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Statement Regarding the Computation of Ratio of Combined Fixed Charges and Preference Dividends to Earnings
| | Year Ended December 31, | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended June 30, 2003 | |||||||||||||||||||||
| 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||
Fixed charges: | ||||||||||||||||||||||
Interest expense | $ | 162,510 | $ | 332,778 | $ | 326,861 | $ | 219,111 | $ | 129,822 | $ | 162,224 | ||||||||||
Estimated interest portion of rent expense | 1,160,959 | 1,537,369 | 414,752 | 454,193 | 240,249 | 178,779 | ||||||||||||||||
Total fixed charges | $ | 1,323,469 | $ | 1,870,147 | $ | 741,613 | $ | 673,304 | $ | 370,071 | $ | 341,003 | ||||||||||
Earnings: | ||||||||||||||||||||||
Loss from continuing operations before income taxes | $ | (13,947,023 | ) | $ | (27,932,494 | ) | $ | (9,239,991 | ) | $ | (8,516,873 | ) | $ | (6,909,217 | ) | $ | (7,480,507 | ) | ||||
Add: Fixed charges | 1,323,469 | 1,870,147 | 741,613 | 673,304 | 370,071 | 341,003 | ||||||||||||||||
Amortization of capitalized interest | 5,914 | 11,827 | 8,421 | 1,882 | — | — | ||||||||||||||||
Total earnings | $ | (12,617,640 | ) | $ | (26,050,520 | ) | $ | (8,489,957 | ) | $ | (7,841,687 | ) | $ | (6,539,146 | ) | $ | (7,139,504 | ) | ||||
Ratio of combined fixed charges and preference dividends to earnings(1) | — | — | — | — | — | — |
- (1)
- For the years ended December 31, 2002, 2001, 2000, 1999 and 1998 and the six months ended June 30, 2003, the earnings were insufficient to cover fixed charges by $27,932,494, $9,239,991, $8,516,873, $6,909,217, $7,480,507 and $13,947,023, respectively.