J.W. Mays (MAYS) 10-Q9 Mar 232023 Q2 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jan. 31, 2023	Mar. 09, 2023
Document Information Line Items
Entity Registrant Name	MAYS J W INC
Trading Symbol	MAYS
Document Type	10-Q
Current Fiscal Year End Date	--07-31
Entity Common Stock, Shares Outstanding		2,015,780
Amendment Flag	false
Entity Central Index Key	0000054187
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jan. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	1-3647
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	11-1059070
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
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Jan. 31, 2023	Jul. 31, 2022
ASSETS
Land	$ 6,067,805	$ 6,067,805
Buildings held for leasing:
Buildings, improvements and fixtures	77,613,513	75,794,089
Construction in progress	1,655,117	2,653,212
Property, Plant and Equipment, Gross	79,268,630	78,447,301
Accumulated depreciation	(37,298,759)	(36,457,448)
Buildings - net	41,969,871	41,989,853
Property and equipment-net	48,037,676	48,057,658
Cash and cash equivalents	1,352,944	1,020,585
Restricted cash	985,574	1,049,312
Receivables, net	2,580,476	2,771,121
Marketable securities	2,645,818	2,761,069
Prepaids and other assets	2,370,913	2,628,570
Deferred charges, net	3,390,640	3,614,640
Operating lease right-of-use assets	30,815,877	32,108,363
TOTAL ASSETS	92,179,918	94,011,318
Liabilities:
Mortgages payable	5,758,520	6,358,289
Accounts payable and accrued expenses	1,704,035	2,321,764
Security deposits payable	978,426	1,051,428
Operating lease liabilities	25,925,013	26,600,168
Deferred income taxes	4,322,000	4,292,000
Total Liabilities	38,687,994	40,623,649
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	49,255,234	49,150,979
Stockholders' Equity before Treasury Stock	54,779,776	54,675,521
Common stock held in treasury, at cost - 162,517 shares at January 31, 2023 and July 31, 2022	(1,287,852)	(1,287,852)
Total shareholders’ equity	53,491,924	53,387,669
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 92,179,918	$ 94,011,318

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jan. 31, 2023	Jul. 31, 2022
Statement of Financial Position [Abstract]
Common stock par value (in Dollars per share)	$ 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 (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statements of Operations (Unaudited) - USD ($)	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Revenues
Rental income	$ 5,837,819	$ 5,328,349	$ 11,607,553	$ 10,407,896
Total revenues	5,837,819	5,328,349	11,607,553	10,407,896
Expenses
Real estate operating expenses	3,958,144	3,670,065	7,743,565	7,300,187
Administrative and general expenses	1,406,855	1,417,412	2,657,086	2,821,524
Depreciation	422,815	452,412	841,311	903,682
Total expenses	5,787,814	5,539,889	11,241,962	11,025,393
Income (loss) from operations	50,005	(211,540)	365,591	(617,497)
Other income and interest expense:
Investment income	75,010	198,535	83,807	205,302
Change in fair value of marketable securities	5,762	(183,611)	(181,441)	(236,738)
Interest expense	(71,039)	(78,214)	(133,702)	(158,647)
Total investment income and interest expense	9,733	(63,290)	(231,336)	(190,083)
Income (loss) from operations before income taxes	59,738	(274,830)	134,255	(807,580)
Income taxes provided (benefit)	15,000	(79,000)	30,000	(221,000)
Net income (loss)	$ 44,738	$ (195,830)	$ 104,255	$ (586,580)
Income (loss) per common share, basic (in Dollars per share)	$ 0.02	$ (0.10)	$ 0.05	$ (0.29)
Dividends per share (in Dollars per share)
Average common shares outstanding, basic (in Shares)	2,015,780	2,015,780	2,015,780	2,015,780

Consolidated Statements of Op_2

Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Income Statement [Abstract]
Income (loss) per common share, diluted	$ 0.02	$ (0.10)	$ 0.05	$ (0.29)
Average common shares outstanding, diluted	2,015,780	2,015,780	2,015,780	2,015,780

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) - USD ($)	Common Stock	Additional Paid In Capital	Retained Earnings	Common Stock Held in Treasury	Total
Balance at Jul. 31, 2021	$ 2,178,297	$ 3,346,245	$ 49,863,350	$ (1,287,852)	$ 54,100,040
Net income (loss)			(586,580)		(586,580)
Balance at Jan. 31, 2022	2,178,297	3,346,245	49,276,770	(1,287,852)	53,513,460
Balance at Oct. 31, 2021	2,178,297	3,346,245	49,472,600	(1,287,852)	53,709,290
Net income (loss)			(195,830)		(195,830)
Balance at Jan. 31, 2022	2,178,297	3,346,245	49,276,770	(1,287,852)	53,513,460
Balance at Jul. 31, 2022	2,178,297	3,346,245	49,150,979	(1,287,852)	53,387,669
Net income (loss)			104,255		104,255
Balance at Jan. 31, 2023	2,178,297	3,346,245	49,255,234	(1,287,852)	53,491,924
Balance at Oct. 31, 2022	2,178,297	3,346,245	49,210,496	(1,287,852)	53,447,186
Net income (loss)			44,738		44,738
Balance at Jan. 31, 2023	$ 2,178,297	$ 3,346,245	$ 49,255,234	$ (1,287,852)	$ 53,491,924

