Exhibit 12.1

 

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

The following illustrates the computation of the historical ratio of earnings to fixed charges (amounts in thousands except ratios). While there are preference securities outstanding for all periods presented, such preference securities do not accrue or otherwise pay any dividends. Therefore, the ratio of earnings to combined fixed charges and preference dividends are identical to the ratios of earnings to fixed charges.

 

   Year Ended March 31,   Six Months
Ended
September 30, 		 
Fixed Charges  2013   2014   2015   2016   2017   2017 
Interest, including amortization of debt discounts and capitalized expenses  $1,144   $1,407   $234   $1,816   $2,628   $1,369 
Interest element of rentals*   83    83    210    268    273    148 
                               
Total Fixed Charges  $1,227   $1,490   $444   $2,084   $2,901   $1,517 
                               
Earnings available for fixed charges:                              
Pre-tax income (loss)  $(14,022)  $(18,976)  $(23,900)  $(27,818)  $(24,408)  $(11,486)
Add backs:                              
Income (loss) from discontinued operations   (1,503)   (1,502)   -    -    -    - 
Fixed charges   1,227    1,490    444    2,084    2,901    1,517 
                               
Total Earnings available for fixed charges  $(11,292)  $(15,984)  $(23,456)  $(25,734)  $(21,507)  $(9,969)
                               
Ratio of Earnings to Fixed Charges   (9.2)x   (10.7)x   (52.9)x   (12.3)x   (7.4)x   (6.6)x
                               
Additional earnings required to achieve a 1.0x ratio:  $12,519   $17,474   $23,900   $27,818   $24,408   $11,486 

 

 

 

*Interest component of rental expense is estimated to equal 1/3 of such expense, which is considered a reasonable approximation of the interest factor.