Company: MYCB
Filing Date: 2025-09-25
Form Type: 10-Q
Source: 0001640334-25-001709
Chunk: 81

Company: My City Builders, Inc.
Filing Date: 2025-09-25
Form: 10-Q
Item: Part II, Item 8
Chunk 81
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As of April 30, 2025, loans payable – related party consist of as follows;   Principal   Maturity  Interest   April 30  July 31,   Amount  date  Rate   2025  2024 Loan dated December 1, 2023 $125,000  12/1/2053  9.50% $-  $22,500 Loan dated December 1, 2023 $125,000  12/1/2053  9.50%  -   6,000 Total loans payable            -   28,500 Less: current portion             -   (28,500)Long -term loans portion            $-  $-  The monthly payment of $3,958 for the 360 months to be applied to interest, and thereafter, the principal and any unpaid interest due on December 1, 2053. During the nine months ended April 30,2025 and 2024, the Company recognized interest of $0 and $ 19,792 and paid interest of $0 and 15,338. During the nine months ended April 30,2025 and 2024, the Company allocated interest of $0 and $8,849 from total interest of $0and $ 19,792 related to above loans to construction in progress.  On August 1, 2024, the Company paid and settled the outstanding principal balance of $28,500 and interest payable of $3,958.

NOTE 9 – LOAN PAYABLE On July 31, 2024, the Company purchased land for the purpose of future construction of duplex apartments in amount of $120,000. The Company signed a mortgage and warranty deed agreement with the seller for unpaid purchase price of $50,000, with 5% interest per annum, principal and interest being due and payable in two annual instalments of $25,000 plus interest, beginning July 31, 2025, and the final instalment being July 31, 2026. During the nine months ended April 30, 2025, the Company recognized interest of $1,870. During the nine months ended April 30, 2025, the Company allocated interest of $265 from total interest of $1