Company: MYCB
Filing Date: 2025-03-17
Form Type: 10-Q
Source: 0001640334-25-000414
Chunk: 64

Company: My City Builders, Inc.
Filing Date: 2025-03-17
Form: 10-Q
Item: Part I, Item 1
Chunk 64
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Cost of rental homes

The cost of rental homes are expenses directly related to rental homes, such as lawncare, maintenance and repairs, management fees, utilities, insurance and property taxes.

Commitments and Contingencies

The Company follows ASC 450-20, “Loss Contingencies”, to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred, and the amount of the assessment can be reasonably estimated.

Recent Accounting Pronouncements

The Company has implemented all new pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial statements or results of operations.

Nonmonetary Transactions

The Company follows ASC 450, “Non-Monetary Transactions” and considers ASC 450-30 “Contingencies”, to report accounting for recognition homes inventory for sales and nonmonetary gain on settlement of lawsuit.

 9Table of Contents

Concentration

As of January 31, 2025, and July 31, 2024, and for six months ended January 31, 2025, and 2024, customer concentrations (more than 10%) were as follows:

Revenue -rental income

  Percentage of Revenue   For Six Months ended    January 31,   2025  2024  Tenant A   11.94%  14.28% Tenant B   2.47%  32.11% Tenant C   4.01%  38.01% Tenant D   13.57%  15.60% Tenant E   13.92%  -  Tenant F   13.74%  -  Tenant G   14.11%  -  Tenant H   13.03%  -          Total (as a group)  86.78%  100.00%

Accounts receivable

The rental properties are managed by a management company, therefore 100% of accounts receivable is related to one customer on January 31, 2025 and July 31, 2024.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

As a smaller reporting company, we have