Company: MYCB
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001640334-25-002067
Chunk: 50

Company: My City Builders, Inc.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1
Chunk 50
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 an acquisition the Company is likely not to be able to raise any significant debt or equity financing.  The ability of the Company to begin operations in its new business model is dependent upon, among other things, obtaining financing to commence operations and develop a business plan or making an acquisition. The Company cannot give any assurance as to its ability to develop or acquire a business or to operate profitably. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 4 – DISCOUNTINUED OPERATIONS  On July 8, 2025, the Company and RAC Merger LLC (“RAC Merger”) entered into a share purchase agreement in order to sell 100% issued and outstanding shares of RAC Real Estate Acquisition Corp., to RAC Merger for a total purchase amount of $2,374,896. At the time of the transaction, RAC Merger owned 98.5% of the total issued and outstanding shares of the Company. Therefore, in lieu of any cash distribution to RAC Merger as a shareholder of the Company, RAC Merger agreed that its 98.5% interest in the total purchase amount as a shareholder of the Company was satisfied by the assignment of the 100% issued and outstanding shares of RAC Real Estate Acquisition Corp. The remaining shareholders of the Company, which comprised 1.5% of the Company’s issued and outstanding shares as of the date of the transaction, received a cash distribution in the total amount of $35,623, which equals 1.5% of the total purchase amount. The following table summarizes the consideration paid for share purchase agreement and the amounts of the assets acquired and liabilities assumed at the share purchase agreement date of July 8, 2025 for two subsidiaries of RAC Real Estate Acquisition Corp and RAC Gadsden, LLC:  Consideration:   Aggregate sales price  $2,374,896      Assets sold and liabilities assumed:    Cash at bank  $9,639 Homes inventory for sales   1,743,597 Properties and equipment   2,271,245 Other receivable   16,376 Total assets  $4,040,857      Bank borrowings  $1,231,712 Loan payable   50,000 Due to