DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION | 3 Months Ended | |
Oct. 31, 2013 | Dec. 04, 2013 | |
Entity Registrant Name | 'MAYS J W INC | ' |
Entity Central Index Key | '0000054187 | ' |
Current Fiscal Year End Date | '--07-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'mays | ' |
Entity Common Stock, Shares Outstanding | ' | 2,015,780 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Oct-13 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Oct. 31, 2013 | Jul. 31, 2013 |
Assets | ' | ' |
Property and Equipment - Net (Notes 5 and 6) | $46,650,947 | $45,634,465 |
Current Assets: | ' | ' |
Cash and cash equivalents (Note 4) | 1,886,810 | 664,718 |
Marketable securities (Notes 3 and 4) | ' | 50,326 |
Receivables (Note 4) | 313,319 | 309,517 |
Income taxes refundable | ' | 325,072 |
Deferred income taxes | 571,000 | 676,000 |
Prepaid expenses | 823,805 | 1,321,270 |
Security deposits | 16,611 | 257,975 |
Total current assets | 3,611,545 | 3,604,878 |
Other Assets: | ' | ' |
Deferred charges | 3,845,816 | 3,806,743 |
Less: accumulated amortization | 2,004,465 | 1,920,661 |
Net | 1,841,351 | 1,886,082 |
Receivables (Note 4) | 142,439 | 90,000 |
Security deposits | 996,452 | 896,970 |
Unbilled receivables (Notes 4 and 8) | 2,217,195 | 2,172,269 |
Marketable securities (Notes 3 and 4) | 1,269,441 | 2,409,273 |
Total other assets | 6,466,878 | 7,454,594 |
TOTAL ASSETS | 56,729,370 | 56,693,937 |
Long-Term Debt: | ' | ' |
Mortgages payable (Note 5) | 5,377,640 | 5,421,335 |
Note payable - related party (Note 7) | 1,000,000 | 1,000,000 |
Security deposits payable | 679,191 | 579,709 |
Payroll and other accrued liabilities | ' | 59,683 |
Total long-term debt | 7,056,831 | 7,060,727 |
Deferred Income Taxes | 3,650,000 | 3,684,000 |
Current Liabilities: | ' | ' |
Accounts payable | 84,490 | 57,668 |
Payroll and other accrued liabilities | 1,820,036 | 2,033,923 |
Income taxes payable | 140,565 | ' |
Other taxes payable | 2,150 | 5,118 |
Current portion of long-term debt (Note 5) | 173,317 | 170,262 |
Current portion of security deposits payable | 16,611 | 257,975 |
Total current liabilities | 2,237,169 | 2,524,946 |
Total liabilities | 12,944,000 | 13,269,673 |
Shareholders' Equity: | ' | ' |
Common stock, par value $1 each share (shares-5,000,000 authorized; 2,178,297 issued) | 2,178,297 | 2,178,297 |
Additional paid in capital | 3,346,245 | 3,346,245 |
Unrealized gain on available-for-sale securities - net of deferred taxes of $90,000 at October 31, 2013 and $150,000 at July 31, 2013 | 108,715 | 183,633 |
Retained earnings | 39,439,965 | 39,003,941 |
Stockholders' Equity before Treasury Stock | 45,073,222 | 44,712,116 |
Less common stock held in treasury, at cost - 162,517 shares at October 31, 2013 and July 31, 2013 (Note 11) | 1,287,852 | 1,287,852 |
Total shareholders' equity | 43,785,370 | 43,424,264 |
Contingencies (Note 13) | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $56,729,370 | $56,693,937 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Oct. 31, 2013 | Jul. 31, 2013 |
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 |
Unrealized gain (loss) on available-for-sale securities, deferred taxes (benefit) | $90,000 | $150,000 |
Treasury stock, shares | 162,517 | 162,517 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS (USD $) | 3 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Revenues | ' | ' |
Rental income (Notes 4 and 8) | $4,218,764 | $4,194,532 |
Expenses | ' | ' |
Real estate operating expenses | 2,151,725 | 2,000,894 |
Administrative and general expenses | 918,048 | 844,069 |
Depreciation and amortization (Notes 6) | 418,555 | 401,257 |
Loss on disposition of property and equipment | 4,291 | ' |
Total expenses | 3,492,619 | 3,246,220 |
Income from continuing operations before investment income, interest expense and income taxes | 726,145 | 948,312 |
Investment income and interest expense: | ' | ' |
Investment income (Note 3) | 189,424 | 10,324 |
Interest expense (Notes 5, 7 and 10) | -98,545 | -113,862 |
Interest Income (Expense), Net | 90,879 | -103,538 |
Income from continuing operations before income taxes | 817,024 | 844,774 |
Income taxes provided | 381,000 | 344,000 |
Net income | 436,024 | 500,774 |
Retained earnings, beginning of period | 39,003,941 | 38,340,270 |
Retained earnings, end of period | $39,439,965 | $38,841,044 |
Income per common share (Note 2) | $0.22 | $0.25 |
Dividends per share | ' | ' |
Average common shares outstanding | 2,015,780 | 2,015,780 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Net income | $436,024 | $500,774 |
Unrealized gain on available-for-sale securities: | ' | ' |
Unrealized holding gains arising during the period, net of taxes of $9,000 for each period | 11,269 | 13,396 |
Reclassification adjustment for net gains included in net income, net of taxes of ($69,000) for the three months ended October 31, 2013 | -86,187 | ' |
Unrealized gains (losses) on available-for-sale securities, net of taxes | -74,918 | 13,396 |
Comprehensive income | $361,106 | $514,170 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ' | ' |
Unrealized holding gains arising during the period, tax | $9,000 | $9,000 |
Reclassification adjustment for net gains included in net income, tax | $69,000 | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Cash Flows From Operating Activities | ' | ' |
Net income | $436,024 | $500,774 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 418,555 | 401,257 |
Amortization of deferred charges | 83,804 | 86,433 |
