Company: MYCB
Filing Date: 2025-09-25
Form Type: 10-Q
Source: 0001640334-25-001709
Chunk: 80

Company: My City Builders, Inc.
Filing Date: 2025-09-25
Form: 10-Q
Item: Part II, Item 8
Chunk 80
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, 2025, and 2024, the Company borrowed $102,574 and $210,338, recognized interest of $29,231and $3,087, amortization of debt issuance cost of $8,879 and $1,214 and paid principal of $355,508 and $0 and interest of $ 31,272 and $1,961, respectively. Loans dated July 26, 2024 On July 26, 2024, the Company’s shareholder, 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. During the nine months ended April 30, 2025, the Company paid principal of $6,475 and recognized interest of $33,373 and paid interest of $29,656. Loans dated April 17, 2025 On April 17, 2025, the Company’s shareholder and director obtained four loans (totally $489,400) with collateral of four homes for settlement of four line of credits for amounts of $353,099.   During the nine months ended April 30, 2025, the Company recognized amortization debt discount of $19. During the nine months ended April 30, 2025, the Company allocated interest of $10,550 from total interest of $78,963 related to the above loans to construction in progress.  The following table outlines the maturities of our long-term loans payable, as of April 30, 2025:    April 30   2025 Year ending July 31,   Remaining of 2025 $133,326 2026  110,936 2027  110,936 2028  110,936 2029  110,936 Thereafter  2,870,606    3,447,676  Imputed interest    (2,157,404)  $1,290,272 

 F-15Table of Contents

NOTE 8 – LOANS PAYABLE - RELATED PARTY