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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
For the quarterly period ended October 31, 2023 |
or
|
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
For the transition period from __________ to __________ |
Commission File Number 1-3647
J.W. Mays, Inc.
(Exact Name of Registrant as Specified in its Charter)
New York |
|
11-1059070 |
State or Other Jurisdiction of
Incorporation or Organization |
|
I.R.S. Employer Identification No. |
|
|
|
9 Bond Street, Brooklyn, New York |
|
11201 |
Address of Principal Executive Offices |
|
Zip Code |
(718) 624-7400
Registrant’s Telephone Number, Including Area Code
Not Applicable
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report
Indicate by check mark whether the registrant (1)
has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has
submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of
this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x
No o
Indicate by check mark whether the registrant is
a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o |
Accelerated filer o |
Non-accelerated filer o |
Smaller reporting company x |
|
Emerging growth company o |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. o
If securities are registered pursuant to Section 12(b) of the
Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an
error to previously issued financial statements. o
Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court. Yes o No o
Securities registered pursuant to Section 12(b)
of the Act:
Title
of each class |
Trading
Symbol(s) |
Name
of each exchange on which registered |
Common
Stock, $1 par value |
MAYS |
NASDAQ |
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each
of the issuer’s classes of common stock, as of the latest practicable date.
Class |
|
Outstanding at December 7, 2023 |
Common Stock, $1 par value |
|
2,015,780 shares |
This report contains 22 pages.
J. W. MAYS, INC.
INDEX
Part I - Financial Information
Item 1. Financial Statements
J. W. MAYS, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
October 31
2023 |
|
|
July 31
2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
Property and Equipment-at cost: |
|
|
|
|
|
|
|
|
Land |
|
$ |
6,067,805 |
|
|
$ |
6,067,805 |
|
Buildings held for leasing: |
|
|
|
|
|
|
|
|
Buildings, improvements, and fixtures |
|
|
77,845,590 |
|
|
|
77,703,358 |
|
Construction in progress |
|
|
1,937,940 |
|
|
|
1,767,444 |
|
|
|
|
79,783,530 |
|
|
|
79,470,802 |
|
Accumulated depreciation |
|
|
(38,551,464 |
) |
|
|
(38,123,199 |
) |
Buildings - net |
|
|
41,232,066 |
|
|
|
41,347,603 |
|
Property and equipment-net |
|
|
47,299,871 |
|
|
|
47,415,408 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
2,339,016 |
|
|
|
1,215,921 |
|
Restricted cash |
|
|
1,001,814 |
|
|
|
1,001,814 |
|
Receivables, net |
|
|
3,002,810 |
|
|
|
3,044,190 |
|
Marketable securities |
|
|
2,136,874 |
|
|
|
2,300,441 |
|
Prepaids and other assets |
|
|
1,509,042 |
|
|
|
2,773,004 |
|
Deferred charges, net |
|
|
3,283,750 |
|
|
|
3,250,700 |
|
Operating lease right-of-use assets |
|
|
30,407,160 |
|
|
|
30,913,904 |
|
TOTAL ASSETS |
|
$ |
90,980,337 |
|
|
$ |
91,915,382 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
Mortgages payable, net |
|
$ |
4,832,159 |
|
|
$ |
5,144,205 |
|
Accounts payable and accrued expenses |
|
|
1,636,523 |
|
|
|
1,718,435 |
|
Security deposits payable |
|
|
1,005,925 |
|
|
|
1,005,925 |
|
Operating lease liabilities |
|
|
26,218,569 |
|
|
|
26,512,112 |
|
Deferred income taxes |
|
|
4,175,000 |
|
|
|
4,230,000 |
|
Total Liabilities |
|
|
37,868,176 |
|
|
|
38,610,677 |
|
|
|
|
|
|
|
|
|
|
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 |
|
Retained earnings |
|
|
48,875,471 |
|
|
|
49,068,015 |
|
|
|
|
54,400,013 |
|
|
|
54,592,557 |
|
Common stock held in treasury, at cost - 162,517 shares at October 31, 2023 and July 31, 2023 |
|
|
(1,287,852 |
) |
|
|
(1,287,852 |
) |
Total shareholders’ equity |
|
|
53,112,161 |
|
|
|
53,304,705 |
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
|
$ |
90,980,337 |
|
|
$ |
91,915,382 |
|
See Notes to Accompanying Consolidated Financial Statements
J. W. MAYS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
October 31 |
|
|
October 31 |
|
|
|
2023 |
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
Rental income |
|
$ |
5,323,801 |
|
|
$ |
5,769,734 |
|
Total revenues |
|
|
5,323,801 |
|
|
|
5,769,734 |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
Real estate operating expenses |
|
|
3,692,616 |
|
|
|
3,785,421 |
|
Administrative and general expenses |
|
|
1,254,573 |
|
|
|
1,250,231 |
|
Depreciation |
|
|
428,264 |
|
|
|
418,496 |
|
Total expenses |
|
|
5,375,453 |
|
|
|
5,454,148 |
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
|
(51,652 |
) |
|
|
315,586 |
|
|
|
|
|
|
|
|
|
|
Other income and interest expense: |
|
|
|
|
|
|
|
|
Investment income |
|
|
9,245 |
|
|
|
8,797 |
|
Change in fair value of marketable securities |
|
|
(163,567 |
) |
|
|
(187,203 |
) |
Interest expense |
|
|
(41,570 |
) |
|
|
(62,663 |
) |
|
|
|
(195,892 |
) |
|
|
(241,069 |
) |
|
|
|
|
|
|
|
|
|
Income taxes provided (benefit) |
|
|
(55,000 |
) |
|
|
15,000 |
|
Net income (loss) |
|
$ |
(192,544 |
) |
|
$ |
59,517 |
|
|
|
|
|
|
|
|
|
|
Income (loss) per common share, basic and diluted |
|
$ |
(.10 |
) |
|
$ |
.03 |
|
|
|
|
|
|
|
|
|
|
Dividends per share |
|
$ |
– |
|
|
$ |
– |
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding, basic and diluted |
|
|
2,015,780 |
|
|
|
2,015,780 |
|
See Notes to Accompanying Consolidated Financial Statements
J. W. MAYS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Paid In Capital |
|
Common
Stock |
|
|
Additional
Paid In
Capital |
|
|
Retained
Earnings |
|
|
Common
Stock
Held in
Treasury |
|
|
Total |
|
Three Months Ended October 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at July 31, 2023 Common Stock |
|
$ |
2,178,297 |
|
|
$ |
3,346,245 |
|
|
$ |
49,068,015 |
|
|
$ |
(1,287,852 |
) |
|
$ |
53,304,705 |
|
Net loss, three months ended October 31, 2023 |
|
|
- |
|
|
|
- |
|
|
|
(192,544 |
) |
|
|
- |
|
|
|
(192,544) |
|
Balance at October 31, 2023 Retained Earnings |
|
$ |
2,178,297 |
|
|
$ |
3,346,245 |
|
|
$ |
48,875,471 |
|
|
$ |
(1,287,852 |
) |
|
$ |
53,112,161 |
|
Three Months Ended October 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at July 31, 2022 |
|
$ |
2,178,297 |
|
|
$ |
3,346,245 |
|
|
$ |
49,150,979 |
|
|
$ |
(1,287,852 |
) |
|
$ |
53,387,669 |
|
Net income, three months ended October 31, 2022 |
|
|
- |
|
|
|
- |
|
|
|
59,517 |
|
|
|
- |
|
|
|
59,517 |
|
Balance at October 31, 2022 |
|
$ |
2,178,297 |
|
|
$ |
3,346,245 |
|
|
$ |
49,210,496 |
|
|
$ |
(1,287,852 |
) |
|
$ |
53,447,186 |
|
See Notes to Accompanying Consolidated Financial Statements
J. W. MAYS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
October 31 |
|
|
|
2023 |
|
|
2022 |
|
Cash Flows From Operating Activities: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
(192,544 |
) |
|
$ |
59,517 |
|
Common Stock Held in Treasury |
|
|
|
|
|
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Bad debt expense (recoveries) |
|
|
(33,000 |
) |
|
|
(60,000 |
) |
Provision (benefit) for deferred income taxes |
|
|
(55,000 |
) |
|
|
15,000 |
|
Depreciation |
|
|
428,264 |
|
|
|
418,496 |
|
Amortization of deferred charges |
|
|
119,038 |
|
|
|
112,000 |
|
Operating lease expense in excess of cash payments |
|
|
213,201 |
|
|
|
309,111 |
|
Deferred finance costs included in interest expense |
|
|
9,528 |
|
|
|
9,528 |
|
Deferred costs |
|
|
(152,088 |
) |
|
|
- |
|
Net unrealized loss on marketable securities |
|
|
163,567 |
|
|
|
187,203 |
|
Changes in Operating Assets and Liabilities: |
|
|
|
|
|
|
|
|
Receivables |
|
|
74,380 |
|
|
|
365,853 |
|
Prepaid expenses and other assets |
|
|
1,263,962 |
|
|
|
1,201,613 |
|
Accounts payable and accrued expenses |
|
|
(81,912 |
) |
|
|
(65,569 |
) |
Security deposits payable |
|
|
- |
|
|
|
(9,264 |
) |
Cash provided by operating activities |
|
|
1,757,396 |
|
|
|
2,543,488 |
|
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
|
Acquisition of property and equipment |
|
|
(312,727 |
) |
|
|
(648,115 |
) |
Cash (used) in investing activities |
|
|
(312,727 |
) |
|
|
(648,115 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
|
Payments - mortgage and other debt payments |
|
|
(321,574 |
) |
|
|
(307,702 |
) |
Cash (used) in financing activities |
|
|
(321,574 |
) |
|
|
(307,702 |
) |
|
|
|
|
|
|
|
|
|
Increase in cash, cash equivalents and restricted cash |
|
|
1,123,095 |
|
|
|
1,587,671 |
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
2,217,735 |
|
|
|
2,069,897 |
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
3,340,830 |
|
|
$ |
3,657,568 |
|
See Notes to Accompanying Consolidated Financial Statements
J. W. MAYS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. Summary of Significant Accounting Polciies:
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, incremental borrowing rates and recognition
of renewal options for operating lease right-of-use 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, impairment analysis of long-lived
assets, 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 instructions
for reporting on Form 10-Q and Article 8 of Regulations S-X of the SEC Rules and Regulations. The July 31, 2023 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, 2023. 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, 2024 or any other period.
Restricted Cash
Restricted cash primarily consists of cash held in bank accounts for
tenant security deposits and other amounts required under certain loan agreements.
Accounts Receivable
Generally, rent is due from tenants at the beginning of the month in
accordance with terms of each lease. Based upon its periodic assessment of the quality of the receivables, management uses its historical
knowledge of the tenants and industry experience to determine whether a reserve or write-off is required. The Company uses specific identification
to write-off receivables to bad debt expense in the period when issues of collectibility become known. Collectibility issues include late
rent payments, circumstances when a tenant indicates their intention to vacate the property without paying, or when tenant litigation
or bankruptcy proceedings are not expected to result in full payment. Management also assesses collectibility by reviewing accounts receivable
on an aggregate basis where similar characteristics exist. In determining the amount of the allowance for credit losses, the Company considers
past due status and a tenant’s payment history. We also consider current market conditions and reasonable and supportable forecasts
of future economic conditions. Our assessment considers volatility in market conditions and evolving shifts in credit trends that may
have a material impact on our allowance for uncollectible accounts receivables in future periods. The Company’s allowance for uncollectible
receivables is recorded as an offset to receivables. Activity in the allowance for uncollectible receivables for each period follows:
Schedule of allowance for uncollectible receivables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
Uncollectible
Accounts Receivable |
|
|
Bad Debt Expense |
|
|
|
Period Ended |
|
|
Three Months Ended |
|
|
|
October 31 |
|
|
July 31 |
|
|
October 31 |
|
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
Beginning balance |
|
$ |
115,000 |
|
|
$ |
393,000 |
|
|
$ |
— |
|
|
$ |
— |
|
Charge-offs (recoveries) |
|
|
— |
|
|
|
(149,337 |
) |
|
|
(13,000 |
) |
|
|
— |
|
Reserve adjustments |
|
|
(20,000 |
) |
|
|
(128,663 |
) |
|
|
(20,000 |
) |
|
|
(60,000 |
) |
Ending Balance |
|
$ |
95,000 |
|
|
$ |
115,000 |
|
|
$ |
(33,000 |
) |
|
$ |
(60,000 |
) |
Property and Equipment
Property and equipment are stated at cost. Depreciation is calculated
using the straight-line method and the declining-balance method. Amortization of improvements to leased property is calculated over the
life of the lease. Lives used to determine depreciation and amortization are generally as follows:
Schedule of property and equipment depreciation and amortization period |
|
|
|
|
Buildings and improvements |
|
|
18-40 years |
|
Improvements to leased property Improvements to leased property [Member] |
|
|
3-40 years |
|
Fixtures and equipment Fixtures and equipment [Member] |
|
|
7-12 years |
|
Other Other [Member] |
|
|
3-5 years |
|
Maintenance, repairs, renewals and improvements of a non-permanent
nature are charged to expense when incurred. Expenditures for additions and major renewals or improvements are capitalized along with
the associated interest cost during construction. The cost of assets sold or retired, and the accumulated depreciation or amortization
thereon are eliminated from the respective accounts in the year of disposal, and the resulting gain or loss is credited or charged to
income. Capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful
life.
