Company: MYCB
Filing Date: 2025-09-25
Form Type: 10-Q
Source: 0001640334-25-001709
Chunk: 23

Company: My City Builders, Inc.
Filing Date: 2025-09-25
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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  $-  The monthly payment of $3,958 for the 360 months to be applied to interest, and thereafter, the principal and any unpaid interest due on December 1, 2053. During the nine months ended April 30,2025 and 2024, the Company recognized interest of $0 and $ 19,792 and paid interest of $0 and 15,338. During the nine months ended April 30,2025 and 2024, the Company allocated interest of $0 and $8,849 from total interest of $0and $ 19,792 related to above loans to construction in progress.  On August 1, 2024, the Company paid and settled the outstanding principal balance of $28,500 and interest payable of $3,958.

NOTE 9 – LOAN PAYABLE On July 31, 2024, the Company purchased land for the purpose of future construction of duplex apartments in amount of $120,000. The Company signed a mortgage and warranty deed agreement with the seller for unpaid purchase price of $50,000, with 5% interest per annum, principal and interest being due and payable in two annual instalments of $25,000 plus interest, beginning July 31, 2025, and the final instalment being July 31, 2026. During the nine months ended April 30, 2025, the Company recognized interest of $1,870. During the nine months ended April 30, 2025, the Company allocated interest of $265 from total interest of $1,870 related to the above loan to construction in progress. As of April 30, 2025, and July 31, 2024, the Company had principal due of $50,000.

NOTE 10 - EQUITY Authorized Preferred Stock The Company has authorized 10,000,000 shares of preferred stock at par value of $0.001 per share. Series A Preferred stock  The Company has designated 100,000 shares of preferred stock at par value of $0.001 per share.  ·The Series A Preferred Shares share in any dividends pari passu with the holders of common stock;    ·The Series A Preferred Shares have a liquidation preference equal to $10.00 per share;    ·Each share of Series A Preferred Stock entitles the holder