EXHIBIT 11.1

STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS

                The following schedules reflect the information used in calculating the number of shares in the computation of net loss per common share for each of the periods set forth in the Statements of Operations.

1

BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION

THREE MONTHS ENDED JUNE 30, 2002

Weighted Average Shares Outstanding:
TOTAL		# DAYS
SHARES		OUTSTANDING
15,310,771	x		91		=	1,393,280,161
			91		=	1,393,280,161,
							1,393,280,161			/ 92		=		15,310,771
Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs								$	(2,563,465		)		=	$	(0.17	)
Weighted Avg. Shares				15,310,771

2

BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION

THREE MONTHS ENDED JUNE 30, 2001

Weighted Average Shares Outstanding:
TOTAL		# DAYS
SHARES		OUTSTANDING
9,079,313	x		2	=		18,158,626
9,267,993	x		45	=		417,059,685
9,278,711	x		44	=		408,263,284
			91	=		843,481,595
						843,481,595			/ 91		=	9,269,029
Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs					$		(1,942,908	)		=			$	(0.21	)
Weighted Avg. Shares						9,269,029

3

BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION

SIX MONTHS ENDED JUNE 30, 2002

Weighted Average Shares Outstanding:
TOTAL		# DAYS
SHARES		OUTSTANDING
10,843,320	x		55		=	596,382,600
10,861,696	x		1		=	10,861,696
15,310,771	x		125		=	1,913,846,375
				181		2,521,090,671
						2,521,090,671		/ 181		=		13,928,678
Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs						$	(4,008,916	)	=		$		(0.29	)
Weighted Avg. Shares						13,928,678

4

BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION

SIX MONTHS ENDED JUNE 30, 2001

Weighted Average Shares Outstanding:
TOTAL		# DAYS
SHARES		OUTSTANDING
9,067,700	x		5		=		45,338,500
9,077,338	x		2		=		18,154,676
9,078,463	x		10		=		90,784,630
9,078,888	x		22		=		199,735,536
9,079,313	x		53		=		481,203,589
9,267,993	x		45		=		417,059,685
9,278,711	x		44		=		408,263,284
				181		=	1,660,539,900
							1,660,539,900			/ 181		=		9,174,254
Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs								$	(4,215,413	)	=		$		(0.46	)
Weighted Avg. Shares								9,174,254

5