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DOCUMENT AND ENTITY INFORMATION (USD $)
12 Months Ended
Jul. 31, 2016
Sep. 02, 2016
Jan. 31, 2016
Document And Entity Information [Abstract]
Entity Registrant Name MAYS J W INC
Entity Central Index Key 0000054187
Current Fiscal Year End Date --07-31
Entity Filer Category Smaller Reporting Company
Trading Symbol mays
Entity Common Stock, Shares Outstanding 2,015,780
Document Type 10-K
Amendment Flag false
Document Period End Date Jul 31, 2016
Document Fiscal Period Focus FY
Document Fiscal Year Focus 2016
Entity Well-Known Seasoned Issuer No
Entity Voluntary Filers No
Entity Current Reporting Status Yes
Entity Public Float $ 22,057,982
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CONSOLIDATED BALANCE SHEETS (USD $)
Jul. 31, 2016
Jul. 31, 2015
Property and Equipment-at cost (Notes 1, 3, 4, 15 and 16):
Buildings and improvements $ 77,693,718 $ 76,289,486
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 195,478 235,622
Construction in progress 1,697,292 639,042
Property, Plant and Equipment, Gross 87,276,850 84,854,512
Less accumulated depreciation and amortization 38,212,113 36,663,120
Property and equipment-net 49,064,737 48,191,392
Current Assets:
Cash and cash equivalents (Notes 9 and 10) 5,228,826 4,085,704
Receivables (Notes 1, 6 and 10) 293,317 638,643
Income taxes refundable 17,004 695,265
Security deposits    83,012
Prepaid expenses 1,553,217 1,477,996
Total current assets 7,092,364 6,980,620
Other Assets:
Deferred charges (Notes 1, 11 and 17) 3,348,031 3,745,207
Less accumulated amortization (Notes 1, 11 and 17) 1,404,267 1,548,769
Net 1,943,764 2,196,438
Receivables (Notes 1, 6 and 10)    30,000
Security deposits 1,159,338 1,328,952
Unbilled receivables (Notes 1, 4, 6 and 10) 2,222,846 2,613,246
Marketable securities (Notes 1, 2, 10 and 14) 2,062,205 1,461,504
Total other assets 7,388,153 7,630,140
TOTAL ASSETS 63,545,254 62,802,152
Long-Term Liabilities:
Mortgage and term loan payable, net (Notes 3, 10 and 17) 5,572,477 5,706,446
Note payable - related party (Notes 10 and 13)    1,000,000
Security deposits payable (Note 10) 897,965 693,576
Payroll and other accrued liabilities (Notes 1, 5 and 7) 90,917 121,223
Deferred revenue (Note 15)    1,020,833
Deferred income taxes (Notes 1, 4 and 17) 4,617,000 3,855,000
Total long-term liabilities 11,178,359 12,397,078
Current Liabilities:
Accounts payable 80,343 39,759
Payroll and other accrued liabilities (Notes 1, 5 and 7) 2,153,850 2,597,104
Deferred revenue (Note 15) 1,020,833 1,166,667
Other taxes payable 6,963 5,972
Note payable - related party (Notes 10 and 13) 1,000,000   
Current portion of long-term debt (Notes 3, 10 and 17) 133,969 127,891
Current portion of security deposits payable (Note 10)    83,012
Total current liabilities 4,395,958 4,020,405
Total liabilities 15,574,317 16,417,483
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 $136,000 at July 31, 2016 and $101,000 at July 31, 2015 (Notes 1, 4, 10 and 14) 264,541 196,033
Retained earnings 43,469,706 41,951,946
Stockholders' Equity before Treasury Stock 49,258,789 47,672,521
Less common stock held in treasury, at cost - 162,517 shares at July 31, 2016 and July 31, 2015 (Note 12) 1,287,852 1,287,852
Total shareholders' equity 47,970,937 46,384,669
Commitments (Notes 5 and 6) and Contingencies (Notes 8 and 16)      
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 63,545,254 $ 62,802,152
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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Jul. 31, 2016
Jul. 31, 2015
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) $ 136,000 $ 101,000
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CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Revenues
Rental income (Notes 1, 6 and 18) $ 17,416,187 $ 17,732,485 $ 16,935,597
Recovery of real estate taxes    10,625   
Revenue to temporarily vacate lease (Note 15) 1,166,667 1,166,667 145,833
Total revenues 18,582,854 18,909,777 17,081,430
Expenses
Real estate operating expenses (Note 5) 10,080,913 9,658,282 9,628,631
Administrative and general expenses 4,356,461 4,342,762 4,255,631
Depreciation and amortization (Note 1) 1,635,660 1,695,454 1,721,850
(Gain) loss on disposition of property and equipment (500) 27,648 4,291
Total expenses 16,072,534 15,724,146 15,610,403
Income before investment income, interest expense and income taxes 2,510,320 3,185,631 1,471,027
Investment income and interest expense:
Investment income (Notes 1 and 2) 25,949 51,218 232,311
Interest expense (Notes 3, 9 and 13) 222,509 315,167 423,015
Total investment income and interest expense: (196,560) (263,949) (190,704)
Income before income taxes 2,313,760 2,921,682 1,280,323
Income taxes provided (Notes 1 and 4) 796,000 713,000 541,000
Net income 1,517,760 2,208,682 739,323
Retained earnings, beginning of year 41,951,946 39,743,264 39,003,941
Retained earnings, end of year $ 43,469,706 $ 41,951,946 $ 39,743,264
Income per common share (Note 1) $ 0.75 $ 1.1 $ 0.37
Dividends per share         
Average common shares outstanding (Note 1) 2,015,780 2,015,780 2,015,780
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income $ 1,517,760 $ 2,208,682 $ 739,323
Unrealized gain on available-for-sale securities:
Unrealized holding gains arising during the period net of taxes (benefit) of $43,000, ($6,000) and $26,000 for the fiscal years 2016, 2015 and 2014, respectively (Note 14) 85,515 66,621 31,966
Reclassification adjustment for net (losses) included in net income, net of taxes of ($8,000) for the year ended July 31, 2016 and ($69,000) for the year ended July 31, 2014 (Note 14) (17,007)    (86,187)
Unrealized gain (loss) on available-for-sale securities, net of taxes 68,508 66,621 (54,221)
Comprehensive income $ 1,586,268 $ 2,275,303 $ 685,102
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Statement of Comprehensive Income [Abstract]
Unrealized holding gains arising during the period, tax $ 43,000 $ (6,000) $ 26,000
Reclassification adjustment for net gains included in net income, tax $ (8,000)    $ (69,000)
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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Cash Flows From Operating Activities
Net income $ 1,517,760 $ 2,208,682 $ 739,323
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes 727,000 1,205,000 (309,000)
Deferred revenue (1,166,667) (1,166,667) 3,354,167
Realized (gain) loss on sale of marketable securities 36,999 (6,455) (182,870)
(Gain) loss on disposition of property and equipment (500) 27,648 4,291
Depreciation and amortization 1,635,660 1,695,454 1,721,850
Amortization of deferred charges 315,779 331,700 451,924
Amortization of deferred finance costs 22,872 19,870 16,683
Other assets - deferred charges (63,105) (942,869) (290,615)
- unbilled receivables 390,400 (56,503) (450,739)
- unbilled receivable - bad debts       66,265
- receivables 30,000 30,000 30,000
Changes in:
Receivables 345,326 (327,637) (1,489)
Receivable to temporarily vacate lease    1,250,000 (1,250,000)
Prepaid expenses (75,221) (94,002) (62,724)
Income taxes refundable 678,261 (499,259) 129,066
Accounts payable 40,584 (104,491) 86,582
Payroll and other accrued liabilities (473,560) 543,840 80,881
Other taxes payable 991 (385) 1,239
Net cash provided by operating activities 3,962,579 4,113,926 4,134,834
Cash Flows From Investing Activities
Acquisition of property and equipment (2,508,505) (2,455,496) (3,550,674)
Security deposits 252,626 28,791 (285,810)
Marketable securities:
Receipts from sales or maturities 314,008 344,271 1,248,412
Payments for purchases (848,200) (384,486) (57,377)
Net cash (used) by investing activities (2,790,071) (2,466,920) (2,645,449)
Cash Flows From Financing Activities
Increase (decrease) - security deposits payable 121,377 29,985 (91,081)
Borrowings - mortgage debt    652,274
Payments - mortgage and other debt payments (150,763) (136,321) (170,262)
Net cash provided (used) by financing activities (29,386) 545,938 (261,343)
Net increase in cash and cash equivalents 1,143,122 2,192,944 1,228,042
Cash and cash equivalents at beginning of year 4,085,704 1,892,760 664,718
Cash and cash equivalents at end of year $ 5,228,826 $ 4,085,704 $ 1,892,760
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
Jul. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

