JINHAO MOTOR COMPANY
 (formerly GEORGIA INTERNATIONAL MINING CORP.)







SECURITIES AND EXCHANGE COMMISSION


WASHINGTON, DC 20549





FORM 10-Q





x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE


SECURITIES EXCHANGE ACT OF 1934





For the quarterly period ended March 31, 2010





o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE


SECURITIES EXCHANGE ACT OF 1934





For the transition period from ___________ to ___________





Commission file number:  000-52482





JINHAO MOTOR COMPANY.


(Exact name of Small Business Issuer as Specified in its Charter)





Nevada
20-2308107(State or Other Jurisdiction
(I.R.S. Employerof Incorporation or
IdentificationOrganization)
Number)





2601 E. Turquoise Drive, Phoenix, AZ 85028(Address of registrant's principal executive offices)





Tel: 602-206-3582


(Issuer’s Telephone Number, Including Area Code)





GEORGIA INTERNATIONAL MINING CORP.


(Former Name)





Check whether the Issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  x     No  o





Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).     Yes o     No o




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):





Large accelerated filer o               Accelerated filer o               Non-accelerated filer o               Smaller reporting company x




Indicate by check mark whether the Issuer is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes x     No o





State the number of shares outstanding of each of the Issuers classes of common equity, as of the latest practicable date:  Common, $.001 par value per share: 8,265,300 outstanding as of March 30, 2010.






1
 Table of Contents





JINHAO MOTOR COMPANY






(formerly GEORGIA INTERNATIONAL MINING CORP.)








TABLE OF CONTENTS








PART I - FINANCIAL INFORMATION
3Item 1.
Financial Statements
3Item 2.
Management’s Discussion and Analysis or Plan of Operation
18Item 3.
Quantitative and Qualitative Disclosures about Market Risks
24Item 4.
Controls and Procedures
24Item 4T.
Controls and Procedures
24PART II - OTHER INFORMATION
25Item 1.
Legal Proceedings
25Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
25Item 3.
Defaults Upon Senior Securities
25Item 4.
Submission of Matters to a Vote of Security-Holders
25Item 5.
Other Information
25Item 6.
Exhibits
25SIGNATURES
26



































2
 Table of Contents





PART I – FINANCIAL INFORMATION





Item 1.       Financial Statements.








JINHAO MOTOR COMPANY




(formerly GEORGIA INTERNATIONAL MINING CORPORATION)














CONSOLIDATED FINANCIAL STATEMENTS





March 31, 2010


(Unaudited)





Stated in US Dollars







CONTENTS
PageConsolidated Balance Sheets
F - 2Consolidated Statements of Operations
F - 3Consolidated Statements of Cash Flows
F - 4Consolidated Statement of Stockholder’s Equity
F - 5Notes to the Consolidated Financial Statements
F - 6 to F - 15






































F - 1


3
 Table of Contents


JINHAO MOTOR COMPANY
 (formerly GEORGIA INTERNATIONAL MINING CORPORATION)


(An Exploration Stage Company)
 Consolidated Balance Sheets
 March 31, 2010 and December 31, 2009
 Stated in US Dollars


(Unaudited)





ASSETS

March 31,

2010

(unaudited)


December 31,

2009

(audited)CurrentCash

$
317


$
3,012Total assets

$
317


$
3,012LIABILITIESCurrentAccounts payable and accrued liabilities

$
9,098


$
10,726Due to related party (Note 4)


167,615



152,442176,713



163,168STOCKHOLDERS’ DEFICIENCYCommon stock(Notes 5 and 7)Authorized:  200,000,000 common shares at $0.001 par value

50,000,000 preferred shares at $0.001 par valueIssued, allotted and outstanding: 4,876,527 common shares


8,265



8,265Additional paid-in capital


6,465



6,465Stockholders’ deficiency – accumulated during the exploration stage


(191,126
)


(174,886
)(176,396
)


(160,156
)Total liabilities and stockholders’ deficiency

$
317


$
3,012Exploration stage company (Note 1)Commitments (Note 6)Subsequent event (Note 7)






















See notes to the consolidated financial statements





F - 2


4
 Table of Contents


JINHAO MOTOR COMPANY


(formerly GEORGIA INTERNATIONAL MINING CORPORATION )


(An Exploration Stage Company)


Consolidated Statements of Operations


For the three months ended March 31, 2010 and 2009


and for the period January 19, 2005 (date of inception) to March 31, 2010


Stated in US Dollars


(Unaudited)




For the three

months ended

March 31,

2010

(unaudited)


For the three

months ended

March 31,

2009

(audited)


For the period

January 19, 2005

(Date of Inception)

to March 31,

2010

(unaudited)REVENUE

$
-


$
-


$
-EXPENSESAccounting and audit


10,711



2,000



65,777Bank charges and interest


170



170



2,388Foreign exchange


108



-



61Legal fees


3,843



-



20,999Mineral property costs


-



-



41,611Office and miscellaneous


163



51



5,956Transfer agent and filing fees


1,245



1,350



54,33416,240



3,571



191,126LOSS FOR THE PERIOD

$
16,240


$
3,571


$
191,126Loss per share

$
(0.002
)


(0.001
)Weighted average shares outstanding


8,265,300



8,265,300







































See notes to the consolidated financial statements





F - 3


5
 Table of Contents


JINHAO MOTOR COMPANY


(formerly GEORGIA INTERNATIONAL MINING CORPORATION)


(An Exploration Stage Company)


Consolidated Statements of Cash Flows


For the Three Months Ended March 31, 2010 and 2009


and the period January 19, 2005 (date of inception) to March 31, 2010


Stated in US Dollars


(Unaudited)




For the three

months ended

March 31, 2010

(unaudited)


For the three

months ended

March 31, 2009

(audited)

For the period

January 19, 2005

(Date of Inception)

to March 31, 2010

(unaudited)Operating activitiesNet loss

$
(16,240
)

$
(3,571
)

$
(191,126
)Change in non-cash working capital itemsAccounts payable


(1,628
)


(4,347
)


9,098Net cash used in operating activities


(17,868
)


(7,918
)


(182,028
)Financing activitiesCommon shares issued


-



-



14,730Due to related party


15,173



6,304



167,615Cash flow from financing activities


15,173



6,304
)


182,345Increase (decrease) in cash


(2,695
)


(1,614
)


317Cash, beginning of period


3,012



5,696



-Cash, end of period

$
317


$
4,082


$
317Supplemental Cash Flow InformationInterest paid

$
-


$
-


$
-Income taxes paid

$
-


$
-


$
-




























See notes to the consolidated financial statements





F - 4


6
 Table of Contents








JINHAO MOTOR COMPANY


(formerly GEORGIA INTERNATIONAL MINING CORPORATION)


(An Exploration Stage Company)


