EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THE PERIOD THE PERIOD THE PERIOD
AUGUST 25, AUGUST 25, AUGUST 25,
1995 (DATE 1995 (DATE 1995 (DATE
OF OF OF
THREE MONTHS ENDED INCEPTION) INCEPTION) INCEPTION)
MARCH 31, TO YEAR ENDED DECEMBER 31, TO TO
--------------------- MARCH 31, ------------------------ DECEMBER 31, DECEMBER 31,
1998 1997 1998 1997 1998 1995 1997
---------- --------- ------------ ---------- ------------ ------------ ------------
Net loss before
income taxes..... $(2,684,841) $(530,847) $(8,832,702) $(3,977,400) $(1,743,635) $ (426,826) $(6,147,861)
Fixed charges:
Interests........ -- -- 415,357 -- 415,357 -- 415,357
Interest factor
or rent
expense........ 30,010 2,137 69,713 38,224 1,466 13 39,703
---------- --------- ------------ ---------- ------------ ------------ ------------
Total fixed
charges.......... 30,010 2,137 485,070 38,224 416,823 13 455,060
---------- --------- ------------ ---------- ------------ ------------ ------------
Earnings (loss)
before fixed
charges.......... $(2,654,831) $(528,710) $(8,347,632) $(3,939,176) $(1,326,812) $ (426,813) $(5,692,801)
---------- --------- ------------ ---------- ------------ ------------ ------------
---------- --------- ------------ ---------- ------------ ------------ ------------
Ratio of earnings
to fixed
charges.......... * * * * * * *
---------- --------- ------------ ---------- ------------ ------------ ------------
---------- --------- ------------ ---------- ------------ ------------ ------------
- ------------------------
* The ratio of earnings to fixed charges is computed by dividing fixed charges
into income before income taxes plus fixed charges. Fixed charges include
interest expense and that portion of rental expense (one-third) deemed
representative of the interest factor. The ratio of earnings to fixed
charges is computed using pre-tax income. On this basis, earnings before
fixed charges for the period August 25, 1995 (date of inception) to December
31, 1995, the years ended December 31, 1998 and 1997, the period August 25,
1995 (date of inception) to December 31, 1997, the three months ended March
31, 1997 and 1998, and the period August 25, 1995 (date of inception) to
March 31, 1998 were not adequate to cover fixed charges by $426,813,
$1,326,812, $3,939,176, $528,710, $5,692,801, $2,654,831 and $8,347,832,
respectively.