Really a good game...
I rarely saw an interface like this before and I got to say I like it!
But like Zortharg said there are some hics. I sugest getting a way to do a quick dodge maybe with double tap if its not in there already. And for upgrades. (Change it to buy session for) Re-use the script for the sand bag at start and place a timer at the end the number of damage will give out a stat that will go increase in the aspect that was trained.
So like stamina + sand bag
And like the dude from arena re- use that and the dude dodges hits this will be life (as in defence)
With those 2 things if you just re-use and revamp it a little it should take first place easy in my opinion. Again HUGE POTENTIAL HERE! keep up the good work.
Ho and graphics are passable. The only image I don't like in it is Terrence XD
Ps: If you want you could also add a secret option in the game. (underground fighting, if you lose you lose cash but win and bet on you and win lots for the next big fight ;) Again you can just take the program already in there for that to and it had a little trick to help out and enjoyable find! (Hidden because its illegal to my knowledge and I think many will agree with that idea...)