I agree that this doesn't look too bad, at least in terms of the auditor's opinion. Management seems to be clueless. That last conference call was the worst I have ever seen which probably contributed to the NASDAQ halt. Hopefully they get the halt lifted soon.
Thank God that they filed. I haven't had a chance to look at the annual report in detail but I did review the auditor's letter. According to the auditor as far as they can see there have been no material misstatements. Considering what has happened with other chinese listed companies in terms of fraud, I believe those accounting firms with american head offices that have associate offices in china , and that continue to audit chinese companies would be extra vigilant before they render an opinion on the financial statements of those companies. If and when trunkbow starts trading again hopefully investors don't panic and dump the stock. I also hope that we don't have to go through this again next year.