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 and amortization, 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.

Rental Income

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.

Based upon its periodic assessment of the quality of the receivables, management, using its historical knowledge of the tenants and industry experience, determines whether a reserve or write-off is required. Management has determined that no allowance for uncollected receivables is considered necessary. The Company uses specific identification to write-off receivables to bad debt expense in the period when issues of collectability become known. Collectability issues include circumstances when a tenant indicates their intention to vacate the property without paying, or when tenant litigation or bankruptcy proceedings are not expected to result in full payment. Due to the early termination of two leases and the modification without extension of a third lease, the Company recorded a bad debt expense of $66,265 for the year ended July 31, 2014, which is included in administrative 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, 2016 and 2015, 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 forward which currently are not deductible for tax purposes. Deferred tax liabilities result principally from temporary differences in the recognition of 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 2016, 2015 and 2014.

Marketable Securities

The Company categorizes marketable securities as either trading, available-for-sale or held-to-maturity at the time of purchase. Trading securities are carried at fair value with unrealized gains and losses included in income. Available-for-sale securities are carried at fair value measurements using quoted prices in active markets for identical assets or liabilities with unrealized gains and losses recorded as a separate component of shareholders’ equity. Held-to-maturity securities are carried at amortized cost. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The Company did not classify any securities as trading or held to maturity during the three years ended July 31, 2016.

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, 2016 and 2015.

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, 2016       Level 1       Level 2       Level 3       July 31, 2015       Level 1       Level 2       Level 3
Assets:                        
Marketable securities -
       available-for-sale $ 2,062,205 $ 2,062,205 $– $– $ 1,461,504 $ 1,461,504 $– $–

Fair Value of Investments in Entities that Use NAV

The following table summarizes investments measured at fair value based on NAV per share as of July 31, 2016 and 2015, respectively.

Unfunded Redemption Frequency
July 31, 2016       Fair Value       Commitments       (if currently eligible)       Redemption Notice Period
First Eagle Global CL I $ 296,220 n/a Daily None
Parnasus Core Equity Investor CL $ 398,379 n/a Daily None
 
Unfunded Redemption Frequency
July 31, 2015 Fair Value Commitments (if currently eligible) Redemption Notice Period
First Eagle Global CL I $ 271,462 n/a Daily None
Parnasus Core Equity Investor CL $ 305,626 n/a Daily None
Columbia Flexible CAP Income CI A $ 271,076 n/a Daily None

Reclassifications:

The consolidated financial statements for prior years reflect certain reclassifications to conform with classifications adopted in 2016. These reclassifications have no effect on net income or loss as previously reported.

Implementation of new accounting standards:

In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, “Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. In addition, ASU 2014-08 expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals for individually significant components that do not meet the definition of discontinued operations. The Company adopted ASU 2014-08 in the fourth quarter of fiscal year ended July 31, 2016. The adoption of this standard did not have a significant impact on the consolidated financial statements.

