Marketable Securities

3 Months Ended

Oct. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

3. Marketable Securities:

The Company’s marketable securities consist of investments in equity securities. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825.

The Company follows GAAP which establishes a fair value hierarchy that prioritizes the valuation techniques and creates the following three broad levels, with Level 1 valuation being the highest priority:

Level 1 valuation inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date (e.g., equity securities traded on the New York Stock Exchange).

Level 2 valuation inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted market prices of similar assets or liabilities in active markets, or quoted market prices for identical or similar assets or liabilities in markets that are not active).

Level 3 valuation inputs are unobservable (e.g., an entity’s own data) and should be used to measure fair value to the extent that observable inputs are not available.

Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes in the methodologies used at October 31, 2023 and July 31, 2023.

Equity securities are valued at the closing price reported on the active market on which the individual securities are traded that the Company has access to.

Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Company are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Company are deemed to be actively traded.

In accordance with the provisions of Fair Value Measurements, the following are the Company’s financial assets measured on a recurring basis presented at fair value.

	Fair value measurements at reporting date
Description	October 31, 2023		Level 1		Level 2		Level 3		July 31, 2023		Level 1		Level 2		Level 3
Assets:
Marketable securities	$	2,136,874	$	2,136,874	$	—	$	—	$	2,300,441	$	2,300,441	$	—	$	—

As of October 31, 2023 and July 31, 2023, the Company's marketable securities were classified as follows:

	October 31, 2023								July 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Mutual funds	$	595,166	$	228,089	$	–	$	823,255	$	595,166	$	301,007	$	–	$	896,173
Equity securities		904,981		408,638		–		1,313,619		904,981		499,287		–		1,404,268
	$	1,500,147	$	636,727	$	–	$	2,136,874	$	1,500,147	$	800,294	$	–	$	2,300,441

Investment income consists of the following:

	Three Months Ended October 31
	2023		2022
Dividend and interest income	$	9,245	$	8,797
Total	$	9,245	$	8,797