DOCUMENT_AND_ENTITY_INFORMATIO
DOCUMENT AND ENTITY INFORMATION | 9 Months Ended | |
Apr. 30, 2015 | Jun. 03, 2015 | |
DOCUMENT AND ENTITY INFORMATION | ||
Entity Registrant Name | MAYS J W INC | |
Entity Central Index Key | 54187 | |
Current Fiscal Year End Date | -24 | |
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 | 30-Apr-15 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2015 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
ASSETS | ||
Property and Equipment - Net (Notes 5, 6 and 15) | $47,542,393 | $47,458,998 |
Current Assets: | ||
Cash and cash equivalents (Note 4) | 3,561,800 | 1,892,760 |
Receivables (Note 4) | 227,423 | 311,006 |
Receivable to temporarily vacate lease (Note 13) | 1,250,000 | 1,250,000 |
Security deposits | 6,774 | |
Income taxes refundable | 380,298 | 196,006 |
Deferred income taxes | 1,205,000 | 1,564,000 |
Prepaid expenses | 831,858 | 1,383,994 |
Total current assets | 7,463,153 | 6,597,766 |
Other Assets: | ||
Deferred charges | 4,260,511 | 3,835,016 |
Less: accumulated amortization | 2,395,496 | 2,126,926 |
Net | 1,865,015 | 1,708,090 |
Receivables (Note 4) | 30,000 | 60,000 |
Security deposits | 1,404,270 | 1,440,755 |
Unbilled receivables (Notes 4 and 8) | 2,583,463 | 2,556,743 |
Marketable securities (Notes 3 and 4) | 1,477,072 | 1,354,213 |
Total other assets | 7,359,820 | 7,119,801 |
TOTAL ASSETS | 62,365,366 | 61,176,565 |
Long-Term Debt: | ||
Mortgages payable (Note 5) | 5,825,014 | 5,181,335 |
Note payable - related party (Note 7) | 1,000,000 | 1,000,000 |
Security deposits payable | 769,114 | 736,103 |
Deferred revenue (Note 13) | 1,312,499 | 2,187,500 |
Total long-term debt | 8,906,627 | 9,104,938 |
Deferred Income Taxes (Note 1) | 4,632,000 | 4,220,000 |
Current Liabilities: | ||
Accounts payable | 78,861 | 144,250 |
Payroll and other accrued liabilities | 2,076,287 | 2,174,487 |
Deferred revenue (Note 13) | 1,166,667 | 1,166,667 |
Other taxes payable | 3,107 | 6,357 |
Current portion of long-term debt (Note 5) | 149,422 | 240,000 |
Current portion of security deposits payable | 6,774 | 10,500 |
Total current liabilities | 3,481,118 | 3,742,261 |
TOTAL LIABILITIES | 17,019,745 | 17,067,199 |
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 $144,000 at April 30, 2015 and $107,000 at July 31, 2014 | 176,120 | 129,412 |
Retained earnings | 40,932,811 | 39,743,264 |
Stockholders' Equity before Treasury Stock | 46,633,473 | 45,397,218 |
Less common stock held in treasury, at cost - 162,517 shares at April 30, 2015 and at July 31, 2014 (Note 11) | 1,287,852 | 1,287,852 |
Total shareholders' equity | 45,345,621 | 44,109,366 |
Contingencies (Note 14) | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $62,365,366 | $61,176,565 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
CONDENSED CONSOLIDATED BALANCE SHEETS [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) | $144,000 | $107,000 |
Treasury stock, shares | 162,517 | 162,517 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (USD $) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | |
Revenues | ||||
Rental income (Notes 4 and 8) | $4,447,781 | $4,268,129 | $13,200,371 | $12,626,482 |
Recovery of real estate taxes | 10,625 | |||
Revenue to temporarily vacate lease (Note 13) | 291,667 | 875,001 | ||
Total revenues | 4,739,448 | 4,268,129 | 14,085,997 | 12,626,482 |
Expenses | ||||
Real estate operating expenses | 2,588,714 | 2,435,241 | 7,383,648 | 7,088,526 |
Administrative and general expenses | 918,865 | 1,013,284 | 3,041,595 | 3,119,880 |
Depreciation and amortization (Note 6) | 402,260 | 427,921 | 1,287,067 | 1,270,828 |
Loss on disposition of property and equipment | 27,648 | 27,648 | 4,291 | |
Total expenses | 3,937,487 | 3,876,446 | 11,739,958 | 11,483,525 |
Income from operations before investment income, interest expense and income taxes | 801,961 | 391,683 | 2,346,039 | 1,142,957 |
Investment income and interest expense: | ||||
Investment income (Note 3) | 13,525 | 6,691 | 46,069 | 227,080 |
Interest expense (Notes 5, 7 and 10) | -64,524 | -107,059 | -265,561 | -318,748 |
Interest Income (Expense), Net | -50,999 | -100,368 | -219,492 | -91,668 |
Income from operations before income taxes | 750,962 | 291,315 | 2,126,547 | 1,051,289 |
Income taxes provided | 329,000 | 73,000 | 937,000 | 454,000 |
Net income | 421,962 | 218,315 | 1,189,547 | 597,289 |
Retained earnings, beginning of period | 40,510,849 | 39,382,915 | 39,743,264 | 39,003,941 |
Retained earnings, end of period | $40,932,811 | $39,601,230 | $40,932,811 | $39,601,230 |
Income per common share (Note 2) | $0.21 | $0.11 | $0.59 | $0.30 |
Dividends per share | ||||
Average common shares outstanding | 2,015,780 | 2,015,780 | 2,015,780 | 2,015,780 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Net income | $421,962 | $218,315 | $1,189,547 | $597,289 |
Unrealized gain on available-for-sale securities: | ||||
Unrealized holding gains arising during the period, net of taxes of $14,000 and $25,000 for the three months ended April 30, 2015 and 2014, respectively, and $37,000 and $19,000 for the nine months ended April 30, 2015 and 2014, respectively | 17,369 | 30,468 | 46,708 | 25,449 |
Reclassification adjustment for net gains included in net income, net of taxes of ($69,000) for the nine months ended April 30, 2014 (Note 12) | -86,187 | |||
Unrealized gains on available-for-sale securities, net of taxes | 17,369 | 30,468 | 46,708 | -60,738 |
