Company: MYCB
Filing Date: 2025-09-25
Form Type: 10-Q
Source: 0001640334-25-001709
Chunk: 21

Company: My City Builders, Inc.
Filing Date: 2025-09-25
Form: 10-Q
Item: Part I, Item 1
Chunk 21
---
2055  7.38%  118,000   - Loan dated April 17,2025  114,000  May 1, 2055  7.38%  114,000   - Total loans payable             1,290,272   1,067,981                    Less: unamortized debt discount            (31,702)  (24,675)Total             1,258,570   1,043,306 Less: current portion of loans payable            (90,273)  (332,589)Long -term loans portion            $1,168,297  $710,717  Loans dated October 27, 2023 The monthly payment of $909 for the first 120 months to be applied to interest, and thereafter, will be $1,070 for principal and interest.

 F-14Table of Contents

During the nine months ended April 30, 2025, and 2024, the Company paid principal of  $8,000 and $0, recognized interest of $16,359 and $11,115, amortization of debt discount of $359 and $244 and paid interest of $16,327 and $9,947, respectively. Loans dated November 3, 2023 These are construction loans (pre-mortgages) that are expected to convert to mortgage loans once the homes are completed. During the nine months ended April 30, 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