**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

|   |   |                                                                                                                     |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------|
| þ |   | **Quarterly                report under Section 13 or 15(d) of the Securities Exchange Act of                1934** |

**For      the quarterly period ended March 31, 2007 **

|   |   |                                                                                                   |
|--------|--------|--------------------------------------------------------------------------------------------------------|
| o      |   | **Transition                report under Section 13 or 15(d) of the Exchange                Act** |

**For      the transition period from **
**                    **
**      To **
**                    **
** **

**Commission      file number 333-139982**

**ProElite,      Inc.**

| New                Jersey                                                                      |   | 22-3161866                                                          |
|------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------|
| (State                or Other Jurisdiction of Incorporation                  or Organization) |   | (I.R.S.                EmployerIdentification                  No.) |

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**ProElite,      Inc.**

**INDEX**

|                                                                             |                                                                                                            |                  **Page                No.**            |
|----------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|
|                                                                             |                  **PART                I. FINANCIAL INFORMATION**                                               |                                          |
| Item 1                                                                      |                  Condensed                Consolidated Financial Statements                                     |                    3                          |
|                                                                             |                  Condensed                Balance Sheets March 31, 2007 and December 31, 2006         |                    3                          |
|                                                                             |  Condensed              Statement of Changes in Shareholders’ Equity                                      |  4                                                      |
|                                                                             |                  Condensed Statement of Operations Three-month periods ended March 31,                2007 |     5                          |
|                                                                             |                  Condensed                Statement of Cash Flows Three-month periods ended March 31, 2007 |     6                          |
|                                                                             |                  Notes                to Condensed Financial Statements                                         |     7                          |
| Item 2                                                                      |                  Management’s                Discussion and Analysis or Plan of Operation                 |                    13                    |
| Item 3                                                                      |                  Controls                and Procedures                                                         |                    17                    |
|                                                                             |                  **PART                II. OTHER INFORMATION**                                                  |                                          |
| Item 1                                                                      |                  Legal                Proceedings                                                               |                    18                    |
| Item 2                                                                      |                  Unregistered                Sales of Equity Securities and Use of Proceeds                     |                    18               |
| Item 3                                                                      |                  Defaults                Upon Senior Securities                                                 |                     18    |
| Item 4                                                                      |                  Submission                of Matters to a Vote of Security Holders                             |                     18    |
| Item 5                                                                      |                  Other                Information                                                               |     18                              |
| Item 6                                                                      |                  Exhibits                                                                                       |                    18               |
|                                                                             |                  Signatures                                                                                     |                    18               |
|                                                                             |                  Exhibit Index                                                                             |                    18               |
|  302                Certification of Chief Executive Officer                |
|  302                Certification of Chief Financial Officer                |
|  906                Certification of Chief Executive Officer                |
|  906                Certification of Chief Financial                Officer |

