Long-Term Debt - Mortgages (Tables)

9 Months Ended

Apr. 30, 2024

Debt Disclosure [Abstract]

Schedule of long-term debt

	Current Annual Interest Rate			Final Payment Date	April 30, 2024			July 31, 2023
(1) Bond St. building, Brooklyn, NY		4.375	%	12/1/2024	$	790,956		$	1,653,117
(2) Fishkill building		3.98	%	4/1/2025		3,432,287			3,545,719
Deferred financing costs						(26,047	)		(54,631	)
Net					$	4,197,196		$	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 April 30						Nine Months Ended April 30
	2024			2023			2024			2023
Interest expense	$	(53,634	)	$	(66,227	)	$	(171,949	)	$	(213,781	)
Capitalized interest		18,467			21,493			66,831			35,345
Interest expense, net of capitalized interest	$	(35,167	)	$	(44,734	)	$	(105,118	)	$	(178,436	)