DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Sep. 04, 2015 | Jan. 31, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | MAYS J W INC | ||
Entity Central Index Key | 54,187 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Trading Symbol | mays | ||
Entity Common Stock, Shares Outstanding | 2,015,780 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jul. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Well-Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 20,945,562 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 |
Property and Equipment-at cost (Notes 1, 3, 4 and 16): | ||
Buildings and improvements | $ 76,289,486 | $ 74,547,177 |
Improvements to leased property | 1,478,012 | 1,478,012 |
Fixtures and equipment | 144,545 | 144,545 |
Land | 6,067,805 | 6,067,805 |
Other | 235,622 | $ 238,906 |
Construction in progress | 639,042 | |
Property, Plant and Equipment, Gross | 84,854,512 | $ 82,476,445 |
Less accumulated depreciation and amortization | 36,663,120 | 35,017,447 |
Property and equipment-net | 48,191,392 | 47,458,998 |
Current Assets: | ||
Cash and cash equivalents (Notes 9 and 10) | 4,085,704 | 1,892,760 |
Receivables (Notes 1, 6 and 10) | $ 638,643 | 311,006 |
Receivable to temporarily vacate lease (Note 15) | 1,250,000 | |
Income taxes refundable | $ 695,265 | 196,006 |
Deferred income taxes (Notes 1 and 4) | 3,531,000 | $ 1,564,000 |
Security deposits | 83,012 | |
Prepaid expenses | 1,477,996 | $ 1,383,994 |
Total current assets | 10,511,620 | 6,597,766 |
Other Assets: | ||
Deferred charges (Notes 1 and 11) | 3,859,594 | 3,835,016 |
Less accumulated amortization (Notes 1 and 11) | 1,560,205 | 2,126,926 |
Net | 2,299,389 | 1,708,090 |
Receivables (Notes 1, 6 and 10) | 30,000 | 60,000 |
Security deposits | 1,328,952 | 1,440,755 |
Unbilled receivables (Notes 1, 4, 6 and 10) | 2,613,246 | 2,556,743 |
Marketable securities (Notes 1, 2, 10 and 14) | 1,461,504 | 1,354,213 |
Total other assets | 7,733,091 | 7,119,801 |
TOTAL ASSETS | 66,436,103 | 61,176,565 |
Long-Term Debt: | ||
Mortgages and term loan payable (Notes 3 and 10) | 5,786,525 | 5,181,335 |
Note payable - related party (Notes 10 and 13) | 1,000,000 | 1,000,000 |
Security deposits payable (Note 10) | 693,576 | $ 736,103 |
Payroll and other accrued liabilities (Notes 1, 5 and 7) | 121,223 | |
Deferred revenue (Note 15) | 1,020,833 | $ 2,187,500 |
Total long-term debt | 8,622,157 | 9,104,938 |
Deferred Income Taxes (Notes 1 and 4) | 7,386,000 | 4,220,000 |
Current Liabilities: | ||
Accounts payable | 39,759 | 144,250 |
Payroll and other accrued liabilities (Notes 1, 5 and 7) | 2,597,104 | 2,174,487 |
Deferred revenue (Note 15) | 1,166,667 | 1,166,667 |
Other taxes payable | 5,972 | 6,357 |
Current portion of long-term debt (Notes 3 and 10) | 150,763 | 240,000 |
Current portion of security deposits payable (Note 10) | 83,012 | 10,500 |
Total current liabilities | 4,043,277 | 3,742,261 |
Total liabilities | 20,051,434 | 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 $101,000 at July 31, 2015 and $107,000 at July 31, 2014 (Notes 1, 4 and 10) | 196,033 | 129,412 |
Retained earnings | 41,951,946 | 39,743,264 |
Stockholders' Equity before Treasury Stock | 47,672,521 | 45,397,218 |
Less common stock held in treasury, at cost - 162,517 shares at July 31, 2015 and July 31, 2014 (Note 12) | 1,287,852 | 1,287,852 |
Total shareholders' equity | $ 46,384,669 | $ 44,109,366 |
Commitments (Notes 5 and 6) and Contingencies (Notes 8 and 16) | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 66,436,103 | $ 61,176,565 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 |
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) | $ 101,000 | $ 107,000 |
Treasury stock, shares | 162,517 | 162,517 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Revenues | |||
Rental income (Notes 1 and 6) | $ 17,732,485 | $ 16,935,597 | $ 15,891,823 |
Recovery of real estate taxes | 10,625 | ||
Revenue to temporarily vacate lease (Note 15) | 1,166,667 | $ 145,833 | |
Total revenues | 18,909,777 | 17,081,430 | $ 15,891,823 |
Expenses | |||
Real estate operating expenses (Note 5) | 9,658,282 | 9,628,631 | 8,821,467 |
Administrative and general expenses | 4,342,762 | 4,255,631 | 3,584,104 |
Depreciation and amortization (Note 1) | 1,695,454 | 1,721,850 | 1,636,561 |
Loss on disposition of property and equipment | 27,648 | 4,291 | 316,021 |
Total expenses | 15,724,146 | 15,610,403 | 14,358,153 |
Income before investment income, interest expense and income taxes | 3,185,631 | 1,471,027 | 1,533,670 |
Investment income and interest expense: | |||
Investment income (Notes 1 and 2) | 51,218 | 232,311 | 74,326 |
Interest expense (Notes 3, 9 and 13) | (315,167) | (423,015) | (426,325) |
Interest Income (Expense), Net | (263,949) | (190,704) | (351,999) |
Income before income taxes | 2,921,682 | 1,280,323 | 1,181,671 |
Income taxes provided (Notes 1 and 4) | 713,000 | 541,000 | 518,000 |
Net income | 2,208,682 | 739,323 | 663,671 |
Retained earnings, beginning of year | 39,743,264 | 39,003,941 | 38,340,270 |
Retained earnings, end of year | $ 41,951,946 | $ 39,743,264 | $ 39,003,941 |
Income per common share (Note 1) | $ 1.10 | $ 0.37 | $ 0.33 |
Dividends per share | |||
Average common shares outstanding (Note 1) | 2,015,780 | 2,015,780 | 2,015,780 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net income | $ 2,208,682 | $ 739,323 | $ 663,671 |
Unrealized gain on available-for-sale securities: | |||
Unrealized holding gains arising during the period net of taxes (benefit) of ($6,000), $26,000 and $40,000 for the fiscal years 2015, 2014 and 2013, respectively (Note 14) | $ 66,621 | 31,966 | $ 50,156 |
Reclassification adjustment for net (losses) included in net income, net of taxes of ($69,000) for the year ended July 31, 2014 (Note 14) | (86,187) | ||
Unrealized gain (loss) on available-for-sale securities, net of taxes | $ 66,621 | (54,221) | $ 50,156 |
Comprehensive income | $ 2,275,303 | $ 685,102 | $ 713,827 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Unrealized holding gains arising during the period, tax | $ (6,000) | $ 26,000 | $ 40,000 |
Reclassification adjustment for net gains included in net income, tax | $ (69,000) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Cash Flows From Operating Activities | |||
Net income | $ 2,208,682 | $ 739,323 | $ 663,671 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income taxes | 1,205,000 | (309,000) | $ 285,000 |
Deferred revenue | (1,166,667) | 3,354,167 | |
Realized (gain) loss on sale of marketable securities | (6,455) | (182,870) | $ 5,572 |
Loss on disposition of property and equipment | 27,648 | 4,291 | 316,021 |
Depreciation and amortization | 1,695,454 | 1,721,850 | 1,636,561 |
Amortization of deferred charges | 351,570 | 468,607 | 456,524 |
Other assets - deferred charges | (942,869) | (290,615) | (636,402) |
- unbilled receivables | $ (56,503) | (450,739) | (282,265) |
- unbilled receivable - bad debts | 66,265 | 324,536 | |
- receivables | $ 30,000 | 30,000 | 30,000 |
Changes in: | |||
