Related Party Transactions

6 Months Ended

Jan. 31, 2022

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 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 Payments				Rent Expense				Rent Expense
	Three Months Ended				Six Months Ended				Three Months Ended				Six Months Ended
	January 31				January 31				January 31				January 31
Property	2022		2021		2022		2021		2022		2021		2022		2021
Jamaica Avenue at 169^thStreet	$	156,250	$	156,250	$	312,500	$	312,500	$	379,359	$	379,359	$	758,719	$	758,719
504-506 Fulton Street		90,564		90,564		181,128		181,128		87,609		87,609		175,219		175,219
Total	$	246,814	$	246,814	$	493,628	$	493,628	$	466,968	$	466,968	$	933,938	$	933,938

The following summarizes assets and liabilities related to these two operating leases:

	Right-Of-Use
	Assets				Liabilities
	January 31		July 31		January 31		July 31
Property	2022		2021		2022		2021		Expiration Date
Jamaica Avenue at 169^thStreet	$	12,143,954	$	12,842,642	$	2,820,742	$	4,959,450	May 31, 2030
504-506 Fulton Street		2,711,477		2,831,134		4,706,980		2,946,306	April 30, 2031
Total	$	14,855,431	$	15,673,776	$	7,527,722	$	7,905,756

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.