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The Cooperation Agreement dated March 1, 2013, by and between the Company and Tianjin Prominent Hero International Logistics Co., Ltd, to manage the International Auto Mall in Tianjin, China, expired according to its terms on February 28, 2014, and was not renewed. 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Certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;<u>U.S. GAAP</u>&#8221;) have been condensed or omitted pursuant to those rules and regulations and the Company believes that the disclosures made are adequate to make the information not misleading.</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif;">&#160;</font></p> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; -webkit-text-stroke-width: 0px;"><font style="font: 10pt/normal 'times new roman', times, serif;">In the opinion of management, these condensed consolidated financial statements reflect all adjustments which are of a normal recurring nature and which are necessary to present fairly the financial position of China Auto as of June 30, 2014 and the results of its operations for the three-month and six-month periods ended June 30, 2014 and 2013, and cash flows for the six-month periods ended June 30, 2014 and 2013. 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text-indent: 0px;">&#160;</td> <td style="padding: 0px; text-align: right; text-indent: 0px;">&#160;</td> <td style="padding: 0px; text-align: left; text-indent: 0px;">&#160;</td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0px 0px 2.5pt; text-align: left; color: black; text-indent: 0px;">Current liabilities and equity</td> <td style="padding: 0px 0px 2.5pt; color: black; text-indent: 0px;">&#160;</td> <td style="text-align: left; color: black; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td> <td style="text-align: right; color: black; text-indent: 0px; padding-top: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">3,680,976</td> <td style="padding: 0px 0px 2.5pt; text-align: left; color: black; text-indent: 0px;">&#160;</td> </tr> <tr style="vertical-align: bottom; 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