Receivables | (327,637) | (1,489) | $ (32,932) |
Receivable to temporarily vacate lease | 1,250,000 | (1,250,000) | |
Prepaid expenses | (94,002) | (62,724) | $ (100,937) |
Income taxes refundable | (499,259) | 129,066 | (325,072) |
Accounts payable | (104,491) | 86,582 | (27,415) |
Payroll and other accrued liabilities | $ 543,840 | $ 80,881 | 581,205 |
Income taxes payable | (79,362) | ||
Other taxes payable | $ (385) | $ 1,239 | 831 |
Net cash provided by operating activities | 4,113,926 | 4,134,834 | 2,815,536 |
Cash Flows From Investing Activities | |||
Acquisition of property and equipment | (2,455,496) | (3,550,674) | (3,327,668) |
Security deposits | 28,791 | (285,810) | 51,950 |
Marketable securities: | |||
Receipts from sales or maturities | 344,271 | 1,248,412 | 621,809 |
Payments for purchases | (384,486) | (57,377) | (555,218) |
Net cash (used) by investing activities | (2,466,920) | (2,645,449) | (3,209,127) |
Cash Flows From Financing Activities | |||
Increase (decrease) - security deposits payable | 29,985 | $ (91,081) | $ (123,232) |
Borrowings - mortgage debt | 652,274 | ||
Payments - mortgage and other debt payments | (136,321) | $ (170,262) | $ (158,662) |
Net cash provided (used) by financing activities | 545,938 | (261,343) | (281,894) |
Net increase (decrease) in cash and cash equivalents | 2,192,944 | 1,228,042 | (675,485) |
Cash and cash equivalents at beginning of year | 1,892,760 | 664,718 | 1,340,203 |
Cash and cash equivalents at end of year | $ 4,085,704 | $ 1,892,760 | $ 664,718 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jul. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Consolidation The consolidated financial statements include the accounts of the Company, a New York corporation and its subsidiaries (J. W. M. Realty Corp. and Dutchess Mall Sewage Plant, Inc.), which are wholly-owned. Material intercompany items have been eliminated in consolidation. Accounting Records and Use of Estimates Rental Income 66,265 324,536 Property and Equipment Buildings and improvements 18 40 Improvements to leased property 3 40 Fixtures and equipment 7 12 Other 3 5 Maintenance, repairs, renewals and improvements of a non-permanent nature are charged to expense when incurred. Expenditures for additions and major renewals or improvements are capitalized along with the associated interest cost during construction. The cost of assets sold or retired and the accumulated depreciation or amortization thereon are eliminated from the respective accounts in the year of disposal, and the resulting gain or loss is credited or charged to income. Capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset's estimated useful life. Deferred Charges 1 21 Income Taxes The effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Actual income taxes could vary from these estimates due to future changes in income tax law or results from the final review of tax returns by federal, state or city tax authorities. Financial statement effects on tax positions are recognized in the period in which it is more likely than not that the position will be sustained upon examination, the position is effectively settled or when the statute of limitations to challenge the position has expired. Interest and penalties, if any, related to unrecognized tax benefits are recorded as interest expense and administrative and general expenses, respectively. Income Per Share of Common Stock 2,015,780 Marketable Securities 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. Equity securities Mutual funds Fair value measurements at reporting date using Description July 31, 2015 Level 1 Level 2 Level 3 July 31, 2014 Level 1 Level 2 Level 3 Assets: Marketable securities - available-for-sale $ 1,461,504 $ 1,461,504 $ – $ – $ 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 July 31, 2015 and 2014, respectively. Unfunded Redemption Frequency July 31, 2015 Fair Value Commitments (if currently eligible) Redemption Notice Period First Eagle Global CL I $ 271,462 n/a Daily None Parnasus Core Equity Investor CL $ 305,626 n/a Daily None Columbia Flexible CAP Income CL A $ 271,076 n/a Daily None Unfunded Redemption Frequency July 31, 2014 Fair Value Commitments (if currently eligible) Redemption 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 Implementation of new accounting standards: In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Carryforward Exists.” The Company adopted ASU 2013-11 in the fourth quarter of fiscal year ended July 31, 2015. The adoption of this standard did not have a significant impact on these 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. ASU 2015-14 extended the implementation date for fiscal years beginning after December 31, 2017. The adoption of the update on August 1, 2018 is not expected to have a significant impact on our consolidated financial statements. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Jul. 31, 2015 | |
MARKETABLE SECURITIES [Abstract] | |
MARKETABLE SECURITIES | 2. MARKETABLE SECURITIES: As of July 31, 2015 and 2014, the Company's marketable securities were classified as follows: July 31, 2015 July 31, 2014 Gross Gross Gross Gross Unrealized Unrealized Fair Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value Non-current: Available-for-sale: Mutual funds $ 719,245 $ 131,639 $ 2,720 $ 848,164 $ 691,047 $ 129,173 $ — $ 820,220 Equity securities 445,227 168,113 — 613,340 426,754 107,239 — 533,993 $ 1,164,472 $ 299,752 $ 2,720 $ 1,461,504 $ 1,117,801 $ 236,412 $ — $ 1,354,213 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 July 31, 2015 are as follows: Less Than Fair Value 12 Months Mutual funds $ 271,076 $ 2,720 Investment income for the years ended July 31, 2015, 2014 and 2013 consists of the following: 2015 2014 2013 Interest income $ 3,097 $ 2,557 $ 7,955 Dividend income 41,666 46,884 71,943 Gain (loss) on sale of marketable securities 6,455 182,870 (5,572 ) Total $ 51,218 $ 232,311 $ 74,326 |
LONG-TERM DEBT - MORTGAGES AND
LONG-TERM DEBT - MORTGAGES AND TERM LOAN | 12 Months Ended |
Jul. 31, 2015 | |
LONG-TERM DEBT - MORTGAGES AND TERM LOAN [Abstract] | |
