DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 9 Months Ended | |
Apr. 30, 2018 | Jun. 07, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | MAYS J W INC | |
Entity Central Index Key | 54,187 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | mays | |
Entity Common Stock, Shares Outstanding | 2,015,780 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2018 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Apr. 30, 2018 | Jul. 31, 2017 |
ASSETS | ||
Property and Equipment - Net (Notes 5 and 6) | $ 50,004,769 | $ 49,485,089 |
Current Assets: | ||
Cash and cash equivalents (Note 4) | 6,478,050 | 5,381,195 |
Receivables (Note 4) | 63,153 | 164,716 |
Income taxes refundable | 47,260 | 6,891 |
Restricted cash | 100,721 | 15,905 |
Prepaid expenses | 953,346 | 1,675,019 |
Total current assets | 7,642,530 | 7,243,726 |
Other Assets: | ||
Deferred charges | 3,485,550 | 3,465,062 |
Less: accumulated amortization | 1,606,742 | 1,384,142 |
Net | 1,878,808 | 2,080,920 |
Restricted cash | 1,513,841 | 1,279,829 |
Unbilled receivables (Notes 4 and 7) | 1,739,632 | 1,943,648 |
Marketable securities (Notes 3 and 4) | 2,722,917 | 2,815,727 |
Total other assets | 7,855,198 | 8,120,124 |
TOTAL ASSETS | 65,502,497 | 64,848,939 |
Long-Term Liabilities: | ||
Mortgage payable (Note 5) | 5,301,391 | 5,409,908 |
Security deposits payable | 1,232,629 | 1,020,292 |
Deferred Income Taxes (Note 1) | 3,610,000 | 5,637,000 |
Total long-term liabilities | 10,144,020 | 12,067,200 |
Current Liabilities: | ||
Accounts payable | 18,400 | 79,103 |
Payroll and other accrued liabilities | 1,855,135 | 2,515,616 |
Other taxes payable | 6,300 | 8,135 |
Current portion of mortgage payable (Note 5) | 167,002 | 162,569 |
Current portion of security deposits payable | 101,221 | 15,905 |
Total current liabilities | 2,148,058 | 2,781,328 |
TOTAL LIABILITIES | 12,292,078 | 14,848,528 |
Shareholders' Equity: | ||
Common stock, par value $1 each share (shares - 5,000,000 authorized; 2,178,297 issued) | 2,178,297 | 2,178,297 |
Additional paid in capital | 3,346,245 | 3,346,245 |
Unrealized gain on available-for-sale securities - net of deferred taxes of $226,000 at April 30, 2018 and $190,000 at July 31, 2017 | 410,988 | 368,476 |
Retained earnings | 48,562,741 | 45,395,245 |
Stockholders' Equity before Treasury Stock | 54,498,271 | 51,288,263 |
Less common stock held in treasury, at cost - 162,517 shares at April 30, 2018 and at July 31, 2017 (Note 10) | 1,287,852 | 1,287,852 |
Total shareholders' equity | 53,210,419 | 50,000,411 |
Contingencies (Notes 13) | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 65,502,497 | $ 64,848,939 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Apr. 30, 2018 | Jul. 31, 2017 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares issued | 2,178,297 | 2,178,297 |
Treasury stock, shares | 162,517 | 162,517 |
Unrealized Gain on Available-for-sale Securities - Net of Deferred Taxes [Member] | ||
Unrealized gain (loss) on available-for-sale securities, deferred taxes (benefit) | $ 226,000 | $ 190,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Revenues | ||||
Rental income (Notes 4 and 7) | $ 4,854,910 | $ 4,660,787 | $ 14,431,671 | $ 13,674,289 |
Recovery of real estate taxes | 10,952 | |||
Revenue to temporarily vacate lease (Note 12) | 291,667 | 875,001 | ||
Total revenues | 4,854,910 | 4,952,454 | 14,431,671 | 14,560,242 |
Expenses | ||||
Real estate operating expenses | 2,918,858 | 2,512,506 | 8,491,805 | 7,735,755 |
Administrative and general expenses | 1,062,316 | 1,092,032 | 3,433,154 | 3,381,034 |
Depreciation (Note 6) | 443,697 | 423,791 | 1,311,386 | 1,253,091 |
Total expenses | 4,424,871 | 4,028,329 | 13,236,345 | 12,369,880 |
Income from operations before investment income, interest expense and income taxes | 430,039 | 924,125 | 1,195,326 | 2,190,362 |
Investment income and interest expense: | ||||
Investment income (Note 3) | 15,909 | 41,906 | 90,131 | 80,470 |
Interest expense (Notes 5, 9 and 13) | (44,776) | (50,797) | (191,961) | (173,011) |
Total investment income and interest expense | (28,867) | (8,891) | (101,830) | (92,541) |
Income from operations before income taxes | 401,172 | 915,234 | 1,093,496 | 2,097,821 |
Income taxes provided (benefit) | 83,000 | 309,000 | (2,074,000) | 706,000 |
Net income | 318,172 | 606,234 | 3,167,496 | 1,391,821 |
Retained earnings, beginning of period | 48,244,569 | 44,255,293 | 45,395,245 | 43,469,706 |
Retained earnings, end of period | $ 48,562,741 | $ 44,861,527 | $ 48,562,741 | $ 44,861,527 |
Income per common share (Note 2) | $ 0.16 | $ 0.30 | $ 1.57 | $ 0.69 |
Dividends per share | ||||
Average common shares outstanding | 2,015,780 | 2,015,780 | 2,015,780 | 2,015,780 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 318,172 | $ 606,234 | $ 3,167,496 | $ 1,391,821 |
Unrealized gain on available-for-sale securities: | ||||
Unrealized gains (losses) arising during the period, net of taxes (benefit) of ($27,037) and $33,500 for the three months ended April 30, 2018 and 2017, respectively, and $43,963 and $40,000 for the nine months ended April 30, 2018 and 2017, respectively. | (117,213) | 66,410 | 57,969 | 78,785 |
Reclassification adjustment for net gains included in net income, net of taxes of $7,770 and $14,500 for the three months ended April 30, 2018 and 2017, respectively, and $7,963 and $14,000 for the nine months ended April 30, 2018 and 2017, respectively. | (17,630) | (27,695) | (15,457) | (26,841) |
Unreallized gains (losses) on available for sale securities, net of taxes | (134,843) | 38,715 | 42,512 | 51,944 |
Comprehensive income | $ 183,329 | $ 644,949 | $ 3,210,008 | $ 1,443,765 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized holding gains arising during the period, tax | $ (27,037) | $ 33,500 | $ 43,963 | $ 40,000 |
