EX-12.1 5 d921790dex121.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, 2010, 2011, 2012, 2013, 2014 and the three months ended March 31, 2015.

 

    Years Ended December 31,     Three
Months Ended
March 31,		  
    2010     2011     2012     2013     2014     2015  

Earnings:

            

Net loss

   $ (17,638,746 )    $ (15,304,095 )    $ (19,712,980 )    $ (66,083,532 )    $ (36,140,133 )    $ (10,582,871 ) 

Add: fixed charges

     261,425        141,900        146,520        298,980        411,510        102,300   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings, as defined

 $ (17,377,321 )  $ (15,162,195 )  $ (19,566,460 )  $ (65,784,552 )  $ (35,728,623 )  $ (10,480,571 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed charges and preferred stock dividends:

Interest expensed

 $ 61,115    $ —      $ —      $ —      $ —      $ —     

Estimated interest component of rent

   200,310      141,900      146,520      298,980      411,510      102,300   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges

   261,425      141,900      146,520      298,980      411,510      102,300   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Preferred stock dividends

   —        —        —        —        —        —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges and preferred stock dividends

 $ 261,425    $ 141,900    $ 146,520    $ 298,980    $ 411,510    $ 102,300   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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, 2010, 2011, 2012, 2013, 2014 and the three months ended March 31, 2015 and would have needed to generate additional income of $17,638,746, $15,304,095, $19,712,980, $66,083,532, $36,140,133 and $10,582,871, respectively, to cover our fixed charges of $261,425, $141,900, $146,520, $298,980, $411,510 and $102,300, 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.