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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS | 12 Months Ended
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Jul. 31, 2021
Fair Value Disclosures [Abstract] |
FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS | 9. FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS: The following disclosure of estimated fair value was determined by the Company using available market information and appropriate valuation methods. Considerable judgment is necessary to develop estimates of fair value. The estimates presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The Company estimates the fair value of its financial instruments using the following methods and assumptions: (i) quoted market prices, when available, are used to estimate the fair value of investments in marketable debt and equity securities; (ii) discounted cash flow analyses are used to estimate the fair value of long-term debt, using the Company’s estimate of current interest rates for similar debt; and (iii) carrying amounts in the balance sheet approximate fair value for cash and cash equivalents, restricted cash, and tenant security deposits due to their high liquidity.
|  | July 31, 2021 |  | July 31, 2020
|  | Carrying |  | Fair |  | Carrying |  | Fair
|  | Value |  | Value |  | Value |  | Value
Cash and cash equivalents |  | $ | 1,552,389 |  | $ | 1,552,389 |  | $ | 3,260,135 |  | $ | 3,260,135
Marketable securities |  | $ | 3,901,093 |  | $ | 3,901,093 |  | $ | 3,744,905 |  | $ | 3,744,905
Restricted cash |  | $ | 882,330 |  | $ | 882,330 |  | $ | 1,143,666 |  | $ | 1,143,666
Mortgages and note payable |  | $ | 7,649,632 |  | $ | 8,088,201 |  | $ | 9,519,658 |  | $ | 9,915,121
Financial instruments that are potentially subject to concentrations of credit risk consist principally of marketable securities, restricted cash, cash and cash equivalents, and receivables. Marketable securities, restricted cash, cash and cash equivalents are placed with multiple financial institutions and instruments to minimize risk. No assurance can be made that such financial institutions and instruments will minimize all such risk. As of July 31, 2021, five tenants accounted for approximately 65.70% and in 2020, four tenants accounted for approximately 54.97% of receivables, respectively. During the year ended July 31, 2021, two tenants accounted for 29.91% and in 2020, three tenants accounted for 43.65% of total rental revenue, respectively.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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