Company: MYCB
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001640334-25-002067
Chunk: 290

Company: My City Builders, Inc.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1A
Chunk 290
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2024        Income (Loss) for the year $(498,315) $25,752          Income tax (benefit) at statutory rate $(104,646) $5,408 Change in valuation allowance  104,646   (5,408)Income tax expense per books $-  $-  The Company assesses the likelihood that deferred tax assets will not be realized. ASC 740, “Income Taxes” requires that a valuation allowance be established when it is “more likely than not” that all, or a portion of, deferred tax assets will not be realized. A review of all available positive and negative evidence needs to be considered, including the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies. After consideration of all the information available, management believes that uncertainty exists with respect to future realization of its deferred tax assets and has, therefore, established a full valuation allowance as of July 31, 2025. Net deferred tax assets consist of the following components as of:   July 31,  July 31,   2025  2024        Non-operating loss carryforward $528,871  $424,225 Valuation allowance  (528,871)  (424,225)Net deferred tax asset $-  $-  The Company has not completed its evaluation of NOL utilization limitation under IRC Section 382, change of ownership rules, but believes that it had a change of ownership that would limit the amount of the U.S. NOLs that could be utilized each year based on the provisions of Section 382. 

NOTE 8- SUBSEQUENT EVENTS Management has evaluated subsequent events through July 31, 2025, to the date on which the financial statements are available to be issued. Based on our evaluation no material events have occurred that require disclosure, except as follows: On October 31, 2025, the Company and RAC Gadsden LLC entered into an asset purchase agreement, in which, the Company acquired 4 acres of land in Glencoe, Alabama in exchange for a 3-year secured promissory note in the amount of $350,000 with an interest rate of 9.5% per annum. The Company intends to construct up to 25 multi-family units in three phases starting with an 8-unit multi-family duplex development on the property as phase