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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS
 12 Months Ended
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.