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows (Unaudited) - USD ($)	Jan. 31, 2023	Jan. 31, 2022
Cash Flows From Operating Activities:
Net income (loss)	$ 104,255	$ (586,580)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Bad debt expense (recoveries)	(41,410)	219,350
Provision (Benefit) for deferred income taxes	30,000	(221,000)
Depreciation	841,311	903,682
Amortization of deferred charges	224,000	285,210
Operating lease expense in excess of cash payments	617,331	610,136
Deferred finance costs included in interest expense	19,056	19,056
Net realized gain on marketable securities		(48,213)
Net unrealized loss on marketable securities	181,441	236,738
Changes in Operating Assets and Liabilities:
Receivables	232,055	(430,879)
Prepaid expenses and other assets	257,657	203,162
Accounts payable and accrued expenses	(617,729)	(369,905)
Security deposits payable	(73,002)	(23,107)
Cash provided by operating activities	1,774,965	797,650
Cash Flows From Investing Activities:
Acquisition of property and equipment	(821,329)	(871,988)
Marketable securities:
Receipts from sales		400,254
Payments for purchases	(66,190)	(127,414)
Cash (used) in investing activities	(887,519)	(599,148)
Cash Flows From Financing Activities:
Payments - mortgages	(618,825)	(592,124)
Net cash (used) in financing activities	(618,825)	(592,124)
Increase (decrease) in cash, cash equivalents and restricted cash	268,621	(393,622)
Cash, cash equivalents and restricted cash at beginning of period	2,069,897	2,434,719
Cash, cash equivalents and restricted cash at end of period	$ 2,338,518	$ 2,041,097

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jan. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies: 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. The interim financial statements are prepared pursuant to the instructions for reporting on Form 10-Q and Article 8 of Regulations S-X of the SEC Rules and Regulations. The July 31, 2022 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, 2022. 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, 2023 or any other period. 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 write-off receivables to bad debt expense 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. As of January 31, 2023 and July 31, 2022, and primarily because of the lingering effects of COVID-19, the Company recorded an allowance for uncollectible receivables in the amount of $159,000 and $393,000, respectively, as an offset to receivables. Activity in the allowance for uncollectible receivables and bad debt expense for each period follows: Allowance for Bad Debt Expense Period Ended Three Months Ended Six Months Ended January 31 July 31 January 31 January 31 2023 2022 2023 2022 2023 2022 Beginning balance $ 393,000 $ 318,000 $ – $ – $ – $ – Charge-offs (149,337 ) 43,253 11,746 43,253 219,350 Reserve Adjustments (84,663 ) 75,000 (24,663 ) – (84,663 ) – Ending balance $ 159,000 $ 393,000 $ 18,590 $ 11,746 $ (41,410 ) $ 219,350 Property and Equipment Property and equipment are stated at cost. Depreciation is calculated using the straight-line method and the declining-balance 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: Buildings and improvements 18-40 years Improvements to leased property 3-10 years Fixtures and equipment 7-12 years Other 3-5 years 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 reviews property and equipment and related lease intangibles for possible impairment when certain events or changes in circumstances indicate the carrying amount of the asset may not be recoverable through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. As of January 31, 2023 and July 31, 2022, the Company has determined there was no impairment of its property and equipment. 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 4 to 21 years, using the straight-line method. If a lease is terminated early, such costs are expensed. Leases - Lessor Revenue The Company accounts for revenue in accordance with Accounting Standards Update (ASU) 2014-09 (Topic 606) Revenue from Contracts with Customers. 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 $110,000 and $250,000 as of January 31, 2023 and July 31, 2022, respectively. 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 balance sheet. 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 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 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. The Company had a federal net operating loss carryforward approximating $10,096,000 as of July 31, 2022 available to offset future taxable income. As of July 31, 2022, the Company had unused state and city net operating loss carryforwards of approximately $12,308,000 for state and $12,293,000 for city, available to offset future state and city taxable income. The net operating loss carryforwards will begin to expire, if not used, in 2035. 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.

Income Per Share of Common Stoc

Income Per Share of Common Stock	6 Months Ended
Income Per Share of Common Stock	Jan. 31, 2023
Income Per Share of Common Stock [Abstract]
Income Per Share of Common Stock	2. Income Per Share of Common Stock: Income per share has been computed by dividing the net income for the periods by the weighted average number of shares of common stock outstanding during the periods, adjusted for the purchase of treasury stock. Shares used in computing income per share were 2,015,780 for the three and six months ended January 31, 2023 and 2022, respectively.

Marketable Securities

Marketable Securities	6 Months Ended
Marketable Securities	Jan. 31, 2023
Marketable Securities [Abstract]
Marketable Securities:	3. Marketable Securities: The Company’s marketable securities consist of investments in equity securities. 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 changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825. 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 Level 2 valuation inputs Level 3 valuation inputs 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 January 31, 2023 and July 31, 2022. Equity securities Mutual funds Fair value measurements at reporting date Description Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 2,645,818 $ 2,645,818 $ – $ – $ 2,761,069 $ 2,761,069 $ – $ – As of January 31, 2023 and July 31, 2022, the Company's marketable securities were classified as follows: January 31, 2023 July 31, 2022 Cost Gross Gross Fair Cost Gross Gross Fair Mutual funds $ 595,166 $ 197,960 $ – $ 793,126 $ 528,976 $ 269,400 $ – $ 798,376 Equity securities 1,065,593 787,099 – 1,852,692 1,065,593 897,100 – 1,962,693 $ 1,660,759 $ 985,059 $ – $ 2,645,818 $ 1,594,569 $ 1,166,500 $ – $ 2,761,069 Investment income consists of the following: Three Months Ended Six Months Ended 2023 2022 2023 2022 Dividend and interest income 75,010 150,322 83,807 157,089 Gain on sale of marketable securities – 48,213 – 48,213 Total $ 75,010 $ 198,535 $ 83,807 $ 205,302

Financial Instruments and Credi

Financial Instruments and Credit Risk Concentrations	6 Months Ended
Financial Instruments and Credit Risk Concentrations	Jan. 31, 2023
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, restricted cash, cash and cash equivalents, and receivables. Marketable securities, 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. Five tenants accounted for approximately 57% and 69% of receivables as of January 31, 2023 and July 31, 2022, respectively. During the six months ended January 31, 2023 and 2022, two tenants accounted for 30% and 29% of total rental revenue, respectively.

