Tue, Oct 29, 5:53 PM (263 days ago)
**My City Builders, Inc. (MYCB) - Summary of Financial Performance and Outlook** For the fiscal year ending July 31, 2024, My City Builders, Inc. reported revenue of $59,300, primarily from rental income, an increase from $49,187 in the prior year. Operating expenses rose to $337,670 from $202,462, with significant costs attributed to professional fees and property management. The company achieved a net income of $25,752, a notable improvement from a net loss of $2,022,635 in 2023. Strategically, the company focuses on low-income housing through acquisitions and development, particularly in Alabama. They have made significant progress, including the acquisition of 44 properties through legal settlements, which contributed to a nonmonetary gain of $1,298,696. However, risks include reliance on related party financing, a lack of liquidity (cash at $20,245), and a working capital deficiency of $64,205. The company’s ability to continue as a going concern is contingent on securing additional capital, as highlighted in their financial statements. The market position shows potential for growth in the low-income housing sector, but competition remains fierce, and management acknowledges the need for improved internal controls and financial oversight. Future developments include constructing new homes to enhance rental offerings, with a strategic goal of expanding their property portfolio.