J.W. Mays (MAYS) 10-Q 3 Dec 15 2016 Q1 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Oct. 31, 2015	Dec. 02, 2015
DOCUMENT AND ENTITY INFORMATION
Entity Registrant Name	MAYS J W INC
Entity Central Index Key	54,187
Current Fiscal Year End Date	--07-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	MAYS
Entity Common Stock, Shares Outstanding		2,015,780
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2015
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Oct. 31, 2015	Jul. 31, 2015
ASSETS
Property and Equipment - Net (Notes 5 and 6)	$ 48,605,989	$ 48,191,392
Current Assets:
Cash and cash equivalents (Note 4)	4,507,248	4,085,704
Receivables (Note 4)	537,456	638,643
Income taxes refundable	869,919	695,265
Deferred income taxes	3,457,000	3,531,000
Security deposits	115,249	83,012
Prepaid expenses	899,579	1,477,996
Total current assets	10,386,451	10,511,620
Other Assets:
Deferred charges	3,859,594	3,859,594
Less: accumulated amortization	1,646,784	1,560,205
Net	2,212,810	2,299,389
Receivables (Note 4)		30,000
Security deposits	1,300,394	1,328,952
Unbilled receivables (Notes 4 and 8)	2,518,310	2,613,246
Marketable securities (Notes 3 and 4)	1,440,641	1,461,504
Total other assets	7,472,155	7,733,091
TOTAL ASSETS	66,464,595	66,436,103
Long-Term Debt:
Mortgages payable (Note 5)	5,748,263	5,786,525
Note payable - related party (Note 7)	1,000,000	1,000,000
Security deposits payable	662,918	693,576
Payroll and other accrued liabilities	121,223	121,223
Deferred revenue (Note 13)	729,166	1,020,833
Total long-term debt	8,261,570	8,622,157
Deferred Income Taxes (Note 1)	7,540,000	7,386,000
Current Liabilities:
Accounts payable	69,268	39,759
Payroll and other accrued liabilities	2,389,808	2,597,104
Deferred revenue (Note 13)	1,166,667	1,166,667
Other taxes payable	3,263	5,972
Current portion of long-term debt (Note 5)	152,130	150,763
Current portion of security deposits payable	115,249	83,012
Total current liabilities	3,896,385	4,043,277
TOTAL LIABILITIES	19,697,955	20,051,434
Shareholders' Equity:
Common stock, par value $1 each share (shares - 5,000,000 authorized; 2,178,297 issued)	2,178,297	2,178,297
Additional paid in capital	3,346,245	3,346,245
Unrealized gain on available-for-sale securities - net of deferred taxes of $90,000 at October 31, 2015 and $101,000 at July 31, 2015	176,629	196,033
Retained earnings	42,353,321	41,951,946
Stockholders' Equity before Treasury Stock	48,054,492	47,672,521
Less common stock held in treasury, at cost - 162,517 shares at October 31, 2015 and at July 31, 2015 (Note 11)	1,287,852	1,287,852
Total shareholders' equity	$ 46,766,640	$ 46,384,669
Contingencies (Note 14)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 66,464,595	$ 66,436,103

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Oct. 31, 2015	Jul. 31, 2015
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	2,178,297	2,178,297
Treasury stock, shares	162,517	162,517
Unrealized Gain on Available-for-sale Securities - Net of Deferred Taxes [Member]
Deferred taxes	$ 90,000	$ 101,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Revenues
Rental income (Notes 4 and 8)	$ 4,277,394	$ 4,340,357
Recovery of real estate taxes		10,625
Revenue to temporarily vacate lease (Note 13)	291,667	291,667
Total revenues	4,569,061	4,642,649
Expenses
Real estate operating expenses	2,408,599	2,324,198
Administrative and general expenses	1,055,982	983,293
Depreciation and amortization (Note 6)	406,750	440,985
Total expenses	3,871,331	3,748,476
Income from operations before investment income, interest expense and income taxes	697,730	894,173
Investment income and interest expense:
Investment income (Note 3)	7,222	6,191
Interest expense (Notes 5, 7 and 10)	(64,577)	(108,692)
Interest Income (Expense), Net	(57,355)	(102,501)
Income from operations before income taxes	640,375	791,672
Income taxes provided	239,000	353,000
Net income	401,375	438,672
Retained earnings, beginning of period	41,951,946	39,743,264
Retained earnings, end of period	$ 42,353,321	$ 40,181,936
Income per common share (Note 2)	$ 0.20	$ 0.22
Dividends per share
Average common shares outstanding	2,015,780	2,015,780

