10-Q

FORM 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended  April 30, 2018

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ________________

Commission file number 1-3647

J.W. Mays, Inc.(Exact name of registrant as specified in its charter)

New York	11-1059070
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
9 Bond Street, Brooklyn, New York	11201-5805
(Address of principal executive offices)	(Zip Code)

(Registrant's telephone number, including area code) 718-624-7400

Not Applicable(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   
Yes     X      No          .

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   
Yes     X      No          .

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐	Emerging growth company ☐
Non-accelerated filer ☐	Smaller reporting Company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes            No    X   .

Indicate the number of shares outstanding of the issuer's common stock, as of the latest practicable date.

Class	Outstanding at June 7, 2018
Common Stock, $1 par value	2,015,780 shares
	This report contains 26 pages.

J. W. MAYS, INC.

INDEX

	Page No.
Part I - Financial Information:
Item 1. Financial Statements
Condensed Consolidated Balance Sheets – April 30, 2018 (unaudited) and July 31, 2017	3
Condensed Consolidated Statements of Operations and Retained Earnings – Three and nine months ended April 30, 2018 and 2017 (unaudited)	4
Condensed Consolidated Statements of Comprehensive Income – Three and nine months ended April 30, 2018 and 2017 (unaudited)	5
Condensed Consolidated Statements of Cash Flows – Nine months ended April 30, 2018 and 2017 (unaudited)	6
Notes to Condensed Consolidated Financial Statements	7 - 15
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	16 - 19
Item 3. Quantitative and Qualitative Disclosures About Market Risk	19
Item 4. Controls and Procedures	20
Part II - Other Information:
Item 1. Legal Proceedings	21
Item 1A. Risk Factors	21
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 3. Defaults Upon Senior Securities	21
Item 4. Mine Safety Disclosures	21
Item 5. Other Information	21
Item 6. Exhibits and Reports on Form 8-K	21 - 22
Signatures	23
Exhibit 31 Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.1 - Chief Executive Officer	24
31.2 - Chief Financial Officer	25
Exhibit 32 Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350	26

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Part 1 - Financial Information
       Item 1 - Financial Statements

J. W. MAYS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	April 30		July 31
ASSETS	2018		2017
	(Unaudited)		(Audited)
Property and Equipment - Net (Notes 5 and 6)	$	50,004,769	$	49,485,089
Current Assets:
Cash and cash equivalents (Note 4)		6,478,050		5,381,195
Receivables (Note 4)		63,153		164,716
Income taxes refundable		47,260		6,891
Restricted cash		100,721		15,905
Prepaid expenses		953,346		1,675,019
Total current assets		7,642,530		7,243,726
Other Assets:
Deferred charges		3,485,550		3,465,062
Less: accumulated amortization		1,606,742		1,384,142
Net		1,878,808		2,080,920
Restricted cash		1,513,841		1,279,829
Unbilled receivables (Notes 4 and 7)		1,739,632		1,943,648
Marketable securities (Notes 3 and 4)		2,722,917		2,815,727
Total other assets		7,855,198		8,120,124
TOTAL ASSETS	$	65,502,497	$	64,848,939
LIABILITIES AND SHAREHOLDERS' EQUITY
Long-Term Liabilities:
Mortgage payable (Note 5)	$	5,301,391	$	5,409,908
Security deposits payable		1,232,629		1,020,292
Deferred income taxes (Note 1)		3,610,000		5,637,000
Total long-term liabilities		10,144,020		12,067,200
Current Liabilities:
Accounts payable		18,400		79,103
Payroll and other accrued liabilities		1,855,135		2,515,616
Other taxes payable		6,300		8,135
Current portion of mortgage payable (Note 5)		167,002		162,569
Current portion of security deposits payable		101,221		15,905
Total current liabilities		2,148,058		2,781,328
TOTAL LIABILITIES		12,292,078		14,848,528
Shareholders' Equity:
Common stock, par value $1 each share (shares - 5,000,000 authorized; 2,178,297 issued)		2,178,297		2,178,297
Additional paid in capital		3,346,245		3,346,245
Unrealized gain on available-for-sale securities - net of deferred taxes of $226,000 at April 30, 2018 and $190,000 at July 31, 2017		410,988		368,476
Retained earnings		48,562,741		45,395,245
		54,498,271		51,288,263
Less common stock held in treasury, at cost - 162,517 shares at April 30, 2018 and at July 31, 2017 (Note 10)		1,287,852		1,287,852
Total shareholders' equity		53,210,419		50,000,411
Contingencies (Notes 13)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	65,502,497	$	64,848,939

See Notes to Condensed Consolidated Financial Statements.

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J. W. MAYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS

	Three Months Ended						Nine Months Ended
	April 30						April 30
	2018			2017			2018			2017
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenues
Rental income (Notes 4 and 7)	$	4,854,910		$	4,660,787		$	14,431,671		$	13,674,289
Recovery of real estate taxes		–			–			–			10,952
Revenue to temporarily vacate lease (Note 12)		–			291,667			–			875,001
Total revenues		4,854,910			4,952,454			14,431,671			14,560,242
Expenses
Real estate operating expenses		2,918,858			2,512,506			8,491,805			7,735,755
Administrative and general expenses		1,062,316			1,092,032			3,433,154			3,381,034
Depreciation (Note 6)		443,697			423,791			1,311,386			1,253,091
Total expenses		4,424,871			4,028,329			13,236,345			12,369,880
Income from operations before investment income, interest expense and income taxes		430,039			924,125			1,195,326			2,190,362
Investment income and interest expense:
Investment income (Note 3)		15,909			41,906			90,131			80,470
Interest expense (Notes 5, 9 and 13)		(44,776	)		(50,797	)		(191,961	)		(173,011	)
		(28,867	)		(8,891	)		(101,830	)		(92,541	)
Income from operations before income taxes		401,172			915,234			1,093,496			2,097,821
Income taxes provided (benefit)		83,000			309,000			(2,074,000	)		706,000
Net income		318,172			606,234			3,167,496			1,391,821
Retained earnings, beginning of period		48,244,569			44,255,293			45,395,245			43,469,706
Retained earnings, end of period	$	48,562,741		$	44,861,527		$	48,562,741		$	44,861,527
Income per common share (Note 2)	$	.16		$	.30		$	1.57		$	.69
Dividends per share	$	–		$	–		$	–		$	–
Average common shares outstanding		2,015,780			2,015,780			2,015,780			2,015,780

See Notes to Condensed Consolidated Financial Statements.

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J. W. MAYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended						Nine Months Ended
	April 30						April 30
	2018			2017			2018			2017
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Net income	$	318,172		$	606,234		$	3,167,496		$	1,391,821
Unrealized gain (loss) on available-for-sale securities:
Unrealized gains (losses) arising during the period, net of taxes (benefit) of ($27,037) and $33,500 for the three months ended April 30, 2018 and 2017, respectively, and $43,963 and $40,000 for the nine months ended April 30, 2018 and 2017, respectively.		(117,213	)		66,410			57,969			78,785
Reclassification adjustment for net gains included in net income, net of taxes of $7,770 and $14,500 for the three months ended April 30, 2018 and 2017, respectively, and $7,963 and $14,000 for the nine months ended April 30, 2018 and 2017, respectively.		(17,630	)		(27,695	)		(15,457	)		(26,841	)
Unrealized gains (losses) on available for sale securities, net of taxes		(134,843	)		38,715			42,512			51,944
Comprehensive income	$	183,329		$	644,949		$	3,210,008		$	1,443,765

See Notes to Condensed Consolidated Financial Statements.

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J. W. MAYS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months Ended
	April 30
	2018			2017
	(Unaudited)			(Unaudited)
Cash Flows From Operating Activities:
Net income	$	3,167,496		$	1,391,821
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		1,311,386			1,253,091
Amortization of deferred charges		222,600			200,900
Deferred finance costs included in interest expense		17,154			17,154
Realized (gain) loss on sale of marketable securities		805			(23,734	)
Other assets - unbilled receivables		204,016			160,661
- deferred charges		(20,488	)		(366,995	)
Provision (benefit) for deferred income taxes		(2,063,000	)		706,000
Deferred revenue		–			(875,001	)
Changes in:
Receivables		101,563			153,645
Income taxes refundable		(40,369	)		(5,608	)
Prepaid expenses		721,673			687,443
Accounts payable		(60,703	)		15,757
Payroll and other accrued liabilities		(660,481	)		136,675
Other taxes payable		(1,835	)		(1,563	)
Cash provided by operating activities		2,899,817			3,450,246
Cash Flows From Investing Activities:
Acquisition of property and equipment		(1,831,066	)		(1,635,496	)
Restricted cash		(318,828	)		(134,846	)
Marketable securities:
Receipts from sales		268,857			282,434
Payments for purchases		(98,340	)		(839,970	)
Cash (used) by investing activities		(1,979,377	)		(2,327,878	)
Cash Flows From Financing Activities:
Increase - security deposits payable		297,653			134,846
Mortgage and other debt payments		(121,238	)		(1,116,961	)
Cash provided (used) by financing activities		176,415			(982,115	)
Increase in cash and cash equivalents		1,096,855			140,253
Cash and cash equivalents at beginning of period		5,381,195			5,228,826
Cash and cash equivalents at end of period	$	6,478,050		$	5,369,079

See Notes to Condensed Consolidated Financial Statements.

