Unbilled Receivables and Rental Income

9 Months Ended

Apr. 30, 2013

Unbilled Receivables and Rental Income [Abstract]

Unbilled Receivables and Rental Income Disclosure [Text Block]

8.

Unbilled Receivables and Rental Income:

Unbilled receivables represent the excess of scheduled rental income recognized on a straight-line basis over rental income as it becomes receivable according to the provisions of each lease. Adjustments are made to the unbilled receivables when terms of leases are changed. For the nine months ended April 30, 2013, the Company recorded a bad debt of approximately $240,000 due to the early termination of a lease.