Long-term debt _ mortgages

Long-term debt – mortgages	6 Months Ended
Long-term debt – mortgages	Jan. 31, 2023
Long-term debt – mortgages [Abstract]
Long-Term Debt – Mortgages	5. Long-Term Debt – Mortgages: Current Final January 31, July 31, (1) Bond St. building, Brooklyn, NY 4.375 % 12/1/2024 $ 2,212,724 $ 2,759,236 (2) Fishkill building 3.98 % 4/1/2025 3,619,483 3,691,796 Deferred financing costs (73,687 ) (92,743 ) Net $ 5,758,520 $ 6,358,289 (1) In November 2019, the Company refinanced the remaining balance of a $6,000,000, 3.54% interest rate loan with another bank for $5,255,920 plus an additional $144,080 for a total of $5,400,000. The interest rate on the new loan is fixed at 4.375%. The loan is self-liquidating over a period of five years and secured by the Nine Bond Street land and building in Brooklyn, New York. (2) In March 2020, the Company obtained a loan with a bank in the amount of $4,000,000 to finance renovations and brokerage commissions relating to space leased to a community college at the Fishkill, New York building. The loan is secured by the Fishkill, New York land and building; amortized over a 20-year period with a fixed interest rate of 3.98% and is due in five years.

Operating Leases

Operating Leases	6 Months Ended
Operating Leases	Jan. 31, 2023
Operating Leases [Abstract]
Operating Leases	6. Operating Leases: Lessor The Company leases office and retail space to tenants under operating leases in commercial buildings. Most rental terms range from approximately 5 to 49 years. The leases provide for the payment of fixed base rent payable monthly in advance as well as reimbursements of real estate taxes and common area costs. The Company has elected to account for lease revenues and the reimbursements of common area costs as a single component included as rental income in our consolidated statements of operations. The following table disaggregates the Company's revenues by lease and non-lease components: Three Months Ended Six Months Ended 2023 2022 2023 2022 Base rent - fixed $ 5,332,288 $ 4,907,556 $ 10,662,829 $ 9,583,388 Reimbursements of common area costs 225,960 182,843 403,325 343,160 Non-lease components (real estate taxes) 279,571 237,950 541,399 481,348 Rental income $ 5,837,819 $ 5,328,349 $ 11,607,553 $ 10,407,896 Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows: As of January 31, 2023 Fiscal Year Company Leased Total For the remainder of 2023 $ 6,152,664 $ 2,843,867 $ 8,996,531 2024 8,523,663 3,244,623 11,768,286 2025 7,994,095 2,666,307 10,660,402 2026 7,145,049 2,531,824 9,676,873 2027 6,434,120 2,389,039 8,823,159 2028 5,621,083 2,343,264 7,964,347 After 2028 25,011,079 2,999,243 28,010,322 Total $ 66,881,753 $ 19,018,167 $ 85,899,920 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 July 2022, the Company entered into lease agreements with its landlord for two of its properties as follows: (1) Jamaica Avenue at 169th Street, Jamaica, New York - Giving the Company four five-year option periods to extend its lease beyond the current expiration date of May 31, 2030 for a total of twenty years through May 31, 2050. As of January 31, 2023, it is not reasonably certain such options to extend the lease will be exercised by the Company. (2) 504-506 Fulton Street, Brooklyn, New York – Modification of the lease agreement to increase monthly lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031. 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. The effect of the lease modification for 504-506 Fulton Street, Brooklyn, NY on the measurement of operating lease right-of-use assets, liabilities and rent expense follows: Increase From July 2022 Modification Operating Operating Monthly Increase resulting from July 2022 lease modification $ 94,412 $ 94,412 $ 2,563 Operating lease costs for leased real property was exceeded by sublease rental income from the Company’s real estate operations as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Sublease income $ 1,851,181 $ 1,810,962 $ 3,690,256 $ 3,597,138 Operating lease cost (840,400 ) (832,709 ) (1,680,800 ) (1,665,420 ) Excess of sublease income over lease cost $ 1,010,781 $ 978,253 $ 2,009,456 $ 1,931,718 Three Months Ended Six Months Ended Other information: 2023 2022 2023 2022 Operating cash flows from operating leases $ 532,181 $ 528,073 $ 1,063,469 $ 1,055,287 The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of January 31, 2023: Period Ended Operating January 31, 2024 $ 2,141,424 January 31, 2025 2,158,823 January 31, 2026 2,181,170 January 31, 2027 2,303,496 January 31, 2028 2,338,782 Thereafter 22,086,182 Total undiscounted cash flows 33,209,877 Less: present value discount (7,284,864 ) Total Lease Liabilities $ 25,925,013 As of January 31, 2023, our operating leases had a weighted average remaining lease term of 16.36 years and a weighted average discount rate of 2.95%.

