EXHIBIT 12.1
PACIFIC ASIA PETROLEUM, INC. | ||||||||||
(A DEVELOPMENT STAGE COMPANY) | ||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES | ||||||||||
For the nine | From inception | |||||||||
months ended | (August 25, 2005) | |||||||||
September 30, | For the years ended December 31, | through December 31, | ||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||
Loss from continuing operations | $(7,725,163) | $(5,446,649) | $(2,383,684) | $(1,086,387) | $(51,344) | |||||
Income tax expense | 30,726 | 13,082 | 38,826 | - | - | |||||
Noncontrolling interest | (61,336) | (11,968) | (7,077) | (1,220) | - | |||||
Interest expense, including interest portion of rentals* | 53,991 | 36,636 | 26,054 | 9,490 | - | |||||
Loss, before provision for taxes, noncontrolling interest and fixed charges (interest) | (7,701,782) | (5,408,899) | (2,325,881) | (1,078,117) | (51,344) | |||||
Fixed charges: Interest expense, including interest portion* of rentals | 53,991 | 36,636 | 26,054 | 9,490 | - | |||||
Ratio of earnings to fixed charges | (143) | (148) | (89) | (114) | - | |||||
* Estimated at 1/3 of rentals, which is considered to be a reasonable approximation. |