Mays J W (MAYS) 10-K 24 Oct 24 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Jul. 31, 2024	Sep. 03, 2024	Jan. 31, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jul. 31, 2024
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--07-31
Entity File Number	1-3647
Entity Registrant Name	MAYS J W INC
Entity Central Index Key	0000054187
Entity Tax Identification Number	11-1059070
Entity Incorporation, State or Country Code	NY
Entity Address, Address Line One	9 Bond Street
Entity Address, City or Town	Brooklyn
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11201
City Area Code	718
Local Phone Number	624-7400
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	MAYS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 18,220,977
Entity Common Stock, Shares Outstanding		2,015,780
Documents Incorporated by Reference [Text Block]	List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).
Document Financial Statement Error Correction [Flag]	false
Auditor Name	Prager Metis CPAs, LLC
Auditor Location	Hackensack, New Jersey
Auditor Firm ID	273

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jul. 31, 2024	Jul. 31, 2023
Property and Equipment-at cost:
Land	$ 6,067,805	$ 6,067,805
Buildings held for leasing:
Buildings, improvements and fixtures	79,510,142	77,703,358
Construction in progress	2,387,207	1,767,444
Property, Plant and Equipment, Gross	81,897,349	79,470,802
Accumulated depreciation	(39,803,374)	(38,123,199)
Buildings held for leasing – net	42,093,975	41,347,603
Property and equipment-net	48,161,780	47,415,408
Cash and cash equivalents	1,243,977	1,215,921
Restricted cash	1,041,624	1,001,814
Receivables, net	3,582,225	3,044,190
Marketable securities		2,300,441
Prepaids and other assets	3,048,044	2,773,004
Deferred charges, net	3,580,585	3,250,700
Operating lease right-of-use assets	28,866,800	30,913,904
TOTAL ASSETS	89,525,035	91,915,382
Liabilities:
Mortgages payable	3,874,246	5,144,205
Accounts payable and accrued expenses	2,271,963	1,718,435
Security deposits payable	1,077,964	1,005,925
Operating lease liabilities	25,309,725	26,512,112
Deferred income taxes	4,093,000	4,230,000
Total liabilities	36,626,898	38,610,677
Shareholders’ Equity:
Common stock, par value $1 each share (shares-5,000,000 authorized; 2,178,297 issued)	2,178,297	2,178,297
Additional paid in capital	3,346,245	3,346,245
Retained earnings	48,661,447	49,068,015
Stockholders' Equity before Treasury Stock	54,185,989	54,592,557
Common stock held in treasury, at cost - 162,517 shares at July 31, 2024 and July 31, 2023	(1,287,852)	(1,287,852)
Total Shareholders’ Equity	52,898,137	53,304,705
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 89,525,035	$ 91,915,382

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2024	Jul. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	2,178,297	2,178,297
Common stock held in treasury, at cost	162,517	162,517

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Revenues
Rental income	$ 21,593,264	$ 22,576,455
Total revenues	21,593,264	22,576,455
Expenses
Real estate operating expenses	15,151,406	15,383,378
Administrative and general expenses	5,336,672	5,280,853
Depreciation	1,725,291	1,688,557
Total expenses	22,213,369	22,352,788
Income (loss) from operations	(620,105)	223,667
Other income (loss) and interest expense
Dividend and interest income	87,922	98,335
Net realized gain on sale of marketable securities	124,907	130,009
Net unrealized loss on marketable securities		(366,206)
Interest expense, net of capitalized interest	(136,292)	(230,769)
Total investment income and interest expense	76,537	(368,631)
Loss before income tax	(543,568)	(144,964)
Income tax provision (benefit)	(137,000)	(62,000)
Net loss	$ (406,568)	$ (82,964)
Loss per common share, basic	$ (0.20)	$ (0.04)
Dividends per share
Weighted average common shares outstanding, basic	2,015,780	2,015,780

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - $ / shares	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Income Statement [Abstract]
Loss per common share, diluted	$ (0.20)	$ (0.04)
Weighted average common shares outstanding, diluted	2,015,780	2,015,780

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Common Stock	Additional Paid In Capital	Retained Earnings	Common Stock Held in Treasury	Total
Beginning balance, value at Jul. 31, 2022	$ 2,178,297	$ 3,346,245	$ 49,150,979	$ (1,287,852)	$ 53,387,669
Net loss			(82,964)		(82,964)
Ending balance, value at Jul. 31, 2023	2,178,297	3,346,245	49,068,015	(1,287,852)	53,304,705
Net loss			(406,568)		(406,568)
Ending balance, value at Jul. 31, 2024	$ 2,178,297	$ 3,346,245	$ 48,661,447	$ (1,287,852)	$ 52,898,137

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Cash Flows From Operating Activities:
Net loss	$ (406,568)	$ (82,964)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Bad debt expense (recovery)	(22,861)	(85,410)
Provision (benefit) for deferred income tax	(137,000)	(62,000)
Net realized (gain) on sale of marketable securities	(124,907)	(130,009)
Net unrealized loss on marketable securities		366,206
Depreciation	1,725,291	1,688,557
Loss on asset disposal	12,478
Amortization of deferred charges	502,829	452,781
Operating lease expense in excess of cash payments	844,717	1,106,403
Deferred finance costs included in interest expense	38,112	38,112
Deferred charges	(832,714)	(88,841)
Changes in Operating Assets and Liabilities:
Receivables	(515,174)	(187,659)
Prepaids and other assets	(275,040)	(144,434)
Accounts payable and accrued expenses	553,528	(603,329)
Security deposits payable	72,039	(45,503)
Net cash provided by operating activities	1,434,730	2,221,910
Cash Flows From Investing Activities:
Acquisition of property and equipment	(2,484,141)	(1,046,307)
Marketable securities:
Receipts from sales	2,544,927	287,291
Payments for purchases	(119,579)	(62,860)
Net cash (used) in investing activities	(58,793)	(821,876)
Cash Flows From Financing Activities:
Payments – mortgages	(1,308,071)	(1,252,196)
Net cash (used) by financing activities	(1,308,071)	(1,252,196)
Net increase in cash, cash equivalents and restricted cash	67,866	147,838
Cash, cash equivalents and restricted cash at beginning of year	2,217,735	2,069,897
Cash, cash equivalents and restricted cash at end of year	$ 2,285,601	$ 2,217,735

