My City Builders, Inc.

What they do

The company was originally incorporated in 2010 as Oconn Industries Corp., renamed Diamante Minerals, Inc. in 2014, iMine Corporation in 2018, and My City Builders, Inc. in 2023. Through its former subsidiary RAC Real Estate Acquisition Corp. it pursued acquisition, refurbishment and sale or rental of low-income housing, including foreclosures, "Land Banks," and HECM pools, and built low-income single-family homes in Gadsden, Alabama. On July 8, 2025 it sold 100% of RAC to RAC Merger LLC for $2,374,896; as a result it no longer owns the operating assets previously held by that subsidiary and currently does not generate revenues from operations.

Revenue drivers

• Former RAC rental and home-sale operations — As of July 8, 2025 RAC had 13 completed homes in East Gadsden, one under construction, with 1 sold, 5 on the market, and 7 leased at $1,100 to $2,150 per month. These assets were disposed of with the sale of RAC, so they no longer contribute revenue.
• Glencoe, Alabama multifamily development — The company acquired 4 acres in Glencoe, Alabama on October 31, 2025 for a $350,000 secured promissory note and intends to construct up to 25 multi-family units in three phases. No units are built or leased, and no revenue has been reported from the property.
• Legacy RAC FIXPADS II, LLC joint venture — RAC and Fix Pads Holdings each held 50% of RAC FIXPADS II, LLC, with RAC obligated to contribute up to $5,214,000 and receiving $13,000 per property sold. The company invested $0 in fiscal 2024 and recognized an impairment loss of $947,500 that year; this entity was part of the disposed operations.

Recent performance

Annual revenue was $0.00 in fiscal 2025 and $0.00 in fiscal 2024, with the last reported revenue of $49,187 in fiscal 2023. Fiscal 2025 net loss was $498,315 versus net income of $25,864 in fiscal 2024. The July 2025 sale of RAC produced a loss on sale of subsidiaries of $230,730 and a loss from discontinued operations of $162,513. Operating cash flow was negative $504,584 in fiscal 2025 and negative $483,064 in fiscal 2024. At April 30, 2026 the balance sheet showed total assets of $389,094, total liabilities of $419,634, shareholder equity of negative $30,540, and cash of $2,921, with all four most recent quarters reporting $0.00 revenue.

Strategy

Following the sale of RAC, management is pursuing a new business strategy focused on development of multifamily housing on the Glencoe, Alabama property acquired on October 31, 2025. The plan is to construct up to 25 multi-family units in three phases, starting with an 8-unit multi-family duplex development as phase one; the City of Glencoe approved rezoning of the land on December 16, 2025. The $350,000 promissory note to RAC Gadsden, LLC carries a 9.5% interest rate, a three-year term, and principal and interest due October 30, 2028. Under the agreement, failure to begin construction of the duplex development within one year is an Event of Default that could make the full balance immediately due or require return of the property to the LLC.

Risks

• No operating revenue after subsidiary sale — The company states it no longer owns the operating assets previously held by RAC and currently does not generate revenues from operations.
• Construction default on Glencoe note — Failure to begin duplex construction on the Glencoe property within one year of the October 31, 2025 agreement is an Event of Default that could accelerate the full $350,000 note or force return of the property.
• Negative shareholder equity and thin liquidity — At April 30, 2026 shareholder equity was negative $30,540 and cash was $2,921 against total liabilities of $419,634.
• Financing dependency for development — The company's stated plans require obtaining financing and it reported $1.3M of long-term debt as of April 30, 2025 while reporting no revenue in the quarters since.

Outlook

Management states it is pursuing a new business strategy focused on multifamily housing development on the Glencoe, Alabama property, with rezoning approved by the City of Glencoe on December 16, 2025. The stated plan is up to 25 multi-family units in three phases beginning with an 8-unit duplex development. The company discloses that its plans depend on obtaining financing. No revenue has been reported from the Glencoe property to date.