EXHIBIT 11
                   COMPUTATION OF NET (LOSS) PER COMMON SHARE

                                                             Year Ended
                                                             December 31,
                                                     ---------------------------
                                                        1998           1997
                                                     -----------    ------------
Net (Loss) per common share
      (Loss) from operations                         $(3,130,621)   $(1,507,745)
(A)   Dividends on preferred stock                          --          (90,000)
                                                     -----------    ------------
      (Loss) from continuing operations
         applicable to common stock                   (3,130,621)    (1,597,745)
       Discontinued operations                           559,712           --
                                                     -----------    -----------
       (Loss) applicable to common stock             $(2,570,909)   $(1,597,745)
                                                     ===========    ===========
       Shares
         Weighted average of common shares
           outstanding                                 4,324,292      2,094,724
                                                     ===========    ===========
       Net (Loss) per common share:
         Operations                                  $     (0.72)   $     (0.76)
         Discontinued operations                            0.14           --
                                                     -----------    -----------
         Net (Loss)                                  $     (0.58)   $     (0.76)
                                                     ===========    ===========

Net (Loss) per common share - assuming dilution
  (see "NOTE")
      (Loss) from operations                         $(3,130,621)   $(1,507,745)
(A)   Dividends on preferred stock                          --          (90,000)
                                                     -----------    -----------
      (Loss) from continuing operations 
        as adjusted                                   (3,130,621)    (1,597,745)
      Discontinued operations                            559,712           --
                                                     -----------    -----------
      Net (Loss) as adjusted                         $(2,570,909)   $(1,597,745)
                                                     ===========    ===========
      Shares
        Weighted average of common shares
          outstanding                                  4,324,292      4,197,875
(B)   Assuming exercise of stock option                1,108,615        684,378
(C)   Assuming exercise of warrants                        --            30,242
                                                     -----------    -----------
      Weighted average of common shares
        outstanding, as adjusted                       5,432,907      4,912,495
                                                     ===========    ===========

      Net (Loss) per common share -
        assuming dilution
      Continuing operations                          $     (0.58)   $     (0.33)
      Discontinued operations                               0.10           --
                                                     -----------    -----------
      Net (Loss)                                     $     (0.48)   $     (0.33)
                                                     ===========    ===========

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)   Convertible  Preferred  Stock  has no shares  issued  and  outstanding  at
      December  31, 1998 and  December  31, 1997 and  therefore  is not a common
      stock  equivalent.  Cumulative  Preferred  Stock is not  convertible  into
      common  stock even though 10 shares are  outstanding  at December 31, 1998
      and  December  31,  1997  and  is  also  not  considered  a  common  stock
      equivalent.

(B)   The dilutive  options  (i.e.,  the average  yearly market price is greater
      than the exercise price) assuming that the 4,295,334 and 1,086,010  shares
      exercised   resulting  in  proceeds  of  $4,057,530   and  $3,818,828  are
      reacquired  using the treasury  stock method at the yearly  average market
      price of $3.66 and $5.58 per share, respectively. Thus, $4,057,530/$3.66 =
      1,108,615 shares and  $3,818,828/$5.58  = 684,378 shares are assumed to be
      reacquired  and are included as such in common shares  outstanding  at the
      beginning of the year, respectively.

(C)   The dilutive  warrants  (i.e.,  the average yearly market price is greater
      than the exercise  price) assume that in 1997 the 38,611 shares  exercised
      resulting in proceeds of $168,750 are reacquired  using the treasury stock
      method  at the  yearly  average  market  price of $5.58 per  share.  Thus,
      $168,750/$5.58  = 30,242  shares  are  assumed  to be  reacquired  and are
      included as such in common  shares  outstanding  at the  beginning  of the
      year.

      In 1998,  none of the warrants  issued had  exercise  prices less than the
      average  yearly  market  price.  Therefore,  the  warrants are not "in the
      money" and, consequently, not considered common stock equivalents.