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DOCUMENT AND ENTITY INFORMATION
9 Months Ended
Apr. 30, 2018
Jun. 07, 2018
Document And Entity Information [Abstract]
Entity Registrant Name MAYS J W INC
Entity Central Index Key 0000054187
Current Fiscal Year End Date --07-31
Entity Filer Category Smaller Reporting Company
Trading Symbol mays
Entity Common Stock, Shares Outstanding 2,015,780
Document Type 10-Q
Amendment Flag false
Document Period End Date Apr 30, 2018
Document Fiscal Period Focus Q3
Document Fiscal Year Focus 2018
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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Apr. 30, 2018
Jul. 31, 2017
ASSETS
Property and Equipment - Net (Notes 5 and 6) $ 50,004,769 $ 49,485,089
Current Assets:
Cash and cash equivalents (Note 4) 6,478,050 5,381,195
Receivables (Note 4) 63,153 164,716
Income taxes refundable 47,260 6,891
Restricted cash 100,721 15,905
Prepaid expenses 953,346 1,675,019
Total current assets 7,642,530 7,243,726
Other Assets:
Deferred charges 3,485,550 3,465,062
Less: accumulated amortization 1,606,742 1,384,142
Net 1,878,808 2,080,920
Restricted cash 1,513,841 1,279,829
Unbilled receivables (Notes 4 and 7) 1,739,632 1,943,648
Marketable securities (Notes 3 and 4) 2,722,917 2,815,727
Total other assets 7,855,198 8,120,124
TOTAL ASSETS 65,502,497 64,848,939
Long-Term Liabilities:
Mortgage payable (Note 5) 5,301,391 5,409,908
Security deposits payable 1,232,629 1,020,292
Deferred Income Taxes (Note 1) 3,610,000 5,637,000
Total long-term liabilities 10,144,020 12,067,200
Current Liabilities:
Accounts payable 18,400 79,103
Payroll and other accrued liabilities 1,855,135 2,515,616
Other taxes payable 6,300 8,135
Current portion of mortgage payable (Note 5) 167,002 162,569
Current portion of security deposits payable 101,221 15,905
Total current liabilities 2,148,058 2,781,328
TOTAL LIABILITIES 12,292,078 14,848,528
Shareholders' Equity:
Common stock, par value $1 each share (shares - 5,000,000 authorized; 2,178,297 issued) 2,178,297 2,178,297
Additional paid in capital 3,346,245 3,346,245
Unrealized gain on available-for-sale securities - net of deferred taxes of $226,000 at April 30, 2018 and $190,000 at July 31, 2017 410,988 368,476
Retained earnings 48,562,741 45,395,245
Stockholders' Equity before Treasury Stock 54,498,271 51,288,263
Less common stock held in treasury, at cost - 162,517 shares at April 30, 2018 and at July 31, 2017 (Note 10) 1,287,852 1,287,852
Total shareholders' equity 53,210,419 50,000,411
Contingencies (Notes 13)      
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 65,502,497 $ 64,848,939
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Apr. 30, 2018
Jul. 31, 2017
Common stock, par value $ 1 $ 1
Common stock, shares authorized 5,000,000 5,000,000
Common stock, shares issued 2,178,297 2,178,297
Treasury stock, shares 162,517 162,517
Unrealized Gain on Available-for-sale Securities - Net of Deferred Taxes [Member]
Unrealized gain (loss) on available-for-sale securities, deferred taxes (benefit) $ 226,000 $ 190,000
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (USD $)
3 Months Ended 9 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2018
Apr. 30, 2017
Revenues
Rental income (Notes 4 and 7) $ 4,854,910 $ 4,660,787 $ 14,431,671 $ 13,674,289
Recovery of real estate taxes          10,952
Revenue to temporarily vacate lease (Note 12)    291,667    875,001
Total revenues 4,854,910 4,952,454 14,431,671 14,560,242
Expenses
Real estate operating expenses 2,918,858 2,512,506 8,491,805 7,735,755
Administrative and general expenses 1,062,316 1,092,032 3,433,154 3,381,034
Depreciation (Note 6) 443,697 423,791 1,311,386 1,253,091
Total expenses 4,424,871 4,028,329 13,236,345 12,369,880
Income from operations before investment income, interest expense and income taxes 430,039 924,125 1,195,326 2,190,362
Investment income and interest expense:
Investment income (Note 3) 15,909 41,906 90,131 80,470
Interest expense (Notes 5, 9 and 13) (44,776) (50,797) (191,961) (173,011)
Total investment income and interest expense (28,867) (8,891) (101,830) (92,541)
Income from operations before income taxes 401,172 915,234 1,093,496 2,097,821
Income taxes provided (benefit) 83,000 309,000 (2,074,000) 706,000
Net income 318,172 606,234 3,167,496 1,391,821
Retained earnings, beginning of period 48,244,569 44,255,293 45,395,245 43,469,706
Retained earnings, end of period $ 48,562,741 $ 44,861,527 $ 48,562,741 $ 44,861,527
Income per common share (Note 2) $ 0.16 $ 0.3 $ 1.57 $ 0.69
Dividends per share            
Average common shares outstanding 2,015,780 2,015,780 2,015,780 2,015,780
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
3 Months Ended 9 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2018
Apr. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income $ 318,172 $ 606,234 $ 3,167,496 $ 1,391,821
Unrealized gain on available-for-sale securities:
Unrealized gains (losses) arising during the period, net of taxes (benefit) of ($27,037) and $33,500 for the three months ended April 30, 2018 and 2017, respectively, and $43,963 and $40,000 for the nine months ended April 30, 2018 and 2017, respectively. (117,213) 66,410 57,969 78,785
Reclassification adjustment for net gains included in net income, net of taxes of $7,770 and $14,500 for the three months ended April 30, 2018 and 2017, respectively, and $7,963 and $14,000 for the nine months ended April 30, 2018 and 2017, respectively. (17,630) (27,695) (15,457) (26,841)
Unreallized gains (losses) on available for sale securities, net of taxes (134,843) 38,715 42,512 51,944
Comprehensive income $ 183,329 $ 644,949 $ 3,210,008 $ 1,443,765
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)
3 Months Ended 9 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2018
Apr. 30, 2017
Statement of Comprehensive Income [Abstract]
Unrealized holding gains arising during the period, tax $ (27,037) $ 33,500 $ 43,963 $ 40,000
Reclassification adjustment for net gains included in net income, tax $ (7,770) $ (14,500) $ (7,963) $ (14,000)
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Cash Flows From Operating Activities:
Net income $ 3,167,496 $ 1,391,821
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 1,311,386 1,253,091
Amortization of deferred charges 222,600 200,900
Deferred finance costs included in interest expense 17,154 17,154
Realized (gain) loss on sale of marketable securities 805 (23,734)
Other assets - unbilled receivables 204,016 160,661
Other assets - deferred charges (20,488) (366,995)
Provision (benefit) for deferred income taxes (2,063,000) 706,000
Deferred revenue    (875,001)
Changes in:
Receivables 101,563 153,645
Income taxes refundable (40,369) (5,608)
Prepaid expenses 721,673 687,443
Accounts payable (60,703) 15,757
Payroll and other accrued liabilities (660,481) 136,675
Other taxes payable (1,835) (1,563)
Cash provided by operating activities 2,899,817 3,450,246
Cash Flows From Investing Activities:
Acquisition of property and equipment (1,831,066) (1,635,496)
Restricted cash (318,828) (134,846)
Marketable securities:
Receipts from sales 268,857 282,434
Payments for purchases (98,340) (839,970)
Cash (used) by investing activities (1,979,377) (2,327,878)
Cash Flows From Financing Activities:
Increase - security deposits payable 297,653 134,846
Mortgage and other debt payments (121,238) (1,116,961)
Cash provided (used) by financing activities 176,415 (982,115)
Increase in cash and cash equivalents 1,096,855 140,253
Cash and cash equivalents at beginning of period 5,381,195 5,228,826
Cash and cash equivalents at end of period $ 6,478,050 $ 5,369,079
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Accounting Records and Use of Estimates
9 Months Ended
Apr. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Records and Use of Estimates
1. Accounting Records and Use of Estimates:
              

