My City Builders Q1 2025: Customer Risk Focus
Ticker: MYCB · Form: 10-Q · Filed: Dec 13, 2024 · CIK: 1556801
| Field | Detail |
|---|---|
| Company | My City Builders, INC. (MYCB) |
| Form Type | 10-Q |
| Filed Date | Dec 13, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, real-estate, customer-concentration
TL;DR
MCB Q1 earnings out, watch out for customer concentration risk.
AI Summary
My City Builders, Inc. reported its Q1 2025 results for the period ending October 31, 2024. The company's fiscal year ends on July 31st. The filing also notes a subsequent event on November 1, 2024, related to customer concentration risk for accounts receivable and sales revenue.
Why It Matters
This filing highlights potential risks related to customer concentration, which could impact the company's revenue and financial stability if key customers are lost.
Risk Assessment
Risk Level: medium — The company's reliance on a few key customers for a significant portion of its revenue and accounts receivable presents a concentration risk.
Key Numbers
- Q1 2025 — Fiscal Quarter (Reporting period)
- 0731 — Fiscal Year End (Company's fiscal year end)
Key Players & Entities
- My City Builders, Inc. (company) — Filer
- 2024-10-31 (date) — End of reporting period
- 2024-11-01 (date) — Subsequent event date
FAQ
What is the specific nature of the subsequent event on November 1, 2024?
The filing indicates a subsequent event on November 1, 2024, related to customer concentration risk for accounts receivable and sales revenue, specifically mentioning 'OneCustomerMember', 'TenantEMember', and 'TenantFMember'.
What was the previous company name before 'My City Builders, Inc.'?
The company was formerly known as iMine Corp, Diamante Minerals, Inc., and O'Conn Industries Corp.
In which state is My City Builders, Inc. incorporated?
My City Builders, Inc. is incorporated in Nevada (NV).
What is the primary industry classification for My City Builders, Inc.?
The company's Standard Industrial Classification is Real Estate [6500].
What is the business address and phone number listed for My City Builders, Inc.?
The business address is 100 Biscayne Blvd., #1611, Miami, FL 33132, and the phone number is 786-553-4006.
Filing Stats: 4,490 words · 18 min read · ~15 pages · Grade level 16 · Accepted 2024-12-13 13:08:13
Key Financial Figures
- $0.001 — of the issuer's common stock, par value $0.001 per share, outstanding. TABLE OF CONTE
Filing Documents
- jrvs_10q.htm (10-Q) — 642KB
- jrvs_ex311.htm (EX-31.1) — 10KB
- jrvs_ex312.htm (EX-31.2) — 10KB
- jrvs_ex321.htm (EX-32.1) — 4KB
- jrvs_ex322.htm (EX-32.2) — 4KB
- 0001640334-24-001870.txt ( ) — 3592KB
- jrvs-20241031.xsd (EX-101.SCH) — 40KB
- jrvs-20241031_lab.xml (EX-101.LAB) — 219KB
- jrvs-20241031_cal.xml (EX-101.CAL) — 39KB
- jrvs-20241031_pre.xml (EX-101.PRE) — 194KB
- jrvs-20241031_def.xml (EX-101.DEF) — 121KB
- jrvs_10q_htm.xml (XML) — 485KB
: Financial Information
Part I: Financial Information Item 1.
Financial Statements
Financial Statements F-1 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 4 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 9 Item 4.
Controls and Procedures
Controls and Procedures 9
: Other Information
Part II: Other Information Item 1.
Legal Proceedings
Legal Proceedings 10 Item 1A.
Risk Factors
Risk Factors 10 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 10 Item 3. Defaults Upon Senior Securities 10 Item 4. Mine Safety Disclosures 10 Item 5. Other Information 10 Item 6. Exhibits 11 2 Table of Contents
FORWARD LOOKING STATEMENTS
FORWARD LOOKING STATEMENTS This report contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this report. Additionally, statements concerning future matters are forward-looking statements. Although forward-looking statements in this report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the headings "Risks Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K for the year ended July 31, 2024, in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Form 10-Q, and information contained in other reports that we file with the SEC. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. We file reports with the SEC. The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the da
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements My City Builders, Inc. Index to Unaudited Interim Condensed Consolidated Financial Statements October 31, 2024 Page Condensed Consolidated Balance Sheets as of October 31, 2024 and July 31, 2024 (Unaudited) F-2 Condensed Consolidated Statements of Operations for the three months ended October 31, 2024 and 2023 (Unaudited) F-3 Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the three months ended October 31, 2024 and 2023 (Unaudited) F-4 Condensed Consolidated Statements of Cash Flows for the three months ended October 31, 2024 and 2023 (Unaudited) F-5 Notes to Unaudited Condensed Consolidated Financial Statements F-6 F-1 Table of Contents My City Builders, Inc. Condensed Consolidated Balance Sheets (Unaudited ) October 31, July 31, 2024 2024 ASSETS Current Assets Cash $ 15,169 $ 20,245 Accounts receivable 188 2,607 Homes inventory for sales 1,684,279 1,613,005 Total Current Assets 1,699,636 1,635,857 Property and equipment, net 1,971,676 1,833,192 TOTAL ASSETS $ 3,671,312 $ 3,469,049 LIABILITIES AND STOCKHOLDES' EQUITY (DEFICIT) Current Liabilities Accounts payable and accrued liabilities $ 47,607 $ 79,563 Loan Payable - current portion 25,000 25,000 Loans payable, related party - 28,500 Due to related parties 1,345,000 1,106,000 Bank borrowings - current portion, net 431,072 332,589 Total Current Liabilities 1,848,679 1,571,652 Bank borrowings, net 710,438 710,717 Loan Payable 25,000 25,000 TOTAL LIABILITIES 2,584,117 2,307,369 Stockholders'' Equity Preferred stock: 10,000,000 authorized; $ 0.001 par value - - Series A preferred stock 100,000 designated; $ 0.001 par value 100,000 shares issued and outstanding 100 100 Common stock: 300,000,000 authorized; $ 0.001 par value 11,986,686 and 11,986,686 shares issued and outstanding at October 31, 2024 and July 31, 202