In January 2015, the FASB issued ASU 2015-01, “Income Statement – Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” Under ASU 2015-01, all transactions will be treated as ordinary and usual revenues or expenses in the presentation of operating results. The criteria for special presentation of an item as extraordinary has been removed from accounting standards. The Company adopted ASU 2015-01 in the fourth quarter of fiscal year ended July 31, 2016. The adoption of this standard did not have a significant impact on the consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs.” The Company adopted ASU 2015-03 in the fourth quarter of fiscal year ended July 31, 2016 and applied retroactively to July 31, 2015. The adoption of this standard caused a reclassification in the consolidated balance sheet for 2015 whereby deferred financing costs which were presented as deferred charges are now presented as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The adoption of this standard did not have any impact on the consolidated statements of income and retained earnings, comprehensive income, or cash flows.

In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Equivalent).” The Company applied ASU 2015-07 in the fourth quarter of the fiscal year ended July 31, 2016 and applied retroactively to July 31, 2015. The standard removes the requirement to categorize investments measured at Net Asset Value which are redeemable with the investee at a future date (including periodic redemption dates) within the fair value hierarchy. The adoption of this standard did not have any impact on the consolidated financial statements.

In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes.” The Company applied ASU 2015-17 in the fourth quarter of the fiscal year ended July 31, 2016 and applied retroactively to July 31, 2015. The adoption of this standard caused a reclassification in the consolidated balance sheet for 2015 whereby all deferred taxes are classified as noncurrent in a classified balance sheet. In addition, the deferred tax assets and liabilities for each taxing jurisdiction are presented net on the balance sheet. The adoption of this standard did not have any impact on the consolidated statements of income and retained earnings, comprehensive income, or cash flows.

Recently issued accounting standards not yet adopted:

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

In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” (“ASU 2016-08”) which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” (“ASU 2016-10”) which provides further guidance on identifying performance obligations and improves the operability and understandability of the licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”) which narrowly amended the revenue recognition guidance regarding collectability, noncash consideration, presentation of sales tax and transition. ASU 2016-08, ASU 2016-10 and ASU 2016-12 have the same effective date and transition requirements as ASU 2014-09. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 is intended to increase transparency and comparability among organizations of accounting for leasing arrangements. This guidance establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Lessor accounting remains similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard (ASU 2014-09). ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. Entities will be required to recognize and measure leases as of the earliest period presented using a modified retrospective approach. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning August 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures.

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MARKETABLE SECURITIES
12 Months Ended
Jul. 31, 2016
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES

2. MARKETABLE SECURITIES:

As of July 31, 2016 and 2015, the Company’s marketable securities were classified as follows:

July 31, 2016 July 31, 2015
Gross Gross Gross Gross
Unrealized     Unrealized Fair Unrealized Unrealized Fair
Cost      Gains      Losses      Value      Cost      Gains      Losses      Value
Non-current:            
       Available-for-sale:
              Mutual funds $ 551,573 $ 143,026 $  — $ 694,599 $ 719,245 $ 131,639 $ 2,720 $ 848,164
              Corporate equity
                     securities 1,110,091 258,869 1,354 1,367,606 445,227 168,113 613,340
$ 1,661,664 $ 401,895 $ 1,354 $ 2,062,205 $ 1,164,472 $ 299,752 $ 2,720 $ 1,461,504

The Company’s debt and equity securities, gross unrealized losses and fair value, aggregated by investment category and length of time that the investment securities have been in a continuous unrealized loss position at July 31, 2016 are as follows:

July 31, 2016 July 31, 2015
Less Than Less Than
      Fair Value       12 Months       Fair Value       12 Months
Corporate equity securities $ 120,288    $ 1,354    $    $  —   
Mutual funds 271,076 2,720
$ 120,288 $ 1,354 $ 271,076 $ 2,720

Investment income for the years ended July 31, 2016, 2015 and 2014 consists of the following:

2016       2015       2014
Interest income $ 8,422 $ 3,097 $ 2,557
Dividend income 54,526 41,666 46,884
Gain (loss) on sale of marketable securities (36,999 ) 6,455 182,870
     Total $ 25,949 $ 51,218 $ 232,311
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LONG-TERM DEBT - MORTGAGE
12 Months Ended
Jul. 31, 2016
LONG-TERM DEBT - MORTGAGES AND TERM LOAN [Abstract]
LONG-TERM DEBT - MORTGAGE

3. LONG-TERM DEBT—MORTGAGE:

July 31, 2016 July 31, 2015
Current
Annual Final Due Due Due Due
Interest Payment Within After Within After
Rate      Date      One Year      One Year      One Year      One Year
Mortgage:
       Bond St. building, Brooklyn, NY 3.54% 2/1/2020 $ 156,846 $ 5,629,679 $ 150,763 $ 5,786,525
       Less: Deferred financing costs 22,877 57,202 22,872 80,079
              Total $ 133,969 $ 5,572,477 $ 127,891 $ 5,706,446

The Company, on August 19, 2004, closed a loan with a bank for a $12,000,000 multiple draw term loan. The loan consisted of: a) a permanent, first mortgage loan to refinance an existing first mortgage loan affecting the Fishkill, New York property, which matured on July 1, 2004 (the “First Permanent Loan”), b) a permanent subordinate mortgage loan in the amount of $1,870,000 (the “Second Permanent Loan”), and c) multiple, successively subordinate loans in the amount $8,295,274 (“Subordinate Building Loans”). The Company, in February 2008, converted the loan totaling $12,000,000 to a seven (7) year permanent mortgage loan. The interest rate on conversion was 6.98%. On January 9, 2015, the Company refinanced the loan for $6,000,000, which included the outstanding balance as of January 2015 in the amount of $5,347,726 and an additional borrowing of $652,274. The loan is for a period of five years with a payment based on a twenty-five year amortization period. The interest rate for this period is fixed at 3.54% per annum. The mortgage loan is secured by the Bond Street building in Brooklyn, New York.

Maturities of long-term mortgage and term loan payable outstanding at July 31, 2016 are as follows: Years ending July 31, 2017 (included in current liabilities): $156,846; 2018: $162,569; 2019: $168,500; and 2020: $5,298,610.

