | $ | 5,927,331  |      |  | $ | 958,467    |  
|                                                    |  |      |             |   |      |   |            |      |  |   |            |  
|Earnings (losses) on shares                         |  | $    | (13,099,948 | ) |      | $ | 904,198    |      |  | $ | (1,422,884 | )
|                                                    |  |      |             |   |      |   |            |      |  |   |            |  
|Weighted average shares outstanding - basic         |  |      | 4,695,380   |   |      |   | 4,642,182  |      |  |   | 4,572,301  |  
|                                                    |  |      |             |   |      |   |            |      |  |   |            |  
|Earnings per share - basic                          |  |      |             |   |      |   |            |      |  |   |            |  
|Income (loss) from continuing operations            |  | $    | (2.79       | ) |      | $ | (1.08      | )    |  | $ | (0.52      | )
|                                                    |  |      |             |   |      |   |            |      |  |   |            |  
|Net income (loss)                                   |  | $    | (2.79       | ) |      | $ | 0.19       |      |  | $ | (0.31      | )
|                                                    |  |      |             |   |      |   |            |      |  |   |            |  
|Weighted average shares outstanding  diluted       |  |      | 4,695,380   |   |      |   | 4,642,182  |      |  |   | 4,572,301  |  
|                                                    |  |      |             |   |      |   |            |      |  |   |            |  
|Earnings per share - diluted                        |  |      |             |   |      |   |            |      |  |   |            |  
|Income (loss) from continuing operations            |  | $    | (2.79       | ) |      | $ | (1.08      | )    |  | $ | (0.52      | )
|                                                    |  |      |             |   |      |   |            |      |  |   |            |  
|Net income (loss)                                   |  | $    | (2.79       | ) |      | $ | 0.19       |      |  | $ | (0.31      | )
|                                                    |  |      |             |   |      |   |            |      |  |   |            |