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OPERATING LEASES (Tables) | 12 Months Ended
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Jul. 31, 2021
Leases [Abstract] |
Schedule of Revenues By Lease And Non-lease Components | The following table disaggregates the Company’s revenues by lease and non-lease components:
| Years Ended July 31,
| 2021 |  | 2020
Base rent - fixed | $ | 18,355,925 |  | $ | 17,392,398
Reimbursements of common area costs |  | 751,618 |  |  | 781,119
Non-lease components (real estate taxes) |  | 1,105,336 |  |  | 1,358,329
Rental income | $ | 20,212,879 |  | $ | 19,531,846
Schedule of Rental Income | Rental income for each of the fiscal years 2021 and 2020 is as follows:
| Years Ended July 31,
| 2021 |  | 2020
Minimum rentals |  |  |  |  |
Company owned property | $ | 11,798,456 |  | $ | 10,940,491
Leased property |  | 6,557,469 |  |  | 6,451,907
|  | 18,355,925 |  |  | 17,392,398
Contingent rentals |  |  |  |  |
Company owned property |  | 1,237,614 |  |  | 1,454,827
Leased property |  | 619,340 |  |  | 684,621
|  | 1,856,954 |  |  | 2,139,448
Total | $ | 20,212,879 |  | $ | 19,531,846
Schedule of Future Minimum Non-cancelable Rental Income | Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows:
|  | Company |  |  |  |
|  | Owned |  | Leased |  |
Year Ended July 31, |  | Property |  | Property |  | Total
2022 |  | $ | 11,118,307 |  | $ | 4,934,146 |  | $ | 16,052,453
2023 |  |  | 9,790,555 |  |  | 3,252,460 |  |  | 13,043,015
2024 |  |  | 7,779,932 |  |  | 2,968,843 |  |  | 10,748,775
2025 |  |  | 7,411,636 |  |  | 2,583,441 |  |  | 9,995,077
2026 |  |  | 6,562,590 |  |  | 2,448,958 |  |  | 9,011,548
After 2026 |  |  | 33,453,204 |  |  | 7,336,769 |  |  | 40,789,973
Total |  | $ | 76,116,224 |  | $ | 23,524,617 |  | $ | 99,640,841
Schedule of Effect On Operating Lease Right-of-use Assets, Liabilities And Rent Expense | Effective April 1, 2020, four of the Company’s property leases were extended. The effect of these lease extensions on the measurement of operating lease right-of-use assets, liabilities and rent expense follows:
| Operating |  | Operating |  | Monthly
| Lease Right- |  | Lease |  | Rent
| of-Use-Asset |  | Liability |  | Expense
Upon initial adoption, August 1, 2019 | $ | 27,104,937 |  | $ | 17,863,507 |  | $ | 249,955
After various lease extensions through April 30, 2020 | $ | 37,698,819 |  | $ | 29,326,365 |  | $ | 277,570
Schedule of Sublease Income, Net | Operating lease costs for leased real property was exceeded by sublease rental income from the Company’s real estate operations as follows:
| Years Ended July 31,
| 2021 |  | 2020
Sublease income | $ | 7,176,809 |  |  | $ | 7,136,528 |
Operating lease cost |  | (4,767,660 | ) |  |  | (4,517,273 | )
Excess of sublease income over lease cost | $ | 2,409,149 |  |  | $ | 2,619,255
Schedule of Additional Information Related To Leases | As of July 31, 2021, our operating leases had a weighted average remaining lease term of 17.37 years and a weighted average discount rate of 2.87%.
| Years Ended July 31,
| 2021 |  | 2020
Other information: |  |  |  |  |
Operating cash flows from operating leases | $ | 2,024,246 |  | $ | 1,931,545
Schedule of Annual Undiscounted Cash Flows Of The Operating Lease Liabilities | The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of July 31, 2021:
| Operating
Year ended July 31 | Leases
2022 | $ | 2,116,363 |
2023 |  | 2,132,944 |
2024 |  | 2,150,128 |
2025 |  | 2,167,284 |
2026 |  | 2,223,672 |
Thereafter |  | 25,327,631 |
Total undiscounted cash flows |  | 36,118,022 |
Less: present value discount |  | (8,277,092 | )
Total Lease Liabilities | $ | 27,840,930

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