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My City Builders Inc (MYCB0.00%). has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing rental income of $29,743 compared to $13,599 in the same quarter the previous year. The increase is due to additional leased properties.
Operating expenses for the quarter were $77,140, compared to $73,961 in the previous year. The increase is attributed to higher general and administrative expenses.
The company reported a net loss of $78,299 for the quarter, compared to $1,020,466 in the previous year. The decrease in net loss is primarily due to the absence of impairment loss on investment recognized in the previous year.
Cash used in operating activities was $415,348, while cash provided by financing activities was $679,467. Cash used in investing activities amounted to $267,015.
My City Builders had a working capital of $1,392,613 as of January 31, 2025. The company acknowledges its need for additional capital resources to continue as a going concern.
The filing details various financial activities, including the issuance of 4,290,000 shares for the settlement of $1,716,000 due to a related party.
The company continues to focus on its real estate operations, including the acquisition, development, and rental of low-income housing.
The filing also mentions ongoing legal proceedings involving RAC Real Estate Acquisition Corp., a wholly-owned subsidiary of My City Builders, related to breach of promissory notes and LLC agreements.
My City Builders does not anticipate significant changes in its operations or financial condition in the near future.
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 March 17, 2025. To report an error, please email earnings@qz.com.