EX-12.1 5 d55778dex121.htm EX-12.1 EX-12.1

EXHIBIT 12.1

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Nine Months Ended
September 30,		      Years ended December 31,  
     2015      2014     2013     2012     2011     2010  

Earnings:

              

Income (loss) before income taxes

    $ 4,360,788       $ (4,270,635 )    $ (11,962,449 )    $ (16,512,656 )    $ (9,709,569 )    $ (3,496,945 ) 

Add:

              

Total fixed charges

      156,187         213,870        198,132        339,880        417,557        369,838   

Amortization of capitalized interest

      16,476         21,968        21,968        21,968        21,630        17,920   

Subtract:

              

Interest capitalized

      —           —          —          —          —          (20,238 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total earnings (loss)

    $ 4,533,451       $ (4,034,797 )    $ (11,742,349 )    $ (16,150,808 )    $ (9,270,382 )    $ (3,129,425 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges:

              

Interest

    $ —         $ —        $ —        $ 171,663      $ 316,313      $ 316,185   

Interest component of rental expense (1)

      156,187         213,870        198,132        168,217        101,244        53,653   

Depreciation and amortization related to indebtedness

      —           —          —          —          —          —     
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

    $ 156,187       $ 213,870      $ 198,132      $ 339,880      $ 417,557      $ 369,838   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges(2)

      29.0         —          —          —          —          —     

Deficiency in Earnings to

              

Cover Fixed Charges

    $ —         $ 4,248,667      $ 11,940,481      $ 16,490,688      $ 9,687,939      $ 3,499,263   

 

(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.
(2)  Earnings for the years ended December 31, 2014, 2013, 2012, 2011 and 2010 were inadequate to cover fixed charges and, accordingly, no ratio to fixed charges is disclosed for those periods.