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DOCUMENT AND ENTITY INFORMATION (USD $)
12 Months Ended
Jul. 31, 2019
Sep. 09, 2019
Jan. 31, 2019
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
Document Type 10-K
Amendment Flag false
Document Period End Date Jul 31, 2019
Document Fiscal Period Focus FY
Document Fiscal Year Focus 2019
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 $ 15,934,662
Entity Interactive Data Current Yes
Entity Incorporation State Country Code NY
Entity File Number 11-1059070
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CONSOLIDATED BALANCE SHEETS (USD $)
Jul. 31, 2019
Jul. 31, 2018
Property and Equipment-at cost (Notes 1, 3, 4, 14 and 15):
Buildings and improvements $ 86,461,353 $ 82,728,826
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 164,066 205,619
Construction in progress 2,325,940 1,786,980
Property, Plant and Equipment, Gross 96,641,721 92,411,787
Less accumulated depreciation 43,512,418 41,618,803
Property and equipment-net 53,129,303 50,792,984
Current Assets:
Cash and cash equivalents (Notes 9 and 10) 4,117,647 5,255,073
Receivables (Notes 1, 6 and 10) 402,154 252,304
Income taxes refundable 9,683 8,792
Restricted cash (Note 1) 181,193 100,789
Prepaid expenses 2,159,701 1,951,132
Total current assets 6,870,378 7,568,090
Other Assets:
Deferred charges (Notes 1 and 11) 3,729,818 3,228,162
Less accumulated amortization (Notes 1 and 11) 1,153,996 1,369,445
Net 2,575,822 1,858,717
Restricted cash (Note 1) 964,884 1,523,761
Unbilled receivables (Notes 1, 4, 6 and 10) 1,668,461 1,677,093
Marketable securities (Notes 1, 2, 10 and 13) 3,580,227 3,141,828
Total other assets 8,789,394 8,201,399
TOTAL ASSETS 68,789,075 66,562,473
Long-Term Liabilities:
Mortgage payable, net (Notes 3 and 10)    5,264,285
Security deposits payable (Note 10) 690,422 1,242,382
Payroll and other accrued liabilities (Notes 1, 5 and 7) 448,939   
Deferred income taxes (Notes 1 and 4) 5,096,000 4,506,000
Total long-term liabilities 6,235,361 11,012,667
Current Liabilities:
Accounts payable 30,964 74,205
Payroll and other accrued liabilities (Notes 1, 5 and 7) 2,426,535 2,104,359
Other taxes payable 8,847 8,240
Current portion of mortgage payable (Notes 3 and 10) 5,287,162 168,501
Current portion of security deposits payable (Note 10) 192,193 101,289
Total current liabilities 7,945,701 2,456,594
Total liabilities 14,181,062 13,469,261
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 (Notes 1, 4, 10 and 13)    487,136
Retained earnings 50,371,323 48,369,386
Stockholders' Equity before Treasury Stock 55,895,865 54,381,064
Less common stock held in treasury, at cost - 162,517 shares at July 31, 2019 and July 31, 2018 (Note 12) 1,287,852 1,287,852
Total shareholders' equity 54,608,013 53,093,212
Commitments (Notes 5 and 6) and Contingencies (Notes 8 and 15)      
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 68,789,075 $ 66,562,473
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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Jul. 31, 2019
Jul. 31, 2018
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
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CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Revenues
Rental income (Notes 1 and 6) $ 20,424,839 $ 19,300,882
Recovery of real estate taxes 53,341   
Total revenues 20,478,180 19,300,882
Expenses
Real estate operating expenses (Note 5) 11,230,957 11,074,396
Administrative and general expenses 5,468,489 4,598,144
Depreciation (Note 1) 1,960,994 1,775,690
Total expenses 18,660,440 17,448,230
Income from operations before investment income, interest expense and income taxes 1,817,740 1,852,652
Investment income and interest expense
Investment income (Notes 1 and 2) 209,020 110,963
Change in fair value of marketable securities (Note 1) 278,629   
Interest expense (Notes 3 and 9) (200,588) (233,474)
Total investment income and interest expense: 287,061 (122,511)
Income from operations before income taxes 2,104,801 1,730,141
Income taxes provided (benefit) (Notes 1 and 4) 590,000 (1,244,000)
Net income 1,514,801 2,974,141
Retained earnings, beginning of year 48,369,386 45,395,245
Reclassification of unrealized gain on investments to retained earnings (Note 1) 487,136   
Retained earnings, end of year $ 50,371,323 $ 48,369,386
Income per common share (Note 1) $ 0.75 $ 1.48
Dividends per share      
Average common shares outstanding (Note 1) 2,015,780 2,015,780
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income $ 1,514,801 $ 2,974,141
Unrealized gain on available-for-sale securities:
Unrealized holding gains arising during the period, net of taxes of $130,963 for the fiscal year 2018 (Note 13)    134,117
Reclassification adjustment for net gains included in net income, net of taxes of $7,963 for the year ended July 31, 2018 (Note 13)    (15,457)
Unrealized gain on available-for-sale securities, net of taxes    118,660
Comprehensive income $ 1,514,801 $ 3,092,801
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Statement of Comprehensive Income [Abstract]
Unrealized holding gains arising during the period, tax    $ 130,963
Reclassification adjustment for net gains included in net income, tax    $ 7,963
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CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $)
Common Stock [Member]
Additional Paid In Capital [Member]
Unrealized Gain on Marketable securities [Member]
Retained Earnings [Member]
Common Stock Held in Treasury [Member]
Total
Balance at Jul. 31, 2017 $ 2,178,297 $ 3,346,245 $ 368,476 $ 45,395,245 $ (1,287,852) $ 50,000,411
Increase in unrealized gains on marketable securities       118,660       118,660
Net income          2,974,141    2,974,141
Balance at Jul. 31, 2018 2,178,297 3,346,245 487,136 48,369,386 (1,287,852) 53,093,212
Reclassification of unrealized gains on marketable securities to retained earnings (Note 1)       (487,136) 487,136      
Net income          1,514,801    1,514,801
Balance at Jul. 31, 2019 $ 2,178,297 $ 3,346,245    $ 50,371,323 $ (1,287,852) $ 54,608,013
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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Cash Flows From Operating Activities:
Net income $ 1,514,801 $ 2,974,141
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (benefit) for deferred income taxes 590,000 (1,254,000)
Net Realized and unrealized (gain) loss on sale of marketable securities (325,044) 805
Depreciation 1,960,994 1,775,690
Amortization of deferred charges 295,926 296,298
Deferred finance costs included in interest expense 22,877 22,877
Other assets - deferred charges (1,013,031) (74,095)
- unbilled receivables 8,632 266,555
Changes in:
Receivables (149,850) (87,588)
Prepaid expenses (208,569) (276,113)
Income taxes refundable (891) (1,901)
Accounts payable (43,241) (4,898)
Payroll and other accrued liabilities 771,115 (411,257)
Other taxes payable 607 105
Net cash provided by operating activities 3,424,326 3,226,619
Cash Flows From Investing Activities:
Acquisition of property and equipment (4,297,313) (3,083,585)
Marketable securities:
Receipts from sales 219,744 268,857
Payments for purchases (333,099) (354,103)
Net cash (used) by investing activities (4,410,668) (3,168,831)
Cash Flows From Financing Activities:
Increase (decrease) - security deposits payable (461,056) 307,474
Payments - mortgage and other debt payments (168,501) (162,568)
Net cash provided (used) by financing activities (629,557) 144,906
Net increase (decrease) in cash, cash equivalents and restricted cash (1,615,899) 202,694
Cash, cash equivalents and restricted cash at beginning of year 6,879,623 6,676,929
Cash, cash equivalents and restricted cash at end of year (Note 9) $ 5,263,724 $ 6,879,623
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
Jul. 31, 2019
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 surrender of a portion of a tenant’s space, the Company reported a bad debt expense of $118,238 for the year ended July 31, 2019 and due to the early termination of a lease, the Company recorded a bad debt expense of $80,302 for the year ended July 31, 2018, both are 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, 2019 and 2018, 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 2019 and 2018.

