XML 29 R19.htm IDEA: XBRL DOCUMENT v3.25.1
Related Party Transactions
 9 Months Ended
Apr. 30, 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 April 30, 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
April 30		   Rent Payments
Nine Months Ended
April 30		   Rent Expense
Three Months Ended
April 30		   Rent Expense
Nine Months Ended
April 30		 
Property  2025   2024   2025   2024   2025   2024   2025   2024 
Jamaica Avenue at 169th Street  $156,250   $156,250   $468,750   $468,750   $287,670   $287,670   $863,012   $863,012 
504-506 Fulton Street   90,564    90,564    271,692    271,692    95,299    95,299    285,896    285,896 
508 Fulton Street   14,258    -    19,011    -    18,174    -    24,232    - 
Total  $261,072   $246,814   $759,453   $740,442   $401,143   $382,969   $1,173,140   $1,148,908 

 

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

 

                                   
   Operating Lease    
   Right-Of-Use
Assets		   Liabilities    
Property  April 30
2025		   July 31
2024		   April 30
2025		   July 31
2024		   Expiration Date
Jamaica Avenue at 169th Street  $9,964,372   $10,600,247   $4,663,746   $4,905,360   May 31, 2035
504-506 Fulton Street   1,961,903    2,167,727    2,119,924    2,311,539   April 30, 2031
508 Fulton Street   1,028,709    -    1,231,278    -   April 30, 2044
Total   $12,954,984   $12,767,974   $8,014,948   $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.