XML 18 R4.htm IDEA: XBRL DOCUMENT v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (Unaudited) - USD ($)
3 Months Ended
Oct. 31, 2019
Oct. 31, 2018
Revenues    
Rental income (Notes 1, 4 and 8) $ 5,035,915 $ 5,161,172
Total revenues 5,035,915 5,161,172
Expenses    
Real estate operating expenses 3,248,594 2,976,644
Administrative and general expenses 1,215,635 1,742,936
Depreciation (Note 5) 387,410 466,297
Total expenses 4,851,639 5,185,877
Income (loss) from operations before investment income, interest expense and income taxes 184,276 (24,705)
Investment income and interest expense:    
Investment income (Note 3) 65,003 22,435
Change in fair value of marketable securities (Notes 1 and 3) (19,286) (34,059)
Interest expense (Notes 6 and 10) (27,449) (39,865)
Total investment income and interest expense 18,268 (51,489)
Income (loss) from operations before income taxes 202,544 (76,194)
Income taxes provided 74,000 3,000
Net income (loss) 128,544 (79,194)
Retained earnings, beginning of period 50,371,323 48,369,386
Reclassification of unrealized gain on investments to retained earnings (Note 1) 487,136
Retained earnings, end of period $ 50,499,867 $ 48,777,328
Income (loss) per common share (Note 2) $ 0.06 $ (0.04)
Dividends per share
Average common shares outstanding 2,015,780 2,015,780