EX-12.1 2 a2144692zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS

 
   FY 2000
   FY 2001
   FY 2002
   FY 2003
   FY 2004
  
Fixed charges:                                
  Interest expensed and capitalized   $ —   $ —   $ —   $ —   $ —  
  Amortized premiums, discounts and capitalized expenses related to indebtedness   $ —   $ —   $ —   $ —   $ —  
  Estimate of interest within rental expense—from continuing operations*     67,269     52,244     35,633     4,729     4,854  
  Preference security dividend requirements of consolidated subsidiaries (pre-tax earnings requirement)                                
   
 
 
 
 
 
    Total—combined fixed charges and preference dividends   $ 67,269   $ 52,244   $ 35,633   $ 4,729   $ 4,854  
   
 
 
 
 
 

Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Pre-tax income from continuing operations before adjustments for minority interests in consolidated subsidiaries or income or loss from equity investments     (3,805,768 )   (3,803,823 )   (1,706,272 )   742,105     (4,495,200 )
      NOTE 1                          
  Fixed Charges*     67,269     52,244     35,633     4,729     4,854  
  Amortization of Capitalized Interest     —     —     —     —     —  
  Distributed Income of equity investees     —     —     —     —     —  
  Share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges     —     —     —     —     —  
   
 
 
 
 
 
    Subtotal     (3,738,499 )   (3,751,579 )   (1,670,639 )   746,834     (4,490,346 )

Deduct:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest capitalized     —     —     —     —     —  
  Preference security dividend requirements of consolidated subsidiaries     —     —     —     —     —  
  Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges     —     —     —     —     —  
   
 
 
 
 
 
Total Earnings   $ (3,738,499 ) $ (3,751,579 ) $ (1,670,639 ) $ 746,834   $ (4,490,346 )
   
 
 
 
 
 

Ratio of earnings to combined fixed charges and preference dividends
 
 
(55.6
)
 
(71.8
)
 
(46.9
)
 
157.9
 
 
(925.1
)

Deficiency
 
$
3,805,768
 
$
3,803,823
 
$
1,706,272
 
 
N/A
 
$
4,495,200
 
*
represents estimated interest associated with certain facility, equipment and vehicle leases (at an assumed rate of 20% of total rent expense for facility and equipment leases).

NOTE 1: FY 2000 pre-tax income excludes a $7,457,717 loss associated with a cumulative effect of an accounting change.



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