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Mortgages Payable (Tables)

6 Months Ended

Jan. 31, 2025

Debt Disclosure [Abstract]

Schedule of mortgages payable

Schedule of 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.

Schedule of interest expense, net of capitalized interest

Schedule of interest expense, net of capitalized interest
		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	)

Schedule of long-term mortgages outstanding

Schedule of long-term mortgages outstanding
Period Ended January 31,		Amount
2025		$	3,315,426
Deferred financing costs			(1,405	)
Total		$	3,314,021

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