Marketable Securities

Prior to the adoption of ASU 2016-01, the Company categorized marketable securities as either trading, available-for-sale or held-to-maturity at the time of purchase. Trading securities were carried at fair value with unrealized gains and losses included in income. Available-for-sale securities were carried at fair value 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 were carried at amortized cost. With the adoption of ASU 2016-01 effective August 1, 2018, equity securities with readily determinable fair values are reported at fair value as marketable securities in the other assets section of the balance sheet. Also, effective August 1, 2018, changes in fair value of marketable securities are recorded in the investment income and interest expense section of the statement of income and retained earnings. 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 year 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, 2019 and 2018.

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, 2019 Level 1 Level 2 Level 3 July 31, 2018 Level 1 Level 2 Level 3
Assets:                                                          
Marketable securities - available-for-sale $ 3,580,227 $ 3,580,227 $– $– $ 3,141,828 $ 3,141,828 $– $–

Recently issued accounting standards:

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 using the modified retrospective approach, which allowed us to apply the new standard to all existing contracts not yet completed as of the effective date and record a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption, however there was no cumulative-effect required to be recognized in our retained earnings as the date of adoption. The adoption of this standard did not have a material 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 recorded a cumulative effect adjustment to increase opening retained earnings at August 1, 2018 by $487,136 as required for equity investments recorded at fair value, formerly available-for-sale securities.

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 with retrospective application to our consolidated financial statements.

In February 2018, the FASB issued ASU No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, to address a specific consequence of the Tax Act by allowing a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Act’s reduction of the U.S. federal corporate income tax rate. The standard is effective for all entities for annual periods beginning after December 15, 2018, with early adoption permitted, and is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company early adopted this ASU effective August 1, 2018 and applied this new guidance in the period of adoption. As a result, $92,000 of income taxes stranded in accumulated other comprehensive income (loss) was classified to retained earnings. The ASU also requires the Company to disclose its policy on accounting for income tax effects in accumulated other comprehensive income (loss). In general, the Company applies the individual item approach with respect to marketable securities.

In August 2018, the U.S. Securities and Exchange Commission (“SEC”) adopted final rules under SEC Release No. 33-10532, Disclosure Update and Simplification, amending and expanding certain disclosure requirements. The rules require, among other things, that registrants include in their interim financial statements a reconciliation of changes in shareholders’ equity in the notes or as a separate statement that reconciles the beginning balance to the ending balance of each caption in shareholders’ equity for each period for which an income statement is required to be filed. The Company applied the new SEC disclosure requirements to the Consolidated Statements of Changes in Shareholders’ Equity in the third quarter of fiscal 2019 on a retrospective basis.

In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections -Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates,”. This guidance aligns the guidance in various SEC sections of the Codification with the requirements of certain SEC final rules. The ASU is effective upon issuance, during the Company’s fourth quarter of fiscal 2019. The adoption this standard did not have a material impact on our consolidated financial statements.

Recently issued accounting standards not yet adopted:

In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 is intended to increase transparency and comparability among organizations in 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. 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.

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. In December 2018, the FASB issued ASU No. 2018-20, “Leases (Topic 842) Narrow-Scope Improvement for Lessors,” which clarifies how to apply the leases standard when accounting for sales taxes and other similar taxes collected from lessees, certain lessor costs, and recognition of variable payments for contracts with lease and non-lease components. In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842) Codification Improvements”, which provides amendments for issues brought to the Board’s attention through its interactions with stakeholders. The issues identified are as follows. 1. Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers, 2. Presentation on the statement of cash flows-sales-type and direct financing leases, 3. Transition disclosures related to Topic 250, Accounting Changes and Error Corrections. These 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.

Upon adoption of Topic 842, the Company has elected the following practical expedients:

The Company will apply the optional transition method of recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the initial period of adoption on August 1, 2019. The Company does not anticipate a significant adjustment to opening retained earnings.
   
As lessee and lessor, the Company has elected not to reassess lease classification and all leases will continue to be classified as operating leases under the new standard.

The Company’s lessor accounting remains similar under Topic 842 but updated to align with certain changes to the lessee model and the new revenue recognition standard (ASU 2014-09). Therefore, as of August 1, 2019, the Company does not anticipate significant changes in accounting for its lease revenue as lessor.

The Company as lessee, upon adoption of Topic 842 on August 1, 2019, recorded on its balance sheet right-of-use assets and lease liabilities approximating $27.1 million and $17.9 million, respectively, based on the net present value of remaining minimum rental payments required by existing operating leases. Additionally, a lease which expires July 31, 2029 related to an affiliate principally owned by a director of the Company (“landlord”) is for a ground lease which required the Company to construct a building during the lease period. In accordance with the terms of this lease, upon lease termination in 2029, the building and all improvements are turned over to the landlord as property owner. As a result of the new standard, effective August 1, 2019, such building and improvements net of accumulated depreciation approximating $10.2 million are included in right-of-use asset, disclosed above. Until the lease agreement terminates in 2029, the Company remains solely entitled to tax depreciation and other tax deductions relating to the building, improvements and maintenance of the property included in this lease.

The Company will continue to evaluate the impact of adopting Topic 842 on its consolidated balance sheets, statements of income and retained earnings.

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MARKETABLE SECURITIES
12 Months Ended
Jul. 31, 2019
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES

2. MARKETABLE SECURITIES:

As of July 31, 2019 and 2018, the Company’s marketable securities were classified as follows:

July 31, 2019 July 31, 2018
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 $ 845,306 $ 264,425     $     $ 1,109,731 $ 774,602 $ 237,149     $     $ 1,011,751
Corporate equity securities 1,656,156 814,340 2,470,496 1,567,089 562,988 2,130,077
$ 2,501,462 $ 1,078,765 $ $ 3,580,227 $ 2,341,691 $ 800,137 $ $ 3,141,828

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

2019 2018
Interest income       $ 56,918       $ 25,414
Dividend income 105,687 86,354
Gain (loss) on sale of marketable securities 46,415 (805 )
Total $ 209,020 $ 110,963
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LONG-TERM DEBT - MORTGAGE
12 Months Ended
Jul. 31, 2019
LONG-TERM DEBT - MORTGAGES AND TERM LOAN [Abstract]
LONG-TERM DEBT - MORTGAGE

3. LONG-TERM DEBT—MORTGAGE:

July 31, 2019 July 31, 2018
Current
Annual
Interest
Rate
Final
Payment
Date
Due
Within
One Year
Due
After
One Year
Due
Within
One Year
Due
After
One Year
Mortgage:                                    
Bond St. building, Brooklyn, NY 3.54% 2/1/2020 $ 5,298,610    $    $ 168,501 $ 5,298,610
Less: Deferred financing costs 11,448 34,325
Total $ 5,287,162 $ $ 168,501 $ 5,264,285

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. The Company is in the process of evaluating its options related to the repayment of the mortgage.

