Company: MYCB
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001640334-25-002067
Chunk: 649

Company: My City Builders, Inc.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 7A
Chunk 649
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shareholders paid operating expenses of $1,410 and $16,889 on behalf of the Company, respectively. The advances are unsecure, due on demand and of non-bearing interest. 

During the years ended July 31, 2025, and 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 the issuance of 4,290,000 shares and 11,400,000 shares of common stock, respectively.

During the years ended July 31, 2025, and 2024, the Company’s related parties advanced $1,302,700 and $808,700 to the Company, and the Company repaid $347,200 and $265,889, respectively. The advances are unsecure, due on demand and non-bearing interest.

During the nine months ended April 30, 2025, and 2024, the Company’s related parties advanced $0 and $300,000 and the Company repaid $0 and $100,000, respectively. The advances are unsecured, payable during the period of five to ten months with interest of a range from 12% to 24% annual. During the years ended July 31, 2025, and 2024, the Company recognized and paid interest expenses of $0 and $20,080, respectively. 

During the years ended July 31, 2025, and 2024, the Company repaid advances due to the Company’s officers for $228,000 and $29,922, respectively. The advances are unsecured, due on demand and the interest 10% of advanced amount will be an interest expense when the Company repays. During the years ended July 31, 2025 and 2024, the Company paid $0 and $1,840 interest, respectively.

During the year ended July 31, 2024, one related party assigned $498,200 obtained loans from the bank to the Company. The loan was utilized for settlement of $471,500 another related party loan and payment of the Company’s operating expenses of $26,700.

During the year ended July 31, 2025, two related parties obtained $616,100 loans from the bank with collateral of five homes. The cash proceeds from mortgage were utilized