Reclassification adjustment for net gains included in net income, tax | $ (7,770) | $ (14,500) | $ (7,963) | $ (14,000) |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Cash Flows From Operating Activities: | ||
Net income | $ 3,167,496 | $ 1,391,821 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 1,311,386 | 1,253,091 |
Amortization of deferred charges | 222,600 | 200,900 |
Deferred finance costs included in interest expense | 17,154 | 17,154 |
Realized (gain) loss on sale of marketable securities | 805 | (23,734) |
Other assets - unbilled receivables | 204,016 | 160,661 |
Other assets - deferred charges | (20,488) | (366,995) |
Provision (benefit) for deferred income taxes | (2,063,000) | 706,000 |
Deferred revenue | (875,001) | |
Changes in: | ||
Receivables | 101,563 | 153,645 |
Income taxes refundable | (40,369) | (5,608) |
Prepaid expenses | 721,673 | 687,443 |
Accounts payable | (60,703) | 15,757 |
Payroll and other accrued liabilities | (660,481) | 136,675 |
Other taxes payable | (1,835) | (1,563) |
Cash provided by operating activities | 2,899,817 | 3,450,246 |
Cash Flows From Investing Activities: | ||
Acquisition of property and equipment | (1,831,066) | (1,635,496) |
Restricted cash | (318,828) | (134,846) |
Marketable securities: | ||
Receipts from sales | 268,857 | 282,434 |
Payments for purchases | (98,340) | (839,970) |
Cash (used) by investing activities | (1,979,377) | (2,327,878) |
Cash Flows From Financing Activities: | ||
Increase - security deposits payable | 297,653 | 134,846 |
Mortgage and other debt payments | (121,238) | (1,116,961) |
Cash provided (used) by financing activities | 176,415 | (982,115) |
Increase in cash and cash equivalents | 1,096,855 | 140,253 |
Cash and cash equivalents at beginning of period | 5,381,195 | 5,228,826 |
Cash and cash equivalents at end of period | $ 6,478,050 | $ 5,369,079 |
Accounting Records and Use of E
Accounting Records and Use of Estimates | 9 Months Ended |
Apr. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Records and Use of Estimates | 1. Accounting Records and Use of Estimates: The accounting records are maintained in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the Company’s financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. The estimates that we make include allowance for doubtful accounts, depreciation, income tax assets and liabilities, fair value of marketable securities and revenue recognition. Estimates are based on historical experience where applicable or other assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results may differ from those estimates under different assumptions or conditions. The interim financial statements are prepared pursuant to the requirements for reporting on Form 10-Q. The July 31, 2017 condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes included in the Company's latest Form 10-K Annual Report for the fiscal year ended July 31, 2017. In the opinion of management, the interim financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for interim periods. The results of operations for the current period are not necessarily indicative of the results for the entire fiscal year ending July 31, 2018. The computation of the annual expected effective tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected operating income for the year and future periods, projections of the proportion of income (or loss), and permanent and temporary differences. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is acquired, or as additional information is obtained. To the extent the estimated annual effective tax rate changes during a quarter, see below, the effect of the change on prior quarters is included in tax expense for the current quarter. As of July 31, 2017, the Company had a federal net operating loss carryforward approximating $5,366,000 which is available to offset future taxable income. In addition, as of July 31, 2017, the Company had state and city net operating loss carryforwards of approximately $10,107,000 and $8,274,000, respectively, available to offset future state and city taxable income. The net operating loss carryforwards will begin to expire, if not used, in 2035. New York State and New York City taxes are calculated using the higher of taxes based on income or the respective capital-based franchise taxes. In April 2014, the State of New York enacted legislation overhauling the New York State franchise tax on corporations. The changes in the law were effective for the Company’s year ended July 31, 2016. The state capital-based tax will be phased out over a 7-year period. The Company anticipates New York State taxes will be based on capital through 2021, and New York City taxes will be based on capital for the foreseeable future. Capital-based franchise taxes are recorded to administrative and general expense. Due to the application of the capital-based tax while the net operating loss still applies, or due to the possible absence of State taxable income in the years beyond 2021 to which the State loss can be carried, the Company has not recorded the tax benefit of its New York State and New York City net operating loss carryforwards. U.S. Tax Reform: On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the future ongoing U.S. corporate income tax by, among other things, lowering U.S. corporate income tax rates. As the Company has a July 31 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a statutory federal rate just over 26% for our fiscal year ending July 31, 2018, and 21 % for subsequent fiscal years. During the quarter ended January 31, 2018, the quarter of enactment, these changes required an adjustment to our deferred tax assets and liabilities to the lower federal rates resulting in an estimated net deferred tax benefit of approximately $2.4 million. The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from the above estimate, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the Company has utilized to calculate the transition impacts, including impacts from changes to current year earnings estimates. The Securities and Exchange Commission has issued rules allowing for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. We currently anticipate finalizing and recording any resulting adjustments by the end of our current fiscal year ending July 31, 2018. Recently issued accounting standards not yet adopted: In May 2014, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers” (“ASU 2014-09”) establishing ASC Topic 606 Revenue from Contracts with Customers. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting in fiscal years that begin after December 15, 2016. ASU 2015-14 extended the implementation date for fiscal years beginning after December 31, 2017. The adoption of this ASU on August 1, 2018 will not have a significant impact on our consolidated financial statements. Subsequent to the issuance of ASU 2014-09, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”, ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”, and ASU No. 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers." The additional ASU's clarified certain provisions of ASU 2014-09 in response to recommendations from the Transition Resource Group established by the FASB and have the same effective date and transition requirements as ASU 2014-09. The adoption of these updates on August 1, 2018 will not have a significant impact on our consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01 "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. ASU No. 2016-01 will be effective for interim and annual periods beginning after December 15, 2017. The adoption of this ASU will not have a significant impact on our balance sheet and statement of operations. In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 is intended to increase transparency and comparability among organizations of accounting for leasing arrangements. This guidance establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Lessor accounting remains similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard (ASU 2014-09). ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. Entities will be required to recognize and measure leases as of the earliest period presented using a modified retrospective approach. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning August 1, 2019. Early adoption is permitted. The adoption of this guidance is expected to result in an increase in assets and liabilities on the Company’s balance sheet, with no material impact on the statement of operations. However, the ultimate impact of adopting this ASU will depend on the Company’s lease portfolio as of the adoption date. In November 2016, the FASB issued ASU 2016-18, “Restricted Cash”. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of period balances on the statement of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of the ASU will not have a significant impact on our consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220)”. ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the December 22, 2017 Tax Act. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this ASU is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. We are in the process of evaluating the impact of this standard on the consolidated financial statements. |
Income Per Share of Common Stoc
Income Per Share of Common Stock | 9 Months Ended |
Apr. 30, 2018 | |
Earnings Per Share [Abstract] | |
Income Per Share of Common Stock | 2. Income Per Share of Common Stock: Income per share has been computed by dividing the net income for the periods by the weighted average number of shares of common stock outstanding during the periods, adjusted for the purchase of treasury stock. Shares used in computing income per share were 2,015,780 for the three and nine months ended April 30, 2018 and April 30, 2017. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Apr. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities: The Company categorizes marketable securities as either trading, available-for-sale or held-to-maturity. Trading securities are carried at fair value with unrealized gains and losses included in income. Available-for-sale securities are carried at fair value measurements using quoted prices in active markets for identical assets or liabilities with unrealized gains and losses recorded as a separate component of shareholders' equity. Held-to-maturity securities are carried at amortized cost. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The Company did not classify any securities as trading or held to maturity during the nine months ended April 30, 2018 and year ended July 31, 2017. The Company follows GAAP which establishes a fair value hierarchy that prioritizes the valuation techniques and creates the following three broad levels, with Level 1 valuation being the highest priority: Level 1 valuation inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date (e.g., equity securities traded on the New York Stock Exchange). Level 2 valuation inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted market prices of similar assets or liabilities in active markets, or quoted market prices for identical or similar assets or liabilities in markets that are not active). Level 3 valuation inputs are unobservable (e.g., an entity’s own data) and should be used to measure fair value to the extent that observable inputs are not available. Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes in the methodologies used at April 30, 2018 and July 31, 2017. Equity securities are valued at the closing price reported on the active market on which the individual securities are traded that the Company has access to. Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Company are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Company are deemed to be actively traded. In accordance with the provisions of Fair Value Measurements, the following are the Company's financial assets measured on a recurring basis presented at fair value. Fair value measurements at reporting date Total Total April 30, July 31, Description 2018 Level 1 Level 2 Level 3 2017 Level 1 Level 2 Level 3 Assets: Marketable securities - available-for-sale $ 2,722,917 $ 2,722,917 $ – – $ 2,815,727 $ 2,815,727 $ – $ – As of April 30, 2018 and July 31, 2017, the Company's marketable securities were classified as follows: April 30, 2018 July 31, 2017 Gross Gross Gross Gross Unrealized Unrealized Fair Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value Noncurrent: Available-for-sale: Mutual funds $ 773,158 $ 197,217 $ – $ 970,375 $ 716,463 $ 193,932 $ – $ 910,395 Equity securities 1,312,772 453,562 13,792 1,752,542 1,540,788 364,544 – 1,905,332 $ 2,085,930 $ 650,779 $ 13,792 $ 2,722,917 $ 2,257,251 $ 558,476 $ – $ 2,815,727 The Company's equity securities, gross unrealized losses and fair value, aggregated by investment category and length of time that the investment securities have been in a continuous unrealized loss position are as follows: April 30, 2018 July 31, 2017 Less Than Less Than Fair Value 12 Months Fair Value 12 Months Corporate equity securities $ 120,188 $ 13,792 $ – $ – Investment income consists of the following: Three Months Ended Nine Months Ended April 30 April 30 2018 2017 2018 2017 Gain (loss) on sale of marketable securities $ 912 $ 31,155 $ (805 ) $ 23,734 Interest income 5,737 2,941 12,488 9,287 Dividend income 9,260 7,810 78,448 47,449 Total $ 15,909 $ 41,906 $ 90,131 $ 80,470 |
Financial Instruments and Credi
Financial Instruments and Credit Risk Concentrations | 9 Months Ended |
Apr. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Credit Risk Concentrations | 4. Financial Instruments and Credit Risk Concentrations: Financial instruments that are potentially subject to concentrations of credit risk consist principally of marketable securities, cash and cash equivalents and receivables. Marketable securities and cash and cash equivalents are placed with multiple financial institutions and multiple instruments to minimize risk. No assurance can be made that such financial institutions and instruments will minimize all such risk. The Company derives rental income from approximately fifty tenants, of which one tenant accounted for 17.70%, another tenant accounted for 15.33% and a third tenant accounted for 12.25% of rental income during the nine months ended April 30, 2018. The nine months ended April 30, 2017 had one tenant account for 18.32%, another tenant account for 14.88% and a third tenant account for 10.67% of rental income. No other tenant accounted for more than 10% of rental income during the same periods. The Company has no irrevocable Letters of Credit at April 30, 2018 and had one irrevocable Letter of Credit totaling $230,000 at July 31, 2017 provided by a tenant as a security deposit. |
Long-Term Debt - Mortgage
Long-Term Debt - Mortgage | 9 Months Ended |
Apr. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt - Mortgage | 5. Long-Term Debt – Mortgage: April 30, 2018 July 31, 2017 Current Annual Final Due Due Due Due Interest Payment Within After Within After Rate Date One Year One Year One Year One Year Bond St. building, Brooklyn, NY 3.54 % 2/1/2020 $ 167,002 $ 5,341,439 $ 162,569 $ 5,467,110 Less: Deferred financing costs – 40,048 – 57,202 Total $ 167,002 $ 5,301,391 $ 162,569 $ 5,409,908 On January 9, 2015, the Company refinanced its loan with a bank for $6,000,000, which included the outstanding balance as of January 2015 in the amount of $5,347,726 and an additional borrowing of $652,274. The loan is for a period of five years with a payment based on a twenty-five year amortization period. The interest rate for this period is fixed at 3.54% per annum. The mortgage loan is secured by the Bond Street building in Brooklyn, New York. |
Property and Equipment - at cos
Property and Equipment - at cost | 9 Months Ended |
Apr. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment - at cost | 6. Property and Equipment – at cost: April 30 July 31 2018 2017 Property: Buildings and improvements $ 82,515,948 $ 80,825,601 Improvements to leased property 1,478,012 1,478,012 Land 6,067,805 6,067,805 Construction in progress 785,528 644,809 90,847,293 89,016,227 Less accumulated depreciation 40,926,729 39,648,642 Property - net 49,920,564 49,367,585 Fixtures and equipment and other: Fixtures and equipment 144,545 144,545 Other fixed assets 193,015 193,015 337,560 337,560 Less accumulated depreciation 253,355 220,056 Fixtures and equipment and other - net 84,205 117,504 Property and equipment - net $ 50,004,769 $ 49,485,089 Construction in progress includes: April 30 July 31 2018 2017 Building improvements at 9 Bond Street in Brooklyn, NY $ – $ 644,809 Building improvements at Jamaica, NY building 551,901 Building improvements at Fishkill, NY building 233,627 – $ 785,528 $ 644,809 |
Unbilled Receivables and Rental
Unbilled Receivables and Rental Income | 9 Months Ended |
Apr. 30, 2018 | |
Unbilled Receivables And Rental Income | |
Unbilled Receivables and Rental Income | 7. Unbilled Receivables and Rental Income: Unbilled receivables represent the excess of scheduled rental income recognized on a straight-line basis over rental income as it becomes receivable according to the provisions of each lease. |