Impairment
The Company reviews property and equipment for possible impairment when certain events or changes in circumstances indicate the carrying amount of the asset may not be recoverable
through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited
to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end
of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the
asset less disposition costs for any assets classified as held for sale. As of October 31, 2023 and July 31, 2023, the Company has determined
there was no impairment of its property and equipment.
Deferred Charges
Deferred charges consist principally of costs incurred in connection
with the leasing of property to tenants. Such costs are amortized over the related lease periods, ranging from 5 to 21 years, using the
straight-line method. If a lease is terminated early, such costs are expensed.
Leases - Lessor Revenue
The Company accounts for revenue in accordance with Accounting Standards
Update (ASU) 2014-09 (Topic 606) Revenue from Contracts with Customers. Rental income is recognized from tenants under executed leases
no later than on an established date or on an earlier date if the tenant should commence conducting business. Unbilled receivables are
included in accounts receivable and 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 the lease. The effect of lease modifications that result in rent relief or other
credits to tenants, including any retroactive effects relating to prior periods, are recognized in the period when the lease modification
is signed. At the time of the lease modification, we assess the realizability of any accrued but unpaid rent and amounts that had been
recognized as revenue in prior periods. As lessor, we have elected to combine the lease components (base rent), non-lease components (reimbursements
of common area maintenance expenses) and reimbursements of real estate taxes and account for the components as a single lease component
in accordance with ASC 842. If the amounts are not determined to be realizable, the accrued but unpaid rent is written off. Accounts receivable
are recognized in accordance with lease agreements at its net realizable value. Rental payments received in advance are deferred until
earned.
In April 2020, the Financial Accounting Standards Board issued a Staff
Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases (“ASC
842”). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19,
which would not require entities to account for these rent concessions as lease modifications under certain conditions. Entities making
the election will continue to recognize rental revenue on a straight-line basis for qualifying concessions. Rent deferrals would result
in an increase to accounts receivable during the deferral period with no impact on rental revenue recognition. The Company elected this
policy during the year ended July 31, 2020. Rent deferrals included in receivables were $20,000 and $50,000 as of October 31, 2023 and
July 31, 2023, respectively.
Leases - Lessee
The Company determines if an arrangement is a lease at inception. With
the adoption of ASC 842, operating leases are included in operating lease right-of-use assets, and operating lease liabilities on the
Company’s balance sheet.
Operating lease right-of-use assets represent the Company’s right
to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments arising
from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value
of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental
borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s
lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise that option.
Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Taxes
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, the effect of the change on prior quarters is included
in tax expense for the current quarter.
The Company had a federal net operating loss carryforward approximating
$9,172,000 as of July 31, 2023 available to offset future taxable income. As of July 31, 2023, the Company had unused net operating loss
carryforwards of approximately $12,420,000 for state and $10,218,000 for city, 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. Beginning with the Company’s tax year ending July 31,
2025, changes in the law required the state capital-based tax will be phased out. New York City taxes will be based on capital for the
foreseeable future. Capital-based franchise taxes are recorded to administrative and general expense. State tax amounts in excess of the
capital-based franchise taxes are recorded to income tax expenses. Due to both the application of the capital-based tax and due to the
possible absence of city taxable income, the Company does not record city deferred taxes.
2. Income
(Loss) Per Share of Common Stock:
Income (loss) per share has been computed by dividing the net income (loss) 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 (loss) per share were 2,015,780
for the three months ended October 31, 2023 and 2022, respectively.
3. Marketable Securities:
The Company’s marketable securities consist of investments in
equity securities. 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 changes in the fair value of these securities are recognized in current period earnings
in accordance with ASC 825.
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 October 31, 2023 and July
31, 2023.
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.
Schedule of provisions of fair value measurements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value measurements at reporting date |
|
Description |
|
October 31,
2023 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
July 31,
2023 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities |
|
$ |
2,136,874 |
|
|
$ |
2,136,874 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,300,441 |
|
|
$ |
2,300,441 |
|
|
$ |
— |
|
|
$ |
— |
|
As of October 31, 2023 and July 31, 2023, the Company's marketable
securities were classified as follows:
Schedule of classified marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31, 2023 |
|
|
July 31, 2023 |
|
|
|
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
Mutual funds |
|
$ |
595,166 |
|
|
$ |
228,089 |
|
|
$ |
– |
|
|
$ |
823,255 |
|
|
$ |
595,166 |
|
|
$ |
301,007 |
|
|
$ |
– |
|
|
$ |
896,173 |
|
Equity securities |
|
|
904,981 |
|
|
|
408,638 |
|
|
|
– |
|
|
|
1,313,619 |
|
|
|
904,981 |
|
|
|
499,287 |
|
|
|
– |
|
|
|
1,404,268 |
|
|
|
$ |
1,500,147 |
|
|
$ |
636,727 |
|
|
$ |
– |
|
|
$ |
2,136,874 |
|
|
$ |
1,500,147 |
|
|
$ |
800,294 |
|
|
$ |
– |
|
|
$ |
2,300,441 |
|
Investment income
consists of the following:
Schedule of investment income |
|
|
|
|
|
|
|
|
| |
Three Months Ended October 31 | |
| |
2023 | | |
2022 | |
Dividend and interest income | |
$ | 9,245 | | |
$ | 8,797 | |
Total | |
$ | 9,245 | | |
$ | 8,797 | |
4. Financial Instruments and Credit Risk Concentrations:
Financial instruments that are potentially subject to concentrations
of credit risk consist principally of marketable securities, restricted cash, cash and cash equivalents, and receivables. Marketable securities,
restricted cash, cash and cash equivalents are placed with multiple financial institutions and instruments to minimize risk. No assurance
can be made that such financial institutions and instruments will minimize all such risk.
Three tenants accounted for approximately 50% and four tenants accounted
for approximately 61% of receivables as of October 31, 2023 and July 31, 2023, respectively. During the three months ended October 31,
2023 and 2022, two tenants accounted for 27% and 30% of total rental revenue, respectively.
5. Long-Term Debt – Mortgages:Long-Term Debt - Mortgages
Schedule of long-term debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Annual
Interest
Rate |
|
|
Final
Payment
Date |
|
October 31,
2023 |
|
|
July 31,
2023 |
|
Bond St. building, Brooklyn, NY (1) |
|
|
4.375 |
% |
|
12/1/2024 |
|
$ |
1,368,979 |
|
|
$ |
1,653,117 |
|
Fishkill building (2) |
|
|
3.98 |
% |
|
4/1/2025 |
|
|
3,508,283 |
|
|
|
3,545,719 |
|
Deferred financing costs |
|
|
|
|
|
|
|
|
(45,103 |
) |
|
|
(54,631 |
) |
Net |
|
|
|
|
|
|
|
$ |
4,832,159 |
|
|
$ |
5,144,205 |
|
6. Operating Leases:
Lessor
The Company leases office and retail space to tenants under operating
leases in commercial buildings. Most rental terms range from approximately 5 to 49 years. The leases provide for the payment of fixed
base rent payable monthly in advance as well as reimbursements of real estate taxes and common area costs. The Company has elected to
account for lease revenues and the reimbursements of common area costs as a single component included as rental income in our consolidated
statements of operations.
The following table disaggregates the Company's revenues by lease and
non-lease components:
Schedule of revenues by lease and non-lease components |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
October 31, |
|
|
|
2023 |
|
|
2022 |
|
Base rent - fixed |
|
$ |
4,921,887 |
|
|
$ |
5,330,541 |
|
Reimbursements of common area costs |
|
|
146,860 |
|
|
|
177,365 |
|
Non-lease components (real estate taxes) |
|
|
255,054 |
|
|
|
261,828 |
|
Rental income |
|
$ |
5,323,801 |
|
|
$ |
5,769,734 |
|
Future minimum non-cancelable rental income for leases with initial
or remaining terms of one year or more is as follows:
Schedule of future minimum non-cancelable rental income |
|
|
|
|
|
|
|
|
|
|
|
|
| |
As of October 31, 2023 | |
Fiscal Year | |
Company Owned Property | | |
Leased Property | | |
Total | |
For the remainder of 2024 | |
$ | 8,752,113 | | |
$ | 4,291,970 | | |
$ | 13,044,083 | |
2025 | |
| 9,157,533 | | |
| 3,957,025 | | |
| 13,114,558 | |
2026 | |
| 8,028,846 | | |
| 3,620,069 | | |
| 11,648,915 | |
2027 | |
| 6,906,617 | | |
| 3,477,284 | | |
| 10,383,901 | |
2028 | |
| 6,069,044 | | |
| 3,431,411 | | |
| 9,500,455 | |
2029 | |
| 5,475,835 | | |
| 2,606,386 | | |
| 8,082,221 | |
After 2029 | |
| 20,359,611 | | |
| 3,114,274 | | |
| 23,473,885 | |
Total | |
$ | 64,749,599 | | |
$ | 24,498,419 | | |
$ | 89,248,018 | |
Lessee
The Company’s real estate operations include leased properties
under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2073, including options to extend
or terminate the lease when it is reasonably certain the Company will exercise that option. Certain leases provide for increases in future
minimum annual rental payments as defined in the lease agreements.
In July 2022, the Company entered into lease agreements with its landlord
for two of its properties as follows:
| 1) | Jamaica Avenue at 169th Street, Jamaica, New York - Giving the Company four five-year option periods
to extend its lease beyond May 31, 2030 for a total of twenty years through May 31, 2050. In April 2023, the Company exercised the
first five-year option period, extending the lease expiration date to May 31, 2035. The effect of the lease extension on the measurement
of operating right-of-use assets, liabilities, and monthly rent expense follows: |
Schedule of operating lease right-of-use assets, liabilities and rent expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jamaica Avenue at 169th Street |
|
|
|
|
Increase in
Operating
Lease Right-
of-Use Asset |
|
|
|
Increase in
Operating
Lease
Liability |
|
|
|
Decrease in
Monthly
Rent
Expense |
|
Remeasurement change resulting from April 2023 lease extension |
|
$ |
1,201,952 |
|
|
$ |
1,201,952 |
|
|
$ |
(30,563 |
) |
As of October 31, 2023, it is not reasonably certain the remaining
three options to extend the lease will be exercised by the Company.
| 2) | 504-506 Fulton Street, Brooklyn, New York – In July, 2022 the lease agreement was modified to
increase monthly lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031.
The effect of the lease modification on the measurement of operating right-of-use assets, liabilities, and monthly rent expense follows: |
Schedule of operating lease right-of-use assets, liabilities and rent expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
504-506 Fulton Street |
|
|
|
|
Increase in
Operating
Lease Right-
of-Use Asset |
|
|
|
Increase in
Operating
Lease
Liability |
|
|
|
Increase in
Monthly
Rent
Expense |
|
Remeasurement change resulting from July 2022 lease modification |
|
$ |
94,412 |
|
|
$ |
94,412 |
|
|
$ |
2,563 |
|
The landlord is Weinstein Enterprises, Inc., an affiliated company
principally owned by the Chairman of the Board of Directors who also principally owns the Company.
Operating lease costs for leased real property was exceeded by sublease
rental income from the Company’s real estate operations as follows:
Schedule of rental expense |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
October 31, |
|
|
|
2023 |
|
|
2022 |
|
Sublease income |
|
$ |
1,824,879 |
|
|
$ |
1,839,075 |
|
Operating lease cost |
|
|
(748,711 |
) |
|
|
(840,400 |
) |
Excess of sublease income over lease cost |
|
$ |
1,076,168 |
|
|
$ |
998,675 |
|
Schedule of additional information related to leases |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
October 31, |
|
|
|
2023 |
|
|
2022 |
|
Other information: |
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
535,510 |
|
|
$ |
531,288 |
|
The following is a maturity analysis of the annual undiscounted cash
flows of the operating lease liabilities as of October 31, 2023:
Schedule of annual undiscounted cash flows of the operating lease liabilities |
|
|
|
|
Period Ended October 31, |
|
Operating
Leases |
|
2024 |
|
$ |
2,154,504 |
|
2025 |
|
|
2,171,538 |
|
2026 |
|
|
2,272,955 |
|
2027 |
|
|
2,333,737 |
|
2028 |
|
|
2,354,249 |
|
Thereafter |
|
|
23,442,909 |
|
Total undiscounted cash flows |
|
|
34,729,892 |
|
Less: present value discount |
|
|
(8,511,323 |
) |
Total Lease Liabilities |
|
$ |
26,218,569 |
|
As of October 31, 2023, our operating leases had a weighted average
remaining lease term of 16.41 years and a weighted average discount rate of 3.71%.