----

**PART      I. FINANCIAL INFORMATION** 

**Item 1.      Condensed Consolidated Financial Statements.** 

**ProElite,      Inc.**

**Condensed      Consolidated Balance Sheets**

|                                                                                                                                                                                                                                      |   | **March                31, 2007**  |       | **December                31, 2006**  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|------------|--------------------------------------------|--------|
|                                                                                                                                                                                                                                      |   | (unaudited)                             |       |                                       |   |
| **Assets**                                                                                                                                                                                                                                |   |                                    |            |                                       |   |  |   |
| Current                assets                                                                                                                                                                                                             |   |                                    |            |                                       |   |  |   |
| Cash                and cash equivalents                                                                                                                                                                                                  |   | $                                       | 9,072,290  |                                       | $      | 7,295,825 |   |
| Restricted                cash                                                                                                                                                                                                            |   |                                    | 75,000     |                                       |   | - |   |
| Accounts                receivable                                                                                                                                                                                                        |   |                                    | 12,250     |                                       |   | - |   |
| Advance                to Orientations                                                                                                                                                                                                    |   |                                    | 65,881     |                                       |   | 65,881 |   |
| Prepaid                expenses                                                                                                                                                                                                           |   |                                    | 121,424    |                                       |   | 165,745 |   |
| Rent                deposit                                                                                                                                                                                                               |   |                                    | 38,184     |                                       |   | 16,683 |   |
| Total                current assets                                                                                                                                                                                                       |   |                                    | 9,385,029  |                                       |   | 7,544,134 |   |
| Fixed                assets, net                                                                                                                                                                                                          |   |                                    | 747,734    |                                       |   | 157,733 |   |
| Other                assets                                                                                                                                                                                                               |   |                                    |            |                                       |   |  |   |
| Prepaid                distribution costs, net                                                                                                                                                                                            |   |                                    | 1,079,665  |                                       |   | 572,880 |   |
| Prepaid                license fees, net                                                                                                                                                                                                  |   |                                    | 161,533    |                                       |   | 176,677 |   |
| Deposits                and other assets                                                                                                                                                                                                  |   |                                    | 109,415    |                                       |   | 33,294 |   |
| Total                other assets                                                                                                                                                                                                         |   |                                    | 1,350,613  |                                       |   | 782,851 |   |
| Total                assets                                                                                                                                                                                                               |   | $                                       | 11,483,376 |                                       | $      | 8,484,718 |   |
| **Liabilities                and Shareholders’ Equity**                                                                                                                                                                             |   |                                    |            |                                       |   |  |   |
| Current                liabilities                                                                                                                                                                                                        |   |                                    |            |                                       |   |  |   |
| Accounts                payable and accrued expenses                                                                                                                                                                                      |   | $                                       | 624,663    |                                       | $      | 208,283 |   |
| Accounts                payable - related party                                                                                                                                                                                           |   |                                    | 664,510    |                                       |   | - |   |
| Other                accrued liabilities                                                                                                                                                                                                  |   |                                    | 346,572    |                                       |   | 346,572 |   |
| Deferred                revenue                                                                                                                                                                                                           |   |                                    | 250,000    |                                       |   | - |   |
| Registration                rights liability                                                                                                                                                                                              |   |                                    | 200,000    |                                       |   | 300,000 |   |
| West                Coast settlement                                                                                                                                                                                                      |   |                                    | 150,000    |                                       |   | - |   |
| Total                liabilities                                                                                                                                                                                                          |   |                                    | 2,235,745  |                                       |   | 854,855 |   |
| Commitments                and contingencies                                                                                                                                                                                              |   |                                    |            |                                       |   |  |   |
| Shareholders’                equity                                                                                                                                                                                                 |   |                                    |            |                                       |   |  |   |
| Preferred                stock, $0.0001 par value, 20,000,000 shares authorized, 0 shares                issued                                                                                                                           |   |                                    | -          |                                       |   | - |   |
| Common                stock, $0.0001 par value, 250,000,000 shares authorized, 42,500,000                and                37,499,999 shares issued and outstanding at March 31, 2007 and December                31, 2006, respectively |   |                                    | 4,250      |                                       |   | 3,750 |   |
| Additional                paid-in-capital                                                                                                                                                                                                 |   |                                    | 18,046,183 |                                       |   | 11,875,968 |   |
| Accumulated                deficit                                                                                                                                                                                                        |   |                                    | (8,802,802 | )                                          |   | (4,249,855 | ) |
| Total                shareholders’ equity                                                                                                                                                                                           |   |                                    | 9,247,631  |                                       |   | 7,629,863 |   |
| Total                liabilities and shareholders’ equity                                                                                                                                                                           |   | $                                       | 11,483,376 |                                       | $      | 8,484,718 |   |

----

**ProElite,      Inc.**

**Condensed      Consolidated Statement of Operations**

* *

|                                               |   | **Three                Months Ended****March                31, 2007**   |       |
|----------------------------------------------------|--------|------------------------------------------------------------------------------------|------------|
| Revenue                                            |   | $                                                                                  | 314,604    |   |
| Cost                of revenue                     |   |                                                                               | 1,735,724  |   |
| Cost                of revenue - related party     |   |                                                                               | 664,510    |   |
| Total                cost of revenue               |   |                                                                               | 2,400,234  |   |
| Gross                loss                          |   |                                                                               | (2,085,630 | ) |
| Operating                expenses                  |   |                                                                               |       |   |
| Marketing                                          |   |                                                                               | 103,529    |   |
| Web                site operations                 |   |                                                                               | 415,170    |   |
| General                and administrative expenses |   |                                                                               | 2,064,842  |   |
| Total                operating expenses            |   |                                                                               | 2,583,541  |   |
|  Operating                loss                |   |                                                                               | (4,669,171 | ) |
| Other                income                        |   |                                                                               |            |   |
| Interest                income                     |   |                                                                               | 116,224    |   |
| Total                other income                  |   |                                                                               | 116,224    |   |
| Loss                before income taxes            |   |                                                                               | (4,552,947 | ) |
| Income                taxes                        |   |                                                                               | -          |   |
| Net                loss                            |   | $                                                                                  | (4,552,947 | ) |
| Loss                per share                      |   |                                                                               |            |   |
| Basic                and diluted                   |   | $                                                                                  | (0.11      | ) |
| Weighted                average shares outstanding |   |                                                                               |            |   |
| Basic                and diluted                   |   |                                                                               | 42,277,778 |   |

