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.