Employees' Retirement Plan
Employees' Retirement Plan | 9 Months Ended |
Apr. 30, 2018 | |
Retirement Benefits [Abstract] | |
Employees' Retirement Plan | 8. Employees' Retirement Plan: The Company sponsors a noncontributory Money Purchase Plan covering substantially all of its non-union employees. Operations were charged $82,308 and $311,145 as contributions to the Plan for the three and nine months ended April 30, 2018, respectively, and $100,147 and $294,804 as contributions to the plan for the three and nine months ended April 30, 2017, respectively. Multi-employer plan: The Company contributes to a union sponsored multi-employer pension plan covering its union employees. The Company contributions to the pension plan were $14,963 and $49,119 for the three and nine months ended April 30, 2018, respectively, and $14,648 and $41,636 as contributions to the plan for the three and nine months ended April 30, 2017, respectively. Contributions and costs are determined in accordance with the provisions of negotiated labor contracts or terms of the plans. The Company also contributes to union sponsored health benefit plans. Contingent Liability for Pension Plan: Information as to the Company’s portion of accumulated plan benefits and plan assets is not reported separately by the pension plan. Under the Employee Retirement Income Security Act, upon withdrawal from a multi-employer benefit plan, an employer is required to continue to pay its proportionate share of the plan’s unfunded vested benefits, if any. Any liability under this provision cannot be determined: however, the Company has not made a decision to withdraw from the plan. Information for contributing employer’s participation in the multi-employer plan: Legal name of Plan: United Food and Commercial Workers Local 888 Pension Fund Employer identification number: 13-6367793 Plan number: 001 Date of most recent Form 5500: December 31, 2016 Certified zone status: Critical and declining status Status determination date: January 1, 2018 Plan used extended amortization provisions in status calculation: Yes Minimum required contribution: Yes Employer contributing greater than 5% of Plan contributions for year ended December 31, 2016: Yes Rehabilitation plan implemented: Yes Employer subject to surcharge: Yes Contract expiration date: November 30, 2019 For the plan years 2017-2019, under the pension fund’s rehabilitation plan, the Company agreed to pay a minimum contribution rate equal to 9.1% of the prior year total contribution rate. The Company has 29 employees and has a contract, expiring November 30, 2019, with a union covering rates of pay, hours of employment and other conditions of employment for approximately 24% of its employees. The Company considers that its labor relations with its employees and union are good. |
Cash Flow Information
Cash Flow Information | 9 Months Ended |
Apr. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Information | 9. Cash Flow Information: For purposes of reporting cash flows, the Company considers cash equivalents to consist of short-term highly liquid investments with maturities of three (3) months or less, which are readily convertible into cash. Supplemental disclosure: Nine Months Ended April 30 2018 2017 Interest paid, net of capitalized interest of $23,609 (2018) and $16,514 (2017) $ 175,718 $ 163,022 Income taxes paid $ 31,994 $ – |
Common Stock
Common Stock | 9 Months Ended |
Apr. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | 10. Common Stock: The Company has one class of common stock with identical voting rights and rights to liquidation. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Apr. 30, 2018 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | 11. Accumulated Other Comprehensive Income: The only component of accumulated other comprehensive income is unrealized gain (loss) on available-for-sale securities. A summary of the changes in accumulated other comprehensive income for the three and nine months ended April 30, 2018 and 2017 is as follows: Three Months Ended Nine Months Ended April 30 April 30 2018 2017 2018 2017 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Beginning balance, net of tax effect $ 545,831 $ 277,770 $ 368,476 $ 264,541 Other comprehensive income, net of tax effect: Unrealized gain (loss) on available-for-sale securities (144,250 ) 99,910 101,932 118,785 Tax effect 27,037 (33,500 ) (43,963 ) (40,000 ) Unrealized gain (loss) on available-for-sale securities, net of tax effect (117,213 ) 66,410 57,969 78,785 Amounts reclassified from accumulated other comprehensive income, net of tax effect: Unrealized (gain) on available-for-sale securities reclassified (25,400 ) (42,195 ) (23,420 ) (40,841 ) Tax effect 7,770 14,500 7,963 14,000 Amount reclassified, net of tax effect (17,630 ) (27,695 ) (15,457 ) (26,841 ) Ending balance, net of tax effect $ 410,988 $ 316,485 $ 410,988 $ 316,485 A summary of the line items in the Condensed Consolidated Statements of Income and Retained Earnings affected by the amounts reclassified from accumulated other comprehensive income is as follows: Details about accumulated other Affected line item in the statement comprehensive income components where net income is presented Other comprehensive income reclassified Investment income tax effect Income taxes provided |
Entry into a Material Definitiv
Entry into a Material Definitive Agreement | 9 Months Ended |
Apr. 30, 2018 | |
Entry into a Material Definitive Agreement [Abstract] | |
