EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERENCE DIVIDENDS
Year ended June 30, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | (5,462,081 | ) | $ | (5,802,576 | ) | $ | (6,374,963 | ) | $ | (5,462,453 | ) | $ | (537,571 | ) | |||||
Fixed charges | 1,351,805 | 1,517,044 | 964,382 | 1,130,738 | 2,398,654 | |||||||||||||||
Adjusted earnings | $ | (4,110,276 | ) | $ | (4,285,532 | ) | $ | (5,410,581 | ) | $ | (4,331,715 | ) | $ | 1,861,083 | ||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 1,280,954 | $ | 1,446,193 | $ | 906,202 | $ | 1,090,074 | $ | 2,357,540 | ||||||||||
Amortization of deferred loan costs | 70,851 | 70,851 | 58,180 | 40,664 | 41,114 | |||||||||||||||
Total fixed charges | $ | 1,351,805 | $ | 1,517,044 | $ | 964,382 | $ | 1,130,738 | $ | 2,398,654 | ||||||||||
Preference dividends | 337,500 | 337,500 | 421,875 | 253,125 | 337,500 | |||||||||||||||
Total fixed charges and preference dividends | $ | 1,689,305 | $ | 1,854,544 | $ | 1,386,257 | $ | 1,383,863 | $ | 2,736,154 | ||||||||||
Ratio of earnings to fixed charges | (2.43 | ) | (2.31 | ) | (3.90 | ) | (3.13 | ) | 0.68 | |||||||||||
Deficiency of earnings to cover fixed charges and preference dividends | $ | 5,799,581 | $ | 6,140,076 | $ | 6,796,838 | $ | 5,715,578 | $ | 875,071 | ||||||||||
(less than 1:1 ratio) |