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DOCUMENT AND ENTITY INFORMATION (USD $)
12 Months Ended
Jul. 31, 2018
Sep. 04, 2018
Jan. 31, 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 Non-accelerated Filer
Entity Small Business true
Entity Shell Company false
Entity Emerging Growth Company false
Trading Symbol mays
Document Type 10-K
Amendment Flag false
Document Period End Date Jul 31, 2018
Document Fiscal Period Focus FY
Document Fiscal Year Focus 2018
Entity Well-Known Seasoned Issuer No
Entity Voluntary Filers No
Entity Current Reporting Status Yes
Entity Common Stock, Shares Outstanding 2,015,780
Entity Public Float $ 16,836,624
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CONSOLIDATED BALANCE SHEETS (USD $)
Jul. 31, 2018
Jul. 31, 2017
Property and Equipment-at cost (Notes 1, 3, 4, 14 and 15):
Buildings and improvements $ 82,728,826 $ 80,825,601
Improvements to leased property 1,478,012 1,478,012
Fixtures and equipment 144,545 144,545
Land 6,067,805 6,067,805
Other 205,619 193,015
Construction in progress 1,786,980 644,809
Property, Plant and Equipment, Gross 92,411,787 89,353,787
Less accumulated depreciation 41,618,803 39,868,698
Property and equipment-net 50,792,984 49,485,089
Current Assets:
Cash and cash equivalents (Notes 9 and 10) 5,255,073 5,381,195
Receivables (Notes 1, 6 and 10) 252,304 164,716
Income taxes refundable 8,792 6,891
Restricted cash 100,789 15,905
Prepaid expenses 1,951,132 1,675,019
Total current assets 7,568,090 7,243,726
Other Assets:
Deferred charges (Notes 1 and 11) 3,228,162 3,465,062
Less accumulated amortization (Notes 1 and 11) 1,369,445 1,384,142
Net 1,858,717 2,080,920
Restricted cash 1,523,761 1,279,829
Unbilled receivables (Notes 1, 4, 6 and 10) 1,677,093 1,943,648
Marketable securities (Notes 1, 2, 10 and 13) 3,141,828 2,815,727
Total other assets 8,201,399 8,120,124
TOTAL ASSETS 66,562,473 64,848,939
Long-Term Liabilities:
Mortgage payable, net (Notes 3 and 10) 5,264,285 5,409,908
Security deposits payable (Note 10) 1,242,382 1,020,292
Deferred income taxes (Notes 1 and 4) 4,506,000 5,637,000
Total long-term liabilities 11,012,667 12,067,200
Current Liabilities:
Accounts payable 74,205 79,103
Payroll and other accrued liabilities (Notes 1, 5 and 7) 2,104,359 2,515,616
Other taxes payable 8,240 8,135
Current portion of mortgage payable (Notes 3 and 10) 168,501 162,569
Current portion of security deposits payable (Note 10) 101,289 15,905
Total current liabilities 2,456,594 2,781,328
Total liabilities 13,469,261 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 $313,000 at July 31, 2018 and $190,000 at July 31, 2017 (Notes 1, 4, 10 and 13) 487,136 368,476
Retained earnings 48,369,386 45,395,245
Stockholders' Equity before Treasury Stock 54,381,064 51,288,263
Less common stock held in treasury, at cost - 162,517 shares at July 31, 2018 and July 31, 2017 (Note 12) 1,287,852 1,287,852
Total shareholders' equity 53,093,212 50,000,411
Commitments (Notes 5 and 6) and Contingencies (Notes 8 and 15)      
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 66,562,473 $ 64,848,939
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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Jul. 31, 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) $ 313,000 $ 190,000
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CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Revenues
Rental income (Notes 1 and 6) $ 19,300,882 $ 18,517,602 $ 17,416,187
Recovery of real estate taxes    10,952   
Revenue to temporarily vacate lease (Note 14)    1,020,833 1,166,667
Total revenues 19,300,882 19,549,387 18,582,854
Expenses
Real estate operating expenses (Note 5) 11,074,396 10,212,761 10,080,913
Administrative and general expenses 4,598,144 4,616,086 4,333,589
Depreciation (Note 1) 1,775,690 1,682,690 1,635,660
(Gain) on disposition of property and equipment       (500)
Total expenses 17,448,230 16,511,537 16,049,662
Income from operations before investment income, interest expense and income taxes 1,852,652 3,037,850 2,533,192
Investment income and interest expense:
Investment income (Notes 1 and 2) 110,963 94,627 25,949
Interest expense (Notes 3, and 9) (233,474) (225,938) (245,381)
Total investment income and interest expense: (122,511) (131,311) (219,432)
Income from operations before income taxes 1,730,141 2,906,539 2,313,760
Income taxes provided (benefit) (Notes 1 and 4) (1,244,000) 981,000 796,000
Net income 2,974,141 1,925,539 1,517,760
Retained earnings, beginning of year 45,395,245 43,469,706 41,951,946
Retained earnings, end of year $ 48,369,386 $ 45,395,245 $ 43,469,706
Income per common share (Note 1) $ 1.48 $ 0.96 $ 0.75
Dividends per share         
Average common shares outstanding (Note 1) 2,015,780 2,015,780 2,015,780
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income $ 2,974,141 $ 1,925,539 $ 1,517,760
Unrealized gain on available-for-sale securities:
Unrealized holding gains arising during the period net of taxes of $130,963, $68,000 and $43,000 for the fiscal years 2018, 2017 and 2016, respectively (Note 13) 134,117 130,776 85,515
Reclassification adjustment for net gains included in net income, net of taxes of $7,963 for the year ended July 31, 2018 and $14,000 for the year ended July 31, 2017 and $8,000 for the year ended July 31, 2016 (Note 13) (15,457) (26,841) (17,007)
Unrealized gain on available-for-sale securities, net of taxes 118,660 103,935 68,508
Comprehensive income $ 3,092,801 $ 2,029,474 $ 1,586,268
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Statement of Comprehensive Income [Abstract]
Unrealized holding gains arising during the period, tax $ 130,963 $ 68,000 $ 43,000
Reclassification adjustment for net gains included in net income, tax $ 7,963 $ 14,000 $ 8,000
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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Cash Flows From Operating Activities:
Net income $ 2,974,141 $ 1,925,539 $ 1,517,760
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (benefit) for deferred income taxes (1,254,000) 966,000 727,000
Deferred revenue    (1,020,833) (1,166,667)
Realized (gain) loss on sale of marketable securities 805 (23,734) 36,999
(Gain) on disposition of property and equipment       (500)
Depreciation 1,775,690 1,682,690 1,635,660
Amortization of deferred charges 296,298 279,875 315,779
Deferred finance costs included in interest expense 22,877 22,877 22,872
Other assets - deferred charges (74,095) (417,031) (63,105)
- unbilled receivables 266,555 198,896 390,400
- unbilled receivable - bad debts    80,302   
- receivables       30,000
Changes in:
Receivables (87,588) 128,601 345,326
Prepaid expenses (276,113) (121,802) (75,221)
Income taxes refundable (1,901) 10,113 678,261
Accounts payable (4,898) (1,240) 40,584
Payroll and other accrued liabilities (411,257) 270,849 (473,560)
Other taxes payable 105 1,172 991
Net cash provided by operating activities 3,226,619 3,982,274 3,962,579
Cash Flows From Investing Activities:
Acquisition of property and equipment (3,083,585) (2,103,042) (2,508,505)
Restricted cash (328,816) (136,396) 252,626
Marketable securities:
Receipts from sales 268,857 282,435 314,008
Payments for purchases (354,103) (854,288) (848,200)
Net cash (used) by investing activities (3,497,647) (2,811,291) (2,790,071)
Cash Flows From Financing Activities:
Increase - security deposits payable 307,474 138,232 121,377
Payments - mortgage and other debt payments (162,568) (1,156,846) (150,763)
Net cash provided (used) by financing activities 144,906 (1,018,614) (29,386)
Net increase (decrease) in cash and cash equivalents (126,122) 152,369 1,143,122
Cash and cash equivalents at beginning of year 5,381,195 5,228,826 4,085,704
Cash and cash equivalents at end of year $ 5,255,073 $ 5,381,195 $ 5,228,826
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
Jul. 31, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Organization

J.W. Mays, Inc. (the “Company” or “Registrant”) with executive offices at 9 Bond Street, Brooklyn, New York 11201, operates a number of commercial real estate properties in New York and one building in Ohio. The Company’s business was founded in 1924 and incorporated under the laws of the State of New York on July 6, 1927.

Consolidation

The consolidated financial statements include the accounts of the Company, a New York corporation and its subsidiaries (J. W. M. Realty Corp. and Dutchess Mall Sewage Plant, Inc.), which are wholly-owned. Material intercompany items have been eliminated in consolidation.

Accounting Records and Use of Estimates

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, revenue recognition and accrued expenses. Estimates are based on historical experience where applicable or other assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results may differ from those estimates under different assumptions or conditions.

