NOTE 10 – SUBSEQUENT EVENTS
On April 25, 2012-Pro Line Sports and Feel Golf agreed to rescind the Acquisition. As a result, Feel Golf agreed to relinquish its rights to all trademarks and patents associated with the Pro Line brand, sell back related inventory to the original seller, vacate the premises formerly occupied by Pro Line Sports without recourse,, and abandon certain tangible fixed assets in the Company’s care, custody, and control which were associated with the original Pro Line acquisition. Pro Line Sports, as consideration, agreed to cancel Feel Golf’s related party note payable with prejudice. As of the April 25 settlement, both parties are now separate entities.
The Company is aware presently of litigation as of October 11, 2012 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. Settlement talks are ongoing as of this filing date.
Between January 1 and February 15, 2011 the Company issued 515,027 common shares in exchange for $50,660 in convertible debt.
On January 18, 2011 the Company issued 50,000 common shares to Taconic Corporation for note holder's convertible note conversion in lieu of cash payment to the note holder
On January 20, 2011 the Company issued 8,000 shares of common stock to Vince Trapasso for liaison services to Asher Enterprise, a note holder
On January 11, 2011 the Company entered into 8% convertible note for $40,000. The note is convertible into the Company’s common stock at a 51% discount to the lowest three trading prices in the preceding 10 day period. The note is unsecured and is due nine months from issuance.