Long-Term Debt - Mortgage

3 Months Ended

Oct. 31, 2019

Debt Disclosure [Abstract]

Long-Term Debt - Mortgage

6. Long-Term Debt – Mortgage:

				October 31, 2019				July 31, 2019
	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	4.375	%	12/1/2024	$	777,736	$	4,478,184	$	5,298,610	$	–
Less: Deferred financing costs					–		6,730		11,448		–
Total				$	777,736	$	4,471,454	$	5,287,162	$	–

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 Nine Bond Street building in Brooklyn, New York. In November 2019, the Company refinanced this loan for $5,255,920 plus an additional $144,080 for a total of $5,400,000. The interest rate will be 4.375% per annum for a period of five years. The loan will be self-liquidating over a period of five years.