Company: MYCB
Filing Date: 2025-03-17
Form Type: 10-Q
Source: 0001640334-25-000414
Chunk: 52

Company: My City Builders, Inc.
Filing Date: 2025-03-17
Form: 10-Q
Item: Part I, Item 1
Chunk 52
---
 principal and any unpaid interest due on December 1, 2053. On August 1, 2024, the Company paid and settled the outstanding principal balance of $28,500 and interest payable of $3,958.

 F-15Table of Contents

NOTE 9 – LOAN PAYABLE On July 31, 2024, the Company purchased land for the purpose of future construction of duplex apartments in amount of $120,000. The Company signed a mortgage and warranty deed agreement with the seller for unpaid purchase price of $50,000, with 5% interest per annum, principal and interest being due and payable in two annual instalments of $25,000 plus interest, beginning July 31, 2025, and the final instalment being July 31, 2026. During the six months ended January 31, 2025, the Company recognized interest of $1,260. During the six months ended January 31, 2025, the Company allocated interest of $168 from total interest of $1,260 related to the above loan to construction in progress. As of January 31, 2025, and July 31, 2024, the Company had principal due of $50,000.

NOTE 10 - EQUITY Authorized Preferred Stock The Company has authorized 10,000,000 shares of preferred stock at par value of $0.001 per share. Series A Preferred stock  The Company has designated 100,000 shares of preferred stock at par value of $0.001 per share.  ·The Series A Preferred Shares share in any dividends pari passu with the holders of common stock;    ·The Series A Preferred Shares have a liquidation preference equal to $10.00 per share;    ·Each share of Series A Preferred Stock entitles the holder to 10 votes on any matter presented to the holders of the Common Stock:    ·The Series A Preferred Shares have the right to convert into shares of Common Stock at a 25% discount to the next financing of $1,000,000 or more, subject to adjustment for stock splits or combinations, dividends and distributions of Common Shares, reorganizations, mergers or consolidations, or for issuance of shares of common stock below the conversion price:    ·The Company has no right to redeem the shares; and As of January 31, 2025,