The carrying value of all properties collateralizing the above debt is $21,805,611 at July 31, 2016.

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INCOME TAXES
12 Months Ended
Jul. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES

4. INCOME TAXES:

Income taxes provided for the years ended July 31, 2016, 2015 and 2014 consist of the following:

2016       2015       2014
Current:
       Federal $ 69,000 $ (492,000 ) $ 501,667
       State and City 348,333
Deferred taxes:
       Federal 727,000 1,570,000 (187,000 )
       State and City (365,000 ) (122,000 )
Total provision $ 796,000 $ 713,000 $ 541,000

Taxes provided for the years ended July 31, 2016, 2015 and 2014 differ from amounts which would result from applying the federal statutory tax rate to pre-tax income, as follows:

2016       2015       2014
Income before income taxes $ 2,313,760 $ 2,921,682 $ 1,280,323
Other-net 7,427 5,074 1,919
Adjusted pre-tax income $ 2,321,187 $ 2,926,756 $ 1,282,242
Statutory rate 34 % 34 % 34 %
Income tax provision at statutory rate $ 789,204 $ 995,097 $ 435,962
Federal tax assessment 41,175
State and City income taxes, net of federal income tax benefit 107,900
State and City deferred income taxes (365,000 )
Other-net 6,796 41,728 (2,862 )
Income tax provision $ 796,000 $ 713,000 $ 541,000

On September 13, 2013, the U.S. Department of the Treasury and the Internal Revenue Service released final income tax regulations on the deduction and capitalization of expenditures related to tangible property (“tangible property regulations”). The tangible property regulations clarify and expand sections 162(a) and 263(a) of the Internal Revenue Code (“IRC”), which relate to amounts paid to acquire, produce, or improve tangible property. Additionally, the tangible property regulations provided final guidance under IRC section 167 regarding accounting for and retirement of depreciable property and regulations under IRC section 168 relating to the accounting for property under the Modified Accelerated Cost Recovery System. The tangible property regulations affect all taxpayers that acquire, produce, or improve tangible property, and generally apply to taxable years beginning on or after January 1, 2014. The Company implemented the tangible property regulations as of August 1, 2014 with the filing of its federal tax return due October 15, 2015.

For the year ended July 31, 2016, after implementing the tangible property regulations, the Company incurred a federal net operating loss of approximately $8,191,000. The Company was able to carryback approximately $1,582,000, generating a federal income tax refund receivable of $537,881. The remaining federal net operating loss approximating $6,609,000 and $6,576,000 as of July 31, 2015 and July 31, 2016, respectively, is available to offset future taxable income. In addition, as of July 31, 2015 and 2016, the Company had state and city net operating loss carryforwards of approximately $9,000,000 and $8,943,000, respectively, available to offset future state and city taxable income. The net operating loss carryforwards will begin to expire, if not used, in 2035.

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, 2016, 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, 2016 and 2015 are a result of temporary differences related to the items described as follows:

2016 2015
Deferred Deferred Deferred Deferred
Tax Assets Tax Liabilities Tax Assets Tax Liabilities
Rental income received in advance $ 158,199          $          $ 202,497          $   
Net operating loss carryforward 2,235,743 2,247,196
Unbilled receivables 755,768 888,489
Property and equipment 6,950,048 6,396,520
Deferred revenue 347,083 743,750
Unrealized gain on marketable securities 136,184 100,991
Litigation deposit due from contractor 94,932
Other 389,043 337,557
$ 3,225,000 $ 7,842,000 $ 3,531,000 $ 7,386,000
Net deferred tax liability $ 4,617,000 $ 3,855,000

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 deferred tax assets at July 31, 2016 and 2015.

New York State and New York City taxes for years through July 31, 2015 are calculated using the higher of taxes based on income or the respective capital-based franchise taxes. In April 2014, the New York State governor signed into law legislation overhauling the New York State franchise tax on corporations. The changes in the law will be effective for the Company’s year ending July 31, 2016. The state capital-based tax will be phased out over a 7-year period. As of July 2015, the Company anticipates New York State taxes will be based on capital through 2022, and New York City taxes will be based on capital for the foreseeable future. Capital based franchise taxes are recorded to administrative and general expense.

Due to the application of the capital-based tax while the net operating loss still applies, or due to the possible absence of State taxable income in the years beyond 2022 to which the State loss can be carried, the Company has not recorded the New York State or New York City tax benefit of its net operating loss carryforwards. Also, to reflect its expectation that reversal of temporary differences will not result in New York State or City tax based on income, as of July 31, 2016 the Company decreased the deferred tax asset, deferred tax liability, and deferred taxes on unrealized loss on available-for-sale securities by $380,000, $771,000 and $26,000, respectively, resulting in a State and City deferred tax benefit of $365,000.

Components of the deferred tax provision (benefit) for the years ended July 31, 2016, 2015 and 2014 consist of the following:

2016       2015       2014
Tax depreciation exceeding book depreciation $ 553,647 $ 3,897,397 $ 406,019
Net operating loss carryforward 11,453 (2,247,196 )
Decrease (increase) of rental income received in advance 44,298 (50,032 ) 22,995
Increase (decrease) in unbilled receivables (132,736 ) 19,211 172,860
Deferred revenue 396,667 (28,333 ) (946,033 )
Litigation deposit due from contractor (94,932 )
Other (51,397 ) (21,047 ) 35,159
$ 727,000 $ 1,570,000 $ (309,000 )
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LEASES
12 Months Ended
Jul. 31, 2016
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 5 years to 27 years. Certain of the leases provide for additional rentals under certain circumstances and obligate the Company for payments of real estate taxes and other expenses.