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (406,568)	$ (82,964)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2024
Insider Trading Arrangements [Line Items]
Material Terms of Trading Arrangement		During the three months ended July 31, 2024, no
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jul. 31, 2024
Accounting Policies [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization J.W. Mays, Inc. (the “Company” or “Registrant”) with executive offices at 9 Bond Street, Brooklyn, New York 11201, operates a number of commercial real estate properties in New York and one building in Ohio. The Company’s business was founded in 1924 and incorporated under the laws of the State of New York on July 6, 1927. Principles of 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. Use of Estimates The accounting records are maintained in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the Company’s financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the disclosure of contingent assets and liabilities, incremental borrowing rates and recognition of renewal options for operating lease right-of-use assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. The estimates that we make include allowance for doubtful accounts, depreciation, impairment analysis of long-lived assets, income tax assets and liabilities, fair value of marketable securities and revenue recognition. Estimates are based on historical experience where applicable or other assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results may differ from those estimates under different assumptions or conditions. Restricted Cash Restricted cash primarily consists of cash held in bank accounts for tenant security deposits and other amounts required under certain loan agreements. Accounts Receivable Generally, rent is due from tenants at the beginning of the month in accordance with terms of each lease. Based upon its periodic assessment of the quality of the receivables, management uses its historical knowledge of the tenants and industry experience to determine whether a reserve or write-off is required. The Company uses specific identification to reserve for uncollectible accounts receivable in the period when issues of collectibility become known. Collectibility issues include late rent payments, circumstances when a tenant indicates their intention to vacate the property without paying, or when tenant litigation or bankruptcy proceedings are not expected to result in full payment. Management also assesses collectibility by reviewing accounts receivable on an aggregate basis where similar characteristics exist. In determining the amount of the allowance for credit losses, the Company considers past due status and a tenant’s payment history. We also consider current market conditions and reasonable and supportable forecasts of future economic conditions. Our assessment considers volatility in market conditions and evolving shifts in credit trends that may have a material impact on our allowance for uncollectible accounts receivables in future periods. The Company’s allowance for uncollectible receivables is recorded as an offset to receivables. Activity in the allowance for uncollectible receivables for each period follows: Allowance for Uncollectible Schedule of allowance for uncollectible receivables Allowance for Uncollectible Bad Debt Expense Period Ended July 31 Period Ended July 31 2024 2023 2024 2023 Beginning balance $ 115,000 $ 393,000 $ — $ — Charge-offs (112,552 ) (149,337 ) (23,000 ) 43,253 Reserve Adjustments 40,232 (128,663 ) 139 (128,663 ) Ending Balance $ 42,680 $ 115,000 $ (22,861 ) $ (85,410 ) Marketable Securities The Company’s marketable securities consisted of investments in equity securities and mutual funds. Dividends and interest income were accrued as earned. Realized gains and losses were determined on a specific identification basis. The Company reviewed marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The changes in the fair value of these securities were recognized in current period earnings in accordance with Accounting Standards Codification (“ASC”) 825. The Company followed 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 Level 2 valuation Level 3 valuation Equity securities Mutual funds In accordance with the provisions of Fair Value Measurements, the following are the Company’s financial assets measured on a recurring basis presented at fair value. Schedule of financial assets measured on a recurring basis at fair value Fair value measurements at reporting date Description July 31, 2024 Level 1 Level 2 Level 3 July 31, 2023 Level 1 Level 2 Level 3 Assets: Marketable securities $ — $ — $ — $ — $ 2,300,441 $ 2,300,441 $ — $ — Property and Equipment Property and equipment are stated at cost. Depreciation is calculated using the straight-line method. Amortization of improvements to leased property is calculated over the life of the lease. Lives used to determine depreciation and amortization are generally as follows: Schedule of property and equipment depreciation and amortization period Buildings and improvements 18 40 Improvements to leased property Improvements to leased property [Member] 3 40 Fixtures and equipment Fixtures and equipment [Member] 7 12 Other Other [Member] 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. Impairment The Company periodically reviews owned and leased properties, including related long lived assets and depreciable lives, for indicators of impairment that imply the carrying amount of assets may not be recoverable through operations plus estimated disposition proceeds. Such indicators of impairment include, but are not limited to, significant changes in real estate market conditions resulting in decreases in estimated fair values of properties or assets, changes in business conditions in the industries in which our tenants operate, and other significant or unusual events or circumstances which may occur from time to time. If indicators of impairment existed, the carrying value of the property would be written down to its estimated fair value based on our best estimate of the property’s discounted future cash flows. As of July 31, 2024 and 2023, the Company has determined there was no impairment of its owned and leased properties, and the related carrying values, including depreciable lives. Deferred Charges Deferred charges consist principally of costs incurred in connection with the leasing of property to tenants. Such costs are amortized over the related lease periods, ranging from 5 21 Leases – Lessor Revenue Rental income is recognized from tenants under executed leases no later than on an established date or on an earlier date if the tenant should commence conducting business. Unbilled receivables are included in accounts receivable and represent the excess of scheduled rental income recognized on a straight-line basis over rental income as it becomes receivable according to the provisions of the lease. The effect of lease modifications that result in rent relief or other credits to tenants, including any retroactive effects relating to prior periods, are recognized in the period when the lease modification is signed. At the time of the lease modification, we assess the realizability of any accrued but unpaid rent and amounts that had been recognized as revenue in prior periods. As lessor, we have elected to combine the lease components (base rent), non-lease components (reimbursements of common area maintenance expenses) and reimbursements of real estate taxes and account for the components as a single lease component in accordance with ASC 842. If the amounts are not determined to be realizable, the accrued but unpaid rent is written off. Accounts receivable are recognized in accordance with lease agreements at its net realizable value. Rental payments received in advance are deferred until earned. In April 2020, the Financial Accounting Standards Board issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases (“ASC 842”). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications under certain conditions. Entities making the election will continue to recognize rental revenue on a straight-line basis for qualifying concessions. Rent deferrals would result in an increase to accounts receivable during the deferral period with no impact on rental revenue recognition. The Company elected this policy during the year ended July 31, 2020. Rent deferrals included in receivables were $ 0 50,000 Leases – Lessee The Company determines if an arrangement is a lease at inception. With the adoption of ASC 842, operating leases are included in operating lease right-of-use assets and operating lease liabilities on the Company’s consolidated balance sheets. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Taxes Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. Deferred tax assets result principally from the recording of certain accruals, reserves and net operating loss carry forwards which currently are not deductible for tax purposes. Deferred tax liabilities result principally from temporary differences in the recognition of unrealized gains and losses from certain investments and from the use, for tax purposes, of accelerated depreciation. Deferred tax assets and liabilities are offset for each jurisdiction and are presented net on the consolidated balance sheets. 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. Loss Per Share of Common Stock Loss per share has been computed by dividing net loss for the year by the weighted average number of shares of common stock issued and outstanding during the year, adjusted for the purchase of treasury stock. Shares used in computing income loss per share were 2,015,780

MARKETABLE SECURITIES

MARKETABLE SECURITIES	12 Months Ended
	Jul. 31, 2024
Marketable securities:
MARKETABLE SECURITIES	2. MARKETABLE SECURITIES The Company’s remaining marketable securities consisting of investments in equity securities and mutual funds were sold in May 2024. Net realized gain on the sale of marketable securities for the year ended July 31, 2024, including liquidation of the remaining marketable securities in May 2024 aggregated $ 124,907 2,544,927 As of July 31, 2024 and 2023, the Company’s marketable securities were classified as follows: Schedule of classified marketable securities July 31, 2024 July 31, 2023 Cost Gross Gross Fair Cost Gross Gross Fair Available-for-sale: Mutual funds $ — $ — $ — $ — $ 595,166 $ 301,007 $ — $ 896,173 Equity securities — — — — 904,981 499,287 — 1,404,268 $ — $ — $ — $ — $ 1,500,147 $ 800,294 $ — $ 2,300,441 Investment income (loss) for the years ended July 31, 2024 and 2023 consists of the following: Schedule of investment income (loss) 2024 2023 Dividend and interest income $ 87,922 $ 98,335 Net realized gain on sale of marketable securities 124,907 130,009 Net unrealized (loss) on marketable securities — (366,206 ) Total $ 212,829 $ (137,862 )

LONG-TERM DEBT-MORTGAGES

LONG-TERM DEBT-MORTGAGES	12 Months Ended
	Jul. 31, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT-MORTGAGES	3. LONG-TERM DEBT—MORTGAGEs: LONG-TERM DEBT-MORTGAGES Schedule of long-term debt Years Ended July 31, Current Final 2024 2023 Mortgage: Bond St. land and building, Brooklyn, NY (1) 4.375 % 12/1/2024 $ 497,045 $ 1,653,117 Fishkill land and building (2) 3.980 % 4/1/2025 3,393,720 3,545,719 Deferred financing costs (16,519 ) (54,631 ) Total $ 3,874,246 $ 5,144,205 (1) In November 2019, the Company refinanced the remaining balance of a $ 6,000,000 3.54 5,255,920 144,080 5,400,000 4.375 five years (2) In March 2020, the Company obtained a loan with a bank in the amount of $ 4,000,000 20 3.98 Expenditures for additions and major renewals or improvements are capitalized along with the associated interest cost during construction. Interest expense, net of capitalized interest follows: Schedule of interest expense, net of capitalized interest Year Ended July 31 2024 2023 Interest expense $ (221,902 ) $ (278,241 ) Capitalized interest 85,610 47,472 Interest expense, net of capitalized interest $ (136,292 ) $ (230,769 ) Maturities of long-term mortgages outstanding at July 31, 2024 are as follows: Schedule of long-term mortgages outstanding Year Ended July 31: Amount 2025 $ 3,890,765 Deferred financing costs (16,519 ) Total $ 3,874,246 The carrying value of the property collateralizing the above debt is $ 34,709,092

OPERATING LEASES

OPERATING LEASES	12 Months Ended
	Jul. 31, 2024
Operating Leases
OPERATING LEASES	4. OPERATING LEASES Lessor The Company leases office and retail space to tenants under operating leases in commercial buildings. The rental terms range from approximately 5 49 The following table disaggregates the Company’s revenues by lease and non-lease components: Schedule of revenues by lease and non-lease components Years Ended July 31, 2024 2023 Base rent – fixed $ 19,762,211 $ 20,541,387 Reimbursements of common area costs 771,496 936,438 Non-lease components (real estate taxes) 1,059,557 1,098,630 Rental income $ 21,593,264 $ 22,576,455 Years Ended July 31, 2024 2023 Base rent – fixed Company owned property $ 13,107,528 $ 13,856,697 Leased property 6,654,683 6,684,690 19,762,211 20,541,387 Reimbursements of common area costs & Non lease components (real estate taxes) Company owned property 1,127,841 1,322,923 Leased property 703,212 712,145 1,831,053 2,035,068 Total $ 21,593,264 $ 22,576,455 Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows: Schedule of future minimum non-cancelable rental income Year Ended July 31, Company Leased Total 2025 $ 11,482,260 $ 6,022,977 $ 17,505,237 2026 8,397,838 4,460,999 12,858,837 2027 7,081,987 4,114,812 11,196,799 2028 6,244,415 4,068,938 10,313,353 2029 5,651,205 3,243,914 8,895,119 After 2029 21,719,199 6,422,863 28,142,062 Total $ 60,576,904 $ 28,334,503 $ 88,911,407 Lessee The Company’s real estate operations include leased properties under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2073, including options to extend or terminate the lease when it is reasonably certain the Company will exercise that option. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. In April 2023, the Company exercised one of four five-year option periods with its landlord to extend the Jamaica Avenue at 169th Street, Jamaica, New York property lease beyond May 31, 2030 for a total of five years through May 31, 2035 Schedule of operating lease right-of-use assets, liabilities and rent expense Jamaica Avenue at 169th Street Increase in Increase in Decrease in Remeasurement change resulting from April 2023 lease extension $ 1,201,952 $ 1,201,952 $ (30,563 ) As of July 31, 2024, it is not reasonably certain the remaining three options to extend the lease from May 31, 2035 to May 31, 2050 will be exercised by the Company. The landlord is Weinstein Enterprises, Inc., an affiliated company principally owned by the Chairman of the Board of Directors who also principally owns the Company. Operating lease costs for leased real property was exceeded by sublease rental income from the Company’s real estate operations as follows: Schedule of rental expense Years Ended July 31, 2024 2023 Sublease income $ 7,357,895 $ 7,396,835 Operating lease cost (2,996,055 ) (3,239,348 ) Excess of sublease income over lease cost $ 4,361,840 $ 4,157,487 Schedule of additional information related to leases Years Ended July 31, 2024 2023 Other information: Operating cash flows from operating leases $ 2,150,129 $ 2,132,945 The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of July 31, 2024: Schedule of annual undiscounted cash flows of the operating lease liabilities Year ended July 31 Operating 2025 $ 2,167,284 2026 2,237,257 2027 2,328,731 2028 2,349,076 2029 2,370,098 Thereafter 21,662,828 Total undiscounted cash flows 33,115,274 Less: present value discount (7,805,549 ) Total Lease Liabilities $ 25,309,725 As of July 31, 2024, our operating leases had a weighted average remaining lease term of 15.87 3.67