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

The carrying value of the property collateralizing the above debt is $22,294,746 at July 31, 2019.

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INCOME TAXES
12 Months Ended
Jul. 31, 2019
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 26.42% 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 26.42% 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 applied the U.S. federal statutory rate of 21% for fiscal years beginning after July 31, 2018.

As of July 31, 2017, the Company had net deferred federal tax liabilities totaling approximately $5.6 million. As a direct result of the permanent reduction in federal tax rates from 34% to 21%, the value of these net deferred tax liabilities was 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. Accordingly, the Company’s income tax provision for the fiscal year ended July 31, 2018 included 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.

Income taxes provided for the years ended July 31, 2019 and 2018 consist of the following:

2019 2018
Current:
Federal       $       $ 10,000
Deferred taxes:
Federal 456,000 (1,841,000 )
State 134,000 587,000
Total provision $ 590,000 $ (1,244,000 )

Taxes provided for the years ended July 31, 2019 and 2018 differ from amounts which would result from applying the federal statutory tax rate to pre-tax income, as follows:

2019 2018
Income before income taxes       $ 2,104,801 $ 1,730,141
Other-net (17,397 )       2,443
Adjusted pre-tax income $ 2,087,404 $ 1,732,584
Statutory rate 21.00 % 26.42 %
Income tax provision at statutory rate $ 438,355 $ 457,749
Remeasurement of federal deferred income taxes (2,390,000 )
State deferred income taxes 134,000 587,000
Other-net 17,645 101,251
Income tax provision $ 590,000 $ (1,244,000 )

The Company has a federal net operating loss carryforward approximating $4,001,000 and $4,078,000 as of July 31, 2019 and July 31, 2018, respectively, available to offset future taxable income. As of July 31, 2019 and 2018, the Company had unused state and city net operating loss carryforwards of approximately $10,182,000 and $10,107,000, respectively, 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, 2019, 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, 2019 and 2018 are a result of temporary differences related to the items described as follows:

      2019       2018
Deferred
Tax Assets
Deferred
Tax Liabilities
Deferred
Tax Assets
Deferred
Tax Liabilities
Rental income received in advance       $ 214,793       $       $ 174,975          $
Federal net operating loss carryforward 840,122     851,175
State net operating loss carryforward 670,997 665,934
Unbilled receivables 460,328 462,686
Property and equipment 6,362,708 5,916,568
Unrealized gain on marketable securities 297,964 220,746
Litigation deposit due from contractor 103,862
Other 299,088 298,054
$ 2,025,000 $ 7,121,000 $ 2,094,000 $ 6,600,000
Net deferred tax liability $ 5,096,000 $ 4,506,000

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, 2019.

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 after the capital-based tax is phased out. During the quarter ended 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, 2019 and 2018 consist of the following:

2019 2018
Tax depreciation exceeding book depreciation       $ 446,551       $ (1,430,906 )
Federal net operating loss carryforward 11,053 1,000,360
State net operating loss carryforward (5,063 ) (665,934 )
Decrease (increase) of rental income received in advance (39,818 ) 65,999
(Decrease) in unbilled receivables (2,358 ) (198,154 )
Increase (decrease) in average rent payable (25,186 ) 81,230
Litigation deposit due from contractor 103,862 (8,930 )
Other 100,959 (97,665 )
$ 590,000 $ (1,254,000 )
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LEASES
12 Months Ended
Jul. 31, 2019
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 fiscal years ended July 31, 2019 and July 31, 2018 was exceeded by sublease rental income, as follows:

2019 2018
Minimum rental expense       $ 1,985,695       $ 1,750,859
Contingent rental expense 1,164,632 1,034,762
3,150,327 2,785,621
Sublease rental income 7,126,437 6,901,958
Excess of sublease income over expense $ 3,976,110 $ 4,116,337

Rent expense related to an affiliate principally owned by a director of the Company totaled $987,250 for fiscal years ended July 31, 2019 and 2018. The rent expense is derived from two leases which expire May 31, 2029 and April 30, 2031, respectively. Rent expense is recognized on a straight-line basis over the lives of the leases.

The lease which expires May 31, 2029 is related to an affiliate principally owned by a director of the Company (“landlord”), is for a ground lease which required the Company to construct a building during the lease period. In accordance with the terms of the lease, upon lease termination in 2029, the building and all improvements are turned over to the landlord.

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

Fiscal Year Operating
Leases
2020       $ 1,897,318
2021 1,941,494
2022 2,057,814
2023 2,072,000
2024 2,086,697
After 2024 11,701,293
Total required* $ 21,756,616

* Minimum payments have not been reduced by minimum sublease rentals of $37,501,850 under operating leases due in the future under non-cancelable leases.
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RENTAL INCOME
12 Months Ended
Jul. 31, 2019
RENTAL INCOME [Abstract]
RENTAL INCOME

6. RENTAL INCOME:

Rental income for each of the fiscal years 2019 and 2018 is as follows:

July 31,
2019 2018
Minimum rentals
Company owned property       $ 12,448,374       $ 11,652,482
Leased property 6,677,998 6,502,219
19,126,372 18,154,701
Contingent rentals
Company owned property 850,226 746,442
Leased property 448,241 399,739
1,298,467 1,146,181
Total $ 20,424,839 $ 19,300,882

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

Fiscal Year Company
Owned
Property
Leased
Property
Total
2020       $ 10,038,712       $ 6,120,283       $ 16,158,995
2021 9,521,380 5,009,044 14,530,424
2022 7,878,165 4,039,069 11,917,234
2023 7,399,288 3,270,666 10,669,954
2024 6,483,940 2,987,050 9,470,990
After 2024 52,632,826 14,842,540 67,475,366
Total $ 93,954,311 $ 36,268,652 $ 130,222,963

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, 2019
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, 2019 and 2018 consist of the following:

2019 2018
Payroll       $ 131,095       $ 259,149
Interest 16,152 16,666
Professional fees 155,600 140,000
Rents received in advance 783,678 644,728
Utilities 13,400 19,200
Brokers commissions 728,322 134,418
Construction costs 66,829
Other 980,398 890,198
Total 2,875,474 2,104,359
Less current portion 2,426,535 2,104,359
Long term portion $ 448,939 $
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EMPLOYEES' RETIREMENT PLANS
12 Months Ended
Jul. 31, 2019
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 $427,420 and $413,256 as contributions to the Plan for fiscal years 2019 and 2018, 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, 2019 and 2018 were $61,588 and $62,425, 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, 2017
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, 2017:
Yes
Rehabilitation plan implemented: Yes
Employer subject to surcharge: Yes
Contract expiration date: November 30, 2019

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

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CASH FLOW INFORMATION
12 Months Ended
Jul. 31, 2019
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. The following is a reconciliation of the Company’s cash and cash equivalents and restricted cash to the total presented on the consolidated statement of cash flows:

July 31,
      2019       2018
Cash and cash equivalents $ 4,117,647 $ 5,255,073
Restricted cash, tenant security deposits 859,674 1,332,671
Restricted cash, escrow 258,563 258,399
Restricted cash, other 27,840 33,480
$ 5,263,724 $ 6,879,623

Amounts in restricted cash primarily consist of cash held in bank accounts for tenant security deposits, amounts set aside in accordance with certain loan agreements, and security deposits with landlords and utility Companies.

