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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Jul. 31, 2021
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | 11. RELATED PARTY TRANSACTIONS: The Company has two operating leases with Weinstein Enterprises, Inc. (“Landlord”), an affiliated company, principally owned by the Chairman of the Board of Directors of both the Company and Landlord. One lease is for building, improvements, and land (Premises”) located at Jamaica Avenue at 169th Street, Jamaica, New York. Another lease is for Premises located at 504-506 Fulton Street, Brooklyn, New York. Rent payments and expense relating to these two operating leases with Landlord follow:
|  | Rent Payments |  | Rent Expense
|  | Year Ended July 31 |  | Year Ended July 31
Property |  | 2021 |  | 2020 |  | 2021 |  | 2020
Jamaica Avenue at 169th Street |  | $ | 624,994 |  | $ | 624,994 |  | $ | 1,517,437 |  | $ | 1,582,344
504-506 Fulton Street |  |  | 362,256 |  |  | 362,256 |  |  | 350,438 |  |  | 350,437
Total |  | $ | 987,250 |  | $ | 987,250 |  | $ | 1,867,875 |  | $ | 1,932,781
The following summarizes assets and liabilities related to these two leases:
|  | Right-Of-Use Assets |  | Liabilities |  |
|  | July 31 |  | July 31 |  |
Property |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | Expiration Date
Jamaica Avenue at 169th Street |  | $ | 12,842,642 |  | $ | 13,190,809 |  | $ | 4,959,450 |  | $ | 5,084,505 |  | May 31, 2030
504-506 Fulton Street |  |  | 2,831,134 |  |  | 2,890,056 |  |  | 2,946,306 |  |  | 3,008,181 |  | April 30, 2031
Total |  | $ | 15,673,776 |  | $ | 16,080,865 |  | $ | 7,905,756 |  | $ | 8,092,686 |  |
Upon termination of the Jamaica, New York lease in 2030, all premises included in operating lease right-of-use assets plus leasehold improvements will be turned over to the Landlord.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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