-6-

J. W. MAYS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.

Accounting Records and Use of Estimates:

The accounting records are maintained in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the Company’s financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. The estimates that we make include allowance for doubtful accounts, depreciation, income tax assets and liabilities, fair value of marketable securities and revenue recognition. Estimates are based on historical experience where applicable or other assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results may differ from those estimates under different assumptions or conditions. The interim financial statements are prepared pursuant to the requirements for reporting on Form 10-Q. The July 31, 2017 condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes included in the Company's latest Form 10-K Annual Report for the fiscal year ended July 31, 2017. In the opinion of management, the interim financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for interim periods. The results of operations for the current period are not necessarily indicative of the results for the entire fiscal year ending July 31, 2018. The computation of the annual expected effective tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected operating income for the year and future periods, projections of the proportion of income (or loss), and permanent and temporary differences. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is acquired, or as additional information is obtained. To the extent the estimated annual effective tax rate changes during a quarter, see below, the effect of the change on prior quarters is included in tax expense for the current quarter. As of July 31, 2017, the Company had a federal net operating loss carryforward approximating $5,366,000 which is available to offset future taxable income. In addition, as of July 31, 2017, the Company had state and city net operating loss carryforwards of approximately $10,107,000 and $8,274,000, respectively, available to offset future state and city taxable income. The net operating loss carryforwards will begin to expire, if not used, in 2035. New York State and New York City taxes are calculated using the higher of taxes based on income or the respective capital-based franchise taxes. In April 2014, the State of New York enacted legislation overhauling the New York State franchise tax on corporations. The changes in the law were effective for the Company’s year ended July 31, 2016. The state capital-based tax will be phased out over a 7-year period. The Company anticipates New York State taxes will be based on capital through 2021, and New York City taxes will be based on capital for the foreseeable future. Capital-based franchise taxes are recorded to administrative and general expense. Due to the application of the capital-based tax while the net operating loss still applies, or due to the possible absence of State taxable income in the years beyond 2021 to which the State loss can be carried, the Company has not recorded the tax benefit of its New York State and New York City net operating loss carryforwards.

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U.S. Tax Reform:

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the future ongoing U.S. corporate income tax by, among other things, lowering U.S. corporate income tax rates. As the Company has a July 31 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a statutory federal rate just over 26% for our fiscal year ending July 31, 2018, and 21 % for subsequent fiscal years. During the quarter ended January 31, 2018, the quarter of enactment, these changes required an adjustment to our deferred tax assets and liabilities to the lower federal rates resulting in an estimated net deferred tax benefit of approximately $2.4 million.

The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from the above estimate, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the Company has utilized to calculate the transition impacts, including impacts from changes to current year earnings estimates. The Securities and Exchange Commission has issued rules allowing for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. We currently anticipate finalizing and recording any resulting adjustments by the end of our current fiscal year ending July 31, 2018.

Recently issued accounting standards not yet adopted:

In May 2014, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers” (“ASU 2014-09”) establishing ASC Topic 606 Revenue from Contracts with Customers. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting in fiscal years that begin after December 15, 2016. ASU 2015-14 extended the implementation date for fiscal years beginning after December 31, 2017. The adoption of this ASU on August 1, 2018 will not have a significant impact on our consolidated financial statements.

Subsequent to the issuance of ASU 2014-09, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”, ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”, and ASU No. 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers." The additional ASU's clarified certain provisions of ASU 2014-09 in response to recommendations from the Transition Resource Group established by the FASB and have the same effective date and transition requirements as ASU 2014-09. The adoption of these updates on August 1, 2018 will not have a significant impact on our consolidated financial statements.

In January 2016, the FASB issued ASU No. 2016-01 "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. ASU No. 2016-01 will be effective for interim and annual periods beginning after December 15, 2017. The adoption of this ASU will not have a significant impact on our balance sheet and statement of operations.

-8-

	In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 is intended to increase transparency and comparability among organizations of accounting for leasing arrangements. This guidance establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Lessor accounting remains similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard (ASU 2014-09). ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. Entities will be required to recognize and measure leases as of the earliest period presented using a modified retrospective approach. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning August 1, 2019. Early adoption is permitted. The adoption of this guidance is expected to result in an increase in assets and liabilities on the Company’s balance sheet, with no material impact on the statement of operations. However, the ultimate impact of adopting this ASU will depend on the Company’s lease portfolio as of the adoption date.
	In November 2016, the FASB issued ASU 2016-18, “Restricted Cash”. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of period balances on the statement of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of the ASU will not have a significant impact on our consolidated financial statements.
	In February 2018, the FASB issued ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220)”. ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the December 22, 2017 Tax Act. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this ASU is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. We are in the process of evaluating the impact of this standard on the consolidated financial statements.
2.	Income Per Share of Common Stock:
	Income per share has been computed by dividing the net income for the periods by the weighted average number of shares of common stock outstanding during the periods, adjusted for the purchase of treasury stock. Shares used in computing income per share were 2,015,780 for the three and nine months ended April 30, 2018 and April 30, 2017.
3.	Marketable Securities:
	The Company categorizes marketable securities as either trading, available-for-sale or held-to-maturity. Trading securities are carried at fair value with unrealized gains and losses included in income. Available-for-sale securities are carried at fair value measurements using quoted prices in active markets for identical assets or liabilities with unrealized gains and losses recorded as a separate component of shareholders' equity. Held-to-maturity securities are carried at amortized cost. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The Company did not classify any securities as trading or held to maturity during the nine months ended April 30, 2018 and year ended July 31, 2017.

-9-

The Company follows GAAP which establishes a fair value hierarchy that prioritizes the valuation techniques and creates the following three broad levels, with Level 1 valuation being the highest priority:

	Level 1 valuation inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date (e.g., equity securities traded on the New York Stock Exchange).
	Level 2 valuation inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted market prices of similar assets or liabilities in active markets, or quoted market prices for identical or similar assets or liabilities in markets that are not active).
	Level 3 valuation inputs are unobservable (e.g., an entity’s own data) and should be used to measure fair value to the extent that observable inputs are not available.
Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes in the methodologies used at April 30, 2018 and July 31, 2017.
Equity securities are valued at the closing price reported on the active market on which the individual securities are traded that the Company has access to.
Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Company are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Company are deemed to be actively traded.

In accordance with the provisions of Fair Value Measurements, the following are the Company's financial assets measured on a recurring basis presented at fair value.

Fair value measurements at reporting date
	Total							Total
	April 30,							July 31,
Description	2018		Level 1		Level 2		Level 3	2017		Level 1		Level 2		Level 3
Assets:
Marketable securities - available-for-sale	$	2,722,917	$	2,722,917	$	–	–	$	2,815,727	$	2,815,727	$	–	$	–

-10-

As of April 30, 2018 and July 31, 2017, the Company's marketable securities were classified as follows:

	April 30, 2018								July 31, 2017
			Gross		Gross						Gross		Gross
			Unrealized		Unrealized		Fair				Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
Noncurrent:
Available-for-sale:
Mutual funds	$	773,158	$	197,217	$	–	$	970,375	$	716,463	$	193,932	$	–	$	910,395
Equity securities		1,312,772		453,562		13,792		1,752,542		1,540,788		364,544		–		1,905,332
	$	2,085,930	$	650,779	$	13,792	$	2,722,917	$	2,257,251	$	558,476	$	–	$	2,815,727

The Company's equity securities, gross unrealized losses and fair value, aggregated by investment category and length of time that the investment securities have been in a continuous unrealized loss position are as follows:

	April 30, 2018				July 31, 2017
			Less Than					Less Than
	Fair Value		12 Months		Fair Value			12 Months
Corporate equity securities	$	120,188	$	13,792	$	–		$	–
Investment income consists of the following:
	Three Months Ended				Nine Months Ended
	April 30				April 30
		2018		2017		2018			2017
Gain (loss) on sale of marketable securities	$	912	$	31,155	$	(805	)	$	23,734
Interest income		5,737		2,941		12,488			9,287
Dividend income		9,260		7,810		78,448			47,449
Total	$	15,909	$	41,906	$	90,131		$	80,470

4.	Financial Instruments and Credit Risk Concentrations:
	Financial instruments that are potentially subject to concentrations of credit risk consist principally of marketable securities, cash and cash equivalents and receivables. Marketable securities and cash and cash equivalents are placed with multiple financial institutions and multiple instruments to minimize risk. No assurance can be made that such financial institutions and instruments will minimize all such risk.
	The Company derives rental income from approximately fifty tenants, of which one tenant accounted for 17.70%, another tenant accounted for 15.33% and a third tenant accounted for 12.25% of rental income during the nine months ended April 30, 2018. The nine months ended April 30, 2017 had one tenant account for 18.32%, another tenant account for 14.88% and a third tenant account for 10.67% of rental income. No other tenant accounted for more than 10% of rental income during the same periods.
	The Company has no irrevocable Letters of Credit at April 30, 2018 and had one irrevocable Letter of Credit totaling $230,000 at July 31, 2017 provided by a tenant as a security deposit.

-11-

5. Long-Term Debt – Mortgage:

				April 30, 2018				July 31, 2017
	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	$	167,002	$	5,341,439	$	162,569	$	5,467,110
Less: Deferred financing costs					–		40,048		–		57,202
Total				$	167,002	$	5,301,391	$	162,569	$	5,409,908

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.

6.

Property and Equipment – at cost:

	April 30		July 31
	2018		2017
Property:
Buildings and improvements	$	82,515,948	$	80,825,601
Improvements to leased property		1,478,012		1,478,012
Land		6,067,805		6,067,805
Construction in progress		785,528		644,809
		90,847,293		89,016,227
Less accumulated depreciation		40,926,729		39,648,642
Property - net		49,920,564		49,367,585
Fixtures and equipment and other:
Fixtures and equipment		144,545		144,545
Other fixed assets		193,015		193,015
		337,560		337,560
Less accumulated depreciation		253,355		220,056
Fixtures and equipment and other - net		84,205		117,504
Property and equipment - net	$	50,004,769	$	49,485,089
Construction in progress includes:
	April 30		July 31
	2018		2017
Building improvements at 9 Bond Street in Brooklyn, NY	$	–	$	644,809
Building improvements at Jamaica, NY building		551,901
Building improvements at Fishkill, NY building		233,627		–
	$	785,528	$	644,809

7.	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.

