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11. Notes payable (Tables) | 9 Months Ended
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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 |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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