LONG-TERM DEBT - MORTGAGES AND TERM LOAN | 3. LONG-TERM DEBT—MORTGAGES AND TERM LOAN: July 31, 2015 July 31, 2014 Current Annual Final Due Due Due Due Interest Payment Within After Within After Rate Date One Year One Year One Year One Year Mortgages: 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 % 2/01/20 150,763 5,786,525 — — Total $ 150,763 $ 5,786,525 $ 240,000 $ 5,181,335 The Company, on August 19, 2004, closed a loan with a bank for a $ 12,000,000 1,870,000 8,295,274 6,000,000 5,347,726 652,274 five twenty-five 3.54 Maturities of long-term debt-mortgages and term loan payable outstanding at July 31, 2015 are as follows: Years ending July 31, 2016 (included in current liabilities): $ 150,763 1,156,845 162,569 168,501 5,298,610 The carrying value of all properties collateralizing the above debt is $ 21,965,454 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jul. 31, 2015 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 4. INCOME TAXES: Income taxes provided for the years ended July 31, 2015, 2014 and 2013 consist of the following: 2015 2014 2013 Current: Federal $ (492,000 ) $ 501,667 $ 30,642 State and City — 348,333 202,358 Deferred taxes: Federal 1,570,000 (187,000 ) 267,000 State and City (365,000 ) (122,000 ) 18,000 Total provision $ 713,000 $ 541,000 $ 518,000 Taxes provided for the years ended July 31, 2015, 2014 and 2013 differ from amounts which would result from applying the federal statutory tax rate to pre-tax income, as follows: 2015 2014 2013 Income before income taxes $ 2,921,682 $ 1,280,323 $ 1,181,671 Other-net 5,074 1,919 (2,023 ) Adjusted pre-tax income $ 2,926,756 $ 1,282,242 $ 1,179,648 Statutory rate 34 % 34 % 34 % Income tax provision at statutory rate $ 995,097 $ 435,962 $ 401,080 Federal tax assessment 41,175 — — State and City income taxes, net of federal income tax benefit - 107,900 151,556 State and City deferred income taxes (365,000 ) — — Other-net 41,728 (2,862 ) (34,636 ) Income tax provision $ 713,000 $ 541,000 $ 518,000 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. The Company implemented the tangible property regulations as of August 1, 2014 to be included with the filing of its federal tax return due October 15, 2015. For the year ended July 31, 2015, after implementing the tangible property regulations, the Company incurred a federal net operating loss of approximately $ 8,191,403 1,582,003 537,881 6,609,000 9,000,000 The Company's federal tax returns have been audited through the year ended July 31, 2013 and the New York State and New York City tax returns have been audited through July 31, 2012. The effects of these audits include an assessment by the Internal Revenue Service of approximately $ 146,000 5,000 Generally, tax returns filed are subject to audit for three years by the appropriate taxing jurisdictions. The statute of limitations in each of the state jurisdictions in which the Company operates remain open until the years are settled for federal income tax purposes, at which time amended state income tax returns reflecting all federal income tax adjustments are filed. As of July 31, 2015, there were no income tax audits in progress that would have a material impact on the consolidated financial statements. Significant components of the Company's deferred tax assets and liabilities as of July 31, 2015 and 2014 are a result of temporary differences related to the items described as follows: 2015 2014 Deferred Deferred Deferred Deferred Tax Assets Tax Liabilities Tax Assets Tax Liabilities Rental income received in advance $ 202,497 $ — $ 199,413 $ — Net operating loss carryforward 2,247,196 — — — Unbilled receivables — 888,489 — 1,149,631 Property and equipment — 6,396,520 — 2,964,078 Deferred revenue 743,750 — 946,033 — Unrealized gain on marketable securities — 100,991 — 106,291 Other 337,557 — 418,554 — $ 3,531,000 $ 7,386,000 $ 1,564,000 $ 4,220,000 Management periodically assesses the realization of its net deferred tax assets by evaluating all available evidence, both positive and negative, associated with the Company and determining whether, based on the weight of that associated evidence, a valuation allowance for the deferred tax assets is needed. Based on this analysis, management has determined that it is more likely than not that future taxable income will be sufficient to fully utilize the federal deferred tax assets at July 31, 2015 and 2014. New York State and New York City taxes for years through July 31, 2015 are calculated using the higher of taxes based on income or the respective capital-based franchise taxes. In April 2014, the New York State governor signed into law legislation overhauling the New York State franchise tax on corporations. The changes in the law will be effective for the Company's year ending July 31, 2016. The state capital-based tax will be phased out over a 7 Due to the application of the capital-based tax while the net operating loss still applies, or due to the possible absence of State taxable income in the years beyond 2022 to which the State loss can be carried, the Company has not recorded the New York State or New York City tax benefit of its net operating loss carryforwards. Also, to reflect its expectation that reversal of temporary differences will not result in New York State or City tax based on income, as of July 31, 2015 the Company decreased the deferred tax asset, deferred tax liability, and deferred taxes on unrealized loss on available-for-sale securities by $ 380,000 771,000 26,000 365,000 Components of the deferred tax provision (benefit) for the years ended July 31, 2015, 2014 and 2013 consist of the following: 2015 2014 2013 Tax depreciation exceeding book depreciation $ 3,897,397 $ 406,019 $ 380,598 Net operating loss carryforward (2,247,196 ) — — Decrease (increase) of rental income (50,032) 22,995 (39,528 ) Increase (decrease) in unbilled receivables 19,211 172,860 (19,005 ) Deferred revenue (28,333) (946,033) — Other (21,047) 35,159 (37,065 ) $ 1,570,000 $ (309,000 ) $ 285,000 |
LEASES
LEASES | 12 Months Ended |
Jul. 31, 2015 | |
LEASES [Abstract] | |
LEASES | 5. LEASES: 6 28 Rental expense for leased real property for each of the three fiscal years in the period ended July 31, 2015 was exceeded by sublease rental income, as follows: 2015 2014 2013 Minimum rental expense $ 1,726,481 $ 1,732,220 $ 1,726,817 Contingent rental expense 777,637 732,220 736,406 2,504,118 2,464,440 2,463,223 Sublease rental income 6,566,297 5,985,195 6,161,173 $ 4,062,179 $ 3,520,755 $ 3,697,950 Rent expense related to an affiliate principally owned by a director of the Company totaled $ 825,000 Operating Fiscal Year Leases 2016 $ 1,724,004 2017 1,724,004 2018 1,731,609 2019 1,731,609 2020 1,731,609 After 2020 14,630,256 Total required* $ 23,273,091 * Minimum payments have not been reduced by minimum sublease rentals of $ 29,807,743 |
RENTAL INCOME
RENTAL INCOME | 12 Months Ended |
Jul. 31, 2015 | |
RENTAL INCOME [Abstract] | |
RENTAL INCOME | 6. RENTAL INCOME: Rental income for each of the fiscal years 2015, 2014 and 2013 is as follows: July 31, 2015 2014 2013 Minimum rentals Company owned property $ 10,609,834 $ 10,412,191 $ 9,308,907 Leased property 6,262,367 5,709,743 5,845,114 16,872,201 16,121,934 15,154,021 Contingent rentals Company owned property 556,354 538,212 421,743 Leased property 303,930 275,451 316,059 860,284 813,663 737,802 Total $ 17,732,485 $ 16,935,597 $ 15,891,823 Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows: Company Owned Leased Fiscal Year Property Property Total 2016 $ 10,291,591 $ 5,283,503 $ 15,575,094 2017 7,609,325 4,530,165 12,139,490 2018 7,643,896 2,944,001 10,587,897 2019 7,105,938 2,917,791 10,023,729 2020 6,802,539 2,626,163 9,428,702 After 2020 14,575,414 11,506,120 26,081,534 Total $ 54,028,703 $ 29,807,743 $ 83,836,446 |
PAYROLL AND OTHER ACCRUED LIABI
PAYROLL AND OTHER ACCRUED LIABILITIES | 12 Months Ended |
Jul. 31, 2015 | |
PAYROLL AND OTHER ACCRUED LIABILITIES [Abstract] | |
