EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
| Years Ended December 31, |
Period Ended June 30, |
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| 2000 |
2001 |
2002 |
2003 |
2004 |
2004 |
2005 |
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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 |
$ | (354,331 | ) | $ | (8,691,071 | ) | $ | (3,447,461 | ) | $ | (3,831,956 | ) | $ | (26,083,624 | ) | $ | (12,028,516 | ) | $ | (18,179,291 | ) | |||||||
| Fixed charges |
1,171,048 | 177,789 | 30,227 | 50,889 | 38,339 | 14,966 | 733,250 | |||||||||||||||||||||
| 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 |
(1,154,099 | ) | (165,813 | ) | (20,240 | ) | (41,107 | ) | (4,423 | ) | (4,423 | ) | (712,660 | ) | ||||||||||||||
| Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges |
— | — | — | 3,015,468 | 2,862,000 | 2,233,379 | 97,104 | |||||||||||||||||||||
| Earnings (Loss) |
$ | (337,382 | ) | $ | (8,679,095 | ) | $ | (3,437,474 | ) | $ | (806,706 | ) | $ | (23,187,708 | ) | $ | (9,784,594 | ) | $ | (18,061,597 | ) | |||||||
| Interest expensed and capitalized |
$ | 1,154,099 | $ | 165,813 | $ | (42,261 | ) | $ | 41,107 | $ | 4,423 | $ | 4,423 | $ | — | |||||||||||||
| Amortized premiums, discounts and capitalized expenses related to indebtedness |
— | — | 62,501 | — | — | — | 712,660 | |||||||||||||||||||||
| Estimate of the interest within rental expense |
16,949 | 11,976 | 9,987 | 9,782 | 33,916 | 10,543 | 20,590 | |||||||||||||||||||||
| Fixed Charges |
$ | 1,171,048 | $ | 177,789 | $ | 30,227 | $ | 50,889 | $ | 38,339 | $ | 14,966 | $ | 733,250 | ||||||||||||||
| Ratio of Earnings (Loss) to Fixed Charges |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Coverage Deficiency |
$ | 1,508,430 | $ | 8,856,884 | $ | 3,467,701 | $ | 857,595 | $ | 23,226,047 | $ | 9,799,560 | $ | 18,794,847 | ||||||||||||||