Comprehensive income | $439,331 | $248,783 | $1,236,255 | $536,551 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Unrealized holding gains arising during the period, tax | $14,000 | $25,000 | $37,000 | $19,000 |
Reclassification adjustment for net gains included in net income, tax | ($69,000) |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Cash Flows From Operating Activities: | ||
Net income | $1,189,547 | $597,289 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,287,067 | 1,270,828 |
Amortization of deferred charges | 268,570 | 263,172 |
Realized (gain) on sale of marketable securities | -6,455 | -182,846 |
Loss on disposition of property and equipment | 27,648 | 4,291 |
Other assets - unbilled receivables | -26,720 | -338,056 |
- deferred charges | -425,495 | -289,155 |
Deferred income taxes | 734,000 | 454,000 |
Deferred revenue | -875,001 | |
Changes in: | ||
Receivables | 113,583 | -278,694 |
Income taxes refundable | -184,292 | 14,066 |
Prepaid expenses | 552,136 | 539,455 |
Accounts payable | -65,389 | 76,804 |
Payroll and other accrued liabilities | -98,200 | 186,516 |
Other taxes payable | -3,250 | 6,317 |
Cash provided by operating activities | 2,487,749 | 2,323,987 |
Cash Flows From Investing Activities: | ||
Capital expenditures | -1,398,110 | -2,263,171 |
Security deposits | 29,711 | -301,257 |
Marketable securities: | ||
Receipts from sales or maturities | 344,271 | 1,247,403 |
Payments for purchases | -376,967 | -49,889 |
Cash (used) by investing activities | -1,401,095 | -1,366,914 |
Cash Flows From Financing Activities: | ||
Increase (decrease) - security deposits | 29,285 | -75,210 |
Increase - mortgage debt | 652,274 | |
Mortgage and other debt payments | -99,173 | -126,283 |
Cash provided (used) by financing activities | 582,386 | -201,493 |
Increase in cash and cash equivalents | 1,669,040 | 755,580 |
Cash and cash equivalents at beginning of period | 1,892,760 | 664,718 |
Cash and cash equivalents at end of period | $3,561,800 | $1,420,298 |
Accounting_Records_and_Use_of_
Accounting Records and Use of Estimates | 9 Months Ended | |
Apr. 30, 2015 | ||
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, 2014 condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes included in the Company's latest Form 10-K Annual Report for the fiscal year ended July 31, 2014. 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, 2015. | ||
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 versus 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 April 2014, the FASB issued an update (“ASU 2014-08”) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity to ASC Topic 205, Presentation of Financial Statements and ASC Topic 360, Property Plant and Equipment. Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity's results and operations would qualify as discontinued operations. In addition, ASU 2014-08 expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. ASU 2014-08 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014. The adoption of this update on August 1, 2015 is not expected to have any impact on our consolidated financial statements. | ||
In May 2014, the FASB issued an update (“ASU 2014-09”) establishing ASC Topic 606 Revenue from Contracts with Customers. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting in fiscal years that begin after December 15, 2016. The adoption of the update on August 1, 2017 is not expected to have a significant impact on our consolidated financial statements. | ||
In January 2015, the FASB issued an update (“ASU 2015-01”) Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The adoption of this update on August 1, 2016 is not expected to have any impact on our consolidated financial statements. | ||
On September 13, 2013, the U.S. Department of the Treasury and the Internal Revenue Service released final income tax regulations on the deduction and capitalization of expenditures related to tangible property (“tangible property regulations”). The tangible property regulations clarify and expand sections 162(a) and 263(a) of the Internal Revenue Code (“IRC”), which relate to amounts paid to acquire, produce, or improve tangible property. Additionally, the tangible property regulations provide final guidance under IRC section 167 regarding accounting for and retirement of depreciable property and regulations under IRC section 168 relating to the accounting for property under the Modified Accelerated Cost Recovery System. The tangible property regulations affect all taxpayers that acquire, produce, or improve tangible property, and generally apply to taxable years beginning on or after January 1, 2014, which will impact the fiscal year ending July 31, 2015. The tangible property regulations will require the Company to make additional tax accounting method changes which the Company expects to implement in the last quarter of the fiscal year ending July 31, 2015. Changes in tax law are accounted for in the period of enactment, therefore certain provisions of the legislation could impact the presentation of deferred tax assets and liabilities in the condensed consolidated balance sheet but are not expected to have a material impact on the Company's effective tax rate. The adoption of the regulations is expected to primarily affect timing and is not likely to have a material impact on the consolidated financial statements. | ||
Income_Per_Share_of_Common_Sto
Income Per Share of Common Stock | 9 Months Ended | |
Apr. 30, 2015 | ||
Income Per Share of Common Stock: [Abstract] | ||
