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EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table contains our consolidated ratio of earnings to fixed charges for the periods indicated. You should read these ratios in connection with our consolidated financial statements, including the notes to those statements.
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| | Twelve Months ended June 30, 2007
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| | 3 Months
9/30/2007
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| | 2007
| | 2006
| | 2005
| | 2004
| | 2003
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| Ratio | | | (a) | | | (a) | | | (a) | | | (a) | | | (a) | | | (a) | |
| Earnings | | | | | | | | | | | | | | | | | | | |
| | Add: | | | | | | | | | | | | | | | | | | | |
| | Pre-tax income from continuing operations adjusted for minority interests | | $ | (408,334 | ) | $ | (5,352,941 | ) | $ | (6,100,987 | ) | $ | (3,689,483 | ) | $ | (383,206 | ) | $ | (12,148 | ) |
| | Fixed charges (see below) | | | 2,369,102 | | | 7,989,664 | | | 2,458,026 | | | 26,995 | | | 2,247 | | | — | |
| | Less: | | | | | | | | | | | | | | | | | | | |
| | Capitalized interest | | | (458,741 | ) | | (302,895 | ) | | — | | | — | | | — | | | — | |
| | Pre-tax earnings to cover preferred stock dividend | | | (1,510,894 | ) | | (4,952,369 | ) | | — | | | — | | | — | | | — | |
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| | Total Earnings | | $ | (8,867 | ) | $ | (2,618,541 | ) | $ | (3,642,961 | ) | $ | (3,662,488 | ) | $ | (380,959 | ) | $ | (12,148 | ) |
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| Fixed Charges | | | | | | | | | | | | | | | | | | | |
| | Interest expensed (includes amortization) | | $ | 399,467 | | $ | 2,559,619 | | $ | 2,426,321 | | | — | | $ | — | | $ | — | |
| | Interest capitalized | | | 458,741 | | | 302,895 | | | — | | | — | | | — | | | — | |
| | Estimate of interest within rental expense | | | 174,781 | | | 31,705 | | | 26,995 | | | 2,247 | | | — | | | | |
| | Pre-tax earnings to cover preferred stock dividend—Preferred dividend / (1-36%) | | | 1,510,894 | | | 4,952,369 | | | — | | | — | | | — | | | — | |
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| | Total Fixed Charges | | $ | 2,369,102 | | $ | 7,989,664 | | $ | 2,458,026 | | $ | 26,995 | | $ | 2,247 | | $ | — | |
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- (a)
- Since the Company has recorded a loss for all periods shown above, the ratio coverage was less than 1:1. In order to achieve a coverage ratio of 1:1, the Company must generate the following earnings for each period as shown below.
| | Earnings to increase ratio to 1:1 | | $ | 2,377,969 | | $ | 10,608,205 | | $ | 6,100,987 | | $ | 3,689,483 | | $ | 383,206 | | $ | 12,148 |
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