<PAGE>   1
                                                                     EXHIBIT 4.2

NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")
OR ANY OTHER APPLICABLE SECURITIES LAWS IN RELIANCE UPON AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS.
NEITHER THIS WARRANT NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF MAY BE SOLD,
PLEDGED, TRANSFERRED, ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR IN A TRANSACTION
WHICH IS EXEMPT FROM REGISTRATION UNDER THE PROVISIONS OF THE SECURITIES ACT AND
ANY APPLICABLE STATE LAWS.



                             STOCK PURCHASE WARRANT


                 To Purchase 626,292 Shares of Common Stock of

                                  E-MEDSOFT.COM

            THIS CERTIFIES that, for value received, Hoskin International
Limited (the "Holder"), is entitled, upon the terms and subject to the
limitations on exercise and the conditions hereinafter set forth, at any time on
or after the Initial Exercise Date (as defined below) and on or prior to the
close of business on the Termination Date (as defined below) but not thereafter,
to subscribe for and purchase from e-MedSoft.com, a corporation incorporated in
the State of Nevada (the "Company"), up to 626,292 shares (the "Warrant Shares")
of Common Stock, $0.001 par value per share, of the Company (the "Common
Stock"). The purchase price of one share of Common Stock (the "Exercise Price")
under this Warrant shall be $1.9959. The Exercise Price and the number of
Warrant Shares for which the Warrant is exercisable shall be subject to
adjustment as provided herein. In the event of any conflict between the terms of
this Warrant and the Common Stock Purchase Agreement dated as of February 20,
2001 pursuant to which this Warrant has been issued (the "Purchase Agreement"),
the Purchase Agreement shall control. Capitalized terms used and not otherwise
defined herein shall have the meanings set forth for such terms in the Purchase
Agreement.


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<PAGE>   2

            1. Title to Warrant. Prior to the Termination Date and subject to
compliance with applicable laws, this Warrant and all rights hereunder are
transferable, in whole or in part, at the office or agency of the Company by the
Holder in person or by duly authorized attorney, upon surrender of this Warrant
together with the Assignment Form annexed hereto properly endorsed.

            2. Authorization of Shares. The Company covenants that all Warrant
Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this
Warrant, be duly authorized, validly issued, fully paid and nonassessable and
free from all taxes, liens and charges in respect of the issue thereof (other
than taxes in respect of any transfer occurring contemporaneously with such
issue).

            3. Exercise of Warrant.

               (a) Except as provided in Section 4 herein, exercise of the
        purchase rights represented by this Warrant may be made at any time or
        times (i) on or after the earlier to occur of (A) 180 calendar days from
        the date hereof, and (B) the Effective Date (the "Initial Exercise
        Date"), and, (ii) on or before the earlier of (A) the close of business
        on February 20, 2006, and (B) the date on which the Commission declares,
        as a matter of general policy, that it will no longer permit the
        registration of the resale of shares purchased pursuant to any "equity
        line" arrangement, provided that such declaration occurs within 180
        calendar days from the date hereof (the "Termination Date") by the
        surrender of this Warrant and the Notice of Exercise Form annexed hereto
        duly executed, at the office of the Company (or such other office or
        agency of the Company as it may designate by notice in writing to the
        registered Holder at the address of such Holder appearing on the books
        of the Company) and upon payment of the Exercise Price of the shares
        thereby purchased by wire transfer or cashier's check drawn on a United
        States bank or by means of a cashless exercise, the Holder shall be
        entitled to receive a certificate for the number of Warrant Shares so
        purchased. Notwithstanding anything to the contrary herein, sub-section
        (a)(ii)(B) above shall have no force and effect (i) with regard to
        comments received by the commission that may be cured by obtaining
        waivers from the Purchaser or by withdrawing the Registration Statement
        and amending any of the Transaction Documents, or (ii) in the event the
        Registration Statement is declared effective. Certificates for shares
        purchased hereunder shall be delivered to the Holder within three (3)
        Trading Days after the date on which this Warrant shall have been
        exercised as aforesaid. This Warrant shall be deemed to have been
        exercised and such certificate or certificates shall be deemed to have
        been issued, and Holder or any other person so designated to be named
        therein shall be deemed to have become a holder of record of such shares
        for all purposes, as of the date the Warrant has been exercised by
        payment to the Company of the Exercise Price and all taxes required to
        be paid by the Holder, if any, pursuant to Section 5 prior to the
        issuance of such shares, have been paid.

