XML 34 R30.htm IDEA: XBRL DOCUMENT v2.4.0.6
11. Notes payable (Tables)
 9 Months Ended
Sep. 30, 2012
Notes Payable Tables  
Debt Disclosure

September 30,     December 31,    
    2012     2011  
Notes payable from ProElite to various individuals dated October 20, 2011 with   maturity of July 20, 2012, plus interest at 8%, convertible into common stock of ProElite at noteholder's election.  These notes are currently in default.  Secured by the assets of ProElite.   $ 1,063,000     $ 415,000  
                 
Note payable to a shareholder upon the earlier of completion of $1,000,000 in funding, or May 24, 2012, plus interest at 0.19%, secured by the assets of ProElite.  This note is in default. The noteholder has a warrant to purchase ProElite shares at $0.05 per share that increases each month when the loan is in default.  As of September 30, 2012, the noteholder had a resulting warrant to purchase 15.5 percent of ProElite.     1,000,000       –  
                 
Note payable to the Company's outside law firm and represents the corporate and litigation fees as of June 30, 2012.  This note is presented net of $249,824 of assumed remibursements from the Company's D&O carrier.  This note bears interest at 3% and is due December 31, 2012.     364,317       –  
                 
Notes payable to three holders dated May 11, 2012 with maturity of the earlier of November 11, 2012 or when a finacing is completed of $2,000,000 or more, plus interest at 10%, secured by the assets of the Company.  This note is in default.     350,000       –  
                 
Notes payable to 11 investors dated July 9, 2012 with maturity date on the earlier of a $2 million capital raise by the company, or February 6, 2013, and bear interest at 8%.     309,000       –  
                 
Notes payable to one holder dated April 4, 2012 with maturity on October 4, 2012, plus interest at 10%. Unsecured.  This note is in default.     249,999       –  
                 
Note payable to a shareholder dated January 14, 2005, with maturity of May 14, 2005, plus interest at 10%.  Unsecured.  This note is in default.     70,000       70,000  
                 
Note payable to a shareholder dated February 1, 2005 with maturity of June 1, 2005, plus interest at 10%.  Unsecured.  This note is in default.     10,000       10,000  
                 
Note payable to non-shareholder.  Payable on demand and does not bear interest     10,000       60,000  
    $ 3,426,316     $ 555,000