XML 29 R19.htm IDEA: XBRL DOCUMENT v3.25.0.1
Related Party Transactions
 6 Months Ended
Jan. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

10. Related Party Transactions:

The Company has three 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 (“Jamaica, New York”). The second lease is for premises located at 504-506 Fulton Street, Brooklyn, New York. The third lease is for 25% of the premises located at 508 Fulton Street, Brooklyn, New York.

In April 2023, the Company exercised one of four five-year option periods with Landlord to extend the Jamaica, New York lease beyond May 31, 2030 for a total of five years through May 31, 2035. As of January 31, 2025, it is not reasonably certain the remaining three options to extend the lease from May 31, 2035 to May 31, 2050 will be exercised by the Company.

In December 2024, Weinstein Enterprises purchased the 508 Fulton Street property, including an existing lease, from another landlord who owned 25% of the property. Starting in January 2025, J.W. Mays began making rent payments to Weinstein Enterprises with no other changes to the existing lease.

Rent payments and expense relating to these three operating leases with Landlord follow:

                                                                 
    Rent Payments
Three Months Ended
January 31		     Rent Payments
Six Months Ended
January 31		     Rent Expense
Three Months Ended
January 31		     Rent Expense
Six Months Ended
January 31		  
Property   2025     2024     2025     2024     2025     2024     2025     2024  
Jamaica Avenue
at 169th Street		   $ 156,250     $ 156,250     $ 312,500     $ 312,500     $ 287,670     $ 287,670     $ 575,341     $ 575,341  
504-506 Fulton Street     90,564       90,564       181,128       181,128       95,299       95,299       190,597       190,597  
508 Fulton Street     4,753       -       4,753       -       6,058       -       6,058       -  
Total   $ 251,567     $ 246,814     $ 498,381     $ 493,628     $ 389,027     $ 382,969     $ 771,996     $ 765,938  

The following summarizes assets and liabilities related to these three leases:

                                   
  Operating Lease      
    Right-Of-Use
Assets		     Liabilities      
Property   January 31
2025		     July 31
2024		     January 31
2025		     July 31
2024		     Expiration Date
Jamaica Avenue at 169th Street   $ 10,177,615     $ 10,600,247     $ 4,745,568     $ 4,905,360     May 31, 2035

504-506 Fulton Street

     2,031,287       2,167,727       2,184,571       2,311,539     April 30, 2031
508 Fulton Street     1,039,191       -       1,237,843       -     April 30, 2044
Total   $ 13,248,093     $ 12,767,974     $ 8,167,982     $ 7,216,899      

Upon termination of the Jamaica, New York lease, currently in 2035, all premises included in operating lease right-of-use assets plus leasehold improvements will be turned over to the Landlord.