Entry into a Material Definitive Agreement | 12. Entry into a Material Definitive Agreement: On June 16, 2014, the Company entered into a Second Amendment of Lease (the "Amendment") with 33 Bond St. LLC ("Bond"), its landlord, for certain truck bays and approximately 1,000 square feet located at the cellar level within a garage at Livingston and Bond Street ("Premises"). Pursuant to the Amendment, (1) a lease option for the Premises was exercised extending the lease until December 8, 2043, (2) the Company, simultaneously with the execution of the Amendment, vacated the Premises so that Bond may demolish the building in which the Premises is located in order to develop and construct a new building at the location, and (3) Bond agreed to redeliver to the Company possession of the reconfigured Premises after construction. As consideration under the Amendment, Bond agreed to pay the Company a total of $3,500,000. Upon execution of the Amendment, the Company recorded $3,500,000 to deferred revenue to be amortized to revenue to temporarily vacate the premises over the expected vacate period of 36 months. Bond tendered $2,250,000 simultaneously with the execution of the Amendment, and the balance due of $1,250,000 on June 16, 2015 had been received by the Company. The Company re-occupied the premises in October 2017. In connection with the Amendment, the parties also agreed to settle a pending lawsuit in the Supreme Court of the State of New York, Kings County, Index No. 50796/13 (the "Action"), in which the Company sought, among other things, a declaratory judgment that it validly renewed the lease for the Premises, and Bond sought, among other things, a declaratory judgment that the lease expired by its terms on December 8, 2013. Pursuant to a stipulation of settlement, filed on June 16, 2014, the Action, including all claims and counterclaims, has been discontinued with prejudice, without costs or attorneys' fees to any party as against the other. The stipulation of settlement also contains general releases by both parties of all claims. |
Contingencies
Contingencies | 9 Months Ended |
Apr. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 13. Contingencies: Due to defective workmanship and breach of contract, the Company continues to pursue damages and return in full of a $376,467 deposit paid a contractor when construction commenced to replace a roof and various other work on the Fishkill, New York building. Both the contractor and subcontractors have claimed the Company tortuously interfered with the construction contracts arguing for fees and costs which approximate $700,000. While the Company strongly disputes the claims, it is possible that the court may rule against the Company and may assess damages in amounts up to approximately $700,000. It is also possible that the court may rule in favor of the Company and that no damages would be awarded against the Company and the Company could obtain an order for the return of all or a portion of amounts previously paid. A charge to real estate operating expenses in the amount of $279,213 was recorded for the fiscal year ended July 31, 2016. Following initial court decisions, another $141,132 was charged to operating expenses in October, 2016 and this amount was ordered by the Court to be paid, plus interest in the amount of $48,116, in a judgment dated September 14, 2017. This amount of $189,248 was paid in October, 2017. The testimony phase of the trial has been completed and the parties await further decisions and orders of the court. There are various other lawsuits and claims pending against the Company. It is the opinion of management that the resolution of these matters will not have a material adverse effect on the Company’s Consolidated Financial Statements. If the Company sells, transfers, disposes of or demolishes 25 Elm Place, Brooklyn, New York, then the Company may be liable to create a condominium unit for the loading dock. The necessity of creating the condominium unit and the cost of such condominium unit cannot be determined at this time. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of financial assets measured at fair value on recurring basis | In accordance with the provisions of Fair Value Measurements, the following are the Company's financial assets measured on a recurring basis presented at fair value. Fair value measurements at reporting date Total Total April 30, July 31, Description 2018 Level 1 Level 2 Level 3 2017 Level 1 Level 2 Level 3 Assets: Marketable securities - available-for-sale $ 2,722,917 $ 2,722,917 $ – – $ 2,815,727 $ 2,815,727 $ – $ – |
Schedule of classified marketable securities | As of April 30, 2018 and July 31, 2017, the Company's marketable securities were classified as follows: April 30, 2018 July 31, 2017 Gross Gross Gross Gross Unrealized Unrealized Fair Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value Noncurrent: Available-for-sale: Mutual funds $ 773,158 $ 197,217 $ – $ 970,375 $ 716,463 $ 193,932 $ – $ 910,395 Equity securities 1,312,772 453,562 13,792 1,752,542 1,540,788 364,544 – 1,905,332 $ 2,085,930 $ 650,779 $ 13,792 $ 2,722,917 $ 2,257,251 $ 558,476 $ – $ 2,815,727 |
Schedule of debt and equity securities in a continuous unrealized loss position | The Company's equity securities, gross unrealized losses and fair value, aggregated by investment category and length of time that the investment securities have been in a continuous unrealized loss position are as follows: April 30, 2018 July 31, 2017 Less Than Less Than Fair Value 12 Months Fair Value 12 Months Corporate equity securities $ 120,188 $ 13,792 $ – $ – |
Schedule of investment income | Investment income consists of the following: Three Months Ended Nine Months Ended April 30 April 30 2018 2017 2018 2017 Gain (loss) on sale of marketable securities $ 912 $ 31,155 $ (805 ) $ 23,734 Interest income 5,737 2,941 12,488 9,287 Dividend income 9,260 7,810 78,448 47,449 Total $ 15,909 $ 41,906 $ 90,131 $ 80,470 |
