Long-term debt – mortgages (Tables)

12 Months Ended

Jul. 31, 2022

Long-term Debt [Abstract]

Schedule of long-term debt

			Years Ended July 31,
	Current
	Annual	Final
	Interest	Payment
	Rate	Date	2022			2021
Mortgage:
Bond St. land and building, Brooklyn, NY (1)	4.375%	12/1/2024	$	2,759,236		$	3,817,450
Fishkill land and building (2)	3.980%	4/1/2025		3,691,796			3,832,182
Deferred financing costs				(92,743	)		(130,855	)
Total			$	6,358,289		$	7,518,777

(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 land and 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 land and building; amortized over a 20-year period with an interest rate of 3.98% and is due in five years.

Schedule of long-term mortgages outstanding

Year Ended July 31:	Amount
2023	$	1,252,197
2024		1,308,071
2025		3,890,764
Subtotal		6,451,032
Deferred financing costs		(92,743	)
Total	$	6,358,289