Company: MYCB
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001640334-25-002067
Chunk: 386

Company: My City Builders, Inc.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 2
Chunk 386
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, 2022, the Company, through RAC, entered into a Limited Liability Company Agreement with Fix Pads Holdings, LLC ("Fix Pads"). As a result of the agreement, RAC and Fix Pads formed a limited liability company called RAC FIXPADS II, LLC (“LLC”), incorporated in the state of Delaware. The LLC has two members, RAC and Fix Pads, both providing an initial contribution to the LLC of $1,000 in exchange for a 50% membership interest represented by an issuance of 1,000 Units of the LLC to each party. Each member is entitled to one vote per member. The LLC is managed by a manager, Fix Pads. The agreement provides that additional capital contributions of the members will be made to the LLC as follows: (i) Fix Pads will transfer and assign all rights to and incidents of ownership for up to 60 residential properties it has title, or will have title, to the LLC, as set forth in the agreement; and (ii) RAC will make additional cash contributions to the capital of the LLC, up to a maximum of $5,214,000, on such dates and in such amounts as requested by the LLC, in the manner set forth in the agreement. From the sale of each property by LLC, the Company shall receive $13,000 and the average additional cash capital contribution per property. During the year ended July 31,2024, the Company recognized impairment loss of $947,500.

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Balance Sheet Data

  July 31,  July 31,      2025  2024  Change Cash  $2,189  $2,550  $(361)Working capital (deficiency) $4,469  $(61,098) $65,567 Working capital (deficiency) associated with discontinued operations  $-  $125,303  $(125,303)Total current assets $42,812  $2,550  $40,262 Total current assets associated with discontinued operations  $-  $1,633,307  $(1,633,307)Total current liabilities $38,343  $63,648  $(25,305)Current liabilities associated with discontinued operations  $-  $1,508,004  $(1,508,004