Supplemental disclosures:

July 31,
      2019       2018
Interest paid, net of capitalized interest of $77,880 (2019), and $37,471 (2018) $ 115,657 $ 211,092
Income taxes paid $ $ 36,494
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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS
12 Months Ended
Jul. 31, 2019
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, 2019 July 31, 2018
Carrying Fair Carrying Fair
      Value       Value       Value       Value
Cash and cash equivalents $ 4,117,647 $ 4,117,647 $ 5,255,073 $ 5,255,073
Marketable securities $ 3,580,227 $ 3,580,227 $ 3,141,828 $ 3,141,828
Restricted cash $ 1,146,077 $ 1,146,077 $ 1,624,550 $ 1,624,550
Security deposits payable $ 882,615 $ 882,615 $ 1,343,671 $ 1,343,671
Mortgage $ 5,298,610 $ 5,298,610 $ 5,467,111 $ 4,939,149

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, 2019 and 2018.

As of July 31, 2019, four tenants accounted for approximately 68.8% of receivables and four tenants accounted for 68.44% of unbilled receivables. As of July 31, 2018, four tenants accounted for 77.7% of receivables and three tenants accounted for 66.9% of unbilled receivables. During the year ended July 31, 2019, three tenants accounted for 44.4% of total rental revenue. During the year ended July 31, 2018 three tenants accounted for 44.6% of total rental revenue.

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DEFERRED CHARGES
12 Months Ended
Jul. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
DEFERRED CHARGES

11. DEFERRED CHARGES:

Deferred charges for the fiscal years ended July 31, 2019 and 2018 consist of the following:

July 31, 2019 July 31, 2018
Gross Gross
Carrying Accumulated Carrying Accumulated
      Amount       Amortization       Amount       Amortization
Leasing brokerage commissions $ 3,578,114 $ 1,076,694 $ 3,035,040 $ 1,264,427
Professional fees for leasing 151,704 77,302 193,122 105,018
Total $ 3,729,818 $ 1,153,996 $ 3,228,162 $ 1,369,445

The aggregate amortization expense for the periods ended July 31, 2019 and July 31, 2018 were $295,926, and $296,298, respectively.

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

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

Fiscal Year      Amortization
2020    $ 291,538   
2021 $ 297,985
2022 $ 270,944
2023 $ 257,772
2024 $ 235,093
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CAPITALIZATION
12 Months Ended
Jul. 31, 2019
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, 2019 and at July 31, 2018.

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ACCUMULATED OTHER COMPREHENSIVE INCOME
12 Months Ended
Jul. 31, 2019
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, 2019, and 2018 are as follows:

Years Ended July 31,
      2019       2018
Beginning balance, net of tax effect $ 487,136 $ 368,476
Other comprehensive income, net of tax effect:
Unrealized gains on available-for-sale securities 265,080
Tax effect (130,963 )
Unrealized gains on available-for-sale securities, net of tax effect 134,117
                 
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized gain on marketable securities reclassified to retained earnings (800,136 ) (23,420 )
Tax effect 313,000 7,963
Amount reclassified, net of tax effect (487,136 ) (15,457 )
Ending balance, net of tax effect $ $ 487,136

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, 2019
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, 2019
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES

15. CONTINGENCIES:

On November 2, 2018 the Company settled the lawsuit relating to defective workmanship and breach of contract to replace a roof and various other work on its Fishkill, New York building. The Company agreed to pay $635,000 to the Plaintiffs, D. Owens Electric, Inc., Mid-Hudson Structural Concrete, Inc. d/b/a Recycle Depot, and BSB Construction, Inc., in settlement of the claims made against the Company. This settlement resolves the actions and disputes referred to in the Decision and Order dated October 30, 2018 of the Supreme Court of the State of New York, County of Dutchess. The $635,000 was paid in full on November 6, 2018.

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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SUBSEQUENT EVENT
12 Months Ended
Jul. 31, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENT

16. SUBSEQUENT EVENT:

On September 18, 2019, the Company’s largest retail tenant occupying 128,196 square feet surrendered approximately 22,000 square feet at the Nine Bond street building in Brooklyn, New York. The effective date of the surrender was August 31, 2019 and was approximately 16% of the total square footage that this tenant leased from the Company prior to such surrender. The annual loss in rent will be approximately $965,000 until a new tenant is obtained to occupy the space.

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REAL ESTATE AND ACCUMULATED DEPRECIATION
12 Months Ended
Jul. 31, 2019
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, 2019

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
$ 5,298,610 $ 3,901,349 $ 7,403,468 $ 24,705,476 $ $ 3,901,349 $ 32,108,944 $ 36,010,293 $ 13,715,547 Various Various (1) (2)
Jamaica, New York

       Jamaica Avenue at 
             
169th Street

3,215,699 18,265,742 21,481,441 21,481,441 11,494,356 1959 1959 (1) (2)
Fishkill, New York
       Route 9 at Interstate
             
Highway 84
594,723 7,212,116 7,975,313 594,723 15,187,429 15,782,152 9,200,826 10/74 11/72 (1)
Brooklyn, New York
       Jowein Building Fulton Street 
              and Elm Place
1,324,957 728,327 16,284,188 1,324,957 17,012,515 18,337,472 5,982,747 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 2,916,794 9/92 12/92 (1)
Total(A) $ 5,298,610 $ 6,067,805 $ 22,948,066 $ 67,317,239 $ $ 6,067,805 $ 90,265,305 $ 96,333,110 $ 43,310,270
____________________

(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 $308,611 and Accumulated Depreciation thereon of $202,148 at July 31, 2019.


Year Ended July 31,
        2019 2018
Investment in Real Estate            
Balance at Beginning of Year $ 92,061,623 $ 89,016,227
Improvements 4,271,487 3,045,396
Retirements
Balance at End of Year $ 96,333,110 $ 92,061,623
Accumulated Depreciation
Balance at Beginning of Year $ 41,382,962 $ 39,648,642
Additions Charged to Costs and Expenses 1,927,308 1,734,320
Retirements
Balance at End of Year $ 43,310,270 $ 41,382,962
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
12 Months Ended
Jul. 31, 2019
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 surrender of a portion of a tenant’s space, the Company reported a bad debt expense of $118,238 for the year ended July 31, 2019 and due to the early termination of a lease, the Company recorded a bad debt expense of $80,302 for the year ended July 31, 2018, both are 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, 2019 and 2018, 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 2019 and 2018.

Marketable Securities

Marketable Securities

Prior to the adoption of ASU 2016-01, the Company categorized marketable securities as either trading, available-for-sale or held-to-maturity at the time of purchase. Trading securities were carried at fair value with unrealized gains and losses included in income. Available-for-sale securities were carried at fair value 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 were carried at amortized cost. With the adoption of ASU 2016-01 effective August 1, 2018, equity securities with readily determinable fair values are reported at fair value as marketable securities in the other assets section of the balance sheet. Also, effective August 1, 2018, changes in fair value of marketable securities are recorded in the investment income and interest expense section of the statement of income and retained earnings. 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 year 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, 2019 and 2018.

