My City Builders, Inc. Files 2024 10-K

TL;DR

MCB filed its 2024 10-K. Looks like they're still in real estate.

AI Summary

My City Builders, Inc. filed its 10-K for the fiscal year ending July 31, 2024. The company, formerly known as iMine Corp, is based in Miami, Florida. The filing details financial performance and business operations for the period.

Why It Matters

This 10-K filing provides investors and the public with a comprehensive overview of My City Builders, Inc.'s financial health and strategic direction for the fiscal year 2024.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant negative disclosures.

Key Numbers

• 0731 — Fiscal Year End (Indicates the end of the reporting period for financial statements.)
• 2024-07-31 — Conformed Period of Report (The period covered by the 10-K filing.)
• 2024-10-29 — Filed As Of Date (The date the filing was officially submitted to the SEC.)

Key Players & Entities

• My City Builders, Inc. (company) — Filer of the 10-K
• iMine Corp (company) — Former name of My City Builders, Inc.
• 2024-07-31 (date) — Fiscal year end
• Miami, FL (location) — Business address

FAQ

Key Financial Figures

• $0.001 — e Exchange Act: Common stock, par value $0.001 per share Indicate by check mark if t
• $1,000 — g an initial contribution to the LLC of $1,000 in exchange for a 50% membership intere
• $5,214,000 — capital of the LLC, up to a maximum of $5,214,000, on such dates and in such amounts as r
• $13,000 — y by the LLC, the Company shall receive $13,000 and the average additional cash capital
• $0 — 1, 2024, and 2023, the Company invested $0 and $2,679,500 and recognized impairmen
• $2,679,500 — , and 2023, the Company invested $0 and $2,679,500 and recognized impairment loss of $ 947
• $1,732,000 — ognized impairment loss of $ 947,500and $1,732,000, respectively. Since the acquisition
• $672,960 — issory note, in the principal amount of $672,960 from, and entered into a Loan Agreement
• $328,626 — in part by the Company in the amount of $328,626, net of prepayment interest and in part
• $358,620 — the Company issued a promissory note of $358,620. The note had a 12% interest rate per a
• $175,007 — in part by the Company in the amount of $175,007, net of prepayment interest and in part
• $444,325 — 023, the Company collected principal of $444,325 and interest of $67,457, of which princ
• $67,457 — d principal of $444,325 and interest of $67,457, of which principal of $157,105 and int
• $157,105 — erest of $67,457, of which principal of $157,105 and interest of $28,133 (totaling $185,
• $28,133 — h principal of $157,105 and interest of $28,133 (totaling $185,238) were collected on b

Filing Documents

• jrvs_10k.htm (10-K) — 945KB
• jrvs_ex311.htm (EX-31.1) — 10KB
• jrvs_ex312.htm (EX-31.2) — 11KB
• jrvs_ex321.htm (EX-32.1) — 4KB
• jrvs_ex322.htm (EX-32.2) — 4KB
• 0001640334-24-001595.txt ( ) — 4489KB
• jrvs-20240731.xsd (EX-101.SCH) — 51KB
• jrvs-20240731_lab.xml (EX-101.LAB) — 287KB
• jrvs-20240731_cal.xml (EX-101.CAL) — 47KB
• jrvs-20240731_pre.xml (EX-101.PRE) — 237KB
• jrvs-20240731_def.xml (EX-101.DEF) — 131KB
• jrvs_10k_htm.xml (XML) — 540KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments. 12 Item 1C. Cybersecurity. 12 Item 2.

Properties

Properties 12 Item 3.

Legal Proceedings

Legal Proceedings 12 Item 4. Mine Safety Disclosures 12 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 13 Item 6. [Reserved] 13 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 18 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 18 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 19 Item 9A.

Controls and Procedures

Controls and Procedures 19 Item 9B. Other Information 20 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 20 PART III Item 10. Directors, Executive Officers and Corporate Governance 21 Item 11.

