Fri, Dec 13, 6:09 PM (35 days ago)
My City Builders, Inc. (MYCB) reported a net loss of $74,485 for the quarter ending October 31, 2024, a slight improvement from a loss of $78,577 in the same period the previous year. Revenue surged to $25,528, up from $6,169, primarily driven by increased rental income. Operating expenses rose to $80,092, influenced by professional fees and property-related costs. Cash flow from operations was negative at $159,601, reflecting ongoing investments in homes and renovations. Current assets totaled $1,699,636, while current liabilities increased to $1,848,679, resulting in a working capital deficiency of $149,043. The company’s accumulated deficit reached $2,094,394, raising concerns about its ability to continue as a going concern without additional funding. Future operations hinge on successful financing and the completion of ongoing real estate projects, including the development of low-income housing. The company continues to face uncertainties, particularly related to its legal proceedings involving Fix Pads Holdings, which could impact asset recoveries and operational capacity. Overall, while revenue growth is promising, financial stability remains a critical challenge.