Consolidated Statements of Stockholders’ Deficiency


From January 19, 2005 (date of inception) to March 31, 2009


Stated in US Dollars


(Unaudited)





Common Stock


Additional

Paid-in


Stock

Subscription


Accumulated

Deficit during

Exploration


Total

Stockholders’Shares


Amount


Capital


Receivable


Stage


DeficiencyBalance – January 19, 2005


-


$
-


$
-


$
-


$
-


$
-Shares issued for cash –February 11, 2005 at $.005


8,200,000



8,200



-



-



-



8,200Net loss for the period


-



-



-



-



(24,111
)


(24,111
)Balance at December 31, 2005


8,200,000



8,200



-



-



(24,111
)


(15,911
)Loss for the year


-



-



-



-



(19,754
)


(19,754
)Balance at December 31,2006


8,200,000



8,200



-



-



(43,865
)


(35,665
)Shares issued for cashApril 18, 2007 at $0.010


65,300



65



6,465



-



-



6,530Loss for the year


-



-



-



-



(74,493
)


(74,493
)Balance at December 31, 2007


8,265,300



8,265



6,465



-



(118,358
)


(103,628
)Stock subscriptions receivable


-



-



-



(250
)


-



(250
)Loss for the year


-



-



-



-



(29,653
)


(29,653
)Balance at December 31, 2008


8,265,300



8,265



6,465



(250
)


(148,011
)


(133,531
)Stock subscriptions received


-



-



-



250



-



250Loss for the year


-



-



-



-



(26,875
)


(26,875
)Balance at December 31, 2009


8,265,300



8,265



6,465



-



(174,886
)


(160,156
)Loss for the period


-



-



-



-



(16,240
)


(16,240
)Balance at March 31, 2010


8,265,300


$
8,265


$
6,465


$
-


$
(191,126
)

$
(176,396
)

















See notes to the consolidated financial statements


F - 5





7
 Table of Contents








JINHAO MOTOR COMPANY


(formerly GEORGIA INTERNATIONAL MINING CORPORATION)


(An Exploration Stage Company)


Notes to the Consolidated Financial Statements


March 31, 2010 and December 31, 2009


Stated in US Dollars


(Unaudited)





1.
Exploration Stage Company




Jinhao Motor Company (formerly Georgia International Mining Corporation) (“the “Company”) was incorporated under the laws of the State of Nevada on January 19, 2005 with authorized common stock of 70,000,000 shares at $0.001 par value. Georgia was organized for the purpose of conducting mining exploration, developing mining sites and producing minerals to the consumer markets. The Company has not presently determined whether its properties contain mineral reserves that are economically recoverable.




These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated any revenues since inception and has never paid any dividends and is unlikely to pay dividends or generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations and to determine the existence, discovery and successful exploitation of economically recoverable reserves in its resource properties, confirmation of the Company’s interests in the underlying properties, and the attainment of profitable operations. As at March 31, 2010, the Company has a working capital deficit of $176,346 and has accumulated losses of $191,126 since inception. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.





2.
Summary of Significant Accounting Policies





a)
Basis of Presentation and Consolidation





These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, E G Gold Mines Canada, Inc. (“E G Gold”), a company incorporated in the Province of British Columbia, Canada, on December 13, 2006. All intercompany transactions and balances have been eliminated. The Company’s fiscal year end is December 31.




b)
Interim Financial Statements





The condensed consolidated financial statements included in this report have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America and pursuant to the rules and regulations of the Securities and Exchange Commission for interim reporting including, the instructions to Form 10-Q and Rule 8-03 of Regulation S-X.  The condensed consolidated financial statements include all adjustments (consisting only of normal and recurring adjustments) that are, in the opinion of management, necessary to make the financial statements not misleading.























F - 6


8
 Table of Contents


JINHAO MOTOR COMPANY


(formerly GEORGIA INTERNATIONAL MINING CORPORATION)


(An Exploration Stage Company)


Notes to the Consolidated Financial Statements


March 31, 2010 and December 31, 2009


Stated in US Dollars


(Unaudited)


2.
Summary of Significant Accounting Policies - continued
 
 b)
Interim Financial Statements - continued


Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations for interim reporting.  The Company believes that the disclosures contained herein are adequate to make the information presented not misleading.  However, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report for the year ended December 31, 2009, which is included in the Company’s Form 10-K for the year ended December 31, 2009.  The financial data for the interim periods presented may not necessarily reflect the results to be anticipated for the complete year.  In preparing the accompanying unaudited condensed consolidated financial statements, the Company has reviewed, as determined necessary by the Company's management, events that have occurred after March 31, 2010 up until the issuance of the financial statements, which occurred April 27, 2010.





c)
Use of Estimates





The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to donated expenses, and deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.





d)
Cash and Cash Equivalents





The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.





e)
Basic and Diluted Net Income (Loss) Per Share




The Company presents loss per share in accordance with ASC 260, Earnings Per Share.Basic earnings (loss) per share is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of Georgia International Mining Corp. In accordance with ASC 260, the computation of diluted earnings (loss) was not computed as any effects were anti-dilutive.











F - 7




9
 Table of Contents


JINHAO MOTOR COMPANY
 (formerly GEORGIA INTERNATIONAL MINING CORPORATION)


(An Exploration Stage Company)


Notes to the Consolidated Financial Statements


March 31, 2010 and December 31, 2009


Stated in US Dollars


(Unaudited)





2.
Summary of Significant Accounting Policies – continued





f)
Financial Instruments





The fair values of cash, accounts payable and accrued liabilities and amounts due to related parties approximate their carrying values due to the immediate or short-term maturity of these financial instruments. Foreign currency transactions are primarily undertaken in Canadian dollars. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility to these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.





g)
Foreign Currency Transactions/Balances





The Company translates the foreign currency financial statements of its foreign subsidiaries in accordance with the requirements of ASC 830 – Foreign Currency Matters. Assets and liabilities are translated at exchange rates existing at the balance sheet dates, related revenue and expenses are translated at average exchange rates in effect during the period and stockholders’ equity, fixed assets and long-term investments are recorded at historical exchange rates. Resulting translation adjustments are recorded as a separate component in stockholders’ equity as part of accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are included in the statement of income.





h)
Mineral Property Costs





The Company is primarily engaged in the acquisition, exploration and development of mineral properties. Mineral property acquisition costs are capitalized in accordance with EITF 04-2 when management has determined that probable future benefits consisting of a contribution to future cash inflows have been identified and adequate financial resources are available or are expected to be available as required to meet the terms of property acquisition and budgeted exploration and development expenditures. Mineral property acquisition costs are expensed as incurred if the criteria for capitalization are not met. In the event that mineral property acquisition costs are paid with Company shares, those shares are valued at market at the time the shares are due.





