Long-Term Debt - Mortgages

9 Months Ended

Apr. 30, 2014

Long-Term Debt - Mortgages [Abstract]

Long-Term Debt - Mortgages

5. Long-Term Debt - Mortgages:

				April 30, 2014				July 31, 2013
		Current
		Annual	Final	Due		Due		Due		Due
		Interest	Payment	Within		After		Within		After
		Rate	Date	One Year		One Year		One Year		One Year
Fishkill, New York property	(a,b)	6.98%	2/18/15	$	68,000	$	1,483,056	$	48,320	$	1,538,575
Bond St. building, Brooklyn, NY	(b)	6.98%	2/18/15		172,000		3,742,258		121,942		3,882,760
Total				$	240,000	$	5,225,314	$	170,262	$	5,421,335

(a)

On August 19, 2004, the Company extended the then existing loan for an additional forty-two (42) months, with an option to convert the loan to a seven (7) year permanent mortgage loan. (See Note 5(b) below). The Company in February 2008 converted the loan to a seven (7) year permanent mortgage loan. The interest rate on conversion was 6.98%.

(b)

The Company, on August 19, 2004, closed a loan with a bank for a $12,000,000 multiple draw term loan. The loan consists of: a) a permanent, first mortgage loan to refinance an existing first mortgage loan affecting the Fishkill, New York property, which matured on July 1, 2004 (the "First Permanent Loan")(see Note 5(a) above), b) a permanent subordinate mortgage loan in the amount of $1,870,000 (the "Second Permanent Loan"), and c) multiple, successively subordinate loans in the amount $8,295,274 ("Subordinate Building Loans"). The Company, in February 2008, converted the loan totaling $12,000,000 (including Note 5(a) above) to a seven (7) year permanent mortgage loan. The interest rate on conversion was 6.98%. The outstanding balance of the loan totaling $5,318,490 will become due and payable on February 18, 2015. At this time the Company intends to extend this loan.