jrvs_10q.htm

0001640334-23-001046.txt : 20230614 0001640334-23-001046.hdr.sgml : 20230614 20230614061139 ACCESSION NUMBER: 0001640334-23-001046 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 37 CONFORMED PERIOD OF REPORT: 20230430 FILED AS OF DATE: 20230614 DATE AS OF CHANGE: 20230614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: My City Builders, Inc. CENTRAL INDEX KEY: 0001556801 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 273816969 STATE OF INCORPORATION: NV FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55233 FILM NUMBER: 231012958 BUSINESS ADDRESS: STREET 1: 100 BISCAYNE BLVD., #1611 CITY: MIAMI STATE: FL ZIP: 33132 BUSINESS PHONE: 786-553-4006 MAIL ADDRESS: STREET 1: 100 BISCAYNE BLVD., #1611 CITY: MIAMI STATE: FL ZIP: 33132 FORMER COMPANY: FORMER CONFORMED NAME: iMine Corp DATE OF NAME CHANGE: 20180322 FORMER COMPANY: FORMER CONFORMED NAME: DIAMANTE MINERALS, INC. DATE OF NAME CHANGE: 20140616 FORMER COMPANY: FORMER CONFORMED NAME: OCONN INDUSTRIES CORP DATE OF NAME CHANGE: 20120823 10-Q 1 jrvs_10q.htm FORM 10-Q jrvs_10q.htm

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended April 30, 2023

or

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from ____________ to ________________

Commission file number: 000-55233

My City Builders, Inc.

(Exact name of registrant as specified in its charter)

Nevada

27-3816969

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

100 Biscayne Blvd., #1611

Miami FL 33132

(Address of principal executive offices)

786-553-4006

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of June 13, 2023, there were 586,686 shares of the issuer’s common stock, par value $0.001 per share, outstanding.

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TABLE OF CONTENTS

		Page No.
	Part I: Financial Information	4

Item 1:	Financial Statements	4
	Consolidated Balance Sheets as of April 30, 2023 and July 31, 2022 (Unaudited)	4
	Consolidated Statements of Operations for the nine months ended April 30, 2023 (Unaudited)	5
	Consolidated Statements of Changes in Stockholders’ Deficit for the nine months ended April 30, 2023 (Unaudited)	6
	Consolidated Statements of Cash Flows for the nine months ended April 30, 2023 (Unaudited)	7
	Notes to Unaudited Consolidated Financial Statements	8
Item 2:	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3:	Quantitative and Qualitative Disclosures about Market Risk	16
Item 4:	Controls and Procedures	16

	Part II: Other Information

Item 1	Legal Proceedings	17

Item 6:	Exhibits	17

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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, 2022, 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 date of this report, except as required by law. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this quarterly report, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.

All references in this Form 10-Q to the “Company,” “My City Builders,” “we,” “us,” “our” and words of like import relate to My City Builders, Inc. and its wholly-owned subsidiary, RAC Real Estate Acquisition Corp., a Wyoming corporation, unless the context indicates otherwise.

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

My City Builders, Inc.

Consolidated Balance Sheets

(Unaudited)

	April 30,			July 31,
	2023			2022
ASSETS
Current Assets
Cash	$	58,048		$	718
Loan receivable		358,685			336,480
Accrued interest income		4,163			-
Total Current Assets		420,896			337,198

Construction in progress		479,810			-
Investment		2,679,500			-
TOTAL ASSETS	$	3,580,206		$	337,198

LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$	192,690		$	13,075
Deferred interest income		-			6,748
Due to related parties		3,210,022			8,812
Total Current Liabilities		3,402,712			28,635

TOTAL LIABILITIES		3,402,712			28,635

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
586,686 and 595,986 shares issued and outstanding, respectively		587			596
Additional paid in capital		331,114			331,105
Accumulated deficit		(154,306	)		(23,238	)
Total stockholders’ equity.		177,495			308,563
Noncontrolling interests		(1	)		-
Total Equity		177,494			308,563
TOTAL LIABILITIES AND EQUITY	$	3,580,206		$	337,198

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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My City Builders, Inc.

Consolidated Statement of Operations

(Unaudited)

	Three Months Ended			Nine months ended
	April 30,			April 30,
	2023			2023

Interest income	$	12,249		$	40,073

Operating expenses
General and administrative		5,217			6,100
Professional fees		19,218			77,362
Total operating expenses		24,435			83,462

Loss from operations		(12,186	)		(43,389	)

Other income and expense
Interest expense- related parties		(45,680	)		(87,680	)
Total other expense		(45,680	)		(87,680	)

Loss before income taxes		(57,866	)		(131,069	)
Provision for income taxes		-			-
Net Loss		(57,866	)		(131,069	)
Less: Net loss attributable to noncontrolling interests		(1	)		(1	)
Net loss attributable to stockholders of My City Builders, Inc.	$	(57,865	)	$	(131,068	)

Basic and diluted loss per share of common stock	$	(0.10	)	$	(0.22	)
Basic weighted average number of common shares outstanding		592,304			594,786

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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My City Builders, Inc.

Consolidated Statement of Changes in Stockholders’ Equity

(Unaudited)


	Series A Preferred Stock				Common Stock						Additional Paid in			Accumulated			Total Stockholders’			Non-controlling			Total
	Shares		Amount		Shares			Amount			Capital			Deficit			Equity			interest			Equity

Balance - July 31, 2022		100,000	$	100		595,986		$	596		$	331,105		$	(23,238	)	$	308,563		$	-		$	308,563

Net loss		-		-		-			-			-			(22,197	)		(22,197	)		-			(22,197	)
Balance - October 31, 2022		100,000		100		595,986			596			331,105			(45,435	)		286,366			-			286,366

Net loss		-		-		-			-			-			(51,006	)		(51,006	)		-			(51,006	)
Balance - January 31, 2023		100,000		100		595,986			596			331,105			(96,441	)		235,360			-			235,360

Common stock cancelled		-		-		(10,000	)		(10	)		10			-			-			-			-
Reverse stock split adjustment		-		-		700			1			(1	)		-			-			-			-
Net loss															(57,865	)		(57,865	)		(1	)		(57,866	)
Balance - April 30, 2023		100,000	$	100		586,686		$	587		$	331,114		$	(154,306	)	$	177,495		$	(1	)	$	177,494

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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My City Builders, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

	Nine months ended
	April 30,
	2023

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(131,069	)
Changes in operating assets and liabilities:
Accrued interest income		(4,163	)
Accounts payable and accrued liabilities		(2,348	)
Deferred interest income		(6,748	)
Due to related parties		38,710
Net cash used in operating activities		(105,618	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Investment		(2,679,500	)
Advance on loan receivable		(179,310	)
Collection of loan receivable		157,105
Collection of loan receivable for third party investor		181,963
Payment for construction		(479,810	)
Net cash used in investing activities		(2,999,552	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Advances from related parties		4,039,300
Repayments to related parties		(876,800	)
Net cash provided by financing activities		3,162,500

Net change in cash		57,330
Cash, beginning of period		718
Cash, end of period	$	58,048

Supplemental cash flow information
Cash paid for interest	$	87,680
Cash paid for taxes	$	-

Non-cash transactions:
Common stock cancelled	$	10
Reverse stock split adjustment	$	1

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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My City Builders, Inc.

Notes to Unaudited Consolidated Financial Statements

NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS

My City Builders, Inc. (the “Company” or “My City Builders”) is a Nevada corporation incorporated on October 26, 2010 under the name Oconn Industries Corp. The Company’s name was changed on March 11, 2014 from Oconn Industries Corp. to Diamante Minerals, Inc., and to iMine Corporation on March 20, 2018 and to My City Builders, Inc on January 31, 2023.