Executive Compensation

Executive Compensation 21 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 22 Item 13. Certain Relationships and Related Transactions, and Director Independence 23 Item 14. Principal Accounting Fees and Services 24 PART IV Item 15. Exhibits and Financial Statement Schedules 25 Item 16. Form 10-K Summary 25 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS As used in this annual report, the terms "we," "us," "our," and words of like import, and the "Company" refers to My City Builders, Inc., its wholly owned subsidiary, RAC Real Estate Acquisition Corp., a Wyoming corporation and the majority owned subsidiary, RAC Gadsden LLC, a Alabama corporation, unless the context indicates otherwise. This annual report on Form 10-K contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, all of which are subject to risks and uncertainties. Forward-looking statements can be identified using words such as "expects," "plans," "forecasts," "projects," "intends," "estimates," and other words of similar meaning. One can identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address our growth strategy, financial results and product and development programs. One must carefully consider any such statement and should understand that many factors could cause actual results to differ from our forward-looking statements. These factors may include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed, and actual future results may vary materially. These risks and uncertainties, many of which are beyond our control, include, and are not limited to: Our ability to obtain the necessary financing for us to develop the business we are seeking to develop; Our stock being traded on the OTC Pink market maintained by OTC Markets, which, according to the OTC Markets website is "designed for companies with financial reporting problems, economic distress, or in bankruptcy"; The lack of liquidity and trading in our common stock; The low price of our common stock; Our failure to have effective internal controls over financial accounting and disclosure controls and the cost of d

Business

Business Overview We were formerly classified as a shell company and have since transitioned into active operations following the acquisition of RAC Real Estate Acquisition Corp. ("RAC"). We no longer maintain the status of a shell company due to these developments. In July 2022, we acquired RAC, a Wyoming-based corporation, which is now a wholly owned subsidiary of the Company. Through RAC, the Company focuses on real estate transactions, particularly the acquisition, development, and sale or rental of low-income housing. Our investment approach is segmented into three primary areas: Acquiring, refurbishing, and selling traditional foreclosures; Purchasing, developing, and renting properties in "Land Banks," which typically comprise over 100 homes or lots in a single location; Acquiring, refurbishing, or developing homes available through HECM (Home Equity Conversion Mortgage) pools. On January 31, 2023, the Company changed its corporate name to My City Builders, Inc., through the merger of the Company with its wholly owned subsidiary, My City Builders, Inc., a Nevada corporation (the "Subsidiary"). Pursuant to an agreement and plan of merger between the Company and the Subsidiary, the Subsidiary was merged with and into the Company and the Company's name was changed to My City Builders, Inc. The only change to the Company's articles of incorporation was the change of the Company's corporate name. Pursuant to the Nevada Revised Statutes (NRS) 92A.180, the merger did not require stockholder approval. On April 26, 2023, FINRA notified the Company that their review of our corporate name change, disclosed in our 8-K filed on February 1, 2023, with the SEC, was complete and that the announcement of the merger, name and symbol change for the Company had been announced on their Daily List on April 26, 2023. The corporate action took effect at the open of business on April 27, 2023, in the open market. The Company's new trading symbol is MYCB. On March 27, 2023,

RISK FACTORS

ITEM 1A. RISK FACTORS An investment in our common stock involves a high degree of risk. You should carefully consider the risks described below together with all of the other information included in this annual report before making an investment decision with regard to our securities. The statements contained in this annual report include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. The risks set forth below are not the only risks facing us. Additional risks and uncertainties may exist that could also adversely affect our business, prospects or operations. If any of the following risks actually occurs, our business, financial condition or results of operations could be harmed. In that case, the trading price of our common stock could decline, and you may lose all or a significant part of your investment. Because of our lack of cash and our working capital deficiency, we will not have resources to expand our business of acquiring, developing and selling/renting real estate, and we will need to raise funds for such activities. At July 31, 2024, we have cash of $20,245 and a working capital of $64,205, and, because our only current source of revenue is interest income from two promissory notes the Company acquired in connection with our business plan. If we are unable to obtain funding for these activities we may be unable to complete an acquisition or file our delinquent SEC quarterly reports. If we are unable to implement our business plan because we do not have sufficient funds available to us, we will be forced to cease operations. Any financing which we may be able to obtain is likely to be on very unfavorable terms and, if equity is issued, may result in significant dilution to our stockholders. Subsequent to our completion of an acquisition, we may be required to take write-downs or write-offs, restructuring and

View Full Filing

View this 10-K filing on SEC EDGAR