Company: MYCB
Filing Date: 2025-09-25
Form Type: 10-Q
Source: 0001640334-25-001709
Chunk: 89

Company: My City Builders, Inc.
Filing Date: 2025-09-25
Form: 10-Q
Item: Part II, Item 8
Chunk 89
---
 up to thirty single family Garden Homes as a “Phase Two” construction project once the seven to eight duplex apartments has been completed on the initial parcel of land purchased in July of 2024.

As of April 30, 2025, RAC had twelve (12) complete homes with three additional homes under construction in East Gadsden. Out of the twelve (12) completed properties nine (9) homes have been leased with monthly lease payments ranging from $1,100 to $2,150, each for a period of one year for each home leased. As of April 30, 2025, three homes which the occupancy permits were issued, have not been leased.

On July 8, 2025, the Company and RAC Merger LLC (“RAC Merger”) entered into a share purchase agreement in order to sell 100% issued and outstanding shares of RAC Real Estate Acquisition Corp., to RAC Merger for a total purchase amount of $2,374,896. At the time of the transaction, RAC Merger owned 98.5% of the total issued and outstanding shares of the Company. Therefore, in lieu of any cash distribution to RAC Merger as a shareholder of the Company, RAC Merger agreed that its 98.5% interest in the total purchase amount as a shareholder of the Company was satisfied by the assignment of the 100% issued and outstanding shares of RAC Real Estate Acquisition Corp. The remaining shareholders of the Company, which comprised 1.5% of the Company’s issued and outstanding shares as of the date of the transaction, received a cash distribution in the total amount of $35,623.44, which equals 1.5% of the total purchase amount.

As of April 30, 2025, and July 31, 2024, all property homes were collateralized with an outstanding balance of $1,290,272 and $1,067,981, respectively. 

 During the months May-August 2025, the Company sold three (3) homes from homes inventory for an aggregate amount of $413,000 and one (1) home from homes property for amount of $191.000.  

Results of Operations

The following summary of our results of operations should be read in conjunction with our unaudited consolidated financial statements for the nine months ended April 30, 2025, and 2024, which are included herein.

Our operating results for