Income Per Share of Common Stock: | 2 | Income Per Share of Common Stock: |
Income per share has been computed by dividing the net income for the periods by the weighted average number of shares of common stock outstanding during the periods, adjusted for the purchase of treasury stock. Shares used in computing income per share were 2,015,780 for the nine months ended April 30, 2015 and April 30, 2014. |
Marketable_Securities
Marketable Securities | 9 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||||||
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 or held to maturity during the three and nine months ended April 30, 2015 and July 31, 2014. | |||||||||||||||||||||||||
The Company follows GAAP which establishes a fair value hierarchy that prioritizes the valuation techniques and creates the following three broad levels, with Level 1 valuation being the highest priority: | |||||||||||||||||||||||||
Level 1 valuation inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date (e.g., equity securities traded on the New York Stock Exchange). | |||||||||||||||||||||||||
Level 2 valuation inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted market prices of similar assets or liabilities in active markets, or quoted market prices for identical or similar assets or liabilities in markets that are not active). | |||||||||||||||||||||||||
Level 3 valuation inputs are unobservable (e.g., an entity's own data) and should be used to measure fair value to the extent that observable inputs are not available. | |||||||||||||||||||||||||
Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes in the methodologies used at April 30, 2015 and July 31, 2014. | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
The following are the Company's financial assets measured on a recurring basis presented at fair value. | |||||||||||||||||||||||||
Fair value measurements at reporting date using | |||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
April 30, | July 31, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Marketable securities - | |||||||||||||||||||||||||
available-for-sale | $ | 1,477,072 | $ | 1,477,072 | $ | – | $ | – | $ | 1,354,213 | $ | 1,354,213 | $ | – | $ | – | |||||||||
Fair Value of Investments in Entities that Use NAV | |||||||||||||||||||||||||
The following table summarizes investments measured at fair value based on NAV per share as of April 30, 2015 and July 31, 2014, respectively. | |||||||||||||||||||||||||
30-Apr-15 | Fair Value | Unfunded | Redemption Frequency | Redemption | |||||||||||||||||||||
Commitments | (if currently eligible) | Notice Period | |||||||||||||||||||||||
First Eagle Global CL I | $ | 280,717 | n/a | Daily | None | ||||||||||||||||||||
Parnasus Core Equity Investor CL | $ | 297,992 | n/a | Daily | None | ||||||||||||||||||||
Columbia Flexible Income CL A | $ | 278,822 | n/a | Daily | None | ||||||||||||||||||||
31-Jul-14 | Fair Value | Unfunded | Redemption Frequency | Redemption | |||||||||||||||||||||
Commitments | (if currently eligible) | Notice Period | |||||||||||||||||||||||
First Eagle Global CL I | $ | 273,000 | n/a | Daily | None | ||||||||||||||||||||
Parnasus Core Equity Investor CL | $ | 277,571 | n/a | Daily | None | ||||||||||||||||||||
Transamerica Tactical Income CL A | $ | 269,649 | n/a | Daily | None | ||||||||||||||||||||
As of April 30, 2015 and July 31, 2014, the Company's marketable securities were classified as follows: | |||||||||||||||||||||||||
30-Apr-15 | 31-Jul-14 | ||||||||||||||||||||||||
Cost | Gross | Gross | Fair | Cost | Gross | Gross | Fair | ||||||||||||||||||
Unrealized | Unrealized | Value | Unrealized | Unrealized | Value | ||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Mutual funds | $ | 716,050 | $ | 141,481 | $ | – | $ | 857,531 | $ | 691,047 | $ | 129,173 | $ | – | $ | 820,220 | |||||||||
Equity securities | 440,902 | 178,639 | – | 619,541 | 426,754 | 107,239 | – | 533,993 | |||||||||||||||||
$ | 1,156,952 | $ | 320,120 | $ | – | $ | 1,477,072 | $ | 1,117,801 | $ | 236,412 | $ | – | $ | 1,354,213 | ||||||||||
Investment income consists of the following: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
30-Apr | 30-Apr | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Gain on sale of marketable securities | $ | 6,069 | $ | – | $ | 6,455 | $ | 182,846 | |||||||||||||||||
Interest income | 860 | 529 | 2,147 | 1,825 | |||||||||||||||||||||
Dividend income | 6,596 | 6,162 | 37,467 | 42,409 | |||||||||||||||||||||
Total | $ | 13,525 | $ | 6,691 | $ | 46,069 | $ | 227,080 |
Financial_Instruments_and_Cred
Financial Instruments and Credit Risk Concentrations | 9 Months Ended | |
Apr. 30, 2015 | ||
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 17.17% and another tenant accounted for 14.00% of rental income during the nine months ended April 30, 2015. 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 April 30, 2015 and July 31, 2014 provided by a tenant as a security deposit. |
LongTerm_Debt_Mortgages
Long-Term Debt - Mortgages | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Long-Term Debt - Mortgages: [Abstract] | |||||||||||||||||
Long-Term Debt - Mortgages: | 5 | Long-Term Debt – Mortgages: | |||||||||||||||
30-Apr-15 | 31-Jul-14 | ||||||||||||||||
Current | Final | Due | Due | Due | Due | ||||||||||||
Annual | Payment | Within | After | Within | After | ||||||||||||
Interest | Date | One Year | One Year | One Year | One Year | ||||||||||||
Rate | |||||||||||||||||
