Company: MYCB
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001640334-25-002067
Chunk: 31

Company: My City Builders, Inc.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1
Chunk 31
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, one related party assigned $500,000 of his amount due from the Company to another related party.

During the year ended July 31, 2024, one related party converted $500,000 of the amount due from the Company to four loan agreements with an interest rate of 9.5% annual with term of 30 years.  During the years ended July 31, 2025, the Company settled principal of $28,500 and $471,500. During the years ended July 31, 2025, and 2024, the Company recognized interest of $0 and $31,172 and paid interest of $3,958 and $27,213, respectively.

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During the years ended July 31, 2025, and 2024, the Company's 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