Rental expense for leased real property for each of the three fiscal years in the period ended July 31, 2016 was exceeded by sublease rental income, as follows:

      2016       2015       2014
Minimum rental expense $ 1,726,528 $ 1,726,481 $ 1,732,220
Contingent rental expense 825,695 777,637 732,220
2,552,223 2,504,118 2,464,440
Sublease rental income 6,341,145 6,566,297 5,985,195
       Excess of sublease income over expense $ 3,788,922 $ 4,062,179 $ 3,520,755

Rent expense related to an affiliate principally owned by a director of the Company totaled $836,813 for fiscal year ended July 31, 2016 and $825,000 for fiscal years ended 2015 and 2014. The rent expense is derived from two leases which expire July 31, 2027 and April 30, 2031, respectively. Rent expense is recognized on a straight-line basis over the lives of the leases.

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

Operating
Fiscal Year       Leases
2017 $ 1,724,004
2018 1,731,609
2019 1,731,609
2020 1,731,609
2021 1,693,185
After 2021 12,937,071
       Total required $ 21,549,087

*      Minimum payments have not been reduced by minimum sublease rentals of $30,480,467 under operating leases due in the future under non-cancelable leases.
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RENTAL INCOME
12 Months Ended
Jul. 31, 2016
RENTAL INCOME [Abstract]
RENTAL INCOME

6. RENTAL INCOME:

Rental income for each of the fiscal years 2016, 2015 and 2014 is as follows:

July 31,
      2016       2015       2014
Minimum rentals
       Company owned property $ 10,478,878 $ 10,609,834 $ 10,412,191
       Leased property 6,008,185 6,262,367 5,709,743
16,487,063 16,872,201 16,121,934
Contingent rentals
       Company owned property 596,164 556,354 538,212
       Leased property 332,960 303,930 275,451
929,124 860,284 813,663
              Total $ 17,416,187 $ 17,732,485 $ 16,935,597

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

Company
Owned Leased
Fiscal Year       Property       Property       Total
2017 $ 10,328,975 $ 5,120,350 $ 15,449,325
2018 7,999,803 3,047,537 11,047,340
2019 7,541,845 3,016,494 10,558,339
2020 7,198,446 2,671,699 9,870,145
2021 6,963,780 1,810,764 8,774,544
After 2021 61,198,872 14,813,623 76,012,495
       Total $ 101,231,721 $ 30,480,467 $ 131,712,188

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, 2016
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, 2016 and 2015 consist of the following:

      2016       2015
Payroll $ 231,701 $ 216,804
Interest 23,889 24,349
Professional fees 160,000 175,000
Rents received in advance 465,290 595,578
Utilities 14,616 14,803
Brokers commissions 316,110 591,988
Construction costs 10,000 160,340
Other 1,023,161 939,465
       Total 2,244,767 2,718,327
Less current portion 2,153,850 2,597,104
Long term portion $ 90,917 $ 121,223
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EMPLOYEES' RETIREMENT PLANS
12 Months Ended
Jul. 31, 2016
Compensation and Retirement Disclosure [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 $391,962, $385,083, and $366,741, as contributions to the Plan for fiscal years 2016, 2015 and 2014, 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, 2016, 2015 and 2014 were $53,405, $45,782, and $47,903, 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.

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, 2014
Certified zone status:   Critical Status
Status determination date: January 1, 2014
Plan used extended amortization provisions in status calculation: Yes
Minimum required contribution:   None
Employer contributing greater than 5% of Plan contributions for year
ended December 31, 2014: Yes
Rehabilitation plan implemented: Yes
Employer subject to surcharge: Yes
Contract expiration date: November 30, 2016
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CASH FLOW INFORMATION
12 Months Ended
Jul. 31, 2016
Supplemental Cash Flow Elements [Abstract]
CASH FLOW INFORMATION

9. CASH FLOW INFORMATION:

For purposes of reporting cash flows, the Company considers cash equivalents to consist of short-term highly liquid investments with maturities of three months or less, which are readily convertible into cash.

Supplemental disclosures:

July 31,
      2016       2015       2014
Interest paid, net of capitalized interest of $49,707 (2016),
       $23,733 (2015) and $16,300 (2014) $ 222,969 $ 329,653 $ 424,039
Income taxes paid (refunded) $ (367,755 ) $ 237,702 $ 720,583

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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS
12 Months Ended
Jul. 31, 2016
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 and tenant security deposits due to their high liquidity.

July 31, 2016
Carrying Fair
      Value       Value
Cash and cash equivalents $ 5,228,826 $ 5,228,826
Marketable securities $ 2,062,205 $ 2,062,205
Security deposits payable $ 897,965 $ 897,965
Mortgage and note payable $ 6,786,525 $ 6,843,974

Financial instruments that are potentially subject to concentrations of credit risk consist principally of marketable securities and cash and cash equivalents. Marketable securities and cash and cash equivalents are placed with multiple financial institutions and instruments to minimize risk. No assurance can be made that such financial institutions and instruments will minimize all such risk.

Other assets subject to credit risk include receivables and unbilled receivables. The Company derived rental income from forty nine tenants, of which one tenant accounted for 18.98% and another tenant accounted for 15.73% of rental income during the year ended July 31, 2016. No other tenant accounted for more than 10% of rental income during the year ended July 31, 2016. Of the receivables recorded at July 31, 2016, one tenant accounted for 11.35% of the receivables due to a restructuring of the payments due on leases and three other tenants accounted for 12.48%, 32.60% and 11.53% of the receivables, respectively. Of the unbilled receivables, one tenant accounted for 39.21%, a second tenant accounted for 16.58% and a third tenant accounted for 15.79% of the balance at July 31, 2016. No other tenants accounted for more than 10% of billed receivables, unbilled receivables, or combined billed and unbilled receivables. Write- offs of unbilled receivables, primarily due to restructuring of leases, were $0 for 2016, $0 for 2015 and $66,265 for 2014.

The Company has one irrevocable letter of credit totaling $230,000 at July 31, 2016 and 2015 provided by one tenant as a security deposit.