----

**ProElite,      Inc.**

**Condensed      Consolidated Statements of Changes in Shareholders’ Equity**

* *

|                                                      |   | **Common                Stock ** |             | **Additional                Paid-** |   |       | **Accumulated** |   |                          | **Total                Shareholders’** |   |
|-----------------------------------------------------------|--------|---------------------------------------|------------------|-------------------------------------|--------|------------|-----------------|--------|-------------------------------|----------------------------------------------|--------|
|                                                 |   |                                  | **Shares ** |                                |   | **Amount** |            |   | **In                Capital** |                                         |   | **Deficit** |   |   | **Equity** |   |
| Balance                at December 31, 2006               |   |                                  | 37,499,999       |                                | $      | 3,750      |            | $      | 11,875,968                    |                                         | $      | (4,249,855 | ) | $ | 7,629,863 |   |
| Common                stock and warrant issued for cash   |   |                                  | 5,000,001        |                                |   | 500        |            |   | 4,999,500                     |                                         |   | - |   |   | 5,000,000 |   |
| Warrant                issued to Showtime                 |   |                                  | -                |                                |   | -          |            |   | 608,000                       |                                         |   | - |   |   | 608,000 |   |
| Stock                options and warrants expense         |   |                                  | -                |                                |   | -          |            |   | 462,715                       |                                         |   |   |   |   | 462,715 |   |
| Reduction                of registration rights liability |   |                                  | -                |                                |   | -          |            |   | 100,000                       |                                         |   | - |   |   | 100,000 |   |
| Net                loss                                   |   |                                  | -                |                                |   | -          |            |   | -                             |                                         |   | (4,552,947 | ) |   | (4,                552,947 | ) |
| Balance                at March 31, 2007                  |   |                                  | 42,500,000       |                                | $      | 4,250      |            | $      | 18,046,183                    |                                         | $      | (8,802,802 | ) | $ | 9,247,631 |   |

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**ProElite,      Inc.**

**Condensed      Consolidated Statement of Cash Flows**

* *

|                                                                                                |   |   | **Three                Months Ended March 31,                2007** |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------|--------|
| Cash                flows from operating activities                                                      |   |   |                                                                     |   |
| Net                loss                                                                                  |   | $      | (4,552,947                                                          | )      |
|                                                                                                     |   |   |                                                                     |   |
| Adjustments                to reconcile net loss to net cash used in operating                activities |   |   |                                                                     |   |
| Stock-                and warrant- based compensation                                                    |   |   | 462,715                                                             |   |
| Depreciation                and amortization                                                             |   |   | 144,484                                                             |   |
|  Change                in operating assets and liabilities:                                         |   |   |                                                                     |   |
| Increase                in accounts receivable                                                           |   |   | (12,250                                                             | )      |
| Increase                in prepaid expense and other assets                                              |   |   | (86,595                                                             | )      |
| Increase                in accounts payable and accrued expenses                                         |   |   | 1,230,890                                                           |   |
| Increase                in deferred revenue                                                              |   |   | 250,000                                                             |   |
| Net                Cash used in operating activities                                                     |   |   | (2,563,703                                                          | )      |
| Cash                flows from investing activities                                                      |   |   |                                                                     |   |
| Purchase                of fixed assets                                                                  |   |   | (584,832                                                            | )      |
| Cash                flows from financing activities                                                      |   |   |                                                                     |   |
| Cash                pledged as collateral for credit card facility                                       |   |   | (75,000                                                             | )      |
| Issuance                of common stock and warrant for cash                                             |   |   | 5,000,000                                                           |   |
| Net                Cash provided by financing activities                                                 |   |   | 4,925,000                                                           |   |
| Net                increase in cash                                                                      |   |   | 1,776,465                                                           |   |
| Cash                and cash equivalents at beginning of period                                          |   |   | 7,295,825                                                           |   |
| Cash                and cash equivalents at end of period                                                |   | $      | 9,072,290                                                           |   |
|                                                                                                     |   |   |                                                                     |   |
| Supplemental                disclosure of cash flow information:                                         |   |   |                                                                     |   |
| Cash                paid during the period for:                                                          |   |   |                                                                     |   |
| Interest                                                                                                 |   | $      | -                                                                   |   |
| Income                taxes                                                                              |   | $      | -                                                                   |   |

