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EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION OF DEFICIENCY
OF EARNINGS TO FIXED CHARGES AND DEFICIENCY OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The Company's deficiency of earnings to fixed charges and deficiency of
earnings to combined fixed charges and preferred stock dividends were computed
as set forth below.
<TABLE>
<CAPTION>
Six Months
Ended Year Ended December 31,
June 30, --------------------------------------------------------------------
2000 1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Interest,
including
amounts
capitalized $ 565,249 $ 1,307,317 $ 1,346,511 $ 633,625 $ 54,277 $ 72,633
----------- ----------- ----------- ----------- ----------- -----------
Amortization
of debt
discount
(premium
and
expenses,
including
amounts
capitalized) $ $ -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Interest factor
in rental
expense $ 173,382 $ 346,769 $ 299,727 $ 313,680 $ 67,090 $ 63,336
Fixed charges $ 738,631 $ 1,654,086 $ 1,646,238 $ 947,305 $ 121,367 $ 135,969
Loss from
continuing
operations $10,131,153 $20,379,392 $ 9,943,969 $ 8,749,424 $ 4,160,090 $ 3,341,984
Add back
losses from
equity-
method
investments $ $ -- -- $ (669,025) $ (164,136)
----------- ----------- ----------- ----------- ----------- -----------
Deficiency of
earnings to
fixed
charges $10,869,784 $22,033,478 $11,590,207 $ 9,696,729 $ 3,612,432 $ 3,313,817
----------- ----------- ----------- ----------- ----------- -----------
Preferred stock
dividends $ 731,250 $ 1,487,700 $ 1,512,900 $ 352,320 -- --
Accretion on
preferred
stock $ 107,538 $ 215,076 $ 214,217 $ 50,000 -- --
----------- ----------- ----------- ----------- ----------- -----------
Deficiency of
earnings to
fixed
charges and
preferred
dividends $11,708,572 $23,736,254 $13,317,324 $10,099,049 $ 3,612,432 $ 3,313,817
----------- ----------- ----------- ----------- ----------- -----------
</TABLE>
