Company: MYCB
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001640334-25-002067
Chunk: 60

Company: My City Builders, Inc.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 10
Chunk 60
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 Preferred Stock entitles the holder to 10 votes on any matter presented to the holders of the Common Stock and are exercisable at a 25% discount to the next qualified financing of at least $1,000,000.2The members of RAC Merger LLC are Yolanda Goodell, Francis Pittilloni and Frank Gillen.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Transactions with Related Persons

Continued Operations:

On July 8, 2025, the Company and RAC 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. RAC Merger is owned by certain shareholders, officers and directors of the Company or its wholly owned subsidiary, RAC Real Estate Acquisition Corp.  During the period ended July 31, 2025, RAC Merger, as a majority shareholder of the Company, was paid its part of purchase price in the form of the property it received which equaled the amount of $2,339,273. As of July 31, 2025, RAC Merger owed the Company an amount of $35,623 to be distributed as a dividend to the remaining minority shareholders of the Company

Discontinued Operations:

 During the year ended July 31, 2024, one related party assigned $500,000 of his amount due from the Company to another related party.

During the year ended July 31, 2024, one related party converted $500,000 of the amount due from the Company to four loan agreements with an interest rate of 9.5% annual with term of 30 years.  During the years ended July 31, 2025, the Company settled principal of $28,500 and $471,500. During the years ended July 31, 2025, and 2024, the Company recognized interest of $0 and $31,172 and paid interest of $3,958 and $27,213, respectively.

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During the years ended July 31, 2025, and 2024, the Company's shareholders paid operating expenses of $1,410 and $16,889 on behalf of the Company, respectively. The advances are unsecure, due