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**ProElite,      Inc.**

**Notes      to Condensed Consolidated Financial Statements**

|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Note                1 |   | **Basis                of Presentation**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                  |   |  Financial                Statement Presentation The                accompanying unaudited condensed consolidated financial statements                of                ProElite, Inc., a New Jersey company (“ProElite” or the “Company”), and                its subsidiaries, have been prepared in accordance with the rules                and                regulations of the Securities and Exchange Commission for Form 10-QSB.                Accordingly, certain information and footnote disclosures, normally                included in financial statements prepared in accordance with generally                accepted accounting principles, have been condensed or omitted pursuant                to                such rules and regulations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                  |   | In                the opinion of management, these financial statements reflect all                adjustments which are considered necessary for a fair presentation.                These                financial statements should be read in conjunction with the audited                consolidated financial statements included in our registration statement                on Form SB-2 for the year ended December 31, 2006. Operating results                for                interim periods are not necessarily indicative of operating results                for an                entire fiscal year or any other future periods.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                  |   | The                Company was formed in August 2006 and was considered a development                stage                company until the first quarter of 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                  |   | In                May 2007, the Company, by consent of its shareholders, changed its                name                from “Pro Elite, Inc.” to “ProElite, Inc.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                  |   |  **Revenue                Recognition** The                Company earns revenue primarily from ticket sales. The Company also                earns                incidental revenue from merchandise sales, sponsorship at live events,                and                distribution agreements. Ticket sales are managed by third-parties,                ticket                agencies and live event venues. Revenue from ticket sales is recognized                at                the time of the event when the venue provides final attendance reporting                to the Company. Revenue from merchandise sales is recognized at the                point                of sale at live event concession stands. Revenue from sponsorship                and                distribution agreements is recognized in accordance with the contract                terms, which are generally at the time events occur.  **Cost                of Revenue** Costs                related to live events are recognized when the event occurs. Event                costs                incurred prior to an event are capitalized to prepaid costs and then                expensed at time of the event. Costs primarily include: TV production,                fighter purse, arena, travel and transportation, advertising, officiating,                and set design.  |
| Note                2 |   | **Net                Loss Per Share**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                  |   | Net                loss per share was calculated by dividing the net loss by the weighted                average number of shares outstanding during the period. The following                table summarizes the shares of stock included in calculating earnings                per                share for the three months ended March 31, 2007 in accordance with                FASB Statement 128 (“SFAS 128”), *Earnings                per Share*:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

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| Weighted-average                common shares outstanding - basic     |   |   | 42,277,778 |   |
|-----------------------------------------------------------------------|--------|--------|------------|--------|
| Dilutive                effect of stock options and warrants          |   |   | -          |   |
| Equivalent                average common shares outstanding - diluted |   |   | 42,277,778 |   |

|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                  |   | The                effect of options and warrants (12,256,667) are excluded for the                three                month period ended March 31, 2007 because the effect is                anti-dilutive.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Note                3 |   | **Income                Tax Expense**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                  |   | The                provision for income taxes in the three months ended March 31, 2007                was offset by an increase in the deferred tax asset valuation allowance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                  |   | During                the quarter ended March 31, 2007, the Company implemented FASB                Interpretation No. 48, *Accounting                for Uncertainty in Income Taxes—an Interpretation of FASB Statement 109                (“FIN 48”)*,                which clarifies the accounting for uncertainty in tax positions.                This                Interpretation provides that the tax effects from an uncertain tax                position can be recognized in the financial statements, only if the                position is more likely than not of being sustained on audit, based                on the                technical merits of the position. The provisions of FIN 48 are effective                as of the beginning of fiscal 2007, with the cumulative effect of                the                change in accounting principle recorded as an adjustment to opening                retained earnings. The adoption on FIN 48 did not have an effect                on the                net loss for the quarter ended March 31, 2007 and no adjustment was                made to opening retained earnings. Interest and penalties related                to any                uncertain tax positions would be accounted for as a long term liability                with the corresponding expense being charged to current period                non-operating expense. As of March 31, 2007, the Company has                recognized no liability related to interest or penalties. The total                amount                of unrecognized tax benefits that if recognized would affect the                Company’s                effective tax rate is zero based on the fact that the Company currently                has a full reserve against our unrecognized tax                benefits. |

| Note                4 |   | **Liabilities**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                  |   | *Other                Accrued Liabilities*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                  |   | In                connection with the reverse merger of the Company and the predecessor                registrant (see Note 1 of the Company’s financial statements in the                registration statement on Form SB-2 declared effective May 14, 2007),                the                Company assumed accounts payable of approximately $210,000 and notes                payable of approximately $137,000, which existed at the time the                predecessor registrant ceased operations. At March 31, 2007, these                liability balances remained unchanged from the date of the reverse                merger.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                  |   | *Registration                Rights Liability*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                  |   | In                connection with the October 2006 private placement, the Company entered                into a Registration Rights Agreement with its investment banker.                The                agreement calls for the Company to pay monthly “liquidated damages” to the                investment banker if the Company’s registration statement is not declared                effective by the Securities and Exchange Commission by March 15,                2007. The                liquidated damages commenced on March 16, 2007 and were calculated                at 1%                per month of the gross private placement proceeds ($10 million) for                up to                24 months for each month that the registration statement was not                declared                effective. The registration statement was declared effective on May                14,                2007, two months after the liquidated damages commenced. At December                31,                2006, management estimated the registration statement would be declared                effective three months following March 15, 2007; and, accordingly,                accrued                a liability of $300,000 at December 31, 2006. At March 31, 2007,                the                liability was reduced by $100,000 to $200,000 (two months of liquidated                damages) with a corresponding increase to additional paid in                capital. |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