The accounting records are maintained in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the Company’s financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses during the reporting period. The estimates that we make include allowance for doubtful accounts, depreciation, income tax assets and liabilities, fair value of marketable securities and revenue recognition. Estimates are based on historical experience where applicable or other assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results may differ from those estimates under different assumptions or conditions.

The interim financial statements are prepared pursuant to the requirements for reporting on Form 10-Q. The July 31, 2017 condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes included in the Company's latest Form 10-K Annual Report for the fiscal year ended July 31, 2017. 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, 2018.

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, see below, the effect of the change on prior quarters is included in tax expense for the current quarter.

As of July 31, 2017, the Company had a federal net operating loss carryforward approximating $5,366,000 which is available to offset future taxable income. In addition, as of July 31, 2017, the Company had state and city net operating loss carryforwards of approximately $10,107,000 and $8,274,000, respectively, 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. In April 2014, the State of New York enacted legislation overhauling the New York State franchise tax on corporations. The changes in the law were effective for the Company’s year ended July 31, 2016. The state capital-based tax will be phased out over a 7-year period. The Company anticipates New York State taxes will be based on capital through 2021, and New York City taxes will be based on capital for the foreseeable future. Capital-based franchise taxes are recorded to administrative and general expense.

Due to the application of the capital-based tax while the net operating loss still applies, or due to the possible absence of State taxable income in the years beyond 2021 to which the State loss can be carried, the Company has not recorded the tax benefit of its New York State and New York City net operating loss carryforwards.

 
              

U.S. Tax Reform:

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the future ongoing U.S. corporate income tax by, among other things, lowering U.S. corporate income tax rates. As the Company has a July 31 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a statutory federal rate just over 26% for our fiscal year ending July 31, 2018, and 21 % for subsequent fiscal years. During the quarter ended January 31, 2018, the quarter of enactment, these changes required an adjustment to our deferred tax assets and liabilities to the lower federal rates resulting in an estimated net deferred tax benefit of approximately $2.4 million.