INCOME TAX

INCOME TAX	12 Months Ended
	Jul. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAX	5. INCOME TAX Income taxes provided for the years ended July 31, 2024 and 2023 consist of the following: Schedule of income tax expense 2024 2023 Current: Federal $ — $ — Deferred taxes (benefit): Federal (90,000 ) (33,000 ) State (47,000 ) (29,000 ) Income tax provision (benefit) $ (137,000 ) $ (62,000 ) Taxes provided for the years ended July 31, 2024 and 2023 differ from amounts which would result from applying the federal statutory tax rate to pre-tax income, as follows: State and City [Member] Schedule of federal statutory tax rate to pre-tax income 2024 2023 Loss before income taxes $ (543,568 ) $ (144,964 ) Other-net (15,521 ) (26,852 ) Adjusted pre-tax loss $ (559,089 ) $ (171,816 ) Statutory rate 21.00 % 21.00 % Income tax provision (benefit) at statutory rate $ (117,409 ) $ (36,081 ) State deferred income taxes (benefit) (47,000 ) (29,000 ) Other-net 27,409 3,081 Income tax provision (benefit) $ (137,000 ) $ (62,000 ) The Company has a federal net operating loss carryforward approximating $ 10,173,000 9,172,000 14,290,000 10,218,000 New York State and New York City taxes are calculated using the higher of taxes based on income or the respective capital based franchise taxes. Beginning with the Company’s tax year ended July 31, 2025, changes in the law required the state capital based tax will be phased out. New York City taxes will be based on capital for the foreseeable future. Capital-based franchise taxes are recorded to administrative and general expense. State tax amounts in excess of the capital-based franchise taxes are recorded to income tax expenses. Due to both the application of the capital-based tax and due to the possible absence of city taxable income, the Company does not record city deferred taxes. 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. In July, 2024, the Internal Revenue Service initiated a one year examination of the tax year ending July 31, 2022. Subsequent year(s) may also be subject to examination depending upon the outcome of the current examination. The Company does not expect the income tax audit in progress to have a material impact on the consolidated financial statements. Significant components of the Company’s deferred tax assets and liabilities as of July 31, 2024 and 2023 are a result of temporary differences related to the items described as follows: Schedule of deferred tax assets and liabilities 2024 2023 Deferred Deferred Deferred Deferred Rental income received in advance $ 180,818 $ — $ 150,864 $ — Operating lease liabilities 7,005,732 — 7,338,553 — Federal net operating loss carryforward 2,136,250 — 1,929,890 — State net operating loss carryforward 954,564 — 829,669 — Unbilled receivables — 839,286 — 729,375 Property and equipment — 5,569,384 — 5,065,135 Unrealized loss on marketable securities — — — 221,521 Operating lease right-of-use assets — 7,990,330 — 8,556,969 Other 28,636 — 94,024 — $ 10,306,000 $ 14,399,000 $ 10,343,000 $ 14,573,000 Net deferred tax liability $ 4,093,000 $ 4,230,000 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 and state deferred tax assets at July 31, 2024. Components of the deferred tax provision (benefit) for the years ended July 31, 2024 and 2023 consist of the following: Schedule of components of the deferred tax provision (benefit) 2024 2023 Book depreciation exceeding tax depreciation $ 504,386 $ 14,000 Reserve for bad debts 61,355 35,255 Lease expense per book in excess of cash paid (233,818 ) (301,218 ) Federal net operating loss carryforward (206,360 ) 189,665 State net operating loss carryforward (124,894 ) (18,725 ) Rental income received in advance (29,954 ) 14,120 Unbilled receivables 109,911 106,158 Other (217,626 ) (101,255 ) $ (137,000 ) $ (62,000 )

EMPLOYEES_ RETIREMENT PLANS

EMPLOYEES’ RETIREMENT PLANS	12 Months Ended
	Jul. 31, 2024
Retirement Benefits [Abstract]
EMPLOYEES’ RETIREMENT PLANS	6. EMPLOYEES’ RETIREMENT PLANS EMPLOYEES’ RETIREMENT PLANS The Company sponsors a non-contributory Money Purchase Plan covering substantially all of its non-union employees. Operations were charged $493,263 471,087 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 for the years ended July 31, 2024 and 2023 were $ 94,110 117,494 CONTINGENT LIABILITY FOR PENSION PLANS: Information as to the Company’s portion of accumulated plan benefits and plan assets is not reported separately by the pension plan. Under the Employee Retirement Income Security Act, upon withdrawal from a multi-employer benefit plan, an employer is required to continue to pay its proportionate share of the plan’s unfunded vested benefits, if any. Any liability under this provision cannot be determined: however, the Company has not made a decision to withdraw from the plan. Information for contributing employer’s participation in the multi-employer plan: Legal name of Plan: United Food and Commercial Workers Local 888 Pension Fund Employer identification number: 13-6367793 Plan number: 001 Date of most recent Form 5500: December 31, 2022 Certified zone status: Critical and declining status Status determination date: January 1, 2022 Plan used extended amortization provisions in status calculation: Yes Minimum required contribution: Yes Employer contributing greater than 5 Yes Rehabilitation plan implemented: Yes Employer subject to surcharge: Yes Contract expiration date: November 30, 2025 Under the pension fund’s rehabilitation plan expiring November 30, 2025 20.16 21 28

CASH FLOW INFORMATION

CASH FLOW INFORMATION	12 Months Ended
	Jul. 31, 2024
Supplemental Cash Flow Elements [Abstract]
CASH FLOW INFORMATION	7. CASH FLOW INFORMATION For purposes of reporting cash flows, the Company considers cash equivalents to consist of short-term highly liquid investments with maturities of three months or less, which are readily convertible into cash. The following is a reconciliation of the Company’s cash and cash equivalents and restricted cash to the total presented on the consolidated statements of cash flows: Schedule of cash and cash equivalents and restricted cash July 31 2024 2023 Cash and cash equivalents $ 1,243,977 $ 1,215,921 Restricted cash, tenant security deposits 938,580 898,791 Restricted cash, escrow 71,784 71,763 Restricted cash, other 31,260 31,260 $ 2,285,601 $ 2,217,735 Amounts in restricted cash primarily consist of cash held in bank accounts for tenant security deposits, amounts set aside in accordance with certain loan agreements, and security deposits with landlords and utility companies. Supplemental disclosure: Schedule of supplemental disclosure July 31, 2024 2023 Cash Flow Information Interest paid, net of capitalized interest of $ 85,610 47,472 $ 141,975 $ 234,596 Income tax (refunded) — — Non-cash information Recognition of operating lease right-of-use assets — $ 1,201,952 Recognition of operating lease liabilities — 1,201,952

INSTRUMENTS AND CREDIT RISK CON

INSTRUMENTS AND CREDIT RISK CONCENTRATIONS	12 Months Ended
	Jul. 31, 2024
Fair Value Disclosures [Abstract]
INSTRUMENTS AND CREDIT RISK CONCENTRATIONS	8. INSTRUMENTS AND CREDIT RISK CONCENTRATIONS The following disclosure of estimated fair value was determined by the Company using available market information and appropriate valuation methods. Considerable judgment is necessary to develop estimates of fair value. The estimates presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The Company estimates the fair value of its financial instruments using the following methods and assumptions: (i) quoted market prices, when available, are used to estimate the fair value of investments in marketable debt and equity securities; (ii) discounted cash flow analyses are used to estimate the fair value of long-term debt, using the Company’s estimate of current interest rates for similar debt; and (iii) carrying amounts in the consolidated balance sheet approximate fair value for cash and cash equivalents, restricted cash, and tenant security deposits due to their high liquidity. Schedule of fair value of financial instruments July 31, 2024 July 31, 2023 Carrying Fair Carrying Fair Cash and cash equivalents $ 1,243,977 $ 1,243,977 $ 1,215,921 $ 1,215,921 Restricted cash $ 1,041,624 $ 1,041,624 $ 1,001,814 $ 1,001,814 Marketable securities $ — $ — $ 2,300,441 $ 2,300,441 Security deposit payable $ 1,077,964 $ 1,077,964 $ 1,005,925 $ 1,005,925 Mortgages payable $ 3,890,765 $ 3,212,060 $ 5,198,836 $ 4,558,652 Financial instruments that are potentially subject to concentrations of credit risk consist principally of restricted cash, cash and cash equivalents, and receivables. Restricted cash, cash and cash equivalents are placed with multiple financial institutions and instruments to minimize risk. No assurance can be made that such financial institutions and instruments will minimize all such risk. As of July 31, 2024, three tenants accounted for approximately 51.45 60.61 27.54 29.43

