XML 45 R36.htm IDEA: XBRL DOCUMENT v3.22.4
Long-term debt – mortgages (Details) - Schedule of long-term debt - Long-Term Debt [Member] - USD ($)
6 Months Ended
Jan. 31, 2023
Jul. 31, 2022
Debt Instrument [Line Items]    
Deferred financing costs $ (73,687) $ (92,743)
Total $ 5,758,520 6,358,289
Bond St. building, Brooklyn, NY [Member]    
Debt Instrument [Line Items]    
Current Annual Interest Rate [1] 4.375%  
Final Payment Date [1] Dec. 01, 2024  
Long term loan [1] $ 2,212,724 2,759,236
Fishkill building [Member]    
Debt Instrument [Line Items]    
Current Annual Interest Rate [2] 3.98%  
Final Payment Date [2] Apr. 01, 2025  
Long term loan [2] $ 3,619,483 $ 3,691,796
[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 a fixed interest rate of 3.98% and is due in five years.