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NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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3 Months Ended |
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Mar. 31, 2013
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| Significant Accounting Policies [Text Block] |
NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
As
of March 31, 2013, the Company’s significant
accounting policies are consistent with those discussed in
the audited financial statements as of December 31,
2012.
Earnings Per
Share – Basic earnings per share have been
calculated based upon the weighted-average number of common
shares outstanding. The weighted-average number of common
shares outstanding used in the computations of earnings per
share was 16,900,079 for the three-month period ended March
31, 2013 and 10,820,600 for the three-month period ended
March 31, 2012.
Recently
Issued Accounting Pronouncements – Various
accounting standards updates have been recently issued,
most of which represented technical corrections to the
accounting literature or were applicable to specific
industries. No new accounting pronouncements have been
issued that are likely to have a material impact to the
Company's financial statements.
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.
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