In July 2022, the Company acquired RAC Real Estate Acquisition Corp, a Wyoming Corporation ("RAC"). RAC is now a wholly owned subsidiary of the Company. The Company, through RAC, plans to focus on real estate transactions, in which the Company will buy and develop real estate for sale or rent of low-income housing. The Company plans to invest in three sectors of this market by (i) buying, refurbishing, and selling traditional foreclosures, (ii) buying, developing, and renting “Land Banks” that have an average pool of homes or lots in excess of 100 in one location and (iii) buying, refurbishing or developing and selling homes made available by the government through HECM pools.

On March 27, 2023, RAC, a wholly owned subsidiary of the Company entered into a Limited Liability Company Agreement dated effective March 27, 2023, (the “Agreement”) with, Frank Gillen, an individual (“Mr. Gillen”) and Michael Colvard, an individual (“Mr. Colvard”).

As a result of the Agreement, RAC, Mr. Gillen and Mr. Colvard formed a limited liability company called RAC Gadsden, LLC (“Gadsden”) incorporated in the state of Alabama. Gadsden will continue until terminated pursuant to the Agreement or as provided for under the laws of Alabama. The purpose of Gadsden is to purchase, finance, collateralize, improve, rehabilitate, market, sell or lease property. Gadsden has three members, RAC, Mr. Gillen and Mr. Colvard with an initial contribution of $98, $1 and $1, respectively, in exchange for a membership interest of 98%, 1%, and 1%, respectively. Each member is entitled to vote in accordance with their respective membership interest. Gadsden is a member managed LLC.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Presentation of Interim Information

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information and with Rule 8-03 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by US GAAP for complete financial statements. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited consolidated financial statements for the year ended July 31, 2022 have been omitted. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the footnotes thereto for the fiscal year ended July 31, 2022 included within the Company’s Annual Report on Form 10-K.

In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the consolidated financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s periodic filings with the SEC include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company.

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Cash and Cash Equivalents

For purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The Company had no cash equivalents at April 30, 2023.

Periodically, the Company may carry cash balances at financial institutions more than the federally insured limit of $250,000 per institution. The Company has not experienced losses on account balances and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.

Principles of Consolidation

The consolidated financial statements include the accounts of My City Builders and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated.

Fair Value Measurements

As defined in ASC 820” Fair Value Measurements,” fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

Investments in Equity and Debt

Equity investments with readily determinable fair values are measured at fair value. Equity investments without readily determinable fair values are measured using the equity method or measured at cost with adjustments for observable changes in price or impairments. We perform a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Changes in value are recorded in other income (expense), net.

The Company’s debt securities are primarily invested in a third-party vendor and asset management company, to purchase, develop and manage real estate properties. Given the nature of lending to these types of businesses, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for debt instruments for these investment securities to be traded or exchanged. The Company may, from time to time, invest in public debt of companies that meet the Company’s investment objectives, and to the extent market quotations or other pricing indicators (i.e., broker quotes) are available, these investments are considered Level 1 or 2 assets in line with ASC Topic 820.

Construction in progress

Construction in progress generally involves short-term capital projects and is not depreciated until the development has reached completion and has been put into service.

Revenue Recognition

The Company recognizes revenue in accordance with Topic 606, which requires the Company to recognize revenues when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. The Company recognizes revenue based on the five criteria for revenue recognition established under Topic 606: 1) identify the contract, 2) identify separate performance obligations, 3) determine the transaction price, 4) allocate the transaction price among the performance obligations, and 5) recognize revenue as the performance obligations are satisfied.

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The Company records interest income on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement and underlying debt instrument, to the extent that such amounts are expected to be collected. Debt investments are placed on non-accrual status when it is probable that principal, interest or fees will not be collected according to contractual terms. When a debt investment is placed on non-accrual status, the Company ceases to recognize interest and fee income until the portfolio company has paid all principal and interest due or demonstrated the ability to repay its current and future contractual obligations to the Company. The Company may not apply the non-accrual status to a loan where the investment has sufficient collateral value to collect all of the contractual amount due and is in the process of collection. Interest collected on non-accrual investments are generally applied to principal.

Net Loss per Share of Common Stock

The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share of common stock are computed by dividing net earnings by the weighted average number of shares and potential shares outstanding during the period. Potential shares of common stock consist of shares to be issued taken into account the effect of dilutive instruments. As of April 30, 2023, there were 100,000 shares of series A preferred stock, that were not included in the calculation of dilutive earnings per share as their effect would be anti-dilutive.

Recent Accounting Pronouncements

The Company has implemented all new pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial statements or results of operations.

NOTE 3 - GOING CONCERN AND LIQUIDITY CONSIDERATIONS

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. During the period ended April 30, 2023, the Company incurred a net loss of $131,069. As of April 30, 2023, the Company had an accumulated deficit of $154,306. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plans to raise necessary funding through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ended July 31, 2023. However, until the Company engages in an active business or makes an acquisition the Company is likely to not be able to raise any significant debt or equity financing.

The ability of the Company to begin operations in its new business model is dependent upon, among other things, obtaining financing to commence operations and develop a business plan or making an acquisition. The Company cannot give any assurance as to its ability to develop or acquire a business or to operate profitably.

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 4 – LOAN RECEIVABLE

On July 22, 2022, the Company received a promissory note, in the principal amount of $672,960 from, and entered into a Loan Agreement dated July 18, 2022, with, Fix Pads Holdings, LLC. The note has a 12% interest rate per annum payable of $672,960 and all principal and accrued interest are paid in full by July 1, 2023. Consideration for the note was paid in part by the Company in the amount of $328,626, net of prepayment interest and in part by a third-party investor in the amount of $328,626.

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On August 18, 2022, the Company issued the promissory note. The note has a 12% interest rate per annum payable of $358,620 and is due on August 1, 2023. Consideration for the note was paid in part by the Company in the amount of $175,007, net of prepayment interest and in part by a third-party investor in the amount of $175,007.

During the nine months ended April 30, 2023, the Company collected principal of $314,211 and interest of $54,020, of which principal of $157,105 and interest of $24,858 were collected on behalf of a third-party investor. During the nine months ended April 30, 2023, the Company recorded interest income of $40,073.

As of April 30, 2023, and July 31, 2022, the Company recorded accrued interest income of $4,163 and $0, and deferred interest income of $0 and $6,748, respectively.

NOTE 5 – INVESTMENT

On October 4, 2022, the Company, through RAC, entered into a Limited Liability Agreement with Fix Pads Holdings, LLC ("Fix Pads"). As a result of the agreement, RAC and Fix Pads formed a limited liability company called RAC FIXPADS II, LLC (“LLC”), incorporated in the state of Delaware. The LLC has two members RAC and Fix Pads, both providing an initial contribution to the LLC of $1,000 in exchange for a 50% membership interest represented by an issuance of 1,000 Units of the LLC to each party. Each member is entitled to one vote per member. The LLC is managed by a manager, Fix Pads. The agreement provides that additional capital contributions of the members will be made to the LLC as follows: (i) Fix Pads will transfer and assign all rights to and incidents of ownership for up to 60 residential properties it has title, or will have title, to the LLC, as set forth in the agreement; and (ii) RAC will make additional cash contributions to the capital of the LLC, up to a maximum of $5,214,000, on such dates and in such amounts as requested by the LLC, in the manner set forth in the agreement. From the sale of each property by the LLC, the Company shall receive $13,000 and the average additional cash capital contribution per property.

During the nine months ended April 30, 2023, the Company invested $2,679,500 and did not record any impairment loss.

NOTE 6 - RELATED PARTY TRANSACTIONS

During the nine months ended April 30, 2023, the Company's shareholders paid operating expenses of $38,710 on behalf of the Company. The advances are unsecured, due on demand and non-bearing interest.

During the nine months ended April 30, 2023, the Company’s related party advanced $2,377,300 to the Company. The advances are unsecured, due on demand and non-bearing interest.

During the nine months ended April 30, 2023, the Company’s officers advanced $170,000 to the Company. The advances are unsecured, due on demand and interest 10% of advanced amount will be interest expense when the Company repays.

