Income from Assets Held for Investment, net

3 Months Ended

Oct. 31, 2011

Income From Assets Held For Investment, Net [Abstract]

Income From Assets Held For Investment, Net [Text Block]

 12.    Income from Assets Held for Investment, net

In August 2011, the Company sold two properties which were held for investment for gross proceeds after real estate commissions of $1,669,115.  These two properties had a net book value of $1,029,435, resulting in an accounting gain of $639,680 which is included in income from assets held for investment, net on the consolidated statement of operations.  The two properties had mortgages of $659,288 which were discharged upon sale, resulting in net cash proceeds to the Company of $1,009,828.  The remaining income of $72,395 in this category in the quarter ended October 31, 2011 pertains to rental income from properties held for investment, net of carrying and operating expenses, compared to $74,330 in the prior year quarter.  The two properties which were sold previously generated gross rental income, before carrying and operating expenses, of $16,647 per month and had monthly principal and interest payments of $6,110, in addition to property tax and insurance payments.