7. Employees' Retirement Plan:Employees' Retirement Plan
The Company sponsors a noncontributory Money Purchase Plan covering
substantially all its non-union employees. Operations were charged $120,251 and $113,500 as contributions to the Plan for the three months
ended October 31, 2023 and 2022, 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 $24,229 and $27,281 for the three months ended October
31, 2023 and 2022, 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 a union sponsored health benefit plan.
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, 2022 |
Certified zone status: |
|
Critical and declining status |
Status determination date: |
|
January 1, 2022 |
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, 2022: |
|
Yes |
Rehabilitation plan implemented: |
|
Yes |
Employer subject to surcharge: |
|
Yes |
Contract expiration date: |
|
November 30, 2025 |
For the plan years 2019 through November 30, 2021, under the pension
fund’s rehabilitation plan, the Company agreed to pay a minimum contribution rate equal to a 9% increase over the prior year total
contribution rate. Effective December 1, 2022 through the contract expiration date of November 30, 2025, the Company’s contribution
rate is 20.16% of each covered employee’s pay. The contract also covers rates of pay, hours of employment and other conditions of
employment for approximately 27% of the Company’s 30 employees. The Company considers that its labor relations with its employees
and union are good.
8. 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 months or less, which are readily convertible into cash. The
following is a reconciliation of the Company’s cash and cash equivalents and restricted cash to the total presented on the consolidated
statement of cash flows:
Schedule of cash and cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
|
|
October 31 |
|
|
|
2023 |
|
|
2022 |
|
Cash and cash equivalents |
|
$ |
2,339,016 |
|
|
$ |
2,608,256 |
|
Restricted cash, tenant security deposits |
|
|
898,791 |
|
|
|
950,430 |
|
Restricted cash, escrow |
|
|
71,763 |
|
|
|
71,742 |
|
Restricted cash, other |
|
|
31,260 |
|
|
|
27,140 |
|
|
|
$ |
3,340,830 |
|
|
$ |
3,657,568 |
|
Amounts in restricted cash primarily consist of cash held in bank accounts
for tenant security deposits, amounts set aside in accordance with certain loan agreements, and security deposits with landlords and utility
companies.
Schedule of supplemental disclosure |
|
|
|
|
|
|
|
|
Supplemental disclosure: |
|
Three Months Ended |
|
|
|
October 31 |
|
|
|
2023 |
|
|
2022 |
|
Cash Flow Information |
|
|
|
|
|
|
Interest paid, net of capitalized interest of $20,463 (2023) and $13,223 (2022) |
|
$ |
42,519 |
|
|
$ |
62,782 |
|
9. Capitalization:
The Company is capitalized entirely through common stock with identical
voting rights and rights to liquidation. Treasury stock is recorded at cost and consists of 162,517 shares at October 31, 2023 and at
July 31, 2023.
10. Related Party Transactions:
The Company has two 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.
Another lease is for premises located at 504-506 Fulton Street, Brooklyn, New York.
In July 2022, the Company entered into lease agreements with Landlord
as follows:
| (1) | Jamaica Avenue at 169th Street, Jamaica, New York - Giving the Company four five-year option periods
to extend its lease beyond May 31, 2030 for a total of twenty years through May 31, 2050. In April 2023, the Company exercised the first
five-year option period, extending the lease expiration date to May 31, 2035. As of October 31, 2023, it is not reasonably certain the
remaining three options to extend the lease will be exercised by the Company. |
| (2) | 504-506 Fulton Street, Brooklyn, New York – Modification of the lease agreement to increase monthly
lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031. |
Rent payments and expense relating to these two operating
leases with Landlord follow:
Schedule of rent payments expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rent Payments
Three Months Ended
October 31 |
|
|
Rent Expense
Three Months Ended
October 31 |
|
Property |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Jamaica Avenue at 169th Street |
|
$ |
156,249 |
|
|
$ |
156,249 |
|
|
$ |
287,671 |
|
|
$ |
379,359 |
|
504-506 Fulton Street |
|
|
90,564 |
|
|
|
90,564 |
|
|
|
95,299 |
|
|
|
95,299 |
|
Total |
|
$ |
246,813 |
|
|
$ |
246,813 |
|
|
$ |
382,970 |
|
|
$ |
474,658 |
|
The following summarizes assets and liabilities related to
these two leases:
Schedule of assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Lease |
|
|
|
|
|
Liabilities [Member] |
|
Right-Of-Use
Assets |
|
|
Liabilities |
|
|
|
|
Property |
|
October 31
2023 |
|
|
July 31
2023 |
|
|
October 31
2023 |
|
|
July 31
2023 |
|
|
Expiration Date |
|
Jamaica Avenue at 169th Street |
|
$ |
11,224,863 |
|
|
$ |
11,430,657 |
|
|
$ |
5,135,714 |
|
|
$ |
5,210,087 |
|
|
|
May 31, 2035 |
|
504-506 Fulton Street |
|
|
2,366,706 |
|
|
|
2,431,554 |
|
|
|
2,496,310 |
|
|
|
2,556,421 |
|
|
|
April 30, 2031 |
|
Total |
|
$ |
13,591,569 |
|
|
$ |
13,862,211 |
|
|
$ |
7,632,024 |
|
|
$ |
7,766,508 |
|
|
|
|
|
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.
11. Contingencies:
There are various 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 has not been determined at this time.
Item 2.
J. W. MAYS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management’s Discussion and Analysis of Financial Condition and
Results of Operations should be read in conjunction with our financial statements and related notes thereto contained in this report.
In this discussion, the words “Company”, “we”, “our” and “us” refer to J.W. Mays, Inc.,
and subsidiaries.
Forward Looking Statements:
The following can be interpreted as including forward looking statements
under the Private Securities Litigation Reform Act of 1995. The words “outlook” “intend”, “plans”,
“efforts”, “anticipates”, “believes”, “expects” or words of similar import typically identify
such statements. Various important factors that could cause actual results to differ materially from those expressed in the forward-looking
statements are identified under the heading “Cautionary Statement Regarding Forward-Looking Statements” below. Our actual
results may vary significantly from the results contemplated by these forward-looking statements based on a number of factors including,
but not limited to, availability of labor, marketing success, competitive conditions, and the change in economic conditions of the various
markets we serve.
Critical Accounting Policies and Estimates:
Critical accounting policies are defined as those most important to
the portrayal of a company’s financial condition and results and require the most difficult, subjective, or complex judgments. The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
us to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the financial statements,
the reported amount of revenues, and expenses during the reporting period and related disclosure of contingent assets and liabilities.
We believe the critical accounting policies in Note 1 affect our more significant judgments and estimates used in the preparation of our
financial statements. Estimates are based on historical experience, where applicable or other assumptions that management believes are
reasonable under the circumstances. We have identified the policies described below as our critical accounting policies. Actual results
may differ from these estimates under different assumptions and conditions. Recently adopted accounting standards are also disclosed in
Note 1.
Results of Operations:
In the three months ended October 31, 2023, the Company reported net
loss of $(192,544), or $(.10) per share. In the comparable three months ended October 31, 2022, the Company reported net income of $59,517,
or $.03 per share. The change in the 2023 three months was primarily due to a decrease in revenues; partially offset by decreases in real
estate operating costs, and interest expense and investment losses.
Revenues in the current three months decreased to $5,323,801 from $5,769,734 in
the comparable 2022 three months primarily due to the loss of a tenant who agreed to terminate their lease effective March 31, 2023;
combined with a decrease in rent revenue from a seasonal tenant occupying less space.
Real estate operating expenses in the current three months decreased
to $3,692,616 from $3,785,421 in the comparable 2022 three months primarily due to a decrease in rent expense for the Jamaica, New York
lease and payroll costs; partially offset by increases in real estate taxes and building maintenance costs.
Administrative and general expenses in the current three months of
$1,254,573 approximated $1,250,231 in the comparable 2022 three months.
Depreciation expense in the current three months of $428,264 approximated
$418,496 in the comparable 2022 three months.
Interest expense and investment losses in the current three months
aggregated $(195,892) compared to $(241,069) in the comparable 2022 three months, primarily due to changes in the fair value of marketable
securities combined with a decrease in interest expense.
Liquidity and Capital Resources:
In August 2023, a tenant who occupies 22,045 square feet at the Company’s
Jamaica, New York premises renewed its lease for another five-year term through June 30, 2028. Brokerage commissions were $128,021.
In September 2023, the Company leased approximately 25,000 square feet
at the Company’s Fishkill, New York building for use as storage space for four months expiring December 31, 2023. Total rent of
$162,363 was prepaid at lease commencement and is being amortized as revenue over the entire term of the lease.
In September 2023, a tenant extended its leases for one year through
September 30, 2024 as follows:
| (1) | 25,423 square feet at the Company’s
9 Bond Street Building in Brooklyn, New York. |
| (2) | 38,109 square feet at the Company’s
Jamaica, New York property. |
Cash Flows From Operating Activities:
Accounts Payable and Accrued Expenses: The Company had a balance due
on October 31, 2023 for brokerage commissions of $233,715.
Cash Flows From Investing Activities:
During the three months ended October 31, 2023, the Company had expenditures
at its Fishkill, New York building of:
| (1) | $99,130 for a store front which was completed in August 2023. |
| (2) | $17,646 for elevators. |
During the three months ended October 31, 2023,
the Company also had expenditures of $56,650 for facade restoration at its 9 Bond Street building in Brooklyn, New York and $139,301 for
tenant improvements at the Company’s Jamaica, New York premises.
Related Party Transactions:
The Company has two 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.
Another lease is for premises located at 504-506 Fulton Street, Brooklyn, New York.
In July 2022, the Company entered into lease agreements with Landlord
as follows:
| (3) | Jamaica Avenue at 169th Street, Jamaica, New York - Giving the Company four five-year option periods
to extend its lease beyond May 31, 2030 for a total of twenty years through May 31, 2050. In April 2023, the Company exercised the first
five-year option period, extending the lease expiration date to May 31, 2035. As of October 31, 2023, it is not reasonably certain the
remaining three options to extend the lease will be exercised by the Company. |
| (4) | 504-506 Fulton Street, Brooklyn, New York – Modification of the lease agreement to increase monthly
lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031. |
Rent payments and expense relating to these two operating
leases with Landlord follow:
|
|
Rent Payments
Three Months Ended
October 31 |
|
|
Rent Expense
Three Months Ended
October 31 |
|
Property |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Jamaica Avenue at 169th Street |
|
$ |
156,249 |
|
|
$ |
156,249 |
|
|
$ |
287,671 |
|
|
$ |
379,359 |
|
504-506 Fulton Street |
|
|
90,564 |
|
|
|
90,564 |
|
|
|
95,299 |
|
|
|
95,299 |
|
Total |
|
$ |
246,813 |
|
|
$ |
246,813 |
|
|
$ |
382,970 |
|
|
$ |
474,658 |
|
The following summarizes assets and liabilities related to
these two leases:
|
|
Operating Lease |
|
|
|
|
|
|
Right-Of-Use
Assets |
|
|
Liabilities |
|
|
|
|
Property |
|
October 31
2023 |
|
|
July 31
2023 |
|
|
October 31
2023 |
|
|
July 31
2023 |
|
|
Expiration Date |
|
Jamaica Avenue at 169th Street |
|
$ |
11,224,863 |
|
|
$ |
11,430,657 |
|
|
$ |
5,135,714 |
|
|
$ |
5,210,087 |
|
|
|
May 31, 2035 |
|
504-506 Fulton Street |
|
|
2,366,706 |
|
|
|
2,431,554 |
|
|
|
2,496,310 |
|
|
|
2,556,421 |
|
|
|
April 30, 2031 |
|
Total |
|
$ |
13,591,569 |
|
|
$ |
13,862,211 |
|
|
$ |
7,632,024 |
|
|
$ |
7,766,508 |
|
|
|
|
|
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.
Cautionary Statement Regarding Forward-Looking Statements:
This section, Management’s Discussion and Analysis of Financial
Condition and Results of Operations, other sections of this Report on Form 10-Q and other reports and verbal statements made by our representatives
from time to time may contain forward-looking statements that are based on our assumptions, expectations and projections about us and
the real estate industry. These include statements regarding our expectations about revenues, our liquidity, our expenses, and our continued
growth, among others. Such forward-looking statements by their nature involve a degree of risk and uncertainty. We caution that a variety
of factors, including but not limited to the factors listed below, could cause business conditions and our results to differ materially
from what is contained in forward-looking statements:
| • | changes in the rate of economic growth, or inflation, in the United States; |
| • | the ability to obtain credit from financial institutions and the related costs; |
| • | changes in the financial condition of our customers; |
| • | changes in regulatory environment; |
| • | changes in our estimates of costs; |
| • | war, terrorist attacks, or civil unrest effecting facilities where services are or may be provided; |
| • | outcomes of pending and future litigation; |
| • | increasing competition by other companies; |
| • | compliance with our loan covenants; |
| • | recoverability of claims against our customers and others by us and claims by third parties against
us; |
| • | changes in estimates used in our critical accounting policies; and |
| • | pandemics, such as COVID-19, and the related trends of office versus remote work practices. |
Other factors and assumptions not identified above were also involved
in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors,
may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and
are generally beyond our control. You should consider the areas of risk described above in connection with any forward-looking statements
that may be made by us.
