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My City Builders Inc (MYCB). has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing outlines the company's financial position, reporting a net loss of $74,485 for the quarter, compared to a net loss of $78,577 in the same quarter the previous year. Revenue for the quarter was $25,528, generated from rental income.
Operating expenses for the quarter were $80,092, up from $75,488 in the previous year. These expenses included professional fees, general and administrative costs, depreciation, and costs related to rental homes.
The company reported total current assets of $1,699,636 and total current liabilities of $1,848,679, resulting in a working capital deficiency of $149,043 as of October 31, 2024.
Cash used in operating activities was $159,601, while cash used in investing activities amounted to $153,435. Cash provided by financing activities was $307,960, primarily from advances from related parties and bank borrowings.
The company continues to face going concern issues, with an accumulated deficit of $2,094,394 and a working capital deficit. Management plans to raise additional capital through equity and debt financing to support operations.
My City Builders focuses on real estate transactions, particularly the acquisition, development, and rental of low-income housing. The company has completed eleven homes and has three homes under construction in East Gadsden, Alabama.
The filing also details legal proceedings involving the company, including a lawsuit with Fix Pads Holdings, LLC, which resulted in the transfer of 44 property titles to My City Builders as part of a settlement agreement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the My City Builders Inc quarterly 10-Q report dated December 13, 2024. To report an error, please email earnings@qz.com.