Company: MYCB
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001640334-25-002067
Chunk: 266

Company: My City Builders, Inc.
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1A
Chunk 266
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 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 for settlement of four the Company’s line of credits of $353,099 and the net balance of $263,001 after the closing cost of $24,033 transferred to the Company’s bank account.

During the years ended July 31, 2025, and 2024, the Company allocated interest of $0 and $25,297 from total interest of $0 and $53,092 related to the above loans to construction in progress.

As of July 31, 2025, July 8, 2025, and July 31, 2024, the Company had due to related parties of $0, $117,500 and $1,106,000, respectively.

Director Independence

Our securities are not listed on a national securities exchange or in an inter-dealer quotation system which has requirements that directors be independent. As a result, we have adopted the independence standards of the NYSE American (formerly known as the American Stock Exchange and more recently the NYSE MKT) to determine the independence of our directors. These standards provide that a person will be considered an independent director if he or she is not an officer of the Company and is, in the view of the Company’s Board of Directors, free of any relationship that would interfere with the exercise of independent judgment. Our Board of Directors has determined that we have no independent directors.

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