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EX-23.1 - INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM?S CONSENT - Intelligent Living Inc.f10k2011ex23i_feelgolfcoinc.htm
EX-31.1 - CERTIFICATION - Intelligent Living Inc.f10k2011ex31i_feelgolfcoinc.htm
EX-32.1 - CERTIFICATION - Intelligent Living Inc.f10k2011ex32i_feelgolfcoinc.htm
EX-31.2 - CERTIFICATION - Intelligent Living Inc.f10k2011ex31ii_feelgolfcoinc.htm
EX-32.2 - CERTIFICATION - Intelligent Living Inc.f10k2011ex32ii_feelgolfcoinc.htm
EXCEL - IDEA: XBRL DOCUMENT - Intelligent Living Inc.Financial_Report.xls
10-K - ANNUAL REPORT - Intelligent Living Inc.f10k2011_feelgolfcoinc.htm
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v2.4.0.6
Commitments and Contingencies
12 Months Ended
Dec. 31, 2011
Commitments and Contingencies [Abstract]  
COMMITMENTS & CONTINGENCIES
 
NOTE 9 - COMMITMENTS & CONTINGENCIES
 
Operating Leases
On February 1, 2007, the Company entered into a thirty-six month lease agreement with an unrelated party for approximately 5,500 square feet of manufacturing and office space in Salinas, California.  The following table summarizes the Company’s lease payments under operating lease agreements for the three years subsequent to December 31, 2011.
 
Year Ended-
 
December 31, 2011
 
    $ 37,200  
Total 
  $ 37,200  
 
On April 1, 2011, the Company re located the Company to Sanford, FL. The Company entered into a 2 year lease occupying the Seller’s 6,500 square feet building, owned by the seller.  Monthly lease payments are $3,750.
 
The Company subsequent to May 1, 2012 relocated and entered into a 1 year lease at $ 1890 per month. The lease has a 2 year auto renewal at no increase in its annual rent.
 
The Company recognizes lease expense on a straight-line basis over the life of the lease agreement. Contingent rent expense is recognized as it is incurred. Total rent expense in continuing operations from operating lease agreements was $47,650 and $37,200 for the years ended December 31, 2011 and 2010, respectively.
 
Factoring of accounts receivable
 
On May 5, 2011, the Company entered into a factoring arrangement with a third party  administrative and collateral agent (“The Receivables Exchange” or “TRE”), through whom the Company, from time to time, offers their billed accounts receivable for sale to third party buyers, subject to a repurchase obligation.  Per the agreement, the Company agrees and consents to the granting of a security interest in the traded receivables and collection proceeds in favor of the third party factor and the corresponding buyers of the Company’s traded receivables.  As of December 31, 2011, the total outstanding obligation to TRE totaled $48,214.
 
License agreement between Feel Golf and related parties
 
On February 14, 2011, the Company, coincident with the Pro Line acquisition, became the assigned successor in interest with respect to Pro Line’s interest in a licensing agreement between Pro Line, Inc, and Dinardo and Sons, Inc., the owner of certain patents related to the manufacturing, marketing, and selling of certain proprietary golf ball retrievers.
 
The agreement requires that commencing on February 15, 2011 and through December 31, 2011, Feel Golf shall pay royalties due 20 days after the end of the following reporting periods for the use of the patents, as follows:
 
Period                                  
 
Amount
 
       
2/15/11 to 6/30/ 11                           
  $ 8,438.00  
7/1/11 to 9/30/11                              
    5,625.00  
10/1/11 to 12/31/11                          
    5,625.00  
 
Commencing January 1, 2012, Feel Golf is obligated to pay Dinardo royalties in quarterly amounts of $5,625 for each quarter that the agreement is in effect.
 
Coincident with the rescission agreement between Feel Golf and Pro Line dated April 25, 2012; this agreement was also terminated when Feel Golf relinquished its rights to all Pro Line, Inc. trademarks and patents.
 
As of January 15, 2013, Feel Golf’s outstanding amount in arrears due to Dinardo is $11,250.
 
Litigation
The Company may be involved from time to time in ordinary litigation that may or may not have a material effect on its operations or finances.
 
In November 2011, the Company filed a breach of contract and conversion of assets against Pro Line Sports and its President and the individual, Albert James Light of Pro Line Sports.
 
The Company is aware presently of litigation against the Company and the Company's officers and directors in their capacity for an alleged patent telescopic shaft infringement commenced by the seller of Pro Line Sports, aka Igotcha Holdings. This as such could have a material impact on the Company's operations or finances.