Company: MYCB
Filing Date: 2025-03-17
Form Type: 10-Q
Source: 0001640334-25-000414
Chunk: 51

Company: My City Builders, Inc.
Filing Date: 2025-03-17
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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During the six months ended January 31, 2025, the Company paid principal of $1,396 and recognized interest of $22,268 and paid interest of $18,560. During the six months ended January 31, 2025, the Company allocated interest of $6,437 from total interest of $53,295 related to the above loans to construction in progress.  The following table outlines maturities of our long-term loans payable, as of January 31, 2025:    January 31   2025 Year ending July 31,   Remaining of 2025 $495,134 2026  69,711 2027  69,711 2028  69,711 2029  69,711 Thereafter  1,805,631    2,579,609  Imputed interest    (1,413,662)  $1,165,947 

NOTE 8 – LOANS PAYABLE - RELATED PARTY As of January 31, 2025, loans payable – related party consist of as follows;   Principal  Maturity Interest  January 31,  July 31,   Amount  date Rate  2024  2024 Loan dated December 1, 2023 $125,000  12/1/2053  9.50% $-  $22,500 Loan dated December 1, 2023 $125,000  12/1/2053  9.50%  -   6,000 Total loans payable            -   28,500 Less: current portion            -   (28,500 )Long -term loans portion           $-  $-  During the six months ended January 31, 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 six months ended January 31, 2024, the Company recognized interest of $7,917 and paid interest of $3,464. The monthly payment of $3,958 for the 360 months to be applied to interest, and thereafter, the