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1. Business
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12 Months Ended | ||
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Dec. 31, 2011
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| Business Description and Basis of Presentation [Text Block] |
On
March 14, 2008, pursuant to an Agreement and Plan of Merger
dated August 20, 2007 between Feris International,
Inc. (“Feris”) and Pro Sports &
Entertainment, Inc. (“PSEI”), Feris issued
49,500,000 shares of its common stock for all of the issued
and outstanding shares of PSEI, resulting in PSEI becoming
a wholly-owned subsidiary of Feris and the surviving entity
for accounting purposes (“Reverse
Merger”). In July 2008, Feris’
corporate name was changed to Stratus Media Group, Inc.
(“Company”).
PSEI,
a California corporation, was organized on November 23,
1998 and specializes in sports and entertainment events
that it owns, operates, manages, markets and sells in
national markets. PSEI acquired the business of
Stratus White, LLC (“Stratus White”) in August
2005 and Stratus White is a wholly-owned subsidiary of
PSEI. Stratus White is a credit card rewards
program that uses the Visa card platform that offers a
unique luxury rewards redemption program, including private
jet travel, premium travel opportunities, exclusive events
and luxury merchandise. In May 2010, the
Company entered into an agreement with a private bank in
Switzerland for it to be the processing bank for Stratus
White in Europe.
In
June 2011, the Company acquired 95% of the voting stock of
ProElite, Inc. (“PEI”) through the purchase of
preferred stock convertible into 95% of the voting stock of
PEI. PEI is a subsidiary of the Company. PEI
specializes in the operation and management of Mixed
Martial Arts events. See Note 22 for further
discussion of the acquisition of PEI.
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