During the nine months ended April 30, 2023, the Company’s related parties advanced $1,492,000 and the Company repaid $876,800. The advances are unsecured, payable during the period of five to ten months with interest of a range from 12% to 24% annual. During the nine months ended April 30, 2023, the Company recognized interest expense of $87,680.

As of April 30, 2023, and July 31, 2022, the Company had due to related parties of $3,210,022 and $8,812, respectively.

NOTE 7 - EQUITY

Authorized Preferred Stock

The Company has authorized 10,000,000 shares of preferred stock at par value of $0.001 per share.

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Series A Preferred stock

The Company has designated 100,000 shares of preferred stock at par value of $0.001 per share.

As of April 30, 2023, and July 31, 2022, the Company had 100,000 shares of Series A preferred stock issued and outstanding.

Authorized Common Stock

The Company has authorized 300,000,000 shares of common stock at par value of $0.001 per share. Each share of common stock entitles the holder to one vote on any matter on which action of the stockholders of the corporation is sought.

During the nine months ended April 30, 2023, the Company issued 700 shares of common stock for an adjustment of reverse stock split in June 2022.

During the nine months ended April 30, 2023, a shareholder returned 10,000 shares of common stock and the Company canceled 10,000 shares of common stock.

As of April 30, 2023, and July 31, 2022, the Company had 586,686 and 595,986 shares of common stock issued and outstanding, respectively.

As of April 30, 2023, and July 31, 2022, the Company had no options and warrants outstanding.

NOTE 8 - SUBSEQUENT EVENTS

On May 19, 2023, RAC filed a complaint for breach of two promissory notes entered into with Fix Pads Holdings, LLC and for injunctive relief in the 11^th Judicial Circuit Court in Miami-Dade County Florida, as well as an emergency motion for temporary injunction enjoining Fix Pads Holdings, LLC from selling, transferring, conveying or otherwise disposing of any real property assets pledged as collateral in relation to the two promissory notes entered into between RAC and Fix Pads. In addition to the injunctive relief sought above, RAC is also seeking damages for breach of the promissory notes. After RAC filed and served the lawsuit, Fix Pads removed the lawsuit to the United States District Court for the Southern District of Florida on May 24, 2023. As such, the case will now be proceeding in the Southern District of Florida. RAC has re-filed its motion for injunctive relief before the District Court. The motion is pending. Given the early stage of the proceedings, there are no additional developments to report at this time.

Management has evaluated subsequent events through April 30, 2023, the date on which the financial statements are available to be issued. All subsequent events requiring recognition as of April 30, 2023 have been incorporated into these consolidated financial statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Overview

In July of 2022 we acquired RAC Real Estate Acquisition Corp, a Wyoming Corporation (RAC). RAC is now a wholly owned subsidiary of the Company. The Company, through RAC, plans to focus on real estate transactions, in which we will buy and develop real estate for sale or rent of low-income housing. We plan to invest in three sectors of this market by (i) buying, refurbishing and selling traditional foreclosures, (ii) buying, developing and renting “Land Banks” that have an average pool of homes or lots in excess of 100 in one location and (iii) buying, refurbishing or developing and selling homes made available by the government through HECM pools.

On July 22, 2022, the Company received a promissory note, in the principal amount of $672,960 from, and entered into a Loan Agreement dated July 18, 2022, with, Fix Pads Holdings, LLC a South Carolina limited liability company. The note has a 12% interest rate per annum payable as follows: (1) a pre-payment on July 22, 2022 of pro-rated interest for the period from July 22, 2022 through July 30, 2022 in the amount of $2,212.47; (2) a pre-payment of interest on August 1, 2022 for the period from August 1, 2022 through September 30, 2022 in the amount of $13,496.07; and then (3) monthly payments of interest only beginning on October 1, 2022 and continuing on the 1^st day of each month thereafter until all principal and accrued interest are paid in full by July 1, 2023. The note is secured by mortgages or deeds of trust on 7 properties. Consideration for the note was paid in part by the Company in the amount of $328,625.72 and in part by a third-party investor, in the amount of $328,625.73 (together both amounts equal $657,251.45 which represent the total note amount of $672,960 minus the two prepayments described above). On July 26, 2022, The Company entered into a partial assignment of the promissory note dated July 25, 2022, with a third-party investor whereby the Company assigned the right to payment of principal in the amount of $336,480 and the right to half of the amount of any interest payments made on the principal amount of the note.

On August 18, 2022, the Company received a promissory note, in the principal amount of $358,620 from, and entered into a loan agreement, with, Fix Pads Holdings, LLC. The note has a 12% interest rate per annum payable as follows: (1) a pre-payment on August 19, 2022 of pro-rated interest for the period from August 19, 2022 through August 31, 2022 in the amount of $1,414.82; (2) a pre-payment of interest on August 19, 2022 for the period from September 1, 2022 through October 31, 2022 in the amount of $7,192.06; and then (3) monthly payments of interest only beginning on November 1, 2022 and continuing on the 1^st day of each month thereafter until all principal and accrued interest are paid in full by August 1, 2023. The note is secured by mortgages or deeds of trust on 4 properties. Consideration for the note was paid in part by the Company in the amount of $175,006.56 and in part by a third-party investor, in the amount of $175,006.56 (together both amounts equal $350,013.12 which represent the total note amount of $358,620 minus the two prepayments described above). On August 18, 2022, the Company entered into a partial assignment of the promissory note with the third-party investor whereby the Company assigned the right to payment of principal in the amount of $179,310 and the right to half of the amount of any interest payments made on the principal amount of the note.

On October 4, 2022, the Company, through RAC, entered into a Limited Liability Agreement with Fixed Pads Holdings. As a result of the agreement, RAC and Fix Pads Holdings formed a limited liability company called RAC FIXPADS II, LLC, incorporated in the state of Delaware. The purpose of which is to purchase, finance, collateralize, improve, rehabilitate, market, sell or lease property, as well as carry on any lawful business, purpose or activity. The LLC has two members RAC and Fix Pads Holdings, LLC, both providing an initial contribution to the LLC of $1,000 in exchange for a 50% membership interest represented by an issuance of 1,000 Units of the LLC to each party. Each member is entitled to 1 vote per member. The LLC is managed by a manager, Fix Pads Management, LLC.

The Agreement provides that additional capital contributions of the members will be made to the LLC as follows: (i) Fix Pads Holdings, LLC will transfer and assign all rights to and incidents of ownership for up to 60 residential properties it has title, or will have title, to the LLC, as set forth in the Agreement; and (ii) RAC will make additional cash contributions to the capital of the LLC, up to a maximum of $5,214,000, on such dates and in such amounts as requested by the LLC, in the manner set forth in the Agreement.

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Under the Agreement RAC will receive the net cost funded per property which currently is estimated at $92,000 per home refurbished along with the cost RAC paid to clear the Fix Pads Holdings title which currently is estimated at $6,900 per home, the value of the properties contributed by Fix Pads Holdings, LLC and the additional cash contributions by RAC. Distributions to the members under the Agreement will be made as follows: (i) from the sale of each property by the LLC, the LLC shall distribute $13,000 of the net sale proceeds to RAC and distribute and additional amount to RAC equal to the average RAC additional cash capital contribution per property, the balance net proceeds will be distributed to Fix Pads Holdings, LLC; (ii) for any property that is leased by the LLC, RAC will have the option to buy such property from the LLC and for any such property that is not bought by RAC, any net rental income will be retained by the LLC and distributed to the members based on (a) further written agreement of the members or (b) if the members are unable to agree then on such terms as provided in the Agreement.

Since the acquisition of RAC, the Company, through our third-party vendor, has financed the clearance of 55 titles in the name of Fix Pads Holdings, LLC and has 15 homes under construction in the LLC and 8 of the 11 homes completed under the two promissory notes.

As of April 30, 2023, RAC has invested $2,679,500 into RAC FIXPADS II of which $2,300,000 was invested for the rehabilitation of homes held in the LLC and $379,500 has been wired to the title company TitleVest to clear 55 titles of taxes and any back fees owed to rehabilitate the homes for sell or rent.