| Note                5 |   | **Commitments**                                                                                                                                                                                                                                                                                                                                                                          |
|-----------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                     |
|                  |   | In                March 2007, the Company entered into a non-cancelable lease for office                space and paid a deposit of $109,415 to the landlord. The Company                took                possession of the office space and began paying rent in June 2007.                The                lease agreement calls for the following annual minimum lease payments: |

| Year                ending December 31, |   |   | Amount    |   |
|-----------------------------------------|--------|--------|-----------|--------|
| 2007                                    |   | $      | 213,000   |   |
| 2008                                    |   |   | 384,000   |   |
| 2009                                    |   |   | 399,000   |   |
| 2010                                    |   |   | 415,000   |   |
| 2011                                    |   |   | 432,000   |   |
| 2012                                    |   |   | 219,000   |   |
|                                    |   | $      | 2,062,000 |   |

| Note                6 |   | **Litigation                and Potential Claims**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                  |   |  On                January 2, 2007, the Company filed a lawsuit against Wallid in the                Superior Court for the State of California, County of Los Angeles.                In our                lawsuit, we seek a judicial declaration that the allegations in the                demand                letter are false. In addition, the lawsuit alleges that Wallid has                misappropriated the Company’s business plan and other confidential and                proprietary information, that Wallid has been unjustly enriched at                the                Company’s expense, that Wallid is engaging in unfair competition with the                Company, and that Wallid’s actions violate California Business and                Professions Code sections 17200, et                seq.                On                January 3, 2007, we sent the summons and complaint in the lawsuit                to                Wallid’s counsel, along with a request that Wallid’s counsel accept                service of process.  In                mid-January, 2007, Wallid filed suit in the United States District                Court                for the District of New Jersey against the Company, Doug DeLuca,                David                Marshall, Kurt Brendlinger, Eric Pulier, and Santa Monica Capital                Partners. On February 1, 2007, having not served the original complaint,                Wallid filed an amended complaint. Wallid alleges that the “defendants”                formed I-Fight, Inc. with Wallid, that Wallid owned 40% of I-Fight,                Inc.,                that the parties formed Real Sport, Inc. to serve as a holding company                for                I-Fight, Inc. and Wallid was given a 40% equity interest in Real                Sport,                and that the defendants agreed to pay Wallid a salary of $250,000                per year                to organize and promote mixed martial arts events for I-Fight, Inc.                Wallid                alleges that the defendants then ousted him from the venture on the                eve of                a private offering and subsequent reverse merger to take I-Fight,                Inc.                public. Wallid alleges that his shares in Real Sport should have                been                exchanged for an interest in the Company and seeks a judicial declaration                that he is the owner of a 23.53% to 26.67% equity interest in the                Company.                Wallid also seeks damages in excess of $75,000 and punitive damages                of no                less than $10 million. The Company has not yet been served with process                in                this action. The Company denies Wallid’s allegations and intends to assert                a vigorous defense. |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                  |   | West                Coast filed a civil action against Frank “Shamrock” Juarez (“Shamrock”) on                January 23, 2007, and sought and obtained a temporary restraining                order                which prohibited Shamrock from fighting in the Company’s February 10, 2007                event. The Company subsequently entered into a settlement agreement                on                February 5, 2007, pursuant to which West Coast dismissed its civil                action                and agreed to permit Shamrock to fight in the February 10, 2007 event.                The                Company agreed to pay an aggregate of $250,000 to West Coast, out                of the                compensation due to Shamrock from the Company under the personal                services                agreement. The Company also entered into a co-promotion agreement                with                West Coast, pursuant to which it agreed to co-promote up to three                live MMA                events that feature Shamrock. To date the Company has paid West Coast                $100,000 of the $250,000 owed. The remaining portion totaling $150,000                will be paid to West Coast from future co-produced events. A liability                has                been accrued for the $150,000 at March 31, 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                  |   | On                March 22, 2007, Zuffa, LLC filed a complaint against Showtime Networks                and                the Company in which it alleges that the defendants infringed Zuffa’s                copyrights for footage from certain Ultimate Fighting Championship                events                and alleges that the defendants utilized portions of Zuffa’s copyrights in                the televised broadcast of the February 10, 2007 MMA event that was                held                at the Desoto Civic Center in Southaven, Mississippi. Zuffa has alleged                causes of action for copyright infringement and unfair competition,                and                seeks injunctive relief, compensatory damages or statutory damages,                and                litigation expenses. Zuffa has not specified the amount of monetary                damages it seeks. The Company and Showtime have filed a motion to                dismiss                the case, and the parties to the lawsuit are currently waiting for                a                decision from the court.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