Employees' Retirement Plan

Employees' Retirement Plan	6 Months Ended
Employees' Retirement Plan	Jan. 31, 2023
Employees' Retirement Plan [Abstract]
Employees' Retirement Plan	7. Employees' Retirement Plan: The Company sponsors a noncontributory Money Purchase Plan covering substantially all its non-union employees. Operations were charged $113,500 and $227,000 as contributions to the Plan for the three and six months ended January 31, 2023, respectively, and $112,500 and $225,031 as contributions to the plan for the three and six months ended January 31, 2022, respectively. Multi-employer plan: The Company contributes to a union sponsored multi-employer pension plan covering its union employees. Company contributions to the pension plan were $32,460 and $59,741 for the three and six months ended January 31, 2023, respectively, and $21,086 and $37,499 for the three and six months ended January 31, 2022, respectively. Contributions and costs are determined in accordance with the provisions of negotiated labor contracts or terms of the plans. The Company also contributes to union sponsored health benefit plans. Contingent Liability for Pension Plan: Information as to the Company’s portion of accumulated plan benefits and plan assets is not reported separately by the pension plan. Under the Employee Retirement Income Security Act, upon withdrawal from a multi-employer benefit plan, an employer is required to continue to pay its proportionate share of the plan’s unfunded vested benefits, if any. Any liability under this provision cannot be determined: however, the Company has not made a decision to withdraw from the plan. Information for contributing employer’s participation in the multi-employer plan: Legal name of Plan: United Food and Commercial Employer identification number: 13-6367793 Plan number: 001 Date of most recent Form 5500: December 31, 2021 Certified zone status: Critical and declining status Status determination date: January 1, 2021 Plan used extended amortization provisions in status calculation: Yes Minimum required contribution: Yes Employer contributing greater than 5% of Plan contributions for year ended December 31, 2021: Yes Rehabilitation plan implemented: Yes Employer subject to surcharge: Yes Contract expiration date: November 30, 2025 For the plan years 2019 through November 30, 2021, under the pension fund’s rehabilitation plan, the Company agreed to pay a minimum contribution rate equal to a 9% increase over the prior year total contribution rate. Effective December 1, 2022 through the contract expiration date of November 30, 2025, the Company’s contribution rate is 20.16% of each covered employee’s pay. Effective December 1, 2022, the contract was renewed and extended through November 30, 2025. The Company will continue to pay the contribution rate required under the pension fund’s rehabilitation plan, currently 20.16% of each covered employee’s pay. The contract also covers rates of pay, hours of employment and other conditions of employment for approximately 27% of the Company’s 31 employees. The Company considers that its labor relations with its employees and union are good.

Cash Flow Information

Cash Flow Information	6 Months Ended
Cash Flow Information	Jan. 31, 2023
Cash Flow Information [Abstract]
Cash Flow Information:	8. 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 statement of cash flows: January 31 2023 2022 Cash and cash equivalents $ 1,352,944 $ 1,150,775 Restricted cash, tenant security deposits 886,692 791,462 Restricted cash, escrow 71,742 71,720 Restricted cash, other 27,140 27,140 $ 2,338,518 $ 2,041,097 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: Six Months Ended 2023 2022 Cash Flow Information Interest paid, net of capitalized interest of $13,852 (2023) and $14,440 (2022) $ 136,000 $ 160,846 Income taxes paid (refunded) – –

Capitalization

Capitalization	6 Months Ended
Capitalization	Jan. 31, 2023
Capitalization [Abstract]
Capitalization	9. 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 shares at January 31, 2023 and at July 31, 2022.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jan. 31, 2023
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 July 2022, the Company entered into lease agreements with Landlord as follows: (1) Jamaica Avenue at 169th Street, Jamaica, New York - Giving the Company four five-year option periods to extend its lease beyond the current expiration date of May 31, 2030 for a total of twenty years through May 31, 2050. As of January 31, 2023, it is not reasonably certain such options to extend the lease will be exercised by the Company. (2) 504-506 Fulton Street, Brooklyn, New York – Modification of the lease agreement to increase monthly lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031. Rent payments and expense relating to these two operating leases with Landlord follow: Rent Payments Rent Payments Rent Expense Rent Expense Property 2023 2022 2023 2022 2023 2022 2023 2022 Jamaica Avenue at 169th Street $ 156,250 $ 156,250 $ 312,500 $ 312,500 $ 379,359 $ 379,359 $ 758,719 $ 758,719 504-506 Fulton Street 90,564 90,564 181,128 181,128 95,299 87,609 190,597 175,219 Total $ 246,814 $ 246,814 $ 493,628 $ 493,628 $ 474,658 $ 466,968 $ 949,316 $ 933,938 The following summarizes assets and liabilities related to these two leases: Right-Of-Use Liabilities Property January 31 July 31 January 31 July 31 Expiration Date Jamaica Avenue at 169th Street $ 10,737,020 $ 11,442,093 $ 4,192,484 $ 4,451,338 May 31, 2030 504-506 Fulton Street 2,559,085 2,683,787 2,674,480 2,789,709 April 30, 2031 Total $ 13,296,105 $ 14,125,880 $ 6,866,964 $ 7,241,047

Contingencies

Contingencies	6 Months Ended
Contingencies	Jan. 31, 2023
Contingencies [Abstract]
Contingencies	11. 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 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 has not been determined at this time.

