On March 20th, the Security and Exchange Commission (SEC) issued an administrative release stating that ProElite was delinquent in its periodic filings with the Commission, having filed some but not all of the required periodic reports.
The release can be read below:
The order states the following:
” ProElite, Inc. (“PELE”) (CIK No. 1015789) is a New Jersey corporation located in Los Angeles, California with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). PELE is delinquent in its periodic filings with the Commission, having filed some but not all of the required periodic reports. The most recent filings were a Form 10-Q for the period ended September 30, 2008 and a Form 10-K for the period ended December 30, 2008, both filed November 21, 2011. The Form 10-K reported a net loss of $55,567,437 for the prior twelve months. The last report previously filed was for the period ended June 30, 2008, which was filed on August 19, 2008. As of March 16, 2012, the common stock of PELE was quoted on OTC Link (previously “Pink Sheets”) operated by OTC Markets Group, Inc. (“OTC Link”), had ten market makers, and was eligible for the “piggyback” exception of Exchange Act Rule 15c2-11(f)(3)”
Payout Perspective:
The SEC has requested for ProElite to file a response within 10 days from the day the order was issued. If PE fails to file an answer within the period granted, they could be deemed in default and the proceedings will determine the allegations against it to be true. The Administrative Law Judge will issue an initial decision no later than 120 days (around July/August of this year) regarding the allegations stated above.
In terms of ProElite and the SEC filing, Stratus Media Group (parent group of ProElite) CEO Paul Feller told MMAPayout that this “does not impact the daily operations of ProElite”, as it is a “total separate matter carried over from the old Pro Elite group.” He went on to state that “We’re doing all the necessary paperwork required to comply with the SEC and to lift the temporary hold placed on ProElite.” Feller expects a resolution to the matter in a “very short time frame”.
In terms of running the operation on a day-to-day basis, it is “business as usual” according ProElite Head of Fight Operations T.Jay Thompson. “We are thrilled to be where we are. We have a wonderful TV partner in HDNet and expect to continue that partnership and to grow with them under the new AXS TV brand, as they will further expand their reach into millions of homes.” ProElite is currently “re-fueling” and targeting a Summer date for their next event rumored to be held in California around June.
Seriously, 55 million?
aintitthetruth:
That’s why EliteXC went out of business years ago. Their expenses were astronomical.
Thank Gary Shaw for ruining that thing REAL good.
The new ProELITE won’t last long
Dear SEC try investigating Goldman Sachs, BOA or any hedge fund…
Deadbeat lazy-loser faux-regulators pretending they’re doing an important job, and spending our plundered millions in taxes wisely by chasing missing filings instead of direct corruption and rampant insider trading.
May 21, 2012 SEC filing by Stratus Media:
The Company has suffered losses from operations and without additional capital, currently lacks liquidity to meet its current obligations. The Company had a net loss for 2011 of $15,837,168 and a net loss of $2,478,742 for the three months ended March 31, 2012. As of March 31, 2012, the Company had negative working capital of $5,671,641 and accumulated deficit of $44,541,282. Unless additional financing is obtained, the Company may not be able to continue as a going concern. .