Restricted Cash

Restricted cash primarily consists of cash held in bank accounts for tenant security deposits and other amounts required under certain loan agreements.

Rental Income and Receivables

All of the real estate owned by the Company is held for leasing to tenants except for a small portion used for Company offices. Rent 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 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. Contingent rental income is recorded when earned and is not based on tenant revenue. The effect of lease modifications that result in rent relief or other credits to tenants, including any retroactive effects relating to prior periods, is 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. 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.

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. Management has determined that no allowance for uncollected receivables is considered necessary. The Company uses specific identification to write-off receivables to bad debt expense in the period when issues of collectability become known. Collectability issues include 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. Due to the early termination of a lease, the Company recorded a bad debt expense of $80,302 for the year ended July 31, 2017, which is included in administration and general expenses.

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 shorter of the life of the lease or the estimated useful life of the improvements. Lives used to determine depreciation and amortization are generally as follows:

Buildings and improvements 18-40 years
Improvements to leased property 3-40 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.

The Company reviews long-lived assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. At July 31, 2018 and 2017, there were no impairments 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 1 to 21 years, using the straight-line method. If a lease is terminated early, such costs are expensed.

Income Taxes

Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. Deferred tax assets result principally from the recording of certain accruals, reserves and net operating loss carry forwards which currently are not deductible for tax purposes. Deferred tax liabilities result principally from temporary differences in the recognition of unrealized gains and losses from certain investments and from the use, for tax purposes, of accelerated depreciation. Deferred tax assets and liabilities are offset for each jurisdiction and are presented net on the balance sheet.

The effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Actual income taxes could vary from these estimates due to future changes in income tax law or results from the final review of tax returns by federal, state or city tax authorities. Financial statement effects on tax positions are recognized in the period in which it is more likely than not that the position will be sustained upon examination, the position is effectively settled or when the statute of limitations to challenge the position has expired. Interest and penalties, if any, related to unrecognized tax benefits are recorded as interest expense and administrative and general expenses, respectively.

Income Per Share of Common Stock

Income per share has been computed by dividing net income for the year by the weighted average number of shares of common stock outstanding during the year, adjusted for the purchase of treasury stock. Shares used in computing income per share were 2,015,780 in fiscal years 2018, 2017 and 2016.

Marketable Securities

The Company categorizes marketable securities as either trading, available-for-sale or held-to-maturity at the time of purchase. Trading securities are carried at fair value with unrealized gains and losses included in income. Available-for-sale securities are carried at fair value measurements using quoted prices in active markets for identical assets or liabilities with unrealized gains and losses recorded as a separate component of shareholders’ equity. Held-to-maturity securities are carried at amortized cost. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The Company did not classify any securities as trading or held to maturity during the three years ended July 31, 2018.

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 July 31, 2018 and 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 U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Company are deemed to be actively traded.

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

Fair value measurements at reporting date using
Description    July 31, 2018    Level 1    Level 2    Level 3    July 31, 2017    Level 1    Level 2    Level 3
Assets:                                                           
Marketable securities - available-for-sale $ 3,141,828 $ 3,141,828 $ $– $ 2,815,727 $ 2,815,727      $      $

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.

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. We adopted these standards effective August 1, 2018 and expect the adoption 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 is effective for interim and annual periods beginning after December 15, 2017. We adopted this standard effective August 1, 2018 and expect the adoption will not have a significant impact on our consolidated financial statements.

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.

In July 2018, the FASB issued ASU No. 2018-10, “Codification Improvements to Topic 842”, which provides amendments and clarification to ASU 2016-12 based on the FASB’s interaction with stakeholders. In July 2018, the FASB issued ASU No. 2018-11 “Leases (Topic 842): Targeted Improvements”, which amends Leases (Topic 842) to (i) add an optional transition method that would permit entities to apply the new requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption, and (ii) provide a practical expedient for lessors regarding the separation of the lease and non-lease components of a contract. The standards are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standards will be effective for the Company for the fiscal year beginning August 1, 2019, with early adoption permitted, and the Company expects to use the cumulative-effect adjustment approach in the year of adoption. 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. We adopted this standard effective August 1, 2018 and expect the adoption 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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MARKETABLE SECURITIES
12 Months Ended
Jul. 31, 2018
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES

2. MARKETABLE SECURITIES:

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

July 31, 2018 July 31, 2017
      Cost     Gross
Unrealized

Gains
    Gross
Unrealized

Losses
    Fair
Value
    Cost     Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair
Value
Non-current:               
Available-for-sale:
Mutual funds $ 774,602 $ 237,149 $ $ 1,011,751 $ 716,463 $ 193,932 $ $ 910,395
Corporate equity securities 1,567,089 562,988 2,130,077 1,540,788 364,544 1,905,332
$ 2,341,691 $ 800,137 $ $ 3,141,828 $ 2,257,251 $ 558,476 $ $ 2,815,727

Investment income for the years ended July 31, 2018, 2017 and 2016 consists of the following:

2018 2017 2016
Interest income       $ 25,414       $ 13,176       $ 8,422
Dividend income 86,354 57,717 54,526
Gain (loss) on sale of marketable securities (805 ) 23,734 (36,999 )
Total $ 110,963 $ 94,627 $ 25,949
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LONG-TERM DEBT - MORTGAGE
12 Months Ended
Jul. 31, 2018
LONG-TERM DEBT - MORTGAGES AND TERM LOAN [Abstract]
LONG-TERM DEBT - MORTGAGE

3. LONG-TERM DEBT—MORTGAGE:

July 31, 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
Mortgage:                                      
Bond St. building, Brooklyn, NY 3.54% 2/1/2020 $ 168,501 $ 5,298,610 $ 162,569 $ 5,467,110
Less: Deferred financing costs 34,325 57,202
Total $ 168,501 $ 5,264,285 $ 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.

Maturities of long-term mortgage and term loan payable outstanding at July 31, 2018 are as follows: Years ending July 31, 2019 (included in current liabilities): $168,501; and 2020: $5,298,610.

The carrying value of the property collateralizing the above debt is $22,280,525 at July 31, 2018.

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INCOME TAXES
12 Months Ended
Jul. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES

4. INCOME TAXES:

On December 22, 2017, the United States government (“U.S.”) enacted significant changes to the U.S. tax law following the passage and signing of H.R.1, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018” (the “Tax Act”) (previously known as “The Tax Cuts and Jobs Act”). The Tax Act included significant changes to existing tax law, including a permanent reduction to the U.S. federal corporate income tax rate from 34% to 21%, a one-time repatriation tax on deferred foreign income, deductions, credits and business related exclusions.

The permanent reduction to the U.S. federal corporate income tax rate from 34% to 21% was effective January 1, 2018 (the “Effective Date”). When a U.S. federal tax rate change occurs during a fiscal year, taxpayers are required to compute a weighted daily average rate for the fiscal year of enactment. As a result of the Tax Act, the Company has calculated a U.S. federal statutory corporate income tax rate of 26% for the fiscal year ending July 31, 2018 and applied this rate in computing the income tax provision. The U.S. federal statutory corporate income tax rate of 26% is the weighted daily average rate between the pre-enactment U.S. federal statutory tax rate of 34%, applicable to the Company’s fiscal year ending July 31 2018 prior to the Effective Date, and the post-enactment U.S. federal statutory tax rate of 21% applicable thereafter. The Company expects the U.S. federal statutory rate to be 21% for fiscal years beginning after July 31, 2018.

On December 22, 2017, the SEC issued Staff Accounting Bulletin 118 (“SAB 118”). SAB 118 expresses views of the SEC regarding ASC Topic 740, Income Taxes (“ASC 740”), in the reporting period that includes the enactment date of the Tax Act. The SEC staff issuing SAB 118 (the “Staff’) recognized that a registrant’s review of certain income tax effects of the Tax Act may be incomplete at the time financial statements are issued for the reporting period that includes the enactment date, including interim periods therein. If a company does not have the necessary information available, prepared or analyzed for certain income tax effects of the Tax Act, SAB 118 allows a company to report provisional numbers and adjust those amounts during the measurement period not to extend beyond one year. The Company has recorded all known and estimable impacts of the Tax Act that are effective for the fiscal year ended July 31, 2018. Future adjustments to the provisional numbers will be recorded as discrete adjustments to income tax expense in the period in which those adjustments become estimable and/or are finalized.

As of July 31, 2017, the Company had net deferred federal tax liabilities totaling approximately $5.6 million. The lower future tax rate means the future expense of existing deferred tax liabilities needs to be computed at the new, lower tax rate which results in a reduction in deferred tax liabilities and an income tax benefit in the period of enactment.

As a direct result of the permanent reduction in federal tax rates from 34% to 21%, the value of these net deferred tax liabilities has declined. Accordingly, the Company’s income tax provision for the fiscal year ended July 31, 2018 includes a $2.4 million non-cash reduction to the value of net deferred tax liabilities to the revised value based on the new, lower tax rate.