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| Note                7 |   | **Shareholders’                Equity**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|-----------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                  |   | *Stock-Based                Compensation*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                  |   | The                Company currently offers a stock-based compensation plan to its employees,                directors and consultants. These plans are administered by the                Compensation Committee of the Board of Directors, which recommends                to the                Board persons eligible to receive awards and the number of shares                and/or                options subject to each award, the terms, conditions, performance                measures, and other provisions of the award. Refer to Note 12 of                the                Company’s financial statements in Form SB-2 for the period ended                December 31, 2006 for additional information related to the Company’s                stock based compensation plans.                                                                                            |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                  |   | The                Company accounts for stock-based compensation arrangements with its                employees and directors in accordance with SFAS No. 123 (revised),                “Share-Based Payment” (SFAS No. 123R). Under the fair value                recognition provisions of SFAS No. 123R, the Company measures                stock-based compensation cost at the grant date based on the fair                value of                the award and recognizes compensation expense over the requisite                service                period, which is generally the vesting period. For the three months                ended                March 31, 2007, the Company incurred $337,000 of expense related to                stock based compensation under this plan and $126,000 of expense                related                to warrants. |

*Stock      Options*

|                                   |   |   | March                31, 2007 |   |
|----------------------------------------|--------|--------|-------------------------------|--------|
| Black-Scholes                Model:    |   |   |                               |   |
| Risk-free                interest rate |   |   | 4.5%                - 4.84    | %      |
| Expected                life, in years |   |   | 6.5                           |   |
| Expected                volatility     |   |   | 60.0                          | %      |
| Dividend                yield          |   |   | 0.0                           | %      |

|                                                          |   |   | Plan                Options |   |   | Weighted                Average Exercise Price |   |
|---------------------------------------------------------------|--------|--------|-----------------------------|--------|--------|------------------------------------------------|--------|
| Outstanding                at December 31, 2006          |   |   | 1,570,000                   |   | $      | 2.00                                           |   |
| Granted                                                       |   |   | 2,610,000                   |   | $      | 2.00                                           |   |
| Expired                                                       |   |   | -                           |   |   | -                                              |   |
| Exercised                                                     |   |   | -                           |   |   | -                                              |   |
| Outstanding                at March 31, 2007             |   |   | 4,180,000                   |   | $      | 2.00                                           |   |
| Outstanding                Exercisable at March 31, 2007 |   |   | 290,833                     |   | $      | 2.00                                           |   |

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*Warrants*

|                                                     |   |   | Warrants   |   |   | Weighted                Average Exercise Price |   |
|----------------------------------------------------------|--------|--------|------------|--------|--------|------------------------------------------------|--------|
| Outstanding                at December 31, 2006          |   |   | 10,453,333 |   | $      | 1.92                                           |   |
| Granted                                                  |   |   | 4,556,667  |   |   | 2.00                                           |   |
| Expired                                                  |   |   | -          |   |   | -                                              |   |
| Exercised                                                |   |   | -          |   |   | -                                              |   |
| Outstanding                at March 31, 2007             |   |   | 15,010,000 |   | $      | 1.95                                           |   |
| Outstanding                exercisable at March 31, 2007 |   |   | 12,025,556 |   | $      | 1.93                                           |   |

*SHOWTIME      Securities Purchase*

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| Note                8 |   | **Related                Party Transactions** |
|-----------------------|--------|-----------------------------------------------|

