EX-12.1 3 a06-11835_1ex12d1.htm EX-12

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 nine months ended December 31, 2001, the years ended December 31, 2002, 2003, 2004, 2005 and the three months ended March 31, 2006:

 

 

 

Nine Months Ended December 31,

 

Year Ended December 31,

 

Three Months Ended March 31,

 

 

 

2001

 

2002

 

2003

 

2004

 

2005

 

2006

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations

 

$

(5,851,744

)

$

(5,908,044

)

$

(6,588,245

)

$

(11,263,140

)

$

(15,296,852

)

$

(2,633,860

)

Add: Fixed Charges

 

134,910

 

161,376

 

169,244

 

123,012

 

182,566

 

32,854

 

Total loss from continuing operations, as defined

 

$

(5,716,834

)

$

(5,746,668

)

$

(6,419,001

)

$

(11,140,128

)

$

(15,114,286

)

$

(2,601,006

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges and Preferred Stock dividends:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed

 

$

10,742

 

$

5,445

 

$

20,480

 

$

 

$

 

$

 

Estimated interest component of rent

 

124,168

 

155,931

 

148,764

 

123,012

 

182,566

 

32,854

 

Total Fixed Charges

 

134,910

 

161,376

 

169,244

 

123,012

 

182,566

 

32,854

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock dividends

 

 

 

18,210,530

 

732,405

 

11,065,770

 

72,365

 

Total Fixed Charges and Preferred Stock dividends

 

$

134,910

 

$

161,376

 

$

18,379,774

 

$

855,417

 

$

11,248,336

 

$

105,219

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to Combined Fixed Charges and Preferred Stock dividends

 

 

 

 

 

 

 

 

We reported a loss from continuing operations for the nine months ended December 31, 2001, the years ended December 31, 2002, 2003, 2004, 2005 and the three months ended March 31, 2006 and would have needed to generate additional income of $5,986,654, $6,069,420, $6,757,489, $11,386,152, $15,479,418 and $2,666,714, respectively, to cover our fixed charges of $134,910, $161,376, $169,244, $123,012, $182,566 and $32,854, respectively.  Including preferred stock dividends, we would have needed to generate additional income of $24,968,019, $12,118,557, $26,545,188 and $2,739,079 in the years ended December 31, 2003, 2004, 2005 and the three months ended March 31, 2006, respectively.

 

For purposes of computing the ratio of earnings to fixed charges, earnings consist of loss from continuing operations before income taxes 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 loss from continuing operations before income taxes 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.