DEFERRED CHARGES

DEFERRED CHARGES	12 Months Ended
	Jul. 31, 2024
Revenue Recognition and Deferred Revenue [Abstract]
DEFERRED CHARGES	9. DEFERRED CHARGES Deferred charges for the fiscal years ended July 31, 2024 and 2023 consist of the following: Schedule of deferred charges July 31, 2024 July 31, 2023 Gross Accumulated Gross Accumulated Leasing brokerage commissions $ 6,350,308 $ 2,794,954 $ 5,471,610 $ 2,253,786 Professional fees for leasing 81,826 56,595 127,810 94,934 Total $ 6,432,134 $ 2,851,549 $ 5,599,420 $ 2,348,720 The aggregate amortization expense for the periods ended July 31, 2024 and July 31, 2023 were $ 502,829 452,781 The weighted average life of current year additions to deferred charges was approximately nine years The estimated aggregate amortization expense for each of the five succeeding fiscal years is as follows: Schedule of estimated aggregate amortization expense Year Ended July 31 Amortization 2025 $ 467,022 2026 $ 426,170 2027 $ 366,528 2028 $ 358,132 2029 $ 322,907

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Jul. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	10. RELATED PARTY TRANSACTIONS The Company has two operating leases with Weinstein Enterprises, Inc. (“Landlord”), an affiliated company, principally owned by the Chairman of the Board of Directors of both the Company and Landlord. One lease is for building, improvements, and land located at Jamaica Avenue at 169th Street, Jamaica, New York. Another lease is for premises located at 504-506 Fulton Street, Brooklyn, New York. In April 2023, the Company exercised one of four five-year option periods with its Landlord to extend the Jamaica Avenue at 169th Street, Jamaica, New York property lease beyond May 31, 2030 for a total of five years through May 31, 2035. As of July 31, 2024, it is not reasonably certain the remaining three options to extend the lease from May 31, 2035 to May 31, 2050 will be exercised by the Company. Rent payments and expense relating to these two operating leases with Landlord follow: Schedule of rent payments expenses Rent Payments Rent Expense Year Ended July 31 Year Ended July 31 Property 2024 2023 2024 2023 Jamaica Avenue at 169 th Street $ 625,000 $ 625,000 $ 1,150,682 $ 1,395,185 504-506 Fulton Street 362,250 362,250 381,195 381,195 Total $ 987,250 $ 987,250 $ 1,531,877 $ 1,776,380 The following summarizes assets and liabilities related to these two leases: Schedule of assets and liabilities Right-Of-Use Assets Liabilities Liabilities [Member] July 31 July 31 Property 2024 2023 2024 2023 Expiration Date Jamaica Avenue at 169 th Street $ 10,600,247 $ 11,430,657 $ 4,905,360 $ 5,210,087 May 31, 2035 504-506 Fulton Street 2,167,727 2,431,554 2,311,539 2,556,421 April 30, 2031 Total $ 12,767,974 $ 13,862,211 $ 7,216,899 $ 7,766,508 Upon termination of the Jamaica, New York lease, currently in 2035, all premises included in operating lease right-of-use assets plus leasehold improvements will be turned over to the Landlord.

CAPITALIZATION

CAPITALIZATION	12 Months Ended
	Jul. 31, 2024
Equity [Abstract]
CAPITALIZATION	11. CAPITALIZATION The Company is capitalized entirely through common stock with identical voting rights and rights to liquidation. Treasury stock is recorded at cost and consists of 162,517

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Jul. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	12. CONTINGENCIES The Company is subject to various legal proceedings, claims, and litigation arising in the ordinary course of business operations. These matters include, but are not limited to, contractual disputes, third party slip and fall or personal injury claims which are typically handled by insurance counsel. It is the opinion of management that the resolution of these matters will not have a material adverse effect on the Company’s Consolidated Financial Statements. If the Company sells, transfers, disposes of or demolishes 25 Elm Place, Brooklyn, New York, then the Company may be liable to create a condominium unit for the loading dock. The necessity of creating the condominium unit and the cost of such condominium unit cannot be determined at this time.

REAL ESTATE AND ACCUMULATED DEP

REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Jul. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION Description Encumbrances Land Building & Improvements Improvements Carried Cost Land Building & Improvements Total Accumulated Depreciation Date of Construction Date Acquired Statement is Col. A Col. B Col. C Col. D Col. E Col. F Col. G Col. H Col. I Initial Cost to Company Cost Capitalized Gross Amount at Which Carried Life on Which Description Encumbrances Land Building & Improvements Carried Land Building & Total Accumulated Depreciation Date of Construction Date Acquired Statement is Office and Rental Buildings Brooklyn, New York Fulton Street at Bond Street $ 497,045 $ 3,901,349 $ 7,403,468 $ 26,730,537 $ — $ 3,901,349 $ 34,134,005 $ 38,035,354 $ 17,040,480 Various Various (1)(2) Jamaica, New York Jamaica Avenue at 169th Street — — — 688,744 — — 688,744 688,744 177,597 1959 1959 (3) Fishkill, New York Route 9 at Interstate Highway 84 3,393,720 594,723 7,212,116 16,741,557 — 594,723 23,953,673 24,548,396 10,834,178 10/74 11/72 (1) Brooklyn, New York Jowein Building Fulton Street and Elm Place — 1,324,957 728,327 17,595,368 — 1,324,957 18,323,695 19,648,652 8,044,923 1915 1950 (1)(2) Levittown, New York Hempstead Turnpike — 125,927 — — — 125,927 — 125,927 — 4/69 6/62 (1) Circleville, Ohio Tarlton Road — 120,849 4,388,456 113,620 — 120,849 4,502,076 4,622,925 3,476,843 9/92 12/92 (1) Total(A) $ 3,890,765 $ 6,067,805 $ 19,732,367 $ 61,869,826 $ — $ 6,067,805 $ 81,602,193 $ 87,669,998 $ 39,574,021 (1) Building and improvements 18 – 40 years (2) Improvements to leased property 3 – 40 years (3) Upon lease termination in 2035, the building and all improvements will be turned over to the landlord as property owner (See Notes 1 and 10 to the Accompanying Consolidated Financial Statements). Leasehold improvements are amortized over the life of the lease. (A) Does not include Office Furniture and Equipment and Transportation Equipment in the amount of $ 295,156 and Accumulated Depreciation thereon of $ 229,353 at July 31, 2024. Year Ended July 31, 2024 2023 Investment in Real Estate Balance at Beginning of Year $ 85,185,857 $ 84,139,551 Improvements 2,484,141 1,046,306 Retirements — — Balance at End of Year $ 87,669,998 $ 85,185,857 Accumulated Depreciation Balance at Beginning of Year $ 37,885,631 $ 36,244,642 Additions Charged to Costs and Expenses 1,688,390 1,640,989 Retirements — — Balance at End of Year $ 39,574,021 $ 37,885,631

