Company: MYCB
Filing Date: 2025-03-17
Form Type: 10-Q
Source: 0001640334-25-000414
Chunk: 48

Company: My City Builders, Inc.
Filing Date: 2025-03-17
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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31, 2025, and July 31,2024, all homes were collateralized with outstanding balance of $1,165,947 and $1,067,981, respectively. (Note 7). During the six months ended January 31, 2025, and 2024, the Company recorded a depreciation expense of $32,366 and $12,270, respectively. 

NOTE 6 - RELATED PARTY TRANSACTIONS During the six months ended January 31, 2024, one related party assigned $500,000 of his amount due from the Company to another related party. During the six months ended January 31, 2025, and 2024, the Company's shareholders paid operating expenses of $0 and $16,889 on behalf of the Company.  The advances are unsecured, due on demand and non-bearing interest. During the six months ended January 31, 2025, and 2024, the Company’s related parties advanced $0 and $157,700 to the Company, and the Company repaid $225,000 and $265,889, respectively. The advances are unsecure, due on demand and non-bearing interest. During the six months ended January 31, 2025, and 2024, the Company’s related parties advanced $835,000 and $300,000 and the Company repaid $0 and $79,922, 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 six months ended January 31, 2025, and 2024, the Company recognized and paid interest expenses of $0 and $16,920, respectively.  During the six months January 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 of issuance of 4,290,000 shares and 11,400,000 shares of common stock.  During the six months ended January 31, 2025, and 2024, the Company allocated interest of $0 and $8,695 from total interest of $0 and $16,920 related to the above loans to construction in progress. As of January