| Note                9 |   | **Subsequent                Events.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                  |   | On                April 3, 2007, 320,000 shares of the Company’s common stock were issued                to MMA Entertainment, Inc., an affiliate of Frank Juarez                “Shamrock”, for personal services provided by Shamrock to the                Company. The term of the agreement is three years. Shamrock’s duties                include media interviews, on-camera interviews during live events,                serving                as a spokesperson at press conferences, maintaining and performing                live                chats on the Company website, and participating in a reality-based                television series. In connection with this agreement the Company                valued                the shares at $2.00 per share, the then fair market value, or $640,000                which will be expensed over the term of the agreement. The shares                are                subject to a two-year lock-up agreement and will vest in equal quarterly                installments over the term of the agreement. The investor is restricted                from selling any shares for the first two years of the term. If the                agreement is terminated prior to the end of the term then the unvested                portion of shares will be returned to the Company and the Company                will                have no further obligation to either Shamrock or his                affiliate(s).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                  |   | On                June 2, 2007, the Company co-produced a live event at the Los Angeles                Coliseum in conjunction with FEG USA, Inc. Through June 20, 2007,                the                Company has received approximately $500,000 of the $700,000 expected                from                FEG USA, Inc. for producing the event..                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                  |   | In                June 2007, the Company began preparing a private placement for a                maximum                of $60,000,000 of Units, with each Unit consisting of one share of                common                stock and one-half of a five year warrant to purchase common stock.                Ten                percent of the Units, not to exceed $5 million, may include shares                of                common stock offered by certain selling shareholders (the “Selling                Shareholders”), including shares underlying warrants and options held by                certain of them. The Company will not receive any of the proceeds                from the                sale of securities by these Selling Shareholders. The                purchase price of each unit is $7.00 and the warrants included in                the                Units have an exercise price of $7.00 per share. The maximum number                of                shares and warrants to be issued in the private placement would be                8,571,429 and 4,285,714, respectively. The Company has agreed to                pay a                placement fee to its investment banker of cash equal to 10% of the                proceeds raised and a five-year warrant to purchase an equivalent                number                of common shares as sold in the private placement at $7.00 per share.                The                terms of the private placement provide full anti-dilution protection                to                investors in the private placement for 24 months following registration                with the Securities and Exchange Commission of these common stock                and                warrants against future financings with issuance prices less than                $7.00                per share. Additionally, the private placement agreement requires                the                Company to register the common shares sold with the Securities and                Exchange Commission (“SEC”) within 45 days of closing the offering or is                not declared effective by the SEC within 90 days from the initial                filing                of the registration statement.. The private placement agreement calls                for                the Company to pay, in cash, liquidated damages in an amount equal                to 1%                of the purchase price per month if the shares are not registered                within 45                days. |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                  |   | In                April 2007, the Company granted 205,000 options and 20,000 warrants                to                purchase common stock to employees and consultants. The option strike                prices ranged from $2.00 to $3.25 per share. The value of these options                and warrants was calculated as approximately $130,000 using the                Black-Scholes option pricing model. The value will be charged to                expense                over the expected term of the grants (5 to 6.5 years) or service                period,                if shorter.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                  |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                  |   | In                June 2007, the Company signed an agreement with JMPB, Inc. to produce                a                television reality show featuring fighters from the Company’s EliteXC                division. In consideration therewith, the Company issued                warrants to purchase up to 17,000,000 shares of common stock to the                producer as consideration. The value and vesting of these shares                will be                determined based upon certain performance criteria as defined in                the                agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

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**Item 2.      Management’s Discussion and Analysis or Plan of Operation.**

*Overview*

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**Lifelogger**

**Rumble      World Entertainment**

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**Showtime**

*Private      Placements *

----

**Shamrock**

**Results      of Operations**

***For      the three-month period ended March 31, 2007.***

***Revenue.***

***Gross      Loss.***

***Marketing      Expenses.***

***Web      site operations.***

***General      and Administrative Expenses.***

***Loss      from Operations***

***Net      Loss***

***Liquidity      and Capital Resources***
**.      **

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**Item 3.      Controls and Procedures.** 

*Evaluation      of disclosure controls and procedures.*

*Changes      in internal controls*

***Forward      Looking and Cautionary Statements***

*This      Form 10QSB contains certain forward-looking statements. For example, statements      regarding our financial position, business strategy and other plans and      objectives for future operations, and assumptions and predictions about future      product demand, supply, manufacturing, costs, marketing and pricing factors      are      all forward-looking statements. These statements are generally accompanied      by      words such as “intend,” “anticipate,” “believe,” “estimate,” “potential(ly),”“continue,” “forecast,” “predict,” “plan,” “may,” “will,” “could,” “would,”“should,” “expect” or the negative of such terms or other comparable      terminology. We believe that the assumptions and expectations reflected in      such      forward-looking statements are reasonable, based on information available to      us      on the date hereof, but we cannot assure you that these assumptions and      expectations will prove to have been correct or that we will take any action      that we may presently be planning. However, these forward-looking statements      are      inherently subject to known and unknown risks and uncertainties. Actual results      or experience may differ materially from those expected or anticipated in the      forward-looking statements. Factors that could cause or contribute to such      differences include, but are not limited to, regulatory policies, competition      from other similar businesses, and market and general policies, competition      from      other similar businesses, and market and general economic factors. This      discussion should be read in conjunction with the condensed consolidated      financial statements and notes thereto included in this      prospectus.*

*If      one or more of these or other risks or uncertainties materialize, or if our      underlying assumptions prove to be incorrect, actual results may vary materially      from what we project. Any forward-looking statement you read in this prospectus      reflects our current views with respect to future events and is subject to      these      and other risks, uncertainties and assumptions relating to our operations,      results of operations, growth strategy, and liquidity. All subsequent      forward-looking statements attributable to us or individuals acting on our      behalf are expressly qualified in their entirety by this paragraph. You should      specifically consider the factors identified in this prospectus, which would      cause actual results to differ before making an investment decision. We are      under no duty to update any of these forward-looking statements after the date      of this prospectus or to conform these statements to actual      results.*

