EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended June 30, | Years ended December 31, | |||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | (7,425,434 | ) | $ | (9,709,569 | ) | $ | (3,496,945 | ) | $ | (8,435,417 | ) | $ | (8,747,968 | ) | $ | 4,293,775 | |||||||
Add: | ||||||||||||||||||||||||
Total fixed charges | 221,245 | 417,557 | 369,838 | 420,959 | 406,529 | 581,618 | ||||||||||||||||||
Amortization of capitalized interest | 10,980 | 21,630 | 17,920 | 17,920 | 8,960 | — | ||||||||||||||||||
Subtract: | ||||||||||||||||||||||||
Interest capitalized | — | — | (20,238 | ) | — | (47,463 | ) | (131,738 | ) | |||||||||||||||
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Total earnings (loss) | (7,193,209 | ) | (9,270,382 | ) | (3,129,425 | ) | (7,996,538 | ) | (8,379,942 | ) | 4,743,655 | |||||||||||||
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Fixed Charges: | ||||||||||||||||||||||||
Interest | 149,071 | 316,313 | 316,185 | 361,188 | 345,767 | 520,002 | ||||||||||||||||||
Interest component of rental expense (1) | 72,174 | 101,244 | 53,653 | 59,771 | 60,762 | 61,616 | ||||||||||||||||||
Depreciation and amortization related to indebtedness | — | — | — | — | — | — | ||||||||||||||||||
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Total Fixed Charges | 221,245 | 417,557 | 369,838 | 420,959 | 406,529 | 581,618 | ||||||||||||||||||
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Ratio of Earnings to Fixed Charges(2) | — | — | — | — | — | 8.2 | ||||||||||||||||||
Deficiency in Earnings to Cover Fixed Charges | $ | 7,414,454 | $ | 9,687,939 | $ | 3,499,263 | $ | 8,417,497 | $ | 8,786,471 | $ | — |
(1) | Interest component of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor. |
(1) | Earnings for the six months ended June 30, 2012 and for the years ended December 31, 2011, 2010, 2009, and 2008 were inadequate to cover fixed charges and, accordingly, no ratio of earnings to fixed charges is disclosed for those periods. |