Realized (gain) loss on sale of marketable securities | -182,841 | 517 |
Loss on disposition of property and equipment | 4,291 | ' |
Deferred charges | -39,073 | ' |
Other assets - unbilled receivables | -44,926 | -66,226 |
Deferred income taxes | 131,000 | 3,000 |
Changes in: | ' | ' |
Receivables | -56,241 | -46,695 |
Income taxes refundable | 325,072 | ' |
Prepaid expenses | 497,465 | 592,608 |
Accounts payable | 26,822 | -14,793 |
Payroll and other accrued liabilities | -273,570 | -190,709 |
Income taxes payable | 140,565 | 158,698 |
Other taxes payable | -2,968 | 2,652 |
Net cash provided by operating activities | 1,463,979 | 1,427,516 |
Cash Flows From Investing Activities | ' | ' |
Acquisition of property and equipment | -1,439,328 | -228,153 |
Security deposits | 141,882 | -5,105 |
Marketable securities: | ' | ' |
Receipts from sales or maturities | 1,247,323 | 99,816 |
Payments for purchases | -9,242 | -253,322 |
Cash (used) by investing activities | -59,365 | -386,764 |
Cash Flows From Financing Activities | ' | ' |
Increase (decrease) - security deposits | -141,882 | 5,104 |
Mortgage and other debt payments | -40,640 | -37,793 |
Cash (used) by financing activities | -182,522 | -32,689 |
Increase in cash and cash equivalents | 1,222,092 | 1,008,063 |
Cash and cash equivalents at beginning of period | 664,718 | 1,340,203 |
Cash and cash equivalents at end of period | $1,886,810 | $2,348,266 |
Accounting_Records_and_Use_of_
Accounting Records and Use of Estimates | 3 Months Ended | |
Oct. 31, 2013 | ||
Accounting Records and Use of Estimates [Abstract] | ' | |
Accounting Records and Use of Estimates | ' | |
1 | Accounting Records and Use of Estimates: | |
The accounting records are maintained in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of the Company's financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. The estimates that we make include allowance for doubtful accounts, depreciation and amortization, income tax assets and liabilities, fair value of marketable securities and revenue recognition. Estimates are based on historical experience where applicable or other assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results may differ from those estimates under different assumptions or conditions. | ||
The interim financial statements are prepared pursuant to the requirements for reporting on Form 10-Q. The July 31, 2013 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, 2013. 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, 2014. | ||
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. When estimating deferred taxes, management assumes New York State and City taxes will be calculated based on income verses capital franchise taxes. 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 that 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. | ||
Recent accounting pronouncements | ||
In February 2013, the Financial Accounting Standards Board ("FASB") amended the disclosure requirements regarding the reporting of amounts reclassified out of accumulated other comprehensive income. The amendment does not change the current requirement for reporting net income or other comprehensive income, but requires additional disclosures about items reclassified out of accumulated other comprehensive income, and the income statement line items impacted by the reclassifications. We adopted this standard effective August 1, 2013 and have presented the disclosures in comparative form. Other than the additional disclosure requirements, the adoption of this standard did not have a material impact on our unaudited condensed consolidated financial statements. The effect of applying this standard is reflected in note 12. |
Income_Per_Share_of_Common_Sto
Income Per Share of Common Stock | 3 Months Ended | |
Oct. 31, 2013 | ||
Income Per Share of Common Stock [Abstract] | ' | |
Earnings Per Share [Text Block] | ' | |
2 | Income Per Share of Common Stock: | |
Income per share has been computed by dividing the net income for the periods by the weighted average number of shares of common stock outstanding during the periods, adjusted for the purchase of treasury stock. Shares used in computing income per share were 2,015,780 for the three months ended October 31, 2013 and October 31, 2012. |
Marketable_Securities
Marketable Securities | 3 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||||||||||||||
Marketable Securities | ' | ||||||||||||||||||||||||
3 | Marketable Securities: | ||||||||||||||||||||||||
The Company categorizes marketable securities as either trading, available-for-sale or held-to-maturity. Trading securities are carried at fair value with unrealized gains and losses included in income. Available-for-sale securities are carried at fair value measurements using quoted prices in active markets for identical assets or liabilities with unrealized gains and losses recorded as a separate component of shareholders' equity. Held-to-maturity securities are carried at amortized cost. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The Company did not classify any securities as trading during the three months ended October 31, 2013 and October 31, 2012. | |||||||||||||||||||||||||
GAAP established a fair value hierarchy that prioritizes the valuation techniques and created 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). Mutual funds are open ended investment funds registered with the U.S. Securities and Exchange Commission and traded at daily net asset value ("NAV"). | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