In accordance with SAB 118, the provision estimates recorded represent reasonable estimates of the effects of the Tax Act for which the analysis is not yet complete. As the Company completes its analysis of the effects of the Tax Act, including performing and refining calculations and obtaining additional guidance from such standard setting and regulatory bodies as the US Internal Revenue Services, US Treasury Department and FASB, among others, it may record adjustments to the provisional estimates. The Company expects to finalize its provisional estimates at the earlier of the time it files its US federal income tax return for the fiscal year ended July 31, 2018 or the end of the measurement period provided for under SAB 118, which is December 31, 2018.

Income taxes provided for the years ended July 31, 2018, 2017 and 2016 consist of the following:

2018 2017 2016
Current:
Federal       $ 10,000       $ 15,000       $ 69,000
Deferred taxes:
Federal (1,841,000 ) 966,000 727,000
State 587,000
Total provision $ (1,244,000 ) $ 981,000 $ 796,000

Taxes provided for the years ended July 31, 2018, 2017 and 2016 differ from amounts which would result from applying the federal statutory tax rate to pre-tax income, as follows:

2018 2017 2016
Income before income taxes             $ 1,730,141       $ 2,906,539       $ 2,313,760
Other-net 2,443 4,507 7,427
Adjusted pre-tax income $ 1,732,584 $ 2,911,046 $ 2,321,187
Statutory rate 26.42 % 34 % 34 %
Income tax provision at statutory rate $ 457,749 $ 989,756 $ 789,204
Remeasurement of federal deferred income taxes (2,390,000 )
State deferred income taxes 587,000
Other-net 101,251 (8,756 ) 6,796
Income tax provision $ (1,244,000 ) $ 981,000 $ 796,000

The Company has a federal net operating loss carryforward approximating $4,053,000, $5,446,000 and $6,580,000 as of July 31, 2018, July 31, 2017 and July 31, 2016, respectively, available to offset future taxable income. As of July 31, 2018, 2017 and 2016, the Company had unused state and city net operating loss carryforwards of approximately $10,107,000 for state and $8,274,000 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.

The Company’s federal tax returns have been audited through the year ended July 31, 2013 and the New York State and New York City tax returns have been audited through July 31, 2012.

Generally, tax returns filed are subject to audit for three years by the appropriate taxing jurisdictions. The statute of limitations in each of the state jurisdictions in which the Company operates remain open until the years are settled for federal income tax purposes, at which time amended state income tax returns reflecting all federal income tax adjustments are filed. As of July 31, 2018, there were no income tax audits in progress that would have a material impact on the consolidated financial statements.

Significant components of the Company’s deferred tax assets and liabilities as of July 31, 2018 and 2017 are a result of temporary differences related to the items described as follows:

2018 2017
Deferred Deferred Deferred Deferred
      Tax Assets       Tax Liabilities       Tax Assets       Tax Liabilities
Rental income received in advance $ 174,975   $   $ 240,974    $   
Federal Net operating loss carryforward 851,175 1,851,535
State Net operating loss carryforward 665,934 660,840
Unbilled receivables 462,686 7,347,278
Property and equipment 5,916,568
Unrealized gain on marketable securities 220,746 189,882
Litigation deposit due from contractor 103,862 94,932
Other 298,054 373,559
$ 2,094,000 $ 6,600,000 $ 2,561,000 $ 8,198,000
Net deferred tax liability $ 4,506,000 $ 5,637,000

Management periodically assesses the realization of its net deferred tax assets by evaluating all available evidence, both positive and negative, associated with the Company and determining whether, based on the weight of that associated evidence, a valuation allowance for the deferred tax assets is needed. Based on this analysis, management has determined that it is more likely than not that future taxable income will be sufficient to fully utilize the federal and state deferred tax assets at July 31, 2018.

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, 2016, changes in the law required 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 income beginning August 1, 2018. For the quarter ending July 31, 2018, the Company recorded a state deferred tax asset, deferred tax liability and deferred taxes on unrealized gain on available-for-sale securities in the amounts of $790,000, $1,430,000 and $53,000, respectively, resulting in a state deferred tax expense of $587,000. 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 expense. 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.

Components of the deferred tax provision (benefit) for the years ended July 31, 2018, 2017 and 2016 consist of the following:

      2018       2017       2016
Tax depreciation exceeding book depreciation $ (1,430,906 ) $ 397,273 $ 553,647
Federal operating loss carryforward 1,000,360 384,208 11,453
State net operating loss carryforward (665,934 )
Decrease (increase) of rental income received in advance 65,999 (82,775 ) 44,298
(Decrease) in unbilled receivables (198,154 ) (94,927 ) (132,736 )
Increase (decrease) in average rent payable 81,230 29,383 (28,389 )
Deferred revenue 347,083 396,667
Litigation deposit due from contractor (8,930 ) (94,932 )
Other (97,665 ) (14,245 ) (23,008 )
$ (1,254,000 ) $ 966,000 $ 727,000
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LEASES
12 Months Ended
Jul. 31, 2018
Leases [Abstract]
LEASES

5. LEASES:

The Company’s real estate operations encompass both owned and leased properties. The current leases on leased property, most of which have options to extend the terms, range from 3 years to 25 years. Certain of the leases provide for additional rentals under certain circumstances and obligate the Company for payments of real estate taxes and other expenses.

Rental expense for leased real property for each of the three fiscal years in the period ended July 31, 2018 was exceeded by sublease rental income, as follows:

2018 2017 2016
Minimum rental expense       $ 1,750,859       $ 1,899,374       $ 1,726,528
Contingent rental expense 1,034,762 833,641 825,695
2,785,621 2,733,015 2,552,223
Sublease rental income 6,901,958 6,750,325 6,341,145
Excess of sublease income over expense $ 4,116,337 $ 4,017,310 $ 3,788,922

Rent expense related to an affiliate principally owned by a director of the Company totaled $987,250 for fiscal year ended July 31, 2018, $987,250 for fiscal year ended 2017 and $836,813 for fiscal year ended 2016. The rent expense is derived from two leases which expire July 31, 2027 and April 30, 2031, respectively. Rent expense is recognized on a straight-line basis over the lives of the leases.

The lease which expires July 31, 2027 related to an affiliate principally owned by a director of the Company, is for a ground lease which permitted the Company to construct a building during the lease period. In accordance with the terms of the lease, upon lease termination in 2027, the building and all improvements are turned over to the property owner.

Future minimum non-cancelable rental commitments for operating leases with initial or remaining terms of one year or more are payable as follows:

Operating
Fiscal Year       Leases
2019 $ 1,853,841
2020 1,858,754
2021 1,860,485
2022 1,856,314
2023 1,864,455
After 2023 10,801,871
Total required* $ 20,095,720

*        Minimum payments have not been reduced by minimum sublease rentals of $31,436,747 under operating leases due in the future under non-cancelable leases.
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RENTAL INCOME
12 Months Ended
Jul. 31, 2018
RENTAL INCOME [Abstract]
RENTAL INCOME

6. RENTAL INCOME:

Rental income for each of the fiscal years 2018, 2017 and 2016 is as follows:

July 31,
      2018       2017       2016
Minimum rentals
Company owned property $ 11,652,482 $ 11,144,902 $ 10,478,878
Leased property 6,502,219 6,414,724 6,008,185
18,154,701 17,559,626 16,487,063
Contingent rentals
Company owned property 746,442 622,375 596,164
Leased property 399,739 335,601 332,960
1,146,181 957,976 929,124
Total $ 19,300,882 $ 18,517,602 $ 17,416,187

Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows:

Company
Owned Leased
Fiscal Year       Property       Property       Total
2019 $ 10,702,102 $ 5,601,866 $ 16,303,968
2020 9,775,733 4,072,267 13,848,000
2021 9,331,495 3,216,011 12,547,506
2022 7,352,730 2,878,732 10,231,462
2023 8,261,901 2,463,368 10,725,269
After 2023 56,946,159 13,204,503 70,150,662
Total $ 102,370,120 $ 31,436,747 $ 133,806,867

Rental income is recognized on a straight-line basis over the lives of the leases.

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PAYROLL AND OTHER ACCRUED LIABILITIES
12 Months Ended
Jul. 31, 2018
Payables and Accruals [Abstract]
PAYROLL AND OTHER ACCRUED LIABILITIES

7. PAYROLL AND OTHER ACCRUED LIABILITIES:

Payroll and other accrued liabilities for the fiscal years ended July 31, 2018 and 2017 consist of the following:

      2018       2017
Payroll $ 259,149 $ 260,741
Interest 16,666 17,161
Professional fees 140,000 145,000
Rents received in advance 644,728 708,747
Utilities 19,200 12,452
Brokers commissions 134,418 287,940
Construction costs 146,132
Other 890,198 937,443
Total 2,104,359 2,515,616
Less current portion 2,104,359 2,515,616
Long term portion $ $
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EMPLOYEES' RETIREMENT PLANS
12 Months Ended
Jul. 31, 2018
Retirement Benefits [Abstract]
EMPLOYEES' RETIREMENT PLANS

8. EMPLOYEES’ RETIREMENT PLANS:

The Company sponsors a non-contributory Money Purchase Plan covering substantially all of its non-union employees. Operations were charged $413,256, $399,651, and $391,962, as contributions to the Plan for fiscal years 2018, 2017 and 2016, 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 for the years ended July 31, 2018, 2017 and 2016 were $62,425, $56,880, and $53,405, 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 PLANS:

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

Information for contributing employer’s participation in the multi-employer plan:

Legal name of Plan: United Food and Commercial Workers Local 888 Pension Fund
Employer identification number: 13-6367793
Plan number: 001
Date of most recent Form 5500: December 31, 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 30 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 23% of its employees. The Company considers that its labor relations with its employees and union are good.