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DEFERRED CHARGES
12 Months Ended
Jul. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
DEFERRED CHARGES

11. DEFERRED CHARGES:

Deferred charges for the fiscal years ended July 31, 2016 and 2015 consist of the following:

July 31, 2016 July 31, 2015
Gross Gross
Carrying Accumulated Carrying Accumulated
        Amount       Amortization       Amount       Amortization
Leasing brokerage commissions $ 2,942,583 $ 1,134,929 $ 3,339,759 $ 1,304,518
Professional fees for leasing 405,448 269,338 405,448 244,251
       Total $ 3,348,031 $ 1,404,267 $ 3,745,207 $ 1,548,769

The aggregate amortization expense for the three years in the period ended July 31, 2016 was $315,779, $331,700, and $451,924, respectively.

The weighted average life of current year additions to deferred charges was 5 years.

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

Fiscal Year       Amortization
2017     $ 276,032    
2018 $ 247,140
2019 $ 183,253
2020 $ 158,838
2021 $ 151,721
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CAPITALIZATION
12 Months Ended
Jul. 31, 2016
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, 2016 and at July 31, 2015.

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NOTE PAYABLE
12 Months Ended
Jul. 31, 2016
Debt Disclosure [Abstract]
NOTE PAYABLE

13. NOTE PAYABLE:

On December 15, 2004, the Company borrowed $1,000,000 on an unsecured basis from a former director of the Company, who at the time was also a greater than 10% beneficial owner of the outstanding common stock of the Company. The former director passed away in November 2012 and the note had been an asset of the estate of the former director. In connection with the distribution of the assets of such estate, the note has been assigned to the trust under the will of the former director for the benefit of the formers director’s granddaughter. The loan has been repeatedly renewed to its current maturity date of December 15, 2016 at an interest rate of 5% per annum. The note is prepayable in whole or in part at any time without penalty. The constant quarterly payment of interest is $12,500. The interest paid for each of the three years ended July 31, 2016 was $50,000 each year.

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ACCUMULATED OTHER COMPREHENSIVE INCOME
12 Months Ended
Jul. 31, 2016
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME

14. 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, 2016, 2015, and 2014 is as follows:

Years Ended July 31,
      2016       2015       2014
Beginning balance, net of tax effect $ 196,033 $ 129,412 $ 183,633
Other comprehensive income, net of tax effect:
       Unrealized gains on available-for-sale securities 128,515 60,621 57,966
       Tax effect (43,000 ) 6,000 (26,000 )
       Unrealized gains on available-for-sale securities, net of tax effect 85,515 66,621 31,966
 
Amounts reclassified from accumulated other
       comprehensive income comprehensive income, net of tax effect:
       Unrealized (losses) on available-for-sale securities reclassified (25,007 ) (155,187 )
       Tax effect 8,000 69,000
       Amount reclassified, net of tax effect $ (17,007 ) (86,187 )
Ending balance, net of tax effect $ 264,541 $ 196,033 $ 129,412

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
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ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
12 Months Ended
Jul. 31, 2016
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT [Abstract]
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

15. 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.

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, 2016
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES

16. CONTINGENCIES:

There are various lawsuits and claims pending against the Company. It is the opinion of management that the resolution of these matters will not have a material adverse effect on the Company’s Consolidated Financial Statements.

If the Company sells, transfers, disposes of or demolishes 25 Elm Place, Brooklyn, New York, then the Company may be liable to create a condominium unit for the loading dock. The necessity of creating the condominium unit and the cost of such condominium unit cannot be determined at this time.

Because of defective workmanship and breach of contract, the Company commenced litigation against a contractor to pay damages and return in full $376,467 of a deposit paid when work commenced to replace a roof on the Fishkill, New York building. As of July 31, 2015, this deposit was included in other assets on the consolidated balance sheet in security deposits. The Company cannot predict the outcome of this matter and expects to vigorously pursue this contractor until the deposit is returned and damages are paid. As there is a reasonable possibility the contractor will not pay the Company in full, a charge to real estate operating expenses in the amount of $279,213 was recorded as of July 31, 2016, the difference between the deposit amount when work commenced and outstanding invoices due to the contractor.

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CHANGE IN ACCOUNTING POLICIES
12 Months Ended
Jul. 31, 2016
Accounting Changes and Error Corrections [Abstract]
CHANGE IN ACCOUNTING POLICIES

17. CHANGE IN ACCOUNTING POLICIES

During the year, the Company changed its accounting policy with respect to the presentation of deferred financing costs. The Company now presents the deferred financing costs as an offset to the face value of the long-term debt. Prior to this change in policy, the Company included deferred financing costs as a component of deferred charges.

The Company believes the new policy is preferable as it implements the change in accounting standards required by ASU 2015-03 which is required effective with the year ending July 31, 2017.

The impact of this voluntary change in accounting policy on the consolidated financial statements is primarily to reduce deferred charges and face value of outstanding long-term debt. This change did not result in a material impact on the current year or any years included within these consolidated financial statements.

During the year, the Company changed its accounting policy with respect to the presentation of deferred tax assets and liabilities. The Company now presents the deferred tax assets and liabilities as a net long-term liability. Prior to this change in policy, the Company included deferred tax liabilities as a separate line item between long-term liabilities and current liabilities.

The Company believes the new policy is preferable as it implements the change in accounting standards required by ASU 2015-17 which is required effective with the year ending July 31, 2018. This change did not result in a material impact on the current year or any years included within these consolidated financial statements.

The impact on each line item of the primary financial statements relating to the Company’s adoption of ASU 2015-03 and ASU 2015-17 is as follows:

2015
As reported Adjustment Restated
Deferred charges      $ 3,859,594        $ 114,387      $ 3,745,207
Less accumulated depreciation 1,560,205 11,436 1,548,769
       Net 2,299,389 102,951 2,196,438
Deferred tax asset 3,531,000 (3,531,000 )
Mortgage payable, long-term 5,786,525 80,079 5,706,446
Current portion of long-term debt 150,763 22,872 127,891
Deferred tax liability $ 7,386,000 $ (3,531,000 ) $ 3,855,000

The total effect on the consolidated balance sheet totals is as follows:

2015
As reported Adjustment Restated
Current assets      $ 10,511,620      $ 3,531,000      $ 6,980,620
Total assets 66,436,103 3,633,951 62,802,152
Long-term liabilities 8,622,157 3,774,921 12,397,078
Current liabilities 4,043,277 22,872 4,020,405
Total liabilities 20,051,434 3,633,951 16,417,483
Total liabilities and shareholders’ equity $ 66,436,103 $ 3,633,951 $ 62,802,152
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SUBSEQUENT EVENT
12 Months Ended
Jul. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENT

18. SUBSEQUENT EVENT:

In August 2016, a tenant at the Company’s Circleville, Ohio Property leased an additional 12,000 square feet of warehouse space effective August 15, 2016.