Subsequent Event

Subsequent Event	6 Months Ended
Subsequent Event	Jan. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	12. Subsequent Event: As of February 24, 2023, a tenant who occupies 46,421 square feet at the Company’s Nine Bond Street building in Brooklyn, New York has expressed its intent to terminate their lease effective March 31, 2023. The loss in rental income will be approximately $1,000,000 per annum.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
Accounting Policies, by Policy (Policies)	Jan. 31, 2023
Accounting Policies [Abstract]
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. The interim financial statements are prepared pursuant to the instructions for reporting on Form 10-Q and Article 8 of Regulations S-X of the SEC Rules and Regulations. The July 31, 2022 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, 2022. 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, 2023 or any other period.
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 write-off receivables to bad debt expense 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. As of January 31, 2023 and July 31, 2022, and primarily because of the lingering effects of COVID-19, the Company recorded an allowance for uncollectible receivables in the amount of $159,000 and $393,000, respectively, as an offset to receivables. Activity in the allowance for uncollectible receivables and bad debt expense for each period follows: Allowance for Bad Debt Expense Period Ended Three Months Ended Six Months Ended January 31 July 31 January 31 January 31 2023 2022 2023 2022 2023 2022 Beginning balance $ 393,000 $ 318,000 $ – $ – $ – $ – Charge-offs (149,337 ) 43,253 11,746 43,253 219,350 Reserve Adjustments (84,663 ) 75,000 (24,663 ) – (84,663 ) – Ending balance $ 159,000 $ 393,000 $ 18,590 $ 11,746 $ (41,410 ) $ 219,350
Property and Equipment	Property and Equipment Property and equipment are stated at cost. Depreciation is calculated using the straight-line method and the declining-balance 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: Buildings and improvements 18-40 years Improvements to leased property 3-10 years Fixtures and equipment 7-12 years Other 3-5 years 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 reviews property and equipment and related lease intangibles for possible impairment when certain events or changes in circumstances indicate the carrying amount of the asset may not be recoverable through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. As of January 31, 2023 and July 31, 2022, the Company has determined there was no impairment of its property and equipment.
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 4 to 21 years, using the straight-line method. If a lease is terminated early, such costs are expensed.
Leases - Lessor Revenue	Leases - Lessor Revenue The Company accounts for revenue in accordance with Accounting Standards Update (ASU) 2014-09 (Topic 606) Revenue from Contracts with Customers. 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 $110,000 and $250,000 as of January 31, 2023 and July 31, 2022, respectively.
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 balance sheet. 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 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 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. The Company had a federal net operating loss carryforward approximating $10,096,000 as of July 31, 2022 available to offset future taxable income. As of July 31, 2022, the Company had unused state and city net operating loss carryforwards of approximately $12,308,000 for state and $12,293,000 for city, available to offset future state and city taxable income. The net operating loss carryforwards will begin to expire, if not used, in 2035. 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
Summary of Significant Accounting Policies (Tables)	Jan. 31, 2023
Accounting Policies [Abstract]
Schedule of allowance for uncollectible and bad debt expense	Allowance for Bad Debt Expense Period Ended Three Months Ended Six Months Ended January 31 July 31 January 31 January 31 2023 2022 2023 2022 2023 2022 Beginning balance $ 393,000 $ 318,000 $ – $ – $ – $ – Charge-offs (149,337 ) 43,253 11,746 43,253 219,350 Reserve Adjustments (84,663 ) 75,000 (24,663 ) – (84,663 ) – Ending balance $ 159,000 $ 393,000 $ 18,590 $ 11,746 $ (41,410 ) $ 219,350
Schedule of property and equipment depreciation and amortization period	Buildings and improvements 18-40 years Improvements to leased property 3-10 years Fixtures and equipment 7-12 years Other 3-5 years

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
Marketable Securities (Tables)	Jan. 31, 2023
Marketable Securities Table [Abstract]
Schedule of provisions of fair value measurements	Fair value measurements at reporting date Description Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Marketable securities $ 2,645,818 $ 2,645,818 $ – $ – $ 2,761,069 $ 2,761,069 $ – $ –
Schedule of provisions of fair value measurements	January 31, 2023 July 31, 2022 Cost Gross Gross Fair Cost Gross Gross Fair Mutual funds $ 595,166 $ 197,960 $ – $ 793,126 $ 528,976 $ 269,400 $ – $ 798,376 Equity securities 1,065,593 787,099 – 1,852,692 1,065,593 897,100 – 1,962,693 $ 1,660,759 $ 985,059 $ – $ 2,645,818 $ 1,594,569 $ 1,166,500 $ – $ 2,761,069
Schedule of investment income	Three Months Ended Six Months Ended 2023 2022 2023 2022 Dividend and interest income 75,010 150,322 83,807 157,089 Gain on sale of marketable securities – 48,213 – 48,213 Total $ 75,010 $ 198,535 $ 83,807 $ 205,302

Long-term debt _ mortgages (Tab

Long-term debt – mortgages (Tables)	6 Months Ended
Long-term debt – mortgages (Tables)	Jan. 31, 2023
Long-term debt – mortgages Table [Abstract]
Schedule of long-term debt	Current Final January 31, July 31, (1) Bond St. building, Brooklyn, NY 4.375 % 12/1/2024 $ 2,212,724 $ 2,759,236 (2) Fishkill building 3.98 % 4/1/2025 3,619,483 3,691,796 Deferred financing costs (73,687 ) (92,743 ) Net $ 5,758,520 $ 6,358,289

Operating Leases (Tables)

Operating Leases (Tables)	6 Months Ended
Operating Leases (Tables)	Jan. 31, 2023
Operating Leases Table [Abstract]
Schedule of revenues by lease and non-lease components	Three Months Ended Six Months Ended 2023 2022 2023 2022 Base rent - fixed $ 5,332,288 $ 4,907,556 $ 10,662,829 $ 9,583,388 Reimbursements of common area costs 225,960 182,843 403,325 343,160 Non-lease components (real estate taxes) 279,571 237,950 541,399 481,348 Rental income $ 5,837,819 $ 5,328,349 $ 11,607,553 $ 10,407,896
Schedule of future minimum non-cancelable rental income	As of January 31, 2023 Fiscal Year Company Leased Total For the remainder of 2023 $ 6,152,664 $ 2,843,867 $ 8,996,531 2024 8,523,663 3,244,623 11,768,286 2025 7,994,095 2,666,307 10,660,402 2026 7,145,049 2,531,824 9,676,873 2027 6,434,120 2,389,039 8,823,159 2028 5,621,083 2,343,264 7,964,347 After 2028 25,011,079 2,999,243 28,010,322 Total $ 66,881,753 $ 19,018,167 $ 85,899,920
Schedule of operating lease right-of-use assets, liabilities and rent expense	Increase From July 2022 Modification Operating Operating Monthly Increase resulting from July 2022 lease modification $ 94,412 $ 94,412 $ 2,563
Schedule of rental expense	Three Months Ended Six Months Ended 2023 2022 2023 2022 Sublease income $ 1,851,181 $ 1,810,962 $ 3,690,256 $ 3,597,138 Operating lease cost (840,400 ) (832,709 ) (1,680,800 ) (1,665,420 ) Excess of sublease income over lease cost $ 1,010,781 $ 978,253 $ 2,009,456 $ 1,931,718
Schedule of additional information related to leases	Three Months Ended Six Months Ended Other information: 2023 2022 2023 2022 Operating cash flows from operating leases $ 532,181 $ 528,073 $ 1,063,469 $ 1,055,287
Schedule of annual undiscounted cash flows of the operating lease liabilities	Period Ended Operating January 31, 2024 $ 2,141,424 January 31, 2025 2,158,823 January 31, 2026 2,181,170 January 31, 2027 2,303,496 January 31, 2028 2,338,782 Thereafter 22,086,182 Total undiscounted cash flows 33,209,877 Less: present value discount (7,284,864 ) Total Lease Liabilities $ 25,925,013