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 401,375	$ 438,672
Unrealized gain (loss) on available-for-sale securities:
Unrealized holding gains (losses) arising during the period, net of taxes (benefit) of $(11,000) and $33,000 for the three months ended October 31, 2015 and 2014, respectively.	(19,404)	42,162
Comprehensive income	$ 381,971	$ 480,834

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Unrealized holding gains arising during the period, tax	$ (11,000)	$ 33,000

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Cash Flows From Operating Activities:
Net income	$ 401,375	$ 438,672
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	406,750	440,985
Amortization of deferred charges	$ 86,579	86,100
Realized (gain) on sale of marketable securities		(386)
Other assets - unbilled receivables	$ 94,936	(8,907)
Deferred income taxes	239,000	105,000
Deferred revenue	(291,667)	(291,667)
Changes in:
Receivables	131,187	(100,863)
Income taxes refundable	(174,654)	196,006
Prepaid expenses	578,417	512,096
Accounts payable	29,509	(30,031)
Payroll and other accrued liabilities	$ (207,296)	(107,765)
Income taxes payable		10,068
Other taxes payable	$ (2,709)	(3,757)
Cash provided by operating activities	1,291,427	1,245,551
Cash Flows From Investing Activities:
Capital expenditures	(821,347)	(404,643)
Security deposits	$ (3,679)	(2,655)
Marketable securities:
Receipts from sales or maturities		270,974
Payments for purchases	$ (9,541)	(273,307)
Cash (used) by investing activities	(834,567)	(409,631)
Cash Flows From Financing Activities:
Increase - security deposits	1,579	1,649
Mortgage and other debt payments	(36,895)	(43,695)
Cash (used) by financing activities	(35,316)	(42,046)
Increase in cash and cash equivalents	421,544	793,874
Cash and cash equivalents at beginning of period	4,085,704	1,892,760
Cash and cash equivalents at end of period	$ 4,507,248	$ 2,686,634

Accounting Records and Use of E

Accounting Records and Use of Estimates	3 Months Ended
	Oct. 31, 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, 2015 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, 2015. 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, 2016. The computation of the annual expected effective tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected operating income for the year and future periods, projections of the proportion of income (or loss), and permanent and temporary differences. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is acquired, or as additional information is obtained. To the extent 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. 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. 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 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 Recent accounting pronouncements: 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.

Income Per Share of Common Stoc

Income Per Share of Common Stock	3 Months Ended
	Oct. 31, 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

