Replies to post #5717 on PHI Group Inc (PHIL)

[silberesel]

more and more shares for asher.....Henry is lying, when he opens his (big) mouth ....



Catalyst Resource Group, Inc

Formerly Jeantex Group, Inc

(Development Stage Company)

Notes to Consolidated Financial Statements

December 31, 2011





On March 01, 2012, Asher Enterprises, Inc. converted $15,000 principal amount of the Convertible Promissory Note dated April 5, 2011 into 3,488,372 shares of common stock of the Company.

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On March 07, 2012, Asher Enterprises, Inc. converted $12,000 principal amount of the Convertible Promissory Note dated April 5, 2011 into 12,121,212 shares of common stock of the Company.



On March 08, 2012, Asher Enterprises, Inc. converted $25,000 principal amount of the Convertible Promissory Note dated April 5, 2011 into 10,640,000 shares of common stock of the Company.



On March 15, 2012, Asher Enterprises, Inc. converted $16,000 principal amount of the Convertible Promissory Note dated April 5, 2011 into 12,307,692 shares of common stock of the Company.



On March 16, 2012, the Company amended its Articles of Incorporation to increase its authorized capital stock to 1,000,000,000 shares of Common Stock, par value $0.001 per share, and 200,000,000 of shares of Preferred Stock, par value $0.001 per share, as follows: 999,990,000 shares designated as non-assessable Common Stock, par value $0.001 per share, 10,000 shares designated as Class B assessable Common Stock, par value $0.001 per share, and 200,000,000 shares designated as Preferred Stock, par value $0.001 per share. The shares of Common Stock and Class B assessable Common Stock are entitled to one vote for each share on all matters to be voted on by stockholders. The Board of Directors of the Corporation may fix and determine the designations, rights, preferences or other variations of each class or series within each class of the shares of Preferred Stock. The increase of the Company’s authorized capital does not alter the rights of shareholders of any class of stock of the Company. A majority of the shareholders of the Company approved the amendment of the Articles of Incorporation on March 1, 2012.

On March 13, 2012, the Company dismissed MKCPAS as its independent auditor. On April 11, 2012, the Company appointed Dave Banerjee, CA as its new independent auditor.

On April 17, 2012, the Company received a notice of default by Asher Enterprises, Inc. with respect to the outstanding balances convertible promissory notes dated June 17, 2011 and August 1, 2011 between the Company and Asher Enterprises, Inc. due to the delay of Company’s filing of Form 10 K for the fiscal year ended December 31, 2011.

On April 18, 2012, the Company issued 25,000,000 shares of restricted common stock of the Company to an accredited investor for $25,000.00.

On April 13, 2012, the Company issued a seventh Convertible Promissory Note to Asher for $15,000 under similar terms and conditions as contained in the previous convertible promissory notes.