Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERENCE SHARE DIVIDENDS
(in thousands)
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| December 31, |
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| December 31, |
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| 2016 |
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| 2015 |
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| 2016 |
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| 2015 |
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Earnings: |
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Net loss |
| $ | (5,412 | ) |
| $ | (5,691 | ) |
| $ | (10,507 | ) |
| $ | (9,651 | ) |
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Add: Fixed charges |
|
| 35 |
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| 29 |
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| 51 |
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| 35 |
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Earnings as defined |
| $ | (5,377 | ) |
| $ | (5,662 | ) |
| $ | (10,456 | ) |
| $ | (9,616 | ) |
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Fixed charges: |
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Estimated interest component of rental expense (1) |
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| 35 |
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| 29 |
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| 51 |
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| 35 |
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Total fixed charges |
| $ | 35 |
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| $ | 29 |
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| $ | 51 |
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| $ | 35 |
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Ratio of earnings to fixed charges (2) |
| $ | — |
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| $ | — |
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| $ | — |
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| $ | — |
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Deficiency of earnings available to cover fixed charges |
| $ | (5,377 | ) |
| $ | (5,662 | ) |
| $ | (10,456 | ) |
| $ | (9,616 | ) |
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Combined fixed charges and preference share dividends: |
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Fixed charges |
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| 35 |
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| 29 |
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| 51 |
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| 35 |
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Preference share dividends |
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| — |
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| — |
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| — |
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| — |
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Total combined fixed charges and preference share dividends |
| $ | 35 |
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| $ | 29 |
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| $ | 51 |
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| $ | 35 |
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Ratio of earnings to combined fixed charges and preference share dividends |
| $ | — |
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| $ | — |
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| $ | — |
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| $ | — |
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Deficiency of earnings available to cover combines fixed charges and preference share dividends |
| $ | (5,377 | ) |
| $ | (5,662 | ) |
| $ | (10,456 | ) |
| $ | (9,616 | ) |
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(1) One third of rental expense is estimated to be the interest component of rental expense
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(2) Earnings were insufficient to cover total fixed charges and total combined fixed charges and preference share dividends |