Related Party Transactions

9 Months Ended

Apr. 30, 2024

Related Party Transactions [Abstract]

Related Party Transactions

10. Related Party Transactions:

The Company has two operating leases with Weinstein Enterprises, Inc. (“Landlord”), an affiliated company, principally owned by the Chairman of the Board of Directors of both the Company and Landlord. One lease is for building, improvements, and land located at Jamaica Avenue at 169th Street, Jamaica, New York. Another lease is for Premises located at 504-506 Fulton Street, Brooklyn, New York.

In July 2022, the Company entered into lease agreements with Landlord as follows:

(1) Jamaica Avenue at 169th Street, Jamaica, New York - Giving the Company four five-year option periods to extend its lease beyond May 31, 2030 for a total of twenty years through May 31, 2050. In April 2023, the Company exercised the first five-year option period, extending the lease expiration date to May 31, 2035. As of April 30, 2024, it is not reasonably certain the remaining three options to extend the lease will be exercised by the Company.

(2) 504-506 Fulton Street, Brooklyn, New York – Modification of the lease agreement to increase monthly lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031.

Rent payments and expense relating to these two operating leases with Landlord follow:

	Rent Payments Three Months Ended April 30				Rent Payments Nine Months Ended April 30				Rent Expense Three Months Ended April 30				Rent Expense Nine Months Ended April 30
Property	2024		2023		2024		2023		2024		2023		2024		2023
Jamaica Avenue at 169th Street	$	156,250	$	156,250	$	468,750	$	468,750	$	287,671	$	348,796	$	863,012	$	1,107,515
504-506 Fulton Street		90,564		90,564		271,692		271,692		95,299		95,299		285,896		285,896
Total	$	246,814	$	246,814	$	740,442	$	740,442	$	382,970	$	444,095	$	1,148,908	$	1,393,411

The following summarizes assets and liabilities related to these two leases:

	Right-Of-Use Assets				Liabilities
Property	April 30 2024		July 31 2023		April 30 2024		July 31 2023		Expiration Date
Jamaica Avenue at 169th Street	$	10,809,677	$	11,430,657	$	4,983,368	$	5,210,087		May 31, 2035
504-506 Fulton Street		2,234,802		2,431,554		2,373,878		2,556,421		April 30, 2031
Total	$	13,044,479	$	13,862,211	$	7,357,246	$	7,766,508

Upon termination of the Jamaica, New York lease, currently in 2035, all premises included in operating lease right-of-use assets plus leasehold improvements will be turned over to the Landlord.