Company: MYCB
Filing Date: 2025-09-25
Form Type: 10-Q
Source: 0001640334-25-001709
Chunk: 88

Company: My City Builders, Inc.
Filing Date: 2025-09-25
Form: 10-Q
Item: Part II, Item 8
Chunk 88
---
 Gadsden, Alabama bringing the total properties owned in East Gadsden to twenty-two. This decision stemmed from the ongoing construction of three homes by RAC on the same street, slated for completion. With the aim of bolstering rental demand, RAC has started construction on these newly acquired lots. The homes are 3-bedroom 2-bathroom single family homes with under roof of 1270 square feet. The plan for Gadsden Alabama is to build new low-income single-family homes for rent.

On July 31, 2024, RAC Gadsden LLC entered into a land purchase agreement in Glencoe Alabama. Glencoe is the neighboring town to Gadsden, and the Company plans to build seven to eight duplex apartments on the parcel of land during the calendar year of 2025.

 On October 18, 2024, RAC finalized the purchase of one home in Laurel Mississippi in amount of $8,021. The Company plans to renovate the home and to sell it.

 5Table of Contents

On November 26, 2024, The Company entered into an interest purchase agreement with Frank Campanaro in connection with settlement agreement dated June 2024 for 50% ownership of a property located at 1320 N 5th Avenue, Laurel, MS in amount of $41,565 in cash. Pursuant to the acquisition agreement, the Company’s ownership of property was increased to 100%.

On January 22, 2025, and January 17, 2024, the Company’s Board of Directors approved the settlement of $ 1,716,000 and $2,850,000 due to one related party in exchange for an issuance of 4,290,000 and 11,400,000 shares of common stock, respectively. The Company valued the issuance of 4,290,000 and 11,400,000 shares of common stock at market price of $0.35 and $0.20 per share on settlement date and recognized gain of $214,500 and $570,000, respectively. The gain on settlement of debts to related party was added in additional paid in capital.

On February 27, 2025, the Company acquired a second piece of land in Gadsden, Alabama for construction of new residential homes for cost of $77,115. This land acquisition is next to the land purchased by the Company on July 31, 2024, and the plan is to build