EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
| Years Ended December 31, |
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| 1999 |
2000 |
2001 |
2002 |
2003 |
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| 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 | ) | |||||
| Fixed charges |
432,744 | 1,171,048 | 177,789 | 30,227 | 44,300 | |||||||||||||||
| 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 | |||||||||||||||
| Earnings (Loss) |
$ | (1,736,241 | ) | $ | (337,382 | ) | $ | (8,679,095 | ) | $ | (3,374,973 | ) | $ | (806,706 | ) | |||||
| 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 | |||||||||||||||
| Fixed Charges |
$ | 432,744 | $ | 1,171,048 | $ | 177,789 | $ | 30,227 | $ | 44,300 | ||||||||||
| Ratio of Earnings (Loss) to Fixed Charges |
(4.01 | ) | (0.29 | ) | (48.82 | ) | (111.65 | ) | (18.21 | ) | ||||||||||
| Coverage Deficiency |
$ | 2,168,985 | $ | 1,508,430 | $ | 8,856,884 | $ | 3,405,200 | $ | 851,006 | ||||||||||