The following are the Company's financial assets presented at fair value at October 31, 2013 and July 31, 2013. | |||||||||||||||||||||||||
Fair value measurements at reporting date using | |||||||||||||||||||||||||
Quoted prices | Quoted prices | ||||||||||||||||||||||||
in active | Significant | in active | Significant | ||||||||||||||||||||||
markets for | other | Significant | markets for | other | Significant | ||||||||||||||||||||
identical | observable | unobservable | identical | observable | unobservable | ||||||||||||||||||||
assets/liabilities | inputs | inputs | assets/liabilities | inputs | inputs | ||||||||||||||||||||
31-Oct | 31-Jul | ||||||||||||||||||||||||
Description | 2013 | (Level 1) | (Level 2) | (Level 3) | 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Assets: | |||||||||||||||||||||||||
Marketable securities - | |||||||||||||||||||||||||
available-for-sale: | |||||||||||||||||||||||||
Mutual funds | $ | 767,853 | $ | 767,853 | $ | - | $ | - | $ | 1,789,914 | $ | 1,789,914 | $ | - | $ | - | |||||||||
Equity securities | 501,588 | 501,588 | - | - | 619,359 | 619,359 | - | - | |||||||||||||||||
$ | 1,269,441 | $ | 1,269,441 | $ | - | $ | - | $ | 2,409,273 | $ | 2,409,273 | $ | - | $ | - | ||||||||||
As of October 31, 2013 and July 31, 2013, the Company's marketable securities were classified as follows: | |||||||||||||||||||||||||
31-Oct-13 | 31-Jul-13 | ||||||||||||||||||||||||
Gross | Gross | Gross | Gross | ||||||||||||||||||||||
Unrealized | Unrealized | Fair | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | ||||||||||||||||||
Current: | |||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Certificate of deposit | $ | - | $ | - | $ | - | $ | - | $ | 50,326 | $ | - | $ | - | $ | 50,326 | |||||||||
Noncurrent: | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Mutual funds | $ | 659,443 | $ | 113,172 | $ | 4,762 | $ | 767,853 | $ | 1,559,925 | $ | 242,041 | $ | 12,052 | $ | 1,789,914 | |||||||||
Equity securities | 411,283 | 91,046 | 741 | 501,588 | 515,715 | 105,341 | 1,697 | 619,359 | |||||||||||||||||
$ | 1,070,726 | $ | 204,218 | $ | 5,503 | $ | 1,269,441 | $ | 2,075,640 | $ | 347,382 | $ | 13,749 | $ | 2,409,273 | ||||||||||
The Company's debt and equity securities, gross unrealized losses and fair value, aggregated by investment category and length of time that the investment securities have been in a continuous unrealized loss position, at October 31, 2013, are as follows: | |||||||||||||||||||||||||
Less Than | More Than | ||||||||||||||||||||||||
Fair Value | 12 Months | 12 Months | |||||||||||||||||||||||
Equity securities | $ | 62,333 | $ | 741 | $ | - | |||||||||||||||||||
Mutual funds | 259,244 | - | 4,762 | ||||||||||||||||||||||
Total | $ | 321,577 | $ | 741 | $ | 4,762 | |||||||||||||||||||
Investment income consists of the following: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
31-Oct | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Gain (loss) on sale of marketable securities | $ | 182,841 | $ | (517 | ) | ||||||||||||||||||||
Interest income | 953 | 2,527 | |||||||||||||||||||||||
Dividend income | 5,630 | 8,314 | |||||||||||||||||||||||
Total | $ | 189,424 | $ | 10,324 |
Financial_Instruments_and_Cred
Financial Instruments and Credit Risk Concentrations | 3 Months Ended | |
Oct. 31, 2013 | ||
Financial Instruments and Credit Risk Concentrations [Abstract] | ' | |
Financial Instruments and Credit Risk Concentrations | ' | |
4 | Financial Instruments and Credit Risk Concentrations: | |
Financial instruments that are potentially subject to concentrations of credit risk consist principally of marketable securities, cash and cash equivalents and receivables. Marketable securities and cash and cash equivalents are placed with multiple financial institutions and multiple instruments to minimize risk. No assurance can be made that such financial institutions and instruments will minimize all such risk. | ||
The Company derives rental income from forty nine tenants, of which one tenant accounted for 19.20% and another tenant accounted for 15.23% of rental income during the three months ended October 31, 2013. No other tenant accounted for more than 10% of rental income during the same period. | ||
The Company has one irrevocable Letter of Credit totaling $230,000 at October 31, 2013 and July 31, 2013 provided by a tenant as a security deposit. | ||
LongTerm_Debt_Mortgages
Long-Term Debt - Mortgages | 3 Months Ended | |||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||
Long-Term Debt - Mortgages [Abstract] | ' | |||||||||||||||||||
Long-Term Debt - Mortgages | ' | |||||||||||||||||||
5 | Long-Term Debt - Mortgages: | |||||||||||||||||||
31-Oct-13 | 31-Jul-13 | |||||||||||||||||||
Current | ||||||||||||||||||||
Annual | Final | Due | Due | Due | Due | |||||||||||||||
Interest | Payment | Within | After | Within | After | |||||||||||||||
Rate | Date | One Year | One Year | One Year | One Year | |||||||||||||||
Fishkill, New York property | (a,b) | 6.98 | % | 2/18/15 | $ | 49,188 | $ | 1,526,174 | $ | 48,320 | $ | 1,538,575 | ||||||||
Bond St. building, Brooklyn, NY | (b) | 6.98 | % | 2/18/15 | 124,129 | 3,851,466 | 121,942 | 3,882,760 | ||||||||||||
Total | $ | 173,317 | $ | 5,377,640 | $ | 170,262 | $ | 5,421,335 | ||||||||||||
(a) | On August 19, 2004, the Company extended the then existing loan for an additional forty-two (42) months, with an option to convert the loan to a seven (7) year permanent mortgage loan. (See Note 5(b) below). The Company in February 2008 converted the loan to a seven (7) year permanent mortgage loan. The interest rate on conversion was 6.98%. | |||||||||||||||||||
