##### 



EXHIBIT 11

The following table sets forth the computation of basic and diluted earnings per
share:

|                                                                                                                                           |  |                              |            |      |  |  |            |  
|------------------------------------------------------------------------------------------------------------------------------------------ |  | ---------------------------- | ---------- | ---- |  |  | ---------- | -
|                                                                                                                                           |  | Three months ended March 31,
|                                                                                                                                           |  |                             
|                                                                                                                                           |  | 2002                         |            | 2001
|                                                                                                                                           |  |                              |            |     
|Numerator:                                                                                                                                 |  |                              |            |      |  |  |            |  
|Net (loss)                                                                                                                                 |  |                              | (507,934   | )    |  |  | (1,425,001 | )
|Dividends on Series A preferred stock                                                                                                      |  |                              | (763       | )    |  |  | (763       | )
|Dividends on Series B preferred stock                                                                                                      |  |                              | (50,597    | )    |  |  | (51,781    | )
|                                                                                                                                           |  |                              |            |      |  |  |            |  
|Numerator for basic and diluted earnings (loss) per
share-income (loss) available to common shareholders                                   |  |                              | (559,294   | )    |  |  | (1,477,545 | )
|                                                                                                                                           |  |                              |            |      |  |  |            |  
|Denominator:                                                                                                                               |  |                              |            |      |  |  |            |  
|Denominator for basic earnings (loss) per share-
weighted average shares outstanding                                                       |  |                              | 10,061,777 |      |  |  | 8,979,909  |  
|Effect of dilutive securities
Warrants                                                                                                     |  |                              |           |      |  |  |           |  
|                                                                                                                                           |  |                              |            |      |  |  |            |  
|Dilutive potential common shares denominator
for diluted earnings (loss) per share adjusted
weighted-average shares and assumed conversion |  |                              | 10,061,777 |      |  |  | 8,979,909  |  
|                                                                                                                                           |  |                              |            |      |  |  |            |  
|Basic earnings (loss) per share                                                                                                            |  |                              | (0.06      | )    |  |  | (0.16      | )
|                                                                                                                                           |  |                              |            |      |  |  |            |  
|Diluted earnings (loss) per share                                                                                                          |  |                              | (0.06      | )    |  |  | (0.16      | )
|                                                                                                                                           |  |                              |            |      |  |  |            |