Mineral property exploration costs are expensed as incurred. When mineral properties are acquired under option agreements with future acquisition payments to be made at the sole discretion of the Company, those future payments, whether in cash or shares, are recorded only when the Company has made or is obliged to make the payment or issue the shares. Because option payments do not meet the definition of tangible property under EITF 04-2, all option payments are expensed as incurred.





When it has been determined that a mineral property can be economically developed as a result of establishing proven and probable reserves and pre feasibility, the costs incurred to develop such property are capitalized. Estimated future removal and site restoration costs, when determinable are provided over the life of proven reserves on a units-of-production basis. Costs, which include production equipment removal and environmental remediation, are estimated each period by management based on current regulations, actual expenses incurred, and technology and industry standards. Any charge is included in exploration expense or the provision for depletion and depreciation during the period and the actual restoration expenditures are charged to the accumulated provision amounts as incurred.














F - 8


10
 Table of Contents






JINHAO MOTOR COMPANY


(formerly GEORGIA INTERNATIONAL MINING CORPORATION)


(An Exploration Stage Company)


Notes to the Consolidated Financial Statements


March 31, 2010 and December 31, 2009


Stated in US Dollars


(Unaudited)





2.
Summary of Significant Accounting Policies – continued


i)
Long-Lived Assets


The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life.





Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.





j)
Revenue Recognition





The Company derives its revenue from mineral rights. Revenue from these sales are recognized when the actual payments are received.





k)
Comprehensive Loss





As at March 31, 2010, the Company’s only component of other comprehensive income (loss) was foreign currency translation adjustments.





l)
Share-based Payment





The Company is required to recognize compensation expense for equity awards over the requisite service period based on their grant date fair values. Compensation expense is recognized using a straight-line method only for share-based payments expected to vest. We estimate forfeitures at the date of grant based on our historical experience and future expectations. Estimated forfeitures are expected to be minor and not material to the financial statements.





m)
Recent Accounting Pronouncements





There are several new accounting pronouncements issued by the FASB which are not yet effective. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s financial position or operating results.
















F - 9


11
 Table of Contents




JINHAO MOTOR COMPANY


(formerly GEORGIA INTERNATIONAL MINING CORPORATION)


(An Exploration Stage Company)


Notes to the Consolidated Financial Statements


March 31, 2010 and December 31, 2009


Stated in US Dollars


(Unaudited)


2.
Summary of Significant Accounting Policies - continued





n)
Recent Accounting Pronouncements - continued





On June 29, 2009, the FASB issued an accounting pronouncement establishing the FASB Accounting Standards Codification(the “ASC”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities. This pronouncement was effective for financial statements issued for interim and annual periods ending after September 15, 2009, for most entities. On the effective date, all non-SEC accounting and reporting standards will be superseded. Rules and interpretive releases of the SEC under the authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. All other accounting literature is considered non-authoritative. The switch to the ASC affects the manner in which companies refer to U.S. GAAP in financial statements and note disclosures. Citing particular content in the ASC involves specifying the unique numeric path to the content through the Topic, Subtopic, Section and Paragraph structure. The Company adopted this body of accounting for the quarterly period ended September 30, 2009, as required, and adoption did not have a material impact on our consolidated financial statements taken as a whole.





FASB ASC Topic 260, “Earnings Per Share.”On January 1, 2009, we adopted new authoritative accounting guidance under FASB ASC Topic 260, “Earnings Per Share,” which provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method.





FASB ASC Topic 320, “Investments - Debt and Equity Securities.”New authoritative accounting guidance under ASC Topic 320, “Investments - Debt and Equity Securities,” (i) changes existing guidance for determining whether an impairment is other than temporary to debt securities and (ii) replaces the existing requirement that the entity’s management assert it has both the intent and ability to hold an impaired security until recovery with a requirement that management assert: (a) it does not have the intent to sell the security; and (b) it is more likely than not it will not have to sell the security before recovery of its cost basis. Under ASC Topic 320, declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. We adopted the provisions of the new authoritative accounting guidance under ASC Topic 320 during the first quarter of 2009. Adoption of the new guidance did not significantly impact our consolidated financial statements.





FASB ASC Topic 715, “Compensation - Retirement Benefits.”New authoritative accounting guidance under ASC Topic 715, “Compensation - Retirement Benefits,” provides guidance related to an employer’s disclosures about plan assets of defined benefit pension or other post-retirement benefit plans. Under ASC Topic 715, disclosures should provide users of financial statements with an understanding of how investment allocation decisions are made, the factors that are pertinent to an understanding of investment policies and strategies, the major categories of plan assets, the inputs and valuation techniques used to measure the fair value of plan assets, the effect of fair value measurements using significant unobservable inputs on changes in plan assets for the period and significant concentrations of risk within plan assets. The disclosures required by ASC Topic 715 are not applicable to us.














F- 10




12
 Table of Contents


JINHAO MOTOR COMPANY
 (formerly GEORGIA INTERNATIONAL MINING CORPORATION)


(An Exploration Stage Company)


Notes to the Consolidated Financial Statements


March 31, 2010 and December 31, 2009


Stated in US Dollars


(Unaudited)





2.           Summary of Significant Accounting Policies - continued





n)
Recent Accounting Pronouncements - continued





FASB ASC Topic 805, “Business Combinations.”On January 1, 2009, new authoritative accounting guidance under ASC Topic 805, “Business Combinations,” became applicable to the Corporation’s accounting for business combinations closing on or after January 1, 2009. ASC Topic 805 applies to all transactions and other events in which one entity obtains control over one or more other businesses. ASC Topic 805 requires an acquirer, upon initially obtaining control of another entity, to recognize the assets, liabilities and any non-controlling interest in the acquiree at fair value as of the acquisition date. Contingent consideration is required to be recognized and measured at fair value on the date of acquisition rather than at a later date when the amount of that consideration may be determinable beyond a reasonable doubt. This fair value approach replaces the cost-allocation process required under previous accounting guidance whereby the cost of an acquisition was allocated to the individual assets acquired and liabilities assumed based on their estimated fair value.





ASC Topic 805 requires acquirers to expense acquisition-related costs as incurred rather than allocating such costs to the assets acquired and liabilities assumed, as was previously the case under prior accounting guidance. Assets acquired and liabilities assumed in a business combination that arise from contingencies are to be recognized at fair value if fair value can be reasonably estimated. If fair value of such an asset or liability cannot be reasonably estimated, the asset or liability would generally be recognized in accordance with ASC Topic 450, “Contingencies.” Under ASC Topic 805, the requirements of ASC Topic 420, “Exit or Disposal Cost Obligations,” would have to be met in order to accrue for a restructuring plan in purchase accounting. Pre-acquisition contingencies are to be recognized at fair value, unless it is a non-contractual contingency that is not likely to materialize, in which case, nothing should be recognized in purchase accounting and, instead, that contingency would be subject to the probable and estimable recognition criteria of ASC Topic 450, “Contingencies.”





