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Mortgages Payable (Tables)

3 Months Ended

Oct. 31, 2024

Debt Disclosure [Abstract]

Schedule of mortgages payable

Schedule of 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.

Schedule of interest expense, net of capitalized interest

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	)

Schedule of long-term mortgages outstanding

Schedule of long-term mortgages outstanding
Period Ended October 31,		Amount
2025		$	3,554,700
Deferred financing costs			(6,991	)
Total		$	3,547,709

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