Property and Equipment:

All buildings owned by the Company are held for leasing except for a small portion used for Company offices.

	January 31			July 31
	2020			2019
Land	$	6,067,805		$	6,067,805

Buildings held for leasing
Buildings and improvements		66,906,987			86,461,353
Improvements to leased property		–			1,478,012
Construction in progress		4,370,985			2,325,940
		71,277,972			90,265,305
Accumulated depreciation		(31,943,384	)		(43,310,270	)
Buildings - net		39,334,588			46,955,035

Fixtures and equipment and other:
Fixtures and equipment		144,545			144,545
Other fixed assets		162,010			164,066
		306,555			308,611
Accumulated depreciation		(186,498	)		(202,148	)
Fixtures and equipment and other - net		120,057			106,463

Property and equipment - net	$	45,522,450		$	53,129,303

Construction in progress includes:

	January 31			July 31
	2020			2019
Building improvements at 9 Bond Street in Brooklyn, NY	$	–		$	29,132
Building improvements at 25 Elm Place in Brooklyn, NY		426,533			426,533
Improvements to leased property		–			303,975
Building improvements at Fishkill, NY building		3,944,452			1,566,300
	$	4,370,985		$	2,325,940


	Leased property included in the Company’s real estate rental operations consists of the following:

	Estimated Useful Life	January 31, 2020
Operating lease right-of-use-assets	Lease Terms – 7 to 54 years	$	29,384,531
Accumulated Amortization			(1,163,821	)
Operating lease right-of-use-assets		$	28,220,710

The initial recording of operating lease right-of-use assets on August 1, 2019 includes adjustments of $10,190,334, net of accumulated amortization, primarily relating to building and improvements included in a ground lease with an affiliate, principally owned by a director of the Company (“landlord”). The ground lease required the Company to construct a building during the lease period. Upon lease termination in 2029, the building and all improvements will be turned over to the landlord as property owner.

Until this lease agreement with the landlord terminates in 2029, the Company remains solely responsible for the building, improvements and maintenance of the property included in this lease and is solely entitled to tax depreciation and other tax deductions.