LONG-TERM DEBT-MORTGAGE

12 Months Ended

Jul. 31, 2020

LONG-TERM DEBT - MORTGAGES AND TERM LOAN [Abstract]

LONG-TERM DEBT-MORTGAGE

3. LONG-TERM DEBT—MORTGAGE:

				Years Ended July 31,
	Current
	Annual		Final
	Interest		Payment
	Rate		Date	2020		2019
Mortgage:
Bond St. building, Brooklyn, NY (1)	4.375	%	12/1/2024	$	4,829,832	$	5,298,610
Fishkill building (2)	3.980	%	4/1/2025		3,967,100		—
Less: Deferred financing costs					168,967		11,448
Total				$	8,627,965	$	5,287,162

(1)

In November 2019, the Company refinanced the remaining balance of a $6,000,000, 3.54% interest rate loan with another bank for $5,255,920 plus an additional $144,080 for a total of $5,400,000. The interest rate on the new loan is fixed at 4.375%. The loan is self-liquidating over a period of five years and secured by the Nine Bond Street building in Brooklyn, New York.

(2)

In March 2020, the Company obtained a loan with a bank in the amount of $4,000,000 to finance renovations and brokerage commissions relating to space leased to a community college at the Fishkill, New York building. The loan is secured by the Fishkill, New York building; amortized over a 20-year period with an interest rate of 3.98% and is due in five years. Maturities of long-term mortgage and term loan payable outstanding at July 31, 2020 are as follows:

Year Ended July 31:	Amount
2021	$	1,147,300
2022		1,198,600
2023		1,252,196
2024		1,308,070
2025		3,890,766
Subtotal		8,796,932
Deferred financing costs		168,967
Total	$	8,627,965

The carrying value of the property collateralizing the above debt is $33,409,210 at July 31, 2020.