(b) | The Company, on August 19, 2004, closed a loan with a bank for a $12,000,000 multiple draw term loan. The loan consists of: a) a permanent, first mortgage loan to refinance an existing first mortgage loan affecting the Fishkill, New York property, which matured on July 1, 2004 (the "First Permanent Loan")(see Note 5(a)), b) a permanent subordinate mortgage loan in the amount of $1,870,000 (the "Second Permanent Loan"), and c) multiple, successively subordinate loans in the amount $8,295,274 ("Subordinate Building Loans"). The Company, in February 2008, converted the loan totaling $12,000,000 (including note 5(a) above) to a seven (7) year permanent mortgage loan. The interest rate on conversion was 6.98%. The outstanding balance of the loan totaling $5,318,490 will become due and payable on February 18, 2015. |
Property_and_Equipment_at_cost
Property and Equipment - at cost | 3 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Property and Equipment - at cost [Abstract] | ' | ||||||||
Property and Equipment - at cost | ' | ||||||||
31-Oct | 31-Jul | ||||||||
2013 | 2013 | ||||||||
Property: | |||||||||
Buildings and improvements | $ | 70,679,581 | $ | 70,513,716 | |||||
Improvements to leased property | 1,478,012 | 1,478,012 | |||||||
Land | 6,067,805 | 6,067,805 | |||||||
Construction in progress | 1,761,397 | 487,934 | |||||||
79,986,795 | 78,547,467 | ||||||||
Less accumulated depreciation | 33,505,360 | 33,097,163 | |||||||
Property - net | 46,481,435 | 45,450,304 | |||||||
Fixtures and equipment and other: | |||||||||
Fixtures and equipment | 139,398 | 194,893 | |||||||
Other fixed assets | 238,906 | 238,906 | |||||||
378,304 | 433,799 | ||||||||
Less accumulated depreciation | 208,792 | 249,638 | |||||||
Fixtures and equipment and other - net | 169,512 | 184,161 | |||||||
Property and equipment - net | $ | 46,650,947 | $ | 45,634,465 | |||||
Note_Payable
Note Payable | 3 Months Ended | |
Oct. 31, 2013 | ||
Note Payable [Abstract] | ' | |
Note Payable | ' | |
7 | Note Payable: | |
On December 15, 2004, the Company borrowed $1,000,000 on a unsecured basis from a former director of the Company, who at the time was also a greater than 10% beneficial owner of the outstanding common stock of the Company. The loan has been repeatedly renewed to its current maturity date of December 31, 2013. The note is prepayable in whole or in part at any time without penalty. The constant quarterly payment of interest is $12,500. The interest paid was $12,500 for the three months ended October 31, 2013 and 2012, respectively. The Company intends to refinance the note through December 15, 2014 with the estate of the former director. | ||
Unbilled_Receivables_and_Renta
Unbilled Receivables and Rental Income | 3 Months Ended | |
Oct. 31, 2013 | ||
Unbilled Receivables and Rental Income [Abstract] | ' | |
Unbilled Receivables And Rental Income | ' | |
8 | Unbilled Receivables and Rental Income: | |
Unbilled receivables represent the excess of scheduled rental income recognized on a straight-line basis over rental income as it becomes receivable according to the provisions of each lease. |
Employees_Retirement_Plan
Employees' Retirement Plan | 3 Months Ended | |
Oct. 31, 2013 | ||
Employees' Retirement Plan [Abstract] | ' | |
Employees' Retirement Plan | ' | |
9 | Employees' Retirement Plan: | |
The Company contributes to a union sponsored multi-employer pension plan covering its union employees. The Company contributions to the Pension Plan were $10,600 and $6,886 for the three months ended October 31, 2013 and 2012, respectively. The Company also contributes to union sponsored health benefit plans. | ||
The Company sponsors a noncontributory Money Purchase Plan covering substantially all of its non-union employees. Operations were charged $88,874 and $87,500 as contributions to the Plan for the three months ended October 31, 2013 and 2012, respectively. |
Cash_Flow_Information
Cash Flow Information | 3 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Cash Flow Information [Abstract] | ' | |||||||
Cash Flow Information | ' | |||||||
10 | Cash Flow Information: | |||||||
For purposes of reporting cash flows, the Company considers cash equivalents to consist of short-term highly liquid investments with maturities of three (3) months or less, which are readily convertible into cash. | ||||||||
Supplemental disclosure: | Three Months Ended | |||||||
31-Oct | ||||||||
2013 | 2012 | |||||||
Interest paid, net of capitalized interest of $13,221 (2013) | ||||||||
and $768 (2012) | $ | 98,790 | $ | 114,089 | ||||
Income taxes paid (refunded) | $ | (215,638 | ) | $ | 182,302 |
Common_Stock
Common Stock | 3 Months Ended | |
Oct. 31, 2013 | ||
Common Stock [Abstract] | ' | |
Common Stock | ' | |
11 | Common Stock: | |
The Company has one class of common stock with identical voting rights and rights to liquidation. | ||
Accumulated_other_comprehensiv
Accumulated other comprehensive income | 3 Months Ended | |||||||||
Oct. 31, 2013 | ||||||||||
Accumulated other comprehensive income [Abstract] | ' | |||||||||
Accumulated other comprehensive income | ' | |||||||||
12 | Accumulated other comprehensive income: | |||||||||
The only component of accumulated other comprehensive income is unrealized gains (losses) on available-for-sale securities. | ||||||||||