FASB ASC Topic 810, “Consolidation.”New authoritative accounting guidance under ASC Topic 810, “Consolidation,” amended prior guidance to establish accounting and reporting standards for the non-controlling interest in a subsidiary and for the deconsolidation of a subsidiary. Under ASC Topic 810, a non-controlling interest in a subsidiary, which is sometimes referred to as minority interest, is an ownership interest in the consolidated entity that should be reported as a component of equity in the consolidated financial statements. Among other requirements, ASC Topic 810 requires consolidated net income to be reported at amounts that include the amounts attributable to both the parent and the non-controlling interest. It also requires disclosure, on the face of the consolidated income statement, of the amounts of consolidated net income attributable to the parent and to the non-controlling interest. The new authoritative accounting guidance under ASC Topic 810 became effective for us on January 1, 2009 and did not have a significant impact on our consolidated financial statements.













13
 Table of Contents





JINHAO MOTOR COMPANY
 (formerly GEORGIA INTERNATIONAL MINING CORPORATION)


(An Exploration Stage Company)


Notes to the Consolidated Financial Statements


March 31, 2010 and December 31, 2009


Stated in US Dollars


(Unaudited)





2.           Summary of Significant Accounting Policies - continued





n)
Recent Accounting Pronouncements – continued





Further new authoritative accounting guidance under ASC Topic 810 amends prior guidance to change how a company determines when an entity that is insufficiently capitalized or is not controlled through voting (or similar rights) should be consolidated. The determination of whether a company is required to consolidate an entity is based on, among other things, an entity’s purpose and design and a company’s ability to direct the activities of the entity that most significantly impact the entity’s economic performance. The new authoritative accounting guidance requires additional disclosures about the reporting entity’s involvement with variable-interest entities and any significant changes in risk exposure due to that involvement as well as its affect on the entity’s financial statements. The new authoritative accounting guidance under ASC Topic 810 will be effective January 1, 2010 and is not expected to have a significant impact on our consolidated financial statements.





FASB ASC Topic 815, “Derivatives and Hedging.”New authoritative accounting guidance under ASC Topic 815, “Derivatives and Hedging,” amends prior guidance to amend and expand the disclosure requirements for derivatives and hedging activities to provide greater transparency about (i) how and why an entity uses derivative instruments, (ii) how derivative instruments and related hedge items are accounted for under ASC Topic 815, and (iii) how derivative instruments and related hedged items affect an entity’s financial position, results of operations and cash flows. To meet those objectives, the new authoritative accounting guidance requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements.





The FASB ASC Topic 820, “Fair Value Measurements and Disclosures.”New authoritative accounting guidance under ASC Topic 820,”Fair Value Measurements and Disclosures,” affirms that the objective of fair value when the market for an asset is not active is the price that would be received to sell the asset in an orderly transaction, and clarifies and includes additional factors for determining whether there has been a significant decrease in market activity for an asset when the market for that asset is not active. ASC Topic 820 requires an entity to base its conclusion about whether a transaction was not orderly on the weight of the evidence. The new accounting guidance amended prior guidance to expand certain disclosure requirements. We adopted the new authoritative accounting guidance under ASC Topic 820 during the first quarter of 2009. Adoption of the new guidance did not significantly impact our consolidated financial statements.










14
 Table of Contents





JINHAO MOTOR COMPANY
 (formerly GEORGIA INTERNATIONAL MINING CORPORATION)


(An Exploration Stage Company)


Notes to the Consolidated Financial Statements


March 31, 2010 and December 31, 2009


Stated in US Dollars


(Unaudited)


2.           Summary of Significant Accounting Policies - continued





n)
Recent Accounting Pronouncements - continued





Further new authoritative accounting guidance (Accounting Standards Update No. 2009-5) under ASC Topic 820 provides guidance for measuring the fair value of a liability in circumstances in which a quoted price in an active market for the identical liability is not available. In such instances, a reporting entity is required to measure fair value utilizing a valuation technique that uses (i) the quoted price of the identical liability when traded as an asset, (ii) quoted prices for similar liabilities or similar liabilities when traded as assets, or (iii) another valuation technique that is consistent with the existing principles of ASC Topic 820, such as an income approach or market approach. The new authoritative accounting guidance also clarifies that when estimating the fair value of a liability, a reporting entity is not required to include a separate input or adjustment to other inputs relating to the existence of a restriction that prevents the transfer of the liability. The forgoing new authoritative accounting guidance under ASC Topic 820 will be effective for our consolidated financial statements beginning October 1, 2009 and is not expected to have a significant impact on our consolidated financial statements.





FASB ASC Topic 825 “Financial Instruments.”New authoritative accounting guidance under ASC Topic 825,”Financial Instruments,” requires an entity to provide disclosures about the fair value of financial instruments in interim financial information and amends prior guidance to require those disclosures in summarized financial information at interim reporting periods. The new interim disclosures required under Topic 825 had no impact on our consolidated financial statements.





FASB ASC Topic 855, “Subsequent Events.”New authoritative accounting guidance under ASC Topic 855, “Subsequent Events,” establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or available to be issued. ASC Topic 855 defines (i) the period after the balance sheet date during which a reporting entity’s management should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, (ii) the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements, and (iii) the disclosures an entity should make about events or transactions that occurred after the balance sheet date. The new authoritative accounting guidance under ASC Topic 855 became effective for our consolidated financial statements for periods ending after June 15, 2009 and did not have a significant impact on our consolidated financial statements.





FASB ASC Topic 860, “Transfers and Servicing.”New authoritative accounting guidance under ASC Topic 860, “Transfers and Servicing,” amends prior accounting guidance to enhance reporting about transfers of financial assets, including securitizations, and where companies have continuing exposure to the risks related to transferred financial assets. The new authoritative accounting guidance eliminates the concept of a “qualifying special-purpose entity” and changes the requirements for derecognizing financial assets. The new authoritative accounting guidance also requires additional disclosures about all continuing involvements with transferred financial assets including information about gains and losses resulting from transfers during the period. The new authoritative accounting guidance under ASC Topic 860 will be effective January 1, 2010 and is not expected to have a significant impact on our consolidated financial statements.










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 Table of Contents





JINHAO MOTOR COMPANY
 (formerly GEORGIA INTERNATIONAL MINING CORPORATION)


(An Exploration Stage Company)


Notes to the Consolidated Financial Statements


March 31, 2010 and December 31, 2009


Stated in US Dollars


(Unaudited)





3.
Mineral Property Interest





On July 30, 2005 Georgia signed an option agreement with Firstline Environmental Solutions Inc, A Florida Corporation “FESI” to purchase three mineral claims numbers; 506335, 506336 and 506337 located in the Cariboo District, British Columbia. The claims are part of the Burns Group Mineral Claim that, encompass 3,900 hectare or 12,000 acres. The option price is $285,000 of which, $35,000 was paid upon signing the agreement and the remaining balance of $250,000 is payable on two installments (i) $125,000 due on June 30, 2007 and (ii) $125,000 due on June 2008.