Currently, RAC has decided to cease further development with Fix Pads LLC & Fix Pads Holdings and focus on Land Bank projects with a minimum of 100 lots all in one location. We will focus on renting all the properties through qualified renters or Section 8 coupons from the local municipalities. Our first Land Bank project is in Gadsden Alabama. We have purchased 20 lots to start new construction of low-income single-family homes. We have ordered and received the first three pre-engineered homes in Gadsden to begin construction on the homes. RAC will use these initial pre-engineered homes to determine if RAC will construct pre-engineered or traditional “stick built” homes.

On April 27, 2023, RAC closed on twenty lots in Gadsden Alabama. RAC started the construction on four of the lots with one “pre-engineered” home made with galvanized steel framing and three constructed with traditional “stick built” construction. The homes are 3-bedroom 2-bathroom single family homes with under roof of 1260 square feet. The plan for Gadsden Alabama is to build new low-income single-family homes for rent. As of April 30, 2023, RAC has invested $479,810 in construction costs on the four homes as well as the closing of twenty lots located in Gadsden Alabama.

On March 22, 2023, RAC incorporated a local LLC in Etowah County, Alabama called RAC Gadsden LLC. On March 27, 2023, RAC, entered into a Limited Liability Company Agreement dated effective March 27, 2023, (the “Agreement”) with, Frank Gillen, an individual (“Mr. Gillen”) and Michael Colvard, an individual (“Mr. Colvard”). In 2002 Mr. Gillen was censured and fined by the NASD in connection with the alleged sale of unregistered shares. Mr. Gillen consented to censure without admitting nor denying and was fined by the NASD $25,000. In August 2003, his registration with NASD was revoked for failure to pay fines. The revocation was subsequently rescinded in November 2003. In 2006 Mr. Gillen entered into a stipulated resolution with the Utah Securities Division to allegations of making false statements and failing to disclose material information in regard to sales occurring in 2004 and 2005. All operations in the Gadsden Alabama project will run through the LLC. At the closing of the twenty lots the titles of the properties were transferred to RAC Gadsden LLC.

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.

Results of Operations

Three Months Ended April 30, 2023

For the three months ended April 30, 2023, we generated revenue from interest income of $12,249.

For the three months ended April 30, 2023, we incurred operating expense of $24,435, primarily professional fees, and interest expense – related parties of $45,680, resulting in a net loss of $57,866 or ($0.10) per share (basic and diluted).

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Nine Months Ended April 30, 2023

For the nine months ended April 30, 2023, we generated revenue from interest income of $40,073.

For the nine months ended April 30, 2023, we incurred operating expense of $83,462, primarily professional fees, and interest expense – related parties of $87,680, resulting in a net loss of $131,069 or ($0.22) per share (basic and diluted).

Liquidity and Capital Resources

The following summarizes our change in working capital from July 31, 2022 to April 30, 2023:

	April 30,			July 31,
	2023			2022		Change
Current assets	$	420,896		$	337,198	$	83,698
Current liabilities	$	3,402,712		$	28,635	$	3,374,077
Working capital deficiency	$	(2,981,816	)	$	308,563	$	(3,290,379	)

The following table summarizes our cash flow for the nine months ended April 30, 2023:

	Nine months ended
	April 30,
	2023
Cash used in operating activities	$	(105,618	)
Cash used in investing activities	$	(2,999,552	)
Cash provided by financing activities	$	3,162,500
Cash on hand	$	58,048

The cash flow used in operating activities for the nine months ended April 30, 2023, reflects our net loss of $131,069. This amount was decreased by amounts due to related parties of $38,710, and increased by accrued interest income of $4,163, accounts payable and accrued liabilities of $2,348 and deferred interest income of $6,748.

For the nine months ended April 30, 2023, the Company received cash from loan receivable of $339,068 and used $2,679,500 for investment, $179,310 for loan receivable, and $479,810 for payment of construction.

For the nine months ended April 30, 2023, the Company received advance from related parties of $4,039,300 and repaid $876,800 to related parties.

Going Concern

Our financial statements have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. During the nine months ended April 30, 2023, we incurred net loss of $130,069 and net cash used in operating activities of $105,618. As of April 30, 2023, we had an accumulated deficit of $154,306. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management plans to raise necessary funding through equity and debt financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements. The ability of the Company to continue operations in its new business model is dependent upon, among other things, obtaining financing to continue operations and continue developing the business plan. The Company cannot give any assurance as to the ability to develop or operate profitably. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements.

Critical Accounting Policies

Use of Estimates: The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that directly affect the results of reported assets, liabilities, revenue, and expenses, including the valuation of non-cash transactions. Actual results may differ from these estimates.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

As a smaller reporting company, we have elected not to provide the disclosure required by this item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We conducted an evaluation of the effectiveness of our “disclosure controls and procedures” (“Disclosure Controls”), as defined by Rules 13a-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of April 30, 2023, the end of the period covered by this quarterly report on Form 10-Q. The Disclosure Controls evaluation was done under the supervision and with the participation of management, including our chief executive officer and chief financial officer, which positions are held by the same person who assumed both positions on August 14, 2019, and who is our only executive officer. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon this evaluation, our chief executive officer and chief financial officer, concluded that, due to the inadequacy of our internal controls over financial reporting, our sole principal being our chief executive and financial officer and sole director, and our limited internal audit function, our disclosure controls were not effective as of April 30, 2023, such that the information required to be disclosed by us in reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to the president and treasurer, as appropriate, to allow timely decisions regarding disclosure.

Changes in Internal Control over Financial Reporting

As reported in our annual report on Form 10-K for the year ended July 31, 2022, management has determined that our internal controls contain material weaknesses due to the absence of segregation of duties, as well as lack of qualified accounting personnel and excessive reliance on third party consultants for accounting, financial reporting and related activities. The lack of any separation of duties, with the same person, who is our only principal who serves as both chief executive officer and chief financial officer, who is our sole director, and who does not have an accounting background and serves on a part-time basis, makes it unlikely that we will be able to implement effective internal controls over financial reporting in the near future.

During the period ended April 30, 2023, there was no change in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

On March 23, 2023, RAC was awarded a judgement from the District Court in Clark County Nevada enabling the company to cancel the Common Shares held in the name of HUI PING LIU which was connected to the former CEO Daniel Tsai that issued the shares to HUI PING LIU with no consideration.

Item 6. Exhibits.

Exhibits

Exhibit Number		Description of Exhibits
31.1		Section 302 Certificate of Chief Executive Officer and Principal Financial Officer.
32.1		Section 906 Certificate of Chief Executive Officer and Principal Financial Officer.
101		Inline XBRL DOCUMENT Set for the condensed consolidated financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q.
104		Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MY CITY BUILDERS, INC.

Dated: June 14, 2023		/s/ Jose Maria Eduardo Gonzalez Romero
		Jose Maria Eduardo Gonzalez Romero
		Chief Executive Officer and Chief Financial Officer

EX-31.1 2 jrvs_ex311.htm CERTIFICATION jrvs_ex311.htm

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

I, Jose Maria Eduardo Gonzalez Romero, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of My City Builders, Inc., a Nevada corporation, for the quarter ended April 30, 2023;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.