Fishkill, New York property | 6.98% | 2/18/15 | $ | – | $ | – | $ | 68,112 | $ | 1,470,463 | |||||||
Bond St. building, Brooklyn, NY | 6.98% | 2/18/15 | – | – | 171,888 | 3,710,872 | |||||||||||
Bond St. building, Brooklyn, NY | 3.54% | 2/1/20 | 149,422 | 5,825,014 | – | – | |||||||||||
Total | $ | 149,422 | $ | 5,825,014 | $ | 240,000 | $ | 5,181,335 | |||||||||
The Company, on August 19, 2004, closed a loan with a bank for a $12,000,000 multiple draw term loan. The loan consisted 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”), 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 to a seven (7) year permanent mortgage loan. The interest rate on conversion was 6.98%. On January 9, 2015, the Company refinanced the loan for $6,000,000, which included the outstanding balance as of January 2015 in the amount of $5,347,726 and an additional borrowing of $652,274. The loan is for a period of five years with a payment based on a twenty-five year amortization period. The interest rate for this period is fixed at 3.54% per annum. The mortgage loan is secured by the Bond Street building in Brooklyn, New York. |
Property_and_Equipment_at_cost
Property and Equipment - at cost | 9 Months Ended | ||||||
Apr. 30, 2015 | |||||||
Property and Equipment - at cost: [Abstract] | |||||||
Property and Equipment - at cost: | 6 | Property and Equipment – at cost: | |||||
30-Apr | 31-Jul | ||||||
2015 | 2014 | ||||||
Property: | |||||||
Buildings and improvements | $ | 75,797,083 | $ | 74,547,177 | |||
Improvements to leased property | 1,478,012 | 1,478,012 | |||||
Land | 6,067,805 | 6,067,805 | |||||
Construction in progress | 103,064 | – | |||||
83,445,964 | 82,092,994 | ||||||
Less accumulated depreciation | 36,008,751 | 34,773,376 | |||||
Property - net | 47,437,213 | 47,319,618 | |||||
Fixtures and equipment and other: | |||||||
Fixtures and equipment | 144,545 | 144,545 | |||||
Other fixed assets | 238,906 | 238,906 | |||||
383,451 | 383,451 | ||||||
Less accumulated depreciation | 278,271 | 244,071 | |||||
Fixtures and equipment and other - net | 105,180 | 139,380 | |||||
Property and equipment - net | $ | 47,542,393 | $ | 47,458,998 | |||
Construction in progress includes: | |||||||
30-Apr | 31-Jul | ||||||
2015 | 2014 | ||||||
Building improvements at 9 Bond Street in Brooklyn, NY | $ | 82,635 | $ | – | |||
Building improvements at Jowein building in Brooklyn, NY | 20,429 | – | |||||
$ | 103,064 | $ | – |
Note_Payable_Related_Party
Note Payable - Related Party | 9 Months Ended | |
Apr. 30, 2015 | ||
Note Payable - Related Party: [Abstract] | ||
Note Payable - Related Party: | 7 | Note Payable - Related Party: |
On December 15, 2004, the Company borrowed $1,000,000 on an 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 former director passed away in November 2012 and the note is currently an asset of the estate of the former director. The loan has been repeatedly renewed to its current maturity date of December 15, 2016. 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 $37,500 for the nine months ended April 30, 2015 and 2014, respectively. |
Unbilled_Receivables_and_Renta
Unbilled Receivables and Rental Income | 9 Months Ended | |
Apr. 30, 2015 | ||
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 | 9 Months Ended | ||
Apr. 30, 2015 | |||
Employees' Retirement Plan: [Abstract] | |||
Employees' Retirement Plan: | 9 | Employees' Retirement Plan: | |
The Company sponsors a noncontributory Money Purchase Plan covering substantially all of its non-union employees. Operations were charged $70,811 and $281,306 for the three and nine months ended April 30, 2015, respectively, and $105,773 and $297,143 as contributions to the Plan for the three and nine months ended April 30, 2014, 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 $10,853 and $34,761 for the three and nine months ended April 30, 2015, respectively, and $11,271 and $32,824 for the three and nine months ended April 30, 2014, respectively. Contributions and costs are determined in accordance with the provisions of negotiated labor contracts or terms of the plans. The Company also contributes to union sponsored health benefit plans. | |||
Contingent Liability for Pension Plan: | |||
Information as to the Company's portion of accumulated plan benefits and plan assets is not reported separately by the pension plan. Under the Employee Retirement Income Security Act, upon withdrawal from a multi-employer benefit plan, an employer is required to continue to pay its proportionate share of the plan's unfunded vested benefits, if any. Any liability under this provision cannot be determined: however, the Company has not made a decision to withdraw from the plan. | |||
Information for contributing employer's participation in the multi-employer plan: | |||
Legal name of Plan: | United Food and Commercial | ||
Workers Local 888 Pension Fund | |||
Employer identification number: | 13-6367793 | ||
Plan number: | 1 | ||
Date of most recent Form 5500: | 31-Dec-13 | ||
Certified zone status: | Critical Status | ||
Status determination date: | 1-Jan-13 | ||
Plan used extended amortization provisions in status | |||
calculation: | Yes | ||
Minimum required contribution: | None | ||
Employer contributing greater than 5% of Plan | |||
contributions for year ended December 31, 2013: | Yes | ||
Rehabilitation plan implemented: | Yes | ||
Employer subject to surcharge: | Yes | ||
Contract expiration date: | 30-Nov-16 |
Cash_Flow_Information
