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LONG-TERM DEBT-MORTGAGES (Tables) | 12 Months Ended
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Jul. 31, 2024
Debt Disclosure [Abstract] |
Schedule of long-term debt |
Schedule of long-term debt |  |  |  |  |  |  | Years Ended July 31, |
|  | Current Annual Interest Rate |  |  | Final Payment Date |  | 2024 |  |  | 2023 |
Mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bond St. land and building, Brooklyn, NY (1) |  |  | 4.375 | % |  | 12/1/2024 |  | $ | 497,045 |  |  | $ | 1,653,117 |
Fishkill land and building (2) |  |  | 3.980 | % |  | 4/1/2025 |  |  | 3,393,720 |  |  |  | 3,545,719 |
Deferred financing costs |  |  |  |  |  |  |  |  | (16,519 | ) |  |  | (54,631 | )
Total |  |  |  |  |  |  |  | $ | 3,874,246 |  |  | $ | 5,144,205 |
(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%. Effective any time after April 1, 2025 through April 1, 2040, the bank may demand a balloon payment for the full amount outstanding. The Company plans to refinance the mortgage effective April 1, 2025, however, the bank is under no obligation to refinance if or when a balloon payment comes due upon demand.
Schedule of interest expense, net of capitalized interest |
Schedule of interest expense, net of capitalized interest |  |  |  |  |  |  |  |
|  | Year Ended July 31 |
|  | 2024 |  |  | 2023 |
Interest expense |  | $ | (221,902 | ) |  | $ | (278,241 | )
Capitalized interest |  |  | 85,610 |  |  |  | 47,472 |
Interest expense, net of capitalized interest |  | $ | (136,292 | ) |  | $ | (230,769 | )
Schedule of long-term mortgages outstanding |
Schedule of long-term mortgages outstanding |  |  |  |
Year Ended July 31: |  | Amount |
2025 |  | $ | 3,890,765 |
Deferred financing costs |  |  | (16,519 | )
Total |  | $ | 3,874,246 |

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