Long-Term Debt - Mortgage (Tabl
Long-Term Debt - Mortgage (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | April 30, 2018 July 31, 2017 Current Annual Final Due Due Due Due Interest Payment Within After Within After Rate Date One Year One Year One Year One Year Bond St. building, Brooklyn, NY 3.54 % 2/1/2020 $ 167,002 $ 5,341,439 $ 162,569 $ 5,467,110 Less: Deferred financing costs – 40,048 – 57,202 Total $ 167,002 $ 5,301,391 $ 162,569 $ 5,409,908 |
Property and Equipment - at c23
Property and Equipment - at cost (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | April 30 July 31 2018 2017 Property: Buildings and improvements $ 82,515,948 $ 80,825,601 Improvements to leased property 1,478,012 1,478,012 Land 6,067,805 6,067,805 Construction in progress 785,528 644,809 90,847,293 89,016,227 Less accumulated depreciation 40,926,729 39,648,642 Property - net 49,920,564 49,367,585 Fixtures and equipment and other: Fixtures and equipment 144,545 144,545 Other fixed assets 193,015 193,015 337,560 337,560 Less accumulated depreciation 253,355 220,056 Fixtures and equipment and other - net 84,205 117,504 Property and equipment - net $ 50,004,769 $ 49,485,089 |
Schedule of property and equipment construction in progress | April 30 July 31 2018 2017 Building improvements at 9 Bond Street in Brooklyn, NY $ – $ 644,809 Building improvements at Jamaica, NY building 551,901 Building improvements at Fishkill, NY building 233,627 – $ 785,528 $ 644,809 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of cash flow information | Supplemental disclosure: Nine Months Ended April 30 2018 2017 Interest paid, net of capitalized interest of $23,609 (2018) and $16,514 (2017) $ 175,718 $ 163,022 Income taxes paid $ 31,994 $ – |
Accumulated Other Comprehensi25
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | A summary of the changes in accumulated other comprehensive income for the three and nine months ended April 30, 2018 and 2017 is as follows: Three Months Ended Nine Months Ended April 30 April 30 2018 2017 2018 2017 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Beginning balance, net of tax effect $ 545,831 $ 277,770 $ 368,476 $ 264,541 Other comprehensive income, net of tax effect: Unrealized gain (loss) on available-for-sale securities (144,250 ) 99,910 101,932 118,785 Tax effect 27,037 (33,500 ) (43,963 ) (40,000 ) Unrealized gain (loss) on available-for-sale securities, net of tax effect (117,213 ) 66,410 57,969 78,785 Amounts reclassified from accumulated other comprehensive income, net of tax effect: Unrealized (gain) on available-for-sale securities reclassified (25,400 ) (42,195 ) (23,420 ) (40,841 ) Tax effect 7,770 14,500 7,963 14,000 Amount reclassified, net of tax effect (17,630 ) (27,695 ) (15,457 ) (26,841 ) Ending balance, net of tax effect $ 410,988 $ 316,485 $ 410,988 $ 316,485 |
Accounting Records and Use of26
Accounting Records and Use of Estimates (Narrative) (Details) - USD ($) | 9 Months Ended | |||
Apr. 30, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||
Period over which state capital-based tax will be phased out | 7 years | |||
Deferred Income Tax | $ 2,400,000 | |||
Subsequent Event [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Corporate income tax | 21.00% | 26.00% | ||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 5,366,000 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 10,107,000 | |||
City Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 8,274,000 |
Income Per Share of Common St27
Income Per Share of Common Stock (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Leases [Abstract] | ||||
Average common shares outstanding | 2,015,780 | 2,015,780 | 2,015,780 | 2,015,780 |
Marketable Securities (Schedule
Marketable Securities (Schedule of financial assets measured at fair value on recurring basis) (Details) - USD ($) | Apr. 30, 2018 | Jul. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - available-for-sale | $ 2,722,917 | $ 2,815,727 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - available-for-sale | 2,722,917 | 2,815,727 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - available-for-sale | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities - available-for-sale |
Marketable Securities (Schedu29
Marketable Securities (Schedule of classified marketable securities) (Details) - USD ($) | Apr. 30, 2018 | Jul. 31, 2017 |
Fair Value | $ 2,722,917 | $ 2,815,727 |
Noncurrent [Member] | ||
Cost | 2,085,930 | 2,257,251 |
Gross Unrealized Gains | 650,779 | 558,476 |
Gross Unrealized Losses | 13,792 | |
Fair Value | 2,722,917 | 2,815,727 |
Noncurrent [Member] | Mutual Funds [Member] | ||
Cost | 773,158 | 716,463 |
Gross Unrealized Gains | 197,217 | 193,932 |
Gross Unrealized Losses | ||
Fair Value | 970,375 | 910,395 |
Noncurrent [Member] | Corporate Equity Securities [Member] | ||
Cost | 1,312,772 | 1,540,788 |
Gross Unrealized Gains | 453,562 | 364,544 |
Gross Unrealized Losses | 13,792 | |
Fair Value | $ 1,752,542 | $ 1,905,332 |
Marketable Securities (Schedu30
Marketable Securities (Schedule of Investment Securities In Continuous Unrealized Loss Position) (Details) - Corporate Equity Securities [Member] - USD ($) | Apr. 30, 2018 | Jul. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Investment securities, continuous unrealized loss position, Fair Value | $ 120,188 | |
Investment securities, continuous unrealized loss position, Less Than 12 Months | $ 13,792 |
Marketable Securities (Schedu31
Marketable Securities (Schedule of investment income) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gain (loss) on sale of marketable securities | $ 912 | $ 31,155 | $ (805) | $ 23,734 |
