Company: MYCB
Filing Date: 2025-09-25
Form Type: 10-Q
Source: 0001640334-25-001709
Chunk: 18

Company: My City Builders, Inc.
Filing Date: 2025-09-25
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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, 2025, the construction in progress consists of the cost of titles and construction expenses for three (3) homes which have not been completed. As of April 30, 2025, the Company had twelve (12) completed homes and has entered into nine (9) separate lease agreements with monthly lease payments of a range from $1,100 to $ 2,150, for a period of one year for each home leased. As of April 30, 2025, three homes which the occupancy permits were issued, have not been leased. As of April 30, 2025, and July 31,2024, all homes were collateralized with an outstanding balance of $1,290,272 and $1,067,981, respectively (Note 7). During the nine months ended April 30, 2025, and 2024, the Company recorded a depreciation expense of $50,317 and $20,890, respectively. 

NOTE 6 - RELATED PARTY TRANSACTIONS During the nine months ended April 30, 2024, one related party assigned $500,000 of his amount due from the Company to another related party. During the nine months ended April 30, 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 nine months ended April 30, 2024, the Company recognized interest of $19,792 and paid interest of $15,338. During the nine months ended April 30, 2025, and 2024, the Company's shareholders paid operating expenses of $0 and $16,889 on behalf of the Company.  The advances are unsecured, due on demand and non-bearing interest. During the nine months ended April 30, 2025, and 2024, the Company’s related parties advanced $1,249,200 and $382,700 to the Company, and the Company repaid $115,700 and $265,889, respectively. The advances are unsecure, due on demand and non-bearing interest. During the nine months ended April 30, 2024, the Company repaid advances due to the Company’s officers for $29,922. The advances are unsecured, due on demand and