Company: MYCB
Filing Date: 2025-03-17
Form Type: 10-Q
Source: 0001640334-25-000414
Chunk: 14

Company: My City Builders, Inc.
Filing Date: 2025-03-17
Form: 10-Q
Item: Part II, Item 8
Chunk 14
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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 principal and any unpaid interest due on December 1, 2053. On August 1, 2024, the Company paid and settled the outstanding principal balance of $28,500 and interest payable of $3,958.

 F-15Table of Contents

NOTE 9 – LOAN PAYABLE On July 31