-12-

8.	Employees' Retirement Plan:
	The Company sponsors a noncontributory Money Purchase Plan covering substantially all of its non-union employees. Operations were charged $82,308 and $311,145 as contributions to the Plan for the three and nine months ended April 30, 2018, respectively, and $100,147 and $294,804 as contributions to the plan for the three and nine months ended April 30, 2017, respectively.
	Multi-employer plan:
	The Company contributes to a union sponsored multi-employer pension plan covering its union employees. The Company contributions to the pension plan were $14,963 and $49,119 for the three and nine months ended April 30, 2018, respectively, and $14,648 and $41,636 as contributions to the plan for the three and nine months ended April 30, 2017, respectively. Contributions and costs are determined in accordance with the provisions of negotiated labor contracts or terms of the plans. The Company also contributes to union sponsored health benefit plans.
	Contingent Liability for Pension Plan:
	Information as to the Company’s portion of accumulated plan benefits and plan assets is not reported separately by the pension plan. Under the Employee Retirement Income Security Act, upon withdrawal from a multi-employer benefit plan, an employer is required to continue to pay its proportionate share of the plan’s unfunded vested benefits, if any. Any liability under this provision cannot be determined: however, the Company has not made a decision to withdraw from the plan.
	Information for contributing employer’s participation in the multi-employer plan:

Legal name of Plan:	United Food and Commercial
	Workers Local 888 Pension Fund
Employer identification number:	13-6367793
Plan number:	001
Date of most recent Form 5500:	December 31, 2016
Certified zone status:	Critical and declining status
Status determination date:	January 1, 2018
Plan used extended amortization provisions in status
calculation:	Yes
Minimum required contribution:	Yes
Employer contributing greater than 5% of Plan
contributions for year ended December 31, 2016:	Yes
Rehabilitation plan implemented:	Yes
Employer subject to surcharge:	Yes
Contract expiration date:	November 30, 2019

For the plan years 2017-2019, under the pension fund’s rehabilitation plan, the Company agreed to pay a minimum contribution rate equal to 9.1% of the prior year total contribution rate. The Company has 29 employees and has a contract, expiring November 30, 2019, with a union covering rates of pay, hours of employment and other conditions of employment for approximately 24% of its employees. The Company considers that its labor relations with its employees and union are good.

-13-

9.	Cash Flow Information:
	For purposes of reporting cash flows, the Company considers cash equivalents to consist of short-term highly liquid investments with maturities of three (3) months or less, which are readily convertible into cash.

Supplemental disclosure:	Nine Months Ended
	April 30
	2018		2017
Interest paid, net of capitalized interest of $23,609 (2018) and $16,514 (2017)	$	175,718	$	163,022
Income taxes paid	$	31,994	$	–

10.	Common Stock:
	The Company has one class of common stock with identical voting rights and rights to liquidation.

11.	Accumulated Other Comprehensive Income:
	The only component of accumulated other comprehensive income is unrealized gain (loss) on available-for-sale securities.
	A summary of the changes in accumulated other comprehensive income for the three and nine months ended April 30, 2018 and 2017 is as follows:

	Three Months Ended						Nine Months Ended
	April 30						April 30
	2018			2017			2018			2017
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Beginning balance, net of tax effect	$	545,831		$	277,770		$	368,476		$	264,541
Other comprehensive income, net of tax effect:
Unrealized gain (loss) on available-for-sale securities		(144,250	)		99,910			101,932			118,785
Tax effect		27,037			(33,500	)		(43,963	)		(40,000	)
Unrealized gain (loss) on available-for-sale securities, net of tax effect		(117,213	)		66,410			57,969			78,785
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized (gain) on available-for-sale securities reclassified		(25,400	)		(42,195	)		(23,420	)		(40,841	)
Tax effect		7,770			14,500			7,963			14,000
Amount reclassified, net of tax effect		(17,630	)		(27,695	)		(15,457	)		(26,841	)
Ending balance, net of tax effect	$	410,988		$	316,485		$	410,988		$	316,485

A summary of the line items in the Condensed Consolidated Statements of Income and Retained Earnings affected by the amounts reclassified from accumulated other comprehensive income is as follows:

Details about accumulated other	Affected line item in the statement
comprehensive income components	where net income is presented
Other comprehensive income reclassified	Investment income
tax effect	Income taxes provided

-14-

12.	Entry into a Material Definitive Agreement:
	On June 16, 2014, the Company entered into a Second Amendment of Lease (the "Amendment") with 33 Bond St. LLC ("Bond"), its landlord, for certain truck bays and approximately 1,000 square feet located at the cellar level within a garage at Livingston and Bond Street ("Premises"). Pursuant to the Amendment, (1) a lease option for the Premises was exercised extending the lease until December 8, 2043, (2) the Company, simultaneously with the execution of the Amendment, vacated the Premises so that Bond may demolish the building in which the Premises is located in order to develop and construct a new building at the location, and (3) Bond agreed to redeliver to the Company possession of the reconfigured Premises after construction.
	As consideration under the Amendment, Bond agreed to pay the Company a total of $3,500,000. Upon execution of the Amendment, the Company recorded $3,500,000 to deferred revenue to be amortized to revenue to temporarily vacate the premises over the expected vacate period of 36 months. Bond tendered $2,250,000 simultaneously with the execution of the Amendment, and the balance due of $1,250,000 on June 16, 2015 had been received by the Company. The Company re-occupied the premises in October 2017.
	In connection with the Amendment, the parties also agreed to settle a pending lawsuit in the Supreme Court of the State of New York, Kings County, Index No. 50796/13 (the "Action"), in which the Company sought, among other things, a declaratory judgment that it validly renewed the lease for the Premises, and Bond sought, among other things, a declaratory judgment that the lease expired by its terms on December 8, 2013. Pursuant to a stipulation of settlement, filed on June 16, 2014, the Action, including all claims and counterclaims, has been discontinued with prejudice, without costs or attorneys' fees to any party as against the other. The stipulation of settlement also contains general releases by both parties of all claims.
13.	Contingencies:
	Due to defective workmanship and breach of contract, the Company continues to pursue damages and return in full of a $376,467 deposit paid a contractor when construction commenced to replace a roof and various other work on the Fishkill, New York building. Both the contractor and subcontractors have claimed the Company tortuously interfered with the construction contracts arguing for fees and costs which approximate $700,000. While the Company strongly disputes the claims, it is possible that the court may rule against the Company and may assess damages in amounts up to approximately $700,000. It is also possible that the court may rule in favor of the Company and that no damages would be awarded against the Company and the Company could obtain an order for the return of all or a portion of amounts previously paid. A charge to real estate operating expenses in the amount of $279,213 was recorded for the fiscal year ended July 31, 2016. Following initial court decisions, another $141,132 was charged to operating expenses in October, 2016 and this amount was ordered by the Court to be paid, plus interest in the amount of $48,116, in a judgment dated September 14, 2017. This amount of $189,248 was paid in October, 2017. The testimony phase of the trial has been completed and the parties await further decisions and orders of the court.
	There are various other lawsuits and claims pending against the Company. It is the opinion of management that the resolution of these matters will not have a material adverse effect on the Company’s Consolidated Financial Statements.
	If the Company sells, transfers, disposes of or demolishes 25 Elm Place, Brooklyn, New York, then the Company may be liable to create a condominium unit for the loading dock. The necessity of creating the condominium unit and the cost of such condominium unit cannot be determined at this time.

-15-

Item 2.

J. W. MAYS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our financial statements and related notes thereto contained in this report. In this discussion, the words “Company”, “we”, “our” and “us” refer to J.W. Mays, Inc. and subsidiaries.

Forward Looking Statements:

The following can be interpreted as including forward looking statements under the Private Securities Litigation Reform Act of 1995. The words “outlook”, “intend”, “plans”, “efforts”, “anticipates”, “believes”, “expects” or words of similar import typically identify such statements. Various important factors that could cause actual results to differ materially from those expressed in the forward-looking statements are identified under the heading “Cautionary Statement Regarding Forward-Looking Statements” below. Our actual results may vary significantly from the results contemplated by these forward-looking statements based on a number of factors including, but not limited to, availability of labor, marketing success, competitive conditions and the change in economic conditions of the various markets we serve.

Critical Accounting Policies and Estimates:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent assets and liabilities. We believe the critical accounting policies in Note 1 to the Condensed Consolidated Financial Statements disclose our more significant judgments and estimates used in the preparation of our financial statements. Actual results may differ from these estimates under different assumptions and conditions. (See Note 1 on pages 7 through 9 to the Condensed Consolidated Financial Statements herein and Note 1 on pages 9 through 12 to the Consolidated Financial Statements in the Annual Report to Shareholders for the fiscal year ended July 31, 2017).

Results of Operations:

Three months ended April 30, 2018 compared to the three months ended April 30, 2017:

In the three months ended April 30, 2018, the Company reported net income of $318,172, or $.16 per share. In the comparable three months ended April 30, 2017, the Company reported net income of $606,234, or $.30 per share.

Revenues in the current three months decreased to $4,854,910 from $4,952,454 in the comparable 2017 three months primarily due to the decrease in revenue to temporarily vacate a lease in the 2017 three months, partially offset by increased rental income from existing tenants and one new office tenant at the Company’s Jowein building in Brooklyn, New York.

Real estate operating expenses in the current three months increased to $2,918,858 from $2,512,506 in the comparable 2017 three months primarily due to increases in real estate taxes and maintenance costs.

Administrative and general expenses in the current three months decreased to $1,062,316 from $1,092,032 in the comparable 2017 three months primarily due to decreases in legal and professional costs and pension costs.

Depreciation expense in the current three months increased to $443,697 from $423,791 in the comparable 2017 three months primarily due to improvements in the Jowein building in Brooklyn, New York.

Interest expense exceeded investment income in the current three months by $28,867 and by $8,891 in the comparable 2017 three months. The increase was primarily due to a decrease in investment income partially offset by scheduled repayment of debt.

-16-

Nine months ended April 30, 2018 compared to the nine months ended April 30, 2017:

In the nine months ended April 30, 2018, the Company reported net income of $3,167,496, or $1.57 per share. In the comparable nine months ended April 30, 2017, the Company reported net income of $1,391,821, or $.69 per share. The increase was primarily due to the enactment of the U.S Tax Act on December 22, 2017. These changes required an adjustment to our deferred tax assets and liabilities to the lower federal rates resulting in an estimated net tax benefit of approximately $2.4 million.

