Company: MYCB
Filing Date: 2025-09-25
Form Type: 10-Q
Source: 0001640334-25-001709
Chunk: 19

Company: My City Builders, Inc.
Filing Date: 2025-09-25
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 the interest 10% of advanced amount will be an interest expense when the Company repays. During the nine months ended April 30,2024, the Company paid $1,840 interest. During the nine months ended April 30, 2025, and 2024, the Company’s related parties advanced $1,249,200 and $300,000 and the Company repaid $340,699 and $100,000, respectively. The advances are unsecured, payable during the period of five to ten months with interest of a range from 12% to 24% annual. During the nine months ended April 30, 2025, and 2024, the Company recognized and paid interest expenses of $0 and $20,080, respectively.  During the nine months April 30, 2025, and 2024, the Company’s Board of Directors approved the settlement of $1,716,000 and $2,850,000 due to one related party in exchange of issuance of 4,290,000 shares and 11,400,000 shares of common stock. On April 17,2025, one related party obtained $489,400 loans from the bank with collateral of four homes. The cash proceeds from mortgage were utilized for settlement of four the Company’s line of credits of $353,099 and the net balance of $136,301 after the closing cost of $17,333 transferred to the Company’s bank account. 

 F-13Table of Contents

During the nine months ended April 30, 2025, and 2024, the Company allocated interest of $0 and $18,650 from total interest of $0 and $41,712 related to the above loans to construction in progress. As of April 30, 2025, and July 31, 2024, the Company had due to related parties of $298,500 and $1,106,000, respectively.

NOTE 7 – BANK BORROWINGS As of April 30, 2025, and July 31,2024, bank borrowings consist, as follows;    Principal   Maturity  Interest   April 30  July 31,   Amount  date  Rate   2024  2024 Loan dated October 27, 2023 $114,800