I think the vise grips would work

 

I'm not sure how big the head of the bolt is, but if you have access to a welder you take a bolt with the thread diameter about 2/3 to a 1/2 the size of the head of the striped one.Put the bolt on top of the striped one with the threads on top of the head and put 2 or 3 little tack welds around the bottom of the threads connecting it to the bolt.Just put a wrench on the new bolt you just welded to the striped one should come out.Good luck

Java
2000 Kodiak

 

This may sound like a dumb question, but is the bolt maybe a reverse thread? If not, here's a trick that may work. Carefully heat the bolt, then quench with cold water and repeat a few times. This has worked for me on some very stubborn bolts. ALSO, spray some liquid wrench on the bolt each time before heating. The heat will draw the oil into the threads. Those vise grips rule!!! Use them if you can.
Good luck!

 

So much help for a simple answer. Sell the little bike and get a kx500.

Or try some Easy-Outs. They have always worked for me, just remember to use the biggest one you have.