Ionic Fuel Technology Inc Watch

from 10-Q 1 page Exhibit I Ionic Fuel Technology, Inc. Computation of Net Loss Per Common Share Three Months Ended September 30 2001 2000 Net Loss Before Extraordinary Item $ (419,195) $ (254,576) Net Profit/(Loss) After Extraordinary Item $ 81,087 $ (254,576) Average Common Shares Outstanding 22,518,796 18,516,463 Net Loss Per Common Share Before Extraordinary Item $ (.02) $ (.01) =========== =========== Net Profit/(Loss) Per Common Share After Extraordinary Item $ .00 $ (.01) =========== =========== <page>

from 10-Q 1 page <page> Exhibit 1 Ionic Fuel Technology, Inc. Computation of Net Loss Per Common Share <table> <caption> Three Months Ended Nine Months Ended March 31 March 31 2000 1999 2000 1999 <s> <c> <c> <c> <c> Net Loss $ (262,317) $ (367,221) $ (799,966) $(1,160,507) ============ ========== ============ ========= Average Common Shares Outstanding 14,361,421 6,444,955 12,301,871 6,444,955 ============ ========== ============ ========= Net Loss Per Common Share $ (0.02) $ (0.06) $ (0.07) $ (0.18) ============ ========== ============ ========= </Table>

from 8-K/A 1 page <page> Exhibit 1 May 10, 2000 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, DC 20549 Gentlemen: We Have Read Item 4 of Form 8-K/a Dated May 10, 2000, of Ionic Fuel Technology, Inc. and Are in Agreement With the Statements Contained Therein. /S/ Ernst & Young Llp Stamford, Connecticut

from 8-K 1 page <page> Exhibit 1 May 8, 2000 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, DC 20549 Gentlemen: We Have Read Item 4 of Form 8-K Dated May 8, 2000, of Ionic Fuel Technology, Inc. and Are in Agreement With the Statements Contained Therein. /S/ Ernst & Young Llp Stamford, Connecticut

from 10-Q 1 page Exhibit I Ionic Fuel Technology, Inc. Computation of Net Loss Per Common Share September 30, 1998 1997 Net Loss $ (372,071) $ (279,463) Average Common Shares Outstanding 6,444,955 6,064,370 Net Loss Per Common Share $ (.06) $ (.05) =========== ===========