The agreement stipulates that Georgia must commence mineral exploration on the properties as soon its securities are listed on a public market, and will have one year from that date to complete its exploration program on the three mineral claims. FESI may cancel this agreement and Georgia will not be entitled to recover its $35,000 investment in the event that Georgia does not complete the exploration by June 30, 2007.





On June 30, 2007, the option to purchase the three mineral claims expired as the Company was unable to pay the installment of $125,000, due June 30, 2007 and complete its required exploration program on the claims. Pursuant to the option agreement, the Company will not be entitled to recover its initial $35,000 investment in said claims, and the amount has been written off in the financial statements.





On January 8, 2007 the Company’s wholly owned subsidiary, E G Gold Mines Inc. entered into an agreement with the President to acquire 100% of his rights to mineral claims #553563 and #564658 which are located approximately 40 miles south of Wells, British Columbia, Canada. The claims are situated in the Cariboo Mountains and contains 25 cells (approximately 1,500 acres) of gold mining property.





The purchase price is $7,038 USD ($8,010 CDN) which is the same amount the President paid for the claim on original acquisition including the $10 CDN registration fee. The parties have signed a promissory note whereby the full amount of $7,038 has no specific terms of repayment, is non-interest bearing and is unsecured.  This amount was originally capitalized, however, the mineral rights have subsequently been expensed as at the existence of commercially viable mineral deposits could not be established.





4.
Related Party Transactions – Note 3





During the year three months ended March 31, 2010 a former president and director loaned the Company $15,173 (2009: $6,304) to finance working capital. As at March 31, 2010, a former president and director had loaned the Company $167,615 (2009: $152,442). This loan is non-interest bearing, unsecured and has no specific terms for repayment, was owing to the Company’s president and director.





These transactions were incurred in the normal course of operations and, in management’s opinion, were undertaken with the same terms and conditions as transactions with unrelated parties.

















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JINHAO MOTOR COMPANY
 (formerly GEORGIA INTERNATIONAL MINING CORPORATION)


(An Exploration Stage Company)


Notes to the Consolidated Financial Statements


March 31, 2010 and December 31, 2009


Stated in US Dollars


(Unaudited)





5.
Common Stock





The company has 70,000,000 common shares, par value $0.001 authorized and 8,265,300 common shares issued and outstanding at March 31, 2010 and December 31, 2009 and 2008.





In March 2007, the Company authorized subscription agreements for 65,300 common shares at $0.10 per share pursuant to the issuer’s Registration Statement filed on Form SB-2 which became effective February 14, 2007. The proceeds of $6,530 were deposited in April 2007 and the shares were issued April 18, 2007. Each common share had an attached warrant with an exercise price of $0.12 and an expiration date of August 31, 2011.





On April 9, 2010, the Board of Directors also approved a consolidation of the current issued and outstanding common shares on a 0.590 new shares for 1 old share and to increase the authorized number of share of its’ common stock from 70,000,000 to 200,000,000 shares.  There will be no change to the authorized shares of the Company’s common stock as a result of any reverse stock split and any fractional shares will be rounded up.  As a result, the Company will have 4,876,527 common shares issued and outstanding.





6.
Commitments





On November 15, 2009, the Company entered into a non-binding letter of intent offering to merge with Guangdong Jinhao Motorcycle Co., Ltd. ("GJM") and its subsidiaries. The letter of intent constitutes an expression of mutual intent to pursue the consummation of the transaction but except for provisions set out in the Term Sheet, shall not bind any of the parties.





7.
Subsequent Event





On April 9, 2010, the Company amended its’ articles with the Secretary of State of Nevada to reflect the following:





i)
an amendment to the Company’s Articles of Incorporation to increase the authorized number of share of its’ common stock from 70,000,000 shares to 200,000,000 shares with a par value of $0.001 per share;


ii)
an amendment to the Company’s Articles of Incorporation to establish preferred shares with authorized capital of 50,000,000 shares with a par value of $0.001 per share (the “Preferred Shares”), for which the Board of Directors may fix and determine the designations, rights, preferences or other variations of each class or series within each class of the Preferred Shares; and


iii)
an amendment to the Company’s Articles of Incorporation to change its’ name from Georgia International Mining Corporation to Jinhao Motor Company.





Subsequent events have been evaluated through April 27, 2010.













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Item 2.       Management’s Discussion and Analysis or Plan of Operation.





The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes thereto contained elsewhere in this Form 10-Q.





SEC Rule 405 under the Securities Exchange Act defines a "shell company" as a registrant with no or nominal operations and no or nominal assets or just assets consisting entirely of cash.  A shell company is required to identify itself as such on the cover page of its periodic SEC reports.  In the event of certain corporate reorganizations effecting a change in control of the SEC reporting company with an otherwise privately held company, a shell company is required to make extensive additional disclosures regarding the shell company and the privately held company whose objective may be to become an SEC reporting, public company.  We have identified ourselves as a shell company because of our limited operations and assets to date.  It is not our plan or intention to seek out or entertain proposals for reorganization of our company with any other company which would result in a change in control or change in our business objective of being a successful mining company.   The point at which a potential shell company's operations and assets would no longer be considered nominal is not defined in the Rule and has not been clarified by any SEC pronouncements or judicial interpretations.  We intend to re-evaluate our operations and assets as well as any additional legal clarification prior to the filing of every report to determine if it is appropriate to change our self determined status.





Forward-Looking Statements


This Quarter report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.





Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable laws, including the securities laws of the United States, we do not intend to update any of the forward-looking statements so as to conform these statements to actual results.





On November 15, 2009, the Company entered into a non-binding letter of intent offering to merge with Guangdong Jinhao Motorcycle Co., Ltd. ("GJM") and its subsidiaries.  The letter of intent constitutes an expression of mutual intent to pursue the consummation of the transaction but except for provisions set out in the Term Sheet, shall not bind any of the parties.





Overview


Georgia International Mining Corporation (“GIMC”) was incorporated on January 19, 2005 in the State of Nevada. Upon formation, 8,200,000 shares were issued to twenty-two investors, including our officers and director for $8,200 or $0.001 per share. Our past president and director, Mark Hague purchased 4,000,000 shares.  There are no bankruptcy, receivership, or similar proceedings against the parent or operating subsidiary.