We undertake no obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise. You are advised, however, to review any additional disclosures we
make in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and any Form 8-K reports filed with the United States
Securities and Exchange Commission.
Item 3. Quantitative and Qualitative Disclosures About Market Risk:
The Company uses fixed-rate debt to finance its capital requirements.
These transactions do not expose the Company to market risk related to changes in interest rates. The Company does not use derivative
financial instruments. On October 31, 2023, the Company had fixed-rate debt of $4,877,262.
Item 4. Controls and Procedures:
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer
and Chief Financial Officer, has evaluated the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e)
of the Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end of the period covered by this report. Based on
that evaluation, the Chief Executive Officer and Chief Financial Officer concluded, as of the end of the period covered by this quarterly
report, our disclosure controls and procedures were effective and provide reasonable assurance that the information required to be disclosed
in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported accurately and within the time
periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our Chief Executive
Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control over financial reporting
during the period covered by this report that have materially affected, or are likely to materially affect, our internal control over
financial reporting.
Part II - Other Information
Item 1. Legal Proceedings
From time to time, we are involved in legal actions arising
in the ordinary course of business. In our opinion, the outcome of such matters in the aggregate will not have a material adverse effect
on our financial condition, results of operations or cash flows. See also Note 11 to the Company’s Consolidated Financial Statements.
Item 1A. Risk Factors
There have been no changes to our risk factors from those
disclosed in our Annual Report on Form 10-K for our fiscal year ended July 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use
of Proceeds, and issuer Purchases of Equity Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Mine Safety Disclosures
Not applicable
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) List of Exhibits:
| (b) | Report on Form 8-K – Two reports on Form 8-K were filed by the registrant for the period ended
October 31, 2023. |
Items reported:
The Company reported its financial results for the three and
twelve months ended July 31, 2023.
Date of report filed – October 19, 2023.
The Company reported departure of a certain officer.
Date of report filed – October 5, 2023.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
J.W. MAYS, Inc. |
|
|
(Registrant) |
|
Date: |
December 7, 2023 |
|
Lloyd J. Shulman |
|
|
Lloyd J. Shulman |
|
|
Chairman of the Board, |
|
|
Chief Executive Officer and President |
|
Date: |
December 7, 2023 |
|
Mark S. Greenblatt |
|
|
Mark S. Greenblatt |
|
|
Vice President, |
|
|
Chief Financial Officer and Treasurer, |
|
|
Director |
EXHIBIT 31.1
CERTIFICATION
I, Lloyd J. Shulman, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of J.W. Mays,
Inc.;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;
(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally
accepted in the United States of America;
(c) Evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal
control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth
fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s
internal control over financial reporting;
5. The registrant’s other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee
of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability
to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: December 7, 2023
|
/s/ Lloyd J. Shulman |
|
Lloyd J. Shulman
Chairman of the Board,
Chief Executive Officer
and President |
EXHIBIT 31.2
CERTIFICATION
I, Mark S. Greenblatt, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of J.W. Mays,
Inc.;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;
(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally
accepted in the United States of America;
(c) Evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal
control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth
fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s
internal control over financial reporting;
5. The registrant’s other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee
of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability
to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: December 7, 2023
|
/s/ Mark S. Greenblatt |
|
Mark S. Greenblatt
Vice President,
Chief Financial Officer
and Treasurer, Director |
EXHIBIT 32
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of J.W.
Mays, Inc. (the “Company”) on Form 10-Q for the period ended October 31, 2023 as filed with the United States Securities and
Exchange Commission (the “Report”), we, Lloyd J. Shulman and Mark S. Greenblatt, Chief Executive Officer and Chief Financial
Officer, respectively, of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that to our knowledge:
(1) The Report fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly
presents, in all material respects, the financial condition and results of operations of the Company.
Date: December 7, 2023
|
/s/ Lloyd J. Shulman |
|
Lloyd J. Shulman
Chairman of the Board,
Chief Executive Officer
and President |
|
|
|
/s/ Mark S. Greenblatt |
|
Mark S. Greenblatt
Vice President,
Chief Financial Officer
and Treasurer, Director |
A signed original of this written statement required by Section 906
has been provided to J.W. Mays, Inc. and will be retained by J.W. Mays, Inc. and furnished to the United States Securities and Exchange
Commission or its staff upon request.
v3.23.3
Cover - shares
|
3 Months Ended |
|
Oct. 31, 2023 |
Dec. 07, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Oct. 31, 2023
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--07-31
|
|
Entity File Number |
1-3647
|
|
Entity Registrant Name |
MAYS J W INC
|
|
Entity Central Index Key |
0000054187
|
|
Entity Tax Identification Number |
11-1059070
|
|
Entity Incorporation, State or Country Code |
NY
|
|
Entity Address, Address Line One |
9 Bond Street
|
|
Entity Address, City or Town |
Brooklyn
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
11201
|
|
City Area Code |
718
|
|
Local Phone Number |
624-7400
|
|
Title of 12(b) Security |
Common
Stock, $1 par value
|
|
Trading Symbol |
MAYS
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
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|
|
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|
|
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v3.23.3
Consolidated Balance Sheets (Unaudited) - USD ($)
|
Oct. 31, 2023 |
Jul. 31, 2023 |
Property and Equipment-at cost: |
|
|
Land |
$ 6,067,805
|
$ 6,067,805
|
Buildings held for leasing: |
|
|
Buildings, improvements, and fixtures |
77,845,590
|
77,703,358
|
Construction in progress |
1,937,940
|
1,767,444
|
Property, Plant and Equipment, Gross |
79,783,530
|
79,470,802
|
Accumulated depreciation |
(38,551,464)
|
(38,123,199)
|
Buildings - net |
41,232,066
|
41,347,603
|
Property and equipment-net |
47,299,871
|
47,415,408
|
Cash and cash equivalents |
2,339,016
|
1,215,921
|
Restricted cash |
1,001,814
|
1,001,814
|
Receivables, net |
3,002,810
|
3,044,190
|
Marketable securities |
2,136,874
|
2,300,441
|
Prepaids and other assets |
1,509,042
|
2,773,004
|
Deferred charges, net |
3,283,750
|
3,250,700
|
Operating lease right-of-use assets |
30,407,160
|
30,913,904
|
TOTAL ASSETS |
90,980,337
|
91,915,382
|
Liabilities: |
|
|
Mortgages payable, net |
4,832,159
|
5,144,205
|
Accounts payable and accrued expenses |
1,636,523
|
1,718,435
|
Security deposits payable |
1,005,925
|
1,005,925
|
Operating lease liabilities |
26,218,569
|
26,512,112
|
Deferred income taxes |
4,175,000
|
4,230,000
|
Total Liabilities |
37,868,176
|
38,610,677
|
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
|
Retained earnings |
48,875,471
|
49,068,015
|
Stockholders' Equity before Treasury Stock |
54,400,013
|
54,592,557
|
Common stock held in treasury, at cost - 162,517 shares at October 31, 2023 and July 31, 2023 |
(1,287,852)
|
(1,287,852)
|
Total shareholders’ equity |
53,112,161
|
53,304,705
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ 90,980,337
|
$ 91,915,382
|
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v3.23.3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Oct. 31, 2023 |
Jul. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
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
|
Common stock held in treasury, at cost |
162,517
|
162,517
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Revenues |
|
|
Rental income |
$ 5,323,801
|
$ 5,769,734
|
Total revenues |
5,323,801
|
5,769,734
|
Expenses |
|
|
Real estate operating expenses |
3,692,616
|
3,785,421
|
Administrative and general expenses |
1,254,573
|
1,250,231
|
Depreciation |
428,264
|
418,496
|
Total expenses |
5,375,453
|
5,454,148
|
Income (loss) from operations |
(51,652)
|
315,586
|
Other income and interest expense: |
|
|
Investment income |
9,245
|
8,797
|
Change in fair value of marketable securities |
(163,567)
|
(187,203)
|
Interest expense |
(41,570)
|
(62,663)
|
Total investment income and interest expense |
(195,892)
|
(241,069)
|
Income (loss) from operations before income taxes |
(247,544)
|
74,517
|
Income taxes provided (benefit) |
(55,000)
|
15,000
|
Net income (loss) |
$ (192,544)
|
$ 59,517
|
Income (loss) per common share, basic |
$ (0.10)
|
$ 0.03
|
Dividends per share |
|
|
Average common shares outstanding, basic |
2,015,780
|
2,015,780
|
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v3.23.3
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
|
Common Stock |
Additional Paid In Capital |
Retained Earnings |
Common Stock Held in Treasury |
Total |
Beginning balance, value at Jul. 31, 2022 |
$ 2,178,297
|
$ 3,346,245
|
$ 49,150,979
|
$ (1,287,852)
|
$ 53,387,669
|
Net income (loss) |
|
|
59,517
|
|
59,517
|
Ending balance, value at Oct. 31, 2022 |
2,178,297
|
3,346,245
|
49,210,496
|
(1,287,852)
|
53,447,186
|
Beginning balance, value at Jul. 31, 2023 |
2,178,297
|
3,346,245
|
49,068,015
|
(1,287,852)
|
53,304,705
|
Net income (loss) |
|
|
(192,544)
|
|
(192,544)
|
Ending balance, value at Oct. 31, 2023 |
$ 2,178,297
|
$ 3,346,245
|
$ 48,875,471
|
$ (1,287,852)
|
$ 53,112,161
|
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- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Cash Flows From Operating Activities: |
|
|
Net income (loss) |
$ (192,544)
|
$ 59,517
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
Bad debt expense (recoveries) |
(33,000)
|
(60,000)
|
Provision (benefit) for deferred income taxes |
(55,000)
|
15,000
|
Depreciation |
428,264
|
418,496
|
Amortization of deferred charges |
119,038
|
112,000
|
Operating lease expense in excess of cash payments |
213,201
|
309,111
|
Deferred finance costs included in interest expense |
9,528
|
9,528
|
Deferred costs |
(152,088)
|
|
Net unrealized loss on marketable securities |
163,567
|
187,203
|
Changes in Operating Assets and Liabilities: |
|
|
Receivables |
74,380
|
365,853
|
Prepaid expenses and other assets |
1,263,962
|
1,201,613
|
Accounts payable and accrued expenses |
(81,912)
|
(65,569)
|
Security deposits payable |
|
(9,264)
|
Cash provided by operating activities |
1,757,396
|
2,543,488
|
Cash Flows From Investing Activities: |
|
|
Acquisition of property and equipment |
(312,727)
|
(648,115)
|
Cash (used) in investing activities |
(312,727)
|
(648,115)
|
Cash Flows From Financing Activities: |
|
|
Payments - mortgage and other debt payments |
(321,574)
|
(307,702)
|
Cash (used) in financing activities |
(321,574)
|
(307,702)
|
Increase in cash, cash equivalents and restricted cash |
1,123,095
|
1,587,671
|
Cash, cash equivalents and restricted cash at beginning of period |
2,217,735
|
2,069,897
|
Cash, cash equivalents and restricted cash at end of period |
$ 3,340,830
|
$ 3,657,568
|
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v3.23.3
Summary of Significant Accounting Polciies
|
3 Months Ended |
Oct. 31, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Polciies |
1. Summary of Significant Accounting Polciies:
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, incremental borrowing rates and recognition
of renewal options for operating lease right-of-use 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, impairment analysis of long-lived
assets, 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 instructions
for reporting on Form 10-Q and Article 8 of Regulations S-X of the SEC Rules and Regulations. The July 31, 2023 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, 2023. 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, 2024 or any other period.
Restricted Cash
Restricted cash primarily consists of cash held in bank accounts for
tenant security deposits and other amounts required under certain loan agreements.