Revenues in the current nine months decreased to $14,431,671 from $14,560,242 in the comparable 2017 nine months primarily due to the decrease in revenue to temporarily vacate a lease in the 2017 nine months, partially offset by increased rental income from existing tenants and one new office tenant at the Company’s Jowein building in Brooklyn, New York.

The recovery of real estate taxes in the 2017 nine months in the amount of $10,952, net of legal expenses, represents recovery of prior years’ real estate taxes from one of the Company’s properties. The comparable 2018 nine months did not have a recovery of real estate taxes.

Real estate operating expenses in the current nine months increased to $8,491,805 from $7,735,755 in the comparable 2017 nine months primarily due to increases in real estate taxes and maintenance costs, partially offset by a decrease in utility costs and license and permit costs.

Administrative and general expenses in the current nine months increased to $3,433,154 from $3,381,034 in the comparable 2017 nine months primarily due to increases in insurance costs, directors fees and pension costs.

Depreciation expense in the current nine months increased to $1,311,386 from $1,253,091 in the comparable 2017 nine months primarily due to improvements in the Jowein building in Brooklyn, New York.

Interest expense exceeded investment income in the current nine months by $101,830 and by $92,541 in the comparable 2017 nine months. The increase was primarily due to interest on litigation (see Note 13) partially offset by increased investment income and scheduled repayment of debt.

As explained above, the enactment of the U.S Tax Act required an adjustment to our deferred tax assets and liabilities to the lower federal rates resulting in an estimated net federal tax benefit of approximately $2.4 million. Income taxes provided (benefit) for the current nine months changed to a benefit of approximately $2.1 million from an expense of approximately $.7 million in the comparable 2017 nine months.

Liquidity and Capital Resources:

Management considers current working capital and borrowing capabilities adequate to cover the Company’s planned operating and capital requirements. The Company’s cash and cash equivalents amounted to $6,478,050 at April 30, 2018.

In March 2017, the Company leased 7,700 square feet to a medical facility at its Nine Bond Street, Brooklyn, New York building, for a term of ten years with two five year option periods. To accommodate this tenant, an existing tenant surrendered 400 square feet of retail space. The cost of renovations for this tenant will be approximately $400,000 and brokerage commissions were $216,052. The tenant is anticipated to take occupancy and commence payment of rent in late 2018.

In August, 2017, the Company leased 1,423 square feet of retail space to an existing tenant for a period of 18.5 years at the Company’s Nine Bond Street, Brooklyn, New York building. Rent and occupancy is anticipated to occur in late 2018.

In September, 2017, an office tenant who occupies 2,000 square feet at the Company’s Jamaica, New York building vacated the space. The loss in annual rent will be $58,000.

In September, 2017, the Company leased 5,167 square feet of retail space to a tenant at the Company’s Nine Bond Street, Brooklyn, New York building for a period of ten years, effective January, 2018.

-17-

In November, 2017, the Company extended a lease with the existing dental office tenant at its Nine Bond Street, Brooklyn, New York building for an additional ten years, expiring January 15, 2028.

In November, 2017, the Company leased an additional 3,005 square feet to an existing tenant for warehouse space at its Jowein building in Brooklyn, New York.

In March 2018, the Company leased the 20,000 square feet of area available at its Massapequa, New York property to a restaurant until May 2030. Rent is anticipated to commence in late 2018.

In April 2018, the Company extended a lease with an existing tenant who occupies 84,000 square feet for warehouse space at the Company’s Circleville, Ohio building for an additional three years expiring on October 31, 2021.

In May 2018, the Company extended a lease with an existing tenant who occupies 3,300 square feet of office space at the Company’s Jowein building in Brooklyn, New York for an additional five years expiring on June 30, 2023.

In May 2018, an office tenant who occupies 3,080 square feet at the Company’s Nine Bond Street Brooklyn, New York building informed the Company that it intends to vacate the premises in October 2018. The annual loss in rent will be $112,000.

Cash Flows From Operating Activities:

Payroll and Other Accrued Liabilities: The Company had a balance due at April 30, 2018 for brokerage commissions of $134,346. Brokerage commissions in the amount of $188,191 were paid in the nine months ended April 30, 2018.

Provision (Benefit) for Deferred Income Taxes: Enactment of the U.S Tax Act on December 22, 2017, as explained above, resulted in an estimated net federal tax benefit of approximately $2.4 million. Although the adjustment increased the Company’s net income, it did not increase cash. To reconcile net income to net cash provided by operating activities, provision (benefit) for deferred income taxes changed to a benefit of approximately $2.1 million for the current nine months compared to an expense of approximately $.7 million for the comparable 2017 nine months.

Cash Flows From Investing Activities:

The Company had expenditures for elevator upgrade work in the amount of $227,672 for the nine months ended April 30, 2018, at the Company’s Nine Bond Street, Brooklyn, New York building. The total cost of the project was $627,333, and it was completed in October, 2017. The Company had expenditures of $45,006 for a new tenant. The cost of the project will be approximately $400,000 of which $290,154 has been paid, and is expected to be completed in late 2018. The Company also had expenditures of $282,975 for various other construction projects.

The Company had expenditures for electrical work in the amount of $107,661 for the nine months ended April 30, 2018, at its Jowein, Brooklyn, New York building. The work was completed in January, 2018.

The Company had expenditures for elevator upgrade work in the amount of $551,901 for the nine months ended April 30, 2018, at the Company’s Jamaica, New York building. The total cost of the project will be approximately $800,000, and is anticipated to be completed in August, 2018. The Company had expenditures of $278,184 for renovation work for two existing tenants. Work was completed in March, 2018. The Company also had expenditures of $50,470 for various other construction projects.

The Company had expenditures for parking lot lights in the amount of $59,559 for the nine months ended April 30, 2018, at its Fishkill, New York building. The total cost was $168,675 and was completed in May 2018. The Company also had expenditures of $52,810 for paving of the parking lot. The total cost was $175,000 and was completed in May 2018. The Company also had expenditures of $174,828 for various other construction projects.

-18-

Cautionary Statement Regarding Forward-Looking Statements:

This section, Management’s Discussion and Analysis of Financial Condition and Results of Operations, other sections of this Report on Form 10-Q and other reports and verbal statements made by our representatives from time to time may contain forward-looking statements that are based on our assumptions, expectations and projections about us and the real estate industry. These include statements regarding our expectations about revenues, our liquidity, our expenses and our continued growth, among others. Such forward-looking statements by their nature involve a degree of risk and uncertainty. We caution that a variety of factors, including but not limited to the factors listed below, could cause business conditions and our results to differ materially from what is contained in forward-looking statements:

● changes in the rate of economic growth in the United States;

● the ability to obtain credit from financial institutions and the related costs;

● changes in the financial condition of our customers;

● changes in regulatory environment;

● lease cancellations;

● changes in our estimates of costs;

● war and/or terrorist attacks on facilities where services are or may be provided;

● outcomes of pending and future litigation;

● increasing competition by other companies;

● compliance with our loan covenants;

● recoverability of claims against our customers and others by us and claims by third parties against us; and

● changes in estimates used in our critical accounting policies.

Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by us.

We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to review any additional disclosures we make in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and any Form 8-K reports filed with the United States Securities and Exchange Commission.

Item 3. Quantitative and Qualitative Disclosures About Market Risk:

The Company uses fixed-rate debt to finance its capital requirements. These transactions do not expose the Company to market risk related to changes in interest rates. The Company does not use derivative financial instruments. At April 30, 2018, the Company had fixed-rate debt of $5,508,441.

-19-

Item 4. Controls and Procedures:

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded, as of the end of the period covered by this quarterly report, our disclosure controls and procedures were effective and provide reasonable assurance that the information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported accurately and within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the period covered by this report that have materially affected, or are likely to materially affect, our internal control over financial reporting.

-20-

Part II - Other Information

Item 1. Legal Proceedings

From time to time we are involved in legal actions arising in the ordinary course of business. In our opinion, the outcome of such matters in the aggregate will not have a material adverse effect on our financial condition, results of operations or cash flows. See also Note 13 to the Company’s Condensed Consolidated Financial Statements.

Item 1A. Risk Factors

There have been no changes to our risk factors from those disclosed in our Annual Report on Form 10-K for our fiscal year ended July 31, 2017.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

None

Item 6. Exhibits and Reports on Form 8-K

(a)   List of Exhibits:

		Sequentially
Exhibit		Numbered
Number	Exhibit	Page
(3)	Articles of Incorporation and Bylaws	N/A
(10)	Material contracts	N/A
(11)	Statement re computation of per share earnings	N/A
(12)	Statement re computation of ratios	N/A
(14)	Code of ethics	N/A
(15)	Letter re unaudited interim financial information	N/A
(18)	Letter re change in accounting principles	N/A
(19)	Report furnished to security holders	N/A
(31)	Additional exhibits - Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	(31.1) Chief Executive Officer	24
	(31.2) Chief Financial Officer	25
(32)	Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350	26
(95)	Mine safety disclosure	N/A

-21-

EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase
EX-101.LAB	XBRL Taxonomy Extension Label Linkbase
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase

(b) Reports on Form 8-K – One report on Form 8-K was filed by the registrant during the three months ended April 30, 2018.

Items reported:

The Company reported its financial results for the three and six months ended January 31, 2018. Date of report filed - March 8, 2018.

-22-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		J.W. MAYS, Inc.
		(Registrant)
Date:	June 7, 2018	Lloyd J. Shulman
		Lloyd J. Shulman
		President
		Chief Executive Officer
Date:	June 7, 2018	Mark S. Greenblatt
		Mark S. Greenblatt
		Vice President
		Chief Financial Officer

-23-

EX-31.1

EXHIBIT 31.1

CERTIFICATION

I, Lloyd J. Shulman, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of J.W. Mays, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America;
(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	June 7, 2018
		/s/ Lloyd J. Shulman
		Lloyd J. Shulman
		President
		Chief Executive Officer

-24-

EX-31.2

EXHIBIT 31.2

CERTIFICATION

I, Mark S. Greenblatt, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of J.W. Mays, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America;
(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	June 7, 2018
		/s/ Mark S. Greenblatt
		Mark S. Greenblatt
		Vice President
		Chief Financial Officer

-25-

EX-32

EXHIBIT 32

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of J.W. Mays, Inc. (the “Company”) on Form 10-Q for the period ended April 30, 2018 as filed with the United States Securities and Exchange Commission (the “Report”), we, Lloyd J. Shulman and Mark S. Greenblatt, Chief Executive Officer and Chief Financial Officer, respectively, of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	June 7, 2018
		/s/ Lloyd J. Shulman
		Lloyd J. Shulman
		Chief Executive Officer
		/s/ Mark S. Greenblatt
		Mark S. Greenblatt
		Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to J.W. Mays, Inc. and will be retained by J.W. Mays, Inc. and furnished to the United States Securities and Exchange Commission or its staff upon request.