PAYROLL AND OTHER ACCRUED LIABILITIES | 7. PAYROLL AND OTHER ACCRUED LIABILITIES: Payroll and other accrued liabilities for the fiscal years ended July 31, 2015 and 2014 consist of the following: 2015 2014 Payroll $ 216,804 $ 196,933 Interest 24,349 38,835 Professional fees 175,000 144,623 Rents received in advance 595,578 448,425 Utilities 14,803 20,257 Brokers commissions 591,988 283,123 Construction costs 160,340 207,872 Other 939,465 834,419 Total 2,718,327 2,174,487 Less current portion 2,597,104 2,174,487 Long term portion $ 121,223 $ — |
EMPLOYEES' RETIREMENT PLANS
EMPLOYEES' RETIREMENT PLANS | 12 Months Ended |
Jul. 31, 2015 | |
EMPLOYEES' RETIREMENT PLANS [Abstract] | |
EMPLOYEES' RETIREMENT PLANS | 385,083 366,741 350,536 MULTI-EMPLOYER PLAN: 45,782 47,903 37,501 Information for contributing employer's participation in the multi-employer plan: Legal name of Plan: United Food and Commercial Workers Local 888 Pension Fund Employer identification number: 13-6367793 Plan number: 001 Date of most recent Form 5500: December 31, 2013 Certified zone status: Critical Status Status determination date: January 1, 2013 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: November 30, 2016 |
CASH FLOW INFORMATION
CASH FLOW INFORMATION | 12 Months Ended |
Jul. 31, 2015 | |
CASH FLOW INFORMATION [Abstract] | |
CASH FLOW INFORMATION | 9. CASH FLOW INFORMATION: For purposes of reporting cash flows, the Company considers cash equivalents to consist of short-term highly liquid investments with maturities of three months or less, which are readily convertible into cash. Supplemental disclosures: July 31, 2015 2014 2013 Interest paid, net of capitalized interest of $ 23,733 $ 16,300 24,659 $ 329,653 $ 424,039 $ 427,278 Income taxes paid $ 237,702 $ 720,583 $ 637,382 |
FINANCIAL INSTRUMENTS AND CREDI
FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS | 12 Months Ended |
Jul. 31, 2015 | |
FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS [Abstract] | |
FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS | 10. FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS: July 31, 2015 Carrying Fair Value Value Cash and cash equivalents $ 4,085,704 $ 4,085,704 Marketable securities $ 1,461,504 $ 1,461,504 Security deposits payable $ 776,588 $ 776,588 Mortgages, note and term loan payable $ 6,937,288 $ 6,999,768 18.21 14.91 15.76 22.71 13.69 30.44 19.54 12.25 0 66,265 324,536 230,000 |
DEFERRED CHARGES
DEFERRED CHARGES | 12 Months Ended |
Jul. 31, 2015 | |
DEFERRED CHARGES [Abstract] | |
DEFERRED CHARGES | 11. DEFERRED CHARGES: Deferred charges for the fiscal years ended July 31, 2015 and 2014 consist of the following: July 31, 2015 July 31, 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Leasing brokerage commissions $ 3,339,759 $ 1,304,518 $ 2,667,272 $ 1,166,367 Professional fees for leasing 405,448 244,251 387,073 219,758 Financing costs 114,387 11,436 780,671 740,801 Total $ 3,859,594 $ 1,560,205 $ 3,835,016 $ 2,126,926 The aggregate amortization expense for the three years in the period ended July 31, 2015 was $ 351,570 468,607 456,524 The weighted average life of current year additions to deferred charges was 14.14 The estimated aggregate amortization expense for each of the five succeeding fiscal years is as follows: Fiscal Year Amortization 2016 $ 343,363 2017 $ 294,200 2018 $ 259,105 2019 $ 194,201 2020 $ 157,850 |
CAPITALIZATION
CAPITALIZATION | 12 Months Ended |
Jul. 31, 2015 | |
CAPITALIZATION [Abstract] | |
CAPITALIZATION | 12. CAPITALIZATION: 162,517 |
NOTE PAYABLE
NOTE PAYABLE | 12 Months Ended |
Jul. 31, 2015 | |
NOTE PAYABLE [Abstract] | |
NOTE PAYABLE | 13. NOTE PAYABLE: 1,000,000 10 12,500 50,000 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Jul. 31, 2015 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | 14. ACCUMULATED OTHER COMPREHENSIVE INCOME: A summary of the changes in accumulated other comprehensive income for the fiscal years ended July 31, 2015 , 2014, and 2013 is as follows: Years Ended July 31, 2015 2014 2013 Beginning balance, net of tax effect $ 129,412 $ 183,633 $ 133,477 Other comprehensive income, net of tax effect: Unrealized gains on available-for-sale securities 60,621 57,966 90,156 Tax effect 6,000 (26,000 ) (40,000 ) Unrealized gains on available-for-sale securities, net of tax effect 66,621 31,966 50,156 Amounts reclassified from accumulated other comprehensive income, net of tax effect: Unrealized gains (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 $ 196,033 $ 129,412 $ 183,633 A summary of the line items in the Consolidated Statements of Income and Retained Earnings affected by the amounts reclassified from accumulated other comprehensive income is as follows: Details about accumulated other Affected line item in the statement comprehensive income components where net income is presented Other comprehensive income reclassified Investment income Tax effect Income taxes provided |
ENTRY INTO A MATERIAL DEFINITIV
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT | 12 Months Ended |
Jul. 31, 2015 | |
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT [Abstract] | |
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT | 15. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT: 3,500,000 2,250,000 1,250,000 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Jul. 31, 2015 | |
CONTINGENCIES [Abstract] | |
CONTINGENCIES | 16. CONTINGENCIES: 376,467 |
SUMMARY OF SIGNIFICANT ACCOUN24
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jul. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include the accounts of the Company, a New York corporation and its subsidiaries (J. W. M. Realty Corp. and Dutchess Mall Sewage Plant, Inc.), which are wholly-owned. Material intercompany items have been eliminated in consolidation. |
Accounting Records and Use of Estimates | Accounting Records and Use of Estimates |
Rental Income | Rental Income 66,265 324,536 |
Property and Equipment | Property and Equipment Buildings and improvements 18 40 Improvements to leased property 3 40 Fixtures and equipment 7 12 Other 3 5 Maintenance, repairs, renewals and improvements of a non-permanent nature are charged to expense when incurred. Expenditures for additions and major renewals or improvements are capitalized along with the associated interest cost during construction. The cost of assets sold or retired and the accumulated depreciation or amortization thereon are eliminated from the respective accounts in the year of disposal, and the resulting gain or loss is credited or charged to income. Capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset's estimated useful life. |
Deferred Charges | Deferred Charges 1 21 |
Income Taxes | Income Taxes The effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Actual income taxes could vary from these estimates due to future changes in income tax law or results from the final review of tax returns by federal, state or city tax authorities. Financial statement effects on tax positions are recognized in the period in which it is more likely than not that the position will be sustained upon examination, the position is effectively settled or when the statute of limitations to challenge the position has expired. Interest and penalties, if any, related to unrecognized tax benefits are recorded as interest expense and administrative and general expenses, respectively. |