Cash Flow Information (Tables)

Cash Flow Information (Tables)	6 Months Ended
Cash Flow Information (Tables)	Jan. 31, 2023
Cash Flow Information Table [Abstract]
Schedule of cash and cash equivalents and restricted cash	January 31 2023 2022 Cash and cash equivalents $ 1,352,944 $ 1,150,775 Restricted cash, tenant security deposits 886,692 791,462 Restricted cash, escrow 71,742 71,720 Restricted cash, other 27,140 27,140 $ 2,338,518 $ 2,041,097
Schedule of supplemental disclosure	Supplemental disclosure: Six Months Ended 2023 2022 Cash Flow Information Interest paid, net of capitalized interest of $13,852 (2023) and $14,440 (2022) $ 136,000 $ 160,846 Income taxes paid (refunded) – –

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
Related Party Transactions (Tables)	Jan. 31, 2023
Related Party Transactions [Abstract]
Schedule of rent payments expenses	Rent Payments Rent Payments Rent Expense Rent Expense Property 2023 2022 2023 2022 2023 2022 2023 2022 Jamaica Avenue at 169th Street $ 156,250 $ 156,250 $ 312,500 $ 312,500 $ 379,359 $ 379,359 $ 758,719 $ 758,719 504-506 Fulton Street 90,564 90,564 181,128 181,128 95,299 87,609 190,597 175,219 Total $ 246,814 $ 246,814 $ 493,628 $ 493,628 $ 474,658 $ 466,968 $ 949,316 $ 933,938
Schedule of assets and liabilities	Right-Of-Use Liabilities Property January 31 July 31 January 31 July 31 Expiration Date Jamaica Avenue at 169th Street $ 10,737,020 $ 11,442,093 $ 4,192,484 $ 4,451,338 May 31, 2030 504-506 Fulton Street 2,559,085 2,683,787 2,674,480 2,789,709 April 30, 2031 Total $ 13,296,105 $ 14,125,880 $ 6,866,964 $ 7,241,047

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jan. 31, 2023	Jul. 31, 2022
Summary of Significant Accounting Policies (Details) [Line Items]
Allowance for Expected uncollectible receivables	$ 159,000	$ 393,000
Rent deferrals	$ 110,000	250,000
Federal operating loss carryforward		10,096,000
Net operating loss carryforwards		12,308,000
City taxable income		$ 12,293,000
Minimum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Deferred charges amortization period	4 years
Maximum [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Deferred charges amortization period	21 years

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Schedule of allowance for uncollectible and bad debt expense - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022	Jul. 31, 2022
Allowance for Uncollectible Accounts Receivable [Member]
Summary of Significant Accounting Policies (Details) - Schedule of allowance for uncollectible and bad debt expense [Line Items]
Beginning balance			$ 393,000	$ 318,000	$ 318,000
Charge-offs			(149,337)
Reserve Adjustments			(84,663)		75,000
Ending balance	$ 159,000		159,000		$ 393,000
Bad Debt Expense [Member]
Summary of Significant Accounting Policies (Details) - Schedule of allowance for uncollectible and bad debt expense [Line Items]
Charge-offs	43,253	$ 11,746
Reserve Adjustments	(24,663)
Ending balance	$ 18,590	$ 11,746
Bad Debt Expense One [Member]
Summary of Significant Accounting Policies (Details) - Schedule of allowance for uncollectible and bad debt expense [Line Items]
Charge-offs			43,253	219,350
Reserve Adjustments			(84,663)
Ending balance			$ (41,410)	$ 219,350

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details) - Schedule of property and equipment depreciation and amortization period	6 Months Ended
	Jan. 31, 2023
Buildings and improvements [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Useful life	18 years
Buildings and improvements [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Useful life	40 years
Improvements to leased property [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Useful life	3 years
Improvements to leased property [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Useful life	10 years
Fixtures and equipment [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Useful life	7 years
Fixtures and equipment [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Useful life	12 years
Other [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Useful life	3 years
Other [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Useful life	5 years

Income Per Share of Common St_2

Income Per Share of Common Stock (Details) - shares	3 Months Ended		6 Months Ended
Income Per Share of Common Stock (Details) - shares	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Earnings Per Share [Abstract]
Average common shares outstanding	2,015,780	2,015,780	2,015,780	2,015,780

Marketable Securities (Details)

Marketable Securities (Details) - Schedule of provisions of fair value measurements - USD ($)	Jan. 31, 2023	Jul. 31, 2022
Assets:
Marketable securities	$ 2,645,818	$ 2,761,069
Level 1 [Member]
Assets:
Marketable securities	2,645,818	2,761,069
Level 2 [Member]
Assets:
Marketable securities
Level 3 [Member]
Assets:
Marketable securities

Marketable Securities (Detail_2

Marketable Securities (Details) - Schedule of classified marketable securities - USD ($)	Jan. 31, 2023	Jul. 31, 2022
Marketable Securities [Line Items]
Cost	$ 1,660,759	$ 1,594,569
Gross Unrealized Gains	985,059	1,166,500
Gross Unrealized Losses
Fair Value	2,645,818	2,761,069
Mutual funds [Member]
Marketable Securities [Line Items]
Cost	595,166	528,976
Gross Unrealized Gains	197,960	269,400
Gross Unrealized Losses
Fair Value	793,126	798,376
Equity securities [Member]
Marketable Securities [Line Items]
Cost	1,065,593	1,065,593
Gross Unrealized Gains	787,099	897,100
Gross Unrealized Losses
Fair Value	$ 1,852,692	$ 1,962,693

Marketable Securities (Detail_3

Marketable Securities (Details) - Schedule of investment income - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Schedule Of Investment Income Abstract
Dividend and interest income	$ 75,010	$ 150,322	$ 83,807	$ 157,089
Gain on sale of marketable securities		48,213		48,213
Total	$ 75,010	$ 198,535	$ 83,807	$ 205,302

