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Mortgages Payable
 3 Months Ended
Oct. 31, 2024
Debt Disclosure [Abstract]  
Mortgages Payable

5. Mortgages Payable:

                           
   Current
Annual
Interest
Rate		   Final
Payment
Date		  October 31,
2024		   July 31,
2024		 
Bond St. building, Brooklyn, NY (1)   4.375%  12/1/2024  $199,932   $497,045 
Fishkill building (2)   3.98%  4/1/2025   3,354,768    3,393,720 
Deferred financing costs           (6,991)   (16,519)
Net          $3,547,709   $3,874,246 
(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. 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.

Expenditures for additions and major renewals or improvements are capitalized along with the associated interest cost during construction. Interest expense, net of capitalized interest follows:

Schedule of interest expense, net of capitalized interest                
   Three Months Ended
October 31		 
   2024   2023 
Interest expense  $(45,902)  $(62,033)
Capitalized interest   21,425    20,463 
Interest expense, net of capitalized interest  $(24,477)  $(41,570)

Maturities of long-term mortgages outstanding at October 31, 2024 are as follows:

       
Period Ended October 31,  Amount 
2025  $3,554,700 
Deferred financing costs   (6,991)
Total  $3,547,709