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Mortgages Payable

9 Months Ended

Apr. 30, 2025

5. Mortgages Payable:

Schedule of mortgages payable
	Current Annual Interest Rate			Final Payment Date	April 30, 2025		July 31, 2024
Bond St. building, Brooklyn, NY (1)		4.375	%	12/1/2024	$	–	$	497,045
Fishkill building (2)		3.98	%	4/1/2040		3,275,692		3,393,720
Deferred financing costs						–		(16,519	)
Net					$	3,275,692	$	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 currently 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 April 30						Nine Months Ended April 30
	2025			2024			2025			2024
Interest expense	$	(34,129	)	$	(53,634	)	$	(119,681	)	$	(171,949	)
Capitalized interest		22,824			18,467			58,874			66,831
Interest expense, net of capitalized interest	$	(11,305	)	$	(35,167	)	$	(60,807	)	$	(105,118	)

Maturities of long-term mortgages outstanding at April 30, 2025 based on the contractual payment dates, are as follows:


Fiscal Year	Amount
*2025	$	40,131	*
2026		164,570
2027		171,241
2028		178,182
2029		185,404
After 2029		2,536,164
Total	$	3,275,692

*	Contractual payments do not include the balloon payment disclosed in (2) above. As of June 12, 2025, the bank has no plans to demand a balloon payment for the full amount outstanding.