My City Builders, Inc.

MYCB: 10-Q · periodic report

My City Builders, Inc. (MYCB) reported a net loss of $117,509 for the nine months ended April 30, 2026, with no revenue from continuing operations following the sale of its primary subsidiary, RAC Real Estate Acquisition Corp. The company holds only $2,921 in cash and faces a working capital deficit of $30,540, relying heavily on related-party advances to fund operations. The filing includes a going-concern warning, stating that substantial doubt exists regarding the company's ability to continue as a going concern. Management estimates it needs approximately $1.25 million in equity financing to secure a construction loan for its Glencoe, Alabama multifamily housing project, which is currently encumbered by a $350,000 secured promissory note due in 2028. Additionally, management disclosed material weaknesses in internal controls over financial reporting, citing a lack of segregation of duties and insufficient accounting expertise. The company recently completed a private placement raising $82,500 from two accredited investors, but this amount is insufficient to cover the projected capital requirements for its development plans.

SEC 10-Q•4mo ago