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, 2019 Level 1 Level 2 Level 3 July 31, 2018 Level 1 Level 2 Level 3
Assets:                                                          
Marketable securities - available-for-sale $ 3,580,227 $ 3,580,227 $– $– $ 3,141,828 $ 3,141,828 $– $–
Recently issued accounting standards:

Recently issued accounting standards:

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 using the modified retrospective approach, which allowed us to apply the new standard to all existing contracts not yet completed as of the effective date and record a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption, however there was no cumulative-effect required to be recognized in our retained earnings as the date of adoption. The adoption of this standard did not have a material 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 recorded a cumulative effect adjustment to increase opening retained earnings at August 1, 2018 by $487,136 as required for equity investments recorded at fair value, formerly available-for-sale securities.

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 with retrospective application to our consolidated financial statements.

In February 2018, the FASB issued ASU No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”, to address a specific consequence of the Tax Act by allowing a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Act’s reduction of the U.S. federal corporate income tax rate. The standard is effective for all entities for annual periods beginning after December 15, 2018, with early adoption permitted, and is to be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company early adopted this ASU effective August 1, 2018 and applied this new guidance in the period of adoption. As a result, $92,000 of income taxes stranded in accumulated other comprehensive income (loss) was classified to retained earnings. The ASU also requires the Company to disclose its policy on accounting for income tax effects in accumulated other comprehensive income (loss). In general, the Company applies the individual item approach with respect to marketable securities.

In August 2018, the U.S. Securities and Exchange Commission (“SEC”) adopted final rules under SEC Release No. 33-10532, Disclosure Update and Simplification, amending and expanding certain disclosure requirements. The rules require, among other things, that registrants include in their interim financial statements a reconciliation of changes in shareholders’ equity in the notes or as a separate statement that reconciles the beginning balance to the ending balance of each caption in shareholders’ equity for each period for which an income statement is required to be filed. The Company applied the new SEC disclosure requirements to the Consolidated Statements of Changes in Shareholders’ Equity in the third quarter of fiscal 2019 on a retrospective basis.

In July 2019, the FASB issued ASU No. 2019-07, “Codification Updates to SEC Sections -Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates,”. This guidance aligns the guidance in various SEC sections of the Codification with the requirements of certain SEC final rules. The ASU is effective upon issuance, during the Company’s fourth quarter of fiscal 2019. The adoption this standard did not have a material impact on our consolidated financial statements.

Recently issued accounting standards not yet adopted

Recently issued accounting standards not yet adopted:

In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 is intended to increase transparency and comparability among organizations in 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. 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.

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. In December 2018, the FASB issued ASU No. 2018-20, “Leases (Topic 842) Narrow-Scope Improvement for Lessors,” which clarifies how to apply the leases standard when accounting for sales taxes and other similar taxes collected from lessees, certain lessor costs, and recognition of variable payments for contracts with lease and non-lease

components. In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842) Codification Improvements”, which provides amendments for issues brought to the Board’s attention through its interactions with stakeholders. The issues identified are as follows. 1. Determining the fair value of the underlying asset by lessors that are not manufacturers or dealers, 2. Presentation on the statement of cash flows-sales-type and direct financing leases, 3. Transition disclosures related to Topic 250, Accounting Changes and Error Corrections. These 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.

Upon adoption of Topic 842, the Company has elected the following practical expedients:

The Company will apply the optional transition method of recognizing a cumulative-effect adjustment to the opening balance of retained earnings in the initial period of adoption on August 1, 2019. The Company does not anticipate a significant adjustment to opening retained earnings.
   
As lessee and lessor, the Company has elected not to reassess lease classification and all leases will continue to be classified as operating leases under the new standard.

The Company’s lessor accounting remains similar under Topic 842 but updated to align with certain changes to the lessee model and the new revenue recognition standard (ASU 2014-09). Therefore, as of August 1, 2019, the Company does not anticipate significant changes in accounting for its lease revenue as lessor.

The Company as lessee, upon adoption of Topic 842 on August 1, 2019, recorded on its balance sheet right-of-use assets and lease liabilities approximating $27.1 million and $17.9 million, respectively, based on the net present value of remaining minimum rental payments required by existing operating leases. Additionally, a lease which expires July 31, 2029 related to an affiliate principally owned by a director of the Company (“landlord”) is for a ground lease which required the Company to construct a building during the lease period. In accordance with the terms of this lease, upon lease termination in 2029, the building and all improvements are turned over to the landlord as property owner. As a result of the new standard, effective August 1, 2019, such building and improvements net of accumulated depreciation approximating $10.2 million are included in right-of-use asset, disclosed above. Until the lease agreement terminates in 2029, the Company remains solely entitled to tax depreciation and other tax deductions relating to the building, improvements and maintenance of the property included in this lease.

The Company will continue to evaluate the impact of adopting Topic 842 on its consolidated balance sheets, statements of income and retained earnings.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Jul. 31, 2019
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, 2019 Level 1 Level 2 Level 3 July 31, 2018 Level 1 Level 2 Level 3
Assets:                                                          
Marketable securities - available-for-sale $ 3,580,227 $ 3,580,227 $– $– $ 3,141,828 $ 3,141,828 $– $–
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MARKETABLE SECURITIES (Tables)
12 Months Ended
Jul. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Schedule of classified marketable securities

As of July 31, 2019 and 2018, the Company’s marketable securities were classified as follows:

July 31, 2019 July 31, 2018
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 $ 845,306 $ 264,425     $     $ 1,109,731 $ 774,602 $ 237,149     $     $ 1,011,751
Corporate equity securities 1,656,156 814,340 2,470,496 1,567,089 562,988 2,130,077
$ 2,501,462 $ 1,078,765 $ $ 3,580,227 $ 2,341,691 $ 800,137 $ $ 3,141,828
Schedule of investment income

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

2019 2018
Interest income       $ 56,918       $ 25,414
Dividend income 105,687 86,354
Gain (loss) on sale of marketable securities 46,415 (805 )
Total $ 209,020 $ 110,963
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LONG-TERM DEBT - MORTGAGE (Tables)
12 Months Ended
Jul. 31, 2019
LONG-TERM DEBT - MORTGAGES AND TERM LOAN [Abstract]
Schedule of long-term debt
July 31, 2019 July 31, 2018
Current
Annual
Interest
Rate
Final
Payment
Date
Due
Within
One Year
Due
After
One Year
Due
Within
One Year
Due
After
One Year
Mortgage:                                    
Bond St. building, Brooklyn, NY 3.54% 2/1/2020 $ 5,298,610    $    $ 168,501 $ 5,298,610
Less: Deferred financing costs 11,448 34,325
Total $ 5,287,162 $ $ 168,501 $ 5,264,285
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INCOME TAXES (Tables)
12 Months Ended
Jul. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of income tax expense

Income taxes provided for the years ended July 31, 2019 and 2018 consist of the following:

2019 2018
Current:
Federal       $       $ 10,000
Deferred taxes:
Federal 456,000 (1,841,000 )
State 134,000 587,000
Total provision $ 590,000 $ (1,244,000
Schedule of effective income tax rate reconciliation

Taxes provided for the years ended July 31, 2019 and 2018 differ from amounts which would result from applying the federal statutory tax rate to pre-tax income, as follows:

2019 2018
Income before income taxes       $ 2,104,801 $ 1,730,141
Other-net (17,397 )       2,443
Adjusted pre-tax income $ 2,087,404 $ 1,732,584
Statutory rate 21.00 % 26.42 %
Income tax provision at statutory rate $ 438,355 $ 457,749
Remeasurement of federal deferred income taxes (2,390,000 )
State deferred income taxes 134,000 587,000
Other-net 17,645 101,251
Income tax provision $ 590,000 $ (1,244,000 )
Schedule of deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities as of July 31, 2019 and 2018 are a result of temporary differences related to the items described as follows:

      2019       2018
Deferred
Tax Assets
Deferred
Tax Liabilities
Deferred
Tax Assets
Deferred
Tax Liabilities
Rental income received in advance       $ 214,793       $       $ 174,975          $
Federal net operating loss carryforward 840,122     851,175
State net operating loss carryforward 670,997 665,934
Unbilled receivables 460,328 462,686
Property and equipment 6,362,708 5,916,568
Unrealized gain on marketable securities 297,964 220,746
Litigation deposit due from contractor 103,862
Other 299,088 298,054
$ 2,025,000 $ 7,121,000 $ 2,094,000 $ 6,600,000
Net deferred tax liability $ 5,096,000 $ 4,506,000
Components of deferred tax provision (benefit)

Components of the deferred tax provision (benefit) for the years ended July 31, 2019 and 2018 consist of the following:

2019 2018
Tax depreciation exceeding book depreciation       $ 446,551       $ (1,430,906 )
Federal net operating loss carryforward 11,053 1,000,360
State net operating loss carryforward (5,063 ) (665,934 )
Decrease (increase) of rental income received in advance (39,818 ) 65,999
(Decrease) in unbilled receivables (2,358 ) (198,154 )
Increase (decrease) in average rent payable (25,186 ) 81,230
Litigation deposit due from contractor 103,862 (8,930 )
Other 100,959 (97,665 )
$ 590,000 $ (1,254,000 )
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LEASES (Tables)
12 Months Ended
Jul. 31, 2019
Leases [Abstract]
Schedule of rental expense

Rental expense for leased real property for each of the fiscal years ended July 31, 2019 and July 31, 2018 was exceeded by sublease rental income, as follows:

2019 2018
Minimum rental expense       $ 1,985,695       $ 1,750,859
Contingent rental expense 1,164,632 1,034,762
3,150,327 2,785,621
Sublease rental income 7,126,437 6,901,958
Excess of sublease income over expense $ 3,976,110 $ 4,116,337
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:

Fiscal Year Operating
Leases
2020       $ 1,897,318
2021 1,941,494
2022 2,057,814
2023 2,072,000
2024 2,086,697
After 2024 11,701,293
Total required* $ 21,756,616

* Minimum payments have not been reduced by minimum sublease rentals of $37,501,850 under operating leases due in the future under non-cancelable leases.
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RENTAL INCOME (Tables)
12 Months Ended
Jul. 31, 2019
RENTAL INCOME [Abstract]
Schedule of rental income

Rental income for each of the fiscal years 2019 and 2018 is as follows:

July 31,
2019 2018
Minimum rentals
Company owned property       $ 12,448,374       $ 11,652,482
Leased property 6,677,998 6,502,219
19,126,372 18,154,701
Contingent rentals
Company owned property 850,226 746,442
Leased property 448,241 399,739
1,298,467 1,146,181
Total $ 20,424,839 $ 19,300,882
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:

Fiscal Year Company
Owned
Property
Leased
Property
Total
2020       $ 10,038,712       $ 6,120,283       $ 16,158,995
2021 9,521,380 5,009,044 14,530,424
2022 7,878,165 4,039,069 11,917,234
2023 7,399,288 3,270,666 10,669,954
2024 6,483,940 2,987,050 9,470,990
After 2024 52,632,826 14,842,540 67,475,366
Total $ 93,954,311 $ 36,268,652 $ 130,222,963
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PAYROLL AND OTHER ACCRUED LIABILITIES (Tables)
12 Months Ended
Jul. 31, 2019
Payables and Accruals [Abstract]
Schedule of payroll and other accrued liabilities

Payroll and other accrued liabilities for the fiscal years ended July 31, 2019 and 2018 consist of the following:

2019 2018
Payroll       $ 131,095       $ 259,149
Interest 16,152 16,666
Professional fees 155,600 140,000
Rents received in advance 783,678 644,728
Utilities 13,400 19,200
Brokers commissions 728,322 134,418
Construction costs 66,829
Other 980,398 890,198
Total 2,875,474 2,104,359
Less current portion 2,426,535 2,104,359
Long term portion $ 448,939 $
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CASH FLOW INFORMATION (Tables)
12 Months Ended
Jul. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Schedule of cash and cash equivalents and restricted cash

The following is a reconciliation of the Company’s cash and cash equivalents and restricted cash to the total presented on the consolidated statement of cash flows:

July 31,
      2019       2018
Cash and cash equivalents $ 4,117,647 $ 5,255,073
Restricted cash, tenant security deposits 859,674 1,332,671
Restricted cash, escrow 258,563 258,399
Restricted cash, other 27,840 33,480
$ 5,263,724 $ 6,879,623
Schedule of cash flow information

Supplemental disclosures:

July 31,
      2019       2018
Interest paid, net of capitalized interest of $77,880 (2019), and $37,471 (2018) $ 115,657 $ 211,092
Income taxes paid $ $ 36,494
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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Tables)
12 Months Ended
Jul. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of fair value of financial instruments
July 31, 2019 July 31, 2018
Carrying Fair Carrying Fair
      Value       Value       Value       Value
Cash and cash equivalents $ 4,117,647 $ 4,117,647 $ 5,255,073 $ 5,255,073
Marketable securities $ 3,580,227 $ 3,580,227 $ 3,141,828 $ 3,141,828
Restricted cash $ 1,146,077 $ 1,146,077 $ 1,624,550 $ 1,624,550
Security deposits payable $ 882,615 $ 882,615 $ 1,343,671 $ 1,343,671
Mortgage $ 5,298,610 $ 5,298,610 $ 5,467,111 $ 4,939,149
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DEFERRED CHARGES (Tables)
12 Months Ended
Jul. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of deferred charges

Deferred charges for the fiscal years ended July 31, 2019 and 2018 consist of the following:

July 31, 2019 July 31, 2018
Gross Gross
Carrying Accumulated Carrying Accumulated
      Amount       Amortization       Amount       Amortization
Leasing brokerage commissions $ 3,578,114 $ 1,076,694 $ 3,035,040 $ 1,264,427
Professional fees for leasing 151,704 77,302 193,122 105,018
Total $ 3,729,818 $ 1,153,996 $ 3,228,162 $ 1,369,445
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
2020    $ 291,538   
2021 $ 297,985
2022 $ 270,944
2023 $ 257,772
2024 $ 235,093
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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
12 Months Ended
Jul. 31, 2019
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, 2019, and 2018 are as follows:

Years Ended July 31,
      2019       2018
Beginning balance, net of tax effect $ 487,136 $ 368,476
Other comprehensive income, net of tax effect:
Unrealized gains on available-for-sale securities 265,080
Tax effect (130,963 )
Unrealized gains on available-for-sale securities, net of tax effect 134,117
                 
