Well if you are implying the Fx effects are "easy to observe in hindsight" that is precisely why companies hedge.
Unfortunately this company never appeared to do that...(well not in any formal way?)
Their "hedge" appears to have been the belief that money in USD from sales would counteract expenses in USD incurred...
All well and good...
(Except money coming in from sales with this companies in house sales model has never outstripped expenses in the entire lifetime of ADAPT...?.)
Well not that I have interpreted from the accounts and presentations from management all these years?
Maybe I'm wrong and I've totally misinterpreted what the true profit margin of the product is?...
Has money coming in from ADAPT sales ever exceeded total costs of selling the product (including CEO/management/sales costs/etc?)
AGM Video, page-37
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