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ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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6 Months Ended | 12 Months Ended | ||
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Jun. 30, 2012
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Dec. 31, 2011
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| Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] |
NOTE
1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES:
Art
Design, Inc. was incorporated in the State of Colorado on
January 16, 2002. In April 2012 the Company
discontinued its prior operations and became involved in
the exploration and development of oil and gas. On May 4th
2012, the Company amended its articles of incorporation to
change its name to Rockdale Resources Corporation (the
“Company”).
Basis
of Presentation
The
accompanying unaudited interim financial statements of
the Company have been prepared in accordance with
accounting principles generally accepted in United
States of America and the rules of the Securities and
Exchange Commission (“SEC”), and should be
read in conjunction with the audited financial
statements and notes thereto contained in the
Company’s financial statements for the year ended
December 31, 2011 which are included as part of this
prospectus. In the opinion of management, all
adjustments, consisting of normal recurring
adjustments, necessary for a fair presentation of the
results of operations for the interim periods presented
have been reflected herein. The results of operations
for such interim periods are not necessarily indicative
of operations for a full year. Notes to the
consolidated financial statements which would
substantially duplicate the disclosure contained in the
audited financial statements for the year
ended December 31, 2011 have been
omitted.
Use
of Estimates
The
preparation of financial statements in conformity with
generally accepted accounting principles requires
management to make estimates and assumptions that affect
reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results
could differ from those estimates.
Recent
Accounting Pronouncements
The
Company has evaluated all the recent accounting
pronouncements through the filing date and believes that
none of them will have a material effect on the
Company.
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Art
Design, Inc. (“we”, “our” or the
“Company”), was incorporated in the State of
Colorado on January 16, 2002. The Company sells art work and
interior decorating to professional and business
offices.
Use of
Estimates
The
preparation of financial statements in conformity with
generally accepted accounting principles requires management
to make estimates and assumptions that affect reported
amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could
differ from those estimates.
Cash and
cash equivalents
The
Company considers all highly liquid investments with an
original maturity of three months or less as cash
equivalents.
Property
and equipment
Property
and equipment are recorded at cost and depreciated under
straight line methods over each item's estimated useful
life.
Income
tax
We
follow Financial Accounting Standards Board
(“FASB”) Statement of Financial Accounting
Standards (“SFAS”) No. 109, ASC 740 -
“Accounting for Income Taxes” (“ASC
740”). This standard requires the use of an asset and
liability approach for financial accounting for and reporting
of income taxes. If it is more likely than not that some
portion or all of a deferred tax asset will not be realized,
a valuation allowance is recognized.
Net
income (loss) per share
The
net income (loss) per share is computed by dividing the net
income (loss) by the weighted average number of shares of
common outstanding. Warrants, stock options, and other
dilutive instruments are not included in the computation if
the effect would be anti-dilutive. As of and for the year
ended December 31, 2011 and 2010, there were no potentially
dilutive instruments outstanding.
Financial
Instruments
The
Company’s financial instruments consist principally of
cash and cash equivalents, other receivables, and related
party notes payable. Management believes that the recorded
values of our other financial instruments approximate their
current fair values because of their nature and relatively
short maturity dates or durations.
Long-Lived
Assets
In
accordance with ASC 350, the Company reviews the carrying
value of intangible and other long-lived assets for the
existence of facts or circumstances, both internally and
externally, that may suggest impairment. If impairment
testing indicates a lack of recoverability, an impairment
loss is recognized by the Company if the carrying amount of a
long-lived asset exceeds its fair value.
Reclassification
Certain
prior year amounts have been reclassified to conform to the
current year presentation.
Recently
Issued Accounting Pronouncements
The
Company has evaluated all the recent accounting
pronouncements through the filing date and believes that none
of them will have a material effect on the Company.
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