Income Per Share of Common Stock | Income Per Share of Common Stock 2,015,780 |
Marketable Securities | Marketable Securities 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. Equity securities Mutual funds Fair value measurements at reporting date using Description July 31, 2015 Level 1 Level 2 Level 3 July 31, 2014 Level 1 Level 2 Level 3 Assets: Marketable securities - available-for-sale $ 1,461,504 $ 1,461,504 $ – $ – $ 1,354,213 $ 1,354,213 $ – $ – |
Fair Value of Investments in Entities that Use NAV | 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 July 31, 2015 and 2014, respectively. Unfunded Redemption Frequency July 31, 2015 Fair Value Commitments (if currently eligible) Redemption Notice Period First Eagle Global CL I $ 271,462 n/a Daily None Parnasus Core Equity Investor CL $ 305,626 n/a Daily None Columbia Flexible CAP Income CL A $ 271,076 n/a Daily None Unfunded Redemption Frequency July 31, 2014 Fair Value Commitments (if currently eligible) Redemption 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 |
Implementation of new accounting standards: | Implementation of new accounting standards: In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Carryforward Exists.” The Company adopted ASU 2013-11 in the fourth quarter of fiscal year ended July 31, 2015. The adoption of this standard did not have a significant impact on these 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. ASU 2015-14 extended the implementation date for fiscal years beginning after December 31, 2017. The adoption of the update on August 1, 2018 is not expected to have a significant impact on our consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN25
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Schedule of property and equipment depreciation and amortization period | Buildings and improvements 18 40 Improvements to leased property 3 40 Fixtures and equipment 7 12 Other 3 5 |
Schedule of financial assets measured at fair value on recurring basis | Fair value measurements at reporting date using Description July 31, 2015 Level 1 Level 2 Level 3 July 31, 2014 Level 1 Level 2 Level 3 Assets: Marketable securities - available-for-sale $ 1,461,504 $ 1,461,504 $ – $ – $ 1,354,213 $ 1,354,213 $ – $ – |
Schedule of investments measured at fair value | Unfunded Redemption Frequency July 31, 2015 Fair Value Commitments (if currently eligible) Redemption Notice Period First Eagle Global CL I $ 271,462 n/a Daily None Parnasus Core Equity Investor CL $ 305,626 n/a Daily None Columbia Flexible CAP Income CL A $ 271,076 n/a Daily None Unfunded Redemption Frequency July 31, 2014 Fair Value Commitments (if currently eligible) Redemption 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 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
MARKETABLE SECURITIES [Abstract] | |
Schedule of classified marketable securities | July 31, 2015 July 31, 2014 Gross Gross Gross Gross Unrealized Unrealized Fair Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value Non-current: Available-for-sale: Mutual funds $ 719,245 $ 131,639 $ 2,720 $ 848,164 $ 691,047 $ 129,173 $ — $ 820,220 Equity securities 445,227 168,113 — 613,340 426,754 107,239 — 533,993 $ 1,164,472 $ 299,752 $ 2,720 $ 1,461,504 $ 1,117,801 $ 236,412 $ — $ 1,354,213 |
Schedule of 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 | Less Than Fair Value 12 Months Mutual funds $ 271,076 $ 2,720 |
Schedule of investment income | 2015 2014 2013 Interest income $ 3,097 $ 2,557 $ 7,955 Dividend income 41,666 46,884 71,943 Gain (loss) on sale of marketable securities 6,455 182,870 (5,572 ) Total $ 51,218 $ 232,311 $ 74,326 |
LONG-TERM DEBT - MORTGAGES AN27
LONG-TERM DEBT - MORTGAGES AND TERM LOAN (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
LONG-TERM DEBT - MORTGAGES AND TERM LOAN [Abstract] | |
Schedule of long-term debt | July 31, 2015 July 31, 2014 Current Annual Final Due Due Due Due Interest Payment Within After Within After Rate Date One Year One Year One Year One Year Mortgages: 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 % 2/01/20 150,763 5,786,525 — — Total $ 150,763 $ 5,786,525 $ 240,000 $ 5,181,335 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
INCOME TAXES [Abstract] | |
Schedule of income tax expense | 2015 2014 2013 Current: Federal $ (492,000 ) $ 501,667 $ 30,642 State and City — 348,333 202,358 Deferred taxes: Federal 1,570,000 (187,000 ) 267,000 State and City (365,000 ) (122,000 ) 18,000 Total provision $ 713,000 $ 541,000 $ 518,000 |
Schedule of effective income tax rate reconciliation | 2015 2014 2013 Income before income taxes $ 2,921,682 $ 1,280,323 $ 1,181,671 Other-net 5,074 1,919 (2,023 ) Adjusted pre-tax income $ 2,926,756 $ 1,282,242 $ 1,179,648 Statutory rate 34 % 34 % 34 % Income tax provision at statutory rate $ 995,097 $ 435,962 $ 401,080 Federal tax assessment 41,175 — — State and City income taxes, net of federal income tax benefit - 107,900 151,556 State and City deferred income taxes (365,000 ) — — Other-net 41,728 (2,862 ) (34,636 ) Income tax provision $ 713,000 $ 541,000 $ 518,000 |
Schedule of deferred tax assets and liabilities | 2015 2014 Deferred Deferred Deferred Deferred Tax Assets Tax Liabilities Tax Assets Tax Liabilities Rental income received in advance $ 202,497 $ — $ 199,413 $ — Net operating loss carryforward 2,247,196 — — — Unbilled receivables — 888,489 — 1,149,631 Property and equipment — 6,396,520 — 2,964,078 Deferred revenue 743,750 — 946,033 — Unrealized gain on marketable securities — 100,991 — 106,291 Other 337,557 — 418,554 — $ 3,531,000 $ 7,386,000 $ 1,564,000 $ 4,220,000 |
Components of deferred tax provision (benefit) | 2015 2014 2013 Tax depreciation exceeding book depreciation $ 3,897,397 $ 406,019 $ 380,598 Net operating loss carryforward (2,247,196 ) — — Decrease (increase) of rental income (50,032) 22,995 (39,528 ) Increase (decrease) in unbilled receivables 19,211 172,860 (19,005 ) Deferred revenue (28,333) (946,033) — Other (21,047) 35,159 (37,065 ) $ 1,570,000 $ (309,000 ) $ 285,000 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
LEASES [Abstract] | |
Schedule of rental expense | 2015 2014 2013 Minimum rental expense $ 1,726,481 $ 1,732,220 $ 1,726,817 Contingent rental expense 777,637 732,220 736,406 2,504,118 2,464,440 2,463,223 Sublease rental income 6,566,297 5,985,195 6,161,173 $ 4,062,179 $ 3,520,755 $ 3,697,950 |
Schedule of future minimum non-cancelable rental commitments | Operating Fiscal Year Leases 2016 $ 1,724,004 2017 1,724,004 2018 1,731,609 2019 1,731,609 2020 1,731,609 After 2020 14,630,256 Total required* $ 23,273,091 * Minimum payments have not been reduced by minimum sublease rentals of $ 29,807,743 |
RENTAL INCOME (Tables)