-26-

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DOCUMENT AND ENTITY INFORMATION - shares	9 Months Ended
	Apr. 30, 2018	Jun. 07, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	MAYS J W INC
Entity Central Index Key	0000054187
Current Fiscal Year End Date	--07-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	mays
Entity Common Stock, Shares Outstanding		2,015,780
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 30, 2018
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2018

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Apr. 30, 2018	Jul. 31, 2017
ASSETS
Property and Equipment - Net (Notes 5 and 6)	$ 50,004,769	$ 49,485,089
Current Assets:
Cash and cash equivalents (Note 4)	6,478,050	5,381,195
Receivables (Note 4)	63,153	164,716
Income taxes refundable	47,260	6,891
Restricted cash	100,721	15,905
Prepaid expenses	953,346	1,675,019
Total current assets	7,642,530	7,243,726
Other Assets:
Deferred charges	3,485,550	3,465,062
Less: accumulated amortization	1,606,742	1,384,142
Net	1,878,808	2,080,920
Restricted cash	1,513,841	1,279,829
Unbilled receivables (Notes 4 and 7)	1,739,632	1,943,648
Marketable securities (Notes 3 and 4)	2,722,917	2,815,727
Total other assets	7,855,198	8,120,124
TOTAL ASSETS	65,502,497	64,848,939
Long-Term Liabilities:
Mortgage payable (Note 5)	5,301,391	5,409,908
Security deposits payable	1,232,629	1,020,292
Deferred Income Taxes (Note 1)	3,610,000	5,637,000
Total long-term liabilities	10,144,020	12,067,200
Current Liabilities:
Accounts payable	18,400	79,103
Payroll and other accrued liabilities	1,855,135	2,515,616
Other taxes payable	6,300	8,135
Current portion of mortgage payable (Note 5)	167,002	162,569
Current portion of security deposits payable	101,221	15,905
Total current liabilities	2,148,058	2,781,328
TOTAL LIABILITIES	12,292,078	14,848,528
Shareholders' Equity:
Common stock, par value $1 each share (shares - 5,000,000 authorized; 2,178,297 issued)	2,178,297	2,178,297
Additional paid in capital	3,346,245	3,346,245
Unrealized gain on available-for-sale securities - net of deferred taxes of $226,000 at April 30, 2018 and $190,000 at July 31, 2017	410,988	368,476
Retained earnings	48,562,741	45,395,245
Stockholders' Equity before Treasury Stock	54,498,271	51,288,263
Less common stock held in treasury, at cost - 162,517 shares at April 30, 2018 and at July 31, 2017 (Note 10)	1,287,852	1,287,852
Total shareholders' equity	53,210,419	50,000,411
Contingencies (Notes 13)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 65,502,497	$ 64,848,939

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Apr. 30, 2018	Jul. 31, 2017
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	2,178,297	2,178,297
Treasury stock, shares	162,517	162,517
Unrealized Gain on Available-for-sale Securities - Net of Deferred Taxes [Member]
Unrealized gain (loss) on available-for-sale securities, deferred taxes (benefit)	$ 226,000	$ 190,000

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017
Revenues
Rental income (Notes 4 and 7)	$ 4,854,910	$ 4,660,787	$ 14,431,671	$ 13,674,289
Recovery of real estate taxes				10,952
Revenue to temporarily vacate lease (Note 12)		291,667		875,001
Total revenues	4,854,910	4,952,454	14,431,671	14,560,242
Expenses
Real estate operating expenses	2,918,858	2,512,506	8,491,805	7,735,755
Administrative and general expenses	1,062,316	1,092,032	3,433,154	3,381,034
Depreciation (Note 6)	443,697	423,791	1,311,386	1,253,091
Total expenses	4,424,871	4,028,329	13,236,345	12,369,880
Income from operations before investment income, interest expense and income taxes	430,039	924,125	1,195,326	2,190,362
Investment income and interest expense:
Investment income (Note 3)	15,909	41,906	90,131	80,470
Interest expense (Notes 5, 9 and 13)	(44,776)	(50,797)	(191,961)	(173,011)
Total investment income and interest expense	(28,867)	(8,891)	(101,830)	(92,541)
Income from operations before income taxes	401,172	915,234	1,093,496	2,097,821
Income taxes provided (benefit)	83,000	309,000	(2,074,000)	706,000
Net income	318,172	606,234	3,167,496	1,391,821
Retained earnings, beginning of period	48,244,569	44,255,293	45,395,245	43,469,706
Retained earnings, end of period	$ 48,562,741	$ 44,861,527	$ 48,562,741	$ 44,861,527
Income per common share (Note 2)	$ 0.16	$ 0.30	$ 1.57	$ 0.69
Dividends per share
Average common shares outstanding	2,015,780	2,015,780	2,015,780	2,015,780

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 318,172	$ 606,234	$ 3,167,496	$ 1,391,821
Unrealized gain on available-for-sale securities:
Unrealized gains (losses) arising during the period, net of taxes (benefit) of ($27,037) and $33,500 for the three months ended April 30, 2018 and 2017, respectively, and $43,963 and $40,000 for the nine months ended April 30, 2018 and 2017, respectively.	(117,213)	66,410	57,969	78,785
Reclassification adjustment for net gains included in net income, net of taxes of $7,770 and $14,500 for the three months ended April 30, 2018 and 2017, respectively, and $7,963 and $14,000 for the nine months ended April 30, 2018 and 2017, respectively.	(17,630)	(27,695)	(15,457)	(26,841)
Unreallized gains (losses) on available for sale securities, net of taxes	(134,843)	38,715	42,512	51,944
Comprehensive income	$ 183,329	$ 644,949	$ 3,210,008	$ 1,443,765

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017
Statement of Comprehensive Income [Abstract]
Unrealized holding gains arising during the period, tax	$ (27,037)	$ 33,500	$ 43,963	$ 40,000
Reclassification adjustment for net gains included in net income, tax	$ (7,770)	$ (14,500)	$ (7,963)	$ (14,000)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Apr. 30, 2018	Apr. 30, 2017
Cash Flows From Operating Activities:
Net income	$ 3,167,496	$ 1,391,821
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,311,386	1,253,091
Amortization of deferred charges	222,600	200,900
Deferred finance costs included in interest expense	17,154	17,154
Realized (gain) loss on sale of marketable securities	805	(23,734)
Other assets - unbilled receivables	204,016	160,661
Other assets - deferred charges	(20,488)	(366,995)
Provision (benefit) for deferred income taxes	(2,063,000)	706,000
Deferred revenue		(875,001)
Changes in:
Receivables	101,563	153,645
Income taxes refundable	(40,369)	(5,608)
Prepaid expenses	721,673	687,443
Accounts payable	(60,703)	15,757
Payroll and other accrued liabilities	(660,481)	136,675
Other taxes payable	(1,835)	(1,563)
Cash provided by operating activities	2,899,817	3,450,246
Cash Flows From Investing Activities:
Acquisition of property and equipment	(1,831,066)	(1,635,496)
Restricted cash	(318,828)	(134,846)
Marketable securities:
Receipts from sales	268,857	282,434
Payments for purchases	(98,340)	(839,970)
Cash (used) by investing activities	(1,979,377)	(2,327,878)
Cash Flows From Financing Activities:
Increase - security deposits payable	297,653	134,846
Mortgage and other debt payments	(121,238)	(1,116,961)
Cash provided (used) by financing activities	176,415	(982,115)
Increase in cash and cash equivalents	1,096,855	140,253
Cash and cash equivalents at beginning of period	5,381,195	5,228,826
Cash and cash equivalents at end of period	$ 6,478,050	$ 5,369,079

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Accounting Records and Use of Estimates

9 Months Ended

Apr. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting Records and Use of Estimates

1.

Accounting Records and Use of Estimates:

The accounting records are maintained in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the Company’s financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. The estimates that we make include allowance for doubtful accounts, depreciation, income tax assets and liabilities, fair value of marketable securities and revenue recognition. Estimates are based on historical experience where applicable or other assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results may differ from those estimates under different assumptions or conditions. The interim financial statements are prepared pursuant to the requirements for reporting on Form 10-Q. The July 31, 2017 condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes included in the Company's latest Form 10-K Annual Report for the fiscal year ended July 31, 2017. In the opinion of management, the interim financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for interim periods. The results of operations for the current period are not necessarily indicative of the results for the entire fiscal year ending July 31, 2018. The computation of the annual expected effective tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected operating income for the year and future periods, projections of the proportion of income (or loss), and permanent and temporary differences. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is acquired, or as additional information is obtained. To the extent the estimated annual effective tax rate changes during a quarter, see below, the effect of the change on prior quarters is included in tax expense for the current quarter. As of July 31, 2017, the Company had a federal net operating loss carryforward approximating $5,366,000 which is available to offset future taxable income. In addition, as of July 31, 2017, the Company had state and city net operating loss carryforwards of approximately $10,107,000 and $8,274,000, respectively, available to offset future state and city taxable income. The net operating loss carryforwards will begin to expire, if not used, in 2035. New York State and New York City taxes are calculated using the higher of taxes based on income or the respective capital-based franchise taxes. In April 2014, the State of New York enacted legislation overhauling the New York State franchise tax on corporations. The changes in the law were effective for the Company’s year ended July 31, 2016. The state capital-based tax will be phased out over a 7-year period. The Company anticipates New York State taxes will be based on capital through 2021, and New York City taxes will be based on capital for the foreseeable future. Capital-based franchise taxes are recorded to administrative and general expense. Due to the application of the capital-based tax while the net operating loss still applies, or due to the possible absence of State taxable income in the years beyond 2021 to which the State loss can be carried, the Company has not recorded the tax benefit of its New York State and New York City net operating loss carryforwards.