Interest income | 5,737 | 2,941 | 12,488 | 9,287 |
Dividend income | 9,260 | 7,810 | 78,448 | 47,449 |
Total | $ 15,909 | $ 41,906 | $ 90,131 | $ 80,470 |
Financial Instruments and Cre32
Financial Instruments and Credit Risk Concentrations (Details) | 9 Months Ended | 12 Months Ended | |
Apr. 30, 2018USD ($)tenants | Apr. 30, 2017 | Jul. 31, 2018USD ($) | |
Concentration Risk [Line Items] | |||
Irrevocable letter of credit | $ | $ 230,000 | ||
Number of tenants | tenants | 50 | ||
Customer One [Member] | Rental Income [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 17.70% | 18.32% | |
Customer Two [Member] | Rental Income [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 15.33% | 14.88% | |
Customer Three [Member] | Rental Income [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 12.25% | 10.67% |
Long-Term Debt - Mortgage (Sche
Long-Term Debt - Mortgage (Schedule of long-term debt) (Details) - USD ($) | 9 Months Ended | ||
Apr. 30, 2018 | Jul. 31, 2017 | Jan. 09, 2015 | |
Less: Deferred financing costs | |||
Due After One Year, Total | $ 5,301,391 | $ 5,409,908 | |
Bond St.Building Brooklyn NY Two [Member] | |||
Mortgage: | |||
Due Within One Year | 167,002 | 162,569 | |
Due After One Year | 5,341,439 | 5,467,110 | |
Less: Deferred financing costs | |||
Due Within One Year | |||
Due After One Year | 40,048 | 57,202 | |
Due Within One Year, Total | 167,002 | 162,569 | |
Due After One Year, Total | $ 5,301,391 | $ 5,409,908 | |
Current Annual Interest Rate | 3.54% | 3.54% | 3.54% |
Final Payment Date | Feb. 1, 2020 |
Long-Term Debt - Mortgage (Narr
Long-Term Debt - Mortgage (Narrative) (Details) - Bond St.Building Brooklyn NY Two [Member] - USD ($) | Jan. 09, 2015 | Apr. 30, 2018 | Jul. 31, 2017 |
Debt Instrument [Line Items] | |||
Closed bank liabilities | $ 6,000,000 | ||
Additional loans | 652,274 | ||
Amount outstanding | $ 5,347,726 | ||
Term of loan | 5 years | ||
Amortization period of loan | 25 years | ||
Interest rate, percent | 3.54% | 3.54% | 3.54% |
Property and Equipment - at c35
Property and Equipment - at cost (Details) - USD ($) | Apr. 30, 2018 | Jul. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment - net | $ 50,004,769 | $ 49,485,089 |
Construction in progress | 785,528 | 644,809 |
Building Improvements at 9 Bond Street in Brooklyn, NY [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress | 644,809 | |
Building improvements at Jamaica, NY building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress | 551,901 | |
Building improvements at Fishkill, NY building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress | 233,627 | |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 82,515,948 | 80,825,601 |
Improvements to Leased Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,478,012 | 1,478,012 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 6,067,805 | 6,067,805 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 785,528 | 644,809 |
Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 90,847,293 | 89,016,227 |
Less accumulated depreciation | 40,926,729 | 39,648,642 |
Property and equipment - net | 49,920,564 | 49,367,585 |
Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 144,545 | 144,545 |
Other Fixed Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 193,015 | 193,015 |
Fixtures and equipment and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 337,560 | 337,560 |
Less accumulated depreciation | 253,355 | 220,056 |
Property and equipment - net | $ 84,205 | $ 117,504 |
Employees' Retirement Plan (Det
Employees' Retirement Plan (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Retirement Benefits [Abstract] | ||||
Pension contributions | $ 82,308 | $ 100,147 | $ 311,145 | $ 294,804 |
Employer contributions | $ 14,963 | $ 14,648 | $ 49,119 | $ 41,636 |
Minimum contribution rate | 9.10% |
Cash Flow Information (Details)
Cash Flow Information (Details) - USD ($) | 9 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid, net of capitalized interest of $23,609 (2018) and $16,514 (2017) | $ 175,718 | $ 163,022 |
Income taxes paid | 31,994 | |
Capitalized interest | $ 23,609 | $ 16,514 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Accumulated Other Comprehensive Income [Abstract] | ||||
Beginning balance, net of tax effect | $ 545,831 | $ 277,770 | $ 368,476 | $ 264,541 |
Other comprehensive income, net of tax effect: | ||||
Unrealized gain (loss) on available-for-sale securities | (144,250) | 99,910 | 101,932 | 118,785 |
Tax effect | 27,037 | (33,500) | (43,963) | (40,000) |
Unrealized gain (loss) on available-for-sale securities, net of tax effect | (117,213) | 66,410 | 57,969 | 78,785 |
Amounts reclassified from accumulated other comprehensive income, net of tax effect: | ||||
Unrealized (gain) on available-for-sale securities reclassified | (25,400) | (42,195) | (23,420) | (40,841) |
Tax effect | 7,770 | 14,500 | 7,963 | 14,000 |
Amount reclassified, net of tax effect | (17,630) | (27,695) | (15,457) | (26,841) |
Ending balance, net of tax effect | $ 410,988 | $ 316,485 | $ 410,988 | $ 316,485 |
Entry into a Material Definit39
Entry into a Material Definitive Agreement (Details) - Thirty Three Bond Street Llc [Member] | Jun. 16, 2015USD ($) |
Related Party Transaction [Line Items] | |
Deferred revenue | $ 3,500,000 |
Tendered amount with execution of the Amendment | 2,250,000 |
Balance due | $ 1,250,000 |
Contingencies (Details)
Contingencies (Details) - Fishkill, New York Property [Member] - USD ($) | Sep. 14, 2017 | Oct. 31, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Jul. 31, 2016 |
Damages filed | $ 376,467 | ||||
Commitment to replace roof | $ 700,000 | ||||
Charge to operations | $ 141,132 | $ 279,213 | |||
Interest paid | $ 48,116 | ||||
Amount paid total | $ 189,248 |