v3.25.3
Mortgage Payable
 3 Months Ended
Oct. 31, 2025
Debt Disclosure [Abstract]  
Mortgage Payable

4. Mortgage Payable:

 

               
   Current
Annual
Interest
Rate		   Final
Payment
Date		  October 31,
2025		   July 31,
2025		 
Fishkill building  3.98%  4/1/2040  $3,195,029   $3,235,561 

 

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%. 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 at any time; however, the bank is under no obligation to refinance if or when the balloon payment comes due upon demand.

 

Maturities of long-term mortgages outstanding at October 31, 2025 based on the contractual payment dates, are as follows:

 

    
Fiscal Year:  Amount 
*For the remainder of 2026  $124,038 
2027   171,241 
2028   178,182 
2029   185,404 
2030   192,920 
After 2030   2,343,244 
Total  $ 3,195,029 
*Contractual payments do not include balloon payment disclosed above. As of December 8, 2025, the bank has not communicated any intent to accelerate repayment.

 

Expenditures for fixed assets 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
October 31		 
   2025   2024 
Interest expense  $(32,029)  $(45,902)
Capitalized interest   32,029    21,425 
Interest expense, net of capitalized interest  $—   $(24,477)