Company: MYCB
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001640334-25-002067
Chunk: 796

Company: My City Builders, Inc.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 9B
Chunk 796
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 Merger LLC (“RAC Merger”) entered into a share purchase agreement in order to sell 100% issued and outstanding shares of RAC Real Estate Acquisition Corp., to RAC Merger for a total purchase amount of $2,374,896. At the time of the transaction, RAC Merger owned 98.5% of the total issued and outstanding shares of the Company. Therefore, in lieu of any cash distribution to RAC Merger as a shareholder of the Company, RAC Merger agreed that its 98.5% interest in the total purchase amount as a shareholder of the Company was satisfied by the assignment of the 100% issued and outstanding shares of RAC Real Estate Acquisition Corp. The remaining shareholders of the Company, which comprised 1.5% of the Company’s issued and outstanding shares as of the date of the transaction, received a cash distribution in the total amount of $35,623, which equals 1.5% of the total purchase amount. The following table summarizes the consideration paid for share purchase agreement and the amounts of the assets acquired and liabilities assumed at the share purchase agreement date of July 8, 2025 for two subsidiaries of RAC Real Estate Acquisition Corp and RAC Gadsden, LLC:  Consideration:   Aggregate sales price  $2,374,896      Assets sold and liabilities assumed:    Cash at bank  $9,639 Homes inventory for sales   1,743,597 Properties and equipment   2,271,245 Other receivable   16,376 Total assets  $4,040,857      Bank borrowings  $1,231,712 Loan payable   50,000 Due to related parties   118,910 Accounts payable and accrued liabilities  34,609 Total liabilities  $1,435,231      Net assets $2,605,626      Loss on sale of subsidiaries  $(230,730)

 F-12Table of Contents

The following is a summary of the assets and liabilities of the Company’s discontinued operations at July 8, 2025 and July 31, 2024:   July 8,  July 31,   2025  2024 Cash $9,639  $17,695 Prepaid expenses  5,743   - Accounts receivable