The changes included in the Tax Act are broad and complex. The final transition impacts of the Tax Act may differ from the above estimate, possibly materially, due to, among other things, changes in interpretations of the Tax Act, any legislative action to address questions that arise because of the Tax Act, any changes in accounting standards for income taxes or related interpretations in response to the Tax Act, or any updates or changes to estimates the Company has utilized to calculate the transition impacts, including impacts from changes to current year earnings estimates. The Securities and Exchange Commission has issued rules allowing for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impacts. We currently anticipate finalizing and recording any resulting adjustments by the end of our current fiscal year ending July 31, 2018.

Recently issued accounting standards not yet adopted:

In May 2014, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers” (“ASU 2014-09”) establishing ASC Topic 606 Revenue from Contracts with Customers. ASU 2014-09 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. ASU 2014-09 requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and also requires certain additional disclosures. ASU 2014-09 is effective for interim and annual reporting in fiscal years that begin after December 15, 2016. ASU 2015-14 extended the implementation date for fiscal years beginning after December 31, 2017. The adoption of this ASU on August 1, 2018 will not have a significant impact on our consolidated financial statements.

Subsequent to the issuance of ASU 2014-09, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”, ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”, and ASU No. 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers." The additional ASU's clarified certain provisions of ASU 2014-09 in response to recommendations from the Transition Resource Group established by the FASB and have the same effective date and transition requirements as ASU 2014-09. The adoption of these updates on August 1, 2018 will not have a significant impact on our consolidated financial statements.

In January 2016, the FASB issued ASU No. 2016-01 "Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." ASU 2016-01 amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. ASU No. 2016-01 will be effective for interim and annual periods beginning after December 15, 2017. The adoption of this ASU will not have a significant impact on our balance sheet and statement of operations.

 

In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 is intended to increase transparency and comparability among organizations of accounting for leasing arrangements. This guidance establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Lessor accounting remains similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard (ASU 2014-09). ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. Entities will be required to recognize and measure leases as of the earliest period presented using a modified retrospective approach. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning August 1, 2019. Early adoption is permitted. The adoption of this guidance is expected to result in an increase in assets and liabilities on the Company’s balance sheet, with no material impact on the statement of operations. However, the ultimate impact of adopting this ASU will depend on the Company’s lease portfolio as of the adoption date.
 
In November 2016, the FASB issued ASU 2016-18, “Restricted Cash”. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Restricted cash and restricted cash equivalents will be included with cash and cash equivalents when reconciling the beginning of period and end of period balances on the statement of cash flows upon adoption of this standard. ASU 2016-18 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2017. The adoption of the ASU will not have a significant impact on our consolidated financial statements.
 
In February 2018, the FASB issued ASU 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220)”. ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the December 22, 2017 Tax Act. The amendments in this ASU are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption of the amendments in this ASU is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. We are in the process of evaluating the impact of this standard on the consolidated financial statements.
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Income Per Share of Common Stock
9 Months Ended
Apr. 30, 2018
Earnings Per Share [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 nine months ended April 30, 2018 and April 30, 2017.
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Marketable Securities
9 Months Ended
Apr. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Marketable Securities
3. Marketable Securities:
 
The Company categorizes marketable securities as either trading, available-for-sale or held-to-maturity. Trading securities are carried at fair value with unrealized gains and losses included in income. Available-for-sale securities are carried at fair value measurements using quoted prices in active markets for identical assets or liabilities with unrealized gains and losses recorded as a separate component of shareholders' equity. Held-to-maturity securities are carried at amortized cost. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The Company did not classify any securities as trading or held to maturity during the nine months ended April 30, 2018 and year ended July 31, 2017.

                The Company follows GAAP which establishes a fair value hierarchy that prioritizes the valuation techniques and creates the following three broad levels, with Level 1 valuation being the highest priority:

                       Level 1 valuation inputs are quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date (e.g., equity securities traded on the New York Stock Exchange).
 
Level 2 valuation inputs are from other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted market prices of similar assets or liabilities in active markets, or quoted market prices for identical or similar assets or liabilities in markets that are not active).
  
Level 3 valuation inputs are unobservable (e.g., an entity’s own data) and should be used to measure fair value to the extent that observable inputs are not available.
 
Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis. There have been no changes in the methodologies used at April 30, 2018 and July 31, 2017.
 
Equity securities are valued at the closing price reported on the active market on which the individual securities are traded that the Company has access to.
 
Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Company are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Company are deemed to be actively traded.

In accordance with the provisions of Fair Value Measurements, the following are the Company's financial assets measured on a recurring basis presented at fair value.

Fair value measurements at reporting date
 
  Total Total
  April 30, July 31,
Description   2018         Level 1         Level 2         Level 3        2017         Level 1         Level 2         Level 3
Assets:  
Marketable securities - available-for-sale   $ 2,722,917 $ 2,722,917 $ $ 2,815,727 $ 2,815,727 $ $     

As of April 30, 2018 and July 31, 2017, the Company's marketable securities were classified as follows:

April 30, 2018 July 31, 2017
Gross Gross Gross Gross
      Unrealized    Unrealized    Fair       Unrealized    Unrealized    Fair
Cost Gains Losses Value Cost Gains Losses Value
Noncurrent:
Available-for-sale:
Mutual funds $ 773,158 $ 197,217 $ $ 970,375 $ 716,463 $    193,932 $ $    910,395
Equity securities 1,312,772 453,562 13,792 1,752,542 1,540,788 364,544 1,905,332
$    2,085,930 $    650,779 $    13,792 $    2,722,917 $    2,257,251 $ 558,476 $ $ 2,815,727

