12. Notes payable

9 Months Ended

Sep. 30, 2013

Notes Payable [Abstract]

NOTE 12 - Notes payable

Notes payable were as follows:

	September 30,		December 31,
	2013		2012
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.  Secured by the assets of ProElite.  These notes are currently in default.	$	1,083,000	$	1,063,000
Note payable to a shareholder with original maturity of May 24, 2012, plus interest at 0.19%, that was secured by the assets of ProElite.   This note was converted into common stock in May 2013.		–		1,000,000
Note payable from ProElite to one party dated October 19, 2012 with original maturity of October 19, 2013.  Bears interest at 7% and was secured by the assets of ProElite.  This note was converted into common stock in May 2013.		–		500,000
Note payable by the Company to a shareholder dated August 9, 2013.  Bears interest at 7% and matures on August 9, 2013.  Contains mandatory conversion into security or securities totalling $10 million or more at the lesser of 50% of the selling price of such securities or the equivalent of $0.04 per share of common stock.  This note is secured by the assets of the Company		500,000		–
Note payable to the Company's outside law firm and represents the corporate and litigation fees due as of June 30, 2012.  This note bears interest at 3% and was due December 31, 2012.  This note is currently in default.		467,002		486,104
Notes payable to three holders dated May 11, 2012 with original maturity of the earlier of November 11, 2012 and was secured by the assets of the Company.  This note was converted into common stock in May 2013.		–		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 bears interest at 8%.  This note is currently in default.		275,000		275,000
Notes payable to one holder dated April 4, 2012 with original maturity on October 4, 2012 that was changed to January 4, 2013.  This note was converted into common stock in May 2013.		–		249,999
Notes payable to one holder dated March 5, 2013 with maturity on the earlier of September 5, 2013 or receipt by the Company of $200,000 in net proceeds from a private placement of Company securities.  This note does not bear interest and is not secured. This note is currently in default.		200,000		–
Note payable to a shareholder dated January 14, 2005, with original maturity of May 14, 2005, plus interest at 10%. Unsecured.  This note was written off in June 2013.		–		70,000
Note payable to a financing firm dated April 3, 2013 with maturity on December 31, 2014.  Unsecured and non-interest bearing. Convertible into common stock at $0.06 per share for a maximum of 833,333 shares		50,000		–
Note payable to a shareholder dated February 1, 2005 with original maturity of June 1, 2005, plus interest at 10%. Unsecured. This note was written off in June 2013.		–		10,000
	$	2,575,002	$	4,004,103

The notes of $70,000 and $10,000 outstanding as of December 31, 2012 were written off in June 2013 since there have been no actions taken to collect on these notes and the statute of limitations for collecting on these notes has passed. The gain of $80,000 for the writeoff of these notes was reflected in other income for the nine months ended September 30, 2013.