Long-Term Debt - Mortgages

3 Months Ended

Oct. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt - Mortgages

5. Long-Term Debt – Mortgages:

	Current Annual Interest Rate			Final Payment Date	October 31, 2023			July 31, 2023
Bond St. building, Brooklyn, NY (1)		4.375	%	12/1/2024	$	1,368,979		$	1,653,117
Fishkill building (2)		3.98	%	4/1/2025		3,508,283			3,545,719
Deferred financing costs						(45,103	)		(54,631	)
Net					$	4,832,159		$	5,144,205

(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.