The problems were down to yield as well as load factor. On the longer "more successful" routes like Rome the yields they were achieving would have required 90+ passengers to break-even. A tall order on a 37-seater!
All in all an ill-thought-out business plan using inappropriate aircraft for the wrong markets. Sadly the airline was doomed the day it began flying which is a shame given the outstanding level of service which was provided.
Condolences to all who have lost jobs particularly those who swithced from other jobs in the industry in order to be part of a vibrant start-up.