Following to the acquisition of the Exclusive Rights pursuant to the Exchange Agreement, The Jade Art Group Inc. sales revenue has been derived solely from the sale of raw jade. The revenue from the sale of raw jade was $10,667,585 and $17,592,611 for the three and nine months ended September 30, 2009, respectively, compared to $7,609,684 and $24,995,461 for the three and nine months ended September 30, 2008, an increase of $3,057,901, or 40%, and a decrease of $7,402,850, or 30% respectively.
The cost of sales for JADA ended at $1,486,437 and $3,436,507 during the three months and nine months ended September 30, 2009, respectively, compared to $1,360,228 and $4,160,214 during the three and nine months ended September 30, 2008, an increase of $126,209, or 9%, and a decrease of $723,707, or 17%, respectively.
The resulting gross profit for the three and nine months ended September 30, 2009 was $9,181,148 and $14,156,104, respectively, which signify approximately 86% and 81% of revenue, respectively, compared to $6,249,456 and $20,835,247 for the three and nine months ended September 30, 2008, which represented approximately 82% and 83% of revenue, respectively.
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