The Company's equity securities, gross unrealized losses and fair value, aggregated by investment category and length of time that the investment securities have been in a continuous unrealized loss position are as follows:

April 30, 2018 July 31, 2017
Less Than Less Than
        Fair Value         12 Months         Fair Value         12 Months
Corporate equity securities $ 120,188 $ 13,792 $ $
 
Investment income consists of the following:
Three Months Ended Nine Months Ended
April 30 April 30
2018 2017 2018 2017
Gain (loss) on sale of marketable securities $ 912 $ 31,155 $ (805 ) $ 23,734
Interest income 5,737 2,941 12,488 9,287
Dividend income 9,260 7,810 78,448 47,449
Total $ 15,909 $ 41,906 $ 90,131 $ 80,470
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Financial Instruments and Credit Risk Concentrations
9 Months Ended
Apr. 30, 2018
Fair Value Disclosures [Abstract]
Financial Instruments and Credit Risk Concentrations
4. Financial Instruments and Credit Risk Concentrations:
                 
Financial instruments that are potentially subject to concentrations of credit risk consist principally of marketable securities, cash and cash equivalents and receivables. Marketable securities and cash and cash equivalents are placed with multiple financial institutions and multiple instruments to minimize risk. No assurance can be made that such financial institutions and instruments will minimize all such risk.
 
The Company derives rental income from approximately fifty tenants, of which one tenant accounted for 17.70%, another tenant accounted for 15.33% and a third tenant accounted for 12.25% of rental income during the nine months ended April 30, 2018. The nine months ended April 30, 2017 had one tenant account for 18.32%, another tenant account for 14.88% and a third tenant account for 10.67% of rental income. No other tenant accounted for more than 10% of rental income during the same periods.
 
The Company has no irrevocable Letters of Credit at April 30, 2018 and had one irrevocable Letter of Credit totaling $230,000 at July 31, 2017 provided by a tenant as a security deposit.
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Long-Term Debt - Mortgage
9 Months Ended
Apr. 30, 2018
Debt Disclosure [Abstract]
Long-Term Debt - Mortgage
5. Long-Term Debt – Mortgage:
                 
April 30, 2018 July 31, 2017
Current
Annual Final Due Due Due Due
Interest Payment Within After Within After
      Rate       Date       One Year       One Year       One Year       One Year
Bond St. building, Brooklyn, NY    3.54 % 2/1/2020 $ 167,002 $      5,341,439 $      162,569 $        5,467,110
Less: Deferred financing costs 40,048 57,202
Total $      167,002 $ 5,301,391 $ 162,569 $ 5,409,908

                On January 9, 2015, the Company refinanced its loan with a bank for $6,000,000, which included the outstanding balance as of January 2015 in the amount of $5,347,726 and an additional borrowing of $652,274. The loan is for a period of five years with a payment based on a twenty-five year amortization period. The interest rate for this period is fixed at 3.54% per annum. The mortgage loan is secured by the Bond Street building in Brooklyn, New York.
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Property and Equipment - at cost
9 Months Ended
Apr. 30, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment - at cost
6. Property and Equipment – at cost:
      April 30 July 31
2018         2017
Property:
Buildings and improvements $      82,515,948 $      80,825,601
Improvements to leased property 1,478,012 1,478,012
Land 6,067,805 6,067,805
Construction in progress 785,528 644,809
90,847,293 89,016,227
Less accumulated depreciation 40,926,729 39,648,642
Property - net 49,920,564 49,367,585
Fixtures and equipment and other:
Fixtures and equipment 144,545 144,545
Other fixed assets 193,015 193,015
337,560 337,560
Less accumulated depreciation 253,355 220,056
Fixtures and equipment and other - net 84,205 117,504
 
Property and equipment - net $ 50,004,769 $ 49,485,089
Construction in progress includes:
             
April 30 July 31
2018 2017
Building improvements at 9 Bond Street in Brooklyn, NY $ $ 644,809
Building improvements at Jamaica, NY building 551,901
Building improvements at Fishkill, NY building 233,627
$ 785,528 $ 644,809
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Unbilled Receivables and Rental Income
9 Months Ended
Apr. 30, 2018
Unbilled Receivables And Rental Income
Unbilled Receivables and Rental Income
7. Unbilled Receivables and Rental Income:
 

Unbilled receivables represent the excess of scheduled rental income recognized on a straight-line basis over rental income as it becomes receivable according to the provisions of each lease.

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Employees' Retirement Plan
9 Months Ended
Apr. 30, 2018
Retirement Benefits [Abstract]
Employees' Retirement Plan
8. Employees' Retirement Plan:
 
The Company sponsors a noncontributory Money Purchase Plan covering substantially all of its non-union employees. Operations were charged $82,308 and $311,145 as contributions to the Plan for the three and nine months ended April 30, 2018, respectively, and $100,147 and $294,804 as contributions to the plan for the three and nine months ended April 30, 2017, respectively.
 