A summary of the changes in accumulated other comprehensive income for the three months ended October 31, 2013 and 2012 is as follows: | ||||||||||
Three Months Ended | ||||||||||
31-Oct | ||||||||||
2013 | 2012 | |||||||||
(Unaudited) | (Unaudited) | |||||||||
Beginning balance, net of tax effect | $ | 183,633 | $ | 133,477 | ||||||
Other comprehensive income, net of tax effect: | ||||||||||
Unrealized gains on available-for-sale securities | 20,269 | 22,396 | ||||||||
Tax effect | (9,000 | ) | (9,000 | ) | ||||||
Unrealized gains on available-for-sale securities, | ||||||||||
net of tax effect | 11,269 | 13,396 | ||||||||
Amounts reclassified from accumulated other | ||||||||||
comprehensive income, net of tax effect: | ||||||||||
Unrealized gains on available-for-sale securities reclassified | (155,187 | ) | - | |||||||
Tax effect | 69,000 | - | ||||||||
Amounts reclassified, net of tax effect | (86,187 | ) | - | |||||||
Ending balance, net of tax effect | $ | 108,715 | $ | 146,873 | ||||||
A summary of the line items in the Condensed Consolidated Statement of Income affected by the amounts reclassified from accumulated other comprehensive income is as follows: | ||||||||||
Details about accumulated other | Affected line item in the statement | |||||||||
comprehensive income components | where net income is presented | |||||||||
Other comprehensive income reclassified | Investment income | |||||||||
Tax effect | Income taxes provided |
Contingencies
Contingencies | 3 Months Ended | |
Oct. 31, 2013 | ||
Contingencies [Abstract] | ' | |
Contingencies | ' | |
13 | 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 Condensed Consolidated Financial Statements. | ||
If the Company sells, transfers, disposes of, or demolishes 25 Elm Place, Brooklyn, New York, then the Company may be liable to create a condominium unit for the loading dock. The necessity of creating the condominium unit and the cost of such condominium unit cannot be determined at this time. |
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Marketable Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of financial assets measured at fair value | ' | ||||||||||||||||||||||||
Fair value measurements at reporting date using | |||||||||||||||||||||||||
Quoted prices | Quoted prices | ||||||||||||||||||||||||
in active | Significant | in active | Significant | ||||||||||||||||||||||
markets for | other | Significant | markets for | other | Significant | ||||||||||||||||||||
identical | observable | unobservable | identical | observable | unobservable | ||||||||||||||||||||
assets/liabilities | inputs | inputs | assets/liabilities | inputs | inputs | ||||||||||||||||||||
31-Oct | 31-Jul | ||||||||||||||||||||||||
Description | 2013 | (Level 1) | (Level 2) | (Level 3) | 2013 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Assets: | |||||||||||||||||||||||||
Marketable securities - | |||||||||||||||||||||||||
available-for-sale: | |||||||||||||||||||||||||
Mutual funds | $ | 767,853 | $ | 767,853 | $ | - | $ | - | $ | 1,789,914 | $ | 1,789,914 | $ | - | $ | - | |||||||||
Equity securities | 501,588 | 501,588 | - | - | 619,359 | 619,359 | - | - | |||||||||||||||||
$ | 1,269,441 | $ | 1,269,441 | $ | - | $ | - | $ | 2,409,273 | $ | 2,409,273 | $ | - | $ | - | ||||||||||
Schedule of classified marketable securities | ' | ||||||||||||||||||||||||
As of October 31, 2013 and July 31, 2013, the Company's marketable securities were classified as follows: | |||||||||||||||||||||||||
31-Oct-13 | 31-Jul-13 | ||||||||||||||||||||||||
Gross | Gross | Gross | Gross | ||||||||||||||||||||||
Unrealized | Unrealized | Fair | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | ||||||||||||||||||
Current: | |||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||
Certificate of deposit | $ | - | $ | - | $ | - | $ | - | $ | 50,326 | $ | - | $ | - | $ | 50,326 | |||||||||
Noncurrent: | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Mutual funds | $ | 659,443 | $ | 113,172 | $ | 4,762 | $ | 767,853 | $ | 1,559,925 | $ | 242,041 | $ | 12,052 | $ | 1,789,914 | |||||||||
Equity securities | 411,283 | 91,046 | 741 | 501,588 | 515,715 | 105,341 | 1,697 | 619,359 | |||||||||||||||||
$ | 1,070,726 | $ | 204,218 | $ | 5,503 | $ | 1,269,441 | $ | 2,075,640 | $ | 347,382 | $ | 13,749 | $ | 2,409,273 | ||||||||||
Schedule of debt and equity securities | ' | ||||||||||||||||||||||||
The Company's debt and equity securities, gross unrealized losses and fair value, aggregated by investment category and length of time that the investment securities have been in a continuous unrealized loss position, at October 31, 2013, are as follows: | |||||||||||||||||||||||||
Less Than | More Than | ||||||||||||||||||||||||
Fair Value | 12 Months | 12 Months | |||||||||||||||||||||||
Equity securities | $ | 62,333 | $ | 741 | $ | - | |||||||||||||||||||
Mutual funds | 259,244 | - | 4,762 | ||||||||||||||||||||||
Total | $ | 321,577 | $ | 741 | $ | 4,762 | |||||||||||||||||||
Schedule of investment income | ' | ||||||||||||||||||||||||
Investment income consists of the following: | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
31-Oct | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Gain (loss) on sale of marketable securities | $ | 182,841 | $ | (517 | ) | ||||||||||||||||||||
Interest income | 953 | 2,527 | |||||||||||||||||||||||
Dividend income | 5,630 | 8,314 | |||||||||||||||||||||||
Total | $ | 189,424 | $ | 10,324 |
LongTerm_Debt_Mortgages_Tables
Long-Term Debt - Mortgages (Tables) | 3 Months Ended | |||||||||||||||||||
Oct. 31, 2013 | ||||||||||||||||||||
