STATEMENT OF COMPUTATION OF NET LOSS PER SHARE EXHIBIT 11
Year ended December 31, Six months ended June 30,
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1994 1995 1995 1996
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Net loss applicable to common stock $(12,974,175) $(11,693,454) $ (5,877,940) $ (6,100,363)
Deemed dividend upon conversion of preferred stock -- -- -- (5,431,871)
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Net loss applicable to common stock $(12,974,175) $(11,693,454) $ (5,877,940) $(11,532,234)
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Weighted average shares of
common stock outstanding 1,404,212 1,426,049 1,408,519 9,791,050
Shares related to Staff Accounting
Bulletin topic 4D:
Stock options and warrants 897,836 897,836 897,836 --
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Shares used in computing net loss per share 2,302,048 2,323,885 2,306,355 9,791,050
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Net loss per share $ (5.64) $ (5.03) $ (2.55) $ (1.18)
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Pro Forma
Net loss applicable to common stock $(12,974,175) $(11,693,454) $ (5,877,940)
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Calculation of shares outstanding for
computing pro forma net loss per share:
Shares used in computing net loss per share 2,302,048 2,323,885 2,306,355
Adjusted to reflect the effect of the
assumed conversion of preferred stock 4,690,955 5,293,585 4,922,183
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Shares used in computing pro forma net
loss per share 6,993,003 7,617,470 7,228,538
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Pro forma net loss per share $ (1.86) $ (1.54) $ (0.81)
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