On July 30, 2005, Georgia International Mining Corporation signed an option agreement with Gemco Minerals, Inc., a Florida Corporation (Gemco) to purchase three mineral claims numbers; 506335, 506336 and 506337 located in the Cariboo District, British Columbia. The claims were part of the Burns Group Mineral Claim that encompass 3,900 hectare or 12,000 acres. The area size of the three claims was defined on the geological maps registered in the British Columbia Mining Office. The option price is $285,000 of which, $35,000 was paid upon signing the agreement and the remainder balance of $250,000 was payable on two installments (i) $125,000 due on June 30, 2007 and (ii) $125,000 due on June 2008. The agreement stipulated that Georgia International Mining Corporation must conduct mineral exploration as soon its securities become listed on a public market, and will have one year from that date to complete its exploration program on the three mineral claims otherwise, Gemco would have the right to cancel this agreement and Georgia International Mining Corporation would not be entitled to recover its $35,000 investment.




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On June 30, 2007, the option to purchase the three mineral claims expired as the Company was unable to pay the installment of $125,000, due June 30, 2007 and complete its required exploration program on the claims. Pursuant to the option agreement, the Company will not be entitled to recover its initial $35,000 investment in said claims, and the amount has been written off in the financial statements.





On December 13, 2006, Georgia International Mining Corporation incorporated a British Columbia subsidiary named EG Gold Mines, Inc.  EG Gold Mines, Inc. purchased a mining claim from the past president of GIMC, Mark Hague on January 8, 2007. The purchase price is the same value the past president paid for the property in the amount of $7.038.00 ($8,000 CDN plus $10 CDN registration fee). The property claim number is 529404, in the Cariboo Mountains, 40 miles south of Wells and in close proximity to the above noted three claims on the Burns Group Mineral Claim.  Mr. Hague, accepted a promissory note in the amount of $7.038.





To our knowledge no one has been on our mineral claim. The claim is remote and is best accessed by helicopter from the town of Wells, British Columbia. There is no electrical power that can be utilized on the property other than electrical power that can be provided by gas or diesel generators that we would bring on site. We have not commenced any work on the property.





On April 18, 2007, the company raised $6,530.00 and issue 65,300 free-trading common shares pursuant to the SB-2 Registration Statement that was declared effective February 14, 2007 .





Ed Forister is a director and officer and has no previous experience in mineral exploration or operating a mining company. Mr. Hague owns 51.18% of our outstanding common stock. Since Mr. Hague owns a majority of our outstanding shares and he is a director and officer of our company he has the ability to elect directors and control the future course of our company. Investors may find the corporate decisions influenced by Mr. Hague are inconsistent with the interests of other stockholders.





SEC Rule 405 under the Securities Exchange Act defines a "shell company" as a registrant with no or nominal operations and no or nominal assets or just assets consisting entirely of cash.  A shell company is required to identify itself as such on the cover page of its periodic SEC reports.  In the event of certain corporate reorganizations effecting a change in control of the SEC reporting company with an otherwise privately held company, a shell company is required to make extensive additional disclosures regarding the shell company and the privately held company whose objective may be to become an SEC reporting, public company.  We have identified ourselves as a shell company because of our limited operations and assets to date.   The point at which a potential shell company's operations and assets would no longer be considered nominal is not defined in the Rule and has not been clarified by any SEC pronouncements or judicial interpretations.  We intend to re-evaluate our operations and assets as well as any additional legal clarification prior to the filing of every report to determine if it is appropriate to change our self determined status.





If our exploration activities indicate that there are no commercially viable gold deposits on our claim we will abandon the claim and stake a new claim to explore in British Columbia. We are able to stake claims online via the Internet with the Mineral Titles Online service operated by the government of British Columbia. We will continue to stake an explore claims in British Columbia as long as we can afford to do so.





We are a new and under-funded company with no history of operations or revenue generation. Our management team has no mining background. Our competitors are in the business for many years and are well funded. Our success will depend on the successful implementation of our business strategies as outlined in this document.





Business of Issuer


We are in the mining business and the purpose of the company is to explore minerals for commercial use. The main focus is on the precious metal such as gold, diamond and silver. The secondary focus will be on the prime industrial metals such as copper and zinc. The mineralization focus is based on the market breadth and width for each type of mineral. The precious metals are used to hedge against economic fluctuations and for personal use, such as jewelry, and therefore its market is much greater than the industrial metals which, depends on economic conditions related to the manufacturing sector.




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We will be engaged in the exploration of potential commercial mineral deposits. The current claims are without any known reserves.





Investors should be aware that we are an exploration stage company and the property is without known reserves and the proposed program is exploratory in nature. There is no assurance that a commercially viable mineral deposit will exist on the claims mentioned below.





Corporate History


Georgia International Mining Corporation was incorporated on January 19, 2005 in the State of Nevada. Upon formation, 8,200,000 shares were issued to twenty-two investors, including our officers and director for $8,200 or $0.001 per share. Our past president and director, Mark Hague purchased 4,000,000 shares.  There are no bankruptcy, receivership, or similar proceedings against the parent or operating subsidiary.





On July 30, 2005, Georgia International Mining Corporation signed an option agreement with Gemco Minerals, Inc., a Florida Corporation (Gemco) to purchase three mineral claims numbers; 506335, 506336 and 506337 located in the Cariboo District, British Columbia. The claims were part of the Burns Group Mineral Claim that encompass 3,900 hectare or 12,000 acres. The area size of the three claims was defined on the geological maps registered in the British Columbia Mining Office. The option price is $285,000 of which, $35,000 was paid upon signing the agreement and the remainder balance of $250,000 was payable on two installments (i) $125,000 due on June 30, 2007 and (ii) $125,000 due on June 2008. The agreement stipulates that Georgia International Mining Corporation must conduct mineral exploration as soon its securities become listed on a public market, and would have one year from that date to complete its exploration program on the three mineral claims otherwise, Gemco would have the right to cancel this agreement and Georgia International Mining Corporation would not be entitled to recover its $35,000 investment. The option agreement did not include any current or future royalty payments or any other types of payments that would have to be accrued other then the two installments mentioned above once Georgia International Mining Corporation started its mining operations. Once Georgia International Mining Corporation had incurred the exploration expenditures, and made the payments set out in Section 3 of the Option Agreement to Gemco would own an undivided 100% of Gemco’s right, title, and interest in and to the Claims.





On December 13, 2006, Georgia International Mining Corporation incorporated a British Columbia subsidiary named EG Gold Mines, Inc.  EG Gold Mines, Inc. purchased a mining claim from the past president of GIMC, Mark Hague on January 8, 2007. The purchase price is the same value the past president paid for the property in the amount of $7.038.00 ($8,000 CDN plus $10 CDN registration fee). The property claim number is 529404, in the Cariboo Mountains, 40 miles south of Wells and in close proximity to the above noted three claims on the Burns Group Mineral Claim.  Mr. Hague, accepted a promissory note in the amount of $7.038.





On April 18, 2007, the company raised $6,530.00 and issue 65,300 free-trading common shares pursuant to the SB-2 Registration Statement that was declared effective February 14, 2007 .