Long-Term Debt - Mortgages [Abstract] | ' | |||||||||||||||||||
Schedule of long-term debt | ' | |||||||||||||||||||
31-Oct-13 | 31-Jul-13 | |||||||||||||||||||
Current | ||||||||||||||||||||
Annual | Final | Due | Due | Due | Due | |||||||||||||||
Interest | Payment | Within | After | Within | After | |||||||||||||||
Rate | Date | One Year | One Year | One Year | One Year | |||||||||||||||
Fishkill, New York property | (a,b) | 6.98 | % | 2/18/15 | $ | 49,188 | $ | 1,526,174 | $ | 48,320 | $ | 1,538,575 | ||||||||
Bond St. building, Brooklyn, NY | (b) | 6.98 | % | 2/18/15 | 124,129 | 3,851,466 | 121,942 | 3,882,760 | ||||||||||||
Total | $ | 173,317 | $ | 5,377,640 | $ | 170,262 | $ | 5,421,335 | ||||||||||||
(a) | On August 19, 2004, the Company extended the then existing loan for an additional forty-two (42) months, with an option to convert the loan to a seven (7) year permanent mortgage loan. (See Note 5(b) below). The Company in February 2008 converted the loan to a seven (7) year permanent mortgage loan. The interest rate on conversion was 6.98%. | |||||||||||||||||||
(b) | The Company, on August 19, 2004, closed a loan with a bank for a $12,000,000 multiple draw term loan. The loan consists of: a) a permanent, first mortgage loan to refinance an existing first mortgage loan affecting the Fishkill, New York property, which matured on July 1, 2004 (the "First Permanent Loan")(see Note 5(a)), b) a permanent subordinate mortgage loan in the amount of $1,870,000 (the "Second Permanent Loan"), and c) multiple, successively subordinate loans in the amount $8,295,274 ("Subordinate Building Loans"). The Company, in February 2008, converted the loan totaling $12,000,000 (including note 5(a) above) to a seven (7) year permanent mortgage loan. The interest rate on conversion was 6.98%. The outstanding balance of the loan totaling $5,318,490 will become due and payable on February 18, 2015. |
Property_and_Equipment_at_cost1
Property and Equipment - at cost (Tables) | 3 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Property and Equipment - at cost [Abstract] | ' | ||||||||
Schedule of property and equipment | ' | ||||||||
31-Oct | 31-Jul | ||||||||
2013 | 2013 | ||||||||
Property: | |||||||||
Buildings and improvements | $ | 70,679,581 | $ | 70,513,716 | |||||
Improvements to leased property | 1,478,012 | 1,478,012 | |||||||
Land | 6,067,805 | 6,067,805 | |||||||
Construction in progress | 1,761,397 | 487,934 | |||||||
79,986,795 | 78,547,467 | ||||||||
Less accumulated depreciation | 33,505,360 | 33,097,163 | |||||||
Property - net | 46,481,435 | 45,450,304 | |||||||
Fixtures and equipment and other: | |||||||||
Fixtures and equipment | 139,398 | 194,893 | |||||||
Other fixed assets | 238,906 | 238,906 | |||||||
378,304 | 433,799 | ||||||||
Less accumulated depreciation | 208,792 | 249,638 | |||||||
Fixtures and equipment and other - net | 169,512 | 184,161 | |||||||
Property and equipment - net | $ | 46,650,947 | $ | 45,634,465 | |||||
Schedule of property and equipment construction in progress | ' | ||||||||
Construction in progress includes: | |||||||||
31-Oct | 31-Jul | ||||||||
2013 | 2013 | ||||||||
New tenant improvements at 9 Bond Street in Brooklyn, NY | $ | 1,161,800 | $ | 487,934 | |||||
Building improvements at Fishkill, NY | 522,623 | - | |||||||
Existing tenant improvements at 9 Bond Street in Brooklyn, NY | 76,974 | - | |||||||
$ | 1,761,397 | $ | 487,934 |
Cash_Flow_Information_Tables
Cash Flow Information (Tables) | 3 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Cash Flow Information [Abstract] | ' | |||||||
Schedule of cash flow information | ' | |||||||
Supplemental disclosure: | Three Months Ended | |||||||
31-Oct | ||||||||
2013 | 2012 | |||||||
Interest paid, net of capitalized interest of $13,221 (2013) | ||||||||
and $768 (2012) | $ | 98,790 | $ | 114,089 | ||||
Income taxes paid (refunded) | $ | (215,638 | ) | $ | 182,302 |
Accumulated_other_comprehensiv1
Accumulated other comprehensive income (Tables) | 3 Months Ended | |||||||||
Oct. 31, 2013 | ||||||||||
Accumulated other comprehensive income [Abstract] | ' | |||||||||
Schedule of accumulated other comprehensive income | ' | |||||||||
A summary of the changes in accumulated other comprehensive income for the three months ended October 31, 2013 and 2012 is as follows: | ||||||||||
Three Months Ended | ||||||||||
31-Oct | ||||||||||
2013 | 2012 | |||||||||
(Unaudited) | (Unaudited) | |||||||||
Beginning balance, net of tax effect | $ | 183,633 | $ | 133,477 | ||||||
Other comprehensive income, net of tax effect: | ||||||||||
Unrealized gains on available-for-sale securities | 20,269 | 22,396 | ||||||||
Tax effect | (9,000 | ) | (9,000 | ) | ||||||
Unrealized gains on available-for-sale securities, | ||||||||||
net of tax effect | 11,269 | 13,396 | ||||||||
Amounts reclassified from accumulated other | ||||||||||
comprehensive income, net of tax effect: | ||||||||||
Unrealized gains on available-for-sale securities reclassified | (155,187 | ) | - | |||||||
Tax effect | 69,000 | - | ||||||||
Amounts reclassified, net of tax effect | (86,187 | ) | - | |||||||
Ending balance, net of tax effect | $ | 108,715 | $ | 146,873 |
Income_Per_Share_of_Common_Sto1
Income Per Share of Common Stock (Details) | 3 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Income Per Share of Common Stock [Abstract] | ' | ' |
Average common shares outstanding | 2,015,780 | 2,015,780 |
Marketable_Securities_Schedule
