Related Party Transactions

3 Months Ended

Oct. 31, 2020

Related Party Transactions [Abstract]

Related Party Transactions

11. Related Party Transactions: The Company has two operating leases with Weinstein Enterprises, Inc. (“Landlord”), an affiliated company, principally owned by the Chairman of the Board of Directors of both the Company and Landlord. One lease is for building, improvements, and land (Premises”) located at Jamaica Avenue at 169th Street, Jamaica, New York. Another lease is for Premises located at 504-506 Fulton Street, Brooklyn, New York. Rent payments and expense relating to these two operating leases with Landlord follow:

	Rent Payments				Rent Expense
	Three Months Ended				Three Months Ended
	October 31				October 31
Property	2020		2019		2020		2019
Jamaica Avenue at 169th Street	$	156,249	$	156,249	$	379,359	$	403,698
504-506 Fulton Street		90,564		90,564		87,609		87,609
Total	$	246,813	$	246,813	$	466,968	$	491,307
The following summarizes assets and liabilities related to these two operating leases:
	Right-Of-Use
	Assets				Liabilities
	October 31		July 31		October 31		July 31
Property	2020		2020		2020		2020		Expiration Date
Jamaica Avenue at 169th Street	$	13,884,813	$	14,230,659	$	5,332,291	$	5,455,029	May 31, 2030
504-506 Fulton Street		3,006,118		3,063,268		3,130,149		3,190,253	April 30, 2031
Total	$	16,890,931	$	17,293,927	$	8,462,440	$	8,645,282

Upon termination of the Jamaica, New York lease in 2030, all premises included in operating lease right-of-use assets plus leasehold improvements will be turned over to the Landlord.