Marketable Securities

Marketable Securities	3 Months Ended
	Oct. 31, 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 months ended October 31, 2015 and July 31, 2015. The Company follows GAAP which establishes a fair value hierarchy that prioritizes the valuation techniques and creates the following three broad levels, with Level 1 valuation being the highest priority: Level 1 valuation inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date (e.g., equity securities traded on the New York Stock Exchange). Level 2 valuation inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted market prices of similar assets or liabilities in active markets, or quoted market prices for identical or similar assets or liabilities in markets that are not active). Level 3 valuation inputs are unobservable (e.g., an entity's own data) and should be used to measure fair value to the extent that observable inputs are not available. Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes in the methodologies used at October 31, 2015 and July 31, 2015. Equity securities are valued at the closing price reported on the active market on which the individual securities are traded that the Company has access to. Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Company are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Company are deemed to be actively traded. In accordance with the provisions of Fair Value Measurements, the following are the Company's financial assets measured on a recurring basis presented at fair value. Fair value measurements at reporting date using Total Total October 31, July 31, Description 2015 Level 1 Level 2 Level 3 2015 Level 1 Level 2 Level 3 Assets: Marketable securities - available-for-sale $ 1,440,641 $ 1,440,641 $ – $ – $ 1,461,504 $ 1,461,504 $ – $ – 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 October 31, 2015 and July 31, 2015, respectively. Unfunded Redemption Frequency Redemption October 31, 2015 Fair Value Commitments (if currently eligible) Notice Period First Eagle Global CL I $ 273,200 n/a Daily None Parnasus Core Equity Investor CL $ 306,034 n/a Daily None Columbia Flexible Income CL A $ 264,801 n/a Daily None Unfunded Redemption Frequency Redemption July 31, 2015 Fair Value Commitments (if currently eligible) 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 Income CL A $ 271,076 n/a Daily None As of October 31, 2015 and July 31, 2015, the Company's marketable securities were classified as follows: October 31, 2015 July 31, 2015 Gross Gross Gross Gross Unrealized Unrealized Fair Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value Noncurrent: Available-for-sale: Mutual funds $ 723,521 $ 132,916 $ 12,402 $ 844,035 $ 719,245 $ 131,639 $ 2,720 $ 848,164 Equity securities 450,491 146,115 – 596,606 445,227 168,113 – 613,340 $ 1,174,012 $ 279,031 $ 12,402 $ 1,440,641 $ 1,164,472 $ 299,752 $ 2,720 $ 1,461,504 The Company's debt and equity securities, gross unrealized losses and fair value, aggregated by investment category and length of time that the investment securities have been in a continuous unrealized loss position at October 31, 2015 are as follows: October 31, 2015 July 31, 2015 Less Than Less Than Fair Value 12 Months Fair Value 12 Months Mutual funds $ 264,801 $ 12,402 $ 271,076 $ 2,720 Investment income consists of the following: Three Months Ended October 31 2015 2014 Gain on sale of marketable securities $ – $ 386 Interest income 909 625 Dividend income 6,313 5,180 Total $ 7,222 $ 6,191

Financial Instruments and Credi

Financial Instruments and Credit Risk Concentrations	3 Months Ended
	Oct. 31, 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 18.81 15.56 The Company has one irrevocable Letter of Credit totaling $ 230,000

Long-Term Debt - Mortgage

Long-Term Debt - Mortgage	3 Months Ended
	Oct. 31, 2015
Long-Term Debt - Mortgage: [Abstract]
Long-Term Debt - Mortgage:	5. Long-Term Debt – Mortgage: October 31, 2015 July 31, 2015 Current Annual Final Due Due Due Due Interest Payment Within After Within After Rate Date One Year One Year One Year One Year Bond St. building, Brooklyn, NY 3.54 2/01/20 $ 152,130 $ 5,748,263 $ 150,763 $ 5,786,525 The Company, on August 19, 2004, closed a loan with a bank for a $ 12,000,000 1,870,000 8,295,274 12,000,000 seven 6.98 6,000,000 5,347,726 652,274 five twenty-five 3.54

Property and Equipment - at cos

Property and Equipment - at cost	3 Months Ended
	Oct. 31, 2015
Property and Equipment - at cost: [Abstract]
Property and Equipment - at cost:	6. Property and Equipment – at cost: October 31 2015 July 31 2015 Property: Buildings and improvements $ 76,548,587 $ 76,289,486 Improvements to leased property 1,478,012 1,478,012 Land 6,067,805 6,067,805 Construction in progress 1,201,288 639,042 85,295,692 84,474,345 Less accumulated depreciation 36,811,125 36,413,975 Property - net 48,484,567 48,060,370 Fixtures and equipment and other: Fixtures and equipment 144,544 144,544 Other fixed assets 235,623 235,623 380,167 380,167 Less accumulated depreciation 258,745 249,145 Fixtures and equipment and other - net 121,422 131,022 Property and equipment - net $ 48,605,989 $ 48,191,392 Construction in progress includes: October 31 2015 July 31 2015 Building improvements at 9 Bond Street in Brooklyn, NY $ 144,041 $ 144,041 Building improvements at Fishkill, NY 129,665 – Building improvements at 25 Elm Place in Brooklyn, NY 890,145 495,001 Building improvements at Jamaica, NY 37,437 – $ 1,201,288 $ 639,042

Note Payable - Related Party

Note Payable - Related Party	3 Months Ended
	Oct. 31, 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 10 December 15, 2016 5 12,500 12,500

