EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIONS OF EARNINGS TO FIXED CHARGES
| |
Years Ended December 31, |
|
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
Period Ended June 30, 2004 |
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| |
1999 |
2000 |
2001 |
2002 |
2003 |
||||||||||||||
| Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | $ | (1,753,723 | ) | $ | (354,331 | ) | $ | (8,691,071 | ) | $ | (3,447,461 | ) | $ | (3,831,956 | ) | $ | (12,028,516 | ) | |
Fixed charges |
432,744 |
1,171,048 |
177,789 |
30,227 |
44,300 |
12,140 |
|||||||||||||
Amortization of capitalized interest |
— |
— |
— |
— |
— |
— |
|||||||||||||
Distributed income of equity investees |
— |
— |
— |
— |
— |
— |
|||||||||||||
Our share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges |
— |
— |
— |
— |
— |
— |
|||||||||||||
Interest capitalized |
(415,262 |
) |
(1,154,099 |
) |
(165,813 |
) |
42,261 |
(34,518 |
) |
— |
|||||||||
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges |
— |
— |
— |
— |
3,015,468 |
2,233,379 |
|||||||||||||
Earnings (Loss) |
$ |
(1,736,241 |
) |
$ |
(337,382 |
) |
$ |
(8,679,095 |
) |
$ |
(3,374,973 |
) |
$ |
(806,706 |
) |
$ |
(9,782,997 |
) |
|
Interest expensed and capitalized |
$ |
415,262 |
$ |
1,154,099 |
$ |
165,813 |
$ |
(42,261 |
) |
$ |
34,518 |
$ |
— |
||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness |
— |
— |
— |
62,501 |
— |
— |
|||||||||||||
Estimate of the interest within rental expense |
17,482 |
16,949 |
11,976 |
9,987 |
9,782 |
12,140 |
|||||||||||||
Fixed Charges |
$ |
432,744 |
$ |
1,171,048 |
$ |
177,789 |
$ |
30,227 |
$ |
44,300 |
$ |
12,140 |
|||||||
Ratio of Earnings (Loss) to Fixed Charges |
(4.01 |
) |
(0.29 |
) |
(48.82 |
) |
(111.65 |
) |
(18.21 |
) |
(805.85 |
) |
|||||||
Coverage Deficiency |
$ |
2,168,985 |
$ |
1,508,430 |
$ |
8,856,884 |
$ |
3,405,200 |
$ |
851,006 |
$ |
9,795,137 |
|||||||