Posted On: 09/17/2014 7:26:16 AM
Post# of 2102
Here is where , robbing paul to pay peter , paul is the common shareholders of ICBT imo
NOTE 6 - RELATED PARTY TRANSACTIONS
Mr. Garth McIntosh, the Company’s Chairman of the Board, Chief Executive Officer and President, is also a majority shareholder of ICBS Ltd. which is the largest shareholder of Canwealth Minerals Corporation. As of June 30, 2014 and December 31, 2013, the Company has taken loans from shareholders of $64,130 and $63,451, respectively. No formal repayment terms or arrangements existed. The entire above loan is non-interest bearing and payable on demand.
ICBS Ltd. has given a loan to the Company and also transferred the assets worth $42,321 as of June 30, 2014. As of June 30, 2014, the intangible asset acquired through loans from related parties had a net balance of $23,815.
NOTE 6 - RELATED PARTY TRANSACTIONS
Mr. Garth McIntosh, the Company’s Chairman of the Board, Chief Executive Officer and President, is also a majority shareholder of ICBS Ltd. which is the largest shareholder of Canwealth Minerals Corporation. As of June 30, 2014 and December 31, 2013, the Company has taken loans from shareholders of $64,130 and $63,451, respectively. No formal repayment terms or arrangements existed. The entire above loan is non-interest bearing and payable on demand.
ICBS Ltd. has given a loan to the Company and also transferred the assets worth $42,321 as of June 30, 2014. As of June 30, 2014, the intangible asset acquired through loans from related parties had a net balance of $23,815.
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