               (b) If this Warrant shall have been exercised in part, the
        Company shall, at the time of delivery of the certificate or
        certificates representing Warrant Shares,


                                       2
<PAGE>   3


        deliver to Holder a new Warrant evidencing the rights of Holder to
        purchase the unpurchased Warrant Shares called for by this Warrant,
        which new Warrant shall in all other respects be identical with this
        Warrant.

               (c) This Warrant shall also be exercisable by means of a
        "cashless exercise" in which the Holder shall be entitled to receive a
        certificate for the number of Warrant Shares equal to the quotient
        obtained by dividing [(A-B) (X)] by (A), where:

               (A) = the average of the high and low trading prices per share of
               Common Stock on the Trading Day preceding the date of such
               election on the Nasdaq Stock Market, or if the Common Stock is
               not traded on the Nasdaq Stock Market, then the Principal Market
               in terms of volume;

               (B) = the Exercise Price of this Warrant; and

               (X) = the number of Warrant Shares issuable upon exercise of this
               Warrant in accordance with the terms of this Warrant and the
               Notice of Exercise.

               (d) Notwithstanding anything herein to the contrary, in no event
        shall the Holder be permitted to exercise this Warrant for Warrant
        Shares to the extent that (i) the number of shares of Common Stock owned
        by such Holder (other than Warrant Shares issuable upon exercise of this
        Warrant) plus (ii) the number of Warrant Shares issuable upon exercise
        of this Warrant, would be equal to or exceed 9.9% of the number of
        shares of Common Stock then issued and outstanding, including shares
        issuable upon exercise of this Warrant held by such Holder after
        application of this Section 3(d). As used herein, beneficial ownership
        shall be determined in accordance with Section 13(d) of the Exchange
        Act. To the extent that the limitation contained in this Section 3(d)
        applies, the determination of whether this Warrant is exercisable (in
        relation to other securities owned by the Holder) and of which a portion
        of this Warrant is exercisable shall be in the sole discretion of such
        Holder, and the submission of a Notice of Exercise shall be deemed to be
        such Holder's determination of whether this Warrant is exercisable (in
        relation to other securities owned by such Holder) and of which portion
        of this Warrant is exercisable, in each case subject to such aggregate
        percentage limitation, and the Company shall have no obligation to
        verify or confirm the accuracy of such determination. Nothing contained
        herein shall be deemed to restrict the right of a Holder to exercise
        this Warrant into Warrant Shares at such time as such exercise will not
        violate the provisions of this Section 3(d). The provisions of this
        Section 3(d) may be waived by the Holder upon, at the election of the
        Holder, with not less than 61 days' prior notice to the Company, and the
        provisions of this Section 3(d) shall continue to apply until such 61st
        day (or such later date as may be specified in such notice of waiver).
        No exercise of this Warrant in violation of this Section 3(d) but
        otherwise in accordance with this Warrant shall affect the status of the
        Warrant Shares as validly issued, fully-paid and nonassessable.

            4. No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share


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<PAGE>   4

which Holder would otherwise be entitled to purchase upon such exercise, the
Company shall pay a cash adjustment in respect of such final fraction in an
amount equal to such fraction multiplied by the Exercise Price.

            5. Charges, Taxes and Expenses. Issuance of certificates for Warrant
Shares shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such certificate, all
of which taxes and expenses shall be paid by the Company, and such certificates
shall be issued in the name of the Holder or in such name or names as may be
directed by the Holder; provided, however, that in the event certificates for
Warrant Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the
Assignment Form attached hereto duly executed by the Holder; and the Company may
require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto.

            6. Closing of Books. Unless required by law, the Company will not
close its stockholder books or records in any manner which prevents the timely
exercise of this Warrant.