Disclosed in this report any change in registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 14, 2023

By:

/s/ Jose Maria Eduardo Gonzalez Romero

Jose Maria Eduardo Gonzalez Romero

Chief Executive Officer and Chief Financial Officer

(Principal Executive Officer and Principal Financial Officer)

EX-32.1 3 jrvs_ex321.htm CERTIFICATION jrvs_ex321.htm

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Jose Maria Eduardo Gonzalez Romero, President and Chief Executive Officer and Chief Financial Officer of My City Builders, Inc. (the “Registrant”), certifies, under the standards set forth and solely for the purposes of 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of the Registrant for the quarter ended April 30, 2023 (the “Report”):

(1)

fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 14, 2023

By:

/s/ Jose Maria Eduardo Gonzalez Romero

Name:

Jose Maria Eduardo Gonzalez Romero

Title:

Chief Executive Officer and Chief Financial Officer

(Principal Executive Officer and Principal Financial Officer)

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Cover - shares	9 Months Ended
Cover - shares	Apr. 30, 2023	Jun. 13, 2023
Cover [Abstract]
Entity Registrant Name	My City Builders, Inc.
Entity Central Index Key	0001556801
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Apr. 30, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		586,686
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-55233
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	27-3816969
Entity Interactive Data Current	Yes
Entity Address City Or Town	Miami
Entity Address State Or Province	FL
Entity Address Postal Zip Code	33132
City Area Code	786
Local Phone Number	553-4006
Entity Address Address Line 1	100 Biscayne Blvd
Entity Address Address Line 2	#1611

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Consolidated Balance Sheets - USD ($)	Apr. 30, 2023	Jul. 31, 2022
Current Assets
Cash	$ 58,048	$ 718
Loan receivable	358,685	336,480
Accrued interest income	4,163	0
Total Current Assets	420,896	337,198
Construction in progress	479,810	0
Investment	2,679,500	0
TOTAL ASSETS	3,580,206	337,198
Current Liabilities
Accounts payable and accrued liabilities	192,690	13,075
Deferred interest income	0	6,748
Due to related parties	3,210,022	8,812
Total Current Liabilities	3,402,712	28,635
TOTAL LIABILITIES	3,402,712	28,635
Equity
Common stock: 300,000,000 authorized; $0.001 par value 586,686 and 595,986 shares issued and outstanding, respectively	587	596
Additional paid in capital	331,114	331,105
Accumulated deficit	(154,306)	(23,238)
Total stockholders' equity.	177,495	308,563
Noncontrolling interests	(1)	0
Total Equity	177,494	308,563
TOTAL LIABILITIES AND EQUITY	3,580,206	337,198
Series A Preferred Stock
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

XML 11 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 30, 2023	Jul. 31, 2022
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	586,686	595,986
Common stock, shares outstanding	586,686	595,986
Series A Preferred Stock
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, designated	100,000	100,000
Preferred stock, shares issued	100,000	100,000
Preferred stock, shares outstanding	100,000	100,000

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Consolidated Statement of Operations (Unaudited) - USD ($)	3 Months Ended	9 Months Ended
	Apr. 30, 2023	Apr. 30, 2023
Consolidated Statement of Operations (Unaudited)
Interest income	$ 12,249	$ 40,073
Operating expenses
General and administrative	5,217	6,100
Professional fees	19,218	77,362
Total operating expenses	24,435	83,462
Loss from operations	(12,186)	(43,389)
Other income and expense
Interest expense- related parties	(45,680)	(87,680)
Total other expense	(45,680)	(87,680)
Loss before income taxes	(57,866)	(131,069)
Provision for income taxes	0	0
Net Loss	(57,866)	(131,069)
Less: Net loss attributable to noncontrolling interests	(1)	(1)
Net loss attributable to stockholders of My City Builders, Inc.	$ (57,865)	$ (131,068)
Basic and diluted loss per share of common stock	$ (0.10)	$ (0.22)
Basic weighted average number of common shares outstanding	592,304	594,786

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Consolidated Statement of Changes in Stockholders Equity (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total StockHolders Equity [Member]	Noncontrolling Interest	Preferred Stock Series A Member
Balance, shares at Jul. 31, 2022		595,986					100,000
Balance, amount at Jul. 31, 2022	$ 308,563	$ 596	$ 331,105	$ (23,238)	$ 308,563	$ 0	$ 100
Net loss	(22,197)	$ 0	0	(22,197)	(22,197)	0	$ 0
Balance, shares at Oct. 31, 2022		595,986					100,000
Balance, amount at Oct. 31, 2022	286,366	$ 596	331,105	(45,435)	286,366	0	$ 100
Balance, shares at Jul. 31, 2022		595,986					100,000
Balance, amount at Jul. 31, 2022	308,563	$ 596	331,105	(23,238)	308,563	0	$ 100
Net loss	(131,069)
Balance, shares at Apr. 30, 2023		586,686					100,000
Balance, amount at Apr. 30, 2023	177,494	$ 587	331,114	(154,306)	177,495	(1)	$ 100
Balance, shares at Oct. 31, 2022		595,986					100,000
Balance, amount at Oct. 31, 2022	286,366	$ 596	331,105	(45,435)	286,366	0	$ 100
Net loss	(51,006)	$ 0	0	(51,006)	(51,006)	0	$ 0
Balance, shares at Jan. 31, 2023		595,986					100,000
Balance, amount at Jan. 31, 2023	235,360	$ 596	331,105	(96,441)	235,360	0	$ 100
Net loss	(57,866)			(57,865)	(57,865)	(1)
Common stock cancelled, shares		(10,000)
Common stock cancelled, amount	0	$ (10)	10	0	0	0	0
Reverse stock split adjustment, shares		700
Reverse stock split adjustment, amount	0	$ 1	(1)	0	0	0	$ 0
Balance, shares at Apr. 30, 2023		586,686					100,000
Balance, amount at Apr. 30, 2023	$ 177,494	$ 587	$ 331,114	$ (154,306)	$ 177,495	$ (1)	$ 100

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Consolidated Statement of Cash Flows (Unaudited)	9 Months Ended
Consolidated Statement of Cash Flows (Unaudited)	Apr. 30, 2023 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (131,069)
Changes in operating assets and liabilities:
Accrued interest income	(4,163)
Accounts payable and accrued liabilities	(2,348)
Deferred interest income	(6,748)
Due to related parties	38,710
Net cash used in operating activities	(105,618)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment	(2,679,500)
Advance on loan receivable	(179,310)
Collection of loan receivable	157,105
Collection of loan receivable for third party investor	181,963
Payment for construction	(479,810)
Net cash used in investing activities	(2,999,552)
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances from related parties	4,039,300
Repayments to related parties	(876,800)
Net cash provided by financing activities	3,162,500
Net change in cash	57,330
Cash, beginning of period	718
Cash, end of period	58,048
Supplemental cash flow information
Cash paid for interest	87,680
Cash paid for taxes	0
Non-cash transactions:
Common stock cancelled	10
Reverse stock split adjustment	$ 1

XML 15 R7.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND BUSINESS OPERATIONS

9 Months Ended

Apr. 30, 2023

ORGANIZATION AND BUSINESS OPERATIONS

ORGANIZATION AND BUSINESS OPERATIONS

NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS

XML 16 R8.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Apr. 30, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Presentation of Interim Information

Use of Estimates

Cash and Cash Equivalents

Principles of Consolidation

The consolidated financial statements include the accounts of My City Builders and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated.

Fair Value Measurements

Investments in Equity and Debt

Construction in progress

Construction in progress generally involves short-term capital projects and is not depreciated until the development has reached completion and has been put into service.

Revenue Recognition

Net Loss per Share of Common Stock

Recent Accounting Pronouncements

XML 17 R9.htm IDEA: XBRL DOCUMENT

GOING CONCERN AND LIQUIDITY CONSIDERATIONS

9 Months Ended

Apr. 30, 2023

GOING CONCERN AND LIQUIDITY CONSIDERATIONS

GOING CONCERN AND LIQUIDITY CONSIDERATIONS

NOTE 3 - GOING CONCERN AND LIQUIDITY CONSIDERATIONS

XML 18 R10.htm IDEA: XBRL DOCUMENT

LOAN RECEIVABLE

9 Months Ended

Apr. 30, 2023

LOAN RECEIVABLE

LOAN RECEIVABLE

NOTE 4 – LOAN RECEIVABLE

On July 22, 2022, the Company received a promissory note, in the principal amount of $672,960 from, and entered into a Loan Agreement dated July 18, 2022, with, Fix Pads Holdings, LLC. The note has a 12% interest rate per annum payable of $672,960 and all principal and accrued interest are paid in full by July 1, 2023. Consideration for the note was paid in part by the Company in the amount of $328,626, net of prepayment interest and in part by a third-party investor in the amount of $328,626.