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jul. 31, 2024
Accounting Policies [Abstract]
Organization	Organization J.W. Mays, Inc. (the “Company” or “Registrant”) with executive offices at 9 Bond Street, Brooklyn, New York 11201, operates a number of commercial real estate properties in New York and one building in Ohio. The Company’s business was founded in 1924 and incorporated under the laws of the State of New York on July 6, 1927.
Principles of Consolidation	Principles of 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.
Use of Estimates	Use of Estimates The accounting records are maintained in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the Company’s financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the disclosure of contingent assets and liabilities, incremental borrowing rates and recognition of renewal options for operating lease right-of-use assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. The estimates that we make include allowance for doubtful accounts, depreciation, impairment analysis of long-lived assets, income tax assets and liabilities, fair value of marketable securities and revenue recognition. Estimates are based on historical experience where applicable or other assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results may differ from those estimates under different assumptions or conditions.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash held in bank accounts for tenant security deposits and other amounts required under certain loan agreements.
Accounts Receivable	Accounts Receivable Generally, rent is due from tenants at the beginning of the month in accordance with terms of each lease. Based upon its periodic assessment of the quality of the receivables, management uses its historical knowledge of the tenants and industry experience to determine whether a reserve or write-off is required. The Company uses specific identification to reserve for uncollectible accounts receivable in the period when issues of collectibility become known. Collectibility issues include late rent payments, circumstances when a tenant indicates their intention to vacate the property without paying, or when tenant litigation or bankruptcy proceedings are not expected to result in full payment. Management also assesses collectibility by reviewing accounts receivable on an aggregate basis where similar characteristics exist. In determining the amount of the allowance for credit losses, the Company considers past due status and a tenant’s payment history. We also consider current market conditions and reasonable and supportable forecasts of future economic conditions. Our assessment considers volatility in market conditions and evolving shifts in credit trends that may have a material impact on our allowance for uncollectible accounts receivables in future periods. The Company’s allowance for uncollectible receivables is recorded as an offset to receivables. Activity in the allowance for uncollectible receivables for each period follows: Allowance for Uncollectible Schedule of allowance for uncollectible receivables Allowance for Uncollectible Bad Debt Expense Period Ended July 31 Period Ended July 31 2024 2023 2024 2023 Beginning balance $ 115,000 $ 393,000 $ — $ — Charge-offs (112,552 ) (149,337 ) (23,000 ) 43,253 Reserve Adjustments 40,232 (128,663 ) 139 (128,663 ) Ending Balance $ 42,680 $ 115,000 $ (22,861 ) $ (85,410 )
Marketable Securities	Marketable Securities The Company’s marketable securities consisted of investments in equity securities and mutual funds. Dividends and interest income were accrued as earned. Realized gains and losses were determined on a specific identification basis. The Company reviewed marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The changes in the fair value of these securities were recognized in current period earnings in accordance with Accounting Standards Codification (“ASC”) 825. The Company followed 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 Level 2 valuation Level 3 valuation Equity securities Mutual funds In accordance with the provisions of Fair Value Measurements, the following are the Company’s financial assets measured on a recurring basis presented at fair value. Schedule of financial assets measured on a recurring basis at fair value Fair value measurements at reporting date Description July 31, 2024 Level 1 Level 2 Level 3 July 31, 2023 Level 1 Level 2 Level 3 Assets: Marketable securities $ — $ — $ — $ — $ 2,300,441 $ 2,300,441 $ — $ —
Property and Equipment	Property and Equipment Property and equipment are stated at cost. Depreciation is calculated using the straight-line method. Amortization of improvements to leased property is calculated over the life of the lease. Lives used to determine depreciation and amortization are generally as follows: Schedule of property and equipment depreciation and amortization period Buildings and improvements 18 40 Improvements to leased property Improvements to leased property [Member] 3 40 Fixtures and equipment Fixtures and equipment [Member] 7 12 Other Other [Member] 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.
Impairment	Impairment The Company periodically reviews owned and leased properties, including related long lived assets and depreciable lives, for indicators of impairment that imply the carrying amount of assets may not be recoverable through operations plus estimated disposition proceeds. Such indicators of impairment include, but are not limited to, significant changes in real estate market conditions resulting in decreases in estimated fair values of properties or assets, changes in business conditions in the industries in which our tenants operate, and other significant or unusual events or circumstances which may occur from time to time. If indicators of impairment existed, the carrying value of the property would be written down to its estimated fair value based on our best estimate of the property’s discounted future cash flows. As of July 31, 2024 and 2023, the Company has determined there was no impairment of its owned and leased properties, and the related carrying values, including depreciable lives.
Deferred Charges	Deferred Charges Deferred charges consist principally of costs incurred in connection with the leasing of property to tenants. Such costs are amortized over the related lease periods, ranging from 5 21
Leases – Lessor Revenue	Leases – Lessor Revenue Rental income is recognized from tenants under executed leases no later than on an established date or on an earlier date if the tenant should commence conducting business. Unbilled receivables are included in accounts receivable and represent the excess of scheduled rental income recognized on a straight-line basis over rental income as it becomes receivable according to the provisions of the lease. The effect of lease modifications that result in rent relief or other credits to tenants, including any retroactive effects relating to prior periods, are recognized in the period when the lease modification is signed. At the time of the lease modification, we assess the realizability of any accrued but unpaid rent and amounts that had been recognized as revenue in prior periods. As lessor, we have elected to combine the lease components (base rent), non-lease components (reimbursements of common area maintenance expenses) and reimbursements of real estate taxes and account for the components as a single lease component in accordance with ASC 842. If the amounts are not determined to be realizable, the accrued but unpaid rent is written off. Accounts receivable are recognized in accordance with lease agreements at its net realizable value. Rental payments received in advance are deferred until earned. In April 2020, the Financial Accounting Standards Board issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases (“ASC 842”). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications under certain conditions. Entities making the election will continue to recognize rental revenue on a straight-line basis for qualifying concessions. Rent deferrals would result in an increase to accounts receivable during the deferral period with no impact on rental revenue recognition. The Company elected this policy during the year ended July 31, 2020. Rent deferrals included in receivables were $ 0 50,000
Leases – Lessee	Leases – Lessee The Company determines if an arrangement is a lease at inception. With the adoption of ASC 842, operating leases are included in operating lease right-of-use assets and operating lease liabilities on the Company’s consolidated balance sheets. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Taxes	Taxes Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. Deferred tax assets result principally from the recording of certain accruals, reserves and net operating loss carry forwards which currently are not deductible for tax purposes. Deferred tax liabilities result principally from temporary differences in the recognition of unrealized gains and losses from certain investments and from the use, for tax purposes, of accelerated depreciation. Deferred tax assets and liabilities are offset for each jurisdiction and are presented net on the consolidated balance sheets. 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.
Loss Per Share of Common Stock	Loss Per Share of Common Stock Loss per share has been computed by dividing net loss for the year by the weighted average number of shares of common stock issued and outstanding during the year, adjusted for the purchase of treasury stock. Shares used in computing income loss per share were 2,015,780

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jul. 31, 2024
Accounting Policies [Abstract]
Schedule of allowance for uncollectible receivables	Schedule of allowance for uncollectible receivables Allowance for Uncollectible Bad Debt Expense Period Ended July 31 Period Ended July 31 2024 2023 2024 2023 Beginning balance $ 115,000 $ 393,000 $ — $ — Charge-offs (112,552 ) (149,337 ) (23,000 ) 43,253 Reserve Adjustments 40,232 (128,663 ) 139 (128,663 ) Ending Balance $ 42,680 $ 115,000 $ (22,861 ) $ (85,410 )
Schedule of financial assets measured on a recurring basis at fair value	Schedule of financial assets measured on a recurring basis at fair value Fair value measurements at reporting date Description July 31, 2024 Level 1 Level 2 Level 3 July 31, 2023 Level 1 Level 2 Level 3 Assets: Marketable securities $ — $ — $ — $ — $ 2,300,441 $ 2,300,441 $ — $ —
Schedule of property and equipment depreciation and amortization period	Schedule of property and equipment depreciation and amortization period Buildings and improvements 18 40 Improvements to leased property Improvements to leased property [Member] 3 40 Fixtures and equipment Fixtures and equipment [Member] 7 12 Other Other [Member] 3 5

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	12 Months Ended
	Jul. 31, 2024
Marketable securities:
Schedule of classified marketable securities	Schedule of classified marketable securities July 31, 2024 July 31, 2023 Cost Gross Gross Fair Cost Gross Gross Fair Available-for-sale: Mutual funds $ — $ — $ — $ — $ 595,166 $ 301,007 $ — $ 896,173 Equity securities — — — — 904,981 499,287 — 1,404,268 $ — $ — $ — $ — $ 1,500,147 $ 800,294 $ — $ 2,300,441
Schedule of investment income (loss)	Schedule of investment income (loss) 2024 2023 Dividend and interest income $ 87,922 $ 98,335 Net realized gain on sale of marketable securities 124,907 130,009 Net unrealized (loss) on marketable securities — (366,206 ) Total $ 212,829 $ (137,862 )

LONG-TERM DEBT-MORTGAGES (Table

LONG-TERM DEBT-MORTGAGES (Tables)	12 Months Ended
	Jul. 31, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt	Schedule of long-term debt Years Ended July 31, Current Final 2024 2023 Mortgage: Bond St. land and building, Brooklyn, NY (1) 4.375 % 12/1/2024 $ 497,045 $ 1,653,117 Fishkill land and building (2) 3.980 % 4/1/2025 3,393,720 3,545,719 Deferred financing costs (16,519 ) (54,631 ) Total $ 3,874,246 $ 5,144,205 (1) In November 2019, the Company refinanced the remaining balance of a $ 6,000,000 3.54 5,255,920 144,080 5,400,000 4.375 five years (2) In March 2020, the Company obtained a loan with a bank in the amount of $ 4,000,000 20 3.98
Schedule of interest expense, net of capitalized interest	Schedule of interest expense, net of capitalized interest Year Ended July 31 2024 2023 Interest expense $ (221,902 ) $ (278,241 ) Capitalized interest 85,610 47,472 Interest expense, net of capitalized interest $ (136,292 ) $ (230,769 )
Schedule of long-term mortgages outstanding	Schedule of long-term mortgages outstanding Year Ended July 31: Amount 2025 $ 3,890,765 Deferred financing costs (16,519 ) Total $ 3,874,246

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	12 Months Ended
	Jul. 31, 2024
Operating Leases
Schedule of revenues by lease and non-lease components	Schedule of revenues by lease and non-lease components Years Ended July 31, 2024 2023 Base rent – fixed $ 19,762,211 $ 20,541,387 Reimbursements of common area costs 771,496 936,438 Non-lease components (real estate taxes) 1,059,557 1,098,630 Rental income $ 21,593,264 $ 22,576,455 Years Ended July 31, 2024 2023 Base rent – fixed Company owned property $ 13,107,528 $ 13,856,697 Leased property 6,654,683 6,684,690 19,762,211 20,541,387 Reimbursements of common area costs & Non lease components (real estate taxes) Company owned property 1,127,841 1,322,923 Leased property 703,212 712,145 1,831,053 2,035,068 Total $ 21,593,264 $ 22,576,455
Schedule of future minimum non-cancelable rental income	Schedule of future minimum non-cancelable rental income Year Ended July 31, Company Leased Total 2025 $ 11,482,260 $ 6,022,977 $ 17,505,237 2026 8,397,838 4,460,999 12,858,837 2027 7,081,987 4,114,812 11,196,799 2028 6,244,415 4,068,938 10,313,353 2029 5,651,205 3,243,914 8,895,119 After 2029 21,719,199 6,422,863 28,142,062 Total $ 60,576,904 $ 28,334,503 $ 88,911,407
Schedule of operating lease right-of-use assets, liabilities and rent expense	Schedule of operating lease right-of-use assets, liabilities and rent expense Jamaica Avenue at 169th Street Increase in Increase in Decrease in Remeasurement change resulting from April 2023 lease extension $ 1,201,952 $ 1,201,952 $ (30,563 )
Schedule of rental expense	Schedule of rental expense Years Ended July 31, 2024 2023 Sublease income $ 7,357,895 $ 7,396,835 Operating lease cost (2,996,055 ) (3,239,348 ) Excess of sublease income over lease cost $ 4,361,840 $ 4,157,487
Schedule of additional information related to leases	Schedule of additional information related to leases Years Ended July 31, 2024 2023 Other information: Operating cash flows from operating leases $ 2,150,129 $ 2,132,945
Schedule of annual undiscounted cash flows of the operating lease liabilities	Schedule of annual undiscounted cash flows of the operating lease liabilities Year ended July 31 Operating 2025 $ 2,167,284 2026 2,237,257 2027 2,328,731 2028 2,349,076 2029 2,370,098 Thereafter 21,662,828 Total undiscounted cash flows 33,115,274 Less: present value discount (7,805,549 ) Total Lease Liabilities $ 25,309,725