RENTAL INCOME (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
RENTAL INCOME [Abstract] | |
Schedule of rental income | July 31, 2015 2014 2013 Minimum rentals Company owned property $ 10,609,834 $ 10,412,191 $ 9,308,907 Leased property 6,262,367 5,709,743 5,845,114 16,872,201 16,121,934 15,154,021 Contingent rentals Company owned property 556,354 538,212 421,743 Leased property 303,930 275,451 316,059 860,284 813,663 737,802 Total $ 17,732,485 $ 16,935,597 $ 15,891,823 |
Schedule of future minimum non-cancelable rental income | Company Owned Leased Fiscal Year Property Property Total 2016 $ 10,291,591 $ 5,283,503 $ 15,575,094 2017 7,609,325 4,530,165 12,139,490 2018 7,643,896 2,944,001 10,587,897 2019 7,105,938 2,917,791 10,023,729 2020 6,802,539 2,626,163 9,428,702 After 2020 14,575,414 11,506,120 26,081,534 Total $ 54,028,703 $ 29,807,743 $ 83,836,446 |
PAYROLL AND OTHER ACCRUED LIA31
PAYROLL AND OTHER ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
PAYROLL AND OTHER ACCRUED LIABILITIES [Abstract] | |
Schedule of payroll and other accrued liabilities | 2015 2014 Payroll $ 216,804 $ 196,933 Interest 24,349 38,835 Professional fees 175,000 144,623 Rents received in advance 595,578 448,425 Utilities 14,803 20,257 Brokers commissions 591,988 283,123 Construction costs 160,340 207,872 Other 939,465 834,419 Total 2,718,327 2,174,487 Less current portion 2,597,104 2,174,487 Long term portion $ 121,223 $ — |
CASH FLOW INFORMATION (Tables)
CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
CASH FLOW INFORMATION [Abstract] | |
Schedule of cash flow information | July 31, 2015 2014 2013 Interest paid, net of capitalized interest of $ 23,733 $ 16,300 24,659 $ 329,653 $ 424,039 $ 427,278 Income taxes paid $ 237,702 $ 720,583 $ 637,382 |
FINANCIAL INSTRUMENTS AND CRE33
FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS [Abstract] | |
Schedule of fair value of financial instruments | July 31, 2015 Carrying Fair Value Value Cash and cash equivalents $ 4,085,704 $ 4,085,704 Marketable securities $ 1,461,504 $ 1,461,504 Security deposits payable $ 776,588 $ 776,588 Mortgages, note and term loan payable $ 6,937,288 $ 6,999,768 |
DEFERRED CHARGES (Tables)
DEFERRED CHARGES (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
DEFERRED CHARGES [Abstract] | |
Schedule of deferred charges | July 31, 2015 July 31, 2014 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Leasing brokerage commissions $ 3,339,759 $ 1,304,518 $ 2,667,272 $ 1,166,367 Professional fees for leasing 405,448 244,251 387,073 219,758 Financing costs 114,387 11,436 780,671 740,801 Total $ 3,859,594 $ 1,560,205 $ 3,835,016 $ 2,126,926 |
Schedule of estimated aggregate amortization expense | Fiscal Year Amortization 2016 $ 343,363 2017 $ 294,200 2018 $ 259,105 2019 $ 194,201 2020 $ 157,850 |
ACCUMULATED OTHER COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Years Ended July 31, 2015 2014 2013 Beginning balance, net of tax effect $ 129,412 $ 183,633 $ 133,477 Other comprehensive income, net of tax effect: Unrealized gains on available-for-sale securities 60,621 57,966 90,156 Tax effect 6,000 (26,000 ) (40,000 ) Unrealized gains on available-for-sale securities, net of tax effect 66,621 31,966 50,156 Amounts reclassified from accumulated other comprehensive income, net of tax effect: Unrealized gains (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 $ 196,033 $ 129,412 $ 183,633 |
SUMMARY OF SIGNIFICANT ACCOUN36
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Bad debt expense | $ 0 | $ 66,265 | $ 324,536 |
Weighted average number of shares outstanding, basic (in shares) | 2,015,780 | 2,015,780 | 2,015,780 |
Minimum [Member] | |||
Deferred charges amortization period | 1 year | ||
Maximum [Member] | |||
Deferred charges amortization period | 21 years |
SUMMARY OF SIGNIFICANT ACCOUN37
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of property and equipment depreciation and amortization period) (Details) | 12 Months Ended |
Jul. 31, 2015 | |
Buildings and improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 18 years |
Buildings and improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Improvements to leased property [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Improvements to leased property [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Fixtures and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 7 years |
Fixtures and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 12 years |
Other [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Other [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN38
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of financial assets measured at fair value on recurring basis) (Details) - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 |
Marketable securities - | ||
available-for-sale | $ 1,461,504 | $ 1,354,213 |
Level 1 [Member] | ||
Marketable securities - | ||
available-for-sale | $ 1,461,504 | $ 1,354,213 |
Level 2 [Member] | ||
Marketable securities - | ||
available-for-sale | ||
Level 3 [Member] | ||
Marketable securities - | ||
available-for-sale |
SUMMARY OF SIGNIFICANT ACCOUN39
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of investments measured at fair value) (Details) - USD ($) | Jul. 31, 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 | $ 271,462 | $ 273,000 |
Parnasus Core Equity Investor CL [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 305,626 | 277,571 |
Transamerica Tactical Income CL A [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 269,649 | |
Columbia Flexible CAP Income CL A [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 271,076 |
MARKETABLE SECURITIES (Schedule
MARKETABLE SECURITIES (Schedule of classified marketable securities) (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Available-for-sale - Fair Value | $ 1,461,504 | $ 1,354,213 |
Noncurrent [Member] | ||
Available-for-sale - Cost | 1,164,472 | 1,117,801 |
Available-for-sale - Gross Unrealized Gains | 299,752 | $ 236,412 |
Available-for-sale - Gross Unrealized Losses | 2,720 | |
Available-for-sale - Fair Value | 1,461,504 | $ 1,354,213 |
Mutual Funds [Member] | Noncurrent [Member] | ||
Available-for-sale - Cost | 719,245 | 691,047 |
Available-for-sale - Gross Unrealized Gains | 131,639 | $ 129,173 |
Available-for-sale - Gross Unrealized Losses | 2,720 | |
Available-for-sale - Fair Value | 848,164 | $ 820,220 |
Equity Securities [Member] | Noncurrent [Member] | ||
Available-for-sale - Cost | 445,227 | 426,754 |
Available-for-sale - Gross Unrealized Gains | $ 168,113 | $ 107,239 |
Available-for-sale - Gross Unrealized Losses | ||
Available-for-sale - Fair Value | $ 613,340 | $ 533,993 |
Marketable Securities (Schedu41
Marketable Securities (Schedule of Investment Securities In Continuous Unrealized Loss Position) (Details) - Mutual Funds [Member] | Jul. 31, 2015USD ($) |
Fair Value of Investments securities [Line items] | |
Investment securities, continuous unrealized loss position, Fair Value | $ 271,076 |
Investment securities, continuous unrealized loss position, Less Than 12 Months | $ 2,720 |
