EXHIBIT 12.1
Chukchansi Economic Development Authority
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Period from
June 15, 2001 Fiscal Year Three Months Three Months
through ended Ended Ended
December 31, December 31, March 31, March 31,
2001 2002 2003 2002
--------------- ---------------- ---------------- ---------------
Computation of earnings
Income (loss) before income taxes and extraordinary item $ (3,197,759) $ (8,239,235) $ (6,004,514) $ (419,317)
Add:
Fixed charges 299,042 5,918,126 5,193,892 32,182
Amortization of capitalized interest - - - -
Subtract:
Interest capitalized - - - -
--------------- ---------------- ---------------- ---------------
Earnings, as adjusted $ (2,898,717) $ (2,321,109) $ (810,622) $ (387,135)
=============== ================ ================ ===============
Computation of fixed charges:
Interest expense $ 299,042 $ 5,918,126 $ 5,193,892 $ 32,182
Interest capitalized - - - -
Amortized capitalized expenses related to indebtedness - - - -
Estimated interest within rental/lease expense (1) - - - -
--------------- ---------------- ---------------- ---------------
Fixed charges $ 299,042 $ 5,918,126 $ 5,193,892 $ 32,182
=============== ================ ================ ===============
Ratio of earnings to fixed charges (2) - - - -
(1) For purposes of computing the ratio of earnings to
fixed charges, estimated interest within rental &
lease expense is computed as one-half of
rent/lease expense, which is deemed to be
representative of an interest factor.
(2) Deficiency of earnings to fixed charges $ 3,197,759 $ 8,239,235 $ 6,004,514 $ 419,317
Chukchansi Economic Development Authority
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Period from
June 15, 2001
through
March 31,
2003
----------------
Computation of earnings
Income (loss) before income taxes and extraordinary item $ (17,441,508)
Add:
Fixed charges 11,411,060
----------------
Earnings, as adjusted $ (6,030,448)
================
Computation of fixed charges:
Interest expense $ 11,411,060
Estimated interest within rental/lease expense (1) -
-----------------
Fixed charges $ 11,411,060
=================
Ratio of earnings to fixed charges (2) -
(1) For purposes of computing the ratio of earnings to
fixed charges, estimated interest within rental &
lease expense is computed as one-half of
rent/lease expense, which is deemed to be
representative of an interest factor.
(2) Deficiency of earnings to fixed charges $ 17,441,508