EXHIBIT 12.1
Avid Bioservices, Inc.
Statement Regarding Computation of Ratios
Fiscal Year Ended April 30, | Six Months Ended | |||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | October 31, 2017 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Pretax loss from operations | $ | (29,780 | ) | $ | (35,362 | ) | $ | (50,358 | ) | $ | (55,652 | ) | $ | (28,159 | ) | $ | (13,829 | ) | ||||||
Add: fixed charges per below | 2,219 | 389 | 528 | 794 | 1,753 | 855 | ||||||||||||||||||
Total earnings available for fixed charges | $ | (27,561 | ) | $ | (34,973 | ) | $ | (49,830 | ) | $ | (54,858 | ) | $ | (26,406 | ) | $ | (12,974 | ) | ||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense | 46 | 1 | – | – | 6 | 4 | ||||||||||||||||||
Loss on extinguishment of debt | 1,696 | – | – | – | – | – | ||||||||||||||||||
Interest component of rent expense(1) | 477 | 388 | 528 | 794 | 1,747 | 851 | ||||||||||||||||||
Total fixed charges | $ | 2,219 | $ | 389 | $ | 528 | $ | 794 | $ | 1,753 | $ | 855 | ||||||||||||
Series E preferred stock dividends(2) | – | 401 | 3,696 | 4,484 | 4,640 | 2,523 | ||||||||||||||||||
Deficiency of earnings available to cover combined fixed charges and preferred stock dividends | $ | (29,780 | ) | $ | (35,763 | ) | $ | (54,054 | ) | $ | (60,136 | ) | $ | (32,799 | ) | $ | (16,352 | ) | ||||||
___________________ |
(1) | Represents the portion of rental expense from operating leases that is estimated by us to be representative of interest. |
(2) | We did not pay any dividends on preferred stock and no preferred stock was outstanding during the fiscal year ended April 30, 2013. |