MARKETABLE SECURITIES (Schedu42
MARKETABLE SECURITIES (Schedule of investment income) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
MARKETABLE SECURITIES [Abstract] | |||
Interest income | $ 3,097 | $ 2,557 | $ 7,955 |
Dividend income | 41,666 | 46,884 | 71,943 |
Gain (loss) on sale of marketable securities | 6,455 | 182,870 | (5,572) |
Total | $ 51,218 | $ 232,311 | $ 74,326 |
LONG-TERM DEBT - MORTGAGES AN43
LONG-TERM DEBT - MORTGAGES AND TERM LOAN (Schedule of long-term debt) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jan. 09, 2015 | Jul. 31, 2014 | |
Due Within One Year | $ 150,763 | $ 240,000 | |
Due After One Year | $ 5,786,525 | 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 | Feb. 18, 2015 | ||
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 | Feb. 18, 2015 | ||
Bond St. building, Brooklyn, NY [Member] | |||
Due Within One Year | $ 150,763 | ||
Due After One Year | $ 5,786,525 | ||
Current Annual Interest Rate | 3.54% | 3.54% | |
Final Payment Date | Feb. 1, 2020 |
LONG-TERM DEBT - MORTGAGES AN44
LONG-TERM DEBT - MORTGAGES AND TERM LOAN (Narrative) (Details) - USD ($) | Jan. 09, 2015 | Aug. 19, 2004 | Jul. 31, 2015 |
Debt maturing in 2016 | $ 150,763 | ||
Debt maturing in 2017 | 1,156,845 | ||
Debt maturing in 2018 | 162,569 | ||
Debt maturing in 2019 | 168,501 | ||
Debt maturing in 2020 | 5,298,610 | ||
Collateralized Debt | $ 21,965,454 | ||
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 | ||
Additional loans | 652,274 | ||
Amount outstanding | $ 5,347,726 | ||
Term of loan | 5 years | ||
Amortization period of loan | 25 years | ||
Interest rate, percent | 3.54% | 3.54% | |
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 |
INCOME TAXES (Schedule of incom
INCOME TAXES (Schedule of income tax expense) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Current: | |||
Federal | $ (492,000) | $ 501,667 | $ 30,642 |
State and City | 348,333 | 202,358 | |
Deferred: | |||
Federal | $ 1,570,000 | (187,000) | 267,000 |
State and City | (365,000) | (122,000) | 18,000 |
Income tax provision | $ 713,000 | $ 541,000 | $ 518,000 |
INCOME TAXES (Schedule of effec
INCOME TAXES (Schedule of effective income tax rate reconciliation) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
INCOME TAXES [Abstract] | |||
Income before income taxes | $ 2,921,682 | $ 1,280,323 | $ 1,181,671 |
Other-net | 5,074 | 1,919 | (2,023) |
Adjusted pre-tax income | $ 2,926,756 | $ 1,282,242 | $ 1,179,648 |
Statutory rate | 34.00% | 34.00% | 34.00% |
Income tax provision at statutory rate | $ 995,097 | $ 435,962 | $ 401,080 |
Federal tax assessment | $ 41,175 | ||
State and City income taxes, net of federal income tax benefit | $ 107,900 | $ 151,556 | |
State and City deferred income taxes | $ (365,000) | ||
Other-net | 41,728 | $ (2,862) | $ (34,636) |
Income tax provision | $ 713,000 | $ 541,000 | $ 518,000 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) | 12 Months Ended |
Jul. 31, 2015USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Federal net operating loss incurred | $ 8,191,403 |
Federal net operating loss carryback | 1,582,003 |
Federal income tax refund receivable | $ 537,881 |
Period over which state capital-based tax will be phased out | 7 years |
Increased in deferred tax asset | $ 380,000 |
Increase in deferred tax liabilities | 771,000 |
Deferred taxes unrealized gain (loss) on available-for-sale securities | 26,000 |
Current federal income tax provision benefit | 365,000 |
Internal Revenue Service [Member] | |
Operating Loss Carryforwards [Line Items] | |
Assessment amount included in the current tax provision | 146,000 |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 6,609,000 |
State and city [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 9,000,000 |
Assessment amount included in the current tax provision | $ 5,000 |
INCOME TAXES (Schedule of defer
INCOME TAXES (Schedule of deferred tax assets and liabilities) (Details) - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 |
Deferred Tax Assets | ||
Rental income received in advance | $ 202,497 | $ 199,413 |
Net operating loss carryforward | 2,247,196 | |
Deferred revenue | 743,750 | 946,033 |
Other | 337,557 | 418,554 |
Deferred tax assets, net | 3,531,000 | 1,564,000 |
Deferred Tax Liabilities | ||
Unbilled receivables | 888,489 | 1,149,631 |
Property and equipment | 6,396,520 | 2,964,078 |
Unrealized gain on marketable securities | 100,991 | 106,291 |
Deferred tax liabilities, net | $ 7,386,000 | $ 4,220,000 |
INCOME TAXES (Components of def
INCOME TAXES (Components of deferred tax provision (benefit)) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Deferred tax provision (benefit) | $ 1,570,000 | $ (309,000) | $ 285,000 |
Tax depreciation exceeding book depreciation [Member] | |||
Deferred tax provision (benefit) | 3,897,397 | $ 406,019 | $ 380,598 |
Net Operating Loss Carryforward [Member] | |||
Deferred tax provision (benefit) | (2,247,196) | ||
Decrease (increase) of rental income received in advance [Member] | |||
Deferred tax provision (benefit) | (50,032) | $ 22,995 | $ (39,528) |
Increase (decrease) in unbilled receivables [Member] | |||
Deferred tax provision (benefit) | 19,211 | 172,860 | $ (19,005) |
Deferred revenue [Member] | |||
Deferred tax provision (benefit) | (28,333) | (946,033) | |
Other [Member] | |||
Deferred tax provision (benefit) | $ (21,047) | $ 35,159 | $ (37,065) |
LEASES (Schedule of rental expe
LEASES (Schedule of rental expense) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
LEASES [Abstract] | |||
Minimum rental expense | $ 1,726,481 | $ 1,732,220 | $ 1,726,817 |
Contingent rental expense | 777,637 | 732,220 | 736,406 |
Operating leases rent expense minimum and contingent rentals | 2,504,118 | 2,464,440 | 2,463,223 |
Sublease rental income | 6,566,297 | 5,985,195 | 6,161,173 |
Excess of sublease income over expense | $ 4,062,179 | $ 3,520,755 | $ 3,697,950 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Operating Leased Assets [Line Items] | |||
Rent expense | $ 825,000 | $ 825,000 | $ 825,000 |
Minimum sublease rentals | $ 29,807,743 | ||
Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating leases extended period | 28 years | ||
Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating leases extended period | 6 years |
LEASES (Schedule of future mini
LEASES (Schedule of future minimum non-cancelable rental commitments) (Details) | Jul. 31, 2015USD ($) | |
LEASES [Abstract] | ||
2,016 | $ 1,724,004 | |
2,017 | 1,724,004 | |
2,018 | 1,731,609 | |
2,019 | 1,731,609 | |
2,020 | 1,731,609 | |
After 2,020 | 14,630,256 | |
Total required | $ 23,273,091 | [1] |
[1] | Minimum payments have not been reduced by minimum sublease rentals of $29,807,743 under operating leases due in the future under non-cancelable leases. |
RENTAL INCOME (Schedule of rent
RENTAL INCOME (Schedule of rental income) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Minimum rentals | $ 16,872,201 | $ 16,121,934 | $ 15,154,021 |