Marketable Securities (Schedule of financial assets measured at fair value) (Details) (USD $) | Oct. 31, 2013 | Jul. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities - available-for-sale | $1,269,441 | $2,409,273 |
Quoted prices in active markets for identical assets/liabilities (Level 1) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities - available-for-sale | 1,269,441 | 2,409,273 |
Significant other observable inputs (Level 2) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities - available-for-sale | ' | ' |
Significant unobservable inputs (Level 3) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities - available-for-sale | ' | ' |
Mutual Funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities - available-for-sale | 767,853 | 1,789,914 |
Mutual Funds [Member] | Quoted prices in active markets for identical assets/liabilities (Level 1) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities - available-for-sale | 767,853 | 1,789,914 |
Mutual Funds [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities - available-for-sale | ' | ' |
Mutual Funds [Member] | Significant unobservable inputs (Level 3) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities - available-for-sale | ' | ' |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities - available-for-sale | 501,588 | 619,359 |
Equity Securities [Member] | Quoted prices in active markets for identical assets/liabilities (Level 1) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities - available-for-sale | 501,588 | 619,359 |
Equity Securities [Member] | Significant other observable inputs (Level 2) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities - available-for-sale | ' | ' |
Equity Securities [Member] | Significant unobservable inputs (Level 3) [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Marketable securities - available-for-sale | ' | ' |
Marketable_Securities_Schedule1
Marketable Securities (Schedule of classified marketable securities) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Oct. 31, 2013 | Jul. 31, 2013 | |
Noncurrent [Member] | ' | ' |
Available-for-sale - Cost | $1,070,726 | $2,075,640 |
Available-for-sale - Gross Unrealized Gains | 204,218 | 347,382 |
Available-for-sale - Gross Unrealized Losses | 5,503 | 13,749 |
Available-for-sale - Fair Value | 1,269,441 | 2,409,273 |
Mutual Funds [Member] | Noncurrent [Member] | ' | ' |
Available-for-sale - Cost | 659,443 | 1,559,925 |
Available-for-sale - Gross Unrealized Gains | 113,172 | 242,041 |
Available-for-sale - Gross Unrealized Losses | 4,762 | 12,052 |
Available-for-sale - Fair Value | 767,853 | 1,789,914 |
Equity Securities [Member] | Noncurrent [Member] | ' | ' |
Available-for-sale - Cost | 411,283 | 515,715 |
Available-for-sale - Gross Unrealized Gains | 91,046 | 105,341 |
Available-for-sale - Gross Unrealized Losses | 741 | 1,697 |
Available-for-sale - Fair Value | 501,588 | 619,359 |
Certificates Of Deposit [Member] | Current [Member] | ' | ' |
Held-to-maturity - Cost | ' | 50,326 |
Held-to-maturity - Gross Unrealized Gains | ' | ' |
Held-to-maturity - Gross Unrealized Losses | ' | ' |
Held-to-maturity | ' | $50,326 |
Marketable_Securities_Schedule2
Marketable Securities (Schedule of debt and equity securities) (Details) (USD $) | Oct. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less Than 12 Months | $741 |
More Than 12 Months | 4,762 |
Fair value | 321,577 |
Equity securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less Than 12 Months | 741 |
More Than 12 Months | ' |
Fair value | 62,333 |
Mutual funds [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less Than 12 Months | ' |
More Than 12 Months | 4,762 |
Fair value | $259,244 |
Marketable_Securities_Schedule3
Marketable Securities (Schedule of investment income) (Details) (USD $) | 3 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Marketable Securities [Abstract] | ' | ' |
Gain (loss) on sale of marketable securities | $182,841 | ($517) |
Interest income | 953 | 2,527 |
Dividend income | 5,630 | 8,314 |
Total | $189,424 | $10,324 |
Financial_Instruments_and_Cred1
Financial Instruments and Credit Risk Concentrations (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Oct. 31, 2013 | Jul. 31, 2013 | |
Concentration Risk [Line Items] | ' | ' |
Irrevocable letter of credit | $230,000 | $230,000 |
Tenant One [Member] | Rental income [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk | 19.20% | ' |
Tenant Two [Member] | Rental income [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk | 15.23% | ' |
LongTerm_Debt_Mortgages_Schedu
Long-Term Debt - Mortgages (Schedule of long-term debt) (Details) (USD $) | 3 Months Ended | |||
Oct. 31, 2013 | Jul. 31, 2013 | |||
Due Within One Year | $173,317 | $170,262 | ||
Due After One Year | 5,377,640 | 5,421,335 | ||
Fishkill, New York Property [Member] | ' | ' | ||
Due Within One Year | 49,188 | [1],[2] | 48,320 | [1],[2] |
Due After One Year | 1,526,174 | [1],[2] | 1,538,575 | [1],[2] |
Current Annual Interest Rate | 6.98% | 6.98% | ||
Final Payment Date | 18-Feb-15 | ' | ||
Bond St. Building, Brooklyn, N Y [Member] | ' | ' | ||
Due Within One Year | 124,129 | 121,942 | ||
Due After One Year | $3,851,466 | [2] | $3,882,760 | [2] |
Current Annual Interest Rate | 6.98% | 6.98% | ||
Final Payment Date | 18-Feb-15 | ' | ||
[1] | On August 19, 2004, the Company extended the then existing loan for an additional forty-two (42) months, with an option to convert the loan to a seven (7) year permanent mortgage loan. (See Note 5(b) below). The Company in February 2008 converted the loan to a seven (7) year permanent mortgage loan. The interest rate on conversion was 6.98%. | |||
