XML 21 R12.htm IDEA: XBRL DOCUMENT

Long-Term Debt - Mortgages

6 Months Ended

Jan. 31, 2024

Long-Term Debt – Mortgages:

Schedule of long-term debt
	Current Annual Interest Rate			Final Payment Date		January 31, 2024			July 31, 2023
(1) Bond St. building, Brooklyn, NY		4.375	%		12/1/2024	$	1,081,640		$	1,653,117
(2) Fishkill building		3.98	%		4/1/2025		3,470,474			3,545,719
Deferred financing costs							(35,575	)		(54,631	)
Net						$	4,516,539		$	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 a fixed interest rate of 3.98% and is due in five years.

Expenditures for additions and major renewals or improvements are capitalized along with the associated interest cost during construction. Interest expense, net of capitalized interest follows:

Schedule of interest expense, net of capitalized interest
	Three Months Ended January 31						Six Months Ended January 31
	2024			2023			2024			2023
Interest expense	$	(56,282	)	$	(71,668	)	$	(118,315	)	$	(147,554	)
Capitalized interest		27,901			629			48,364			13,852
Interest expense, net of capitalized interest	$	(28,381	)	$	(71,039	)	$	(69,951	)	$	(133,702	)