Company: MYCB
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001640334-25-002067
Chunk: 90

Company: My City Builders, Inc.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 11
Chunk 90
---
11,400,000 shares of common stock, respectively.

During the years ended July 31, 2025, and 2024, the Company’s related parties advanced $1,302,700 and $808,700 to the Company, and the Company repaid $347,200 and $265,889, respectively. The advances are unsecure, due on demand and non-bearing interest.

During the nine months ended April 30, 2025, and 2024, the Company’s related parties advanced $0 and $300,000 and the Company repaid $0 and $100,000, respectively. The advances are unsecured, payable during the period of five to ten months with interest of a range from 12% to 24% annual. During the years ended July 31, 2025, and 2024, the Company recognized and paid interest expenses of $0 and $20,080, respectively. 

During the years ended July 31, 2025, and 2024, the Company repaid advances due to the Company’s officers for $228,000 and $29,922, respectively. The advances are unsecured, due on demand and the interest 10% of advanced amount will be an interest expense when the Company repays. During the years ended July 31, 2025 and 2024, the Company paid $0 and $1,840 interest, respectively.

During the year ended July 31, 2024, one related party assigned $498,200 obtained loans from the bank to the Company. The loan was utilized for settlement of $471,500 another related party loan and payment of the Company’s operating expenses of $26,700.

During the year ended July 31, 2025, two related parties obtained $616,100 loans from the bank with collateral of five homes. The cash proceeds from mortgage were utilized for settlement of four the Company’s line of credits of $353,099 and the net balance of $263,001 after the closing cost of $24,033 transferred to the Company’s bank account.

During the years ended July 31, 2025, and 2024, the Company allocated interest of $0 and $25,297 from total interest of $0 and $53,092 related to the above loans to construction in progress.

As of July