As of April 30, 2023, and July 31, 2022, the Company recorded accrued interest income of $4,163 and $0, and deferred interest income of $0 and $6,748, respectively.

XML 19 R11.htm IDEA: XBRL DOCUMENT

INVESTMENT

9 Months Ended

Apr. 30, 2023

INVESTMENT

INVESTMENT

NOTE 5 – INVESTMENT

During the nine months ended April 30, 2023, the Company invested $2,679,500 and did not record any impairment loss.

XML 20 R12.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTIONS

9 Months Ended

Apr. 30, 2023

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 6 - RELATED PARTY TRANSACTIONS

During the nine months ended April 30, 2023, the Company’s related party advanced $2,377,300 to the Company. The advances are unsecured, due on demand and non-bearing interest.

As of April 30, 2023, and July 31, 2022, the Company had due to related parties of $3,210,022 and $8,812, respectively.

XML 21 R13.htm IDEA: XBRL DOCUMENT

EQUITY

9 Months Ended

Apr. 30, 2023

EQUITY

EQUITY

NOTE 7 - EQUITY

Authorized Preferred Stock

The Company has authorized 10,000,000 shares of preferred stock at par value of $0.001 per share.

Series A Preferred stock

The Company has designated 100,000 shares of preferred stock at par value of $0.001 per share.

As of April 30, 2023, and July 31, 2022, the Company had 100,000 shares of Series A preferred stock issued and outstanding.

Authorized Common Stock

During the nine months ended April 30, 2023, the Company issued 700 shares of common stock for an adjustment of reverse stock split in June 2022.

During the nine months ended April 30, 2023, a shareholder returned 10,000 shares of common stock and the Company canceled 10,000 shares of common stock.

As of April 30, 2023, and July 31, 2022, the Company had 586,686 and 595,986 shares of common stock issued and outstanding, respectively.

As of April 30, 2023, and July 31, 2022, the Company had no options and warrants outstanding.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

XML 22 R14.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

9 Months Ended

Apr. 30, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 8 - SUBSEQUENT EVENTS

XML 23 R15.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Apr. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Presentation of Interim Information	The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information and with Rule 8-03 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by US GAAP for complete financial statements. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited consolidated financial statements for the year ended July 31, 2022 have been omitted. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the footnotes thereto for the fiscal year ended July 31, 2022 included within the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the consolidated financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year.
Use of Estimates	The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s periodic filings with the SEC include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company.
Cash and Cash Equivalents	For purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The Company had no cash equivalents at April 30, 2023. Periodically, the Company may carry cash balances at financial institutions more than the federally insured limit of $250,000 per institution. The Company has not experienced losses on account balances and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.
Principles of Consolidation	The consolidated financial statements include the accounts of My City Builders and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated.
Fair Value Measurements	As defined in ASC 820” Fair Value Measurements,” fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).
Investments in Equity and Debt	Equity investments with readily determinable fair values are measured at fair value. Equity investments without readily determinable fair values are measured using the equity method or measured at cost with adjustments for observable changes in price or impairments. We perform a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Changes in value are recorded in other income (expense), net. The Company’s debt securities are primarily invested in a third-party vendor and asset management company, to purchase, develop and manage real estate properties. Given the nature of lending to these types of businesses, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for debt instruments for these investment securities to be traded or exchanged. The Company may, from time to time, invest in public debt of companies that meet the Company’s investment objectives, and to the extent market quotations or other pricing indicators (i.e., broker quotes) are available, these investments are considered Level 1 or 2 assets in line with ASC Topic 820.
Construction in progress	Construction in progress generally involves short-term capital projects and is not depreciated until the development has reached completion and has been put into service.
Revenue Recognition	The Company recognizes revenue in accordance with Topic 606, which requires the Company to recognize revenues when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. The Company recognizes revenue based on the five criteria for revenue recognition established under Topic 606: 1) identify the contract, 2) identify separate performance obligations, 3) determine the transaction price, 4) allocate the transaction price among the performance obligations, and 5) recognize revenue as the performance obligations are satisfied. The Company records interest income on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement and underlying debt instrument, to the extent that such amounts are expected to be collected. Debt investments are placed on non-accrual status when it is probable that principal, interest or fees will not be collected according to contractual terms. When a debt investment is placed on non-accrual status, the Company ceases to recognize interest and fee income until the portfolio company has paid all principal and interest due or demonstrated the ability to repay its current and future contractual obligations to the Company. The Company may not apply the non-accrual status to a loan where the investment has sufficient collateral value to collect all of the contractual amount due and is in the process of collection. Interest collected on non-accrual investments are generally applied to principal.
Net Loss per Share of Common Stock	The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share of common stock are computed by dividing net earnings by the weighted average number of shares and potential shares outstanding during the period. Potential shares of common stock consist of shares to be issued taken into account the effect of dilutive instruments. As of April 30, 2023, there were 100,000 shares of series A preferred stock, that were not included in the calculation of dilutive earnings per share as their effect would be anti-dilutive.
Recent Accounting Pronouncements	The Company has implemented all new pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial statements or results of operations.

XML 24 R16.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative)	9 Months Ended
	Apr. 30, 2023 USD ($)
RAC
Contribution	$ 98
Membership Interest	98.00%
Mr. Gillen
Contribution	$ 1
Membership Interest	1.00%
Mr. Colvard
Contribution	$ 1
Membership Interest	1.00%

XML 25 R17.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	9 Months Ended
	Apr. 30, 2023 USD ($) shares
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Antidilutive securities excluded from computation of earnings per share, amount \| shares	100,000
Federally insured cash \| $	$ 250,000

XML 26 R18.htm IDEA: XBRL DOCUMENT

GOING CONCERN AND LIQUIDITY CONSIDERATIONS (Details Narrative) - USD ($)	9 Months Ended
	Apr. 30, 2023	Apr. 30, 2023	Jul. 31, 2022
GOING CONCERN AND LIQUIDITY CONSIDERATIONS
Net loss	$ (131,069)	$ 131,069
Accumulated deficit	$ (154,306)	$ (154,306)	$ (23,238)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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LOAN RECEIVABLE (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
LOAN RECEIVABLE (Details Narrative) - USD ($)	Aug. 18, 2022	Apr. 30, 2023	Apr. 30, 2023	Jul. 31, 2022	Jul. 22, 2022
LOAN RECEIVABLE
Interest rate on promissory note	12.00%		12.00%
Note payable, value					$ 672,960
Promissory note	$ 358,620				$ 672,960
Company collected on principal amount			$ 314,211
Consideration for notes paid by company	175,007		328,626
Consideration for notes paid by third party investor	$ 175,007		328,626
Interest income		$ 12,249	40,073
Interest income of collected on behalf of third-party investor			24,858
Company collected on behalf of third party investor			157,105
Interest income of collected principal			54,020
Accrued interest income		4,163	4,163	$ 0
Deferred interest income		$ 0	$ 0	$ 6,748

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INVESTMENT (Details Narrative) - USD ($)		9 Months Ended
INVESTMENT (Details Narrative) - USD ($)	Oct. 04, 2022	Apr. 30, 2023
INVESTMENT
Initial contribution	$ 1,000
Percentage of membership interest	50.00%
Issuance of LLC units to each party	$ 1,000
Additional cash contribution	5,214,000
Investment in company		$ 2,679,500
Sale of each Property by the LLC, Company receive average additional cash capital contribution	$ 13,000

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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	9 Months Ended
	Apr. 30, 2023	Jul. 31, 2022
Due to related parties	$ 3,210,022	$ 8,812
Advanced to the company	2,377,300
Operating expenses	38,710
Related Parties [Member]
Advanced to the company	1,492,000
Repayment of expenses	$ 876,800
Description of advances unsecured, payable	The advances are unsecured, payable during the period of five to ten months with interest of a range from 12% to 24% annual
Interest	$ 87,680
Officers [Member]
Advanced to the company	$ 170,000
Description of advances unsecured, payable	The advances are unsecured, due on demand and interest 10% of advanced amount will be interest expense when the Company repays

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).

