<DOCUMENT>
<TYPE>EX-11
<SEQUENCE>2
<FILENAME>ex11.txt
<DESCRIPTION>NET INCOME (LOSS) PER SHARE
<TEXT>

<PAGE>   1

                                                                      EXHIBIT 11

                   COMPUTATION OF NET (LOSS) INCOME PER SHARE
               FOR THREE AND NINE MONTHS ENDED DECEMBER 31, 1999

<TABLE>
<CAPTION>
                                                                   FOR THE THREE MONTH PERIOD
                                                             --------------------------------------
                                                             DECEMBER 31, 1999    DECEMBER 31, 1998
                                                             -----------------    -----------------
<S>                                                          <C>                  <C>
Net income.................................................     $  549,219           $(5,723,383)
Weighted average shares outstanding........................      2,229,392             2,208,432
Earning (loss) per shares outstanding......................     $     0.25           $     (2.59)
</TABLE>

<TABLE>
<CAPTION>
                                                                   FOR THE NINE-MONTH PERIOD
                                                             --------------------------------------
                                                             DECEMBER 31, 1999    DECEMBER 31, 1998
                                                             -----------------    -----------------
<S>                                                          <C>                  <C>
Net income.................................................     $1,595,549           $(5,212,018)
Weighted average shares outstanding........................      2,223,664             2,203,690
Earning (loss) per shares outstanding......................     $     0.72           $     (2.37)
</TABLE>
</TEXT>
</DOCUMENT>