Colorado
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86-1061005
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(State
or other jurisdiction
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(IRS
Employer File Number)
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of
incorporation)
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3636
S. Jason Street
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Englewood, Colorado
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80113
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(Address
of principal executive offices)
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(zip
code)
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Large
accelerated filer []
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Accelerated
filer []
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Non-accelerated
filer [] (Do not check if a smaller reporting company)
|
Smaller
reporting company [X]
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Page
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PART
I FINANCIAL INFORMATION
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Item
1. Financial Statements for the period ended June 30, 2009
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3
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Consolidated
Balance Sheet(Unaudited)
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5
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Consolidated
Statements of Operations (Unaudited)
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6
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Consolidated
Statements of Cash Flows (Unaudited)
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7
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Notes
to Consolidated Financial Statements
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9
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Item
2. Management’s Discussion and Analysis and Plan of
Operation
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11
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Item
3. Quantitative and Qualitative Disclosures About Market
Risk
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16
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Item
4 Controls and Procedures
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16
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Item
4T. Controls and Procedures
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16
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PART
II OTHER INFORMATION
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Item
1. Legal Proceedings
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17
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Item
1A. Risk Factors
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17
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Item 2. Unregistered Sales of Equity Securities and Use of
Proceeds
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22
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Item
3. Defaults Upon Senior Securities
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22
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Item
4. Submission of Matters to a Vote of Security Holders
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22
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Item
5. Other Information
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22
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Item
6. Exhibits
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23
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Signatures
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23
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Page
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FINANCIAL
STATEMENTS
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Consolidated balance
sheets
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5
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Consolidated statements of
operations
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6
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Consolidated statements of cash
flows
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7
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Notes to consolidated financial
statements
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9
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June
30, 2009
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||||||||
Dec.
31, 2008
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(Unaudited)
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|||||||
ASSETS
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||||||||
Current
assets
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||||||||
Cash
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$ | 80,390 | $ | 66,755 | ||||
Accounts
receivable
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223 | 59,973 | ||||||
Total current
assets
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80,613 | 126,728 | ||||||
Accounts
receivable - related party
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||||||||
Fixed
assets
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13,269 | 13,269 | ||||||
Less
accumulated depreciation
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(11,654 | ) | (11,864 | ) | ||||
Other
assets
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- | - | ||||||
1,615 | 1,405 | |||||||
Total
Assets
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$ | 82,228 | $ | 128,133 | ||||
LIABILITIES
& STOCKHOLDERS' EQUITY
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||||||||
Current
liabilities
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||||||||
Accounts
payable
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$ | - | $ | - | ||||
Accounts payable -
related party
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309 | 60,059 | ||||||
Note
payable - related party
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34,201 | 34,201 | ||||||
Total current
liabilties
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34,510 | 94,260 | ||||||
Total
Liabilities
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34,510 | 94,260 | ||||||
Stockholders'
Equity
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||||||||
Preferred
stock, $.10 par value;
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||||||||
1,000,000
shares authorized;
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||||||||
No
shares issued & outstanding
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- | - | ||||||
Common
stock, $.001 par value;
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||||||||
50,000,000
shares authorized;
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||||||||
10,820,600
shares
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||||||||
issued
& outstanding
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10,821 | 10,821 | ||||||
Additional
paid in capital
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185,218 | 185,218 | ||||||
Accumulated
deficit
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(148,321 | ) | (162,166 | ) | ||||
Total
Stockholders' Equity
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47,718 | 33,873 | ||||||
Total
Liabilities and Stockholders' Equity
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$ | 82,228 | $ | 128,133 |
Three
Months
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Three
Months
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Six
Months
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Six
Months
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|||||||||||||
Ended
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Ended
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Ended
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Ended
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|||||||||||||
June
30, 2008
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June
30, 2009
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June
30, 2008
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June
30, 2009