            7. Transfer, Division and Combination.

               (a) Subject to compliance with any applicable securities laws,
        transfer of this Warrant and all rights hereunder, in whole or in part,
        shall be registered on the books of the Company to be maintained for
        such purpose, upon surrender of this Warrant at the principal office of
        the Company, together with a written assignment of this Warrant
        substantially in the form attached hereto duly executed by the Holder or
        its agent or attorney and funds sufficient to pay any transfer taxes
        payable upon the making of such transfer. In the event that the Holder
        wishes to transfer a portion of this Warrant, the Holder shall transfer
        at least 100,000 shares underlying this Warrant to any such transferee.
        Upon such surrender and, if required, such payment, the Company shall
        execute and deliver a new Warrant or Warrants in the name of the
        assignee or assignees and in the denomination or denominations specified
        in such instrument of assignment, and shall issue to the assignor a new
        Warrant evidencing the portion of this Warrant not so assigned, and this
        Warrant shall promptly be cancelled. A Warrant, if properly assigned,
        may be exercised by a new holder for the purchase of Warrant Shares
        without having a new Warrant issued.

               (b) This Warrant may be divided or combined with other Warrants
        upon presentation hereof at the aforesaid office of the Company,
        together with a written notice specifying the names and denominations in
        which new Warrants are to be issued, signed by the Holder or its agent
        or attorney. Subject to compliance with Section 7(a), as to any transfer
        which may be involved in such division or combination, the Company shall
        execute and deliver a new Warrant or Warrants in exchange for the
        Warrant or Warrants to be divided or combined in accordance with such
        notice.

               (c) The Company shall prepare, issue and deliver at its own
        expense (other than transfer taxes) the new Warrant or Warrants under
        this Section 7.


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<PAGE>   5

               (d) The Company agrees to maintain, at its aforesaid office,
        books for the registration and the registration of transfer of the
        Warrants.

            8. No Rights as Shareholder until Exercise. This Warrant does not
entitle the Holder to any voting rights or other rights as a shareholder of the
Company prior to the exercise hereof. Upon the surrender of this Warrant and the
payment of the aggregate Exercise Price or by means of a cashless exercise, the
Warrant Shares so purchased shall be and be deemed to be issued to such Holder
as the record owner of such shares as of the close of business on the later of
the date of such surrender or payment.

            9. Loss, Theft, Destruction or Mutilation of Warrant. The Company
covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock
certificate relating to the Warrant Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which shall
not include the posting of any bond), and upon surrender and cancellation of
such Warrant or stock certificate, if mutilated, the Company will make and
deliver a new Warrant or stock certificate of like tenor and dated as of such
cancellation, in lieu of such Warrant or stock certificate.

            10. Saturdays, Sundays, Holidays, etc. If the last or appointed day
for the taking of any action or the expiration of any right required or granted
herein shall be a Saturday, Sunday or a legal holiday, then such action may be
taken or such right may be exercised on the next succeeding day not a Saturday,
Sunday or legal holiday.

            11. Adjustments of Exercise Price and Number of Warrant Shares. (a)
Stock Splits, etc. The number and kind of securities purchasable upon the
exercise of this Warrant and the Exercise Price shall be subject to adjustment
from time to time upon the happening of any of the following. In case the
Company shall (i) pay a dividend in shares of Common Stock or make a
distribution in shares of Common Stock to holders of its outstanding Common
Stock, (ii) subdivide its outstanding shares of Common Stock into a greater
number of shares, (iii) combine its outstanding shares of Common Stock into a
smaller number of shares of Common Stock, or (iv) issue any shares of its
capital stock in a reclassification of the Common Stock, then the number of
Warrant Shares purchasable upon exercise of this Warrant immediately prior
thereto shall be adjusted so that the Holder shall be entitled to receive the
kind and number of Warrant Shares or other securities of the Company which it
would have owned or have been entitled to receive had such Warrant been
exercised in advance thereof. Upon each such adjustment of the kind and number
of Warrant Shares or other securities of the Company which are purchasable
hereunder, the Holder shall thereafter be entitled to purchase the number of
Warrant Shares or other securities resulting from such adjustment at an Exercise
Price per Warrant Share or other security obtained by multiplying the Exercise
Price in effect immediately prior to such adjustment by the number of Warrant
Shares purchasable pursuant hereto immediately prior to such adjustment and
dividing by the number of Warrant Shares or other securities of the Company
resulting from such adjustment. An adjustment made pursuant to this paragraph
shall become effective immediately after the effective date of such event
retroactive to the record date, if any, for such event.


