v3.25.3
Related Party Transactions
 3 Months Ended
Oct. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

9. Related Party Transactions:

 

The Company has three operating leases with 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. Another lease is for premises located at 504-506 Fulton Street, Brooklyn, New York. In December 2024, Landlord purchased the 508 Fulton Street property, including an existing lease, from another landlord who owned 25% of the property. Starting in January 2025, the Company began making rent payments to Landlord with no other changes to the existing lease.

 

In August 2025, the Company exercised the second of four five-year option periods with its landlord to extend the Jamaica Avenue at 169th Street, Jamaica, New York property lease beyond May 31, 2035 for a total of five years through May 31, 2040. As of October 31, 2025, it is not reasonably certain the remaining two options to extend the lease from May 31, 2040 to May 31, 2050 will be exercised by the Company.

 

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

 

Schedule of rent payments and expense                    
   Rent Payments
Three Months Ended
October 31		   Rent Expense
Three Months Ended
October 31		 
Property  2025   2024   2025   2024 
Jamaica Avenue at 169th Street  $156,250   $156,250   $243,371   $287,671 
504-506 Fulton Street   90,564    90,564    95,299    95,299 
508 Fulton Street   14,258    —    18,175    — 
Total  $261,072   $246,814   $356,845   $382,970 

 

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

 

Schedule of assets and liabilities                       
   Operating Lease    
   Right-Of-Use
Assets		   Liabilities    
Property  October 31
2025		   July 31
2025		   October 31
2025		   July 31
2025		   Expiration Date
Jamaica Avenue at 169th Street  $11,173,527   $9,749,817   $6,091,443   $4,580,611   May 31, 2040
504-506 Fulton Street   1,820,760    1,891,731    1,988,252    2,054,487   April 30, 2031
508 Fulton Street   1,007,622    1,018,186    1,218,024    1,224,672   April 30, 2044
Total  $ 14,001,909   $ 12,659,734   $9,297,719   $ 7,859,770    

 

Upon termination of the Jamaica, New York lease, currently in 2040, all premises included in operating lease right-of-use assets plus leasehold improvements will be turned over to the Landlord.