INCOME TAX (Tables)

INCOME TAX (Tables)	12 Months Ended
	Jul. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of income tax expense	Schedule of income tax expense 2024 2023 Current: Federal $ — $ — Deferred taxes (benefit): Federal (90,000 ) (33,000 ) State (47,000 ) (29,000 ) Income tax provision (benefit) $ (137,000 ) $ (62,000 )
Schedule of federal statutory tax rate to pre-tax income	Schedule of federal statutory tax rate to pre-tax income 2024 2023 Loss before income taxes $ (543,568 ) $ (144,964 ) Other-net (15,521 ) (26,852 ) Adjusted pre-tax loss $ (559,089 ) $ (171,816 ) Statutory rate 21.00 % 21.00 % Income tax provision (benefit) at statutory rate $ (117,409 ) $ (36,081 ) State deferred income taxes (benefit) (47,000 ) (29,000 ) Other-net 27,409 3,081 Income tax provision (benefit) $ (137,000 ) $ (62,000 )
Schedule of deferred tax assets and liabilities	Schedule of deferred tax assets and liabilities 2024 2023 Deferred Deferred Deferred Deferred Rental income received in advance $ 180,818 $ — $ 150,864 $ — Operating lease liabilities 7,005,732 — 7,338,553 — Federal net operating loss carryforward 2,136,250 — 1,929,890 — State net operating loss carryforward 954,564 — 829,669 — Unbilled receivables — 839,286 — 729,375 Property and equipment — 5,569,384 — 5,065,135 Unrealized loss on marketable securities — — — 221,521 Operating lease right-of-use assets — 7,990,330 — 8,556,969 Other 28,636 — 94,024 — $ 10,306,000 $ 14,399,000 $ 10,343,000 $ 14,573,000 Net deferred tax liability $ 4,093,000 $ 4,230,000
Schedule of components of the deferred tax provision (benefit)	Schedule of components of the deferred tax provision (benefit) 2024 2023 Book depreciation exceeding tax depreciation $ 504,386 $ 14,000 Reserve for bad debts 61,355 35,255 Lease expense per book in excess of cash paid (233,818 ) (301,218 ) Federal net operating loss carryforward (206,360 ) 189,665 State net operating loss carryforward (124,894 ) (18,725 ) Rental income received in advance (29,954 ) 14,120 Unbilled receivables 109,911 106,158 Other (217,626 ) (101,255 ) $ (137,000 ) $ (62,000 )

CASH FLOW INFORMATION (Tables)

CASH FLOW INFORMATION (Tables)	12 Months Ended
	Jul. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of cash and cash equivalents and restricted cash	Schedule of cash and cash equivalents and restricted cash July 31 2024 2023 Cash and cash equivalents $ 1,243,977 $ 1,215,921 Restricted cash, tenant security deposits 938,580 898,791 Restricted cash, escrow 71,784 71,763 Restricted cash, other 31,260 31,260 $ 2,285,601 $ 2,217,735
Schedule of supplemental disclosure	Schedule of supplemental disclosure July 31, 2024 2023 Cash Flow Information Interest paid, net of capitalized interest of $ 85,610 47,472 $ 141,975 $ 234,596 Income tax (refunded) — — Non-cash information Recognition of operating lease right-of-use assets — $ 1,201,952 Recognition of operating lease liabilities — 1,201,952

INSTRUMENTS AND CREDIT RISK C_2

INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Tables)	12 Months Ended
	Jul. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of fair value of financial instruments	Schedule of fair value of financial instruments July 31, 2024 July 31, 2023 Carrying Fair Carrying Fair Cash and cash equivalents $ 1,243,977 $ 1,243,977 $ 1,215,921 $ 1,215,921 Restricted cash $ 1,041,624 $ 1,041,624 $ 1,001,814 $ 1,001,814 Marketable securities $ — $ — $ 2,300,441 $ 2,300,441 Security deposit payable $ 1,077,964 $ 1,077,964 $ 1,005,925 $ 1,005,925 Mortgages payable $ 3,890,765 $ 3,212,060 $ 5,198,836 $ 4,558,652

DEFERRED CHARGES (Tables)

DEFERRED CHARGES (Tables)	12 Months Ended
	Jul. 31, 2024
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of deferred charges	Schedule of deferred charges July 31, 2024 July 31, 2023 Gross Accumulated Gross Accumulated Leasing brokerage commissions $ 6,350,308 $ 2,794,954 $ 5,471,610 $ 2,253,786 Professional fees for leasing 81,826 56,595 127,810 94,934 Total $ 6,432,134 $ 2,851,549 $ 5,599,420 $ 2,348,720
Schedule of estimated aggregate amortization expense	Schedule of estimated aggregate amortization expense Year Ended July 31 Amortization 2025 $ 467,022 2026 $ 426,170 2027 $ 366,528 2028 $ 358,132 2029 $ 322,907

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Jul. 31, 2024
Related Party Transactions [Abstract]
Schedule of rent payments expenses	Schedule of rent payments expenses Rent Payments Rent Expense Year Ended July 31 Year Ended July 31 Property 2024 2023 2024 2023 Jamaica Avenue at 169 th Street $ 625,000 $ 625,000 $ 1,150,682 $ 1,395,185 504-506 Fulton Street 362,250 362,250 381,195 381,195 Total $ 987,250 $ 987,250 $ 1,531,877 $ 1,776,380
Schedule of assets and liabilities	Schedule of assets and liabilities Right-Of-Use Assets Liabilities Liabilities [Member] July 31 July 31 Property 2024 2023 2024 2023 Expiration Date Jamaica Avenue at 169 th Street $ 10,600,247 $ 11,430,657 $ 4,905,360 $ 5,210,087 May 31, 2035 504-506 Fulton Street 2,167,727 2,431,554 2,311,539 2,556,421 April 30, 2031 Total $ 12,767,974 $ 13,862,211 $ 7,216,899 $ 7,766,508

ORGANIZATION AND SUMMARY OF S_4

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of allowance for uncollectible receivables - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Allowance for Uncollectible Accounts Receivable [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Beginning balance	$ 115,000	$ 393,000
Charge-offs	(112,552)	(149,337)
Reserve Adjustments	40,232	(128,663)
Ending balance	42,680	115,000
Bad Debt Expense (Recovery) [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Charge-offs	(23,000)	43,253
Reserve Adjustments	139	(128,663)
Ending balance	$ (22,861)	$ (85,410)

ORGANIZATION AND SUMMARY OF S_5

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of financial assets measured on a recurring basis presented at fair value - USD ($)	Jul. 31, 2024	Jul. 31, 2023
Platform Operator, Crypto Asset [Line Items]
Marketable Securities		$ 2,300,441
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto Asset [Line Items]
Marketable Securities		2,300,441
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto Asset [Line Items]
Marketable Securities
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto Asset [Line Items]
Marketable Securities

ORGANIZATION AND SUMMARY OF S_6

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of property and equipment depreciation and amortization period	Jul. 31, 2024
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

ORGANIZATION AND SUMMARY OF S_7

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Property, Plant and Equipment [Line Items]
Rent deferrals	$ 0	$ 50,000
Average common shares outstanding	2,015,780	2,015,780
Minimum [Member]
Property, Plant and Equipment [Line Items]
Deferred charges amortization period	5 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Deferred charges amortization period	21 years

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - Schedule of classified marketable securities - USD ($)	Jul. 31, 2024	Jul. 31, 2023
Marketable Securities [Line Items]
Cost		$ 1,500,147
Gross Unrealized Gains		800,294
Gross Unrealized Losses
Fair Value		2,300,441
Mutual Funds [Member]
Marketable Securities [Line Items]
Cost		595,166
Gross Unrealized Gains		301,007
Gross Unrealized Losses
Fair Value		896,173
Equity Securities [Member]
Marketable Securities [Line Items]
Cost		904,981
Gross Unrealized Gains		499,287
Gross Unrealized Losses
Fair Value		$ 1,404,268

MARKETABLE SECURITIES (Detail_2

MARKETABLE SECURITIES (Details) - Schedule of investment income (loss) - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Marketable securities:
Dividend and interest income	$ 87,922	$ 98,335
Net realized gain on sale of marketable securities	124,907	130,009
Net unrealized (loss) on marketable securities		(366,206)
Total	$ 212,829	$ (137,862)

MARKETABLE SECURITIES (Details

MARKETABLE SECURITIES (Details Narrative) - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Marketable securities:
Net realized gain on sale of marketable securities	$ 124,907	$ 130,009
Proceeds of marketable securities	$ 2,544,927	$ 287,291

LONG-TERM DEBT-MORTGAGES (Detai

LONG-TERM DEBT-MORTGAGES (Details) - Schedule of long-term debt - USD ($)		12 Months Ended
		Jul. 31, 2024	Jul. 31, 2023
Extinguishment of Debt [Line Items]
Deferred financing costs		$ (16,519)	$ (54,631)
Total		$ 3,874,246	5,144,205
Long-Term Debt [Member] | Bond St. land and building, Brooklyn, NY [Member]
Extinguishment of Debt [Line Items]
Current Annual Interest Rate	[1]	4.375%
Final Payment Date	[1]	Dec. 01, 2024
Long term loan	[1]	$ 497,045	1,653,117
Long-Term Debt [Member] | Fishkill land and building [Member]
Extinguishment of Debt [Line Items]
Current Annual Interest Rate	[2]	3.98%
Final Payment Date	[2]	Apr. 01, 2025
Long term loan	[2]	$ 3,393,720	$ 3,545,719
[1]In November 2019, the Company refinanced the remaining balance of a $ 6,000,000 3.54 5,255,920 144,080 5,400,000 4.375 five years 4,000,000 20 3.98