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EQUITY (Details Narrative) - $ / shares	Apr. 30, 2023	Jul. 31, 2022
Common stock, shares authorized	300,000,000	300,000,000
Common stock cancelled by company	10,000
Common stock returned by shareholders	10,000
Common stock, shares issued	586,686	595,986
Common stock issued for adjustments	700
Common stock, shares outstanding	586,686	595,986
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock at par value	$ 0.001	$ 0.001
Series A Preferred Stock
Preferred stock at par value	$ 0.001	$ 0.001
Preferred stock, designated	100,000	100,000
Preferred Stock, Issued	100,000	100,000
Preferred Stock, Outstanding	100,000	100,000

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10 1

NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS My City Builders, Inc. (the “Company” or “My City Builders”) is a Nevada corporation incorporated on October 26, 2010 under the name Oconn Industries Corp. The Company’s name was changed on March 11, 2014 from Oconn Industries Corp. to Diamante Minerals, Inc., and to iMine Corporation on March 20, 2018 and to My City Builders, Inc on January 31, 2023. In July 2022, the Company acquired RAC Real Estate Acquisition Corp, a Wyoming Corporation ("RAC"). RAC is now a wholly owned subsidiary of the Company. The Company, through RAC, plans to focus on real estate transactions, in which the Company will buy and develop real estate for sale or rent of low-income housing. The Company plans to invest in three sectors of this market by (i) buying, refurbishing, and selling traditional foreclosures, (ii) buying, developing, and renting “Land Banks” that have an average pool of homes or lots in excess of 100 in one location and (iii) buying, refurbishing or developing and selling homes made available by the government through HECM pools. On March 27, 2023, RAC, a wholly owned subsidiary of the Company entered into a Limited Liability Company Agreement dated effective March 27, 2023, (the “Agreement”) with, Frank Gillen, an individual (“Mr. Gillen”) and Michael Colvard, an individual (“Mr. Colvard”). As a result of the Agreement, RAC, Mr. Gillen and Mr. Colvard formed a limited liability company called RAC Gadsden, LLC (“Gadsden”) incorporated in the state of Alabama. Gadsden will continue until terminated pursuant to the Agreement or as provided for under the laws of Alabama. The purpose of Gadsden is to purchase, finance, collateralize, improve, rehabilitate, market, sell or lease property. Gadsden has three members, RAC, Mr. Gillen and Mr. Colvard with an initial contribution of $98, $1 and $1, respectively, in exchange for a membership interest of 98%, 1%, and 1%, respectively. Each member is entitled to vote in accordance with their respective membership interest. Gadsden is a member managed LLC.

0.98 0.01 0.01

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Presentation of Interim Information The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information and with Rule 8-03 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by US GAAP for complete financial statements. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited consolidated financial statements for the year ended July 31, 2022 have been omitted. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the footnotes thereto for the fiscal year ended July 31, 2022 included within the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the consolidated financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s periodic filings with the SEC include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company.Cash and Cash Equivalents For purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The Company had no cash equivalents at April 30, 2023. Periodically, the Company may carry cash balances at financial institutions more than the federally insured limit of $250,000 per institution. The Company has not experienced losses on account balances and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant. Principles of Consolidation The consolidated financial statements include the accounts of My City Builders and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated. Fair Value Measurements As defined in ASC 820” Fair Value Measurements,” fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). Investments in Equity and Debt Equity investments with readily determinable fair values are measured at fair value. Equity investments without readily determinable fair values are measured using the equity method or measured at cost with adjustments for observable changes in price or impairments. We perform a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Changes in value are recorded in other income (expense), net. The Company’s debt securities are primarily invested in a third-party vendor and asset management company, to purchase, develop and manage real estate properties. Given the nature of lending to these types of businesses, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for debt instruments for these investment securities to be traded or exchanged. The Company may, from time to time, invest in public debt of companies that meet the Company’s investment objectives, and to the extent market quotations or other pricing indicators (i.e., broker quotes) are available, these investments are considered Level 1 or 2 assets in line with ASC Topic 820. Construction in progress Construction in progress generally involves short-term capital projects and is not depreciated until the development has reached completion and has been put into service. Revenue Recognition The Company recognizes revenue in accordance with Topic 606, which requires the Company to recognize revenues when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. The Company recognizes revenue based on the five criteria for revenue recognition established under Topic 606: 1) identify the contract, 2) identify separate performance obligations, 3) determine the transaction price, 4) allocate the transaction price among the performance obligations, and 5) recognize revenue as the performance obligations are satisfied.The Company records interest income on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement and underlying debt instrument, to the extent that such amounts are expected to be collected. Debt investments are placed on non-accrual status when it is probable that principal, interest or fees will not be collected according to contractual terms. When a debt investment is placed on non-accrual status, the Company ceases to recognize interest and fee income until the portfolio company has paid all principal and interest due or demonstrated the ability to repay its current and future contractual obligations to the Company. The Company may not apply the non-accrual status to a loan where the investment has sufficient collateral value to collect all of the contractual amount due and is in the process of collection. Interest collected on non-accrual investments are generally applied to principal. Net Loss per Share of Common Stock The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share of common stock are computed by dividing net earnings by the weighted average number of shares and potential shares outstanding during the period. Potential shares of common stock consist of shares to be issued taken into account the effect of dilutive instruments. As of April 30, 2023, there were 100,000 shares of series A preferred stock, that were not included in the calculation of dilutive earnings per share as their effect would be anti-dilutive. Recent Accounting Pronouncements The Company has implemented all new pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial statements or results of operations.

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information and with Rule 8-03 of Regulation S-X promulgated by the Securities and Exchange Commission. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by US GAAP for complete financial statements. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited consolidated financial statements for the year ended July 31, 2022 have been omitted. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the footnotes thereto for the fiscal year ended July 31, 2022 included within the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the consolidated financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s periodic filings with the SEC include, where applicable, disclosures of estimates, assumptions, uncertainties and markets that could affect the financial statements and future operations of the Company.

For purposes of balance sheet presentation and reporting of cash flows, the Company considers all unrestricted demand deposits, money market funds and highly liquid debt instruments with an original maturity of less than 90 days to be cash and cash equivalents. The Company had no cash equivalents at April 30, 2023. Periodically, the Company may carry cash balances at financial institutions more than the federally insured limit of $250,000 per institution. The Company has not experienced losses on account balances and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.

250000

The consolidated financial statements include the accounts of My City Builders and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated.

As defined in ASC 820” Fair Value Measurements,” fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

Equity investments with readily determinable fair values are measured at fair value. Equity investments without readily determinable fair values are measured using the equity method or measured at cost with adjustments for observable changes in price or impairments. We perform a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Changes in value are recorded in other income (expense), net. The Company’s debt securities are primarily invested in a third-party vendor and asset management company, to purchase, develop and manage real estate properties. Given the nature of lending to these types of businesses, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC Topic 820 because there generally is no known or accessible market or market indexes for debt instruments for these investment securities to be traded or exchanged. The Company may, from time to time, invest in public debt of companies that meet the Company’s investment objectives, and to the extent market quotations or other pricing indicators (i.e., broker quotes) are available, these investments are considered Level 1 or 2 assets in line with ASC Topic 820.

Construction in progress generally involves short-term capital projects and is not depreciated until the development has reached completion and has been put into service.