                                       5
<PAGE>   6


            12. Reorganization, Reclassification, Merger, Consolidation or
Disposition of Assets. In case the Company shall reorganize its capital,
reclassify its capital stock, consolidate or merge with or into another
corporation (where the Company is not the surviving corporation or where there
is a change in or distribution with respect to the Common Stock of the Company),
or sell, transfer or otherwise dispose of all or substantially all its property,
assets or business to another corporation and, pursuant to the terms of such
reorganization, reclassification, merger, consolidation or disposition of
assets, shares of common stock of the successor or acquiring corporation, or any
cash, shares of stock or other securities or property of any nature whatsoever
(including warrants or other subscription or purchase rights) in addition to or
in lieu of common stock of the successor or acquiring corporation ("Other
Property"), are to be received by or distributed to the holders of Common Stock
of the Company, then the Holder shall have the right thereafter to receive, upon
exercise of this Warrant, the number of shares of Common Stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation,
and Other Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a Holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) shall expressly assume the
due and punctual observance and performance of each and every covenant and
condition of this Warrant to be performed and observed by the Company and all
the obligations and liabilities hereunder, subject to such modifications as may
be deemed appropriate (as determined in good faith by resolution of the Board of
Directors of the Company) in order to provide for adjustments of Warrant Shares
for which this Warrant is exercisable which shall be as nearly equivalent as
practicable to the adjustments provided for in this Section 12. For purposes of
this Section 12, "common stock of the successor or acquiring corporation" shall
include stock of such corporation of any class which is not preferred as to
dividends or assets over any other class of stock of such corporation and which
is not subject to redemption and shall also include any evidences of
indebtedness, shares of stock or other securities which are convertible into or
exchangeable for any such stock, either immediately or upon the arrival of a
specified date or the happening of a specified event and any warrants or other
rights to subscribe for or purchase any such stock. The foregoing provisions of
this Section 12 shall similarly apply to successive reorganizations,
reclassifications, mergers, consolidations or disposition of assets.
Notwithstanding anything to the contrary in this Section 12, a successor or
acquiring corporation, at the closing of the succession or acquisition of the
Company, may elect to purchase the entire unexercised portion of this Warrant at
the value for such warrant as determined in accordance with the Black-Scholes
option pricing formula; provided, however, the successor or acquiring
corporation notify the Holder at least ten (10) Trading Days prior to such
closing. The Holder shall have the right to exercise all or any portion of this
Warrant up to and including the Trading Day immediately prior to the date set in
such notice for the purchase of this Warrant.

            13. Voluntary Adjustment by the Company. The Company may at any time
during the term of this Warrant reduce the then current Exercise Price to any
amount and for any period of time deemed appropriate by the Board of Directors
of the Company.

            14. Notice of Adjustment. Whenever the number of Warrant Shares or
number or kind of securities or other property purchasable upon the exercise of
this Warrant or the Exercise Price is adjusted, as herein provided, the Company
shall promptly mail by registered


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<PAGE>   7

or certified mail, return receipt requested, to the Holder notice of such
adjustment or adjustments setting forth the number of Warrant Shares (and other
securities or property) purchasable upon the exercise of this Warrant and the
Exercise Price of such Warrant Shares (and other securities or property) after
such adjustment, setting forth a brief statement of the facts requiring such
adjustment and setting forth the computation by which such adjustment was made.
Such notice, in the absence of manifest error, shall be conclusive evidence of
the correctness of such adjustment.

            15. Notice of Corporate Action. If at any time:

                    (a) the Company shall take a record of the holders of its
        Common Stock for the purpose of entitling them to receive a dividend or
        other distribution, or any right to subscribe for or purchase any
        evidences of its indebtedness, any shares of stock of any class or any
        other securities or property, or to receive any other right, or

                    (b) there shall be any capital reorganization of the
        Company, any reclassification or recapitalization of the capital stock
        of the Company or any consolidation or merger of the Company with, or
        any sale, transfer or other disposition of all or substantially all the
        property, assets or business of the Company to, another corporation or,

                    (c) there shall be a voluntary or involuntary dissolution,
        liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder (i) at
least 20 days' prior written notice of the date on which a record date shall be
selected for such dividend, distribution or right or for determining rights to
vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, liquidation or winding up, and (ii)
in the case of any such reorganization, reclassification, merger, consolidation,
sale, transfer, disposition, dissolution, liquidation or winding up, at least 20
days' prior written notice of the date when the same shall take place. Such
notice in accordance with the foregoing clause also shall specify (i) the date
on which any such record is to be taken for the purpose of such dividend,
distribution or right, the date on which the holders of Common Stock shall be
entitled to any such dividend, distribution or right, and the amount and
character thereof, and (ii) the date on which any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up is to take place and the time, if any
such time is to be fixed, as of which the holders of Common Stock shall be
entitled to exchange their Warrant Shares for securities or other property
deliverable upon such disposition, dissolution, liquidation or winding up. Each
such written notice shall be sufficiently given if addressed to Holder at the
last address of Holder appearing on the books of the Company and delivered in
accordance with Section 17(d).

