Jade Art Group, Inc. distributes jade in China. The jade is used in jewelry, construction, and furniture manufacturing.
Problems with audits of Hendrx’s 2006 and 2007 Financial Statements: Hendrx’s 2006 financial statements disclose goodwill in the amount of $31,854,137, representing 74% of total assets. The auditor failed to tested for goodwill impairment at least annually and consider the potential for impairment of goodwill, including (i) technical issues associated with Hendrx’s primary product, (ii) impairment of the value of patents granted under the PRC laws.
P.20, PCAOB Auditor Report, 8 Apr 2011
Jade Art: Annual Report 2008