Multi-employer plan:
 
The Company contributes to a union sponsored multi-employer pension plan covering its union employees. The Company contributions to the pension plan were $14,963 and $49,119 for the three and nine months ended April 30, 2018, respectively, and $14,648 and $41,636 as contributions to the plan for the three and nine months ended April 30, 2017, respectively. Contributions and costs are determined in accordance with the provisions of negotiated labor contracts or terms of the plans. The Company also contributes to union sponsored health benefit plans.
 
 

Contingent Liability for Pension Plan:

 
Information as to the Company’s portion of accumulated plan benefits and plan assets is not reported separately by the pension plan. Under the Employee Retirement Income Security Act, upon withdrawal from a multi-employer benefit plan, an employer is required to continue to pay its proportionate share of the plan’s unfunded vested benefits, if any. Any liability under this provision cannot be determined: however, the Company has not made a decision to withdraw from the plan.
 
Information for contributing employer’s participation in the multi-employer plan:

Legal name of Plan: United Food and Commercial
Workers Local 888 Pension Fund
 
Employer identification number: 13-6367793
 
Plan number: 001
 
Date of most recent Form 5500: December 31, 2016
 
Certified zone status: Critical and declining status
 
Status determination date: January 1, 2018
 
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, 2016: Yes
 
Rehabilitation plan implemented: Yes
 
Employer subject to surcharge: Yes
 
Contract expiration date: November 30, 2019

For the plan years 2017-2019, under the pension fund’s rehabilitation plan, the Company agreed to pay a minimum contribution rate equal to 9.1% of the prior year total contribution rate. The Company has 29 employees and has a contract, expiring November 30, 2019, with a union covering rates of pay, hours of employment and other conditions of employment for approximately 24% of its employees. The Company considers that its labor relations with its employees and union are good.

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Cash Flow Information
9 Months Ended
Apr. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Cash Flow Information
9. Cash Flow Information:
               
For purposes of reporting cash flows, the Company considers cash equivalents to consist of short-term highly liquid investments with maturities of three (3) months or less, which are readily convertible into cash.

Supplemental disclosure: Nine Months Ended
April 30
2018         2017
Interest paid, net of capitalized interest of $23,609 (2018) and $16,514 (2017) $ 175,718 $ 163,022
Income taxes paid $ 31,994 $
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Common Stock
9 Months Ended
Apr. 30, 2018
Stockholders' Equity Note [Abstract]
Common Stock
10. Common Stock:
               
The Company has one class of common stock with identical voting rights and rights to liquidation.
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Accumulated Other Comprehensive Income
9 Months Ended
Apr. 30, 2018
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income
11. Accumulated Other Comprehensive Income:
 
The only component of accumulated other comprehensive income is unrealized gain (loss) on available-for-sale securities.
 
A summary of the changes in accumulated other comprehensive income for the three and nine months ended April 30, 2018 and 2017 is as follows:

Three Months Ended Nine Months Ended
April 30 April 30
      2018       2017       2018       2017
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Beginning balance, net of tax effect $    545,831 $     277,770 $     368,476 $     264,541
 
Other comprehensive income, net of tax effect:
Unrealized gain (loss) on available-for-sale securities (144,250 ) 99,910 101,932 118,785
Tax effect 27,037 (33,500 ) (43,963 ) (40,000 )
Unrealized gain (loss) on available-for-sale securities, net of tax effect (117,213 ) 66,410 57,969 78,785
       
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
 
Unrealized (gain) on available-for-sale securities reclassified (25,400 ) (42,195 ) (23,420 ) (40,841 )
Tax effect 7,770 14,500 7,963 14,000
Amount reclassified, net of tax effect (17,630 ) (27,695 ) (15,457 ) (26,841 )
 
Ending balance, net of tax effect $ 410,988 $ 316,485 $ 410,988 $ 316,485

A summary of the line items in the Condensed Consolidated Statements of Income and Retained Earnings affected by the amounts reclassified from accumulated other comprehensive income is as follows:

Details about accumulated other Affected line item in the statement
comprehensive income components where net income is presented
Other comprehensive income reclassified Investment income
tax effect Income taxes provided
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Entry into a Material Definitive Agreement
9 Months Ended
Apr. 30, 2018
Entry into a Material Definitive Agreement [Abstract]
Entry into a Material Definitive Agreement
12. Entry into a Material Definitive Agreement:
               
On June 16, 2014, the Company entered into a Second Amendment of Lease (the "Amendment") with 33 Bond St. LLC ("Bond"), its landlord, for certain truck bays and approximately 1,000 square feet located at the cellar level within a garage at Livingston and Bond Street ("Premises"). Pursuant to the Amendment, (1) a lease option for the Premises was exercised extending the lease until December 8, 2043, (2) the Company, simultaneously with the execution of the Amendment, vacated the Premises so that Bond may demolish the building in which the Premises is located in order to develop and construct a new building at the location, and (3) Bond agreed to redeliver to the Company possession of the reconfigured Premises after construction.
 
As consideration under the Amendment, Bond agreed to pay the Company a total of $3,500,000. Upon execution of the Amendment, the Company recorded $3,500,000 to deferred revenue to be amortized to revenue to temporarily vacate the premises over the expected vacate period of 36 months. Bond tendered $2,250,000 simultaneously with the execution of the Amendment, and the balance due of $1,250,000 on June 16, 2015 had been received by the Company. The Company re-occupied the premises in October 2017.
 