U.S. Tax Reform:

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the future ongoing U.S. corporate income tax by, among other things, lowering U.S. corporate income tax rates. As the Company has a July 31 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a statutory federal rate just over 26% for our fiscal year ending July 31, 2018, and 21 % for subsequent fiscal years. During the quarter ended January 31, 2018, the quarter of enactment, these changes required an adjustment to our deferred tax assets and liabilities to the lower federal rates resulting in an estimated net deferred tax benefit of approximately $2.4 million.

The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from the above estimate, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the Company has utilized to calculate the transition impacts, including impacts from changes to current year earnings estimates. The Securities and Exchange Commission has issued rules allowing for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. We currently anticipate finalizing and recording any resulting adjustments by the end of our current fiscal year ending July 31, 2018.

Recently issued accounting standards not yet adopted:

In May 2014, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers” (“ASU 2014-09”) establishing ASC Topic 606 Revenue from Contracts with Customers. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting in fiscal years that begin after December 15, 2016. ASU 2015-14 extended the implementation date for fiscal years beginning after December 31, 2017. The adoption of this ASU on August 1, 2018 will not have a significant impact on our consolidated financial statements.

Subsequent to the issuance of ASU 2014-09, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”, ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”, and ASU No. 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers." The additional ASU's clarified certain provisions of ASU 2014-09 in response to recommendations from the Transition Resource Group established by the FASB and have the same effective date and transition requirements as ASU 2014-09. The adoption of these updates on August 1, 2018 will not have a significant impact on our consolidated financial statements.

In January 2016, the FASB issued ASU No. 2016-01 "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. ASU No. 2016-01 will be effective for interim and annual periods beginning after December 15, 2017. The adoption of this ASU will not have a significant impact on our balance sheet and statement of operations.

In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 is intended to increase transparency and comparability among organizations of accounting for leasing arrangements. This guidance establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Lessor accounting remains similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard (ASU 2014-09). ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. Entities will be required to recognize and measure leases as of the earliest period presented using a modified retrospective approach. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning August 1, 2019. Early adoption is permitted. The adoption of this guidance is expected to result in an increase in assets and liabilities on the Company’s balance sheet, with no material impact on the statement of operations. However, the ultimate impact of adopting this ASU will depend on the Company’s lease portfolio as of the adoption date.

In November 2016, the FASB issued ASU 2016-18, “Restricted Cash”. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of period balances on the statement of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of the ASU will not have a significant impact on our consolidated financial statements.

In February 2018, the FASB issued ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220)”. ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the December 22, 2017 Tax Act. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this ASU is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. We are in the process of evaluating the impact of this standard on the consolidated financial statements.

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Income Per Share of Common Stock

9 Months Ended

Apr. 30, 2018

Earnings Per Share [Abstract]

Income Per Share of Common Stock

2.	Income Per Share of Common Stock:
	Income per share has been computed by dividing the net income for the periods by the weighted average number of shares of common stock outstanding during the periods, adjusted for the purchase of treasury stock. Shares used in computing income per share were 2,015,780 for the three and nine months ended April 30, 2018 and April 30, 2017.

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Marketable Securities

9 Months Ended

Apr. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3.

Marketable Securities:

The Company categorizes marketable securities as either trading, available-for-sale or held-to-maturity. Trading securities are carried at fair value with unrealized gains and losses included in income. Available-for-sale securities are carried at fair value measurements using quoted prices in active markets for identical assets or liabilities with unrealized gains and losses recorded as a separate component of shareholders' equity. Held-to-maturity securities are carried at amortized cost. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The Company did not classify any securities as trading or held to maturity during the nine months ended April 30, 2018 and year ended July 31, 2017.

The Company follows GAAP which establishes a fair value hierarchy that prioritizes the valuation techniques and creates the following three broad levels, with Level 1 valuation being the highest priority:

	Level 1 valuation inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date (e.g., equity securities traded on the New York Stock Exchange).
	Level 2 valuation inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted market prices of similar assets or liabilities in active markets, or quoted market prices for identical or similar assets or liabilities in markets that are not active).
	Level 3 valuation inputs are unobservable (e.g., an entity’s own data) and should be used to measure fair value to the extent that observable inputs are not available.
Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes in the methodologies used at April 30, 2018 and July 31, 2017.
Equity securities are valued at the closing price reported on the active market on which the individual securities are traded that the Company has access to.
Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Company are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Company are deemed to be actively traded.

In accordance with the provisions of Fair Value Measurements, the following are the Company's financial assets measured on a recurring basis presented at fair value.

Fair value measurements at reporting date
	Total							Total
	April 30,							July 31,
Description	2018		Level 1		Level 2		Level 3	2017		Level 1		Level 2		Level 3
Assets:
Marketable securities - available-for-sale	$	2,722,917	$	2,722,917	$	–	–	$	2,815,727	$	2,815,727	$	–	$	–

As of April 30, 2018 and July 31, 2017, the Company's marketable securities were classified as follows:

	April 30, 2018								July 31, 2017
			Gross		Gross						Gross		Gross
			Unrealized		Unrealized		Fair				Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
Noncurrent:
Available-for-sale:
Mutual funds	$	773,158	$	197,217	$	–	$	970,375	$	716,463	$	193,932	$	–	$	910,395
Equity securities		1,312,772		453,562		13,792		1,752,542		1,540,788		364,544		–		1,905,332
	$	2,085,930	$	650,779	$	13,792	$	2,722,917	$	2,257,251	$	558,476	$	–	$	2,815,727

The Company's equity securities, gross unrealized losses and fair value, aggregated by investment category and length of time that the investment securities have been in a continuous unrealized loss position are as follows:

	April 30, 2018				July 31, 2017
			Less Than					Less Than
	Fair Value		12 Months		Fair Value			12 Months
Corporate equity securities	$	120,188	$	13,792	$	–		$	–
Investment income consists of the following:
	Three Months Ended				Nine Months Ended
	April 30				April 30
		2018		2017		2018			2017
Gain (loss) on sale of marketable securities	$	912	$	31,155	$	(805	)	$	23,734
Interest income		5,737		2,941		12,488			9,287
Dividend income		9,260		7,810		78,448			47,449
Total	$	15,909	$	41,906	$	90,131		$	80,470

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Financial Instruments and Credit Risk Concentrations

9 Months Ended

Apr. 30, 2018

Fair Value Disclosures [Abstract]

Financial Instruments and Credit Risk Concentrations

4.	Financial Instruments and Credit Risk Concentrations:
	Financial instruments that are potentially subject to concentrations of credit risk consist principally of marketable securities, cash and cash equivalents and receivables. Marketable securities and cash and cash equivalents are placed with multiple financial institutions and multiple instruments to minimize risk. No assurance can be made that such financial institutions and instruments will minimize all such risk.
	The Company derives rental income from approximately fifty tenants, of which one tenant accounted for 17.70%, another tenant accounted for 15.33% and a third tenant accounted for 12.25% of rental income during the nine months ended April 30, 2018. The nine months ended April 30, 2017 had one tenant account for 18.32%, another tenant account for 14.88% and a third tenant account for 10.67% of rental income. No other tenant accounted for more than 10% of rental income during the same periods.
	The Company has no irrevocable Letters of Credit at April 30, 2018 and had one irrevocable Letter of Credit totaling $230,000 at July 31, 2017 provided by a tenant as a security deposit.

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Long-Term Debt - Mortgage

9 Months Ended

Apr. 30, 2018

Debt Disclosure [Abstract]

Long-Term Debt - Mortgage

5. Long-Term Debt – Mortgage:

				April 30, 2018				July 31, 2017
	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	$	167,002	$	5,341,439	$	162,569	$	5,467,110
Less: Deferred financing costs					–		40,048		–		57,202
Total				$	167,002	$	5,301,391	$	162,569	$	5,409,908

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.

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Property and Equipment - at cost

9 Months Ended

Apr. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment - at cost

6. Property and Equipment – at cost:

	April 30		July 31
	2018		2017
Property:
Buildings and improvements	$	82,515,948	$	80,825,601
Improvements to leased property		1,478,012		1,478,012
Land		6,067,805		6,067,805
Construction in progress		785,528		644,809
		90,847,293		89,016,227
Less accumulated depreciation		40,926,729		39,648,642
Property - net		49,920,564		49,367,585
Fixtures and equipment and other:
Fixtures and equipment		144,545		144,545
Other fixed assets		193,015		193,015
		337,560		337,560
Less accumulated depreciation		253,355		220,056
Fixtures and equipment and other - net		84,205		117,504
Property and equipment - net	$	50,004,769	$	49,485,089
Construction in progress includes:
	April 30		July 31
	2018		2017
Building improvements at 9 Bond Street in Brooklyn, NY	$	–	$	644,809
Building improvements at Jamaica, NY building		551,901
Building improvements at Fishkill, NY building		233,627		–
	$	785,528	$	644,809

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Unbilled Receivables and Rental Income

9 Months Ended

Apr. 30, 2018

Unbilled Receivables And Rental Income

Unbilled Receivables and Rental Income

7.	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.

