Company: MYCB
Filing Date: 2025-03-17
Form Type: 10-Q
Source: 0001640334-25-000414
Chunk: 50

Company: My City Builders, Inc.
Filing Date: 2025-03-17
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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,846   131,200 Loan dated July 26, 2024  131,200  August 1, 2054  9.13%  130,846   131,200 Total loans payable             1,165,947   1,067,981                    Less: unamortized debt discount            (23,185)  (24,675)Total             1,142,762   1,043,306 Less: current portion of loans payable            (432,204)  (332,589)Long -term loans portion            $710,558  $710,717  Loans dated October 27, 2023 The monthly payment of $909 for the first 120 months to be applied to interest, and thereafter, will be in the amount of $1,070 for principal and interest. During the six months ended January 31, 2025, and 2024, the Company borrowed $0 and $229,600, recognized interest of $10,996 and $5,737, amortization of debt discount of $242 and $126 and paid interest of $12,723 and $3,635, respectively. Loans dated November 3, 2023 These are construction loans (pre-mortgages) that are expected to convert to mortgage loans once the homes are completed. During the six months ended January 31, 2025, and 2024, the Company borrowed $102,535 and $62,275, recognized interest of $20,031and $559, amortization of debt issuance cost of $1,247 and $603 and paid principal of $3,171 and $0 and interest of $ 17,312 and $153, respectively. Loans dated July 26, 2024 On July 26, 2024, the Company’s Interim Chief Executive Officer (ICEO) obtained four loans (totally $498,200) for settlement of loans payable -related party for amounts of $471,500.  On July 31, 2024, the Company and ICEO entered into an assignment agreement which the bank agrees with assignment and collateral of four homes, The Company accepted the terms and condition of four bank loans agreements.

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