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Long-Term Debt – Mortgage

3 Months Ended

Oct. 31, 2016

Long-Term Debt – Mortgage [Abstract]

Long-Term Debt – Mortgage

5.

Long-Term Debt – Mortgage:

						October 31, 2016						July 31, 2016
		Current
		Annual		Final		Due			Due			Due			Due
		Interest		Payment		Within			After			Within			After
		Rate		Date		One Year			One Year			One Year			One Year
	Bond St. building, Brooklyn, NY	3.54%		2/1/2020		$	158,269		$	5,589,994		$	156,846		$	5,629,679
	Less: Deferred financing costs						22,872			51,489			22,877			57,202
	Total					$	135,397		$	5,538,505		$	133,969		$	5,572,477

	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 of $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.