Related Party Transactions

9 Months Ended

Apr. 30, 2022

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 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 Payments				Rent Expense				Rent Expense
	Three Months Ended				Nine Months Ended				Three Months Ended				Nine Months Ended
	April 30				April 30				April 30				April 30
Property	2022		2021		2022		2021		2022		2021		2022		2021
Jamaica Avenue at 169th Street	$	156,250	$	156,250	$	468,750	$	468,750	$	379,359	$	379,359	$	1,138,078	$	1,138,078
504-506 Fulton Street		90,564		90,564		271,692		271,692		87,609		87,609		262,828		262,828
Total	$	246,814	$	246,814	$	740.442	$	740,442	$	466,968	$	466,968	$	1,400,906	$	1,400,906

The following summarizes assets and liabilities related to these two operating leases:

	Right-Of-Use
	Assets				Liabilities
	April 30		July 31		April 30		July 31
Property	2022		2021		2022		2021		Expiration Date
Jamaica Avenue at 169th Street	$	11,793,423	$	12,842,642	$	4,579,558	$	4,959,450	May 31, 2030
504-506 Fulton Street		2,650,730		2,831,134		2,757,042		2,946,306	April 30, 2031
Total	$	14,444,153	$	15,673,776	$	7,336,600	$	7,905,756

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.