On June 30, 2007, the option to purchase the three mineral claims expired as the Company was unable to pay the installment of $125,000, due June 30, 2007 and complete its required exploration program on the claims. Pursuant to the option agreement, the Company will not be entitled to recover its initial $35,000 investment in said claims, and the amount has been written off in the financial statements.





On November 15, 2009, the Company entered into a non-binding letter of intent offering to merge with Guangdong Jinhao Motorcycle Co., Ltd. ("GJM") and its subsidiaries.  The letter of intent constitutes an expression of mutual intent to pursue the consummation of the transaction but except for provisions set out in the Term Sheet, shall not bind any of the parties.





On April 9, 2010, the Company amended it articles with the Secretary of State Nevada to reflect the following:





1.
an amendment to our Articles of Incorporation to increase the authorized number of shares of our common stock from 70,000,000 shares to 200,000,000 shares, par value of $0.001 per share;





2.
an amendment to our Articles of Incorporation to establish preferred shares with authorized capital of 50,000,000 shares, par value $0.001 per share (the "Preferred Shares"), for which the Board of Directors may fix and determine the designations, rights, preferences or other variations of each class or series within each class of the Preferred Share; and







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3.
an amendment to our Articles of Incorporation to change our name from Georgia International Mining Corp., to Jinhao Motor Company.





Our Board of Directors also approved a consolidation of our current issued and outstanding common shares on a 0.590 new share for 1 old share.  There will be no change to the authorized shares of our common stock as a result of any reverse stock split and any fractional shares will be rounded up





Shareholder approval for these amendments was obtained by written consent of one shareholder owning 4,200,000 shares of our common stock, which represented 50.8% of our issued and outstanding common shares on March 3, 2010.





Concurrently with filing the Certificate of Amendment with the Nevada Secretary of State we notified the Financial Industry Regulatory Authority ("FINRA") of the proposed name change and the reverse split of our common stock and will work with FINRA to obtain a new trading symbol for our common stock.  These changes will not be effective on the OTC Bulletin Board, or any other trading market, until they are processed by FINRA.





There are no bankruptcy, or receivership, or similar proceedings against the parent or operating subsidiary.





Future Development Projects


The Company is designated a Shell Company and is seeking additional funding to carryout the company’s operations plan.





We are an under-funded company with no history of operations or revenue generation and we are designated as a shell company. Our management team has no mining background. Our competitors are in the business for many years and are well funded. Our success will depend on the successful implementation of our business strategies as outlined in this document.





Our accumulated deficit as of the period ended on March 31, 2010 was $191,126 and as of March 31, 2009, the accumulated deficit was $145,656.  During the period ended March 31, 2010, the deficit increased by $16,240.  The discussion below provides an overview of our operations, discusses our results of operations, our plan of operations and our liquidity and capital resources.





The following analysis of the results of operations and financial condition of the company for the period ending March 31, 2010 should be read in conjunction with the company’s consolidated financial statements, including the notes thereto contained elsewhere in this form 10-Q. Our financial statements are stated in United States Dollars





Discussion of Operations & Financial Condition


During the three months ended March 31, 2010 the Company recorded a net loss of $16,240 as compared to a loss of $ 3,571 for the three months ended March 31, 2009. The loss represents $.023 per common share on a cumulative basis since inception. The Company has not yet generated any revenues from its Mineral Exploration Program. Our ability to emerge from the exploration stage and conduct mining operations is dependent, in large part, upon our raising additional equity financing.





Selected financial information





March 31, 2010


March 31, 2009Revenues

Nil


NilNet Loss

$
16,240


$
3,571Loss per share-basic and diluted (cumulative)

$
.002


$
.001Total Assets

$
317


$
11,371Total Liabilities

$
176,713


$
142,298Cash dividends declared per share

Nil


Nil







21
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As of March 31, 2010, Georgia had total liabilities of $176,713 consisting of $9,098 in accounts payable and accrued liabilities and $ 167,615  due to related parties. Liabilities increased approximately $34,415 from March 31, 2009 due to an increase in amounts due to related parties of $27,717 and in accounts payables of $6,698.





Georgia's current assets at March 31, 2010, consisted of $317 in cash which decreased from $3,012 as of December 31, 2009.  Total assets as of March 31, 2010 were $317.





Revenues


No revenue was generated by the Company's operations during the three months ended March 31, 2010 nor since inception, January 19, 2005.





Net Loss


The Company's expenses are reflected in the Statements of Operations under the category of Expenses. To meet the criteria of United States FASB all exploration and general and administrative costs related to projects are charged to operations in the year incurred.





The significant components of expense that have contributed to the operating loss of $16,240 consist of accounting and audit, legal and transfer agent fees, in the amounts of $10,711, $3,843 and, $1,245 respectively.





Plan of Operations


Our plan of operations for the next twelve months is to raise the $1,000,000 capital as per our SB2 filing and principally use the offering proceeds to finance the drilling program and to provide working capital necessary to complete the exploration and drilling phase for our mineral properties. There is no guarantee we will raise all or any of the one million dollars pursuant to the SB2 offering, in which case we would have to reduce or cancel our drilling program and therefore lessen our chances to find valuable commercial deposits.





On December 13, 2006, Georgia International Mining Corporation incorporated a British Columbia subsidiary named EG Gold Mines, Inc.  EG Gold Mines, Inc. purchased a mining claim from the past president of GIMC, Mark Hague, on January 8, 2007. The purchase price is the same value the past President paid for the property in the amount of $7,038 ($8,000 CDN plus $10 CDN registration fee). The property claim number is 529404, in the Caribou Mountains, 40 miles south of Wells and in close proximity to the above noted three claims on the Burns Group Mineral Claim.  Mr. Hague, accepted a promissory note in the amount of $7.038.





On April 18, 2007, the company raised $6,530.00 and issue 65,300 free-trading common shares pursuant to the SB-2 Registration Statement that was declared effective February 14, 2007 .





On June 30, 2007, the option to purchase the three mineral claims expired as the Company was unable to pay the installment of $125,000, due June 30, 2007 and complete its required exploration program on the claims. Pursuant to the option agreement, the Company will not be entitled to recover its initial $35,000 investment in said claims, and the amount has been written off in the financial statements.





On November 15, 2009, the Company entered into a non-binding letter of intent offering to merge with Guangdong Jinhao Motorcycle Co., Ltd. ("GJM") and its subsidiaries.  The letter of intent constitutes an expression of mutual intent to pursue the consummation of the transaction but except for provisions set out in the Term Sheet, shall not bind any of the parties.





On April 9, 2010, the Company amended it articles with the Secretary of State Nevada to reflect the following:





1.
an amendment to our Articles of Incorporation to increase the authorized number of shares of our common stock from 70,000,000 shares to 200,000,000 shares, par value of $0.001 per share;





2.
an amendment to our Articles of Incorporation to establish preferred shares with authorized capital of 50,000,000 shares, par value $0.001 per share (the "Preferred Shares"), for which the Board of Directors may fix and determine the designations, rights, preferences or other variations of each class or series within each class of the Preferred Share; and







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3.
an amendment to our Articles of Incorporation to change our name from Georgia International Mining Corp., to Jinhao Motor Company.





