NOTES PAYABLE

3 Months Ended

Jun. 30, 2011

3. NOTES PAYABLE

At June 30, 2011 and December 31, 2010, notes payable consisted of the following:

	June 30, 2011		December 31, 2010

Note Payable to ex-president of the Company, unsecured,
8% interest matured September 2006		250,000	250,000
Note Payable due to individual, unsecured, 8% interest due on demand		50,000	50,000
Note Payable due to individual, unsecured, 8% interest due on demand		25,000	25,000
Note Payable due to individual, unsecured, 8% interest due on demand		10,500	10,500
Note Payable due to individual, unsecured, 8% interest due on demand		7,000	7,000
Note Payable due to individual, unsecured, 8% interest due on demand		11,000	7,000
Note Payable due to individual, unsecured, 8% interest due on demand		1,540	1,540
		355,040	351,040

Total interest expense for the three months ended June 30, 2011 and 2010 was $28,634 and $15,781 respectively.

Total interest expense for the six months ended June 30, 2011 and 2010 was $68,109 and $30,351 respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

CATALYST RESOURCE GROUP, INC. 10-Q/A