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|||||||||||||
Sales
- net of returns
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$ | 59,609 | $ | 59,750 | $ | 65,303 | $ | 59,750 | ||||||||
Cost
of goods sold
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59,145 | 59,750 | 63,533 | 59,750 | ||||||||||||
Gross
profit
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464 | - | 1,770 | - | ||||||||||||
Operating
expenses:
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||||||||||||||||
Amortization
& depreciation
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27 | 105 | 54 | 210 | ||||||||||||
General
and administrative
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11,046 | 5,125 | 33,538 | 13,635 | ||||||||||||
11,073 | 5,230 | 33,592 | 13,845 | |||||||||||||
Gain
(loss) from operations
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(10,609 | ) | (5,230 | ) | (31,822 | ) | (13,845 | ) | ||||||||
Other
income (expense):
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||||||||||||||||
Interest
expense
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- | - | - | - | ||||||||||||
- | - | - | - | |||||||||||||
Income
(loss) before
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||||||||||||||||
provision
for income taxes
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(10,609 | ) | (5,230 | ) | (31,822 | ) | (13,845 | ) | ||||||||
Provision
for income tax
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- | - | - | - | ||||||||||||
Net
income (loss)
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$ | (10,609 | ) | $ | (5,230 | ) | $ | (31,822 | ) | $ | (13,845 | ) | ||||
Net
income (loss) per share
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||||||||||||||||
(Basic
and fully diluted)
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$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||
Weighted
average number of
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||||||||||||||||
common
shares outstanding
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10,473,533 | 10,820,600 | 10,386,767 | 10,820,600 |
Six
Months
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Six
Months
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|||||||
Ended
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Ended
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|||||||
June
30, 2008
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June
30, 2009
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|||||||
Cash
Flows From Operating Activities:
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||||||||
Net
income (loss)
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$ | (31,822 | ) | $ | (13,845 | ) | ||
Adjustments
to reconcile net loss to
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||||||||
net
cash provided by (used for)
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||||||||
operating
activities:
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||||||||
Amortization
& depreciation
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54 | 210 | ||||||
Accounts
receivable
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23,596 | (59,750 | ) | |||||
Accrued
payables - related party
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(12,489 | ) | 59,750 | |||||
Accured
payables
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(284 | ) | ||||||
Other
assets
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(1,666 | ) | - | |||||
Net cash provided by (used
for)
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||||||||
operating
activities
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(22,611 | ) | (13,635 | ) | ||||
Cash
Flows From Investing Activities:
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||||||||
- | - | |||||||
Net
cash provided by (used for)
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||||||||
investing
activities
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- | - | ||||||
(Continued
On Following Page)
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ART
DESIGN, INC.
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||||||||
STATEMENTS
OF CASH FLOWS
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||||||||
(Unaudited)
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||||||||
(Continued
From Previous Page)
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||||||||
Six
Months
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Six
Months
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|||||||
Ended
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Ended
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|||||||
June
30, 2008
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June
30, 2009
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|||||||
Cash
Flows From Financing Activities:
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||||||||
- | - | |||||||
Net cash provided by (used
for)
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||||||||
financing
activities
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- | - | ||||||
Net
Increase (Decrease) In Cash
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(22,611 | ) | (13,635 | ) | ||||
Cash
At The Beginning Of The Period
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112,664 | 80,390 | ||||||
Cash
At The End Of The Period
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$ | 90,053 | $ | 66,755 | ||||
Schedule Of Non-Cash Investing And Financing
Activities
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||||||||
None
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||||||||
Supplemental Disclosure
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||||||||
Cash
paid for interest
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$ | - | $ | - | ||||
Cash
paid for income taxes
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$ | - | $ | - |
1.
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Cease
operations and go out of
business;
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2.
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Continue
to seek alternative and acceptable sources of
capital;
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3.
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Bring
in additional capital that may result in a change of control;
or
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4.
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Identify
a candidate for acquisition that seeks access to the public marketplace
and its financing sources.
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*
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our
ability to locate clients who will purchase our products and use our
services; and
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*
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our
ability to generate significant
revenues.
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Exhibit
Number
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Description
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|
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3.1*
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Articles
of Incorporation
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3.2*
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Amended
and Restated Articles of Incorporation
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3.3*
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Bylaws
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31.1
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Certification
of CEO/CFO pursuant to Sec. 302
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32.1
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Certification
of CEO/CFO pursuant to Sec.
906
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Art
Design, Inc.
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||
Date: October 22, 2009
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By:
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/s/
Kathy Sheehan
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Kathy
Sheehan, President and Chief Executive and Financial
Officer
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