Well I'll be! About a year and a half ago my wife and I bought two folding bikes from Camper's World. They sold the Adventure brand, which I'm sure it is their label. I went through an exchange with them due to the same ticking sound that you noticed and fixed. The second bike, from the exchange did the same thing. That ticking noise drove me crazy. I ended up taking them both back.
I'm glad you are happy with your bike and was able to locate and fix the problem. When it comes to purchasing an inexpensive bike like yours, I'm somewhat gunn shy, so-to-speak. Perhaps if I had located where exactly the noise was coming from and was able to fix it, I might have kept them.
I do like the looks of your bike. I would say you got yourself a very good deal there.
Cheers
Wayne
Edit. Can you believe that thy covered up my entry for gunn with stars. So in order to make the word known, I had to misspell it (gunn). Could this be a little paranoia on their part?