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**PART      II. OTHER INFORMATION** 

**Item 1.      Legal Proceedings.** 

**Item 2.      Unregistered Sales of Equity Securities and Use of Proceeds** 

**Item 3.      Defaults Upon Senior Securities** 

**Item 4.      Submission of Matters to a Vote of Security Holders** 

**Item 5.      Other Information** 

**Item 6.      Exhibits.** 

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**SIGNATURES** 

| Date:              June 28, 2007 | PROELITE,                INC.                                                                    |
|----------------------------------|--------------------------------------------------------------------------------------------------|
|                        |                                                                                        |   |
|                             | By:                                                                          | /s/ Douglas              DeLuca |
|                             | Douglas              DeLuca, Chief Executive Officer(Principal                Executive Officer) |
|                             |                                                                                             |

|   |                                                                                                                                                           |                                   |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|
|   | And:                                                                                                                                                      | /s/ Edward              G. Hanson |
|   | Edward                G. Hanson, Chief Financial Officerand Chief Accounting                Officer(Principal                Financial and Accounting Officer) |

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**EXHIBIT      INDEX**

**Form 10-QSB**

**Three      months ended March 31, 2007**

| **Exhibit                No.** |   |   | **Description**                                                                                                                                                                                                                                               |   |
|--------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                           |   |   |                                                                                                                                                                                                                                                          |   |
| 3.1                            |   |   | Amended                and Restated Certificate of Incorporation*                                                                                                                                                                                             |   |
|                           |   |   |                                                                                                                                                                                                                                                          |   |
| 3.2                            |   |   | Bylaws*                                                                                                                                                                                                                                                       |   |
|                           |   |   |                                                                                                                                                                                                                                                          |   |
| 4.1                            |   |   | Investor                Warrant to Showtime Networks, Inc. to purchase Common Stock, issued                January 5, 2007*                                                                                                                         |   |
|                           |   |   |                                                                                                                                                                                                                                                          |   |
| 4.2                            |   |   | Vested                  Warrant to Showtime Networks, Inc. to purchase Common Stock, issued                  January 5, 2007*                                                                                                                       |   |
|                           |   |   |                                                                                                                                                                                                                                                          |   |
| 4.3                            |   |   | Investor                  Rights Agreement dated as of January 5, 2007, by and among the                  Company, Showtime Networks, Inc., Santa Monica Capital Partners                  II, LLC,                  Gary Shaw and Douglas DeLuca*  |   |
|                           |   |   |                                                                                                                                                                                                                                                          |   |
| 4.4                            |   |   | SNI                  Warrant to Showtime Networks, Inc. to purchase Common Stock, issued                  January 5, 2007*                                                                                                                                    |   |
|                           |   |   |                                                                                                                                                                                                                                                          |   |
| 10.1                 |   |   | 2006                Stock Option Plan of the Company*                                                                                                                                                                                                         |   |
|                           |   |   |                                                                                                                                                                                                                                                          |   |
| 10.2                 |   |   | Form                of Incentive Stock Option Certificate and Stock Option Agreement                (Incentive Stock Option) of the Company*                                                                                                                  |   |
|                           |   |   |                                                                                                                                                                                                                                                          |   |
| 10.3                           |   |   | Form                of Non-Qualified Option Certificate and Stock Option Agreement                (Non-Qualified Option) of the Company*                                                                                                                      |   |
|                           |   |   |                                                                                                                                                                                                                                                          |   |
| 10.4                           |   |   | Securities                Purchase Agreement dated as of January 5, 2007, by and between the                Company                and Showtime Networks, Inc.*                                                                                          |   |
|                           |   |   |                                                                                                                                                                                                                                                          |   |
| 10.5                           |   |   | Employment                  Agreement dated as of January 8, 2007, by and between the Company                  and                  Kelly Perdew*                                                                                                             |   |
|                           |   |   |                                                                                                                                                                                                                                                          |   |
| 31.1                           |   |   | Certification                of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002.                                                                                                                             |   |
|                           |   |   |                                                                                                                                                                                                                                                          |   |
| 31.2                           |   |   | Certification                of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley                Act of 2002.                                                                                                                             |   |
|                           |   |   |                                                                                                                                                                                                                                                          |   |
| 32.1                           |   |   | Certification                of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley                Act of 2002                                                                                                                              |   |
|                           |   |   | Certification                of Chief Financial Officer Pursuant                to Section 906 of the Sarbanes-Oxley Act of                2002                                                                                                     |   |
|                           |   |   |                                                                                                                                                                                                                                                          |   |
|                           |   |   | * Previously                filed.                                                                                                                                                                                                                  |   |

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