LONG-TERM DEBT-MORTGAGES (Det_2

LONG-TERM DEBT-MORTGAGES (Details) - Schedule of interest expense, net of capitalized interest - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Debt Disclosure [Abstract]
Interest expense	$ (221,902)	$ (278,241)
Capitalized interest	85,610	47,472
Interest expense, net of capitalized interest	$ (136,292)	$ (230,769)

LONG-TERM DEBT-MORTGAGES (Det_3

LONG-TERM DEBT-MORTGAGES (Details) - Schedule of long-term mortgages outstanding	Jul. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 3,890,765
Deferred financing costs	(16,519)
Total	$ 3,874,246

LONG-TERM DEBT-MORTGAGES (Det_4

LONG-TERM DEBT-MORTGAGES (Details Narrative) - USD ($)	1 Months Ended
	Mar. 31, 2020	Nov. 30, 2019	Jul. 31, 2024
Debt Instrument [Line Items]
Debt instrument face amount		$ 5,255,920
Carrying value of property			$ 34,709,092
Bond St. land and building, Brooklyn, NY [Member]
Debt Instrument [Line Items]
Debt instrument face amount		6,000,000
Additional loans		144,080
Amount outstanding		$ 5,400,000
Term of loan		5 years
Bond St. land and building, Brooklyn, NY [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate, percent		3.54%
Bond St. land and building, Brooklyn, NY [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate, percent		4.375%
Fishkill land and building [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 4,000,000
Interest rate, percent	3.98%
Term of loan	20 years

OPERATING LEASES (Details) - Sc

OPERATING LEASES (Details) - Schedule of revenues by lease and non-lease components - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Operating Leases
Base rent – fixed	$ 19,762,211	$ 20,541,387
Reimbursements of common area costs	771,496	936,438
Non-lease components (real estate taxes)	1,059,557	1,098,630
Rental income	21,593,264	22,576,455
Base rent – fixed
Company owned property	13,107,528	13,856,697
Leased property	6,654,683	6,684,690
Reimbursements of common area costs & Non lease components (real estate taxes)
Company owned property	1,127,841	1,322,923
Leased property	703,212	712,145
Property, Total	$ 1,831,053	$ 2,035,068

OPERATING LEASES (Details) - _2

OPERATING LEASES (Details) - Schedule of future minimum non-cancelable rental income	Jul. 31, 2024 USD ($)
Property, Plant and Equipment [Line Items]
2025	$ 17,505,237
2026	12,858,837
2027	11,196,799
2028	10,313,353
2029	8,895,119
After 2029	28,142,062
Total	88,911,407
Company Owned Property [Member]
Property, Plant and Equipment [Line Items]
2025	11,482,260
2026	8,397,838
2027	7,081,987
2028	6,244,415
2029	5,651,205
After 2029	21,719,199
Total	60,576,904
Leased Property [Member]
Property, Plant and Equipment [Line Items]
2025	6,022,977
2026	4,460,999
2027	4,114,812
2028	4,068,938
2029	3,243,914
After 2029	6,422,863
Total	$ 28,334,503

OPERATING LEASES (Details) - _3

OPERATING LEASES (Details) - Schedule of operating lease right-of-use assets, liabilities and rent expense - USD ($)	Jul. 31, 2024	Jul. 31, 2023
Lessee, Lease, Description [Line Items]
Increase in Operating Lease Right-of-Use-Asset	$ 28,866,800	$ 30,913,904
Increase in Operating Lease Liability	25,309,725	$ 26,512,112
April 2023 [Member]
Lessee, Lease, Description [Line Items]
Increase in Operating Lease Right-of-Use-Asset	1,201,952
Increase in Operating Lease Liability	1,201,952
Increase (Decrease) in Monthly Rent Expense	$ (30,563)

OPERATING LEASES (Details) - _4

OPERATING LEASES (Details) - Schedule of rental expense - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Operating Leases
Sublease income	$ 7,357,895	$ 7,396,835
Operating lease cost	(2,996,055)	(3,239,348)
Excess of sublease income over lease cost	$ 4,361,840	$ 4,157,487

OPERATING LEASES (Details) - _5

OPERATING LEASES (Details) - Schedule of additional information related to leases - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Operating Leases
Operating cash flows from operating leases	$ 2,150,129	$ 2,132,945

OPERATING LEASES (Details Narra

OPERATING LEASES (Details Narrative)	1 Months Ended
	Apr. 30, 2023	Jul. 31, 2024
Weighted average remaining lease term		15 years 10 months 13 days
Weighted average discount rate		3.67%
Jamaica Avenue at 169th Street [Member]
Lease expiration date	May 31, 2035
Minimum [Member]
Operating leases extended period		5 years
Maximum [Member]
Operating leases extended period		49 years

INCOME TAX (Details) - Schedule

INCOME TAX (Details) - Schedule of income tax expense - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Current:
Federal
Deferred taxes (benefit):
Federal	(90,000)	(33,000)
State	(47,000)	(29,000)
Income tax provision (benefit)	$ (137,000)	$ (62,000)

INCOME TAX (Details) - Schedu_2

INCOME TAX (Details) - Schedule of federal statutory tax rate to pre-tax income - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (543,568)	$ (144,964)
Other-net	(15,521)	(26,852)
Adjusted pre-tax loss	$ (559,089)	$ (171,816)
Statutory rate	21%	21%
Income tax provision (benefit) at statutory rate	$ (117,409)	$ (36,081)
State deferred income taxes (benefit)	(47,000)	(29,000)
Other-net	27,409	3,081
Income tax provision (benefit)	$ (137,000)	$ (62,000)

INCOME TAX (Details) - Schedu_3

INCOME TAX (Details) - Schedule of deferred tax assets and liabilities - USD ($)	Jul. 31, 2024	Jul. 31, 2023
Deferred Tax Assets [Member]
Operating Loss Carryforwards [Line Items]
Rental income received in advance	$ 180,818	$ 150,864
Operating lease liabilities	7,005,732	7,338,553
Federal net operating loss carryforward	2,136,250	1,929,890
State net operating loss carryforward	954,564	829,669
Unbilled receivables
Property and equipment
Unrealized loss on marketable securities
Operating lease right-of-use assets
Other	28,636	94,024
Total	10,306,000	10,343,000
Deferred Tax Liabilities [Member]
Operating Loss Carryforwards [Line Items]
Rental income received in advance
Operating lease liabilities
Federal net operating loss carryforward
State net operating loss carryforward
Unbilled receivables	839,286	729,375
Property and equipment	5,569,384	5,065,135
Unrealized loss on marketable securities		221,521
Operating lease right-of-use assets	7,990,330	8,556,969
Other
Total	14,399,000	14,573,000
Net deferred tax liability	$ 4,093,000	$ 4,230,000

INCOME TAX (Details) - Schedu_4

INCOME TAX (Details) - Schedule of components of the deferred tax provision (benefit) - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Operating Loss Carryforwards [Line Items]
Deferred tax provision (benefit)	$ (137,000)	$ (62,000)
Book depreciation exceeding tax depreciation [Member]
Operating Loss Carryforwards [Line Items]
Deferred tax provision (benefit)	504,386	14,000
Reserve for bad debts [Member]
Operating Loss Carryforwards [Line Items]
Deferred tax provision (benefit)	61,355	35,255
Lease expense per book in excess of cash paid [Member]
Operating Loss Carryforwards [Line Items]
Deferred tax provision (benefit)	(233,818)	(301,218)
Federal net operating loss carryforward [Member]
Operating Loss Carryforwards [Line Items]
Deferred tax provision (benefit)	(206,360)	189,665
State net operating loss carryforward [Member]
Operating Loss Carryforwards [Line Items]
Deferred tax provision (benefit)	(124,894)	(18,725)
Rental income received in advance [Member]
Operating Loss Carryforwards [Line Items]
Deferred tax provision (benefit)	(29,954)	14,120
Unbilled receivables [Member]
Operating Loss Carryforwards [Line Items]
Deferred tax provision (benefit)	109,911	106,158
Other [Member]
Operating Loss Carryforwards [Line Items]
Deferred tax provision (benefit)	$ (217,626)	$ (101,255)

INCOME TAX (Details Narrative)

INCOME TAX (Details Narrative) - USD ($)	Jul. 31, 2024	Jul. 31, 2023
Domestic Tax Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 10,173,000	$ 9,172,000
State and City [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 14,290,000	$ 10,218,000

EMPLOYEES_ RETIREMENT PLANS (De

EMPLOYEES’ RETIREMENT PLANS (Details Narrative)	12 Months Ended
	Jul. 31, 2024 USD ($) Employees	Jul. 31, 2023 USD ($)
Retirement Benefits [Abstract]
Employer contributions	$ 493,263	$ 471,087
Pension contributions	$ 94,110	$ 117,494
Employer contributing, percentage	5%
Pension fund's rehabilitation plan expire date	Nov. 30, 2025
Contribution rate, percentage	20.16%
Percentage of other condition of employment	21%
Number of employees | Employees	28

CASH FLOW INFORMATION (Details)