Cash Flow Information | 9 Months Ended | |||||||||
Apr. 30, 2015 | ||||||||||
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: | Nine Months Ended | |||||||||
30-Apr | ||||||||||
2015 | 2014 | |||||||||
Interest paid, net of capitalized interest of $6,367 (2015) | ||||||||||
and $11,100 (2014) | $ | 280,522 | $ | 326,817 | ||||||
Income taxes paid (refunded) | $ | 387,163 | $ | (14,417 | ) | |||||
Non-cash investing and financing activities: | ||||||||||
Refinancing of mortgage payable | $ | 5,347,726 | $ | – |
Common_Stock
Common Stock | 9 Months Ended | |
Apr. 30, 2015 | ||
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 | 9 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||||||
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 on available-for-sale securities. | |||||||||||||||||||||||||
A summary of the changes in accumulated other comprehensive income for the three and nine months ended April 30, 2015 and 2014 is as follows: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
30-Apr | 30-Apr | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Beginning balance, net of tax effect | $ | 158,751 | $ | 92,427 | $ | 129,412 | $ | 183,633 | |||||||||||||||||
Other comprehensive income, net of tax effect: | |||||||||||||||||||||||||
Unrealized gains on available-for-sale | |||||||||||||||||||||||||
securities | 31,369 | 55,468 | 83,708 | 44,449 | |||||||||||||||||||||
Tax effect | (14,000 | ) | (25,000 | ) | (37,000 | ) | (19,000 | ) | |||||||||||||||||
Unrealized gains on available-for-sale | |||||||||||||||||||||||||
securities, net of tax effect | 17,369 | 30,468 | 46,708 | 25,449 | |||||||||||||||||||||
Amounts reclassified from accumulated other | |||||||||||||||||||||||||
comprehensive income, net of tax effect: | |||||||||||||||||||||||||
Unrealized (losses) on available-for-sale | |||||||||||||||||||||||||
securities reclassified | - | - | - | (155,187 | ) | ||||||||||||||||||||
Tax effect | - | - | - | 69,000 | |||||||||||||||||||||
Amount reclassified, net of tax effect | - | - | - | (86,187 | ) | ||||||||||||||||||||
Ending balance, net of tax effect | $ | 176,120 | $ | 122,895 | $ | 176,120 | $ | 122,895 | |||||||||||||||||
A summary of the line items in the Condensed Consolidated Statement of Operations and Retained Earnings affected by the amounts reclassified from accumulated other comprehensive income is as follows: | |||||||||||||||||||||||||
Details about accumulated other | Affected line item in the statement | ||||||||||||||||||||||||
comprehensive income components | where net income is presented | ||||||||||||||||||||||||
---------------------------------------------------- | --------------------------------------------- | ||||||||||||||||||||||||
Other comprehensive income reclassified | Investment income | ||||||||||||||||||||||||
Tax effect | Income taxes provided |
Lease_Modification_Agreement
Lease Modification Agreement | 9 Months Ended | |
Apr. 30, 2015 | ||
Lease Modification Agreement: [Abstract] | ||
Lease Modification Agreement: | 13 | Lease Modification Agreement: |
On June 16, 2014, the Company entered into a Second Amendment of Lease (the "Amendment") with 33 Bond St. LLC ("Bond"), its landlord, for certain truck bays and approximately 1,000 square feet located at the cellar level within a garage at Livingston and Bond Street ("Premises"). Pursuant to the Amendment, (1) a lease option for the Premises was exercised extending the lease until December 8, 2043, (2) the Company, simultaneously with the execution of the Amendment, vacated the Premises so that Bond may demolish the building in which the Premises is located in order to develop and construct a new building at the location, and (3) Bond agreed to redeliver to the Company possession of the reconfigured Premises after construction. | ||
As consideration under the Amendment, Bond agreed to pay the Company a total of $3,500,000. Upon execution of the Amendment, the Company recorded $3,500,000 to deferred revenue to be amortized to revenue to temporarily vacate the premises over the expected vacate period of 36 months. Bond tendered $2,250,000 simultaneously with the execution of the Amendment, and the balance due of $1,250,000 on June 16, 2015 has been recorded by the Company as a receivable. | ||
The deferred revenue is being amortized at approximately $97,000 per month. Revenue recognized for the three and nine months ended April 30, 2015, is $291,667 and $875,001, respectively. Amortization is expected to be $1,166,667 annually. |
Contingencies
Contingencies | 9 Months Ended | |
Apr. 30, 2015 | ||
Contingencies: [Abstract] | ||
Contingencies: | 14 | 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. | ||
Because of defective workmanship and breach of contract, the Company commenced litigation against a contractor to pay damages and return in full $376,467 of a deposit paid when work commenced to replace a roof on the Fishkill, New York building. As of April 30, 2015, this deposit is included in other assets on the Condensed Consolidated Balance Sheet in security deposits. Based on limited information available at this time, the Company cannot predict the outcome of this matter and expects to vigorously pursue this contractor until the deposit is returned and damages are paid. |
Subsequent_Event
Subsequent Event | 9 Months Ended | |
Apr. 30, 2015 | ||
Subsequent Events: [Abstract] | ||
Subsequent Event: | 15 | Subsequent Event: |
