EX-12.1 5 d666229dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

STATEMENT OF COMPUTATION OF RATIOS

The following table sets forth our ratio of earnings to fixed charges and to combined fixed charges and preferred stock dividends for the years ended December 31, 2008, 2009, 2010, 2011, 2012 and the nine months ended September 30, 2013.

 

    Years Ended December 31,    

Nine

Months Ended
September 30,

  
    2008     2009     2010     2011     2012     2013  

Earnings:

            

Net loss

   $ (12,965,622 )    $ (24,458,924 )    $ (17,638,746 )    $ (15,304,095 )    $ (19,712,980 )    $ (50,615,729 ) 

Add: fixed charges

     167,395        408,647        261,425        141,900        146,520        225,720   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings, as defined

   $ (12,798,227 )    $ (24,050,277 )    $ (17,377,321 )    $ (15,162,195 )    $ (19,566,460 )    $ (50,390,009 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges and preferred stock dividends:

            

Interest expensed

   $ 28,135      $ 210,977      $ 61,115      $ —        $ —        $ —     

Estimated interest component of rent

     139,260        197,670        200,310        141,900        146,520        225,720   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

     167,395        408,647        261,425        141,900        146,520        225,720   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Preferred stock dividends

     —          —          —          —          —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges and preferred stock dividends

   $ 167,395      $ 408,647      $ 261,425      $ 141,900      $ 146,520      $ 225,720   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

     —          —          —          —          —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to combined fixed charges and preferred stock dividends

     —          —          —          —          —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

We reported a net loss for the years ended December 31, 2008, 2009, 2010, 2011, 2012 and the nine months ended September 30, 2013 and would have needed to generate additional income of $12,965,622, $24,458,924, $17,638,746, $15,304,095, $19,712,980 and $50,615,729, respectively, to cover our fixed charges of $167,395, $408,647, $261,425, $141,900, $146,520 and $225,720, respectively.

For purposes of computing the ratio of earnings to fixed charges, earnings consist of net loss plus fixed charges. Fixed charges consist of interest expense and an estimate of the interest within rental expense.

For purposes of computing the ratio of earnings to combined fixed charges and preferred stock dividends, earnings consist of net loss plus fixed charges. Combined fixed charges and preferred stock dividends consist of interest expense, an estimate of interest within rental expense and preferred stock dividends.