Company: MYCB
Filing Date: 2025-03-17
Form Type: 10-Q
Source: 0001640334-25-000414
Chunk: 10

Company: My City Builders, Inc.
Filing Date: 2025-03-17
Form: 10-Q
Item: Part II, Item 8
Chunk 10
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,530,117 Title cost paid in July 2024  82,888 Balance of 29 properties as of July 31, 2024   1,613,005      Transaction in fiscal year 2025    Cost of restoration and repairs   204,743 Purchased 50% interest and right of one property   41,565 Purchased one property for sales   16,054 Balance of 30 properties as of January 31, 2025 $1,875,367 

 F-12Table of Contents

NOTE 5 –REAL ESTATE PROPERTY AND EQUIPMENT, NET  As of January 31, 2025, and July 31, 2024, property and equipment consist of as follows;   January 31,  July 31,   2025  2024 Homes $1,824,638  $1,318,062 Lands  136,290   132,708 Construction in progress  158,264   414,407 RV travel trailer   13,000   -    2,132,192   1,865,177 Accumulated depreciation  (64,351)  (31,985)  $2,067,841  $1,833,192  During the six months ended January 31, 2025, three (3) homes were completed. As of January 31, 2025, the construction in progress consists of the cost of titles and construction expenses for three (3) homes which have not been completed. As of January 31, 2025, the Company had eleven (11) completed homes and has entered into eight (8) separate lease agreements with monthly lease payments of a range from $1,100 to $ 1,250, for a period of one year for each home leased. As of January 31, 2025, three homes which the occupancy permits were issued, have not been leased. As of January 31, 2025, and July 31,2024, all homes were collateralized with outstanding balance of $1,165,947 and $1,067,981, respectively. (Note 7). During the six months ended January 31, 2025, and 2024, the Company recorded a depreciation expense