<PAGE>

EXHIBIT 11

COMPUTATION OF EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per
share as calculated in accordance with FASB 128.

<TABLE>
<CAPTION>
                                                                   Three months Ended April 30,
                                                       ---------------------------------------------------
                                                                           (Unaudited)
                                                                 2000                        1999
                                                       ------------------------    -----------------------
<S>                                                    <C>            <C>          <C>          <C>
                                                          Basic        Diluted       Basic        Diluted
NUMERATOR:

 Net loss from continuing operations                   $(2,722,356)  $(2,722,356)  $ (672,681)  $ (672,681)
 Net income from discontinued operations                        --            --    1,366,518    1,366,518
                                                       -----------   -----------   ----------   ----------

Net income (loss)                                      $(2,722,356)  $(2,722,356)  $  693,837   $  693,837
                                                       ===========   ===========   ==========   ==========


DENOMINATOR:

 Weighted average shares outstanding                     8,353,496     8,353,496    6,861,005    6,861,005

 Stock options and warrants                                     --            --           --           --
                                                       -----------   -----------   ----------   ----------

Weighted average shares outstanding                      8,353,496     8,353,496    6,861,005    6,861,005
                                                       ===========   ===========   ==========   ==========


Earnings (loss) per share - continuing operations      $     (0.33)  $     (0.33)  $     (0.10) $    (0.10)
Earnings (loss) per share - discontinued operations             --            --          0.20        0.20
                                                       -----------   -----------   -----------  ----------

Earnings (loss) per share                              $     (0.33)  $     (0.33)  $      0.10  $     0.10
                                                       ===========   ===========   ===========  ==========

<CAPTION>
                                                                      Six months Ended April 30,
                                                       ---------------------------------------------------
                                                                           (Unaudited)
                                                                 2000                        1999
                                                       ------------------------    -----------------------
<S>                                                    <C>            <C>          <C>          <C>
                                                          Basic        Diluted       Basic        Diluted
NUMERATOR:

 Net loss from continuing operations                   $(4,805,726)  $(4,805,726)  $(1,199,255)  $(1,199,255)
 Net income from discontinued operations                        --            --     3,600,388     3,600,388
                                                       -----------   -----------   -----------   -----------

Net income (loss)                                      $(4,805,726)  $(4,805,726)  $ 2,401,133   $ 2,401,133
                                                       ===========   ===========   ===========   ===========


DENOMINATOR:

 Weighted average shares outstanding                     8,120,228     8,120,228     6,733,933     6,733,933

 Stock options and warrants                                     --            --            --            --
                                                       -----------   -----------   -----------   -----------

Weighted average shares outstanding                      8,120,228     8,120,228     6,733,933     6,733,933
                                                       ===========   ===========   ===========   ===========

Earnings (loss) per share - continuing operations      $     (0.59)  $     (0.59)  $     (0.18)  $     (0.18)
Earnings (loss) per share - discontinued operations             --            --          0.54          0.54
                                                       -----------   -----------   -----------   -----------

Earnings (loss) per share                              $     (0.59)  $     (0.59)  $      0.36   $      0.36
                                                       ===========   ===========   ===========   ===========

</TABLE>