Unbilled Receivables and Rental

Unbilled Receivables and Rental Income	3 Months Ended
	Oct. 31, 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	3 Months Ended
	Oct. 31, 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 $ 97,423 94,819 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 $ 13,153 10,337 Contingent Liability for Pension Plan: Information as to the Company's portion of accumulated plan benefits and plan assets is not reported separately by the pension plan. Under the Employee Retirement Income Security Act, upon withdrawal from a multi-employer benefit plan, an employer is required to continue to pay its proportionate share of the plan's unfunded vested benefits, if any. Any liability under this provision cannot be determined: however, the Company has not made a decision to withdraw from the plan. Information for contributing employer's participation in the multi-employer plan: Legal name of Plan: United Food and Commercial Workers Local 888 Pension Fund Employer identification number: 13-6367793 Plan number: 001 Date of most recent Form 5500: December 31, 2014 Certified zone status: Critical Status Status determination date: January 1, 2014 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, 2014: Yes Rehabilitation plan implemented: Yes Employer subject to surcharge: Yes Contract expiration date: November 30, 2016

Cash Flow Information

Cash Flow Information	3 Months Ended
	Oct. 31, 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: Three Months Ended October 31 2015 2014 Interest paid, net of capitalized interest of $ 11,348 and $ 3,558 $ 64,690 $ 108,954 Income taxes paid $ 231,654 $ 41,926

Common Stock

Common Stock	3 Months Ended
	Oct. 31, 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 Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Oct. 31, 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 (loss) on available-for-sale securities. A summary of the changes in accumulated other comprehensive income for the three months ended October 31, 2015 and 2014 is as follows: Three Months Ended October 31 2015 2014 (Unaudited) (Unaudited) Beginning balance, net of tax effect $ 196,033 $ 129,412 Other comprehensive income, net of tax effect: Unrealized gains (loss) on available-for-sale securities (30,404 ) 75,162 Tax effect 11,000 (33,000 ) Unrealized gains (loss) on available-for-sale securities, net of tax effect (19,404 ) 42,162 Ending balance, net of tax effect $ 176,629 $ 171,574 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

Entry into a Material Definitiv

Entry into a Material Definitive Agreement	3 Months Ended
	Oct. 31, 2015
Entry into a Material Definitive Agreement [Abstract]
Entry into a Material Definitive Agreement	13. Entry into a Material Definitive Agreement: On June 16, 2014, the Company entered into a Second Amendment of Lease (the "Amendment") with 33 Bond St. LLC ("Bond"), its landlord, for certain truck bays and approximately 1,000 square feet located at the cellar level within a garage at Livingston and Bond Street ("Premises"). Pursuant to the Amendment, (1) a lease option for the Premises was exercised extending the lease until December 8, 2043, (2) the Company, simultaneously with the execution of the Amendment, vacated the Premises so that Bond may demolish the building in which the Premises is located in order to develop and construct a new building at the location, and (3) Bond agreed to redeliver to the Company possession of the reconfigured Premises after construction. As consideration under the Amendment, Bond agreed to pay the Company a total of $ 3,500,000 2,250,000 1,250,000 In connection with the Amendment, the parties also agreed to settle a pending lawsuit in the Supreme Court of the State of New York, Kings County, Index No. 50796/13 (the "Action"), in which the Company sought, among other things, a declaratory judgment that it validly renewed the lease for the Premises, and Bond sought, among other things, a declaratory judgment that the lease expired by its terms on December 8, 2013. Pursuant to a stipulation of settlement, filed on June 16, 2014, the Action, including all claims and counterclaims, has been discontinued with prejudice, without costs or attorneys' fees to any party as against the other. The stipulation of settlement also contains general releases by both parties of all claims.

Contingencies

Contingencies	3 Months Ended
	Oct. 31, 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

