Mortgages Payable (Tables)

9 Months Ended

Apr. 30, 2025

Debt Disclosure [Abstract]

Schedule of mortgages payable

	Current Annual Interest Rate			Final Payment Date	April 30, 2025		July 31, 2024
Bond St. building, Brooklyn, NY (1)		4.375	%	12/1/2024	$	–	$	497,045
Fishkill building (2)		3.98	%	4/1/2040		3,275,692		3,393,720
Deferred financing costs						–		(16,519	)
Net					$	3,275,692	$	3,874,246

(1) In November 2019, the Company obtained a loan of $5,400,000 with a fixed rate of 4.375%, secured by the Nine Bond Street land and building in Brooklyn, New York. This loan was paid off effective December 1, 2024.

(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. Effective any time after April 1, 2025 through April 1, 2040, the bank may demand a balloon payment for the full amount outstanding. Although the interest rate is currently favorable, the Company may choose to refinance the mortgage after April 1, 2025; however, the bank is under no obligation to refinance if or when a balloon payment comes due upon demand.

Schedule of interest expense, net of capitalized interest

	Three Months Ended April 30						Nine Months Ended April 30
	2025			2024			2025			2024
Interest expense	$	(34,129	)	$	(53,634	)	$	(119,681	)	$	(171,949	)
Capitalized interest		22,824			18,467			58,874			66,831
Interest expense, net of capitalized interest	$	(11,305	)	$	(35,167	)	$	(60,807	)	$	(105,118	)

Schedule of long-term mortgages outstanding

Fiscal Year	Amount
*2025	$	40,131	*
2026		164,570
2027		171,241
2028		178,182
2029		185,404
After 2029		2,536,164
Total	$	3,275,692

* Contractual payments do not include the balloon payment disclosed in (2) above. As of June 12, 2025, the bank has no plans to demand a balloon payment for the full amount outstanding.