Related Party Transactions

12 Months Ended

Jul. 31, 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 (Premises”) located at Jamaica Avenue at 169^th Street, Jamaica, New York. Another lease is for Premises located at 504-506 Fulton Street, Brooklyn, New York.

In July 2022, the Company entered into lease agreements with Landlord as follows:

(1) Jamaica Avenue at 169^th Street, Jamaica, New York - Giving the Company four five-year option periods to extend its lease beyond the current expiration date of May 31, 2030 for a total of twenty years through May 31, 2050. As of July 31, 2022, it is not reasonably certain such options to extend the lease will be exercised by the Company.

(2) 504-506 Fulton Street, Brooklyn, New York – Modification of the lease agreement to increase monthly lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031.

Rent payments and expense relating to these two operating leases with Landlord follow:

	Rent Payments				Rent Expense
	Year Ended July 31				Year Ended July 31
Property	2022		2021		2022		2021
Jamaica Avenue at 169th Street	$	624,994	$	624,994	$	1,517,437	$	1,517,437
504-506 Fulton Street		362,256		362,256		353,001		350,438
Total	$	987,250	$	987,250	$	1,870,438	$	1,867,875

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

	Right-Of-Use Assets				Liabilities
	July 31				July 31
Property	2022		2021		2022		2021		Expiration Date
Jamaica Avenue at 169th Street	$	11,442,093	$	12,842,642	$	4,451,338	$	4,959,450	May 31, 2030
504-506 Fulton Street		2,683,787		2,831,134		2,789,709		2,946,306	April 30, 2031
Total	$	14,125,880	$	15,673,776	$	7,241,047	$	7,905,756

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