In May 2015, the Company entered into a 20 year lease agreement with a new tenant (cancellation clause after the 10th year) to occupy 17,425 square feet of office space at the Jowein building in Brooklyn, New York. Rent is anticipated to commence in the spring of 2016 and will be approximately $550,000 annually. The amount of brokerage commissions and construction costs will be approximately $500,000 and $2,000,000, respectively. The construction is presently expected to be completed in early 2016. |
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||||||
Marketable Securities: [Abstract] | |||||||||||||||||||||||||
Schedule of financial assets measured at fair value on recurring basis | Fair value measurements at reporting date using | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
April 30, | July 31, | ||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Marketable securities - | |||||||||||||||||||||||||
available-for-sale | $ | 1,477,072 | $ | 1,477,072 | $ | – | $ | – | $ | 1,354,213 | $ | 1,354,213 | $ | – | $ | – | |||||||||
Schedule of investments measured at fair value | 30-Apr-15 | Fair Value | Unfunded | Redemption Frequency | Redemption | ||||||||||||||||||||
Commitments | (if currently eligible) | Notice Period | |||||||||||||||||||||||
First Eagle Global CL I | $ | 280,717 | n/a | Daily | None | ||||||||||||||||||||
Parnasus Core Equity Investor CL | $ | 297,992 | n/a | Daily | None | ||||||||||||||||||||
Columbia Flexible Income CL A | $ | 278,822 | n/a | Daily | None | ||||||||||||||||||||
31-Jul-14 | Fair Value | Unfunded | Redemption Frequency | Redemption | |||||||||||||||||||||
Commitments | (if currently eligible) | Notice Period | |||||||||||||||||||||||
First Eagle Global CL I | $ | 273,000 | n/a | Daily | None | ||||||||||||||||||||
Parnasus Core Equity Investor CL | $ | 277,571 | n/a | Daily | None | ||||||||||||||||||||
Transamerica Tactical Income CL A | $ | 269,649 | n/a | Daily | None | ||||||||||||||||||||
Schedule of classified marketable securities | 30-Apr-15 | 31-Jul-14 | |||||||||||||||||||||||
Cost | Gross | Gross | Fair | Cost | Gross | Gross | Fair | ||||||||||||||||||
Unrealized | Unrealized | Value | Unrealized | Unrealized | Value | ||||||||||||||||||||
Gains | Losses | Gains | Losses | ||||||||||||||||||||||
Noncurrent: | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Mutual funds | $ | 716,050 | $ | 141,481 | $ | – | $ | 857,531 | $ | 691,047 | $ | 129,173 | $ | – | $ | 820,220 | |||||||||
Equity securities | 440,902 | 178,639 | – | 619,541 | 426,754 | 107,239 | – | 533,993 | |||||||||||||||||
$ | 1,156,952 | $ | 320,120 | $ | – | $ | 1,477,072 | $ | 1,117,801 | $ | 236,412 | $ | – | $ | 1,354,213 | ||||||||||
Schedule of investment income | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
30-Apr | 30-Apr | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
Gain on sale of marketable securities | $ | 6,069 | $ | – | $ | 6,455 | $ | 182,846 | |||||||||||||||||
Interest income | 860 | 529 | 2,147 | 1,825 | |||||||||||||||||||||
Dividend income | 6,596 | 6,162 | 37,467 | 42,409 | |||||||||||||||||||||
Total | $ | 13,525 | $ | 6,691 | $ | 46,069 | $ | 227,080 |
LongTerm_Debt_Mortgages_Tables
Long-Term Debt - Mortgages (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||
Long-Term Debt - Mortgages: [Abstract] | |||||||||||||||||
Schedule of long-term debt | 30-Apr-15 | 31-Jul-14 | |||||||||||||||
Current | Final | Due | Due | Due | Due | ||||||||||||
Annual | Payment | Within | After | Within | After | ||||||||||||
Interest | Date | One Year | One Year | One Year | One Year | ||||||||||||
Rate | |||||||||||||||||
Fishkill, New York property | 6.98% | 2/18/15 | $ | – | $ | – | $ | 68,112 | $ | 1,470,463 | |||||||
Bond St. building, Brooklyn, NY | 6.98% | 2/18/15 | – | – | 171,888 | 3,710,872 | |||||||||||
Bond St. building, Brooklyn, NY | 3.54% | 2/1/20 | 149,422 | 5,825,014 | – | – | |||||||||||
Total | $ | 149,422 | $ | 5,825,014 | $ | 240,000 | $ | 5,181,335 |
Property_and_Equipment_at_cost1
Property and Equipment - at cost (Tables) | 9 Months Ended | ||||||
Apr. 30, 2015 | |||||||
Property and Equipment - at cost: [Abstract] | |||||||
Schedule of property and equipment | 30-Apr | 31-Jul | |||||
2015 | 2014 | ||||||
Property: | |||||||
Buildings and improvements | $ | 75,797,083 | $ | 74,547,177 | |||
Improvements to leased property | 1,478,012 | 1,478,012 | |||||
Land | 6,067,805 | 6,067,805 | |||||
Construction in progress | 103,064 | – | |||||
83,445,964 | 82,092,994 | ||||||
Less accumulated depreciation | 36,008,751 | 34,773,376 | |||||
Property - net | 47,437,213 | 47,319,618 | |||||
Fixtures and equipment and other: | |||||||
Fixtures and equipment | 144,545 | 144,545 | |||||
Other fixed assets | 238,906 | 238,906 | |||||
383,451 | 383,451 | ||||||
Less accumulated depreciation | 278,271 | 244,071 | |||||
Fixtures and equipment and other - net | 105,180 | 139,380 | |||||
Property and equipment - net | $ | 47,542,393 | $ | 47,458,998 | |||
Schedule of property and equipment construction in progress | |||||||
30-Apr | 31-Jul | ||||||
2015 | 2014 | ||||||
Building improvements at 9 Bond Street in Brooklyn, NY | $ | 82,635 | $ | – | |||
Building improvements at Jowein building in Brooklyn, NY | 20,429 | – | |||||
$ | 103,064 | $ | – |
Cash_Flow_Information_Tables
Cash Flow Information (Tables) | 9 Months Ended | |||||||||
Apr. 30, 2015 | ||||||||||
Cash Flow Information: [Abstract] | ||||||||||
Schedule of cash flow information | Supplemental disclosure: | Nine Months Ended | ||||||||