Revenue to temporarily vacate lease (Note 15) | 860,284 | 813,663 | 737,802 |
Total | 17,732,485 | 16,935,597 | 15,891,823 |
Company owned property [Member] | |||
Minimum rentals | 10,609,834 | 10,412,191 | 9,308,907 |
Revenue to temporarily vacate lease (Note 15) | 556,354 | 538,212 | 421,743 |
Leased property [Member] | |||
Minimum rentals | 6,262,367 | 5,709,743 | 5,845,114 |
Revenue to temporarily vacate lease (Note 15) | $ 303,930 | $ 275,451 | $ 316,059 |
RENTAL INCOME (Schedule of futu
RENTAL INCOME (Schedule of future minimum non-cancelable rental income) (Details) | 12 Months Ended |
Jul. 31, 2015USD ($) | |
2,016 | $ 15,575,094 |
2,017 | 12,139,490 |
2,018 | 10,587,897 |
2,019 | 10,023,729 |
2,020 | 9,428,702 |
After 2,020 | 26,081,534 |
Total | 83,836,446 |
Company owned property [Member] | |
2,016 | 10,291,591 |
2,017 | 7,609,325 |
2,018 | 7,643,896 |
2,019 | 7,105,938 |
2,020 | 6,802,539 |
After 2,020 | 14,575,414 |
Total | 54,028,703 |
Leased property [Member] | |
2,016 | 5,283,503 |
2,017 | 4,530,165 |
2,018 | 2,944,001 |
2,019 | 2,917,791 |
2,020 | 2,626,163 |
After 2,020 | 11,506,120 |
Total | $ 29,807,743 |
PAYROLL AND OTHER ACCRUED LIA55
PAYROLL AND OTHER ACCRUED LIABILITIES (Details) - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 |
PAYROLL AND OTHER ACCRUED LIABILITIES [Abstract] | ||
Payroll | $ 216,804 | $ 196,933 |
Interest | 24,349 | 38,835 |
Professional fees | 175,000 | 144,623 |
Rents received in advance | 595,578 | 448,425 |
Utilities | 14,803 | 20,257 |
Brokers commissions | 591,988 | 283,123 |
Construction costs | 160,340 | 207,872 |
Other | 939,465 | 834,419 |
Total | 2,718,327 | 2,174,487 |
Less current portion | 2,597,104 | $ 2,174,487 |
Long term portion | $ 121,223 |
EMPLOYEES' RETIREMENT PLANS (De
EMPLOYEES' RETIREMENT PLANS (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
EMPLOYEES' RETIREMENT PLANS [Abstract] | |||
Pension Contributions | $ 385,083 | $ 366,741 | $ 350,536 |
Employer contributions | $ 45,782 | $ 47,903 | $ 37,501 |
CASH FLOW INFORMATION (Schedule
CASH FLOW INFORMATION (Schedule of cash flow information) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
CASH FLOW INFORMATION [Abstract] | |||
Interest paid, net of capitalized interest of $23,733 (2015), $16,300 (2014) and $24,659 (2013) | $ 329,653 | $ 424,039 | $ 427,278 |
Income taxes paid | $ 237,702 | $ 720,583 | $ 637,382 |
CASH FLOW INFORMATION (Narrativ
CASH FLOW INFORMATION (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
CASH FLOW INFORMATION [Abstract] | |||
Capitalized interest | $ 23,733 | $ 16,300 | $ 24,659 |
FINANCIAL INSTRUMENTS AND CRE59
FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Schedule of fair value of financial instruments) (Details) - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2012 |
FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS [Abstract] | ||||
Cash and cash equivalents, Carrying Value | $ 4,085,704 | $ 1,892,760 | $ 664,718 | $ 1,340,203 |
Cash and cash equivalents, Fair Value | 4,085,704 | |||
Marketable securities, Carrying Value | 1,461,504 | |||
Marketable securities, Fair Value | 1,461,504 | |||
Security deposits payable, Carrying Value | 776,588 | |||
Security deposits payable, Fair Value | 776,588 | |||
Mortgages, note and term loan payable, Carrying Value | 6,937,288 | |||
Mortgages, note and term loan payable, Fair Value | $ 6,999,768 |
FINANCIAL INSTRUMENTS AND CRE60
FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
Concentration Risk [Line Items] | |||
Write-offs of unbilled receivables | $ 0 | $ 66,265 | $ 324,536 |
Irrevocable letter of credit | $ 230,000 | $ 230,000 | |
Tenant One [Member] | Rental income [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 18.21% | ||
Tenant One [Member] | Accounts receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 15.76% | ||
Tenant One [Member] | Unbilled receivables [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 30.44% | ||
Tenant Two [Member] | Rental income [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 14.91% | ||
Tenant Two [Member] | Accounts receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 22.71% | ||
Tenant Two [Member] | Unbilled receivables [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 19.54% | ||
Tenant Three [Member] | Accounts receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 13.69% | ||
Tenant Three [Member] | Unbilled receivables [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 12.25% |
DEFERRED CHARGES (Schedule of d
DEFERRED CHARGES (Schedule of deferred charges) (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Gross Carrying Amount | $ 3,859,594 | $ 3,835,016 |
Accumulated Amortization | 1,560,205 | 2,126,926 |
Leasing Brokerage Commissions [Member] | ||
Gross Carrying Amount | 3,339,759 | 2,667,272 |
Accumulated Amortization | 1,304,518 | 1,166,367 |
Professional Fees For Leasing [Member] | ||
Gross Carrying Amount | 405,448 | 387,073 |
Accumulated Amortization | 244,251 | 219,758 |
Financing Costs [Member] | ||
Gross Carrying Amount | 114,387 | 780,671 |
Accumulated Amortization | $ 11,436 | $ 740,801 |
DEFERRED CHARGES (Schedule of e
DEFERRED CHARGES (Schedule of estimated aggregate amortization expense) (Details) | Jul. 31, 2015USD ($) |
DEFERRED CHARGES [Abstract] | |
2,016 | $ 343,363 |
2,017 | 294,200 |
2,018 | 259,105 |
2,019 | 194,201 |
2,020 | $ 157,850 |
DEFERRED CHARGES (Narrative) (D
DEFERRED CHARGES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
DEFERRED CHARGES [Abstract] | |||
Amortization of deferred charges | $ 351,570 | $ 468,607 | $ 456,524 |
Weighted average life of current year additions to deferred charges | 14 years 1 month 20 days |
CAPITALIZATION (Details)
CAPITALIZATION (Details) - shares | Jul. 31, 2015 | Jul. 31, 2014 |
CAPITALIZATION [Abstract] | ||
Treasury stock, shares | 162,517 | 162,517 |
NOTE PAYABLE (Detailsl)
NOTE PAYABLE (Detailsl) - USD ($) | Dec. 15, 2004 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 |
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 | $ 50,000 | $ 50,000 | $ 50,000 |
ACCUMULATED OTHER COMPREHENS66
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2013 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract] | |||
Beginning balance, net of tax effect | $ 129,412 | $ 183,633 | $ 133,477 |
Other comprehensive income, net of tax effect: | |||
Unrealized gains on available-for-sale securities | 60,621 | 57,966 | 90,156 |
Tax effect | 6,000 | (26,000) | (40,000) |
Unrealized gains on available-for-sale securities, net of tax effect | $ 66,621 | 31,966 | $ 50,156 |
Amounts reclassified from accumulated other comprehensive income, net of tax effect: | |||
Unrealized gains (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 | $ 196,033 | $ 129,412 | $ 183,633 |
ENTRY INTO A MATERIAL DEFINIT67
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT (Details) - 33 Bond St. LLC [Member] | Jun. 16, 2014USD ($) |
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) | 12 Months Ended |
Jul. 31, 2015USD ($) | |
Fishkill, New York Property [Member] | |
Damages filed | $ 376,467 |