Nine Months

Period From

Ended

June 5, 2013 to

September 30,

Years Ended December 31,

December 31,

2017

2016

2015

2014

2013

Earnings:

Pre-tax income (loss) before equity investment

$

4,255,197

$

(32,799,677)

$

(8,786,277)

$

(6,930,139)

$

(710,962)

Fixed charges

1,374,812

6,288,589

1,753,500

1,000,496

1,665

Amortization of capitalized interest

—

—

—

—

—

Pre-tax losses of equity investees

—

—

—

—

—

Less:

Capitalized interest

—

—

—

—

—

Preferred dividends

—

—

—

—

—

Equity investment

Earnings as adjusted

$

5,630,009

$

(26,511,088)

$

(7,032,777)

$

(5,929,643)

$

(709,297)

Fixed charges:

Interest expense

$

240,380

$

5,476,084

$

300,669

$

244,771

$

871

Interest capitalized

—

—

—

—

—

Debt-related amortization(a)

1,134,432

812,505

1,452,831

755,725

794

Interest within rental expense

—

—

—

—

—

Total fixed charges

$

1,374,812

$

6,288,589

$

1,753,500

$

1,000,496

$

1,665

Ratio:

Ratio of earnings to fixed charges

4.1

(b)

(c)

(d)

(e)

(a)

Debt-related amortization includes amortization of debt discount.

(b)

The ratio was less than 1:1 for the year ended December 31, 2016 as earnings were inadequate to cover fixed charges by approximately $26.5 million.

(c)

The ratio was less than 1:1 for the year ended December 31, 2015 as earnings were inadequate to cover fixed charges by approximately $7.0 million.

(d)

The ratio was less than 1:1 for the year ended December 31, 2014 as earnings were inadequate to cover fixed charges by approximately $5.9 million.

(e)

The ratio was less than 1:1 for the period from June 5, 2013 (inception) to December 31, 2013 as earnings were inadequate to cover fixed charges by approximately $0.7 million.