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CASH FLOW INFORMATION
12 Months Ended
Jul. 31, 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 months or less, which are readily convertible into cash.

Supplemental disclosures:

July 31,
     2018      2017      2016
Interest paid, net of capitalized interest of $37,471 (2018), $20,360 (2017) and $49,707 (2016) $ 211,092 $ 209,789 $ 222,969
Income taxes paid (refunded) $ 36,494 $ 213,096 $ (367,755 )
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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS
12 Months Ended
Jul. 31, 2018
Fair Value Disclosures [Abstract]
FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS

10. FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS:

The following disclosure of estimated fair value was determined by the Company using available market information and appropriate valuation methods. Considerable judgment is necessary to develop estimates of fair value. The estimates presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments.

The Company estimates the fair value of its financial instruments using the following methods and assumptions: (i) quoted market prices, when available, are used to estimate the fair value of investments in marketable debt and equity securities; (ii) discounted cash flow analyses are used to estimate the fair value of long-term debt, using the Company’s estimate of current interest rates for similar debt; and (iii) carrying amounts in the balance sheet approximate fair value for cash and cash equivalents, restricted cash, and tenant security deposits due to their high liquidity.

July 31, 2018 July 31, 2017
Carrying Fair Carrying Fair
      Value       Value       Value       Value
Cash and cash equivalents $ 5,255,073 $ 5,255,073 $ 5,381,195 $ 5,381,195
Marketable securities $ 3,141,828 $ 3,141,828 $ 2,815,727 $ 2,815,727
Restricted cash $ 1,624,550 $ 1,624,550 $ 1,295,734 $ 1,295,734
Security deposits payable $ 1,343,671 $ 1,343,671 $ 1,036,197 $ 1,036,197
Mortgage $ 5,467,111 $ 4,939,149 $ 5,629,679 $ 5,403,180

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, and receivables 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.

The Company derived rental income from approximately fifty tenants during the years ended July 31, 2018 and the preceding two fiscal years.

As of July 31, 2018 four tenants accounted for approximately 77.7% of receivables and three tenants accounted for 66.9% of unbilled receivables. As of July 31, 2017 three tenants accounted for 66.7% of receivables and three tenants accounted for 71.6% of unbilled receivables. During the year ended July 31, 2018, three tenants accounted for 44.6% of total rental revenue. Three tenants accounted for 44.0% and two tenants accounted for 34.7% of total rental revenue for the years ended July 31, 2017 and 2016, respectively.

The Company has no irrevocable Letters of Credit at July 31, 2018 and one irrevocable Letter of Credit totaling $230,000 at July 31, 2017 provided by one tenant as a security deposit.

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DEFERRED CHARGES
12 Months Ended
Jul. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
DEFERRED CHARGES

11. DEFERRED CHARGES:

Deferred charges for the fiscal years ended July 31, 2018 and 2017 consist of the following:

July 31, 2018 July 31, 2017
Gross Gross
Carrying Accumulated Carrying Accumulated
Amount       Amortization       Amount       Amortization
Leasing brokerage commissions       $ 3,035,040 $ 1,264,427 $ 3,059,615 $ 1,089,934
Professional fees for leasing 193,122 105,018 405,447 294,208
Total $ 3,228,162 $ 1,369,445 $ 3,465,062 $ 1,384,142

The aggregate amortization expense for the three years in the period ended July 31, 2018 was $296,298, $279,875, and $315,779, respectively.

The weighted average life of current year additions to deferred charges was four years.

The estimated aggregate amortization expense for each of the five succeeding fiscal years is as follows:

Fiscal Year      Amortization
2019          $ 287,541   
2020 $ 234,462
2021 $ 215,897
2022 $ 188,856
2023 $ 167,132
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CAPITALIZATION
12 Months Ended
Jul. 31, 2018
Stockholders' Equity Note [Abstract]
CAPITALIZATION

12. 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 July 31, 2018 and at July 31, 2017.

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ACCUMULATED OTHER COMPREHENSIVE INCOME
12 Months Ended
Jul. 31, 2018
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME

13. ACCUMULATED OTHER COMPREHENSIVE INCOME:

The only component of accumulated other comprehensive income is unrealized gains (losses) on available-for-sale securities.

A summary of the changes in accumulated other comprehensive income for the fiscal years ended July 31, 2018, 2017, and 2016 are as follows:

Years Ended July 31,
2018 2017 2016
Beginning balance, net of tax effect       $ 368,476       $ 264,541       $ 196,033
Other comprehensive income, net of tax effect:
Unrealized gains on available-for-sale securities 265,080 198,776 128,515
Tax effect (130,963 ) (68,000 ) (43,000 )
Unrealized gains on available-for-sale securities, net of tax effect 134,117 130,776 85,515
 

Amounts reclassified from accumulated other comprehensive income comprehensive income, net of tax effect:

Unrealized gain on available-for-sale securities reclassified

(23,420 ) (40,841 ) (25,007 )
Tax effect 7,963 14,000 8,000
Amount reclassified, net of tax effect (15,457 ) (26,841 ) (17,007 )
Ending balance, net of tax effect $ 487,136 $ 368,476 $ 264,541

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

      Details about accumulated other       Affected line item in the statement
comprehensive income components where net income is presented
Other comprehensive income reclassified Investment income
Tax effect Income taxes provided
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ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
12 Months Ended
Jul. 31, 2018
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT [Abstract]
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

14. 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
12 Months Ended
Jul. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES

15. 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, 2017. Following initial court decisions, another $141,132 was charged to operating expenses on October 31, 2016 and this amount was ordered by the Court to be paid, plus interest, in a judgement dated September 14, 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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VALUATION AND QUALIFYING ACCOUNTS
12 Months Ended
Jul. 31, 2018
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

J.W. MAYS, INC.
VALUATION AND QUALIFYING ACCOUNTS

Year Ended July 31,
2018 2017 2016
Allowance for net unrealized gains on marketable securities:               
Balance, beginning of year $ 558,476 $ 400,541 $ 297,031
Additions 241,661 157,935 103,510
Balance, end of year $ 800,137 $ 558,476 $ 400,541
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REAL ESTATE AND ACCUMULATED DEPRECIATION
12 Months Ended
Jul. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III

J.W. MAYS, INC.
REAL ESTATE AND ACCUMULATED DEPRECIATION
July 31, 2018

Col. A     Col. B     Col. C     Col. D     Col. E     Col. F Col. G     Col. H     Col. I
    Cost Capitalized         Life on Which
Subsequent to Gross Amount at Which Carried Depreciation in
Initial Cost to Company Acquisition At Close of Period     Latest Income
Building &     Carried Building & Accumulated Date of Date Statement is
Description Encumbrances Land Improvements Improvements Cost Land Improvements Total Depreciation Construction  Acquired   Computed 
Office and Rental Buildings
Brooklyn, New York
       Fulton Street at Bond Street
     $ 5,467,111      $ 3,901,349   $ 7,403,468      $ 23,917,153        $     $ 3,901,349     $ 31,320,621     $ 35,221,970    $ 12,941,445    Various Various (1) (2)
Jamaica, New York
       Jamaica Avenue at
              169th Street
3,215,699 17,588,009 20,803,708 20,803,708 10,987,347 1959 1959 (1) (2)
Fishkill, New York
       Route 9 at Interstate
              Highway 84
594,723 7,212,116 5,853,612 594,723 13,065,728 13,660,451 9,058,246 10/74 11/72 (1)
Brooklyn, New York
       Jowein Building Fulton Street
       and Elm Place
1,324,957 728,327 15,600,458 1,324,957 16,328,785 17,653,742 5,591,005 1915 1950 (1) (2)
Levittown, New York Hempstead
       Turnpike
125,927 125,927 125,927 4/69 6/62 (1)
Circleville, Ohio
       Tarlton Road 120,849 4,388,456 86,520 120,849 4,474,976 4,595,825 2,804,919 9/92 12/92 (1)
Total(A) $ 5,467,111 $ 6,067,805 $ 22,948,066 $ 63,045,752   $ $ 6,067,805 $ 85,993,818 $ 92,061,623 $ 41,382,962
____________________

(1) Building and improvements 18–40 years
       
(2) Improvements to leased property 3–40 years
       
(A) Does not include Office Furniture and Equipment and Transportation Equipment in the amount of $350,164 and Accumulated Depreciation thereon of $235,841 at July 31, 2018.