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized gain on marketable securities reclassified to retained earnings (800,136 ) (23,420 )
Tax effect 313,000 7,963
Amount reclassified, net of tax effect (487,136 ) (15,457 )
Ending balance, net of tax effect $ $ 487,136
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Bad debt expense $ 118,238 $ 80,302
Weighted average number of shares outstanding, basic (in shares) 2,015,780 2,015,780
Unrealized gain on marketable securities reclassified to retained earnings, net of tax effect 487,136
Reclassification of income taxes stranded in accumulated other comprehensive income (loss) to retained earnings 92,000
Right-of-use asset 27,100,000
Lease liability 17,900,000
Additional Lease term Jul 31, 2029
Building and improvements net of accumulated depreciation $ 10,200,000
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, 2019
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, 2019
Jul. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale $ 3,580,227 $ 3,141,828
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities - available-for-sale 3,580,227 3,141,828
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, 2019
Jul. 31, 2018
Fair Value $ 3,580,227 $ 3,141,828
Noncurrent [Member]
Fair Value 3,580,227 3,141,828
Gross Unrealized Gains 1,078,765 800,137
Gross Unrealized Losses      
Cost 2,501,462 2,341,691
Noncurrent [Member] | Mutual Fund [Member]
Fair Value 1,109,731 1,011,751
Gross Unrealized Gains 264,425 237,149
Gross Unrealized Losses      
Cost 845,306 774,602
Noncurrent [Member] | Corporate Equity Securities [Member]
Fair Value 2,470,496 2,130,077
Gross Unrealized Gains 814,340 562,988
Gross Unrealized Losses      
Cost $ 1,656,156 $ 1,567,089
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MARKETABLE SECURITIES (Schedule of investment income) (Details) (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Investments, Debt and Equity Securities [Abstract]
Interest income $ 56,918 $ 25,414
Dividend income 105,687 86,354
Gain (loss) on sale of marketable securities 46,415 (805)
Total $ 209,020 $ 110,963
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LONG-TERM DEBT - MORTGAGE (Schedule of long-term debt) (Details) (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Jan. 09, 2015
Less: Deferred financing costs
Due After One Year, Total    $ 5,264,285
Bond St. Building Brooklyn, NY Two [Member]
Mortgage:
Due Within One Year 5,298,610 168,501
Due After One Year    5,298,610
Less: Deferred financing costs
Due Within One Year 11,448   
Due After One Year    34,325
Due Within One Year, Total 5,287,162 168,501
Due After One Year, Total    $ 5,264,285
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, 2019
Jul. 31, 2018
Debt maturing in 2020 5,298,610
Carrying value of properties collateralizing debt 22,294,746
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, 2019
Jul. 31, 2018
Jul. 31, 2019
Minimum [Member]
Jul. 31, 2019
Maximum [Member]
Jul. 31, 2019
State and Local Jurisdiction [Member]
Jul. 31, 2018
State and Local Jurisdiction [Member]
Jul. 31, 2017
State and Local Jurisdiction [Member]
Jul. 31, 2019
Domestic Tax Authority [Member]
Jul. 31, 2018
Domestic Tax Authority [Member]
Operating loss carryforwards    $ 10,182,000 $ 10,107,000 $ 8,274,000 $ 4,001,000 $ 4,078,000
Period over which state capital-based tax will be phased out 7 years
Deferred tax expense 587,000
Deferred tax liabilities 5,096,000 4,506,000
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 21.00% 26.42% 21.00% 34.00%
Weighted average federal corporate tax rate 26.42%
Non-cash reduction to the value of net deferred tax liabilities $ 2,400,000
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INCOME TAXES (Schedule of income tax expense) (Details) (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Current:
Federal    $ 10,000
Deferred taxes:
Federal 456,000 (1,841,000)
State 134,000 587,000
Income tax provision $ 590,000 $ (1,244,000)
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INCOME TAXES (Schedule of effective income tax rate reconciliation) (Details) (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Income Tax Disclosure [Abstract]
Income before income taxes $ 2,104,801 $ 1,730,141
Other-net (17,397) 2,443
Adjusted pre-tax income 2,087,404 1,732,584
Statutory rate 21.00% 26.42%
Income tax provision at statutory rate 438,355 457,749
Remeasurement of federal deferred income taxes    (2,390,000)
State deferred income taxes 134,000 587,000
Other-net 17,645 101,251
Income tax provision $ 590,000 $ (1,244,000)
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INCOME TAXES (Schedule of deferred tax assets and liabilities) (Details) (USD $)
Jul. 31, 2019
Jul. 31, 2018
Deferred Tax Assets
Rental income received in advance $ 214,793 $ 174,975
Federal net operating loss carryforward 840,122 851,175
State net operating loss carryforward 670,997 665,934
Litigation deposit due from contractor    103,862
Other 299,088 298,054
Total 2,025,000 2,094,000
Deferred Tax Liabilities
State net operating loss carryforward      
Unbilled receivables 460,328 462,686
Property and equipment 6,362,708 5,916,568
Unrealized gain on marketable securities 297,964 220,746
Total 7,121,000 6,600,000
Net deferred tax liability $ 5,096,000 $ 4,506,000
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INCOME TAXES (Components of deferred tax provision (benefit)) (Details) (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Deferred tax provision (benefit) $ 590,000 $ (1,254,000)
Tax Depreciation Exceeding Book Depreciation [Member]
Deferred tax provision (benefit) 446,551 (1,430,906)
Federal Net Operating Loss Carryforward [Member]
Deferred tax provision (benefit) 11,053 1,000,360
State net operating loss carryforward [Member]
Deferred tax provision (benefit) (5,063) (665,934)
Decrease (Increase) of Rental Income Received in Advance [Member]
Deferred tax provision (benefit) (39,818) 65,999
(Decrease) In Unbilled Receivables [Member]
Deferred tax provision (benefit) (2,358) (198,154)
Increase (decrease) in average rent payable [Member]
Deferred tax provision (benefit) (25,186) 81,230
Litigation Deposit Due From Contractor [Member]
Deferred tax provision (benefit) 103,862 (8,930)
Other Deferred Income Tax Expense [Member]
Deferred tax provision (benefit) $ 100,959 $ (97,665)
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LEASES (Schedule of rental expense) (Details) (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Leases [Abstract]
Minimum rental expense $ 1,985,695 $ 1,750,859
Contingent rental expense 1,164,632 1,034,762
Operating leases rent expense minimum and contingent rentals 3,150,327 2,785,621
Sublease rental income 7,126,437 6,901,958
Excess of sublease income over expense $ 3,976,110 $ 4,116,337
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LEASES (Narrative) (Details) (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Operating Leased Assets [Line Items]
Rent expense $ 987,250 $ 987,250
Minimum sublease rentals $ 37,501,850
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, 2019
Leases [Abstract]
2020 $ 1,897,318
2021 1,941,494
2022 2,057,814
2023 2,072,000
2024 2,086,697
After 2024 11,701,293
Total required $ 21,756,616
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RENTAL INCOME (Schedule of rental income) (Details) (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Minimum rentals $ 19,126,372 $ 18,154,701
Contingent rentals 1,298,467 1,146,181
Total 20,424,839 19,300,882
Company Owned Property [Member]
Minimum rentals 12,448,374 11,652,482
Contingent rentals 850,226 746,442
Leased Property [Member]
Minimum rentals 6,677,998 6,502,219
Contingent rentals $ 448,241 $ 399,739
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RENTAL INCOME (Schedule of future minimum non-cancelable rental income) (Details) (USD $)
Jul. 31, 2019
2020 $ 16,158,995
2021 14,530,424
2022 11,917,234
2023 10,669,954
2024 9,470,990
After 2024 67,475,366
Total 130,222,963
Company Owned Property [Member]
2020 10,038,712
2021 9,521,380
2022 7,878,165
2023 7,399,288
2024 6,483,940
After 2024 52,632,826
Total 93,954,311
Leased Property [Member]
2020 6,120,283
2021 5,009,044
2022 4,039,069
2023 3,270,666
2024 2,987,050
After 2024 14,842,540
Total $ 36,268,652