In connection with the Amendment, the parties also agreed to settle a pending lawsuit in the Supreme Court of the State of New York, Kings County, Index No. 50796/13 (the "Action"), in which the Company sought, among other things, a declaratory judgment that it validly renewed the lease for the Premises, and Bond sought, among other things, a declaratory judgment that the lease expired by its terms on December 8, 2013. Pursuant to a stipulation of settlement, filed on June 16, 2014, the Action, including all claims and counterclaims, has been discontinued with prejudice, without costs or attorneys' fees to any party as against the other. The stipulation of settlement also contains general releases by both parties of all claims.
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Contingencies
9 Months Ended
Apr. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies
13. Contingencies:
  
Due to defective workmanship and breach of contract, the Company continues to pursue damages and return in full of a $376,467 deposit paid a contractor when construction commenced to replace a roof and various other work on the Fishkill, New York building. Both the contractor and subcontractors have claimed the Company tortuously interfered with the construction contracts arguing for fees and costs which approximate $700,000. While the Company strongly disputes the claims, it is possible that the court may rule against the Company and may assess damages in amounts up to approximately $700,000. It is also possible that the court may rule in favor of the Company and that no damages would be awarded against the Company and the Company could obtain an order for the return of all or a portion of amounts previously paid. A charge to real estate operating expenses in the amount of $279,213 was recorded for the fiscal year ended July 31, 2016. Following initial court decisions, another $141,132 was charged to operating expenses in October, 2016 and this amount was ordered by the Court to be paid, plus interest in the amount of $48,116, in a judgment dated September 14, 2017. This amount of $189,248 was paid in October, 2017. The testimony phase of the trial has been completed and the parties await further decisions and orders of the court.
 
There are various other 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 cannot be determined at this time.
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Marketable Securities (Tables)
9 Months Ended
Apr. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of financial assets measured at fair value on recurring basis

In accordance with the provisions of Fair Value Measurements, the following are the Company's financial assets measured on a recurring basis presented at fair value.

Fair value measurements at reporting date
 
  Total Total
  April 30, July 31,
Description   2018         Level 1         Level 2         Level 3        2017         Level 1         Level 2         Level 3
Assets:  
Marketable securities - available-for-sale   $ 2,722,917 $ 2,722,917 $ $ 2,815,727 $ 2,815,727 $ $     
Schedule of classified marketable securities

As of April 30, 2018 and July 31, 2017, the Company's marketable securities were classified as follows:

April 30, 2018 July 31, 2017
Gross Gross Gross Gross
      Unrealized    Unrealized    Fair       Unrealized    Unrealized    Fair
Cost Gains Losses Value Cost Gains Losses Value
Noncurrent:
Available-for-sale:
Mutual funds $ 773,158 $ 197,217 $ $ 970,375 $ 716,463 $    193,932 $ $    910,395
Equity securities 1,312,772 453,562 13,792 1,752,542 1,540,788 364,544 1,905,332
$    2,085,930 $    650,779 $    13,792 $    2,722,917 $    2,257,251 $ 558,476 $ $ 2,815,727
Schedule of debt and equity securities in a continuous unrealized loss position

The Company's equity securities, gross unrealized losses and fair value, aggregated by investment category and length of time that the investment securities have been in a continuous unrealized loss position are as follows:

April 30, 2018 July 31, 2017
Less Than Less Than
        Fair Value         12 Months         Fair Value         12 Months
Corporate equity securities $ 120,188 $ 13,792 $ $
Schedule of investment income
Investment income consists of the following:
Three Months Ended Nine Months Ended
April 30 April 30
2018 2017 2018 2017
Gain (loss) on sale of marketable securities $ 912 $ 31,155 $ (805 ) $ 23,734
Interest income 5,737 2,941 12,488 9,287
Dividend income 9,260 7,810 78,448 47,449
Total $ 15,909 $ 41,906 $ 90,131 $ 80,470
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Long-Term Debt - Mortgage (Tables)
9 Months Ended
Apr. 30, 2018
Debt Disclosure [Abstract]
Schedule of long-term debt
April 30, 2018 July 31, 2017
Current
Annual Final Due Due Due Due
Interest Payment Within After Within After
      Rate       Date       One Year       One Year       One Year       One Year
Bond St. building, Brooklyn, NY    3.54 % 2/1/2020 $ 167,002 $      5,341,439 $      162,569 $        5,467,110
Less: Deferred financing costs 40,048 57,202
Total $      167,002 $ 5,301,391 $ 162,569 $ 5,409,908
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Property and Equipment - at cost (Tables)
9 Months Ended
Apr. 30, 2018
Property, Plant and Equipment [Abstract]
Schedule of property and equipment
      April 30 July 31
2018         2017
Property:
Buildings and improvements $      82,515,948 $      80,825,601
Improvements to leased property 1,478,012 1,478,012
Land 6,067,805 6,067,805
Construction in progress 785,528 644,809
90,847,293 89,016,227
Less accumulated depreciation 40,926,729 39,648,642
Property - net 49,920,564 49,367,585
Fixtures and equipment and other:
Fixtures and equipment 144,545 144,545
Other fixed assets 193,015 193,015
337,560 337,560
Less accumulated depreciation 253,355 220,056
Fixtures and equipment and other - net 84,205 117,504
 
