XML 52 R38.htm IDEA: XBRL DOCUMENT v3.21.2
LONG-TERM DEBT - MORTGAGES (Schedule of Long-term Debt) (Details) - USD ($)
 12 Months Ended
Jul. 31, 2021
Jul. 31, 2020
Mar. 31, 2020
Nov. 30, 2019
Mortgage:        
Less: Deferred financing costs $ (130,855) $ (168,967)    
Total $ 7,518,777 $ 8,627,965    
Bond St. land and building, Brooklyn, NY [Member]        
Mortgage:        
Current Annual Interest Rate 4.375% 4.375%   4.375%
Final Payment Date Dec. 01, 2024      
Long term loan [1] $ 3,817,450 $ 4,829,832    
Fishkill, New York Property [Member]        
Mortgage:        
Current Annual Interest Rate 3.98% 3.98% 3.98%  
Final Payment Date Apr. 01, 2025      
Long term loan [2] $ 3,832,182 $ 3,967,100    
[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.