Accounts Receivable
Generally, rent is due from tenants at the beginning of the month in
accordance with terms of each lease. Based upon its periodic assessment of the quality of the receivables, management uses its historical
knowledge of the tenants and industry experience to determine whether a reserve or write-off is required. The Company uses specific identification
to write-off receivables to bad debt expense in the period when issues of collectibility become known. Collectibility issues include late
rent payments, circumstances when a tenant indicates their intention to vacate the property without paying, or when tenant litigation
or bankruptcy proceedings are not expected to result in full payment. Management also assesses collectibility by reviewing accounts receivable
on an aggregate basis where similar characteristics exist. In determining the amount of the allowance for credit losses, the Company considers
past due status and a tenant’s payment history. We also consider current market conditions and reasonable and supportable forecasts
of future economic conditions. Our assessment considers volatility in market conditions and evolving shifts in credit trends that may
have a material impact on our allowance for uncollectible accounts receivables in future periods. The Company’s allowance for uncollectible
receivables is recorded as an offset to receivables. Activity in the allowance for uncollectible receivables for each period follows:
Schedule of allowance for uncollectible receivables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
Uncollectible
Accounts Receivable |
|
|
Bad Debt Expense |
|
|
|
Period Ended |
|
|
Three Months Ended |
|
|
|
October 31 |
|
|
July 31 |
|
|
October 31 |
|
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
Beginning balance |
|
$ |
115,000 |
|
|
$ |
393,000 |
|
|
$ |
— |
|
|
$ |
— |
|
Charge-offs (recoveries) |
|
|
— |
|
|
|
(149,337 |
) |
|
|
(13,000 |
) |
|
|
— |
|
Reserve adjustments |
|
|
(20,000 |
) |
|
|
(128,663 |
) |
|
|
(20,000 |
) |
|
|
(60,000 |
) |
Ending Balance |
|
$ |
95,000 |
|
|
$ |
115,000 |
|
|
$ |
(33,000 |
) |
|
$ |
(60,000 |
) |
Property and Equipment
Property and equipment are stated at cost. Depreciation is calculated
using the straight-line method and the declining-balance method. Amortization of improvements to leased property is calculated over the
life of the lease. Lives used to determine depreciation and amortization are generally as follows:
Schedule of property and equipment depreciation and amortization period |
|
|
|
|
Buildings and improvements |
|
|
18-40 years |
|
Improvements to leased property Improvements to leased property [Member] |
|
|
3-40 years |
|
Fixtures and equipment Fixtures and equipment [Member] |
|
|
7-12 years |
|
Other Other [Member] |
|
|
3-5 years |
|
Maintenance, repairs, renewals and improvements of a non-permanent
nature are charged to expense when incurred. Expenditures for additions and major renewals or improvements are capitalized along with
the associated interest cost during construction. The cost of assets sold or retired, and the accumulated depreciation or amortization
thereon are eliminated from the respective accounts in the year of disposal, and the resulting gain or loss is credited or charged to
income. Capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful
life.
Impairment
The Company reviews property and equipment for possible impairment when certain events or changes in circumstances indicate the carrying amount of the asset may not be recoverable
through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited
to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end
of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the
asset less disposition costs for any assets classified as held for sale. As of October 31, 2023 and July 31, 2023, the Company has determined
there was no impairment of its property and equipment.
Deferred Charges
Deferred charges consist principally of costs incurred in connection
with the leasing of property to tenants. Such costs are amortized over the related lease periods, ranging from 5 to 21 years, using the
straight-line method. If a lease is terminated early, such costs are expensed.
Leases - Lessor Revenue
The Company accounts for revenue in accordance with Accounting Standards
Update (ASU) 2014-09 (Topic 606) Revenue from Contracts with Customers. Rental income is recognized from tenants under executed leases
no later than on an established date or on an earlier date if the tenant should commence conducting business. Unbilled receivables are
included in accounts receivable and 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 the lease. The effect of lease modifications that result in rent relief or other
credits to tenants, including any retroactive effects relating to prior periods, are recognized in the period when the lease modification
is signed. At the time of the lease modification, we assess the realizability of any accrued but unpaid rent and amounts that had been
recognized as revenue in prior periods. As lessor, we have elected to combine the lease components (base rent), non-lease components (reimbursements
of common area maintenance expenses) and reimbursements of real estate taxes and account for the components as a single lease component
in accordance with ASC 842. If the amounts are not determined to be realizable, the accrued but unpaid rent is written off. Accounts receivable
are recognized in accordance with lease agreements at its net realizable value. Rental payments received in advance are deferred until
earned.
In April 2020, the Financial Accounting Standards Board issued a Staff
Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases (“ASC
842”). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19,
which would not require entities to account for these rent concessions as lease modifications under certain conditions. Entities making
the election will continue to recognize rental revenue on a straight-line basis for qualifying concessions. Rent deferrals would result
in an increase to accounts receivable during the deferral period with no impact on rental revenue recognition. The Company elected this
policy during the year ended July 31, 2020. Rent deferrals included in receivables were $20,000 and $50,000 as of October 31, 2023 and
July 31, 2023, respectively.
Leases - Lessee
The Company determines if an arrangement is a lease at inception. With
the adoption of ASC 842, operating leases are included in operating lease right-of-use assets, and operating lease liabilities on the
Company’s balance sheet.
Operating lease right-of-use assets represent the Company’s right
to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments arising
from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value
of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental
borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s
lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise that option.
Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Taxes
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, the effect of the change on prior quarters is included
in tax expense for the current quarter.
The Company had a federal net operating loss carryforward approximating
$9,172,000 as of July 31, 2023 available to offset future taxable income. As of July 31, 2023, the Company had unused net operating loss
carryforwards of approximately $12,420,000 for state and $10,218,000 for city, 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. Beginning with the Company’s tax year ending July 31,
2025, changes in the law required the state capital-based tax will be phased out. New York City taxes will be based on capital for the
foreseeable future. Capital-based franchise taxes are recorded to administrative and general expense. State tax amounts in excess of the
capital-based franchise taxes are recorded to income tax expenses. Due to both the application of the capital-based tax and due to the
possible absence of city taxable income, the Company does not record city deferred taxes.
|
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.3
Income (Loss) Per Share of Common Stock
|
3 Months Ended |
Oct. 31, 2023 |
Earnings Per Share [Abstract] |
|
Income (Loss) Per Share of Common Stock |
2. Income
(Loss) Per Share of Common Stock:
Income (loss) per share has been computed by dividing the net income (loss) 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 (loss) per share were 2,015,780
for the three months ended October 31, 2023 and 2022, respectively.
|
X |
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- DefinitionThe entire disclosure for earnings per share.
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v3.23.3
Marketable Securities
|
3 Months Ended |
Oct. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] |
|
Marketable Securities |
3. Marketable Securities:
The Company’s marketable securities consist of investments in
equity securities. 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 changes in the fair value of these securities are recognized in current period earnings
in accordance with ASC 825.
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 October 31, 2023 and July
31, 2023.
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.
Schedule of provisions of fair value measurements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value measurements at reporting date |
|
Description |
|
October 31,
2023 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
July 31,
2023 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities |
|
$ |
2,136,874 |
|
|
$ |
2,136,874 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,300,441 |
|
|
$ |
2,300,441 |
|
|
$ |
— |
|
|
$ |
— |
|
As of October 31, 2023 and July 31, 2023, the Company's marketable
securities were classified as follows:
Schedule of classified marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31, 2023 |
|
|
July 31, 2023 |
|
|
|
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
Mutual funds |
|
$ |
595,166 |
|
|
$ |
228,089 |
|
|
$ |
– |
|
|
$ |
823,255 |
|
|
$ |
595,166 |
|
|
$ |
301,007 |
|
|
$ |
– |
|
|
$ |
896,173 |
|
Equity securities |
|
|
904,981 |
|
|
|
408,638 |
|
|
|
– |
|
|
|
1,313,619 |
|
|
|
904,981 |
|
|
|
499,287 |
|
|
|
– |
|
|
|
1,404,268 |
|
|
|
$ |
1,500,147 |
|
|
$ |
636,727 |
|
|
$ |
– |
|
|
$ |
2,136,874 |
|
|
$ |
1,500,147 |
|
|
$ |
800,294 |
|
|
$ |
– |
|
|
$ |
2,300,441 |
|
Investment income
consists of the following:
Schedule of investment income |
|
|
|
|
|
|
|
|
| |
Three Months Ended October 31 | |
| |
2023 | | |
2022 | |
Dividend and interest income | |
$ | 9,245 | | |
$ | 8,797 | |
Total | |
$ | 9,245 | | |
$ | 8,797 | |
|
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- DefinitionThe entire disclosure for investments in certain debt and equity securities.
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v3.23.3
Financial Instruments and Credit Risk Concentrations
|
3 Months Ended |
Oct. 31, 2023 |
Investments, All Other Investments [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, restricted cash, cash and cash equivalents, and receivables. Marketable securities,
restricted cash, cash and cash equivalents are placed with multiple financial institutions and instruments to minimize risk. No assurance
can be made that such financial institutions and instruments will minimize all such risk.
Three tenants accounted for approximately 50% and four tenants accounted
for approximately 61% of receivables as of October 31, 2023 and July 31, 2023, respectively. During the three months ended October 31,
2023 and 2022, two tenants accounted for 27% and 30% of total rental revenue, respectively.
|
X |
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v3.23.3
Long-Term Debt - Mortgages
|
3 Months Ended |
Oct. 31, 2023 |
Debt Disclosure [Abstract] |
|
Long-Term Debt - Mortgages |
5. Long-Term Debt – Mortgages:Long-Term Debt - Mortgages
Schedule of long-term debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Annual
Interest
Rate |
|
|
Final
Payment
Date |
|
October 31,
2023 |
|
|
July 31,
2023 |
|
Bond St. building, Brooklyn, NY (1) |
|
|
4.375 |
% |
|
12/1/2024 |
|
$ |
1,368,979 |
|
|
$ |
1,653,117 |
|
Fishkill building (2) |
|
|
3.98 |
% |
|
4/1/2025 |
|
|
3,508,283 |
|
|
|
3,545,719 |
|
Deferred financing costs |
|
|
|
|
|
|
|
|
(45,103 |
) |
|
|
(54,631 |
) |
Net |
|
|
|
|
|
|
|
$ |
4,832,159 |
|
|
$ |
5,144,205 |
|
| (1) | In November 2019, the Company refinanced the remaining balance of a $6,000,000, 3.54% interest rate
loan with another bank for $5,255,920 plus an additional $144,080 for a total of $5,400,000. The interest rate on the new loan is fixed
at 4.375%. The loan is self-liquidating over a period of five years and secured by the Nine Bond Street land and building in Brooklyn,
New York. |
| (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. |
|
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v3.23.3
Operating Leases
|
3 Months Ended |
Oct. 31, 2023 |
Operating Leases |
|
Operating Leases |
6. Operating Leases:
Lessor
The Company leases office and retail space to tenants under operating
leases in commercial buildings. Most rental terms range from approximately 5 to 49 years. The leases provide for the payment of fixed
base rent payable monthly in advance as well as reimbursements of real estate taxes and common area costs. The Company has elected to
account for lease revenues and the reimbursements of common area costs as a single component included as rental income in our consolidated
statements of operations.
The following table disaggregates the Company's revenues by lease and
non-lease components:
Schedule of revenues by lease and non-lease components |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
October 31, |
|
|
|
2023 |
|
|
2022 |
|
Base rent - fixed |
|
$ |
4,921,887 |
|
|
$ |
5,330,541 |
|
Reimbursements of common area costs |
|
|
146,860 |
|
|
|
177,365 |
|
Non-lease components (real estate taxes) |
|
|
255,054 |
|
|
|
261,828 |
|
Rental income |
|
$ |
5,323,801 |
|
|
$ |
5,769,734 |
|
Future minimum non-cancelable rental income for leases with initial
or remaining terms of one year or more is as follows:
Schedule of future minimum non-cancelable rental income |
|
|
|
|
|
|
|
|
|
|
|
|
| |
As of October 31, 2023 | |
Fiscal Year | |
Company Owned Property | | |
Leased Property | | |
Total | |
For the remainder of 2024 | |
$ | 8,752,113 | | |
$ | 4,291,970 | | |
$ | 13,044,083 | |
2025 | |
| 9,157,533 | | |
| 3,957,025 | | |
| 13,114,558 | |
2026 | |
| 8,028,846 | | |
| 3,620,069 | | |
| 11,648,915 | |
2027 | |
| 6,906,617 | | |
| 3,477,284 | | |
| 10,383,901 | |
2028 | |
| 6,069,044 | | |
| 3,431,411 | | |
| 9,500,455 | |
2029 | |
| 5,475,835 | | |
| 2,606,386 | | |
| 8,082,221 | |
After 2029 | |
| 20,359,611 | | |
| 3,114,274 | | |
| 23,473,885 | |
Total | |
$ | 64,749,599 | | |
$ | 24,498,419 | | |
$ | 89,248,018 | |
Lessee
The Company’s real estate operations include leased properties
under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2073, including options to extend
or terminate the lease when it is reasonably certain the Company will exercise that option. Certain leases provide for increases in future
minimum annual rental payments as defined in the lease agreements.
In July 2022, the Company entered into lease agreements with its landlord
for two of its properties as follows:
| 1) | Jamaica Avenue at 169th Street, Jamaica, New York - Giving the Company four five-year option periods
to extend its lease beyond May 31, 2030 for a total of twenty years through May 31, 2050. In April 2023, the Company exercised the
first five-year option period, extending the lease expiration date to May 31, 2035. The effect of the lease extension on the measurement
of operating right-of-use assets, liabilities, and monthly rent expense follows: |
Schedule of operating lease right-of-use assets, liabilities and rent expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jamaica Avenue at 169th Street |
|
|
|
|
Increase in
Operating
Lease Right-
of-Use Asset |
|
|
|
Increase in
Operating
Lease
Liability |
|
|
|
Decrease in
Monthly
Rent
Expense |
|
Remeasurement change resulting from April 2023 lease extension |
|
$ |
1,201,952 |
|
|
$ |
1,201,952 |
|
|
$ |
(30,563 |
) |
As of October 31, 2023, it is not reasonably certain the remaining
three options to extend the lease will be exercised by the Company.
| 2) | 504-506 Fulton Street, Brooklyn, New York – In July, 2022 the lease agreement was modified to
increase monthly lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031.