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Employees' Retirement Plan

9 Months Ended

Apr. 30, 2018

Retirement Benefits [Abstract]

Employees' Retirement Plan

8.	Employees' Retirement Plan:
	The Company sponsors a noncontributory Money Purchase Plan covering substantially all of its non-union employees. Operations were charged $82,308 and $311,145 as contributions to the Plan for the three and nine months ended April 30, 2018, respectively, and $100,147 and $294,804 as contributions to the plan for the three and nine months ended April 30, 2017, respectively.
	Multi-employer plan:
	The Company contributes to a union sponsored multi-employer pension plan covering its union employees. The Company contributions to the pension plan were $14,963 and $49,119 for the three and nine months ended April 30, 2018, respectively, and $14,648 and $41,636 as contributions to the plan for the three and nine months ended April 30, 2017, respectively. Contributions and costs are determined in accordance with the provisions of negotiated labor contracts or terms of the plans. The Company also contributes to union sponsored health benefit plans.
	Contingent Liability for Pension Plan:
	Information as to the Company’s portion of accumulated plan benefits and plan assets is not reported separately by the pension plan. Under the Employee Retirement Income Security Act, upon withdrawal from a multi-employer benefit plan, an employer is required to continue to pay its proportionate share of the plan’s unfunded vested benefits, if any. Any liability under this provision cannot be determined: however, the Company has not made a decision to withdraw from the plan.
	Information for contributing employer’s participation in the multi-employer plan:

Legal name of Plan:	United Food and Commercial
	Workers Local 888 Pension Fund
Employer identification number:	13-6367793
Plan number:	001
Date of most recent Form 5500:	December 31, 2016
Certified zone status:	Critical and declining status
Status determination date:	January 1, 2018
Plan used extended amortization provisions in status
calculation:	Yes
Minimum required contribution:	Yes
Employer contributing greater than 5% of Plan
contributions for year ended December 31, 2016:	Yes
Rehabilitation plan implemented:	Yes
Employer subject to surcharge:	Yes
Contract expiration date:	November 30, 2019

For the plan years 2017-2019, under the pension fund’s rehabilitation plan, the Company agreed to pay a minimum contribution rate equal to 9.1% of the prior year total contribution rate. The Company has 29 employees and has a contract, expiring November 30, 2019, with a union covering rates of pay, hours of employment and other conditions of employment for approximately 24% of its employees. The Company considers that its labor relations with its employees and union are good.

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Cash Flow Information

9 Months Ended

Apr. 30, 2018

Supplemental Cash Flow Elements [Abstract]

Cash Flow Information

9.	Cash Flow Information:
	For purposes of reporting cash flows, the Company considers cash equivalents to consist of short-term highly liquid investments with maturities of three (3) months or less, which are readily convertible into cash.

Supplemental disclosure:	Nine Months Ended
	April 30
	2018		2017
Interest paid, net of capitalized interest of $23,609 (2018) and $16,514 (2017)	$	175,718	$	163,022
Income taxes paid	$	31,994	$	–

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Common Stock

9 Months Ended

Apr. 30, 2018

Stockholders' Equity Note [Abstract]

Common Stock

10.	Common Stock:
	The Company has one class of common stock with identical voting rights and rights to liquidation.

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Accumulated Other Comprehensive Income

9 Months Ended

Apr. 30, 2018

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income

11.	Accumulated Other Comprehensive Income:
	The only component of accumulated other comprehensive income is unrealized gain (loss) on available-for-sale securities.
	A summary of the changes in accumulated other comprehensive income for the three and nine months ended April 30, 2018 and 2017 is as follows:

	Three Months Ended						Nine Months Ended
	April 30						April 30
	2018			2017			2018			2017
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Beginning balance, net of tax effect	$	545,831		$	277,770		$	368,476		$	264,541
Other comprehensive income, net of tax effect:
Unrealized gain (loss) on available-for-sale securities		(144,250	)		99,910			101,932			118,785
Tax effect		27,037			(33,500	)		(43,963	)		(40,000	)
Unrealized gain (loss) on available-for-sale securities, net of tax effect		(117,213	)		66,410			57,969			78,785
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized (gain) on available-for-sale securities reclassified		(25,400	)		(42,195	)		(23,420	)		(40,841	)
Tax effect		7,770			14,500			7,963			14,000
Amount reclassified, net of tax effect		(17,630	)		(27,695	)		(15,457	)		(26,841	)
Ending balance, net of tax effect	$	410,988		$	316,485		$	410,988		$	316,485

A summary of the line items in the Condensed Consolidated Statements of Income and Retained Earnings affected by the amounts reclassified from accumulated other comprehensive income is as follows:

Details about accumulated other	Affected line item in the statement
comprehensive income components	where net income is presented
Other comprehensive income reclassified	Investment income
tax effect	Income taxes provided

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Entry into a Material Definitive Agreement

9 Months Ended

Apr. 30, 2018

Entry into a Material Definitive Agreement [Abstract]

Entry into a Material Definitive Agreement

12.	Entry into a Material Definitive Agreement:
	On June 16, 2014, the Company entered into a Second Amendment of Lease (the "Amendment") with 33 Bond St. LLC ("Bond"), its landlord, for certain truck bays and approximately 1,000 square feet located at the cellar level within a garage at Livingston and Bond Street ("Premises"). Pursuant to the Amendment, (1) a lease option for the Premises was exercised extending the lease until December 8, 2043, (2) the Company, simultaneously with the execution of the Amendment, vacated the Premises so that Bond may demolish the building in which the Premises is located in order to develop and construct a new building at the location, and (3) Bond agreed to redeliver to the Company possession of the reconfigured Premises after construction.
	As consideration under the Amendment, Bond agreed to pay the Company a total of $3,500,000. Upon execution of the Amendment, the Company recorded $3,500,000 to deferred revenue to be amortized to revenue to temporarily vacate the premises over the expected vacate period of 36 months. Bond tendered $2,250,000 simultaneously with the execution of the Amendment, and the balance due of $1,250,000 on June 16, 2015 had been received by the Company. The Company re-occupied the premises in October 2017.
	In connection with the Amendment, the parties also agreed to settle a pending lawsuit in the Supreme Court of the State of New York, Kings County, Index No. 50796/13 (the "Action"), in which the Company sought, among other things, a declaratory judgment that it validly renewed the lease for the Premises, and Bond sought, among other things, a declaratory judgment that the lease expired by its terms on December 8, 2013. Pursuant to a stipulation of settlement, filed on June 16, 2014, the Action, including all claims and counterclaims, has been discontinued with prejudice, without costs or attorneys' fees to any party as against the other. The stipulation of settlement also contains general releases by both parties of all claims.

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Contingencies

9 Months Ended

Apr. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Contingencies

13.	Contingencies:
	Due to defective workmanship and breach of contract, the Company continues to pursue damages and return in full of a $376,467 deposit paid a contractor when construction commenced to replace a roof and various other work on the Fishkill, New York building. Both the contractor and subcontractors have claimed the Company tortuously interfered with the construction contracts arguing for fees and costs which approximate $700,000. While the Company strongly disputes the claims, it is possible that the court may rule against the Company and may assess damages in amounts up to approximately $700,000. It is also possible that the court may rule in favor of the Company and that no damages would be awarded against the Company and the Company could obtain an order for the return of all or a portion of amounts previously paid. A charge to real estate operating expenses in the amount of $279,213 was recorded for the fiscal year ended July 31, 2016. Following initial court decisions, another $141,132 was charged to operating expenses in October, 2016 and this amount was ordered by the Court to be paid, plus interest in the amount of $48,116, in a judgment dated September 14, 2017. This amount of $189,248 was paid in October, 2017. The testimony phase of the trial has been completed and the parties await further decisions and orders of the court.
	There are various other lawsuits and claims pending against the Company. It is the opinion of management that the resolution of these matters will not have a material adverse effect on the Company’s Consolidated Financial Statements.
	If the Company sells, transfers, disposes of or demolishes 25 Elm Place, Brooklyn, New York, then the Company may be liable to create a condominium unit for the loading dock. The necessity of creating the condominium unit and the cost of such condominium unit cannot be determined at this time.

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Marketable Securities (Tables)

9 Months Ended

Apr. 30, 2018

Investments, Debt and Equity Securities [Abstract]

Schedule of financial assets measured at fair value on recurring basis

In accordance with the provisions of Fair Value Measurements, the following are the Company's financial assets measured on a recurring basis presented at fair value.

Fair value measurements at reporting date
	Total							Total
	April 30,							July 31,
Description	2018		Level 1		Level 2		Level 3	2017		Level 1		Level 2		Level 3
Assets:
Marketable securities - available-for-sale	$	2,722,917	$	2,722,917	$	–	–	$	2,815,727	$	2,815,727	$	–	$	–

Schedule of classified marketable securities

As of April 30, 2018 and July 31, 2017, the Company's marketable securities were classified as follows:

	April 30, 2018								July 31, 2017
			Gross		Gross						Gross		Gross
			Unrealized		Unrealized		Fair				Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
Noncurrent:
Available-for-sale:
Mutual funds	$	773,158	$	197,217	$	–	$	970,375	$	716,463	$	193,932	$	–	$	910,395
Equity securities		1,312,772		453,562		13,792		1,752,542		1,540,788		364,544		–		1,905,332
	$	2,085,930	$	650,779	$	13,792	$	2,722,917	$	2,257,251	$	558,476	$	–	$	2,815,727

Schedule of debt and equity securities in a continuous unrealized loss position

The Company's equity securities, gross unrealized losses and fair value, aggregated by investment category and length of time that the investment securities have been in a continuous unrealized loss position are as follows:

	April 30, 2018				July 31, 2017
			Less Than				Less Than
	Fair Value		12 Months		Fair Value		12 Months
Corporate equity securities	$	120,188	$	13,792	$	–	$	–

Schedule of investment income

Investment income consists of the following:
	Three Months Ended				Nine Months Ended
	April 30				April 30
		2018		2017		2018			2017
Gain (loss) on sale of marketable securities	$	912	$	31,155	$	(805	)	$	23,734
Interest income		5,737		2,941		12,488			9,287
Dividend income		9,260		7,810		78,448			47,449
Total	$	15,909	$	41,906	$	90,131		$	80,470

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Long-Term Debt - Mortgage (Tables)

9 Months Ended

Apr. 30, 2018

Debt Disclosure [Abstract]

Schedule of long-term debt

				April 30, 2018				July 31, 2017
	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	$	167,002	$	5,341,439	$	162,569	$	5,467,110
Less: Deferred financing costs					–		40,048		–		57,202
Total				$	167,002	$	5,301,391	$	162,569	$	5,409,908

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Property and Equipment - at cost (Tables)