            Year Ended July 31,
2018       2017       2016
Investment in Real Estate     
Balance at Beginning of Year $ 89,016,227 $ 86,936,827 $ 84,474,345
Improvements 3,045,396 2,079,400 2,462,482
Retirements
Balance at End of Year $ 92,061,623 $ 89,016,227 $ 86,936,827
Accumulated Depreciation
Balance at Beginning of Year $ 39,648,642 $ 38,008,810 $ 36,413,975
Additions Charged to Costs and Expenses 1,734,320 1,639,832 1,594,835
Retirements
Balance at End of Year $ 41,382,962 $ 39,648,642 $ 38,008,810
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
12 Months Ended
Jul. 31, 2018
Accounting Policies [Abstract]
Organization

Organization

J.W. Mays, Inc. (the “Company” or “Registrant”) with executive offices at 9 Bond Street, Brooklyn, New York 11201, operates a number of commercial real estate properties in New York and one building in Ohio. The Company’s business was founded in 1924 and incorporated under the laws of the State of New York on July 6, 1927.

Consolidation

Consolidation

The consolidated financial statements include the accounts of the Company, a New York corporation and its subsidiaries (J. W. M. Realty Corp. and Dutchess Mall Sewage Plant, Inc.), which are wholly-owned. Material intercompany items have been eliminated in consolidation.

Accounting Records and Use of Estimates

Accounting Records and Use of Estimates

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, revenue recognition and accrued expenses. Estimates are based on historical experience where applicable or other assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results may differ from those estimates under different assumptions or conditions.

Restricted Cash

Restricted Cash

Restricted cash primarily consists of cash held in bank accounts for tenant security deposits and other amounts required under certain loan agreements.

Rental Income and Receivables

Rental Income and Receivables

All of the real estate owned by the Company is held for leasing to tenants except for a small portion used for Company offices. Rent 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 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. Contingent rental income is recorded when earned and is not based on tenant revenue. The effect of lease modifications that result in rent relief or other credits to tenants, including any retroactive effects relating to prior periods, is 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. 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.

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. Management has determined that no allowance for uncollected receivables is considered necessary. The Company uses specific identification to write-off receivables to bad debt expense in the period when issues of collectability become known. Collectability issues include 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. Due to the early termination of a lease, the Company recorded a bad debt expense of $80,302 for the year ended July 31, 2017, which is included in administration and general expenses.

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 shorter of the life of the lease or the estimated useful life of the improvements. Lives used to determine depreciation and amortization are generally as follows:

Buildings and improvements 18-40 years
Improvements to leased property 3-40 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.

The Company reviews long-lived assets for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. At July 31, 2018 and 2017, there were no impairments 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 1 to 21 years, using the straight-line method. If a lease is terminated early, such costs are expensed.

Income Taxes

Income Taxes

Deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. Deferred tax assets result principally from the recording of certain accruals, reserves and net operating loss carry forwards which currently are not deductible for tax purposes. Deferred tax liabilities result principally from temporary differences in the recognition of unrealized gains and losses from certain investments and from the use, for tax purposes, of accelerated depreciation. Deferred tax assets and liabilities are offset for each jurisdiction and are presented net on the balance sheet.

The effect on deferred income taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Actual income taxes could vary from these estimates due to future changes in income tax law or results from the final review of tax returns by federal, state or city tax authorities. Financial statement effects on tax positions are recognized in the period in which it is more likely than not that the position will be sustained upon examination, the position is effectively settled or when the statute of limitations to challenge the position has expired. Interest and penalties, if any, related to unrecognized tax benefits are recorded as interest expense and administrative and general expenses, respectively.

Income Per Share of Common Stock

Income Per Share of Common Stock

Income per share has been computed by dividing net income for the year by the weighted average number of shares of common stock outstanding during the year, adjusted for the purchase of treasury stock. Shares used in computing income per share were 2,015,780 in fiscal years 2018, 2017 and 2016.

Marketable Securities

Marketable Securities

The Company categorizes marketable securities as either trading, available-for-sale or held-to-maturity at the time of purchase. Trading securities are carried at fair value with unrealized gains and losses included in income. Available-for-sale securities are carried at fair value measurements using quoted prices in active markets for identical assets or liabilities with unrealized gains and losses recorded as a separate component of shareholders’ equity. Held-to-maturity securities are carried at amortized cost. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The Company did not classify any securities as trading or held to maturity during the three years ended July 31, 2018.

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 July 31, 2018 and 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.

Equity securities

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

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 U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Company are deemed to be actively traded.

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

Fair value measurements at reporting date using
Description    July 31, 2018    Level 1    Level 2    Level 3    July 31, 2017    Level 1    Level 2    Level 3
Assets:                                                           
Marketable securities - available-for-sale $ 3,141,828 $ 3,141,828 $ $– $ 2,815,727 $ 2,815,727      $      $
Recently issued accounting standards not yet adopted

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.

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. We adopted these standards effective August 1, 2018 and expect the adoption 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 is effective for interim and annual periods beginning after December 15, 2017. We adopted this standard effective August 1, 2018 and expect the adoption will not have a significant impact on our consolidated financial statements.

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.

In July 2018, the FASB issued ASU No. 2018-10, “Codification Improvements to Topic 842”, which provides amendments and clarification to ASU 2016-12 based on the FASB’s interaction with stakeholders. In July 2018, the FASB issued ASU No. 2018-11 “Leases (Topic 842): Targeted Improvements”, which amends Leases (Topic 842) to (i) add an optional transition method that would permit entities to apply the new requirements by recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the year of adoption, and (ii) provide a practical expedient for lessors regarding the separation of the lease and non-lease components of a contract. The standards are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standards will be effective for the Company for the fiscal year beginning August 1, 2019, with early adoption permitted, and the Company expects to use the cumulative-effect adjustment approach in the year of adoption. 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. We adopted this standard effective August 1, 2018 and expect the adoption 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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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Jul. 31, 2018
Accounting Policies [Abstract]
Schedule of property and equipment depreciation and amortization period

Amortization of improvements to leased property is calculated over the shorter of the life of the lease or the estimated useful life of the improvements. Lives used to determine depreciation and amortization are generally as follows:

Buildings and improvements 18-40 years
Improvements to leased property 3-40 years
Fixtures and equipment 7-12 years
Other 3-5 years
Schedule of investments measured at fair value

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

Fair value measurements at reporting date using
Description    July 31, 2018    Level 1    Level 2    Level 3    July 31, 2017    Level 1    Level 2    Level 3
Assets:                                                           
Marketable securities - available-for-sale $ 3,141,828 $ 3,141,828 $ $– $ 2,815,727 $ 2,815,727      $      $
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MARKETABLE SECURITIES (Tables)
12 Months Ended
Jul. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Schedule of classified marketable securities

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

July 31, 2018 July 31, 2017
      Cost     Gross
Unrealized

Gains
    Gross
Unrealized

Losses
    Fair
Value
    Cost     Gross
Unrealized
Gains
    Gross
Unrealized
Losses
    Fair
Value
Non-current:               
Available-for-sale:
Mutual funds $ 774,602 $ 237,149 $ $ 1,011,751 $ 716,463 $ 193,932 $ $ 910,395
Corporate equity securities 1,567,089 562,988 2,130,077 1,540,788 364,544 1,905,332
$ 2,341,691 $ 800,137 $ $ 3,141,828 $ 2,257,251 $ 558,476 $ $ 2,815,727
Schedule of investment income

Investment income for the years ended July 31, 2018, 2017 and 2016 consists of the following:

2018 2017 2016
Interest income       $ 25,414       $ 13,176       $ 8,422
Dividend income 86,354 57,717 54,526
Gain (loss) on sale of marketable securities (805 ) 23,734 (36,999 )
Total $ 110,963 $ 94,627 $ 25,949
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LONG-TERM DEBT - MORTGAGE (Tables)
12 Months Ended
Jul. 31, 2018
LONG-TERM DEBT - MORTGAGES AND TERM LOAN [Abstract]
Schedule of long-term debt
July 31, 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
Mortgage:                                      
Bond St. building, Brooklyn, NY 3.54% 2/1/2020 $ 168,501 $ 5,298,610 $ 162,569 $ 5,467,110
Less: Deferred financing costs 34,325 57,202
Total $ 168,501 $ 5,264,285 $ 162,569 $ 5,409,908
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INCOME TAXES (Tables)
12 Months Ended
Jul. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of income tax expense

Income taxes provided for the years ended July 31, 2018, 2017 and 2016 consist of the following:

2018 2017 2016
Current:
Federal       $ 10,000       $ 15,000       $ 69,000
Deferred taxes:
Federal (1,841,000 ) 966,000 727,000
State 587,000
Total provision $ (1,244,000 ) $ 981,000 $ 796,000
Schedule of effective income tax rate reconciliation

Taxes provided for the years ended July 31, 2018, 2017 and 2016 differ from amounts which would result from applying the federal statutory tax rate to pre-tax income, as follows:

2018 2017 2016
Income before income taxes             $ 1,730,141       $ 2,906,539       $ 2,313,760
Other-net 2,443 4,507 7,427
Adjusted pre-tax income $ 1,732,584 $ 2,911,046 $ 2,321,187
Statutory rate 26.42 % 34 % 34 %
Income tax provision at statutory rate $ 457,749 $ 989,756 $ 789,204
Remeasurement of federal deferred income taxes (2,390,000 )
State deferred income taxes 587,000
Other-net 101,251 (8,756 ) 6,796
Income tax provision $ (1,244,000 ) $ 981,000 $ 796,000
Schedule of deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities as of July 31, 2018 and 2017 are a result of temporary differences related to the items described as follows:

2018 2017
Deferred Deferred Deferred Deferred
      Tax Assets       Tax Liabilities       Tax Assets       Tax Liabilities
Rental income received in advance $ 174,975   $   $ 240,974    $   
Federal Net operating loss carryforward 851,175 1,851,535
State Net operating loss carryforward 665,934 660,840
Unbilled receivables 462,686 7,347,278
Property and equipment 5,916,568
Unrealized gain on marketable securities 220,746 189,882
Litigation deposit due from contractor 103,862 94,932
Other 298,054 373,559
$ 2,094,000 $ 6,600,000 $ 2,561,000 $ 8,198,000
Net deferred tax liability $ 4,506,000 $ 5,637,000
Components of deferred tax provision (benefit)

Components of the deferred tax provision (benefit) for the years ended July 31, 2018, 2017 and 2016 consist of the following:

      2018       2017       2016
Tax depreciation exceeding book depreciation $ (1,430,906 ) $ 397,273 $ 553,647
Federal operating loss carryforward 1,000,360 384,208 11,453
State net operating loss carryforward (665,934 )
Decrease (increase) of rental income received in advance 65,999 (82,775 ) 44,298
(Decrease) in unbilled receivables (198,154 ) (94,927 ) (132,736 )
Increase (decrease) in average rent payable 81,230 29,383 (28,389 )
Deferred revenue 347,083 396,667
Litigation deposit due from contractor (8,930 ) (94,932 )
Other (97,665 ) (14,245 ) (23,008 )
$ (1,254,000 ) $ 966,000 $ 727,000
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LEASES (Tables)
12 Months Ended
Jul. 31, 2018
Leases [Abstract]
Schedule of rental expense

Rental expense for leased real property for each of the three fiscal years in the period ended July 31, 2018 was exceeded by sublease rental income, as follows:

2018 2017 2016
Minimum rental expense       $ 1,750,859       $ 1,899,374       $ 1,726,528
Contingent rental expense 1,034,762 833,641 825,695
2,785,621 2,733,015 2,552,223
Sublease rental income 6,901,958 6,750,325 6,341,145
Excess of sublease income over expense $ 4,116,337 $ 4,017,310 $ 3,788,922
Schedule of future minimum non-cancelable rental commitments

Future minimum non-cancelable rental commitments for operating leases with initial or remaining terms of one year or more are payable as follows:

Operating
Fiscal Year       Leases
2019 $ 1,853,841
2020 1,858,754
2021 1,860,485
2022 1,856,314
2023 1,864,455
After 2023 10,801,871
Total required* $ 20,095,720

*        Minimum payments have not been reduced by minimum sublease rentals of $31,436,747 under operating leases due in the future under non-cancelable leases.
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RENTAL INCOME (Tables)
12 Months Ended
Jul. 31, 2018
RENTAL INCOME [Abstract]
Schedule of rental income

Rental income for each of the fiscal years 2018, 2017 and 2016 is as follows:

July 31,
      2018       2017       2016
Minimum rentals
Company owned property $ 11,652,482 $ 11,144,902 $ 10,478,878
Leased property 6,502,219 6,414,724 6,008,185
18,154,701 17,559,626 16,487,063
Contingent rentals
Company owned property 746,442 622,375 596,164
Leased property 399,739 335,601 332,960
1,146,181 957,976 929,124
Total $ 19,300,882 $ 18,517,602 $ 17,416,187
Schedule of future minimum non-cancelable rental income

Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows:

Company
Owned Leased
Fiscal Year       Property       Property       Total
2019 $ 10,702,102 $ 5,601,866 $ 16,303,968
2020 9,775,733 4,072,267 13,848,000
2021 9,331,495 3,216,011 12,547,506
2022 7,352,730 2,878,732 10,231,462
2023 8,261,901 2,463,368 10,725,269
After 2023 56,946,159 13,204,503 70,150,662
Total $ 102,370,120 $ 31,436,747 $ 133,806,867
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PAYROLL AND OTHER ACCRUED LIABILITIES (Tables)
12 Months Ended
Jul. 31, 2018
Payables and Accruals [Abstract]
Schedule of payroll and other accrued liabilities

Payroll and other accrued liabilities for the fiscal years ended July 31, 2018 and 2017 consist of the following:

      2018       2017
Payroll $ 259,149 $ 260,741
Interest 16,666 17,161
Professional fees 140,000 145,000
Rents received in advance 644,728 708,747
Utilities 19,200 12,452
Brokers commissions 134,418 287,940
Construction costs 146,132
Other 890,198 937,443
Total 2,104,359 2,515,616
Less current portion 2,104,359 2,515,616
Long term portion $ $
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CASH FLOW INFORMATION (Tables)
12 Months Ended
Jul. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of cash flow information

Supplemental disclosures:

July 31,
     2018      2017      2016
Interest paid, net of capitalized interest of $37,471 (2018), $20,360 (2017) and $49,707 (2016) $ 211,092 $ 209,789 $ 222,969
Income taxes paid (refunded) $ 36,494 $ 213,096 $ (367,755 )
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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Tables)
12 Months Ended
Jul. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of fair value of financial instruments
July 31, 2018 July 31, 2017
Carrying Fair Carrying Fair
      Value       Value       Value       Value
Cash and cash equivalents $ 5,255,073 $ 5,255,073 $ 5,381,195 $ 5,381,195
Marketable securities $ 3,141,828 $ 3,141,828 $ 2,815,727 $ 2,815,727
Restricted cash $ 1,624,550 $ 1,624,550 $ 1,295,734 $ 1,295,734
Security deposits payable $ 1,343,671 $ 1,343,671 $ 1,036,197 $ 1,036,197
Mortgage $ 5,467,111 $ 4,939,149 $ 5,629,679 $ 5,403,180
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DEFERRED CHARGES (Tables)
12 Months Ended
Jul. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of deferred charges

Deferred charges for the fiscal years ended July 31, 2018 and 2017 consist of the following:

July 31, 2018 July 31, 2017
Gross Gross
Carrying Accumulated Carrying Accumulated
Amount       Amortization       Amount       Amortization
Leasing brokerage commissions       $ 3,035,040 $ 1,264,427 $ 3,059,615 $ 1,089,934
Professional fees for leasing 193,122 105,018 405,447 294,208
Total $ 3,228,162 $ 1,369,445 $ 3,465,062 $ 1,384,142
Schedule of estimated aggregate amortization expense

The estimated aggregate amortization expense for each of the five succeeding fiscal years is as follows:

Fiscal Year      Amortization
2019          $ 287,541   
2020 $ 234,462
2021 $ 215,897
2022 $ 188,856
2023 $ 167,132
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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
12 Months Ended
Jul. 31, 2018
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)

A summary of the changes in accumulated other comprehensive income for the fiscal years ended July 31, 2018, 2017, and 2016 are as follows:

Years Ended July 31,
2018 2017 2016
Beginning balance, net of tax effect       $ 368,476       $ 264,541       $ 196,033
Other comprehensive income, net of tax effect:
Unrealized gains on available-for-sale securities 265,080 198,776 128,515
Tax effect (130,963 ) (68,000 ) (43,000 )
Unrealized gains on available-for-sale securities, net of tax effect 134,117 130,776 85,515
 

Amounts reclassified from accumulated other comprehensive income comprehensive income, net of tax effect:

Unrealized gain on available-for-sale securities reclassified

(23,420 ) (40,841 ) (25,007 )
Tax effect 7,963 14,000 8,000
Amount reclassified, net of tax effect (15,457 ) (26,841 ) (17,007 )
Ending balance, net of tax effect $ 487,136 $ 368,476 $ 264,541
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Bad debt expense    $ 80,302   
Weighted average number of shares outstanding, basic (in shares) 2,015,780 2,015,780 2,015,780
Minimum [Member]
Deferred charges amortization period 1 year
Maximum [Member]
Deferred charges amortization period 21 years
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of property and equipment depreciation and amortization period) (Details)
12 Months Ended
Jul. 31, 2018
Buildings and improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life 18 years
Buildings and improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life 40 years
Improvements to leased property [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life 3 years
Improvements to leased property [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life 40 years
Fixtures and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life 7 years
Fixtures and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life 12 years
Other [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life 3 years
Other [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life 5 years
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of financial assets measured at fair value on recurring basis) (Details) (USD $)
Jul. 31, 2018
Jul. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale $ 3,141,828 $ 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 3,141,828 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 $)
Jul. 31, 2018
Jul. 31, 2017
Fair Value $ 3,141,828 $ 2,815,727
Noncurrent [Member]
Fair Value 3,141,828 2,815,727
Gross Unrealized Gains 800,137 558,476
Gross Unrealized Losses      
Cost 2,341,691 2,257,251
Noncurrent [Member] | Mutual Fund [Member]
Fair Value 1,011,751 910,395
Gross Unrealized Gains 237,149 193,932
Gross Unrealized Losses      
Cost 774,602 716,463
Noncurrent [Member] | Corporate Equity Securities [Member]
Fair Value 2,130,077 1,905,332
Gross Unrealized Gains 562,988 364,544
Gross Unrealized Losses      
Cost $ 1,567,089 $ 1,540,788
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MARKETABLE SECURITIES (Schedule of investment income) (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Interest income $ 25,414 $ 13,176 $ 8,422
Dividend income 86,354 57,717 54,526
Gain (loss) on sale of marketable securities (805) 23,734 (36,999)
Total $ 110,963 $ 94,627 $ 25,949
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LONG-TERM DEBT - MORTGAGE (Schedule of long-term debt) (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jan. 09, 2015
Less: Deferred financing costs
Due After One Year, Total $ 5,264,285 $ 5,409,908
Bond St. Building Brooklyn, NY Two [Member]
Mortgage:
Due Within One Year 168,501 162,569
Due After One Year 5,298,610 5,467,110
Less: Deferred financing costs
Due Within One Year      
Due After One Year 34,325 57,202
Due Within One Year, Total 168,501 162,569
Due After One Year, Total $ 5,264,285 $ 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) (USD $)
0 Months Ended
Jan. 09, 2015
Jul. 31, 2018
Jul. 31, 2017
Debt maturing in 2019 168,501
Debt maturing in 2020 5,298,610
Carrying value of properties collateralizing debt 22,280,525
Bond St. Building Brooklyn, NY Two [Member]
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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INCOME TAXES (Narrative) (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards   
Period over which state capital-based tax will be phased out 7 years
Deferred tax expense 587,000
Deferred tax liabilities 4,506,000 5,637,000
State deferred tax asset 790,000
Deferred tax liabilities 1,430,000
Deferred taxes unrealized gain (loss) on available-for-sale securities 53,000
U.S. federal corporate income tax rate 26.42% 34.00% 34.00%
Weighted average federal corporate tax rate 26.00%
Non-cash reduction to the value of net deferred tax liabilities 2,400,000
Minimum [Member]
Operating Loss Carryforwards [Line Items]
U.S. federal corporate income tax rate 21.00%
Maximum [Member]
Operating Loss Carryforwards [Line Items]
U.S. federal corporate income tax rate 34.00%
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards 10,107,000 8,274,000 8,274,000
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards $ 4,053,000 $ 5,446,000 6,580,000
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INCOME TAXES (Schedule of income tax expense) (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Current:
Federal $ 10,000 $ 15,000 $ 69,000
Deferred taxes:
Federal (1,841,000) 966,000 727,000
State 587,000      
Income tax provision $ (1,244,000) $ 981,000 $ 796,000
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INCOME TAXES (Schedule of effective income tax rate reconciliation) (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Income Tax Disclosure [Abstract]
Income before income taxes $ 1,730,141 $ 2,906,539 $ 2,313,760
Other-net 2,443 4,507 7,427
Adjusted pre-tax income 1,732,584 2,911,046 2,321,187
Statutory rate 26.42% 34.00% 34.00%
Income tax provision at statutory rate 457,749 989,756 789,204
Remeasurement of federal deferred income taxes (2,390,000)      
State deferred income taxes 587,000      
Other-net 101,251 (8,756) 6,796
Income tax provision $ (1,244,000) $ 981,000 $ 796,000
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INCOME TAXES (Schedule of deferred tax assets and liabilities) (Details) (USD $)
Jul. 31, 2018
Jul. 31, 2017
Deferred Tax Assets
Rental income received in advance $ 174,975 $ 240,974
Federal Net operating loss carryforward 851,175 1,851,535
State Net operating loss carryforward 665,934   
Litigation deposit due from contractor 103,862 94,932
Other 298,054 373,559
Total 2,094,000 2,561,000
Deferred Tax Liabilities
State Net operating loss carryforward    660,840
Unbilled receivables 462,686 7,347,278
Property and equipment 5,916,568   
Unrealized gain on marketable securities 220,746 189,882
Total 6,600,000 8,198,000
Net deferred tax liability $ 4,506,000 $ 5,637,000
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INCOME TAXES (Components of deferred tax provision (benefit)) (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Deferred tax provision (benefit) $ (1,254,000) $ 966,000 $ 727,000
Tax Depreciation Exceeding Book Depreciation [Member]
Deferred tax provision (benefit) (1,430,906) 397,273 553,647
Federal Operating Loss Carryforward [Member]
Deferred tax provision (benefit) 1,000,360 384,208 11,453
State net operating loss carryforward [Member]
Deferred tax provision (benefit) (665,934)      
Decrease (Increase) of Rental Income Received in Advance [Member]
Deferred tax provision (benefit) 65,999 (82,775) 44,298
(Decrease) In Unbilled Receivables [Member]
Deferred tax provision (benefit) (198,154) (94,927) (132,736)
Increase (decrease) in average rent payable [Member]
Deferred tax provision (benefit) 81,230 29,383 (28,389)
Deferred Revenue [Member]
Deferred tax provision (benefit)    347,083 396,667
Litigation Deposit Due From Contractor [Member]
Deferred tax provision (benefit) (8,930)    (94,932)
Other Deferred Income Tax Expense [Member]
Deferred tax provision (benefit) $ (97,665) $ (14,245) $ (23,008)
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LEASES (Schedule of rental expense) (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Leases [Abstract]
Minimum rental expense $ 1,750,859 $ 1,899,374 $ 1,726,528
Contingent rental expense 1,034,762 833,641 825,695
Operating leases rent expense minimum and contingent rentals 2,785,621 2,733,015 2,552,223
Sublease rental income 6,901,958 6,750,325 6,341,145
Excess of sublease income over expense $ 4,116,337 $ 4,017,310 $ 3,788,922
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LEASES (Narrative) (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Operating Leased Assets [Line Items]
Rent expense $ 987,250 $ 987,250 $ 836,813
Minimum sublease rentals $ 31,436,747
Minimum [Member]
Operating Leased Assets [Line Items]
Operating leases extended period 3 years
Maximum [Member]
Operating Leased Assets [Line Items]
Operating leases extended period 25 years
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LEASES (Schedule of future minimum non-cancelable rental commitments) (Details) (USD $)
Jul. 31, 2018
Leases [Abstract]
2019 $ 1,853,841
2020 1,858,754
2021 1,860,485
2022 1,856,314
2023 1,864,455
After 2023 10,801,871
Total required $ 20,095,720 [1]
[1] Minimum payments have not been reduced by minimum sublease rentals of $31,436,747 under operating leases due in the future under non-cancelable leases.
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RENTAL INCOME (Schedule of rental income) (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Minimum rentals $ 18,154,701 $ 17,559,626 $ 16,487,063
Contingent rentals 1,146,181 957,976 929,124
Total 19,300,882 18,517,602 17,416,187
Company Owned Property [Member]
Minimum rentals 11,652,482 11,144,902 10,478,878
Contingent rentals 746,442 622,375 596,164
Leased Property [Member]
Minimum rentals 6,502,219 6,414,724 6,008,185
Contingent rentals $ 399,739 $ 335,601 $ 332,960
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RENTAL INCOME (Schedule of future minimum non-cancelable rental income) (Details) (USD $)
Jul. 31, 2018
2019 $ 16,303,968
2020 13,848,000
2021 12,547,506
2022 10,231,462
2023 10,725,269
After 2023 70,150,662
Total 133,806,867
Company Owned Property [Member]
2019 10,702,102
2020 9,775,733
2021 9,331,495
2022 7,352,730
2023 8,261,901
After 2023 56,946,159
Total 102,370,120
Leased Property [Member]
2019 5,601,866
2020 4,072,267
2021 3,216,011
2022 2,878,732
2023 2,463,368
After 2023 13,204,503
Total $ 31,436,747
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PAYROLL AND OTHER ACCRUED LIABILITIES (Details) (USD $)
Jul. 31, 2018
Jul. 31, 2017
Payables and Accruals [Abstract]
Payroll $ 259,149 $ 260,741
Interest 16,666 17,161
Professional fees 140,000 145,000
Rents received in advance 644,728 708,747