30-Apr | ||||||||||
2015 | 2014 | |||||||||
Interest paid, net of capitalized interest of $6,367 (2015) | ||||||||||
and $11,100 (2014) | $ | 280,522 | $ | 326,817 | ||||||
Income taxes paid (refunded) | $ | 387,163 | $ | (14,417 | ) | |||||
Non-cash investing and financing activities: | ||||||||||
Refinancing of mortgage payable | $ | 5,347,726 | $ | – |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Apr. 30, 2015 | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income: [Abstract] | |||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
30-Apr | 30-Apr | ||||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Beginning balance, net of tax effect | $ | 158,751 | $ | 92,427 | $ | 129,412 | $ | 183,633 | |||||||||||||||||
Other comprehensive income, net of tax effect: | |||||||||||||||||||||||||
Unrealized gains on available-for-sale | |||||||||||||||||||||||||
securities | 31,369 | 55,468 | 83,708 | 44,449 | |||||||||||||||||||||
Tax effect | (14,000 | ) | (25,000 | ) | (37,000 | ) | (19,000 | ) | |||||||||||||||||
Unrealized gains on available-for-sale | |||||||||||||||||||||||||
securities, net of tax effect | 17,369 | 30,468 | 46,708 | 25,449 | |||||||||||||||||||||
Amounts reclassified from accumulated other | |||||||||||||||||||||||||
comprehensive income, net of tax effect: | |||||||||||||||||||||||||
Unrealized (losses) on available-for-sale | |||||||||||||||||||||||||
securities reclassified | - | - | - | (155,187 | ) | ||||||||||||||||||||
Tax effect | - | - | - | 69,000 | |||||||||||||||||||||
Amount reclassified, net of tax effect | - | - | - | (86,187 | ) | ||||||||||||||||||||
Ending balance, net of tax effect | $ | 176,120 | $ | 122,895 | $ | 176,120 | $ | 122,895 |
Income_Per_Share_of_Common_Sto1
Income Per Share of Common Stock (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | |
Income Per Share of Common Stock: [Abstract] | ||||
Average common shares outstanding | 2,015,780 | 2,015,780 | 2,015,780 | 2,015,780 |
Marketable_Securities_Schedule
Marketable Securities (Schedule of financial assets measured at fair value on recurring basis) (Details) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
Marketable securities - | ||
Available-for-sale | $1,477,072 | $1,354,213 |
Level 1 [Member] | ||
Marketable securities - | ||
Available-for-sale | 1,477,072 | 1,354,213 |
Level 2 [Member] | ||
Marketable securities - | ||
Available-for-sale | ||
Level 3 [Member] | ||
Marketable securities - | ||
Available-for-sale |
Marketable_Securities_Schedule1
Marketable Securities (Schedule of investments measured at fair value) (Details) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
First Eagle Global CL I [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $280,717 | $273,000 |
Parnasus Core Equity Investor CL [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 297,992 | 277,571 |
Columbia Flexible Income CL A [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 278,822 | |
Transamerica Tactical Income CL A [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $269,649 |
Marketable_Securities_Schedule2
Marketable Securities (Schedule of classified marketable securities) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Apr. 30, 2015 | Jul. 31, 2014 | |
Available-for-sale - Fair Value | $1,477,072 | $1,354,213 |
Noncurrent [Member] | ||
Available-for-sale - Cost | 1,156,952 | 1,117,801 |
Available-for-sale - Gross Unrealized Gains | 320,120 | 236,412 |
Available-for-sale - Gross Unrealized Losses | ||
Available-for-sale - Fair Value | 1,477,072 | 1,354,213 |
Noncurrent [Member] | Mutual Funds [Member] | ||
Available-for-sale - Cost | 716,050 | 691,047 |
Available-for-sale - Gross Unrealized Gains | 141,481 | 129,173 |
Available-for-sale - Gross Unrealized Losses | ||
Available-for-sale - Fair Value | 857,531 | 820,220 |
Noncurrent [Member] | Equity Securities [Member] | ||
Available-for-sale - Cost | 440,902 | 426,754 |
Available-for-sale - Gross Unrealized Gains | 178,639 | 107,239 |
Available-for-sale - Gross Unrealized Losses | ||
Available-for-sale - Fair Value | $619,541 | $533,993 |
Marketable_Securities_Schedule3
Marketable Securities (Schedule of investment income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | |
Marketable Securities: [Abstract] | ||||
Gain on sale of marketable securities | $6,069 | $6,455 | $182,846 | |
Interest income | 860 | 529 | 2,147 | 1,825 |
Dividend income | 6,596 | 6,162 | 37,467 | 42,409 |
Total | $13,525 | $6,691 | $46,069 | $227,080 |
Financial_Instruments_and_Cred1
Financial Instruments and Credit Risk Concentrations (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Apr. 30, 2015 | Jul. 31, 2014 | |
tenant | ||
Concentration Risk [Line Items] | ||
Number of tenants | 49 | |
Irrevocable letter of credit | $230,000 | $230,000 |
Tenant One [Member] | Rental income [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk | 17.17% | |
Tenant Two [Member] | Rental income [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk | 14.00% |
LongTerm_Debt_Mortgages_Schedu
Long-Term Debt - Mortgages (Schedule of long-term debt) (Details) (USD $) | 9 Months Ended | ||
Apr. 30, 2015 | Jan. 09, 2015 | Jul. 31, 2014 | |
Due Within One Year | $149,422 | $240,000 | |
Due After One Year | 5,825,014 | 5,181,335 | |
Fishkill, New York Property [Member] | |||
Due Within One Year | 68,112 | ||
Due After One Year | 1,470,463 | ||
Current Annual Interest Rate | 6.98% | ||
Final Payment Date | 18-Feb-15 | ||