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VALUATION AND QUALIFYING ACCOUNTS
12 Months Ended
Jul. 31, 2016
Valuation and Qualifying Accounts [Abstract]
VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

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

Year Ended July 31,
2016       2015       2014
Allowance for net unrealized gains (losses) on marketable securities:
       Balance, beginning of year $ 297,031 $ 236,412 $ 333,633
       Additions (deletions) 103,510 60,619 (97,221 )
       Balance, end of year $ 400,541 $ 297,031 $ 236,412
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REAL ESTATE AND ACCUMULATED DEPRECIATION
12 Months Ended
Jul. 31, 2016
SEC Schedule III, 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, 2016

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      $ 5,786,525 $ 3,901,349 $ 7,403,468 $ 22,090,157 $— $ 3,901,349 $ 29,493,625 $ 33,394,974 $ 11,589,363 Various Various (1) (2)
Jamaica, New York
      Jamaica Avenue at 169th Street 3,215,699 16,319,534 19,535,233 19,535,233 10,171,768 1959 1959 (1) (2)
Fishkill, New York  
      Route 9 at Interstate Highway 84 594,723 7,212,116 4,872,441 594,723 12,084,557 12,679,280 8,813,635 10/74 11/72 (1)
Brooklyn, New York
      Jowein Building Fulton Street 1,324,957 728,327 14,552,304 1,324,957 15,280,631 16,605,588 4,852,873 1915 1950 (1) (2)
      and Elm Place
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 2,581,171 9/92 12/92 (1)
Total(A) $ 5,786,525 $ 6,067,805 $ 22,948,066 $ 57,920,956 $— $ 6,067,805 $ 80,869,022 $ 86,936,827 $ 38,008,810
____________________

(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 $340,023 and Accumulated Depreciation thereon of $203,303 at July 31, 2016.

Year Ended July 31,
2016       2015       2014
Investment in Real Estate
       Balance at Beginning of Year $ 84,474,345 $ 82,092,994 $ 78,547,467
       Improvements 2,462,482 2,426,491 3,545,527
       Retirements (45,140 )
       Balance at End of Year $ 86,936,827 $ 84,474,345 $ 82,092,994
Accumulated Depreciation
       Balance at Beginning of Year $ 36,413,975 $ 34,773,376 $ 33,097,163
       Additions Charged to Costs and Expenses 1,594,835 1,658,091 1,676,213
       Retirements (17,492 )
       Balance at End of Year $ 38,008,810 $ 36,413,975 $ 34,773,376
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
12 Months Ended
Jul. 31, 2016
Accounting Policies [Abstract]
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 and amortization, 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.

Rental Income

Rental Income

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.

Based upon its periodic assessment of the quality of the receivables, management, using its historical knowledge of the tenants and industry experience, determines whether a reserve or write-off is required. Management has determined that no allowance for uncollected receivables is considered necessary. The Company uses specific identification to write-off receivables to bad debt expense in the period when issues of collectability become known. Collectability issues include circumstances when a tenant indicates their intention to vacate the property without paying, or when tenant litigation or bankruptcy proceedings are not expected to result in full payment. Due to the early termination of two leases and the modification without extension of a third lease, the Company recorded a bad debt expense of $66,265 for the year ended July 31, 2014, which is included in administrative 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, 2016 and 2015, 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 forward which currently are not deductible for tax purposes. Deferred tax liabilities result principally from temporary differences in the recognition of 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 2016, 2015 and 2014.

Marketable Securities

Marketable Securities

The Company categorizes marketable securities as either trading, available-for-sale or held-to-maturity at the time of purchase. Trading securities are carried at fair value with unrealized gains and losses included in income. Available-for-sale securities are carried at fair value measurements using quoted prices in active markets for identical assets or liabilities with unrealized gains and losses recorded as a separate component of shareholders’ equity. Held-to-maturity securities are carried at amortized cost. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The Company did not classify any securities as trading or held to maturity during the three years ended July 31, 2016.

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, 2016 and 2015.

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, 2016       Level 1       Level 2       Level 3       July 31, 2015       Level 1       Level 2       Level 3
Assets:                        
Marketable securities -
       available-for-sale $ 2,062,205 $ 2,062,205 $– $– $ 1,461,504 $ 1,461,504 $– $–
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.

Fair Value of Investments in Entities that Use NAV

Fair Value of Investments in Entities that Use NAV

The following table summarizes investments measured at fair value based on NAV per share as of July 31, 2016 and 2015, respectively.

Unfunded Redemption Frequency
July 31, 2016       Fair Value       Commitments       (if currently eligible)       Redemption Notice Period
First Eagle Global CL I $ 296,220 n/a Daily None
Parnasus Core Equity Investor CL $ 398,379 n/a Daily None
 
Unfunded Redemption Frequency
July 31, 2015 Fair Value Commitments (if currently eligible) Redemption Notice Period
First Eagle Global CL I $ 271,462 n/a Daily None
Parnasus Core Equity Investor CL $ 305,626 n/a Daily None
Columbia Flexible CAP Income CI A $ 271,076 n/a Daily None
Reclassifications

Reclassifications:

The consolidated financial statements for prior years reflect certain reclassifications to conform with classifications adopted in 2016. These reclassifications have no effect on net income or loss as previously reported.

Implementation of new accounting standards:

Implementation of new accounting standards:

In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, “Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. In addition, ASU 2014-08 expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals for individually significant components that do not meet the definition of discontinued operations. The Company adopted ASU 2014-08 in the fourth quarter of fiscal year ended July 31, 2016. The adoption of this standard did not have a significant impact on the consolidated financial statements.