The effect of the lease modification on the measurement of operating right-of-use assets, liabilities, and monthly rent expense follows: |
Schedule of operating lease right-of-use assets, liabilities and rent expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
504-506 Fulton Street |
|
|
|
|
Increase in
Operating
Lease Right-
of-Use Asset |
|
|
|
Increase in
Operating
Lease
Liability |
|
|
|
Increase in
Monthly
Rent
Expense |
|
Remeasurement change resulting from July 2022 lease modification |
|
$ |
94,412 |
|
|
$ |
94,412 |
|
|
$ |
2,563 |
|
The landlord is Weinstein Enterprises, Inc., an affiliated company
principally owned by the Chairman of the Board of Directors who also principally owns the Company.
Operating lease costs for leased real property was exceeded by sublease
rental income from the Company’s real estate operations as follows:
Schedule of rental expense |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
October 31, |
|
|
|
2023 |
|
|
2022 |
|
Sublease income |
|
$ |
1,824,879 |
|
|
$ |
1,839,075 |
|
Operating lease cost |
|
|
(748,711 |
) |
|
|
(840,400 |
) |
Excess of sublease income over lease cost |
|
$ |
1,076,168 |
|
|
$ |
998,675 |
|
Schedule of additional information related to leases |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
October 31, |
|
|
|
2023 |
|
|
2022 |
|
Other information: |
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
535,510 |
|
|
$ |
531,288 |
|
The following is a maturity analysis of the annual undiscounted cash
flows of the operating lease liabilities as of October 31, 2023:
Schedule of annual undiscounted cash flows of the operating lease liabilities |
|
|
|
|
Period Ended October 31, |
|
Operating
Leases |
|
2024 |
|
$ |
2,154,504 |
|
2025 |
|
|
2,171,538 |
|
2026 |
|
|
2,272,955 |
|
2027 |
|
|
2,333,737 |
|
2028 |
|
|
2,354,249 |
|
Thereafter |
|
|
23,442,909 |
|
Total undiscounted cash flows |
|
|
34,729,892 |
|
Less: present value discount |
|
|
(8,511,323 |
) |
Total Lease Liabilities |
|
$ |
26,218,569 |
|
As of October 31, 2023, our operating leases had a weighted average
remaining lease term of 16.41 years and a weighted average discount rate of 3.71%.
|
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v3.23.3
Employees' Retirement Plan
|
3 Months Ended |
Oct. 31, 2023 |
Retirement Benefits [Abstract] |
|
Employees' Retirement Plan |
7. Employees' Retirement Plan:Employees' Retirement Plan
The Company sponsors a noncontributory Money Purchase Plan covering
substantially all its non-union employees. Operations were charged $120,251 and $113,500 as contributions to the Plan for the three months
ended October 31, 2023 and 2022, 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 $24,229 and $27,281 for the three months ended October
31, 2023 and 2022, 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 a union sponsored health benefit plan.
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, 2022 |
Certified zone status: |
|
Critical and declining status |
Status determination date: |
|
January 1, 2022 |
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, 2022: |
|
Yes |
Rehabilitation plan implemented: |
|
Yes |
Employer subject to surcharge: |
|
Yes |
Contract expiration date: |
|
November 30, 2025 |
For the plan years 2019 through November 30, 2021, under the pension
fund’s rehabilitation plan, the Company agreed to pay a minimum contribution rate equal to a 9% increase over the prior year total
contribution rate. Effective December 1, 2022 through the contract expiration date of November 30, 2025, the Company’s contribution
rate is 20.16% of each covered employee’s pay. The contract also covers rates of pay, hours of employment and other conditions of
employment for approximately 27% of the Company’s 30 employees. The Company considers that its labor relations with its employees
and union are good.
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v3.23.3
Cash Flow Information
|
3 Months Ended |
Oct. 31, 2023 |
Supplemental Cash Flow Elements [Abstract] |
|
Cash Flow Information |
8. 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 months or less, which are readily convertible into cash. The
following is a reconciliation of the Company’s cash and cash equivalents and restricted cash to the total presented on the consolidated
statement of cash flows:
Schedule of cash and cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
|
|
October 31 |
|
|
|
2023 |
|
|
2022 |
|
Cash and cash equivalents |
|
$ |
2,339,016 |
|
|
$ |
2,608,256 |
|
Restricted cash, tenant security deposits |
|
|
898,791 |
|
|
|
950,430 |
|
Restricted cash, escrow |
|
|
71,763 |
|
|
|
71,742 |
|
Restricted cash, other |
|
|
31,260 |
|
|
|
27,140 |
|
|
|
$ |
3,340,830 |
|
|
$ |
3,657,568 |
|
Amounts in restricted cash primarily consist of cash held in bank accounts
for tenant security deposits, amounts set aside in accordance with certain loan agreements, and security deposits with landlords and utility
companies.
Schedule of supplemental disclosure |
|
|
|
|
|
|
|
|
Supplemental disclosure: |
|
Three Months Ended |
|
|
|
October 31 |
|
|
|
2023 |
|
|
2022 |
|
Cash Flow Information |
|
|
|
|
|
|
Interest paid, net of capitalized interest of $20,463 (2023) and $13,223 (2022) |
|
$ |
42,519 |
|
|
$ |
62,782 |
|
|
X |
- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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v3.23.3
Capitalization
|
3 Months Ended |
Oct. 31, 2023 |
Equity [Abstract] |
|
Capitalization |
9. Capitalization:
The Company is capitalized entirely through common stock with identical
voting rights and rights to liquidation. Treasury stock is recorded at cost and consists of 162,517 shares at October 31, 2023 and at
July 31, 2023.
|
X |
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- DefinitionThe entire disclosure for equity.
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v3.23.3
Related Party Transactions
|
3 Months Ended |
Oct. 31, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
10. Related Party Transactions:
The Company has two 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.
Another lease is for premises located at 504-506 Fulton Street, Brooklyn, New York.
In July 2022, the Company entered into lease agreements with Landlord
as follows:
| (1) | Jamaica Avenue at 169th Street, Jamaica, New York - Giving the Company four five-year option periods
to extend its lease beyond May 31, 2030 for a total of twenty years through May 31, 2050. In April 2023, the Company exercised the first
five-year option period, extending the lease expiration date to May 31, 2035. As of October 31, 2023, it is not reasonably certain the
remaining three options to extend the lease will be exercised by the Company. |
| (2) | 504-506 Fulton Street, Brooklyn, New York – Modification of the lease agreement to increase monthly
lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031. |
Rent payments and expense relating to these two operating
leases with Landlord follow:
Schedule of rent payments expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rent Payments
Three Months Ended
October 31 |
|
|
Rent Expense
Three Months Ended
October 31 |
|
Property |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Jamaica Avenue at 169th Street |
|
$ |
156,249 |
|
|
$ |
156,249 |
|
|
$ |
287,671 |
|
|
$ |
379,359 |
|
504-506 Fulton Street |
|
|
90,564 |
|
|
|
90,564 |
|
|
|
95,299 |
|
|
|
95,299 |
|
Total |
|
$ |
246,813 |
|
|
$ |
246,813 |
|
|
$ |
382,970 |
|
|
$ |
474,658 |
|
The following summarizes assets and liabilities related to
these two leases:
Schedule of assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Lease |
|
|
|
|
|
Liabilities [Member] |
|
Right-Of-Use
Assets |
|
|
Liabilities |
|
|
|
|
Property |
|
October 31
2023 |
|
|
July 31
2023 |
|
|
October 31
2023 |
|
|
July 31
2023 |
|
|
Expiration Date |
|
Jamaica Avenue at 169th Street |
|
$ |
11,224,863 |
|
|
$ |
11,430,657 |
|
|
$ |
5,135,714 |
|
|
$ |
5,210,087 |
|
|
|
May 31, 2035 |
|
504-506 Fulton Street |
|
|
2,366,706 |
|
|
|
2,431,554 |
|
|
|
2,496,310 |
|
|
|
2,556,421 |
|
|
|
April 30, 2031 |
|
Total |
|
$ |
13,591,569 |
|
|
$ |
13,862,211 |
|
|
$ |
7,632,024 |
|
|
$ |
7,766,508 |
|
|
|
|
|
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.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
Contingencies
|
3 Months Ended |
Oct. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Contingencies |
11. Contingencies:
There are various 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 has not been determined at this time.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.3
Summary of Significant Accounting Polciies (Policies)
|
3 Months Ended |
Oct. 31, 2023 |
Accounting Policies [Abstract] |
|
Use of Estimates |
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, incremental borrowing rates and recognition
of renewal options for operating lease right-of-use 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, impairment analysis of long-lived
assets, 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 instructions
for reporting on Form 10-Q and Article 8 of Regulations S-X of the SEC Rules and Regulations. The July 31, 2023 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, 2023. 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, 2024 or any other period.
|
Restricted Cash |
Restricted Cash
Restricted cash primarily consists of cash held in bank accounts for
tenant security deposits and other amounts required under certain loan agreements.
|
Accounts Receivable |
Accounts Receivable
Generally, rent is due from tenants at the beginning of the month in
accordance with terms of each lease. Based upon its periodic assessment of the quality of the receivables, management uses its historical
knowledge of the tenants and industry experience to determine whether a reserve or write-off is required. The Company uses specific identification
to write-off receivables to bad debt expense in the period when issues of collectibility become known. Collectibility issues include late
rent payments, circumstances when a tenant indicates their intention to vacate the property without paying, or when tenant litigation
or bankruptcy proceedings are not expected to result in full payment. Management also assesses collectibility by reviewing accounts receivable
on an aggregate basis where similar characteristics exist. In determining the amount of the allowance for credit losses, the Company considers
past due status and a tenant’s payment history. We also consider current market conditions and reasonable and supportable forecasts
of future economic conditions. Our assessment considers volatility in market conditions and evolving shifts in credit trends that may
have a material impact on our allowance for uncollectible accounts receivables in future periods. The Company’s allowance for uncollectible
receivables is recorded as an offset to receivables. Activity in the allowance for uncollectible receivables for each period follows:
Schedule of allowance for uncollectible receivables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
Uncollectible
Accounts Receivable |
|
|
Bad Debt Expense |
|
|
|
Period Ended |
|
|
Three Months Ended |
|
|
|
October 31 |
|
|
July 31 |
|
|
October 31 |
|
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
Beginning balance |
|
$ |
115,000 |
|
|
$ |
393,000 |
|
|
$ |
— |
|
|
$ |
— |
|
Charge-offs (recoveries) |
|
|
— |
|
|
|
(149,337 |
) |
|
|
(13,000 |
) |
|
|
— |
|
Reserve adjustments |
|
|
(20,000 |
) |
|
|
(128,663 |
) |
|
|
(20,000 |
) |
|
|
(60,000 |
) |
Ending Balance |
|
$ |
95,000 |
|
|
$ |
115,000 |
|
|
$ |
(33,000 |
) |
|
$ |
(60,000 |
) |
|
Property and Equipment |
Property and Equipment
Property and equipment are stated at cost. Depreciation is calculated
using the straight-line method and the declining-balance method. Amortization of improvements to leased property is calculated over the
life of the lease. Lives used to determine depreciation and amortization are generally as follows:
Schedule of property and equipment depreciation and amortization period |
|
|
|
|
Buildings and improvements |
|
|
18-40 years |
|
Improvements to leased property Improvements to leased property [Member] |
|
|
3-40 years |
|
Fixtures and equipment Fixtures and equipment [Member] |
|
|
7-12 years |
|
Other Other [Member] |
|
|
3-5 years |
|
Maintenance, repairs, renewals and improvements of a non-permanent
nature are charged to expense when incurred. Expenditures for additions and major renewals or improvements are capitalized along with
the associated interest cost during construction. The cost of assets sold or retired, and the accumulated depreciation or amortization
thereon are eliminated from the respective accounts in the year of disposal, and the resulting gain or loss is credited or charged to
income. Capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful
life.
|
Impairment |
Impairment
The Company reviews property and equipment for possible impairment when certain events or changes in circumstances indicate the carrying amount of the asset may not be recoverable
through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited
to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end
of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the
asset less disposition costs for any assets classified as held for sale. As of October 31, 2023 and July 31, 2023, the Company has determined
there was no impairment of its property and equipment.
|
Deferred Charges |
Deferred Charges
Deferred charges consist principally of costs incurred in connection
with the leasing of property to tenants. Such costs are amortized over the related lease periods, ranging from 5 to 21 years, using the
straight-line method. If a lease is terminated early, such costs are expensed.
|
Leases - Lessor Revenue |
Leases - Lessor Revenue
The Company accounts for revenue in accordance with Accounting Standards
Update (ASU) 2014-09 (Topic 606) Revenue from Contracts with Customers. Rental income is recognized from tenants under executed leases
no later than on an established date or on an earlier date if the tenant should commence conducting business. Unbilled receivables are
included in accounts receivable and 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 the lease. The effect of lease modifications that result in rent relief or other
credits to tenants, including any retroactive effects relating to prior periods, are recognized in the period when the lease modification
is signed. At the time of the lease modification, we assess the realizability of any accrued but unpaid rent and amounts that had been
recognized as revenue in prior periods. As lessor, we have elected to combine the lease components (base rent), non-lease components (reimbursements
of common area maintenance expenses) and reimbursements of real estate taxes and account for the components as a single lease component
in accordance with ASC 842. If the amounts are not determined to be realizable, the accrued but unpaid rent is written off. Accounts receivable
are recognized in accordance with lease agreements at its net realizable value. Rental payments received in advance are deferred until
earned.