The Company recognizes revenue in accordance with Topic 606, which requires the Company to recognize revenues when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services. The Company recognizes revenue based on the five criteria for revenue recognition established under Topic 606: 1) identify the contract, 2) identify separate performance obligations, 3) determine the transaction price, 4) allocate the transaction price among the performance obligations, and 5) recognize revenue as the performance obligations are satisfied.The Company records interest income on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement and underlying debt instrument, to the extent that such amounts are expected to be collected. Debt investments are placed on non-accrual status when it is probable that principal, interest or fees will not be collected according to contractual terms. When a debt investment is placed on non-accrual status, the Company ceases to recognize interest and fee income until the portfolio company has paid all principal and interest due or demonstrated the ability to repay its current and future contractual obligations to the Company. The Company may not apply the non-accrual status to a loan where the investment has sufficient collateral value to collect all of the contractual amount due and is in the process of collection. Interest collected on non-accrual investments are generally applied to principal.

The Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share of common stock are computed by dividing net earnings by the weighted average number of shares and potential shares outstanding during the period. Potential shares of common stock consist of shares to be issued taken into account the effect of dilutive instruments. As of April 30, 2023, there were 100,000 shares of series A preferred stock, that were not included in the calculation of dilutive earnings per share as their effect would be anti-dilutive.

100000

The Company has implemented all new pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial statements or results of operations.

NOTE 3 - GOING CONCERN AND LIQUIDITY CONSIDERATIONS The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. During the period ended April 30, 2023, the Company incurred a net loss of $131,069. As of April 30, 2023, the Company had an accumulated deficit of $154,306. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plans to raise necessary funding through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ended July 31, 2023. However, until the Company engages in an active business or makes an acquisition the Company is likely to not be able to raise any significant debt or equity financing. The ability of the Company to begin operations in its new business model is dependent upon, among other things, obtaining financing to commence operations and develop a business plan or making an acquisition. The Company cannot give any assurance as to its ability to develop or acquire a business or to operate profitably. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

-131069

-154306

NOTE 4 – LOAN RECEIVABLE On July 22, 2022, the Company received a promissory note, in the principal amount of $672,960 from, and entered into a Loan Agreement dated July 18, 2022, with, Fix Pads Holdings, LLC. The note has a 12% interest rate per annum payable of $672,960 and all principal and accrued interest are paid in full by July 1, 2023. Consideration for the note was paid in part by the Company in the amount of $328,626, net of prepayment interest and in part by a third-party investor in the amount of $328,626.On August 18, 2022, the Company issued the promissory note. The note has a 12% interest rate per annum payable of $358,620 and is due on August 1, 2023. Consideration for the note was paid in part by the Company in the amount of $175,007, net of prepayment interest and in part by a third-party investor in the amount of $175,007. During the nine months ended April 30, 2023, the Company collected principal of $314,211 and interest of $54,020, of which principal of $157,105 and interest of $24,858 were collected on behalf of a third-party investor. During the nine months ended April 30, 2023, the Company recorded interest income of $40,073. As of April 30, 2023, and July 31, 2022, the Company recorded accrued interest income of $4,163 and $0, and deferred interest income of $0 and $6,748, respectively.

672960

0.12

672960 328626 328626

0.12

358620 175007 175007 314211 54020

157105

24858

40073

4163

6748

NOTE 5 – INVESTMENT On October 4, 2022, the Company, through RAC, entered into a Limited Liability Agreement with Fix Pads Holdings, LLC ("Fix Pads"). As a result of the agreement, RAC and Fix Pads formed a limited liability company called RAC FIXPADS II, LLC (“LLC”), incorporated in the state of Delaware. The LLC has two members RAC and Fix Pads, both providing an initial contribution to the LLC of $1,000 in exchange for a 50% membership interest represented by an issuance of 1,000 Units of the LLC to each party. Each member is entitled to one vote per member. The LLC is managed by a manager, Fix Pads. The agreement provides that additional capital contributions of the members will be made to the LLC as follows: (i) Fix Pads will transfer and assign all rights to and incidents of ownership for up to 60 residential properties it has title, or will have title, to the LLC, as set forth in the agreement; and (ii) RAC will make additional cash contributions to the capital of the LLC, up to a maximum of $5,214,000, on such dates and in such amounts as requested by the LLC, in the manner set forth in the agreement. From the sale of each property by the LLC, the Company shall receive $13,000 and the average additional cash capital contribution per property. During the nine months ended April 30, 2023, the Company invested $2,679,500 and did not record any impairment loss.

1000

0.50

1000

5214000

13000

2679500

NOTE 6 - RELATED PARTY TRANSACTIONS During the nine months ended April 30, 2023, the Company's shareholders paid operating expenses of $38,710 on behalf of the Company. The advances are unsecured, due on demand and non-bearing interest. During the nine months ended April 30, 2023, the Company’s related party advanced $2,377,300 to the Company. The advances are unsecured, due on demand and non-bearing interest. During the nine months ended April 30, 2023, the Company’s officers advanced $170,000 to the Company. The advances are unsecured, due on demand and interest 10% of advanced amount will be interest expense when the Company repays. During the nine months ended April 30, 2023, the Company’s related parties advanced $1,492,000 and the Company repaid $876,800. The advances are unsecured, payable during the period of five to ten months with interest of a range from 12% to 24% annual. During the nine months ended April 30, 2023, the Company recognized interest expense of $87,680. As of April 30, 2023, and July 31, 2022, the Company had due to related parties of $3,210,022 and $8,812, respectively.

38710

2377300

170000

The advances are unsecured, due on demand and interest 10% of advanced amount will be interest expense when the Company repays

1492000

876800 The advances are unsecured, payable during the period of five to ten months with interest of a range from 12% to 24% annual

87680

3210022

8812

NOTE 7 - EQUITY Authorized Preferred Stock The Company has authorized 10,000,000 shares of preferred stock at par value of $0.001 per share.Series A Preferred stock The Company has designated 100,000 shares of preferred stock at par value of $0.001 per share. As of April 30, 2023, and July 31, 2022, the Company had 100,000 shares of Series A preferred stock issued and outstanding. Authorized Common Stock The Company has authorized 300,000,000 shares of common stock at par value of $0.001 per share. Each share of common stock entitles the holder to one vote on any matter on which action of the stockholders of the corporation is sought. During the nine months ended April 30, 2023, the Company issued 700 shares of common stock for an adjustment of reverse stock split in June 2022. During the nine months ended April 30, 2023, a shareholder returned 10,000 shares of common stock and the Company canceled 10,000 shares of common stock. As of April 30, 2023, and July 31, 2022, the Company had 586,686 and 595,986 shares of common stock issued and outstanding, respectively. As of April 30, 2023, and July 31, 2022, the Company had no options and warrants outstanding.

10000000

0.001

100000

0.001

100000

300000000

0.001

700

10000

586686

595986

NOTE 8 - SUBSEQUENT EVENTS On May 19, 2023, RAC filed a complaint for breach of two promissory notes entered into with Fix Pads Holdings, LLC and for injunctive relief in the 11th Judicial Circuit Court in Miami-Dade County Florida, as well as an emergency motion for temporary injunction enjoining Fix Pads Holdings, LLC from selling, transferring, conveying or otherwise disposing of any real property assets pledged as collateral in relation to the two promissory notes entered into between RAC and Fix Pads. In addition to the injunctive relief sought above, RAC is also seeking damages for breach of the promissory notes. After RAC filed and served the lawsuit, Fix Pads removed the lawsuit to the United States District Court for the Southern District of Florida on May 24, 2023. As such, the case will now be proceeding in the Southern District of Florida. RAC has re-filed its motion for injunctive relief before the District Court. The motion is pending. Given the early stage of the proceedings, there are no additional developments to report at this time. Management has evaluated subsequent events through April 30, 2023, the date on which the financial statements are available to be issued. All subsequent events requiring recognition as of April 30, 2023 have been incorporated into these consolidated financial statements.

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&UL4$L! A0#% @ &UL4$L! A0#% @

1.	I have reviewed this quarterly report on Form 10-Q of My City Builders, Inc., a Nevada corporation, for the quarter ended April 30, 2023;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.