Financial instruments and credit risk concentrations

12 Months Ended

Jul. 31, 2022

Fair Value Disclosures [Abstract]

FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS

9. FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS:

The following disclosure of estimated fair value was determined by the Company using available market information and appropriate valuation methods. Considerable judgment is necessary to develop estimates of fair value. The estimates presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.

The Company estimates the fair value of its financial instruments using the following methods and assumptions: (i) quoted market prices, when available, are used to estimate the fair value of investments in marketable debt and equity securities; (ii) discounted cash flow analyses are used to estimate the fair value of long-term debt, using the Company’s estimate of current interest rates for similar debt; and (iii) carrying amounts in the balance sheet approximate fair value for cash and cash equivalents, restricted cash, and tenant security deposits due to their high liquidity.

	July 31, 2022				July 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Cash and cash equivalents	$	1,020,585	$	1,020,585	$	1,552,389	$	1,552,389
Restricted cash	$	1,049,312	$	1,049,312	$	882,330	$	882,330
Marketable securities	$	2,761,069	$	2,761,069	$	3,901,093	$	3,901,093
Security deposit payable	$	1,051,428	$	1,051,428	$	834,470	$	834,470
Mortgages payable	$	6,451,032	$	6,097,808	$	7,649,632	$	8,088,201

Financial instruments that are potentially subject to concentrations of credit risk consist principally of marketable securities, restricted cash, cash and cash equivalents, and receivables. Marketable securities, restricted cash, cash and cash equivalents are placed with multiple financial institutions and instruments to minimize risk. No assurance can be made that such financial institutions and instruments will minimize all such risk.

As of July 31, 2022, five tenants accounted for approximately 68.90% and in 2021, five tenants accounted for approximately 65.70% of receivables. During the year ended July 31, 2022, two tenants accounted for 31.12% and in 2021, two tenants accounted for 29.91% of total rental revenue.