EX-12.1 4 d403467dex121.htm STATEMENT OF COMPUTATION OF RATIO EARNINGS TO FIXED CHARGES Statement of Computation of Ratio Earnings to Fixed Charges

EXHIBIT 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Six Months
Ended June 30,		     Years ended December 31,  
     2012     2011     2010     2009     2008     2007  

Earnings:

             

Income (loss) before income taxes

    $ (7,425,434 )    $ (9,709,569 )    $ (3,496,945 )    $ (8,435,417 )    $ (8,747,968 )    $ 4,293,775   

Add:

             

Total fixed charges

      221,245        417,557        369,838        420,959        406,529        581,618   

Amortization of capitalized interest

      10,980        21,630        17,920        17,920        8,960        —     

Subtract:

             

Interest capitalized

      —          —          (20,238 )      —          (47,463 )      (131,738 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings (loss)

      (7,193,209 )      (9,270,382 )      (3,129,425 )      (7,996,538 )      (8,379,942 )      4,743,655   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

             

Interest

      149,071        316,313        316,185        361,188        345,767        520,002   

Interest component of rental expense (1)

      72,174        101,244        53,653        59,771        60,762        61,616   

Depreciation and amortization related to indebtedness

      —          —          —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

      221,245        417,557        369,838        420,959        406,529        581,618   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges(2)

      —          —          —          —          —          8.2   

Deficiency in Earnings to Cover Fixed Charges

    $ 7,414,454      $ 9,687,939      $ 3,499,263      $ 8,417,497      $ 8,786,471      $ —     

 

(1) 

Interest component of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor.

(1) 

Earnings for the six months ended June 30, 2012 and for the years ended December 31, 2011, 2010, 2009, and 2008 were inadequate to cover fixed charges and, accordingly, no ratio of earnings to fixed charges is disclosed for those periods.