Property and Equipment - at cost

9 Months Ended

Apr. 30, 2015

Property and Equipment - at cost: [Abstract]

6.	Property and Equipment – at cost:

	April 30 2015		July 31 2014
Property:
Buildings and improvements	$	75,797,083	$	74,547,177
Improvements to leased property		1,478,012		1,478,012
Land		6,067,805		6,067,805
Construction in progress		103,064		–
		83,445,964		82,092,994
Less accumulated depreciation		36,008,751		34,773,376
Property - net		47,437,213		47,319,618

Fixtures and equipment and other:
Fixtures and equipment		144,545		144,545
Other fixed assets		238,906		238,906
		383,451		383,451
Less accumulated depreciation		278,271		244,071
Fixtures and equipment and other - net		105,180		139,380

Property and equipment - net	$	47,542,393	$	47,458,998

Construction in progress includes:


	April 30 2015		July 31 2014
Building improvements at 9 Bond Street in Brooklyn, NY	$	82,635	$	–
Building improvements at Jowein building in Brooklyn, NY		20,429		–
	$	103,064	$	–

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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