In April 2020, the Financial Accounting Standards Board issued a Staff
Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases (“ASC
842”). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19,
which would not require entities to account for these rent concessions as lease modifications under certain conditions. Entities making
the election will continue to recognize rental revenue on a straight-line basis for qualifying concessions. Rent deferrals would result
in an increase to accounts receivable during the deferral period with no impact on rental revenue recognition. The Company elected this
policy during the year ended July 31, 2020. Rent deferrals included in receivables were $20,000 and $50,000 as of October 31, 2023 and
July 31, 2023, respectively.
|
Leases - Lessee |
Leases - Lessee
The Company determines if an arrangement is a lease at inception. With
the adoption of ASC 842, operating leases are included in operating lease right-of-use assets, and operating lease liabilities on the
Company’s balance sheet.
Operating lease right-of-use assets represent the Company’s right
to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments arising
from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value
of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental
borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s
lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise that option.
Lease expense for lease payments is recognized on a straight-line basis over the lease term.
|
Taxes |
Taxes
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, the effect of the change on prior quarters is included
in tax expense for the current quarter.
The Company had a federal net operating loss carryforward approximating
$9,172,000 as of July 31, 2023 available to offset future taxable income. As of July 31, 2023, the Company had unused net operating loss
carryforwards of approximately $12,420,000 for state and $10,218,000 for city, 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. Beginning with the Company’s tax year ending July 31,
2025, changes in the law required the state capital-based tax will be phased out. New York City taxes will be based on capital for the
foreseeable future. Capital-based franchise taxes are recorded to administrative and general expense. State tax amounts in excess of the
capital-based franchise taxes are recorded to income tax expenses. Due to both the application of the capital-based tax and due to the
possible absence of city taxable income, the Company does not record city deferred taxes.
|
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v3.23.3
Summary of Significant Accounting Polciies (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Accounting Policies [Abstract] |
|
Schedule of allowance for uncollectible receivables |
Schedule of allowance for uncollectible receivables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
Uncollectible
Accounts Receivable |
|
|
Bad Debt Expense |
|
|
|
Period Ended |
|
|
Three Months Ended |
|
|
|
October 31 |
|
|
July 31 |
|
|
October 31 |
|
|
|
2023 |
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
Beginning balance |
|
$ |
115,000 |
|
|
$ |
393,000 |
|
|
$ |
— |
|
|
$ |
— |
|
Charge-offs (recoveries) |
|
|
— |
|
|
|
(149,337 |
) |
|
|
(13,000 |
) |
|
|
— |
|
Reserve adjustments |
|
|
(20,000 |
) |
|
|
(128,663 |
) |
|
|
(20,000 |
) |
|
|
(60,000 |
) |
Ending Balance |
|
$ |
95,000 |
|
|
$ |
115,000 |
|
|
$ |
(33,000 |
) |
|
$ |
(60,000 |
) |
|
Schedule of property and equipment depreciation and amortization period |
Schedule of property and equipment depreciation and amortization period |
|
|
|
|
Buildings and improvements |
|
|
18-40 years |
|
Improvements to leased property Improvements to leased property [Member] |
|
|
3-40 years |
|
Fixtures and equipment Fixtures and equipment [Member] |
|
|
7-12 years |
|
Other Other [Member] |
|
|
3-5 years |
|
|
X |
- References
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- DefinitionTabular disclosure of allowance for credit loss on accounts receivable.
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v3.23.3
Marketable Securities (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] |
|
Schedule of provisions of fair value measurements |
Schedule of provisions of fair value measurements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value measurements at reporting date |
|
Description |
|
October 31,
2023 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
July 31,
2023 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities |
|
$ |
2,136,874 |
|
|
$ |
2,136,874 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,300,441 |
|
|
$ |
2,300,441 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Schedule of classified marketable securities |
Schedule of classified marketable securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31, 2023 |
|
|
July 31, 2023 |
|
|
|
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
Mutual funds |
|
$ |
595,166 |
|
|
$ |
228,089 |
|
|
$ |
– |
|
|
$ |
823,255 |
|
|
$ |
595,166 |
|
|
$ |
301,007 |
|
|
$ |
– |
|
|
$ |
896,173 |
|
Equity securities |
|
|
904,981 |
|
|
|
408,638 |
|
|
|
– |
|
|
|
1,313,619 |
|
|
|
904,981 |
|
|
|
499,287 |
|
|
|
– |
|
|
|
1,404,268 |
|
|
|
$ |
1,500,147 |
|
|
$ |
636,727 |
|
|
$ |
– |
|
|
$ |
2,136,874 |
|
|
$ |
1,500,147 |
|
|
$ |
800,294 |
|
|
$ |
– |
|
|
$ |
2,300,441 |
|
|
Schedule of investment income |
Schedule of investment income |
|
|
|
|
|
|
|
|
| |
Three Months Ended October 31 | |
| |
2023 | | |
2022 | |
Dividend and interest income | |
$ | 9,245 | | |
$ | 8,797 | |
Total | |
$ | 9,245 | | |
$ | 8,797 | |
|
X |
- DefinitionTabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.
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v3.23.3
Long-Term Debt - Mortgages (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of long-term debt |
Schedule of long-term debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Annual
Interest
Rate |
|
|
Final
Payment
Date |
|
October 31,
2023 |
|
|
July 31,
2023 |
|
Bond St. building, Brooklyn, NY (1) |
|
|
4.375 |
% |
|
12/1/2024 |
|
$ |
1,368,979 |
|
|
$ |
1,653,117 |
|
Fishkill building (2) |
|
|
3.98 |
% |
|
4/1/2025 |
|
|
3,508,283 |
|
|
|
3,545,719 |
|
Deferred financing costs |
|
|
|
|
|
|
|
|
(45,103 |
) |
|
|
(54,631 |
) |
Net |
|
|
|
|
|
|
|
$ |
4,832,159 |
|
|
$ |
5,144,205 |
|
| (1) | In November 2019, the Company refinanced the remaining balance of a $6,000,000, 3.54% interest rate
loan with another bank for $5,255,920 plus an additional $144,080 for a total of $5,400,000. The interest rate on the new loan is fixed
at 4.375%. The loan is self-liquidating over a period of five years and secured by the Nine Bond Street land and building in Brooklyn,
New York. |
| (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. |
|
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v3.23.3
Operating Leases (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Lessee, Lease, Description [Line Items] |
|
Schedule of revenues by lease and non-lease components |
Schedule of revenues by lease and non-lease components |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
October 31, |
|
|
|
2023 |
|
|
2022 |
|
Base rent - fixed |
|
$ |
4,921,887 |
|
|
$ |
5,330,541 |
|
Reimbursements of common area costs |
|
|
146,860 |
|
|
|
177,365 |
|
Non-lease components (real estate taxes) |
|
|
255,054 |
|
|
|
261,828 |
|
Rental income |
|
$ |
5,323,801 |
|
|
$ |
5,769,734 |
|
|
Schedule of future minimum non-cancelable rental income |
Schedule of future minimum non-cancelable rental income |
|
|
|
|
|
|
|
|
|
|
|
|
| |
As of October 31, 2023 | |
Fiscal Year | |
Company Owned Property | | |
Leased Property | | |
Total | |
For the remainder of 2024 | |
$ | 8,752,113 | | |
$ | 4,291,970 | | |
$ | 13,044,083 | |
2025 | |
| 9,157,533 | | |
| 3,957,025 | | |
| 13,114,558 | |
2026 | |
| 8,028,846 | | |
| 3,620,069 | | |
| 11,648,915 | |
2027 | |
| 6,906,617 | | |
| 3,477,284 | | |
| 10,383,901 | |
2028 | |
| 6,069,044 | | |
| 3,431,411 | | |
| 9,500,455 | |
2029 | |
| 5,475,835 | | |
| 2,606,386 | | |
| 8,082,221 | |
After 2029 | |
| 20,359,611 | | |
| 3,114,274 | | |
| 23,473,885 | |
Total | |
$ | 64,749,599 | | |
$ | 24,498,419 | | |
$ | 89,248,018 | |
|
Schedule of rental expense |
Schedule of rental expense |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
October 31, |
|
|
|
2023 |
|
|
2022 |
|
Sublease income |
|
$ |
1,824,879 |
|
|
$ |
1,839,075 |
|
Operating lease cost |
|
|
(748,711 |
) |
|
|
(840,400 |
) |
Excess of sublease income over lease cost |
|
$ |
1,076,168 |
|
|
$ |
998,675 |
|
|
Schedule of additional information related to leases |
Schedule of additional information related to leases |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
October 31, |
|
|
|
2023 |
|
|
2022 |
|
Other information: |
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
535,510 |
|
|
$ |
531,288 |
|
|
Schedule of annual undiscounted cash flows of the operating lease liabilities |
Schedule of annual undiscounted cash flows of the operating lease liabilities |
|
|
|
|
Period Ended October 31, |
|
Operating
Leases |
|
2024 |
|
$ |
2,154,504 |
|
2025 |
|
|
2,171,538 |
|
2026 |
|
|
2,272,955 |
|
2027 |
|
|
2,333,737 |
|
2028 |
|
|
2,354,249 |
|
Thereafter |
|
|
23,442,909 |
|
Total undiscounted cash flows |
|
|
34,729,892 |
|
Less: present value discount |
|
|
(8,511,323 |
) |
Total Lease Liabilities |
|
$ |
26,218,569 |
|
|
April 2023 [Member] |
|
Lessee, Lease, Description [Line Items] |
|
Schedule of operating lease right-of-use assets, liabilities and rent expense |
Schedule of operating lease right-of-use assets, liabilities and rent expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jamaica Avenue at 169th Street |
|
|
|
|
Increase in
Operating
Lease Right-
of-Use Asset |
|
|
|
Increase in
Operating
Lease
Liability |
|
|
|
Decrease in
Monthly
Rent
Expense |
|
Remeasurement change resulting from April 2023 lease extension |
|
$ |
1,201,952 |
|
|
$ |
1,201,952 |
|
|
$ |
(30,563 |
) |
|
July 2022 [Member] |
|
Lessee, Lease, Description [Line Items] |
|
Schedule of operating lease right-of-use assets, liabilities and rent expense |
Schedule of operating lease right-of-use assets, liabilities and rent expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
504-506 Fulton Street |
|
|
|
|
Increase in
Operating
Lease Right-
of-Use Asset |
|
|
|
Increase in
Operating
Lease
Liability |
|
|
|
Increase in
Monthly
Rent
Expense |
|
Remeasurement change resulting from July 2022 lease modification |
|
$ |
94,412 |
|
|
$ |
94,412 |
|
|
$ |
2,563 |
|
|
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v3.23.3
Cash Flow Information (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Supplemental Cash Flow Elements [Abstract] |
|
Schedule of cash and cash equivalents and restricted cash |
Schedule of cash and cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
|
|
October 31 |
|
|
|
2023 |
|
|
2022 |
|
Cash and cash equivalents |
|
$ |
2,339,016 |
|
|
$ |
2,608,256 |
|
Restricted cash, tenant security deposits |
|
|
898,791 |
|
|
|
950,430 |
|
Restricted cash, escrow |
|
|
71,763 |
|
|
|
71,742 |
|
Restricted cash, other |
|
|
31,260 |
|
|
|
27,140 |
|
|
|
$ |
3,340,830 |
|
|
$ |
3,657,568 |
|
|
Schedule of supplemental disclosure |
Schedule of supplemental disclosure |
|
|
|
|
|
|
|
|
Supplemental disclosure: |
|
Three Months Ended |
|
|
|
October 31 |
|
|
|
2023 |
|
|
2022 |
|
Cash Flow Information |
|
|
|
|
|
|
Interest paid, net of capitalized interest of $20,463 (2023) and $13,223 (2022) |
|
$ |
42,519 |
|
|
$ |
62,782 |
|
|
X |
- DefinitionTabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.
