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LONG-TERM DEBT-MORTGAGES (Tables) | 12 Months Ended
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Jul. 31, 2021
LONG-TERM DEBT - MORTGAGES AND TERM LOAN [Abstract] |
Schedule of Long-term Debt |
|  |  |  |  | Years Ended July 31,
| Current |  |  |  |  |  |  |  |  |  |
| Annual |  | Final |  |  |  |  |  |  |  |
| Interest |  | Payment |  |  |  |  |  |  |  |
| Rate |  | Date |  | 2021 |  |  | 2020 |
Mortgage: |  |  |  |  |  |  |  |  |  |  |
Bond St. land and building, Brooklyn, NY (1) | 4.375% |  | 12/1/2024 |  | $ | 3,817,450 |  |  | $ | 4,829,832 |
Fishkill land and building (2) | 3.980% |  | 4/1/2025 |  |  | 3,832,182 |  |  |  | 3,967,100 |
Deferred financing costs |  |  |  |  |  | (130,855 | ) |  |  | (168,967 | )
Total |  |  |  |  | $ | 7,518,777 |  |  | $ | 8,627,965 |
(1) | In November 2019, the Company refinanced the remaining balance of a $6,000,000, 3.54% interest rate loan with another bank for $5,255,920 plus an additional $144,080 for a total of $5,400,000. The interest rate on the new loan is fixed at 4.375%. The loan is self-liquidating over a period of five years and secured by the Nine Bond Street land and building in Brooklyn, New York.
(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.
Schedule of Maturities of Long-term Mortgage and Term Loan Payable Outstanding |
Maturities of long-term mortgages outstanding at July 31, 2021 are as follows:
Year Ended July 31: |  | Amount
2022 |  | $ | 1,198,600 |
2023 |  |  | 1,252,196 |
2024 |  |  | 1,308,071 |
2025 |  |  | 3,890,765 |
Subtotal |  |  | 7,649,632 |
Deferred financing costs |  |  | (130,855 | )
Total |  | $ | 7,518,777

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