9 Months Ended

Apr. 30, 2018

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

	April 30		July 31
	2018		2017
Property:
Buildings and improvements	$	82,515,948	$	80,825,601
Improvements to leased property		1,478,012		1,478,012
Land		6,067,805		6,067,805
Construction in progress		785,528		644,809
		90,847,293		89,016,227
Less accumulated depreciation		40,926,729		39,648,642
Property - net		49,920,564		49,367,585
Fixtures and equipment and other:
Fixtures and equipment		144,545		144,545
Other fixed assets		193,015		193,015
		337,560		337,560
Less accumulated depreciation		253,355		220,056
Fixtures and equipment and other - net		84,205		117,504
Property and equipment - net	$	50,004,769	$	49,485,089

Schedule of property and equipment construction in progress

April 30		July 31
	2018		2017
Building improvements at 9 Bond Street in Brooklyn, NY	$	–	$	644,809
Building improvements at Jamaica, NY building		551,901
Building improvements at Fishkill, NY building		233,627		–
	$	785,528	$	644,809

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Cash Flow Information (Tables)

9 Months Ended

Apr. 30, 2018

Supplemental Cash Flow Elements [Abstract]

Schedule of cash flow information

Supplemental disclosure:	Nine Months Ended
	April 30
	2018		2017
Interest paid, net of capitalized interest of $23,609 (2018) and $16,514 (2017)	$	175,718	$	163,022
Income taxes paid	$	31,994	$	–

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Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Apr. 30, 2018

Accumulated Other Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Income

A summary of the changes in accumulated other comprehensive income for the three and nine months ended April 30, 2018 and 2017 is as follows:

	Three Months Ended						Nine Months Ended
	April 30						April 30
	2018			2017			2018			2017
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Beginning balance, net of tax effect	$	545,831		$	277,770		$	368,476		$	264,541
Other comprehensive income, net of tax effect:
Unrealized gain (loss) on available-for-sale securities		(144,250	)		99,910			101,932			118,785
Tax effect		27,037			(33,500	)		(43,963	)		(40,000	)
Unrealized gain (loss) on available-for-sale securities, net of tax effect		(117,213	)		66,410			57,969			78,785
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized (gain) on available-for-sale securities reclassified		(25,400	)		(42,195	)		(23,420	)		(40,841	)
Tax effect		7,770			14,500			7,963			14,000
Amount reclassified, net of tax effect		(17,630	)		(27,695	)		(15,457	)		(26,841	)
Ending balance, net of tax effect	$	410,988		$	316,485		$	410,988		$	316,485

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Accounting Records and Use of Estimates (Narrative) (Details) - USD ($)	9 Months Ended
	Apr. 30, 2018	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
Operating Loss Carryforwards [Line Items]
Period over which state capital-based tax will be phased out	7 years
Deferred Income Tax	$ 2,400,000
Subsequent Event [Member]
Operating Loss Carryforwards [Line Items]
Corporate income tax		21.00%	26.00%
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards				$ 5,366,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards				10,107,000
City Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards				$ 8,274,000

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Income Per Share of Common Stock (Details) - shares	3 Months Ended		9 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017
Leases [Abstract]
Average common shares outstanding	2,015,780	2,015,780	2,015,780	2,015,780

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Marketable Securities (Schedule of financial assets measured at fair value on recurring basis) (Details) - USD ($)	Apr. 30, 2018	Jul. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale	$ 2,722,917	$ 2,815,727
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale	2,722,917	2,815,727
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale

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Marketable Securities (Schedule of classified marketable securities) (Details) - USD ($)	Apr. 30, 2018	Jul. 31, 2017
Fair Value	$ 2,722,917	$ 2,815,727
Noncurrent [Member]
Cost	2,085,930	2,257,251
Gross Unrealized Gains	650,779	558,476
Gross Unrealized Losses	13,792
Fair Value	2,722,917	2,815,727
Noncurrent [Member] | Mutual Funds [Member]
Cost	773,158	716,463
Gross Unrealized Gains	197,217	193,932
Gross Unrealized Losses
Fair Value	970,375	910,395
Noncurrent [Member] | Corporate Equity Securities [Member]
Cost	1,312,772	1,540,788
Gross Unrealized Gains	453,562	364,544
Gross Unrealized Losses	13,792
Fair Value	$ 1,752,542	$ 1,905,332

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Marketable Securities (Schedule of Investment Securities In Continuous Unrealized Loss Position) (Details) - Corporate Equity Securities [Member] - USD ($)	Apr. 30, 2018	Jul. 31, 2017
Debt Securities, Available-for-sale [Line Items]
Investment securities, continuous unrealized loss position, Fair Value	$ 120,188
Investment securities, continuous unrealized loss position, Less Than 12 Months	$ 13,792

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Marketable Securities (Schedule of investment income) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Gain (loss) on sale of marketable securities	$ 912	$ 31,155	$ (805)	$ 23,734
Interest income	5,737	2,941	12,488	9,287
Dividend income	9,260	7,810	78,448	47,449
Total	$ 15,909	$ 41,906	$ 90,131	$ 80,470

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Financial Instruments and Credit Risk Concentrations (Details)	9 Months Ended		12 Months Ended
	Apr. 30, 2018 USD ($) tenants	Apr. 30, 2017	Jul. 31, 2018 USD ($)
Concentration Risk [Line Items]
Irrevocable letter of credit | $			$ 230,000
Number of tenants | tenants	50
Customer One [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Concentration risk	17.70%	18.32%
Customer Two [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Concentration risk	15.33%	14.88%
Customer Three [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Concentration risk	12.25%	10.67%

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Long-Term Debt - Mortgage (Schedule of long-term debt) (Details) - USD ($)	9 Months Ended
	Apr. 30, 2018	Jul. 31, 2017	Jan. 09, 2015
Less: Deferred financing costs
Due After One Year, Total	$ 5,301,391	$ 5,409,908
Bond St.Building Brooklyn NY Two [Member]
Mortgage:
Due Within One Year	167,002	162,569
Due After One Year	5,341,439	5,467,110
Less: Deferred financing costs
Due Within One Year
Due After One Year	40,048	57,202
Due Within One Year, Total	167,002	162,569
Due After One Year, Total	$ 5,301,391	$ 5,409,908
Current Annual Interest Rate	3.54%	3.54%	3.54%
Final Payment Date	Feb. 01, 2020

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Long-Term Debt - Mortgage (Narrative) (Details) - Bond St.Building Brooklyn NY Two [Member] - USD ($)	Jan. 09, 2015	Apr. 30, 2018	Jul. 31, 2017
Debt Instrument [Line Items]
Closed bank liabilities	$ 6,000,000
Additional loans	652,274
Amount outstanding	$ 5,347,726
Term of loan	5 years
Amortization period of loan	25 years
Interest rate, percent	3.54%	3.54%	3.54%

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Property and Equipment - at cost (Details) - USD ($)	Apr. 30, 2018	Jul. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment - net	$ 50,004,769	$ 49,485,089
Construction in progress	785,528	644,809
Building Improvements at 9 Bond Street in Brooklyn, NY [Member]
Property, Plant and Equipment [Line Items]
Construction in progress		644,809
Building improvements at Jamaica, NY building [Member]
Property, Plant and Equipment [Line Items]
Construction in progress	551,901
Building improvements at Fishkill, NY building [Member]
Property, Plant and Equipment [Line Items]
Construction in progress	233,627
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	82,515,948	80,825,601
Improvements to Leased Property [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	1,478,012	1,478,012
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	6,067,805	6,067,805
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	785,528	644,809
Property [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	90,847,293	89,016,227
Less accumulated depreciation	40,926,729	39,648,642
Property and equipment - net	49,920,564	49,367,585
Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	144,545	144,545
Other Fixed Assets [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	193,015	193,015
Fixtures and equipment and other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	337,560	337,560
Less accumulated depreciation	253,355	220,056
Property and equipment - net	$ 84,205	$ 117,504

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Employees' Retirement Plan (Details) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017
Retirement Benefits [Abstract]
Pension contributions	$ 82,308	$ 100,147	$ 311,145	$ 294,804
Employer contributions	$ 14,963	$ 14,648	$ 49,119	$ 41,636
Minimum contribution rate			9.10%

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Cash Flow Information (Details) - USD ($)	9 Months Ended
	Apr. 30, 2018	Apr. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest of $23,609 (2018) and $16,514 (2017)	$ 175,718	$ 163,022
Income taxes paid	31,994
Capitalized interest	$ 23,609	$ 16,514

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Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017
Accumulated Other Comprehensive Income [Abstract]
Beginning balance, net of tax effect	$ 545,831	$ 277,770	$ 368,476	$ 264,541
Other comprehensive income, net of tax effect:
Unrealized gain (loss) on available-for-sale securities	(144,250)	99,910	101,932	118,785
Tax effect	27,037	(33,500)	(43,963)	(40,000)
Unrealized gain (loss) on available-for-sale securities, net of tax effect	(117,213)	66,410	57,969	78,785
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized (gain) on available-for-sale securities reclassified	(25,400)	(42,195)	(23,420)	(40,841)
Tax effect	7,770	14,500	7,963	14,000
Amount reclassified, net of tax effect	(17,630)	(27,695)	(15,457)	(26,841)
Ending balance, net of tax effect	$ 410,988	$ 316,485	$ 410,988	$ 316,485

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Entry into a Material Definitive Agreement (Details) - Thirty Three Bond Street Llc [Member]	Jun. 16, 2015 USD ($)
Related Party Transaction [Line Items]
Deferred revenue	$ 3,500,000
Tendered amount with execution of the Amendment	2,250,000
Balance due	$ 1,250,000

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Contingencies (Details) - Fishkill, New York Property [Member] - USD ($)		1 Months Ended	9 Months Ended		12 Months Ended
	Sep. 14, 2017	Oct. 31, 2017	Apr. 30, 2018	Apr. 30, 2017	Jul. 31, 2016
Damages filed			$ 376,467
Commitment to replace roof			$ 700,000
Charge to operations				$ 141,132	$ 279,213
Interest paid	$ 48,116
Amount paid total		$ 189,248