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v3.23.3
Related Party Transactions (Tables)
|
3 Months Ended |
Oct. 31, 2023 |
Related Party Transactions [Abstract] |
|
Schedule of rent payments expenses |
Schedule of rent payments expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rent Payments
Three Months Ended
October 31 |
|
|
Rent Expense
Three Months Ended
October 31 |
|
Property |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Jamaica Avenue at 169th Street |
|
$ |
156,249 |
|
|
$ |
156,249 |
|
|
$ |
287,671 |
|
|
$ |
379,359 |
|
504-506 Fulton Street |
|
|
90,564 |
|
|
|
90,564 |
|
|
|
95,299 |
|
|
|
95,299 |
|
Total |
|
$ |
246,813 |
|
|
$ |
246,813 |
|
|
$ |
382,970 |
|
|
$ |
474,658 |
|
|
Schedule of assets and liabilities |
Schedule of assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Lease |
|
|
|
|
|
Liabilities [Member] |
|
Right-Of-Use
Assets |
|
|
Liabilities |
|
|
|
|
Property |
|
October 31
2023 |
|
|
July 31
2023 |
|
|
October 31
2023 |
|
|
July 31
2023 |
|
|
Expiration Date |
|
Jamaica Avenue at 169th Street |
|
$ |
11,224,863 |
|
|
$ |
11,430,657 |
|
|
$ |
5,135,714 |
|
|
$ |
5,210,087 |
|
|
|
May 31, 2035 |
|
504-506 Fulton Street |
|
|
2,366,706 |
|
|
|
2,431,554 |
|
|
|
2,496,310 |
|
|
|
2,556,421 |
|
|
|
April 30, 2031 |
|
Total |
|
$ |
13,591,569 |
|
|
$ |
13,862,211 |
|
|
$ |
7,632,024 |
|
|
$ |
7,766,508 |
|
|
|
|
|
|
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v3.23.3
Summary of Significant Accounting Policies (Details) - Schedule of allowance for uncollectible receivables - USD ($)
|
3 Months Ended |
12 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Jul. 31, 2023 |
Allowance for Uncollectible Accounts Receivable [Member] |
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
Beginning balance |
$ 115,000
|
$ 393,000
|
$ 393,000
|
Charge-offs (recoveries) |
|
|
(149,337)
|
Reserve adjustments |
(20,000)
|
|
(128,663)
|
Ending balance |
95,000
|
|
$ 115,000
|
Bad Debt Expense [Member] |
|
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
|
|
Charge-offs (recoveries) |
(13,000)
|
|
|
Reserve adjustments |
(20,000)
|
(60,000)
|
|
Ending balance |
$ (33,000)
|
$ (60,000)
|
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable.
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|
3 Months Ended |
12 Months Ended |
Oct. 31, 2023 |
Jul. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Rent deferrals |
$ 20,000
|
$ 50,000
|
Federal operating loss carryforward |
|
9,172,000
|
Net operating loss carryforwards |
|
12,420,000
|
City taxable income |
|
$ 10,218,000
|
Minimum [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
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5 years
|
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|
|
Property, Plant and Equipment [Line Items] |
|
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21 years
|
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|
Oct. 31, 2023 |
Jul. 31, 2023 |
Assets: |
|
|
Marketable securities |
$ 2,136,874
|
$ 2,300,441
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Assets: |
|
|
Marketable securities |
2,136,874
|
2,300,441
|
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|
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|
|
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|
|
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|
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Marketable Securities (Details) - Schedule of classified marketable securities - USD ($)
|
Oct. 31, 2023 |
Jul. 31, 2023 |
Marketable Securities [Line Items] |
|
|
Cost |
$ 1,500,147
|
$ 1,500,147
|
Gross Unrealized Gains |
636,727
|
800,294
|
Gross Unrealized Losses |
|
|
Fair Value |
2,136,874
|
2,300,441
|
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|
|
Marketable Securities [Line Items] |
|
|
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595,166
|
595,166
|
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228,089
|
301,007
|
Gross Unrealized Losses |
|
|
Fair Value |
823,255
|
896,173
|
Equity Securities [Member] |
|
|
Marketable Securities [Line Items] |
|
|
Cost |
904,981
|
904,981
|
Gross Unrealized Gains |
408,638
|
499,287
|
Gross Unrealized Losses |
|
|
Fair Value |
$ 1,313,619
|
$ 1,404,268
|
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v3.23.3
Long-Term Debt - Mortgages (Details) - Schedule of long-term debt - USD ($)
|
3 Months Ended |
|
Oct. 31, 2023 |
Jul. 31, 2023 |
Extinguishment of Debt [Line Items] |
|
|
|
Deferred financing costs |
|
$ (45,103)
|
$ (54,631)
|
Net |
|
$ 4,832,159
|
5,144,205
|
Long-Term Debt [Member] | Bond St. building, Brooklyn, NY [Member] |
|
|
|
Extinguishment of Debt [Line Items] |
|
|
|
Current Annual Interest Rate |
[1] |
4.375%
|
|
Final Payment Date |
[1] |
Dec. 01, 2024
|
|
Long term loan |
[1] |
$ 1,368,979
|
1,653,117
|
Long-Term Debt [Member] | Fishkill building [Member] |
|
|
|
Extinguishment of Debt [Line Items] |
|
|
|
Current Annual Interest Rate |
[2] |
3.98%
|
|
Final Payment Date |
[2] |
Apr. 01, 2025
|
|
Long term loan |
[2] |
$ 3,508,283
|
$ 3,545,719
|
|
|
X |
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v3.23.3
Long-Term Debt - Mortgages (Details Narrative) - USD ($)
|
1 Months Ended |
Mar. 31, 2020 |
Nov. 30, 2019 |
Debt Instrument [Line Items] |
|
|
Debt instrument face amount |
|
$ 5,255,920
|
Bond St. building, Brooklyn, NY [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Debt instrument face amount |
|
6,000,000
|
Additional loans |
|
144,080
|
Amount outstanding |
|
$ 5,400,000
|
Term of loan |
|
5 years
|
Bond St. building, Brooklyn, NY [Member] | Minimum [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate, percent |
|
3.54%
|
Bond St. building, Brooklyn, NY [Member] | Maximum [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Interest rate, percent |
|
4.375%
|
Fishkill building [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Debt instrument face amount |
$ 4,000,000
|
|
Interest rate, percent |
3.98%
|
|
Term of loan |
20 years
|
|
Maturity period of loan |
5 years
|
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v3.23.3
Operating Leases (Details) - Schedule of revenues by lease and non-lease components - USD ($)
|
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Operating Leases |
|
|
Base rent - fixed |
$ 4,921,887
|
$ 5,330,541
|
Reimbursements of common area costs |
146,860
|
177,365
|
Non-lease components (real estate taxes) |
255,054
|
261,828
|
Rental income |
$ 5,323,801
|
$ 5,769,734
|
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v3.23.3
Operating Leases (Details) - Schedule of future minimum non-cancelable rental income
|
Oct. 31, 2023
USD ($)
|
Property, Plant and Equipment [Line Items] |
|
For the remainder of 2024 |
$ 13,044,083
|
2025 |
13,114,558
|
2026 |
11,648,915
|
2027 |
10,383,901
|
2028 |
9,500,455
|
2029 |
8,082,221
|
After 2029 |
23,473,885
|
Total |
89,248,018
|
Company Owned Property [Member] |
|
Property, Plant and Equipment [Line Items] |
|
For the remainder of 2024 |
8,752,113
|
2025 |
9,157,533
|
2026 |
8,028,846
|
2027 |
6,906,617
|
2028 |
6,069,044
|
2029 |
5,475,835
|
After 2029 |
20,359,611
|
Total |
64,749,599
|
Leased Property [Member] |
|
Property, Plant and Equipment [Line Items] |
|
For the remainder of 2024 |
4,291,970
|
2025 |
3,957,025
|
2026 |
3,620,069
|
2027 |
3,477,284
|
2028 |
3,431,411
|
2029 |
2,606,386
|
After 2029 |
3,114,274
|
Total |
$ 24,498,419
|
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v3.23.3
Operating Leases (Details) - Schedule of operating lease right-of-use assets, liabilities and rent expense - USD ($)
|
3 Months Ended |
|
Oct. 31, 2023 |
Jul. 31, 2023 |
Lessee, Lease, Description [Line Items] |
|
|
Increase in Operating Lease Right-of-Use Asset |
$ 30,407,160
|
$ 30,913,904
|
Increase in Operating Lease Liability |
26,218,569
|
$ 26,512,112
|
April 2023 [Member] |
|
|
Lessee, Lease, Description [Line Items] |
|
|
Increase in Operating Lease Right-of-Use Asset |
1,201,952
|
|
Increase in Operating Lease Liability |
1,201,952
|
|
Increase (Decrease) in Monthly Rent Expense |
(30,563)
|
|
July 2022 [Member] |
|
|
Lessee, Lease, Description [Line Items] |
|
|
Increase in Operating Lease Right-of-Use Asset |
94,412
|
|
Increase in Operating Lease Liability |
94,412
|
|
Increase (Decrease) in Monthly Rent Expense |
$ 2,563
|
|
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v3.23.3
Operating Leases (Details) - Schedule of rental expense - USD ($)
|
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Operating Leases |
|
|
Sublease income |
$ 1,824,879
|
$ 1,839,075
|
Operating lease cost |
(748,711)
|
(840,400)
|
Excess of sublease income over lease cost |
$ 1,076,168
|
$ 998,675
|
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v3.23.3
Operating Leases (Details) - Schedule of annual undiscounted cash flows of the operating lease liabilities - USD ($)
|
Oct. 31, 2023 |
Jul. 31, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Total Lease Liabilities |
$ 26,218,569
|
$ 26,512,112
|
Operating Lease [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
2024 |
2,154,504
|
|
2025 |
2,171,538
|
|
2026 |
2,272,955
|
|
2027 |
2,333,737
|
|
2028 |
2,354,249
|
|
Thereafter |
23,442,909
|
|
Total undiscounted cash flows |
34,729,892
|
|
Less: present value discount |
(8,511,323)
|
|
Total Lease Liabilities |
$ 26,218,569
|
|
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v3.23.3
Employees' Retirement Plan (Details Narrative)
|
1 Months Ended |
3 Months Ended |
Nov. 30, 2021 |
Oct. 31, 2023
USD ($)
Integer
|
Oct. 31, 2022
USD ($)
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Employer contributions |
|
$ 120,251
|
$ 113,500
|
Pension contributions |
|
$ 24,229
|
$ 27,281
|
Employer contributing, percentage |
|
5.00%
|
|
Expire date |
|
Nov. 30, 2025
|
|
Number of employees | Integer |
|
30
|
|
Pension Plan [Member] |
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
Contribution rate, percentage |
9.00%
|
20.16%
|
|
Percentage of other condition of employment |
|
27.00%
|
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v3.23.3
Cash Flow Information (Details) - Schedule of cash and cash equivalents and restricted cash - USD ($)
|
Oct. 31, 2023 |
Oct. 31, 2022 |
Supplemental Cash Flow Elements [Abstract] |
|
|
Cash and cash equivalents |
$ 2,339,016
|
$ 2,608,256
|
Restricted cash, tenant security deposits |
898,791
|
950,430
|
Restricted cash, escrow |
71,763
|
71,742
|
Restricted cash, other |
31,260
|
27,140
|
Cash flow information |
$ 3,340,830
|
$ 3,657,568
|
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v3.23.3
Related Party Transactions (Details) - Schedule of rent payments expenses - Board of Directors Chairman [Member] - USD ($)
|
3 Months Ended |
Oct. 31, 2023 |
Oct. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
Rent Payments |
$ 246,813
|
$ 246,813
|
Rent Expense |
382,970
|
474,658
|
Jamaica Avenue At 169th Street [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Rent Payments |
156,249
|
156,249
|
Rent Expense |
287,671
|
379,359
|
504-506 Fulton Street [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Rent Payments |
90,564
|
90,564
|
Rent Expense |
$ 95,299
|
$ 95,299
|
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v3.23.3
Related Party Transactions (Details) - Schedule of assets and liabilities - USD ($)
|
3 Months Ended |
|
Oct. 31, 2023 |
Jul. 31, 2023 |
Right-Of-Use Assets [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Right-Of-Use Assets |
$ 13,591,569
|
$ 13,862,211
|
Liabilities [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Liabilities |
$ 7,632,024
|
7,766,508
|
Jamaica Avenue At 169th Street [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Expiration Date |
May 31, 2035
|
|
Jamaica Avenue At 169th Street [Member] | Right-Of-Use Assets [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Right-Of-Use Assets |
$ 11,224,863
|
11,430,657
|
Jamaica Avenue At 169th Street [Member] | Liabilities [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Liabilities |
$ 5,135,714
|
5,210,087
|
504-506 Fulton Street [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Expiration Date |
Apr. 30, 2031
|
|
504-506 Fulton Street [Member] | Right-Of-Use Assets [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Right-Of-Use Assets |
$ 2,366,706
|
2,431,554
|
504-506 Fulton Street [Member] | Liabilities [Member] |
|
|
Related Party Transaction [Line Items] |
|
|
Liabilities |
$ 2,496,310
|
$ 2,556,421
|
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Related Party Transactions (Details Narrative)
|
3 Months Ended |
Oct. 31, 2023 |
Related Party Transactions [Abstract] |
|
Lease payments description |
504-506 Fulton Street, Brooklyn, New York – Modification of the lease agreement to increase monthly
lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031.
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J W Mays (NASDAQ:MAYS)
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J W Mays (NASDAQ:MAYS)
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