Exhibit 12.1
Computation of Ratio of Earnings to Fixed Charges and Preference Security Dividends
|
| | | | | | | | | | | | | | |
| $ in thousands | Year Ended December 31, |
| | 2017 | | 2016 | | 2015 | | 2014 | | 2013 |
| Earnings: | | | | | | | | | |
| Income (loss) before income taxes | (9,259 | ) | | (8,471 | ) | | (7,032 | ) | | (7,127 | ) | | (4,689 | ) |
| Add: Total fixed charges and preference security dividends | 22 |
| | 403 |
| | — |
| | — |
| | 4 |
|
| Total earnings | (9,237 | ) | | (8,068 | ) | | (7,032 | ) | | (7,127 | ) | | (4,685 | ) |
| Fixed Charges and Preference Security Dividends: | | | | | | | | | |
| Interest expense | 22 |
| | 403 |
| | — |
| | — |
| | 4 |
|
| Estimated interest component within rental expense | — |
| | — |
| | — |
| | — |
| | — |
|
| Total fixed charges before preference security dividends | 22 |
| | 403 |
| | — |
| | — |
| | 4 |
|
| Preference security dividends | — |
| | — |
| | — |
| | — |
| | — |
|
| Total fixed charges and preference security dividends | 22 |
| | 403 |
| | — |
| | — |
| | 4 |
|
| Ratio of earnings to fixed charges and preference security dividends | (420 | ) | | (20 | ) | | — |
| | — |
| | (1,171 | ) |
Note 1: Earnings for the years presented were insufficient to cover fixed charges. The Company has never paid dividends on its preferred stock.