Financial Instruments and Cre_2

Financial Instruments and Credit Risk Concentrations (Details)	6 Months Ended	12 Months Ended
	Jan. 31, 2023	Jul. 31, 2022
Five Tenants [Member] \| Receivables [Member]
Financial Instruments and Credit Risk Concentrations (Details) [Line Items]
Concentration risk, percentage	57%	69%
Two Tenants [Member] \| Revenue [Member]
Financial Instruments and Credit Risk Concentrations (Details) [Line Items]
Concentration risk, percentage	30%	29%

Long-term debt _ mortgages (Det

Long-term debt – mortgages (Details) - USD ($)	1 Months Ended
Long-term debt – mortgages (Details) - USD ($)	Mar. 31, 2020	Nov. 30, 2019
Long-term debt – mortgages (Details) [Line Items]
Debt instrument face amount		$ 5,255,920
Bond St. building, Brooklyn, NY [Member]
Long-term debt – mortgages (Details) [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. building, Brooklyn, NY [Member] \| Minimum [Member]
Long-term debt – mortgages (Details) [Line Items]
Interest rate, percent		3.54%
Bond St. building, Brooklyn, NY [Member] \| Maximum [Member]
Long-term debt – mortgages (Details) [Line Items]
Interest rate, percent		4.375%
Fishkill building [Member]
Long-term debt – mortgages (Details) [Line Items]
Debt instrument face amount	$ 4,000,000
Interest rate, percent	3.98%
Term of loan	20 years
Maturity period of loan	5 years

Long-term debt _ mortgages (D_2

Long-term debt – mortgages (Details) - Schedule of long-term debt - Long-Term Debt [Member] - USD ($)		6 Months Ended
		Jan. 31, 2023	Jul. 31, 2022
Debt Instrument [Line Items]
Deferred financing costs		$ (73,687)	$ (92,743)
Total		$ 5,758,520	6,358,289
Bond St. building, Brooklyn, NY [Member]
Debt Instrument [Line Items]
Current Annual Interest Rate	[1]	4.375%
Final Payment Date	[1]	Dec. 01, 2024
Long term loan	[1]	$ 2,212,724	2,759,236
Fishkill building [Member]
Debt Instrument [Line Items]
Current Annual Interest Rate	[2]	3.98%
Final Payment Date	[2]	Apr. 01, 2025
Long term loan	[2]	$ 3,619,483	$ 3,691,796

[1]In November 2019, the Company refinanced the remaining balance of a $6,000,000, 3.54% interest rate loan with another bank for $5,255,920 plus an additional $144,080 for a total of $5,400,000. The interest rate on the new loan is fixed at 4.375%. The loan is self-liquidating over a period of five years and secured by the Nine Bond Street land and building in Brooklyn, New York.[2]In March 2020, the Company obtained a loan with a bank in the amount of $4,000,000 to finance renovations and brokerage commissions relating to space leased to a community college at the Fishkill, New York building. The loan is secured by the Fishkill, New York land and building; amortized over a 20-year period with a fixed interest rate of 3.98% and is due in five years.

Operating Leases (Details)

Operating Leases (Details)	6 Months Ended
Operating Leases (Details)	Jan. 31, 2023 USD ($)
Operating Leases (Details) [Line Items]
Expiration date	May 31, 2030
Weighted average remaining lease term	16 years 4 months 9 days
Weighted average discount rate	2.95%
Minimum [Member]
Operating Leases (Details) [Line Items]
Operating leases extended period	5 years
Lease payments (in Dollars)	$ 30,188
Maximum [Member]
Operating Leases (Details) [Line Items]
Operating leases extended period	49 years
Lease payments (in Dollars)	$ 34,716

Operating Leases (Details) - Sc

Operating Leases (Details) - Schedule of revenues by lease and non-lease components - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Schedule Of Revenues By Lease And Non Lease Components Abstract
Base rent - fixed	$ 5,332,288	$ 4,907,556	$ 10,662,829	$ 9,583,388
Reimbursements of common area costs	225,960	182,843	403,325	343,160
Non-lease components (real estate taxes)	279,571	237,950	541,399	481,348
Rental income	$ 5,837,819	$ 5,328,349	$ 11,607,553	$ 10,407,896

Operating Leases (Details) - _2

Operating Leases (Details) - Schedule of future minimum non-cancelable rental income	Jan. 31, 2023 USD ($)
Operating Leases (Details) - Schedule of future minimum non-cancelable rental income [Line Items]
For the remainder of 2023	$ 8,996,531
2024	11,768,286
2025	10,660,402
2026	9,676,873
2027	8,823,159
2028	7,964,347
After 2028	28,010,322
Total	85,899,920
Company Owned Property [Member]
Operating Leases (Details) - Schedule of future minimum non-cancelable rental income [Line Items]
For the remainder of 2023	6,152,664
2024	8,523,663
2025	7,994,095
2026	7,145,049
2027	6,434,120
2028	5,621,083
After 2028	25,011,079
Total	66,881,753
Leased Property [Member]
Operating Leases (Details) - Schedule of future minimum non-cancelable rental income [Line Items]
For the remainder of 2023	2,843,867
2024	3,244,623
2025	2,666,307
2026	2,531,824
2027	2,389,039
2028	2,343,264
After 2028	2,999,243
Total	$ 19,018,167

Operating Leases (Details) - _3

Operating Leases (Details) - Schedule of operating lease right-of-use assets, liabilities and rent expense - July 2022 lease [Member]	12 Months Ended
	Jul. 31, 2022 USD ($)
Operating Leases (Details) - Schedule of operating lease right-of-use assets, liabilities and rent expense [Line Items]
Operating Lease Right-of-Use-Asset	$ 94,412
Operating Lease Liability	94,412
Monthly Rent Expense	$ 2,563

