XML 40 R26.htm IDEA: XBRL DOCUMENT
v3.21.2

INCOME TAX (Tables) | 12 Months Ended
--- | ---
Jul. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense | Income taxes provided for the years ended July 31, 2021 and 2020 consist of the following:
| 2021 |  | 2020
Current: |  |  |  |  |  |  |
Federal | $ | — |  |  | $ | — |
Deferred taxes (benefit): |  |  |  |  |  |  |
Federal |  | (108,000 | ) |  |  | (247,000 | )
State |  | (51,000 | ) |  |  | (108,000 | )
Income tax provision (benefit) | $ | (159,000 | ) |  | $ | (355,000 | )
Schedule of Effective Income Tax Rate Reconciliation | Taxes provided for the years ended July 31, 2021 and 2020 differ from amounts which would result from applying the federal statutory tax rate to pre-tax income, as follows:
|  | 2021 |  |  | 2020 |
Income (loss) before income taxes |  | $ | 239,032 |  |  |  | (1,261,005 | )
Paycheck Protection Program Loan Forgiveness |  |  | (722,726 | ) |  |  | — |
Other-net |  |  | (21,690 | ) |  |  | (16,158 | )
Adjusted pre-tax income (loss) |  | $ | (505,384 | ) |  | $ | (1,277,163 | )
Statutory rate |  |  | 21.00 | % |  |  | 21.00 | %
Income tax provision (benefit) at statutory rate |  | $ | (106,131 | ) |  | $ | (268,204 | )
State deferred income taxes (benefit) |  |  | (51,000 | ) |  |  | (108,000 | )
Other-net |  |  | (1,869 | ) |  |  | 21,204 |
Income tax provision (benefit) |  | $ | (159,000 | ) |  | $ | (355,000 | )
Schedule of Deferred Tax Assets And Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of July 31, 2021 and 2020 are a result of temporary differences related to the items described as follows:
|  | 2021 |  | 2020
|  | Deferred |  | Deferred |  | Deferred |  | Deferred
|  | Tax Assets |  | Tax Liabilities |  | Tax Assets |  | Tax Liabilities
Rental income received in advance |  | $ | 148,033 |  | $ | — |  | $ | 175,145 |  | $ | —
Anticipated PPP loan expenses to be forgiven |  |  | — |  |  | — |  |  | 199,390 |  |  | —
Operating lease liabilities |  |  | 7,680,923 |  |  | — |  |  | 8,013,099 |  |  | —
Federal net operating loss carryforward |  |  | 2,171,510 |  |  | — |  |  | 1,764,769 |  |  | —
State net operating loss carryforward |  |  | 809,951 |  |  | — |  |  | 693,541 |  |  | —
Unbilled receivables |  |  | — |  |  | 569,029 |  |  | — |  |  | 412,343
Property and equipment |  |  | — |  |  | 4,963,194 |  |  | — |  |  | 4,671,246
Unrealized gain on marketable securities |  |  | — |  |  | 430,455 |  |  | — |  |  | 307,375
Operating lease right-of-use assets |  |  | — |  |  | 9,536,322 |  |  | — |  |  | 10,229,036
Other |  |  | 106,583 |  |  | — |  |  | 33,056 |  |  | —
|  | $ | 10,917,000 |  | $ | 15,499,000 |  | $ | 10,879,000 |  | $ | 15,620,000
Net deferred tax liability |  |  |  |  | $ | 4,582,000 |  |  |  |  | $ | 4,741,000
Components of Deferred Tax Provision (benefit) | Components of the deferred tax provision (benefit) for the years ended July 31, 2021 and 2020 consist of the following:
|  | 2021 |  |  | 2020 |
Book depreciation exceeding (less than) tax depreciation |  | $ | 291,723 |  |  | $ | (1,691,703 | )
Increase in reserve for bad debts |  |  | (65,109 | ) |  |  | (17,220 | )
Lease expense per book in excess of cash paid |  |  | (360,537 | ) |  |  | 2,477,725 |
Federal net operating loss carryforward |  |  | (406,742 | ) |  |  | (924,647 | )
State net operating loss carryforward |  |  | (116,410 | ) |  |  | (22,687 | )
Decrease of rental income received in advance |  |  | 27,111 |  |  |  | 39,637 |
Anticipated PPP loan expenses to be forgiven |  |  | 199,390 |  |  |  | (199,390 | )
Increase (decrease) in unbilled receivables |  |  | 156,686 |  |  |  | (47,962 | )
Other |  |  | 114,888 |  |  |  | 31,247 |
|  | $ | (159,000 | ) |  | $ | (355,000 | )

X
- Definition Tabular disclosure for components of deferred tax provision benefit. + References No definition available. + Details
Name: | mays_ScheduleOfComponentsOfDeferredTaxProvisionBenefitTableTextBlock
Namespace Prefix: | mays_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration