Long-Term Debt - Mortgage

9 Months Ended

Apr. 30, 2017

Long-Term Debt – Mortgage [Abstract]

Long-Term Debt - Mortgage

5. Long-Term Debt – Mortgage:

			April 30, 2017				July 31, 2016
	Current
	Annual	Final	Due		Due		Due		Due
	Interest	Payment	Within		After		Within		After
	Rate	Date	One Year		One Year		One Year		One Year
Bond St. building, Brooklyn, NY	3.54%	2/1/2020	$	161,123	$	5,508,441	$	156,846	$	5,629,679
Less: Deferred financing costs				–		62,925		–		80,079
Total			$	161,123	$	5,445,516	$	156,846	$	5,549,600

On January 9, 2015, the Company refinanced its loan with a bank for $6,000,000, which included the outstanding balance as of January 2015 in the amount of $5,347,726 and an additional borrowing of $652,274. The loan is for a period of five years with a payment based on a twenty-five year amortization period. The interest rate for this period is fixed at 3.54% per annum. The mortgage loan is secured by the Bond Street building in Brooklyn, New York.