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Long-Term Debt - Mortgages | 9 Months Ended
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Apr. 30, 2015
Long-Term Debt - Mortgages: [Abstract] |
Long-Term Debt - Mortgages: |
5. | Long-Term Debt – Mortgages:
|  |  |  |  |  | April 30, 2015 |  | July 31, 2014
|  | Current Annual Interest Rate |  | Final Payment Date |  | Due Within One Year |  | Due After One Year |  | Due Within One Year |  | Due After One Year
Fishkill, New York property |  | 6.98% |  | 2/18/15 |  | $ | – |  | $ | – |  | $ | 68,112 |  | $ | 1,470,463
Bond St. building, Brooklyn, NY |  | 6.98% |  | 2/18/15 |  |  | – |  |  | – |  |  | 171,888 |  |  | 3,710,872
Bond St. building, Brooklyn, NY |  | 3.54% |  | 2/01/20 |  |  | 149,422 |  |  | 5,825,014 |  |  | – |  |  | –
Total |  |  |  |  |  | $ | 149,422 |  | $ | 5,825,014 |  | $ | 240,000 |  | $ | 5,181,335
| The Company, on August 19, 2004, closed a loan with a bank for a $12,000,000 multiple draw term loan. The loan consisted of: a) a permanent, first mortgage loan to refinance an existing first mortgage loan affecting the Fishkill, New York property, which matured on July 1, 2004 (the “First Permanent Loan”), b) a permanent subordinate mortgage loan in the amount of $1,870,000 (the “Second Permanent Loan”), and c) multiple, successively subordinate loans in the amount $8,295,274 (“Subordinate Building Loans”). The Company, in February 2008, converted the loan totaling $12,000,000 to a seven (7) year permanent mortgage loan. The interest rate on conversion was 6.98%. On January 9, 2015, the Company refinanced the loan for $6,000,000, which included the outstanding balance as of January 2015 in the amount of $5,347,726 and an additional borrowing of $652,274. The loan is for a period of five years with a payment based on a twenty-five year amortization period. The interest rate for this period is fixed at 3.54% per annum. The mortgage loan is secured by the Bond Street building in Brooklyn, New York.

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- Definition The entire disclosure for mortgages and term loan long term debt. + References No definition available. + Details
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