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PAYROLL AND OTHER ACCRUED LIABILITIES (Details) (USD $)
Jul. 31, 2019
Jul. 31, 2018
Payables and Accruals [Abstract]
Payroll $ 131,095 $ 259,149
Interest 16,152 16,666
Professional fees 155,600 140,000
Rents received in advance 783,678 644,728
Utilities 13,400 19,200
Brokers commissions 728,322 134,418
Construction costs 66,829   
Other 980,398 890,198
Total 2,875,474 2,104,359
Less current portion 2,426,535 2,104,359
Long term portion $ 448,939   
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EMPLOYEES' RETIREMENT PLANS (Details) (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Retirement Benefits [Abstract]
Pension contributions $ 427,420 $ 413,256
Employer contributions $ 61,588 $ 62,425
Minimum contribution rate 9.10%
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CASH FLOW INFORMATION (Schedule of cash and cash equivalents and restricted cash) (Details) (USD $)
Jul. 31, 2019
Jul. 31, 2018
Jul. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents $ 4,117,647 $ 5,255,073
Restricted cash, tenant security deposits 859,674 1,332,671
Restricted cash, escrow 258,563 258,399
Restricted cash, other 27,840 33,480
Cash flow information $ 5,263,724 $ 6,879,623 $ 6,676,929
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CASH FLOW INFORMATION (Schedule of supplemental disclosure) (Details) (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest of $77,880 (2019), and $37,471 (2018) $ 115,657 $ 211,092
Income taxes paid    36,494
Capitalized interest $ 77,880 $ 37,471
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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Schedule of fair value of financial instruments) (Details) (USD $)
Jul. 31, 2019
Jul. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities $ 3,580,227 $ 3,141,828
Restricted cash 964,884 1,523,761
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents 4,117,647 5,255,073
Marketable securities 3,580,227 3,141,828
Restricted cash 1,146,077 1,624,550
Security deposits payable 882,615 1,343,671
Mortgage 5,298,610 5,467,111
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents 4,117,647 5,255,073
Marketable securities 3,580,227 3,141,828
Restricted cash 1,146,077 1,624,550
Security deposits payable 882,615 1,343,671
Mortgage $ 5,298,610 $ 4,939,149
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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Narrative) (Details)
12 Months Ended
Jul. 31, 2019
tenants
Jul. 31, 2018
tenants
Concentration Risk [Line Items]
Number of tenants 50 50
Four Customers [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk 68.80% 77.70%
Four Customers [Member] | Unbilled Receivables [Member]
Concentration Risk [Line Items]
Concentration risk 68.44%
Three Customers [Member] | Unbilled Receivables [Member]
Concentration Risk [Line Items]
Concentration risk 66.90%
Three Customers [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Concentration risk 44.40% 44.60%
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DEFERRED CHARGES (Schedule of deferred charges) (Details) (USD $)
Jul. 31, 2019
Jul. 31, 2018
Leasing Charges
Deferred charges $ 3,729,818 $ 3,228,162
Less accumulated amortization 1,153,996 1,369,445
Leasing Brokerage Commissions [Member]
Leasing Charges
Deferred charges 3,578,114 3,035,040
Less accumulated amortization 1,076,694 1,264,427
Professional Fees For Leasing [Member]
Leasing Charges
Deferred charges 151,704 193,122
Less accumulated amortization $ 77,302 $ 105,018
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DEFERRED CHARGES (Schedule of estimated aggregate amortization expense) (Details) (USD $)
Jul. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
2020 $ 291,538
2021 297,985
2022 270,944
2023 257,772
2024 $ 235,093
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DEFERRED CHARGES (Narrative) (Details) (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization of deferred charges $ 295,926 $ 296,298
Weighted average life of current year additions to deferred charges 12 years
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CAPITALIZATION (Details)
Jul. 31, 2019
Jul. 31, 2018
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, 2019
Jul. 31, 2018
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract]
Beginning balance, net of tax effect $ 487,136 $ 368,476
Other comprehensive income, net of tax effect:
Unrealized gains on available-for-sale securities    265,080
Tax effect    (130,963)
Unrealized gains on available-for-sale securities, net of tax effect    134,117
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized gain on marketable securities reclassified to retained earnings (800,136) (23,420)
Tax effect 313,000 7,963
Amounts reclassified, net of tax effect (487,136) (15,457)
Ending balance, net of tax effect    $ 487,136
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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) (Settled Litigation [Member], USD $)
0 Months Ended
Nov. 06, 2018
Settled Litigation [Member]
Payment of litigation settlement $ 635,000
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SUBSEQUENT EVENT (Details) (Subsequent Event [Member], USD $)
1 Months Ended
Sep. 18, 2019
sqft
Subsequent Event [Member]
Subsequent Event [Line Items]
Occupied area 128,196
Surrendered area 22,000
Surrender date Aug 31, 2019
Percentage of lease prior to surrender 16.00%
Annual loss of rent $ 965,000
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REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $)
12 Months Ended
Jul. 31, 2019
Jul. 31, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances $ 5,298,610
Initial Cost to Company
Land 6,067,805
Building & Improvements 22,948,066
Cost Capitalized Subsequent to Acquisition
Improvements 67,317,239
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land 6,067,805
Building & Improvements 90,265,305
Total 96,333,110 92,061,623
Accumulated Depreciation 43,310,270 41,382,962
Property and Equipment 96,641,721 92,411,787
Accumulated depreciation 43,512,418 41,618,803
Investment in Real Estate
Balance at Beginning of Year 92,061,623 89,016,227
Improvements 4,271,487 3,045,396
Retirements      
Balance at End of Year 96,333,110 92,061,623
Accumulated Depreciation
Balance at Beginning of Year 41,382,962 39,648,642
Additions Charged to Costs and Expenses 1,927,308 1,734,320
Retirements      
Balance at End of Year 43,310,270 41,382,962
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 308,611
Accumulated depreciation 202,148
Bond St. Building Brooklyn, NY Two [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances 5,298,610
Initial Cost to Company
Land 3,901,349
Building & Improvements 7,403,468
Cost Capitalized Subsequent to Acquisition
Improvements 24,705,476
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land 3,901,349
Building & Improvements 32,108,944
Total 36,010,293
Accumulated Depreciation 13,715,547
Investment in Real Estate
Balance at End of Year 36,010,293
Accumulated Depreciation
Balance at End of Year 13,715,547
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 18,265,742
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land   
Building & Improvements 21,481,441
Total 21,481,441
Accumulated Depreciation 11,494,356
Investment in Real Estate
Balance at End of Year 21,481,441
Accumulated Depreciation
Balance at End of Year 11,494,356
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 7,975,313
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land 594,723
Building & Improvements 15,187,429
Total 15,782,152
Accumulated Depreciation 9,200,826
Investment in Real Estate
Balance at End of Year 15,782,152
Accumulated Depreciation
Balance at End of Year 9,200,826
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 16,284,188
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land 1,324,957
Building & Improvements 17,012,515
Total 18,337,472
Accumulated Depreciation 5,982,747
Investment in Real Estate
Balance at End of Year 18,337,472
Accumulated Depreciation
Balance at End of Year 5,982,747
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 2,916,794
Investment in Real Estate
Balance at End of Year 4,595,825
Accumulated Depreciation
Balance at End of Year $ 2,916,794
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