Long-Term Debt - Mortgages (Tables)

6 Months Ended

Jan. 31, 2024

Debt Disclosure [Abstract]

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.

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	)