Bond St. Building, Brooklyn, N Y [Member] | |||
Due Within One Year | 171,888 | ||
Due After One Year | 3,710,872 | ||
Current Annual Interest Rate | 6.98% | ||
Final Payment Date | 18-Feb-15 | ||
Bond St. building, Brooklyn, NY [Member] | |||
Due Within One Year | 149,422 | ||
Due After One Year | $5,825,014 | ||
Current Annual Interest Rate | 3.54% | 3.54% | |
Final Payment Date | 1-Feb-20 |
LongTerm_Debt_Mortgages_Narrat
Long-Term Debt - Mortgages (Narrative) (Details) (USD $) | 1 Months Ended | 0 Months Ended | |
Aug. 19, 2004 | Jan. 09, 2015 | Apr. 30, 2015 | |
Fishkill, New York Property [Member] | |||
Closed bank liabilities | $12,000,000 | ||
Interest rate, percent | 6.98% | ||
Bond St. Building, Brooklyn, N Y [Member] | |||
Interest rate, percent | 6.98% | ||
Bond St. building, Brooklyn, NY [Member] | |||
Refinanced amount | 6,000,000 | ||
Amount outstanding | 5,347,726 | ||
Additional borrowing | 652,274 | ||
Term of loan | 5 years | ||
Amortization period of loan | 25 years | ||
Interest rate, percent | 3.54% | 3.54% | |
Permanent Subordinate Mortgage [Member] | Fishkill, New York Property [Member] | |||
Secured debt | 1,870,000 | ||
Multiple Successively Subordinate Loans [Member] | Fishkill, New York Property [Member] | |||
Secured debt | $8,295,274 |
Property_and_Equipment_at_cost2
Property and Equipment - at cost (Details) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment - net | $47,542,393 | $47,458,998 |
Construction in progress | 103,064 | |
Building improvements at 9 Bond Street in Brooklyn, NY [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress | 82,635 | |
Building improvements at Jowein building in Brooklyn, NY [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress | 20,429 | |
Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 83,445,964 | 82,092,994 |
Less accumulated depreciation | 36,008,751 | 34,773,376 |
Property and equipment - net | 47,437,213 | 47,319,618 |
Buildings and improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 75,797,083 | 74,547,177 |
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 | 103,064 | |
Fixtures and equipment and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 383,451 | 383,451 |
Less accumulated depreciation | 278,271 | 244,071 |
Property and equipment - net | 105,180 | 139,380 |
Fixtures and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 144,545 | 144,545 |
Other fixed assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $238,906 | $238,906 |
Note_Payable_Related_Party_Det
Note Payable - Related Party (Details) (USD $) | 0 Months Ended | 9 Months Ended | |
Dec. 15, 2004 | Apr. 30, 2015 | Apr. 30, 2014 | |
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 | $37,500 | $37,500 |
Employees_Retirement_Plan_Deta
Employees' Retirement Plan (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | |
Employees' Retirement Plan: [Abstract] | ||||
Pension Contributions | $70,811 | $105,773 | $281,306 | $297,143 |
Employer contributions | $10,853 | $11,271 | $34,761 | $32,824 |
Cash_Flow_Information_Schedule
Cash Flow Information (Schedule of cash flow information) (Details) (USD $) | 9 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Cash Flow Information: [Abstract] | ||
Interest paid, net of capitalized interest of $6,367 (2015) and $11,100 (2014) | $280,522 | $326,817 |
Income taxes paid (refunded) | 387,163 | -14,417 |
Non-cash investing and financing activities: | ||
Refinancing of mortgage payable | $5,347,726 |
Cash_Flow_Information_Narrativ
Cash Flow Information (Narrative) (Details) (USD $) | 9 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Cash Flow Information: [Abstract] | ||
Capitalized interest | $6,367 | $11,100 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | |
Accumulated Other Comprehensive Income: [Abstract] | ||||
Beginning balance, net of tax effect | $158,751 | $92,427 | $129,412 | $183,633 |
Other comprehensive income, net of tax effect: | ||||
Unrealized gains on available-for-sale securities | 31,369 | 55,468 | 83,708 | 44,449 |
Tax effect | -14,000 | -25,000 | -37,000 | -19,000 |
Unrealized gains on available-for-sale securities, net of tax effect | 17,369 | 30,468 | 46,708 | 25,449 |
Amounts reclassified from accumulated other comprehensive income, net of tax effect: | ||||
Unrealized (losses) 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 | $176,120 | $122,895 | $176,120 | $122,895 |
Lease_Modification_Agreement_D
Lease Modification Agreement (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2015 | Jun. 16, 2014 | |
Related Party Transaction [Line Items] | |||
Amortization of deferred revenue per month | $97,000 | ||
Revenue recognized | 291,667 | 875,001 | |
Expected annual amortization | 1,166,667 | 1,166,667 | |
33 Bond St. LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Deferred revenue | 3,500,000 | ||
Tendered amount with execution of the Amendment | 2,250,000 | ||
Balance due | $1,250,000 |
Contingencies_Details
Contingencies (Details) (USD $) | 9 Months Ended |
Apr. 30, 2015 | |
Damages filed | $376,467 |
Subsequent_Event_Details
Subsequent Event (Details) (Subsequent event [Member], Jowein building in Brooklyn, New York [Member], USD $) | 1 Months Ended |
31-May-15 | |
sqft | |
Subsequent event [Member] | Jowein building in Brooklyn, New York [Member] | |
Subsequent Event [Line Items] | |
Term of lease | 20 years |
Office space (in square feet) | 17,425 |
Rent | $550,000 |
Brokerage commissions | 500,000 |
Construction costs | $2,000,000 |