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Oct. 31, 2015
Marketable Securities: [Abstract]
Schedule of financial assets measured at fair value on recurring basis	Fair value measurements at reporting date using Total Total October 31, July 31, Description 2015 Level 1 Level 2 Level 3 2015 Level 1 Level 2 Level 3 Assets: Marketable securities - available-for-sale $ 1,440,641 $ 1,440,641 $ – $ – $ 1,461,504 $ 1,461,504 $ – $ –
Schedule of investments measured at fair value	Unfunded Redemption Frequency Redemption October 31, 2015 Fair Value Commitments (if currently eligible) Notice Period First Eagle Global CL I $ 273,200 n/a Daily None Parnasus Core Equity Investor CL $ 306,034 n/a Daily None Columbia Flexible Income CL A $ 264,801 n/a Daily None Unfunded Redemption Frequency Redemption July 31, 2015 Fair Value Commitments (if currently eligible) 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 Income CL A $ 271,076 n/a Daily None
Schedule of classified marketable securities	October 31, 2015 July 31, 2015 Gross Gross Gross Gross Unrealized Unrealized Fair Unrealized Unrealized Fair Cost Gains Losses Value Cost Gains Losses Value Noncurrent: Available-for-sale: Mutual funds $ 723,521 $ 132,916 $ 12,402 $ 844,035 $ 719,245 $ 131,639 $ 2,720 $ 848,164 Equity securities 450,491 146,115 – 596,606 445,227 168,113 – 613,340 $ 1,174,012 $ 279,031 $ 12,402 $ 1,440,641 $ 1,164,472 $ 299,752 $ 2,720 $ 1,461,504
Schedule of investment securities have been in a continuous unrealized loss position	October 31, 2015 July 31, 2015 Less Than Less Than Fair Value 12 Months Fair Value 12 Months Mutual funds $ 264,801 $ 12,402 $ 271,076 $ 2,720
Schedule of investment income	Three Months Ended October 31 2015 2014 Gain on sale of marketable securities $ – $ 386 Interest income 909 625 Dividend income 6,313 5,180 Total $ 7,222 $ 6,191

Long-Term Debt - Mortgage (Tabl

Long-Term Debt - Mortgage (Tables)	3 Months Ended
	Oct. 31, 2015
Long-Term Debt - Mortgage: [Abstract]
Schedule of long-term debt	October 31, 2015 July 31, 2015 Current Annual Final Due Due Due Due Interest Payment Within After Within After Rate Date One Year One Year One Year One Year Bond St. building, Brooklyn, NY 3.54 2/01/20 $ 152,130 $ 5,748,263 $ 150,763 $ 5,786,525

Property and Equipment - at c24

Property and Equipment - at cost (Tables)	3 Months Ended
	Oct. 31, 2015
Property and Equipment - at cost: [Abstract]
Schedule of property and equipment	October 31 2015 July 31 2015 Property: Buildings and improvements $ 76,548,587 $ 76,289,486 Improvements to leased property 1,478,012 1,478,012 Land 6,067,805 6,067,805 Construction in progress 1,201,288 639,042 85,295,692 84,474,345 Less accumulated depreciation 36,811,125 36,413,975 Property - net 48,484,567 48,060,370 Fixtures and equipment and other: Fixtures and equipment 144,544 144,544 Other fixed assets 235,623 235,623 380,167 380,167 Less accumulated depreciation 258,745 249,145 Fixtures and equipment and other - net 121,422 131,022 Property and equipment - net $ 48,605,989 $ 48,191,392
Schedule of property and equipment construction in progress	October 31 2015 July 31 2015 Building improvements at 9 Bond Street in Brooklyn, NY $ 144,041 $ 144,041 Building improvements at Fishkill, NY 129,665 – Building improvements at 25 Elm Place in Brooklyn, NY 890,145 495,001 Building improvements at Jamaica, NY 37,437 – $ 1,201,288 $ 639,042

Cash Flow Information (Tables)

Cash Flow Information (Tables)	3 Months Ended
	Oct. 31, 2015
Cash Flow Information: [Abstract]
Schedule of cash flow information	Supplemental disclosure: Three Months Ended October 31 2015 2014 Interest paid, net of capitalized interest of $ 11,348 and $ 3,558 $ 64,690 $ 108,954 Income taxes paid $ 231,654 $ 41,926

Accumulated Other Comprehensi26

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Oct. 31, 2015
Accumulated Other Comprehensive Income: [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Three Months Ended October 31 2015 2014 (Unaudited) (Unaudited) Beginning balance, net of tax effect $ 196,033 $ 129,412 Other comprehensive income, net of tax effect: Unrealized gains (loss) on available-for-sale securities (30,404 ) 75,162 Tax effect 11,000 (33,000 ) Unrealized gains (loss) on available-for-sale securities, net of tax effect (19,404 ) 42,162 Ending balance, net of tax effect $ 176,629 $ 171,574