Property and equipment - net $ 50,004,769 $ 49,485,089
Schedule of property and equipment construction in progress
April 30 July 31
2018 2017
Building improvements at 9 Bond Street in Brooklyn, NY $ $ 644,809
Building improvements at Jamaica, NY building 551,901
Building improvements at Fishkill, NY building 233,627
$ 785,528 $ 644,809
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Cash Flow Information (Tables)
9 Months Ended
Apr. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of cash flow information
Supplemental disclosure: Nine Months Ended
April 30
2018         2017
Interest paid, net of capitalized interest of $23,609 (2018) and $16,514 (2017) $ 175,718 $ 163,022
Income taxes paid $ 31,994 $
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Accumulated Other Comprehensive Income (Tables)
9 Months Ended
Apr. 30, 2018
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income
A summary of the changes in accumulated other comprehensive income for the three and nine months ended April 30, 2018 and 2017 is as follows:

Three Months Ended Nine Months Ended
April 30 April 30
      2018       2017       2018       2017
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Beginning balance, net of tax effect $    545,831 $     277,770 $     368,476 $     264,541
 
Other comprehensive income, net of tax effect:
Unrealized gain (loss) on available-for-sale securities (144,250 ) 99,910 101,932 118,785
Tax effect 27,037 (33,500 ) (43,963 ) (40,000 )
Unrealized gain (loss) on available-for-sale securities, net of tax effect (117,213 ) 66,410 57,969 78,785
       
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
 
Unrealized (gain) on available-for-sale securities reclassified (25,400 ) (42,195 ) (23,420 ) (40,841 )
Tax effect 7,770 14,500 7,963 14,000
Amount reclassified, net of tax effect (17,630 ) (27,695 ) (15,457 ) (26,841 )
 
