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EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIONS OF EARNINGS TO FIXED CHARGES
| Years Ended December 31, | | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Period Ended June 30, 2004 | ||||||||||||||||||
| 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 | |||||||
STATEMENT OF COMPUTATION OF RATIONS OF EARNINGS TO FIXED CHARGES