EX-12.1 2 tv506409_ex12-1.htm EXHIBIT 12.1

  

EXHIBIT 12.1

 

STATEMENT RE COMPUTATION OF RATIOS

 

The following table sets forth the ratio of earnings to fixed charges and preferred stock dividends for the periods indicated below:

 

    2016     2015     2014     2013     2012  
Earnings:                                        
Pretax income (loss) from continuing operations   $ (10,426,645 )   $ 450,479     $ 3,313,786     $ 3,226,430     $ 4,819,306  
Fixed Charges     6,475,584       10,008,280       11,046,512       4,591,673       449,164  
Dividends distributed to shareholders     3,522,036       3,522,036       2,932,122       44,827       -  
Total Earnings   $ (429,025)     $ 13,980,795     $ 17,292,420     $ 7,862,930     $ 5,268,470  
                                         
Fixed Charges:                                        
Interest Expense   $ 6,475,584     $ 10,008,280     $ 11,046,512     $ 4,591,673     $ 449,164  
Preferred stock     3,522,036       3,522,036       2,932,122       44,827       -  
Total Fixed Charges   $ 9,997,620     $ 13,530,316     $ 13,978,634     $ 4,636,500     $ 449,164  
                                         
Ratio of earnings to fixed charges     (0.07)       1.40       1.57       1.71       11.73  
Ratio of earnings to fixed charges and preferred stock dividends     (0.04)       1.03       1.24       1.70       11.73  
Deficiency of earnings to fixed charges and preferred stock dividends     10,426,645       -       -       -       -