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Mortgages Payable
 6 Months Ended
Jan. 31, 2025
Debt Disclosure [Abstract]  
Mortgages Payable

5. Mortgages Payable:

                           
    Current
Annual
Interest
Rate		     Final
Payment
Date		   January 31,
2025		     July 31,
2024		  
Bond St. building, Brooklyn, NY (1)     4.375 %   12/1/2024   $ –     $ 497,045  
Fishkill building (2)     3.98 %   4/1/2025     3,315,426       3,393,720  
Deferred financing costs                 (1,405 )     (16,519 )
Net               $ 3,314,021     $ 3,874,246  
(1)In November 2019, the Company obtained a loan of $5,400,000 with a fixed rate of 4.375%, secured by the Nine Bond Street land and building in Brooklyn, New York. This loan was paid off effective December 1, 2024.
(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. Although the interest rate is favorable, the Company may choose to refinance the mortgage after 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:

                       
    Three Months Ended
January 31		     Six Months Ended
January 31		  
    2025     2024     2025     2024  
Interest expense   $ (39,650 )   $ (56,282 )   $ (85,552 )   $ (118,315 )
Capitalized interest     14,625       27,901       36,050       48,364  
Interest expense, net of capitalized interest   $ (25,025 )    $ (28,381 )    $ (49,502 )    $ (69,951 ) 

Maturities of long-term mortgages outstanding at January 31, 2025 are as follows:

       
Period Ended January 31,  Amount 
2025  $3,315,426 
Deferred financing costs   (1,405)
Total  $3,314,021