Operating Leases (Details) - _4

Operating Leases (Details) - Schedule of rental expense - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Schedule Of Rental Expense Abstract
Sublease income	$ 1,851,181	$ 1,810,962	$ 3,690,256	$ 3,597,138
Operating lease cost	(840,400)	(832,709)	(1,680,800)	(1,665,420)
Excess of sublease income over lease cost	$ 1,010,781	$ 978,253	$ 2,009,456	$ 1,931,718

Operating Leases (Details) - _5

Operating Leases (Details) - Schedule of additional information related to leases - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Schedule Of Additional Information Related To Leases Abstract
Operating cash flows from operating leases	$ 532,181	$ 528,073	$ 1,063,469	$ 1,055,287

Operating Leases (Details) - _6

Operating Leases (Details) - Schedule of annual undiscounted cash flows of the operating lease liabilities - Operating Lease [Member]	Jan. 31, 2023 USD ($)
Operating Leases (Details) - Schedule of annual undiscounted cash flows of the operating lease liabilities [Line Items]
January 31, 2024	$ 2,141,424
January 31, 2025	2,158,823
January 31, 2026	2,181,170
January 31, 2027	2,303,496
January 31, 2028	2,338,782
Thereafter	22,086,182
Total undiscounted cash flows	33,209,877
Less: present value discount	(7,284,864)
Total Lease Liabilities	$ 25,925,013

Employees' Retirement Plan (Det

Employees' Retirement Plan (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
Employees' Retirement Plan (Details) - USD ($)	Nov. 30, 2022	Nov. 30, 2021	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022	Jul. 31, 2022
Employees' Retirement Plan (Details) [Line Items]
Employer contributions			$ 113,500	$ 112,500	$ 227,000	$ 225,031
Pension contributions			$ 32,460	$ 21,086	$ 59,741	$ 37,499
Employer contributing, percentage							5%
Minimum contribution rate	20.16%	9%
Percentage of other condition of employment			27%		27%
Pension Plan [Member]
Employees' Retirement Plan (Details) [Line Items]
Percentage of other condition of employment			20.16%		20.16%

Cash Flow Information (Details)

Cash Flow Information (Details) - Schedule of cash and cash equivalents and restricted cash - USD ($)	Jan. 31, 2023	Jan. 31, 2022
Schedule Of Cash And Cash Equivalents And Restricted Cash Abstract
Cash and cash equivalents	$ 1,352,944	$ 1,150,775
Restricted cash, tenant security deposits	886,692	791,462
Restricted cash, escrow	71,742	71,720
Restricted cash, other	27,140	27,140
Cash flow information	$ 2,338,518	$ 2,041,097

Cash Flow Information (Detail_2

Cash Flow Information (Details) - Schedule of supplemental disclosure - USD ($)	6 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Cash Flow Information
Interest paid, net	$ 136,000	$ 160,846
Income taxes paid (refunded)

Cash Flow Information (Detail_3

Cash Flow Information (Details) - Schedule of supplemental disclosure (Parentheticals) - USD ($)	6 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Schedule Of Supplemental Disclosure Abstract
Interest paid, net of capitalized interest	$ 13,852	$ 14,440

Capitalization (Details)

Capitalization (Details) - shares	Jan. 31, 2023	Jul. 31, 2022
Stockholders' Equity Note [Abstract]
Shares of treasury stock	162,517	162,517

Related Party Transactions (Det

Related Party Transactions (Details)	6 Months Ended
Related Party Transactions (Details)	Jan. 31, 2023
Related Party Transactions [Abstract]
Lease payments description	504-506 Fulton Street, Brooklyn, New York – Modification of the lease agreement to increase monthly lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031.

Related Party Transactions (D_2

Related Party Transactions (Details) - Schedule of rent payments expenses - Board of Directors Chairman [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Related Party Transactions (Details) - Schedule of rent payments expenses [Line Items]
Rent Payments	$ 246,814	$ 246,814	$ 493,628	$ 493,628
Rent Expense	474,658	466,968	949,316	933,938
Jamaica Avenue at 169th Street [Member]
Related Party Transactions (Details) - Schedule of rent payments expenses [Line Items]
Rent Payments	156,250	156,250	312,500	312,500
Rent Expense	379,359	379,359	758,719	758,719
504-506 Fulton Street [Member]
Related Party Transactions (Details) - Schedule of rent payments expenses [Line Items]
Rent Payments	90,564	90,564	181,128	181,128
Rent Expense	$ 95,299	$ 87,609	$ 190,597	$ 175,219

Related Party Transactions (D_3

Related Party Transactions (Details) - Schedule of assets and liabilities - USD ($)	6 Months Ended
	Jan. 31, 2023	Jul. 31, 2022
Related Party Transaction [Line Items]
Expiration Date	May 31, 2030
Right-Of-Use Assets [Member]
Related Party Transaction [Line Items]
Right-Of-Use Assets	$ 13,296,105	$ 14,125,880
Liabilities [Member]
Related Party Transaction [Line Items]
Liabilities	$ 6,866,964	7,241,047
Jamaica Avenue at 169th Street [Member]
Related Party Transaction [Line Items]
Expiration Date	May 31, 2030
Jamaica Avenue at 169th Street [Member] \| Right-Of-Use Assets [Member]
Related Party Transaction [Line Items]
Right-Of-Use Assets	$ 10,737,020	11,442,093
Jamaica Avenue at 169th Street [Member] \| Liabilities [Member]
Related Party Transaction [Line Items]
Liabilities	$ 4,192,484	4,451,338
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	$ 2,559,085	2,683,787
504-506 Fulton Street [Member] \| Liabilities [Member]
Related Party Transaction [Line Items]
Liabilities	$ 2,674,480	$ 2,789,709

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member]	Feb. 24, 2023 USD ($) ft²
Subsequent Event [Line Items]
Leases square feet \| ft²	46,421
Income loss in rental \| $	$ 1,000,000