Our Board of Directors also approved a consolidation of our current issued and outstanding common shares on a 0.590 new share for 1 old share.  There will be no change to the authorized shares of our common stock as a result of any reverse stock split and any fractional shares will be rounded up





Shareholder approval for these amendments was obtained by written consent of one shareholder owning 4,200,000 shares of our common stock, which represented 50.8% of our issued and outstanding common shares on March 3, 2010.





Concurrently with filing the Certificate of Amendment with the Nevada Secretary of State we notified the Financial Industry Regulatory Authority ("FINRA") of the proposed name change and the reverse split of our common stock and will work with FINRA to obtain a new trading symbol for our common stock.  These changes will not be effective on the OTC Bulletin Board, or any other trading market, until they are processed by FINRA.





We cannot predict with certainty what revenues we can expect during the next twelve months, and we believe that we probably will have enough revenue, when added to our cash on hand, to pay our operating expenses for the next twelve months. We anticipate that we will raise additional capital to expand our operations. We cannot guarantee that we will be able to raise that capital, in which event; our operations may be required to be curtailed.





Liquidity and Capital Resources


Overview – Quarter-ended March 31, 2010


We had cash of $317 as of March 31, 2010, compared to cash of $4,082 as of March 31, 2009. We had a working capital deficiency of $176,396 as of March 31, 2010, compared to a working capital deficiency of $137,965 as of March 31, 2009.





Cash and Working Capital


The Company’s assets are recorded at the lower of cost or market and the total assets at March 31, 2010 were $317. The Company’s cash inflow has been generated mainly from shareholder loans, short-term loans and issuance of common stock with no recorded revenues since inception.





Management continually reviews its overall capital and funding needs to ensure that the capital base can support the estimated needs of the business. These reviews take into account current business needs as well as the Company’s future capital requirements. Based upon these reviews, to take advantage of strong market conditions and to fully implement our expansion strategy, management believes that the Company will continue to increase our net capital through the proceeds from sales of our securities. The Company currently maintains minimal cash balances and is funded by management and shareholder loans to satisfy monthly cash requirements in the interim of raising external funding.





Cash Used in Operating Activities


Cash used in operating activities was $17,868 for the three months ended March 31, 2010 compared to $9,724 for the 2009 period. We funded the cash used in operating activities primarily through shareholders loans and equity issues of our common shares.





Investing Activities


We undertook no investing activities during the three months ended March 31, 2010 or 2009. We anticipate continuing to rely on loans from shareholders and equity sales of our common shares in order to continue to fund our business operations. Issuances of additional shares will result in dilution to our existing shareholders. In March 2007, the Company authorized subscription agreements for 65,300 common shares pursuant to the issuer’s Registration Statement filed on Form SB-2 which became effective February 14, 2007. The total proceeds of $6,280 were deposited in April 2007 and the shares were issued April 18, 2007.





We will continue to have professional fees and those fees may increase because of our reporting status and the required filings for requisite quarterly and annual reports with the Securities and Exchange Commission. We expect that we will have additional filings whereby our auditors may be required to prepare further financial reports.  We







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are aware that audit fees have generally increased as a function of the increased reporting requirements mandated by the recently enacted Sarbanes-Oxley Act. We are optimistic that our business activities will increase, which will require auditing procedures over a greater transaction base.





We expect our other administrative expenses to increase in the next quarter as our legal fees may increase as we further our strategic goals and additional advice and/or opinions may be required.





Due to the foregoing factors, our operating results are difficult to forecast.  You should evaluate our prospects in light of the risk, expenses and difficulties commonly encountered by comparable development-stage companies in rapidly evolving markets.  We cannot assure you that we will successfully address such risks and challenges.  In addition, we cannot assure you that our we will generate any revenues or that we will become profitable in the future.





Going Concern


Our financial statements have been prepared on a going concern basis, which assumes the realization of assets and settlement of liabilities in the normal course of business. Our ability to continue as a going concern is dependent upon our ability to generate profitable operations in the future and/ or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they become due. The outcome of these matters cannot be predicted with any certainty at this time and raise substantial doubt that we will be able to continue as a going concern. Our financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should we be unable to continue as a going concern.





Other Information - Certain Relationships and Related Transactions


We intend that any transactions between us and our officers, directors, principal stockholders, affiliates or advisors will be on terms no less favorable to us than those reasonably obtainable from third parties.  To date, several related party transactions have taken place.





As of March 31, 2010 the total amount owing to a shareholder is $ 167,615 for consideration/monies advanced to date.





Item3.       Quantitative and Qualitative Disclosures about Market Risks





Georgia Mining International Corp. currently invests its cash balances, in excess of its current needs in an interest bearing checking account. The Company does not invest for the purposes of trading in securities. Additionally, the company does not have any significant market risk exposure at March 31, 2010.





Item 4.       Controls and Procedures.





Management has evaluated, with the participation of our Principal Executive Officer and Principal Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) as of the end of the period covered by this report.  Based upon this evaluation, our Principal Executive Officer and Principal Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.  There have been no significant changes in our internal controls over financial reporting that occurred during the fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.




Item4T.    Controls and Procedures.





Evaluation of Disclosure Controls and Procedures


The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to







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the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based closely on the definition of "disclosure controls and procedures" in Rule 13a-15(e). The Company’s disclosure controls and procedures are designed to provide a reasonable level of assurance of reaching the Company’s desired disclosure control objectives. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. The Company’s certifying officer has concluded that the Company’s disclosure controls and procedures are effective in reaching that level of assurance.





As of the end of the period being reported upon, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and the Company's Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective.




PARTII –OTHER INFORMATION





Item 1.       Legal Proceedings.





There are no material pending legal proceedings to which the Company is a party or to which any of its property is subject.





Item2.       Unregistered Sales of Equity Securities and Use of Proceeds.





None.





Item 3.       Defaults Upon Senior Securities.





None.





Item 4.       Submission of Matters to a Vote of Security-Holders.





None.




Item 5.       Other Information.





None




Item 6.       Exhibits.





31.1
Certification of Principal Executive Officer and Principal Financial Officer  pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Rules 13a-14 and 15d-14 of the Exchange Act)32.1
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)








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SIGNATURES





In accordance with the requirements of the Exchange Act, the Registrant caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.








GEORGIA INTERNATIONAL MINING CORP.(Registrant)Dated:
May 7, 2010

By:
/s/ Edmond ForisterEdmond Forister,Chief Executive Officer(Principal Executive Officer) Chief FinancialOfficer, Chief Accounting Officer(Principal Financial Officer)





































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