CASH FLOW INFORMATION (Details) - Schedule of cash and cash equivalents and restricted cash - USD ($)	Jul. 31, 2024	Jul. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 1,243,977	$ 1,215,921
Restricted cash, tenant security deposits	938,580	898,791
Restricted cash, escrow	71,784	71,763
Restricted cash, other	31,260	31,260
Cash flow information	$ 2,285,601	$ 2,217,735

CASH FLOW INFORMATION (Detail_2

CASH FLOW INFORMATION (Details) - Schedule of supplemental disclosure - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Cash Flow Information
Interest paid, net of capitalized interest of $85,610 (2024), and $47,472 (2023)	$ 141,975	$ 234,596
Income tax (refunded)
Non-cash information
Recognition of operating lease right-of-use assets		1,201,952
Recognition of operating lease liabilities		$ 1,201,952

CASH FLOW INFORMATION (Detail_3

CASH FLOW INFORMATION (Details) - Schedule of supplemental disclosure (Parenthetical) - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest	$ 85,610	$ 47,472

INSTRUMENTS AND CREDIT RISK C_3

INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Details) - Schedule of Fair Value of Financial Instruments - USD ($)	Jul. 31, 2024	Jul. 31, 2023
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Restricted cash	$ 1,041,624	$ 1,001,814
Marketable securities		2,300,441
Carrying Value [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	1,243,977	1,215,921
Restricted cash	1,041,624	1,001,814
Marketable securities		2,300,441
Security deposit payable	1,077,964	1,005,925
Mortgages payable	3,890,765	5,198,836
Fair Value [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Cash and cash equivalents	1,243,977	1,215,921
Restricted cash	1,041,624	1,001,814
Marketable securities		2,300,441
Security deposit payable	1,077,964	1,005,925
Mortgages payable	$ 3,212,060	$ 4,558,652

INSTRUMENTS AND CREDIT RISK C_4

INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Details Narrative)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Revenue [Member] | Two Tenants [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	27.54%	29.43%
Receivables [Member] | Three Tenants [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	51.45%
Receivables [Member] | Four Tenants [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage		60.61%

DEFERRED CHARGES (Details) - Sc

DEFERRED CHARGES (Details) - Schedule of deferred charges - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Gross Carrying Amount [Member]
Change in Accounting Estimate [Line Items]
Leasing brokerage commissions	$ 6,350,308	$ 5,471,610
Professional fees for leasing	81,826	127,810
Total	6,432,134	5,599,420
Accumulated Amortization [Member]
Change in Accounting Estimate [Line Items]
Leasing brokerage commissions	2,794,954	2,253,786
Professional fees for leasing	56,595	94,934
Total	$ 2,851,549	$ 2,348,720

DEFERRED CHARGES (Details) - _2

DEFERRED CHARGES (Details) - Schedule of estimated aggregate amortization expense	Jul. 31, 2024 USD ($)
Revenue Recognition and Deferred Revenue [Abstract]
2025	$ 467,022
2026	426,170
2027	366,528
2028	358,132
2029	$ 322,907

DEFERRED CHARGES (Details Narra

DEFERRED CHARGES (Details Narrative) - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Aggregate amortization expense	$ 502,829	$ 452,781
Weighted average life	9 years

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Schedule of rent payments expenses - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Related Party Transaction [Line Items]
Rent Payments	$ 987,250	$ 987,250
Rent Expense	1,531,877	1,776,380
Jamaica Avenue At 169th Street [Member]
Related Party Transaction [Line Items]
Rent Payments	625,000	625,000
Rent Expense	1,150,682	1,395,185
504-506 Fulton Street [Member]
Related Party Transaction [Line Items]
Rent Payments	362,250	362,250
Rent Expense	$ 381,195	$ 381,195

RELATED PARTY TRANSACTIONS (D_2

RELATED PARTY TRANSACTIONS (Details) - Schedule of assets and liabilities - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Right-Of-Use Assets [Member]
Related Party Transaction [Line Items]
Right-Of-Use Assets	$ 12,767,974	$ 13,862,211
Liabilities [Member]
Related Party Transaction [Line Items]
Liabilities	$ 7,216,899	7,766,508
Jamaica Avenue At 169th Street [Member]
Related Party Transaction [Line Items]
Expiration Date	May 31, 2035
Jamaica Avenue At 169th Street [Member] | Right-Of-Use Assets [Member]
Related Party Transaction [Line Items]
Right-Of-Use Assets	$ 10,600,247	11,430,657
Jamaica Avenue At 169th Street [Member] | Liabilities [Member]
Related Party Transaction [Line Items]
Liabilities	$ 4,905,360	5,210,087
504-506 Fulton Street [Member]
Related Party Transaction [Line Items]
Expiration Date	Apr. 30, 2031
504-506 Fulton Street [Member] | Right-Of-Use Assets [Member]
Related Party Transaction [Line Items]
Right-Of-Use Assets	$ 2,167,727	2,431,554
504-506 Fulton Street [Member] | Liabilities [Member]
Related Party Transaction [Line Items]
Liabilities	$ 2,311,539	$ 2,556,421

CAPITALIZATION (Details Narrati

CAPITALIZATION (Details Narrative) - shares	Jul. 31, 2024	Jul. 31, 2023
Equity [Abstract]
Shares of treasury stock	162,517	162,517

REAL ESTATE AND ACCUMULATED D_2

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($)	12 Months Ended
	Jul. 31, 2024	Jul. 31, 2023
Property, Plant and Equipment [Line Items]
Encumbrances	$ 3,890,765
Initial Cost, Land	6,067,805
Initial Cost, Building & Improvements	19,732,367
Improvements	61,869,826
Carried Cost
Land, Gross Amount	6,067,805
Building & Improvements, Gross Amount	81,602,193
Total	87,669,998	$ 85,185,857
Accumulated Depreciation	39,574,021	37,885,631
Property and Equipment	81,897,349	79,470,802
Accumulated depreciation	39,803,374	38,123,199
Investment in Real Estate
Balance at Beginning of Year	85,185,857	84,139,551
Improvements	2,484,141	1,046,306
Retirements
Balance at End of Year	87,669,998	85,185,857
Accumulated Depreciation
Balance at Beginning of Year	37,885,631	36,244,642
Additions Charged to Costs and Expenses	1,688,390	1,640,989
Retirements
Balance at End of Year	39,574,021	$ 37,885,631
Office and Rental Buildings Brooklyn New York [Member]
Property, Plant and Equipment [Line Items]
Encumbrances	497,045
Initial Cost, Land	3,901,349
Initial Cost, Building & Improvements	7,403,468
Improvements	26,730,537
Carried Cost
Land, Gross Amount	3,901,349
Building & Improvements, Gross Amount	34,134,005
Total	38,035,354
Accumulated Depreciation	17,040,480
Investment in Real Estate
Balance at End of Year	38,035,354
Accumulated Depreciation
Balance at End of Year	17,040,480
Jamaica New York [Member]
Property, Plant and Equipment [Line Items]
Encumbrances
Initial Cost, Land
Initial Cost, Building & Improvements
Improvements	688,744
Carried Cost
Land, Gross Amount
Building & Improvements, Gross Amount	688,744
Total	688,744
Accumulated Depreciation	177,597
Investment in Real Estate
Balance at End of Year	688,744
Accumulated Depreciation
Balance at End of Year	177,597
Fishkill New York [Member]
Property, Plant and Equipment [Line Items]
Encumbrances	3,393,720
Initial Cost, Land	594,723
Initial Cost, Building & Improvements	7,212,116
Improvements	16,741,557
Carried Cost
Land, Gross Amount	594,723
Building & Improvements, Gross Amount	23,953,673
Total	24,548,396
Accumulated Depreciation	10,834,178
Investment in Real Estate
Balance at End of Year	24,548,396
Accumulated Depreciation
Balance at End of Year	10,834,178
Brooklyn New York [Member]
Property, Plant and Equipment [Line Items]
Encumbrances
Initial Cost, Land	1,324,957
Initial Cost, Building & Improvements	728,327
Improvements	17,595,368
Carried Cost
Land, Gross Amount	1,324,957
Building & Improvements, Gross Amount	18,323,695
Total	19,648,652
Accumulated Depreciation	8,044,923
Investment in Real Estate
Balance at End of Year	19,648,652
Accumulated Depreciation
Balance at End of Year	8,044,923
Levittown New York [Member]
Property, Plant and Equipment [Line Items]
Encumbrances
Initial Cost, Land	125,927
Initial Cost, Building & Improvements
Improvements
Carried Cost
Land, Gross Amount	125,927
Building & Improvements, Gross Amount
Total	125,927
Accumulated Depreciation
Investment in Real Estate
Balance at End of Year	125,927
Accumulated Depreciation
Balance at End of Year
Circleville Ohio Tarlton Road [Member]
Property, Plant and Equipment [Line Items]
Encumbrances
Initial Cost, Land	120,849
Initial Cost, Building & Improvements	4,388,456
Improvements	113,620
Carried Cost
Land, Gross Amount	120,849
Building & Improvements, Gross Amount	4,502,076
Total	4,622,925
Accumulated Depreciation	3,476,843
Investment in Real Estate
Balance at End of Year	4,622,925
Accumulated Depreciation
Balance at End of Year	$ 3,476,843
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Life on Which Depreciation in Latest Income Statement is Computed	18 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Life on Which Depreciation in Latest Income Statement is Computed	40 years
Improvements to leased property [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Life on Which Depreciation in Latest Income Statement is Computed	3 years
Improvements to leased property [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Life on Which Depreciation in Latest Income Statement is Computed	40 years
Office Furniture And Equipment And Transportation Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment	$ 295,156
Accumulated depreciation	$ 229,353