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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS

12 Months Ended

Jul. 31, 2019

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS

10. FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS:

The following disclosure of estimated fair value was determined by the Company using available market information and appropriate valuation methods. Considerable judgment is necessary to develop estimates of fair value. The estimates presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.

The Company estimates the fair value of its financial instruments using the following methods and assumptions: (i) quoted market prices, when available, are used to estimate the fair value of investments in marketable debt and equity securities; (ii) discounted cash flow analyses are used to estimate the fair value of long-term debt, using the Company’s estimate of current interest rates for similar debt; and (iii) carrying amounts in the balance sheet approximate fair value for cash and cash equivalents, restricted cash, and tenant security deposits due to their high liquidity.

		July 31, 2019						July 31, 2018
		Carrying			Fair			Carrying			Fair
		Value			Value			Value			Value
Cash and cash equivalents		$	4,117,647		$	4,117,647		$	5,255,073		$	5,255,073
Marketable securities		$	3,580,227		$	3,580,227		$	3,141,828		$	3,141,828
Restricted cash		$	1,146,077		$	1,146,077		$	1,624,550		$	1,624,550
Security deposits payable		$	882,615		$	882,615		$	1,343,671		$	1,343,671
Mortgage		$	5,298,610		$	5,298,610		$	5,467,111		$	4,939,149

Financial instruments that are potentially subject to concentrations of credit risk consist principally of marketable securities, restricted cash, cash and cash equivalents, and receivables. Marketable securities, restricted cash, cash and cash equivalents, and receivables are placed with multiple financial institutions and instruments to minimize risk. No assurance can be made that such financial institutions and instruments will minimize all such risk.

The Company derived rental income from approximately fifty tenants during the years ended July 31, 2019 and 2018.

As of July 31, 2019, four tenants accounted for approximately 68.8% of receivables and four tenants accounted for 68.44% of unbilled receivables. As of July 31, 2018, four tenants accounted for 77.7% of receivables and three tenants accounted for 66.9% of unbilled receivables. During the year ended July 31, 2019, three tenants accounted for 44.4% of total rental revenue. During the year ended July 31, 2018 three tenants accounted for 44.6% of total rental revenue.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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