            16. Authorized Shares. The Company covenants that during the period
the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the
Warrant Shares upon the exercise of any purchase rights under this Warrant. The
Company further covenants that its issuance of


                                       7
<PAGE>   8

this Warrant shall constitute full authority to its officers who are charged
with the duty of executing stock certificates to execute and issue the necessary
certificates for the Warrant Shares upon the exercise of the purchase rights
under this Warrant. The Company will take all such reasonable action as may be
necessary to assure that such Warrant Shares may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of
the Principal Market upon which the Common Stock may be listed.

                The Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or
sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms of this Warrant, but will at all
times in good faith assist in the carrying out of all such terms and in the
taking of all such actions as may be necessary or appropriate to protect the
rights of Holder against impairment. Without limiting the generality of the
foregoing, the Company will (a) not increase the par value of any Warrant Shares
above the amount payable therefor upon such exercise immediately prior to such
increase in par value, (b) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid
and nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use
commercially reasonable efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof as may be
necessary to enable the Company to perform its obligations under this Warrant.

                Before taking any action which would result in an adjustment in
the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions
thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.

            17. Miscellaneous.

               (a) Jurisdiction. This Warrant shall constitute a contract under
        the laws of California, without regard to its conflict of law,
        principles or rules, and be subject to arbitration pursuant to the terms
        set forth in the Purchase Agreement.

               (b) Restrictions. The Holder acknowledges that the Warrant Shares
        acquired upon the exercise of this Warrant, if not registered, will have
        restrictions upon resale imposed by state and federal securities laws.

               (c) Nonwaiver and Expenses. No course of dealing or any delay or
        failure to exercise any right hereunder on the part of Holder shall
        operate as a waiver of such right or otherwise prejudice Holder's
        rights, powers or remedies, notwithstanding all rights hereunder
        terminate on the Termination Date. If the Company willfully and
        knowingly fails to comply with any provision of this Warrant, which
        results in any material damages to the Holder, the Company shall pay to
        Holder such amounts as shall be sufficient to cover any costs and
        expenses including, but not limited to, reasonable attorneys' fees,
        including those of appellate proceedings, incurred by Holder in
        collecting any amounts due pursuant hereto or in otherwise enforcing any
        of its rights, powers or remedies hereunder.




                                       8
<PAGE>   9

               (d) Notices. Any notice, request or other document required or
        permitted to be given or delivered to the Holder by the Company shall be
        delivered in accordance with the notice provisions of the Purchase
        Agreement.

               (e) Limitation of Liability. No provision hereof, in the absence
        of affirmative action by Holder to purchase Warrant Shares, and no
        enumeration herein of the rights or privileges of Holder, shall give
        rise to any liability of Holder for the purchase price of any Common
        Stock or as a stockholder of the Company, whether such liability is
        asserted by the Company or by creditors of the Company.

               (f) Remedies. Holder, in addition to being entitled to exercise
        all rights granted by law, including recovery of damages, will be
        entitled to specific performance of its rights under this Warrant. The
        Company agrees that monetary damages would not be adequate compensation
        for any loss incurred by reason of a breach by it of the provisions of
        this Warrant and hereby agrees to waive the defense in any action for
        specific performance that a remedy at law would be adequate.

               (g) Successors and Assigns. Subject to applicable securities
        laws, this Warrant and the rights and obligations evidenced hereby shall
        inure to the benefit of and be binding upon the successors of the
        Company and the successors and permitted assigns of Holder. Subject to
        compliance with applicable securities laws, the provisions of this
        Warrant are intended to be for the benefit of all Holders from time to
        time of this Warrant and shall be enforceable by any such Holder or
        holder of Warrant Shares.

               (h) Amendment. This Warrant may be modified or amended or the
        provisions hereof waived with the written consent of the Company and the
        Holder.