Ending balance, net of tax effect $ 410,988 $ 316,485 $ 410,988 $ 316,485
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Accounting Records and Use of Estimates (Narrative) (Details) (USD $)
9 Months Ended
Apr. 30, 2018
Jul. 31, 2019
Subsequent Event [Member]
Jul. 31, 2018
Subsequent Event [Member]
Jul. 31, 2017
Domestic Tax Authority [Member]
Jul. 31, 2017
State and Local Jurisdiction [Member]
Jul. 31, 2017
City Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards $ 5,366,000 $ 10,107,000 $ 8,274,000
Period over which state capital-based tax will be phased out 7 years
Corporate income tax 21.00% 26.00%
Deferred Income Tax $ 2,400,000
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Income Per Share of Common Stock (Details)
3 Months Ended 9 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2018
Apr. 30, 2017
Leases [Abstract]
Average common shares outstanding 2,015,780 2,015,780 2,015,780 2,015,780
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Marketable Securities (Schedule of financial assets measured at fair value on recurring basis) (Details) (USD $)
Apr. 30, 2018
Jul. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale $ 2,722,917 $ 2,815,727
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale 2,722,917 2,815,727
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale      
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale      
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Marketable Securities (Schedule of classified marketable securities) (Details) (USD $)
Apr. 30, 2018
Jul. 31, 2017
Fair Value $ 2,722,917 $ 2,815,727
Noncurrent [Member]
Cost 2,085,930 2,257,251
Gross Unrealized Gains 650,779 558,476
Gross Unrealized Losses 13,792   
Fair Value 2,722,917 2,815,727
Noncurrent [Member] | Mutual Funds [Member]
Cost 773,158 716,463
Gross Unrealized Gains 197,217 193,932
Gross Unrealized Losses      
Fair Value 970,375 910,395
Noncurrent [Member] | Corporate Equity Securities [Member]
Cost 1,312,772 1,540,788
Gross Unrealized Gains 453,562 364,544
Gross Unrealized Losses 13,792   
Fair Value $ 1,752,542 $ 1,905,332
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Marketable Securities (Schedule of Investment Securities In Continuous Unrealized Loss Position) (Details) (Corporate Equity Securities [Member], USD $)
Apr. 30, 2018
Jul. 31, 2017
Corporate Equity Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Investment securities, continuous unrealized loss position, Fair Value $ 120,188   
Investment securities, continuous unrealized loss position, Less Than 12 Months $ 13,792   
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Marketable Securities (Schedule of investment income) (Details) (USD $)
3 Months Ended 9 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2018
Apr. 30, 2017
Investments, Debt and Equity Securities [Abstract]
Gain (loss) on sale of marketable securities $ 912 $ 31,155 $ (805) $ 23,734
Interest income 5,737 2,941 12,488 9,287
Dividend income 9,260 7,810 78,448 47,449
Total $ 15,909 $ 41,906 $ 90,131 $ 80,470
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Financial Instruments and Credit Risk Concentrations (Details) (USD $)
9 Months Ended 12 Months Ended 9 Months Ended
Apr. 30, 2018
tenants
Jul. 31, 2018
Apr. 30, 2018
Customer One [Member]
Rental Income [Member]
Apr. 30, 2017
Customer One [Member]
Rental Income [Member]
Apr. 30, 2018
Customer Two [Member]
Rental Income [Member]
Apr. 30, 2017
Customer Two [Member]
Rental Income [Member]
Apr. 30, 2018
Customer Three [Member]
Rental Income [Member]
Apr. 30, 2017
Customer Three [Member]
Rental Income [Member]
Concentration Risk [Line Items]
Concentration risk 17.70% 18.32% 15.33% 14.88% 12.25% 10.67%
Irrevocable letter of credit    $ 230,000
Number of tenants 50
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Long-Term Debt - Mortgage (Schedule of long-term debt) (Details) (USD $)
9 Months Ended
Apr. 30, 2018
Jul. 31, 2017
Jan. 09, 2015
Less: Deferred financing costs
Due After One Year, Total $ 5,301,391 $ 5,409,908
Bond St.Building Brooklyn NY Two [Member]
Mortgage:
Due Within One Year 167,002 162,569
Due After One Year 5,341,439 5,467,110
Less: Deferred financing costs
Due Within One Year      
Due After One Year 40,048 57,202
Due Within One Year, Total 167,002 162,569
Due After One Year, Total $ 5,301,391 $ 5,409,908
Current Annual Interest Rate 3.54% 3.54% 3.54%
Final Payment Date Feb 1, 2020
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Long-Term Debt - Mortgage (Narrative) (Details) (Bond St.Building Brooklyn NY Two [Member], USD $)
0 Months Ended
Jan. 09, 2015
Apr. 30, 2018
Jul. 31, 2017
Bond St.Building Brooklyn NY Two [Member]
Debt Instrument [Line Items]
Closed bank liabilities $ 6,000,000
Additional loans 652,274
Amount outstanding $ 5,347,726
Term of loan 5 years
Amortization period of loan 25 years
Interest rate, percent 3.54% 3.54% 3.54%
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Property and Equipment - at cost (Details) (USD $)
Apr. 30, 2018
Jul. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment - net $ 50,004,769 $ 49,485,089
Construction in progress 785,528 644,809
Building Improvements at 9 Bond Street in Brooklyn, NY [Member]
Property, Plant and Equipment [Line Items]
Construction in progress    644,809
Building improvements at Jamaica, NY building [Member]
Property, Plant and Equipment [Line Items]
Construction in progress 551,901   
Building improvements at Fishkill, NY building [Member]
Property, Plant and Equipment [Line Items]
Construction in progress 233,627   
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 82,515,948 80,825,601
Improvements to Leased Property [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 1,478,012 1,478,012
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 6,067,805 6,067,805
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 785,528 644,809
Property [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 90,847,293 89,016,227
Less accumulated depreciation 40,926,729 39,648,642
Property and equipment - net 49,920,564 49,367,585
Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 144,545 144,545
Other Fixed Assets [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 193,015 193,015
Fixtures and equipment and other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 337,560 337,560
Less accumulated depreciation 253,355 220,056
Property and equipment - net $ 84,205 $ 117,504
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Employees' Retirement Plan (Details) (USD $)
3 Months Ended 9 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2018
Apr. 30, 2017
Retirement Benefits [Abstract]
Pension contributions $ 82,308 $ 100,147 $ 311,145 $ 294,804
Employer contributions $ 14,963 $ 14,648 $ 49,119 $ 41,636
Minimum contribution rate 9.10%
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Cash Flow Information (Details) (USD $)
9 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest of $23,609 (2018) and $16,514 (2017) $ 175,718 $ 163,022
Income taxes paid 31,994   
Capitalized interest $ 23,609 $ 16,514
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Accumulated Other Comprehensive Income (Details) (USD $)
3 Months Ended 9 Months Ended
Apr. 30, 2018
Apr. 30, 2017
Apr. 30, 2018
Apr. 30, 2017
Accumulated Other Comprehensive Income [Abstract]
Beginning balance, net of tax effect $ 545,831 $ 277,770 $ 368,476 $ 264,541
Other comprehensive income, net of tax effect:
Unrealized gain (loss) on available-for-sale securities (144,250) 99,910 101,932 118,785
Tax effect 27,037 (33,500) (43,963) (40,000)
Unrealized gain (loss) on available-for-sale securities, net of tax effect (117,213) 66,410 57,969 78,785
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized (gain) on available-for-sale securities reclassified (25,400) (42,195) (23,420) (40,841)
Tax effect 7,770 14,500 7,963 14,000
Amount reclassified, net of tax effect (17,630) (27,695) (15,457) (26,841)
Ending balance, net of tax effect $ 410,988 $ 316,485 $ 410,988 $ 316,485
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Entry into a Material Definitive Agreement (Details) (Thirty Three Bond Street Llc [Member], USD $)
Jun. 16, 2015
Thirty Three Bond Street Llc [Member]
Related Party Transaction [Line Items]
Deferred revenue $ 3,500,000
Tendered amount with execution of the Amendment 2,250,000
Balance due $ 1,250,000
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Contingencies (Details) (Fishkill, New York Property [Member], USD $)
0 Months Ended 1 Months Ended 9 Months Ended 12 Months Ended
Sep. 14, 2017
Oct. 31, 2017
Apr. 30, 2018
Apr. 30, 2017
Jul. 31, 2016
Fishkill, New York Property [Member]
Damages filed $ 376,467
Commitment to replace roof 700,000
Charge to operations 141,132 279,213
Interest paid 48,116
Amount paid total $ 189,248
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