NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
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6 Months Ended |
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Jun. 30, 2012
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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 latest Annual Report filed
with SEC on Form 10-K. 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 most recent fiscal year, 2011, as
reported in Form 10-K, 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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