ICBS Limited (ICBT)

[Rcranga]

I LOVE THE PART WHERE IT SAYS NO FORMAL REPAYMENT TERMS, LMAO "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 assets acquired through loans from related parties had a net balance of $23,815.".
20% INTRES, OMG, WHERE WHERE DID HE GET THE LOAN AT LOANS O RAMA? Two years 20%, I BET HE DEFALTS, ANY IF ITS PAID, INVESTORS ARE ON THE HOOK FOR IT." NOTE 7 – CONVERTIBLE NOTE PAYABLE

On October 20, 2012, the Company entered into an agreement with a third party non-affiliate to a 20% interest bearing convertible note for $22,558 (CAD $20,000) due on December31, 2014, with the conversion features commencing immediately. The note is convertible into 100,000 shares of common stock of the Company.

As of June 30, 2014 and December 31, 2013, the balance in the note and accrued interest was $22,558. The lender has agreed to freeze interest at $4,000 provided the loan is repaid on or prior to the due date."