Operating Leases (Tables)

3 Months Ended

Oct. 31, 2019

Schedule of Revenues by Lease and non-lease components

The following table disaggregates the Company's revenues by lease and non-lease components:

	Three Months Ended October
	2019		2018
Base rent - fixed	$	4,536,099	$	4,698,885
Reimbursements of common area costs		149,660		164,588
Non-lease components (real estate taxes)		350,156		297,699
Rental income	$	5,035,915	$	5,161,172

Schedule of Future Minimum Non-Cancelable Rental Income

Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows:

	Under ASC 842
	As of October 31, 2019
	Company		Leased
Fiscal Year	Owned Property		Property		Total
For the remainder of 2020	$	7,529,034	$	4,590,212	$	12,119,246
2021		9,521,380		5,009,044		14,530,424
2022		7,878,165		4,039,069		11,917,234
2023		7,399,288		3,270,666		10,669,954
2024		6,483,940		2,987,050		9,470,990
2025		7,727,830		2,409,346		10,137,176
After 2025		44,904,996		12,433,194		57,338,190
Total	$	91,444,633	$	34,738,581	$	126,183,214

	Under ASC 840
	As of July 31, 2019
	Company		Leased
Fiscal Year	Owned Property		Property		Total
2020	$	10,038,712	$	6,120,283	$	16,158,995
2021		9,521,380		5,009,044		14,530,424
2022		7,878,165		4,039,069		11,917,234
2023		7,399,288		3,270,666		10,669,954
2024		6,483,940		2,987,050		9,470,990
After 2024		52,632,826		14,842,540		67,475,366
Total	$	93,954,311	$	36,268,652	$	130,222,963

Schedule of rental expense

Operating lease costs for leased real property was exceeded by sublease rental income from the Company’s real estate operations as follows:

	Three Months Ended
	October 31, 2019
Operating lease cost	$	749,866
Sublease income		1,755,252
Excess of sublease income over lease cost	$	1,005,386

Schedule of annual undiscounted cash flows of the operating lease liabilities

The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of October 31, 2019:

October 31, 2020	$	1,896,768
October 31, 2021		1,976,288
October 31, 2022		2,058,457
October 31, 2023		2,072,707
October 31, 2024		2,087,467
Thereafter		11,800,909
Total undiscounted cash flows		21,892,596
Less: present value discount		(4,331,420	)
Total Lease Liabilities	$	17,561,176

Schedule of Additional Information Related to Leases

Other information:
Operating cash flows from operating leases	$	473,105
Weighted-average remaining lease term – operating leases		11.48 years
Weighted-average discount rate – operating leases		3.88%

Schedule of future minimum non-cancelable rental commitments

The following tables represents future minimum lease payments under noncancelable operating leases at July 31, 2019 as presented in the Company’s Annual Report on Form 10K:

	Operating
Fiscal Year	Leases
2020	$	1,897,318
2021		1,941,494
2022		2,057,814
2023		2,072,000
2024		2,086,697
After 2024		11,701,293
Total required*	$	21,756,616

Minimum payments have not been reduced by minimum sublease rentals of $36,268,652 under operating leases due in the future under non-cancelable leases.