Accounting Records and Use of27

Accounting Records and Use of Estimates (Details) - USD ($)	3 Months Ended	12 Months Ended
	Oct. 31, 2015	Jul. 31, 2015
Operating Loss Carryforwards [Line Items]
Reduction in deferred tax asset on revision of tax code	$ 380,000
Reduction in deferred tax liability on revision of tax code	771,000
Reduction in deferred taxes on securities, revision of tax code	26,000
State and City deferred tax benefit	365,000
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 6,609,000	$ 8,191,403
Net operating loss utilized		1,582,003
Tax refund		537,881
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 9,000,000

Income Per Share of Common St28

Income Per Share of Common Stock (Narrative) (Details) - shares	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Income Per Share of Common Stock: [Abstract]
Average common shares outstanding	2,015,780	2,015,780

Marketable Securities (Schedule

Marketable Securities (Schedule of financial assets measured at fair value on recurring basis) (Details) - USD ($)	Oct. 31, 2015	Jul. 31, 2015
Marketable securities -
Available-for-sale	$ 1,440,641	$ 1,461,504
Level 1 [Member]
Marketable securities -
Available-for-sale	$ 1,440,641	$ 1,461,504
Level 2 [Member]
Marketable securities -
Available-for-sale
Level 3 [Member]
Marketable securities -
Available-for-sale

Marketable Securities (Schedu30

Marketable Securities (Schedule of investments measured at fair value) (Details) - USD ($)	Oct. 31, 2015	Jul. 31, 2015
First Eagle Global CL I [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 273,200	$ 271,462
Parnasus Core Equity Investor CL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	306,034	305,626
Columbia Flexible Income CL A [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 264,801	$ 271,076

Marketable Securities (Schedu31

Marketable Securities (Schedule of classified marketable securities) (Details) - USD ($)	Oct. 31, 2015	Jul. 31, 2015
Available-for-sale - Cost	$ 1,174,012	$ 1,164,472
Gross Unrealized Gains	279,031	299,752
Gross Unrealized Losses	12,402	2,720
Available-for-sale - Fair Value	1,440,641	1,461,504
Noncurrent [Member] | Mutual Funds [Member]
Available-for-sale - Cost	723,521	719,245
Gross Unrealized Gains	132,916	131,639
Gross Unrealized Losses	12,402	2,720
Available-for-sale - Fair Value	844,035	848,164
Noncurrent [Member] | Equity Securities [Member]
Available-for-sale - Cost	450,491	445,227
Gross Unrealized Gains	$ 146,115	$ 168,113
Gross Unrealized Losses
Available-for-sale - Fair Value	$ 596,606	$ 613,340

Marketable Securities (Schedu32

Marketable Securities (Schedule of Securities in a Continuous Unrealized Loss Position) (Details) - Mutual Funds [Member] - USD ($)	Oct. 31, 2015	Jul. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Fair Value	$ 264,801	$ 271,076
Less Than 12 Months	$ 12,402	$ 2,720

Marketable Securities (Schedu33

Marketable Securities (Schedule of investment income) (Details) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Marketable Securities: [Abstract]
Gain on sale of marketable securities		$ 386
Interest income	$ 909	625
Dividend income	6,313	5,180
Total	$ 7,222	$ 6,191

Financial Instruments and Cre34

Financial Instruments and Credit Risk Concentrations (Narrative) (Details)	3 Months Ended	12 Months Ended
	Oct. 31, 2015USD ($)tenant	Jul. 31, 2015USD ($)
Concentration Risk [Line Items]
Number of tenants	49
Irrevocable letter of credit | $	$ 230,000	$ 230,000
Rental income [Member] | Tenant One [Member]
Concentration Risk [Line Items]
Concentration risk	18.81%
Rental income [Member] | Tenant Two [Member]
Concentration Risk [Line Items]
Concentration risk	15.56%