Utilities 19,200 12,452
Brokers commissions 134,418 287,940
Construction costs    146,132
Other 890,198 937,443
Total 2,104,359 2,515,616
Less current portion 2,104,359 2,515,616
Long term portion      
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EMPLOYEES' RETIREMENT PLANS (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Retirement Benefits [Abstract]
Pension contributions $ 413,256 $ 399,651 $ 391,962
Employer contributions $ 62,425 $ 56,880 $ 53,405
Minimum contribution rate 9.10%
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CASH FLOW INFORMATION (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest of $37,471 (2018), $20,360 (2017) and $49,707 (2016) $ 211,092 $ 209,789 $ 222,969
Income taxes paid (refunded) 36,494 213,096 (367,755)
Capitalized interest $ 37,471 $ 20,360 $ 49,707
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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Schedule of fair value of financial instruments) (Details) (USD $)
Jul. 31, 2018
Jul. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities $ 3,141,828 $ 2,815,727
Restricted cash 1,523,761 1,279,829
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents 5,255,073 5,381,195
Marketable securities 3,141,828 2,815,727
Restricted cash 1,624,550 1,295,734
Security deposits payable 1,343,671 1,036,197
Mortgage 5,467,111 5,629,679
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents 5,255,073 5,381,195
Marketable securities 3,141,828 2,815,727
Restricted cash 1,624,550 1,295,734
Security deposits payable 1,343,671 1,036,197
Mortgage $ 4,939,149 $ 5,403,180
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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Narrative) (Details) (USD $)
12 Months Ended
Jul. 31, 2018
tenants
Jul. 31, 2017
Jul. 31, 2018
Four Customers [Member]
Accounts Receivable [Member]
Jul. 31, 2017
Three Customers [Member]
Accounts Receivable [Member]
Jul. 31, 2018
Three Customers [Member]
Unbilled Receivables [Member]
Jul. 31, 2017
Three Customers [Member]
Unbilled Receivables [Member]
Jul. 31, 2018
Three Customers [Member]
Rental Income [Member]
Jul. 31, 2017
Three Customers [Member]
Rental Income [Member]
Jul. 31, 2017
Two Customers [Member]
Rental Income [Member]
Jul. 31, 2016
Two Customers [Member]
Rental Income [Member]
Concentration Risk [Line Items]
Concentration risk 77.70% 66.70% 66.90% 71.60% 44.60% 44.00% 34.70% 34.70%
Irrevocable letter of credit $ 230,000
Number of tenants 50
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DEFERRED CHARGES (Schedule of deferred charges) (Details) (USD $)
Jul. 31, 2018
Jul. 31, 2017
Leasing Charges
Deferred charges $ 3,228,162 $ 3,465,062
Less accumulated amortization 1,369,445 1,384,142
Leasing Brokerage Commissions [Member]
Leasing Charges
Deferred charges 3,035,040 3,059,615
Less accumulated amortization 1,264,427 1,089,934
Professional Fees For Leasing [Member]
Leasing Charges
Deferred charges 193,122 405,447
Less accumulated amortization $ 105,018 $ 294,208
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DEFERRED CHARGES (Schedule of estimated aggregate amortization expense) (Details) (USD $)
Jul. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
2019 $ 287,541
2020 234,462
2021 215,897
2022 188,856
2023 $ 167,132
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DEFERRED CHARGES (Narrative) (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization of deferred charges $ 296,298 $ 279,875 $ 315,779
Weighted average life of current year additions to deferred charges 4 years
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CAPITALIZATION (Details)
Jul. 31, 2018
Jul. 31, 2017
Stockholders' Equity Note [Abstract]
Treasury stock, shares 162,517 162,517
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ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract]
Beginning balance, net of tax effect $ 368,476 $ 264,541 $ 196,033
Other comprehensive income, net of tax effect:
Unrealized gains on available-for-sale securities 265,080 198,776 128,515
Tax effect (130,963) (68,000) (43,000)
Unrealized gains on available-for-sale securities, net of tax effect 134,117 130,776 85,515
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized gain on available-for-sale securities reclassified (23,420) (40,841) (25,007)
Tax effect 7,963 14,000 8,000
Amounts reclassified, net of tax effect (15,457) (26,841) (17,007)
Ending balance, net of tax effect $ 487,136 $ 368,476 $ 264,541
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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 $)
3 Months Ended 12 Months Ended
Oct. 31, 2016
Jul. 31, 2018
Jul. 31, 2017
Fishkill, New York Property [Member]
Damages filed $ 376,467
Commitment to replace roof 700,000
Charge to operations $ 141,132 $ 279,213
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VALUATION AND QUALIFYING ACCOUNTS - VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
Allowance for net unrealized gains on marketable securities:
Balance, beginning of year $ 558,476 $ 400,541 $ 297,031
Additions 241,661 157,935 103,510
Balance, end of year $ 800,137 $ 558,476 $ 400,541
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REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $)
12 Months Ended
Jul. 31, 2018
Jul. 31, 2017
Jul. 31, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances $ 5,467,111
Initial Cost to Company
Land 6,067,805
Building & Improvements 22,948,066
Cost Capitalized Subsequent to Acquisition
Improvements 63,045,752
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land 6,067,805
Building & Improvements 85,993,818
Total 92,061,623 89,016,227 86,936,827
Accumulated Depreciation 41,382,962 39,648,642 38,008,810
Property and Equipment 92,411,787 89,353,787
Accumulated depreciation 41,618,803 39,868,698
Investment in Real Estate
Balance at Beginning of Year 89,016,227 86,936,827 84,474,345
Improvements 3,045,396 2,079,400 2,462,482
Retirements         
Balance at End of Year 92,061,623 89,016,227 86,936,827
Accumulated Depreciation
Balance at Beginning of Year 39,648,642 38,008,810 36,413,975
Additions Charged to Costs and Expenses 1,734,320 1,639,832 1,594,835
Retirements         
Balance at End of Year 41,382,962 39,648,642 38,008,810
Buildings and Improvements [Member] | Minimum [Member]
Gross Amount at Which Carried At Close of Period
Life on Which Depreciation in Latest Income Statement is Computed 18 years
Buildings and Improvements [Member] | Maximum [Member]
Gross Amount at Which Carried At Close of Period
Life on Which Depreciation in Latest Income Statement is Computed 40 years
Improvements to leased property [Member] | Minimum [Member]
Gross Amount at Which Carried At Close of Period
Life on Which Depreciation in Latest Income Statement is Computed 3 years
Improvements to leased property [Member] | Maximum [Member]
Gross Amount at Which Carried At Close of Period
Life on Which Depreciation in Latest Income Statement is Computed 40 years
Office Furniture and Equipment and Transportation Equipment [Member]
Gross Amount at Which Carried At Close of Period
Property and Equipment 350,164
Accumulated depreciation 235,841
Bond St. Building Brooklyn, NY Two [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances 5,467,111
Initial Cost to Company
Land 3,901,349
Building & Improvements 7,403,468
Cost Capitalized Subsequent to Acquisition
Improvements 23,917,153
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land 3,901,349
Building & Improvements 31,320,621
Total 35,221,970
Accumulated Depreciation 12,941,445
Investment in Real Estate
Balance at End of Year 35,221,970
Accumulated Depreciation
Balance at End of Year 12,941,445
Jamaica, New York [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances   
Initial Cost to Company
Land   
Building & Improvements 3,215,699
Cost Capitalized Subsequent to Acquisition
Improvements 17,588,009
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land   
Building & Improvements 20,803,708
Total 20,803,708
Accumulated Depreciation 10,987,347
Investment in Real Estate
Balance at End of Year 20,803,708
Accumulated Depreciation
Balance at End of Year 10,987,347
Fishkill, New York Property [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances   
Initial Cost to Company
Land 594,723
Building & Improvements 7,212,116
Cost Capitalized Subsequent to Acquisition
Improvements 5,853,612
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land 594,723
Building & Improvements 13,065,728
Total 13,660,451
Accumulated Depreciation 9,058,246
Investment in Real Estate
Balance at End of Year 13,660,451
Accumulated Depreciation
Balance at End of Year 9,058,246
Brooklyn, New York, Jowein Building, Fulton Street and Elm Place Property [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances   
Initial Cost to Company
Land 1,324,957
Building & Improvements 728,327
Cost Capitalized Subsequent to Acquisition
Improvements 15,600,458
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land 1,324,957
Building & Improvements 16,328,785
Total 17,653,742
Accumulated Depreciation 5,591,005
Investment in Real Estate
Balance at End of Year 17,653,742
Accumulated Depreciation
Balance at End of Year 5,591,005
Levittown, New York, Hempstead Turnpike [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances   
Initial Cost to Company
Land 125,927
Building & Improvements   
Cost Capitalized Subsequent to Acquisition
Improvements   
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land 125,927
Building & Improvements   
Total 125,927
Accumulated Depreciation   
Investment in Real Estate
Balance at End of Year 125,927
Accumulated Depreciation
Balance at End of Year   
Circleville, Ohio, Tarlton Road [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances   
Initial Cost to Company
Land 120,849
Building & Improvements 4,388,456
Cost Capitalized Subsequent to Acquisition
Improvements 86,520
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land 120,849
Building & Improvements 4,474,976
Total 4,595,825
Accumulated Depreciation 2,804,919
Investment in Real Estate
Balance at End of Year 4,595,825
Accumulated Depreciation
Balance at End of Year $ 2,804,919
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