[2] | The Company, on August 19, 2004, closed a loan with a bank for a $12,000,000 multiple draw term loan. The loan consists of: a) a permanent, first mortgage loan to refinance an existing first mortgage loan affecting the Fishkill, New York property, which matured on July 1, 2004 (the "First Permanent Loan")(see Note 5(a)), b) a permanent subordinate mortgage loan in the amount of $1,870,000 (the "Second Permanent Loan"), and c) multiple, successively subordinate loans in the amount $8,295,274 ("Subordinate Building Loans"). The Company, in February 2008, converted the loan totaling $12,000,000 (including note 5(a) above) to a seven (7) year permanent mortgage loan. The interest rate on conversion was 6.98%. The outstanding balance of the loan totaling $5,318,490 will become due and payable on February 18, 2015. |
LongTerm_Debt_Mortgages_Narrat
Long-Term Debt - Mortgages (Narrative) (Details) (USD $) | Oct. 31, 2013 | Aug. 19, 2004 | Aug. 19, 2004 | Aug. 19, 2004 | Aug. 19, 2004 |
Fishkill, New York Property [Member] | Bond St. Building, Brooklyn, N Y [Member] | Permanent Subordinate Mortgage [Member] | Multiple Successively Subordinate Loans [Member] | ||
Fishkill, New York Property [Member] | Fishkill, New York Property [Member] | ||||
Closed bank liabilities | ' | $12,000,000 | ' | ' | ' |
Secured debt | ' | ' | ' | 1,870,000 | 8,295,274 |
Refinanced amount | ' | ' | 1,834,726 | ' | ' |
Principal amount outstanding | $5,318,490 | ' | ' | ' | ' |
Property_and_Equipment_at_cost2
Property and Equipment - at cost (Schedule of property and equipment) (Details) (USD $) | Oct. 31, 2013 | Jul. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment - net | $46,650,947 | $45,634,465 |
Buildings and improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 70,679,581 | 70,513,716 |
Improvements to leased property [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 1,478,012 | 1,478,012 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 6,067,805 | 6,067,805 |
Construction in progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 1,761,397 | 487,934 |
Property [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 79,986,795 | 78,547,467 |
Less accumulated depreciation | 33,505,360 | 33,097,163 |
Property and equipment - net | 46,481,435 | 45,450,304 |
Fixtures and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 139,398 | 194,893 |
Other fixed assets [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 238,906 | 238,906 |
Fixtures and equipment and other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 378,304 | 433,799 |
Less accumulated depreciation | 208,792 | 249,638 |
Property and equipment - net | $169,512 | $184,161 |
Property_and_Equipment_at_cost3
Property and Equipment - at cost ( Schedule of property and equipment construction in progress) (Details) (USD $) | Oct. 31, 2013 | Jul. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Construction in progress | $1,761,397 | $487,934 |
New tenant improvements at 9 Bond Street in Brooklyn, NY [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Construction in progress | 1,161,800 | 487,934 |
Building improvements at Fishkill, NY [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Construction in progress | 522,623 | ' |
Existing tenant improvements at 9 Bond Street in Brooklyn, NY [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Construction in progress | $76,974 | ' |
Note_Payable_Details
Note Payable (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
Dec. 15, 2004 | Oct. 31, 2013 | Oct. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Proceeds from related party | $1,000,000 | ' | ' |
Minimum percentage of beneficially owned common stock | 10.00% | ' | ' |
Periodic payment of interest | ' | 12,500 | ' |
Interest expense | ' | $12,500 | $12,500 |
Employees_Retirement_Plan_Deta
Employees' Retirement Plan (Details) (USD $) | 3 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Employees' Retirement Plan [Abstract] | ' | ' |
Pension Contributions | $10,600 | $6,886 |
Employer contributions | $88,874 | $87,500 |
Cash_Flow_Information_Schedule
Cash Flow Information (Schedule of cash flow information) (Details) (USD $) | 3 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Cash Flow Information [Abstract] | ' | ' |
Interest paid, net of capitalized interest of $13,221 (2013) and $768 (2012) | $98,790 | $114,089 |
Income taxes paid | ($215,638) | $182,302 |
Cash_Flow_Information_Narrativ
Cash Flow Information (Narrative) (Details) (USD $) | 3 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Cash Flow Information [Abstract] | ' | ' |
Capitalized interest | $13,221 | $768 |
Accumulated_other_comprehensiv2
Accumulated other comprehensive income (Details) (USD $) | 3 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Accumulated other comprehensive income [Abstract] | ' | ' |
Beginning balance, net of tax effect | $183,633 | $133,477 |
Other comprehensive income, net of tax effect: | ' | ' |
Unrealized gains on available-for-sale securities | 20,269 | 22,396 |
Tax effect | -9,000 | -9,000 |
Unrealized gains on available-for-sale securities, net of tax effect | 11,269 | 13,396 |
Amounts reclassified from accumulated other comprehensive income, net of tax effect: | ' | ' |
Unrealized gains on available-for-sale securities reclassified | -155,187 | ' |
Tax effect | 69,000 | ' |
Amounts reclassified, net of tax effect | -86,187 | ' |
Ending balance, net of tax effect | $108,715 | $146,873 |