Long-Term Debt - Mortgage (Sche

Long-Term Debt - Mortgage (Schedule of long-term debt) (Details) - USD ($)	3 Months Ended
	Oct. 31, 2015	Jul. 31, 2015
Debt Instrument [Line Items]
Due After One Year	$ 5,748,263	$ 5,786,525
Bond St. building, Brooklyn, NY [Member]
Debt Instrument [Line Items]
Due Within One Year	152,130	150,763
Due After One Year	$ 5,748,263	$ 5,786,525
Final Payment Date	Feb. 1, 2020
Current Annual Interest Rate	3.54%

Long-Term Debt - Mortgage (Narr

Long-Term Debt - Mortgage (Narrative) (Details) - USD ($)	Jan. 09, 2015	Oct. 31, 2015	Aug. 19, 2004
Fishkill, New York Property [Member]
Debt Instrument [Line Items]
Amount of loan			$ 12,000,000
Term of loan		7 years
Interest rate, percent		6.98%
Bond St. Building, Brooklyn, N Y [Member]
Debt Instrument [Line Items]
Amount of loan	$ 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%
Bond St. building, Brooklyn, NY [Member]
Debt Instrument [Line Items]
Interest rate, percent		3.54%
Permanent Subordinate Mortgage [Member] | Fishkill, New York Property [Member]
Debt Instrument [Line Items]
Amount of loan			1,870,000
Multiple Successively Subordinate Loans [Member] | Fishkill, New York Property [Member]
Debt Instrument [Line Items]
Amount of loan			$ 8,295,274

Property and Equipment - at c37

Property and Equipment - at cost (Details) - USD ($)	Oct. 31, 2015	Jul. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment - net	$ 48,605,989	$ 48,191,392
Construction in progress	1,201,288	639,042
Building improvements at 9 Bond Street in Brooklyn, NY [Member]
Property, Plant and Equipment [Line Items]
Construction in progress	144,041	$ 144,041
Building improvements at Fishkill, NY [Member]
Property, Plant and Equipment [Line Items]
Construction in progress	129,665
Building improvements at 25 Elm Place in Brooklyn, NY [Member]
Property, Plant and Equipment [Line Items]
Construction in progress	890,145	$ 495,001
Building improvements at Jamaica, NY [Member]
Property, Plant and Equipment [Line Items]
Construction in progress	37,437
Property [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	85,295,692	$ 84,474,345
Less accumulated depreciation	36,811,125	36,413,975
Property and equipment - net	48,484,567	48,060,370
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	76,548,587	76,289,486
Improvements to leased property [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	1,478,012	1,478,012
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	6,067,805	6,067,805
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	1,201,288	639,042
Fixtures and equipment and other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	380,167	380,167
Less accumulated depreciation	258,745	249,145
Property and equipment - net	121,422	131,022
Fixtures and equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	144,544	144,544
Other fixed assets [Member]
Property, Plant and Equipment [Line Items]
Property and equipment	$ 235,623	$ 235,623

Note Payable - Related Party (D

Note Payable - Related Party (Details) - Related Party Note Payable [Member] - USD ($)	Dec. 15, 2004	Oct. 31, 2015	Oct. 31, 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		$ 12,500	$ 12,500
Interest rate		5.00%

Employees' Retirement Plan (Det

Employees' Retirement Plan (Details) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Employees' Retirement Plan: [Abstract]
Pension contributions	$ 97,423	$ 94,819
Employer contributions	$ 13,153	$ 10,337

Cash Flow Information (Details)

Cash Flow Information (Details) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Cash Flow Information: [Abstract]
Interest paid, net of capitalized interest of $11,348 (2015) and $3,558 (2014)	$ 64,690	$ 108,954
Income taxes paid	231,654	41,926
Capitalized interest	$ 11,348	$ 3,558

Accumulated Other Comprehensi41

Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Accumulated Other Comprehensive Income: [Abstract]
Beginning balance, net of tax effect	$ 196,033	$ 129,412
Other comprehensive income, net of tax effect:
Unrealized gains on available-for-sale securities	(30,404)	75,162
Tax effect	11,000	(33,000)
Unrealized gains on available-for-sale securities, net of tax effect	(19,404)	42,162
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Ending balance, net of tax effect	$ 176,629	$ 171,574

Entry into a Material Definit42

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)	3 Months Ended
	Oct. 31, 2015USD ($)
Fishkill, New York Property [Member]
Damages filed	$ 376,467