Exhibit 12.1

NATIONAL HOLDINGS CORPORATION AND SUBSIDARIES

Ratio of earnings to fixed charges

(In thousands, except per share data)

	Nine Months			Twelve Months		Twelve Months			Twelve Months		Twelve Months		Twelve Months
	Ended June 30			Ended Sept 30		Ended Sept 30			Ended Sept 30		Ended Sept 30		Ended Sept 30
	FY 2018			FY 2017		FY 2016			FY 2015		FY 2014		FY 2013
Income (loss) from continuing operations before income taxes		(5,028,000	)		16,579,000		(2,469,000	)		478,000		7,822,000		1,625,000
Add: Fixed Charges		30,000			14,000		51,000			13,000		33,000		248,000
Net (income)/loss attributable to noncontrolling interests in consolidated entities		-			-		-			-		-		3,000
Earnings (losses)		(4,998,000	)		16,593,000		(2,418,000	)		491,000		7,855,000		1,876,000
Fixed charges:
Portion of rent expense representing interest		-			-		-			-		-		-
Interest expense		30,000			14,000		51,000			13,000		33,000		248,000
Total fixed charges		30,000			14,000		51,000			13,000		33,000		248,000
Ratio of earnings/fixed charges		N/A			1,185.21x		N/A			37.77x		238.03x		7.56x