               (i) Severability. Wherever possible, each provision of this
        Warrant shall be interpreted in such manner as to be effective and valid
        under applicable law, but if any provision of this Warrant shall be
        prohibited by or invalid under applicable law, such provision shall be
        ineffective to the extent of such prohibition or invalidity, without
        invalidating the remainder of such provisions or the remaining
        provisions of this Warrant.

               (j) Headings. The headings used in this Warrant are for the
        convenience of reference only and shall not, for any purpose, be deemed
        a part of this Warrant.


                                       9
<PAGE>   10


            IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed by its officer thereunto duly authorized.


Dated: February 20, 2001

                              E-MEDSOFT.COM


                              By:  /s/ John Andrews
                                   ---------------------------------------------
                                       John Andrews, President & CEO


                                       10
<PAGE>   11


                               NOTICE OF EXERCISE

To:     e-MedSoft.com


            (1) The undersigned hereby elects to purchase ________ Warrant
Shares (the "Common Stock"), of e-MedSoft.com pursuant to the terms of the
attached Warrant, and tenders herewith payment of the exercise price in full,
together with all applicable transfer taxes, if any.

            (2) Please issue a certificate or certificates representing said
Warrant Shares in the name of the undersigned or in such other name as is
specified below:

            -------------------------------------------

The Warrant Shares shall be delivered to the following:


            -------------------------------------------

            -------------------------------------------

            -------------------------------------------


                                             [PURCHASER]


                                             By:
                                                   -----------------------------
                                                   Name:
                                                   Title:

                                             Dated:
                                                   -----------------------------


<PAGE>   12


                   NOTICE OF EXERCISE OF COMMON STOCK WARRANT
                    PURSUANT TO CASHLESS EXERCISE PROVISIONS



To: e-MedSoft.com

Aggregate Price of Warrant Before Exercise:  $_______
Aggregate Price Being Exercised:  $______
Exercise Price:  $______ per share
Number of Shares of Common Stock to be Issued Under this Notice:  ________
Remaining Aggregate Price (if any) After Issuance:  $_______


Gentlemen:

            The undersigned, registered Holder of the Warrant delivered
herewith, hereby irrevocably exercises such Warrant for, and purchases
thereunder, shares of the Common Stock of e-MedSoft.com, a Nevada corporation,
as provided below. Capitalized terms used herein, unless otherwise defined
herein, shall have the meanings given in the Warrant. The portion of the
Exercise Price (as defined in the Warrant) to be applied toward the purchase of
Common Stock pursuant to this Notice of Exercise is $_______, thereby leaving a
remaining Exercise Price (if any) equal to $________. Such exercise shall be
pursuant to the cashless exercise provisions of Section 3 of the Warrant;
therefore, Holder makes no payment with this Notice of Exercise. The number of
shares to be issued pursuant to this exercise shall be determined by reference
to the formula in Section 3 of the Warrant which, by reference to Section 3,
requires the use of the high and low trading price of the Company's Common Stock
on the Trading Day preceding the date of such election. The high and low trading
price of the Company's Common Stock has been determined by Holder to be $______
and $_________, respectively, which figure is acceptable to Holder for
calculations of the number of shares of Common Stock issuable pursuant to this
Notice of Exercise. Holder requests that the certificates for the purchased
shares of Common Stock be issued in the name of _________________________ and
delivered to ______________________________________________. To the extent the
foregoing exercise is for less than the full Aggregate Price of the Warrant, a
replacement Warrant representing the remainder of the Aggregate Price (and
otherwise of like form, tenor and effect) shall be delivered


                                       2
<PAGE>   13

to Holder along with the share certificate evidencing the Common Stock issued in
response to this Notice of Exercise.

                                        [Purchaser]


                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

                                        Date:

                                      NOTE

            The execution to the foregoing Notice of Exercise must exactly
correspond to the name of the Holder on the Warrant



                                       3
<PAGE>   14

                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)



            FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to


________________________________________________________ whose address is

________________________________________________________________________.


_________________________________________________________________________

                                                 Dated:  ______________, _______


                      Holder's Signature:   _____________________________

                      Holder's Address:     _____________________________

                                            _____________________________



Signature Guaranteed:  __________________________________________________




NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in an fiduciary or other representative
capacity should file proper evidence of authority to assign the foregoing
Warrant.