DEFERRED CHARGES

12 Months Ended

Jul. 31, 2013

DEFERRED CHARGES [Abstract]

DEFERRED CHARGES

12. DEFERRED CHARGES:

Deferred charges for the fiscal years ended July 31, 2013 and 2012 consist of the following:

	July 31, 2013				July 31, 2012
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
Leasing brokerage commissions	$	2,708,480	$	1,051,598	$	2,486,928	$	1,060,337
Professional fees for leasing		337,592		164,945		313,183		138,161
Financing costs		760,671		704,118		760,671		667,436
Other		-		-		34,064		22,708
Total	$	3,806,743	$	1,920,661	$	3,594,846	$	1,888,642

     The aggregate amortization expense for the three years in the period ended July 31, 2013 was $456,524, $334,261, and $363,148, respectively.

The weighted average life of current year additions to deferred charges was 10.18 years.

The estimated aggregate amortization expense for each of the five succeeding fiscal years is as follows:

Fiscal Year	Amortization
2014		$	343,849
2015		$	311,455
2016		$	265,154
2017		$	195,756
2018		$	153,328