In January 2015, the FASB issued ASU 2015-01, “Income Statement – Extraordinary and Unusual Items: Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” Under ASU 2015-01, all transactions will be treated as ordinary and usual revenues or expenses in the presentation of operating results. The criteria for special presentation of an item as extraordinary has been removed from accounting standards. The Company adopted ASU 2015-01 in the fourth quarter of fiscal year ended July 31, 2016. The adoption of this standard did not have a significant impact on the consolidated financial statements.

In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs.” The Company adopted ASU 2015-03 in the fourth quarter of fiscal year ended July 31, 2016 and applied retroactively to July 31, 2015. The adoption of this standard caused a reclassification in the consolidated balance sheet for 2015 whereby deferred financing costs which were presented as deferred charges are now presented as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The adoption of this standard did not have any impact on the consolidated statements of income and retained earnings, comprehensive income, or cash flows.

In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Equivalent).” The Company applied ASU 2015-07 in the fourth quarter of the fiscal year ended July 31, 2016 and applied retroactively to July 31, 2015. The standard removes the requirement to categorize investments measured at Net Asset Value which are redeemable with the investee at a future date (including periodic redemption dates) within the fair value hierarchy. The adoption of this standard did not have any impact on the consolidated financial statements.

In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes.” The Company applied ASU 2015-17 in the fourth quarter of the fiscal year ended July 31, 2016 and applied retroactively to July 31, 2015. The adoption of this standard caused a reclassification in the consolidated balance sheet for 2015 whereby all deferred taxes are classified as noncurrent in a classified balance sheet. In addition, the deferred tax assets and liabilities for each taxing jurisdiction are presented net on the balance sheet. The adoption of this standard did not have any impact on the consolidated statements of income and retained earnings, comprehensive income, or cash flows.

Recently issued accounting standards not yet adopted:

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

In March 2016, the FASB issued ASU No. 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)” (“ASU 2016-08”) which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” (“ASU 2016-10”) which provides further guidance on identifying performance obligations and improves the operability and understandability of the licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”) which narrowly amended the revenue recognition guidance regarding collectability, noncash consideration, presentation of sales tax and transition. ASU 2016-08, ASU 2016-10 and ASU 2016-12 have the same effective date and transition requirements as ASU 2014-09. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 is intended to increase transparency and comparability among organizations of accounting for leasing arrangements. This guidance establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. Lessor accounting remains similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard (ASU 2014-09). ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. Entities will be required to recognize and measure leases as of the earliest period presented using a modified retrospective approach. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The new standard will be effective for the Company for the fiscal year beginning August 1, 2019. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of the new standard on its consolidated financial statements and related disclosures.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Jul. 31, 2016
Accounting Policies [Abstract]
Schedule of property and equipment depreciation and amortization period

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 financial assets measured at fair value on recurring basis

Fair value measurements at reporting date using
Description       July 31, 2016       Level 1       Level 2       Level 3       July 31, 2015       Level 1       Level 2       Level 3
Assets:                        
Marketable securities -
       available-for-sale $ 2,062,205 $ 2,062,205 $– $– $ 1,461,504 $ 1,461,504 $– $–
Schedule of investments measured at fair value

Unfunded Redemption Frequency
July 31, 2016       Fair Value       Commitments       (if currently eligible)       Redemption Notice Period
First Eagle Global CL I $ 296,220 n/a Daily None
Parnasus Core Equity Investor CL $ 398,379 n/a Daily None
 
Unfunded Redemption Frequency
July 31, 2015 Fair Value Commitments (if currently eligible) Redemption Notice Period
First Eagle Global CL I $ 271,462 n/a Daily None
Parnasus Core Equity Investor CL $ 305,626 n/a Daily None
Columbia Flexible CAP Income CI A $ 271,076 n/a Daily None
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MARKETABLE SECURITIES (Tables)
12 Months Ended
Jul. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of classified marketable securities

July 31, 2016 July 31, 2015
Gross Gross Gross Gross
Unrealized     Unrealized Fair Unrealized Unrealized Fair
Cost      Gains      Losses      Value      Cost      Gains      Losses      Value
Non-current:            
       Available-for-sale:
              Mutual funds $ 551,573 $ 143,026 $  — $ 694,599 $ 719,245 $ 131,639 $ 2,720 $ 848,164
              Corporate equity
                     securities 1,110,091 258,869 1,354 1,367,606 445,227 168,113 613,340
$ 1,661,664 $ 401,895 $ 1,354 $ 2,062,205 $ 1,164,472 $ 299,752 $ 2,720 $ 1,461,504
Schedule of debt and equity securities, gross unrealized losses and fair value, aggregated by investment category and length of time that the investment securities have been in a continuous unrealized loss position

July 31, 2016 July 31, 2015
Less Than Less Than
      Fair Value       12 Months       Fair Value       12 Months
Corporate equity securities $ 120,288    $ 1,354    $    $  —   
Mutual funds 271,076 2,720
$ 120,288 $ 1,354 $ 271,076 $ 2,720

Schedule of investment income

2016       2015       2014
Interest income $ 8,422 $ 3,097 $ 2,557
Dividend income 54,526 41,666 46,884
Gain (loss) on sale of marketable securities (36,999 ) 6,455 182,870
     Total $ 25,949 $ 51,218 $ 232,311
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LONG-TERM DEBT - MORTGAGE (Tables)
12 Months Ended
Jul. 31, 2016
LONG-TERM DEBT - MORTGAGES AND TERM LOAN [Abstract]
Schedule of long-term debt

July 31, 2016 July 31, 2015
Current
Annual Final Due Due Due Due
Interest Payment Within After Within After
Rate      Date      One Year      One Year      One Year      One Year
Mortgage:
       Bond St. building, Brooklyn, NY 3.54% 2/1/2020 $ 156,846 $ 5,629,679 $ 150,763 $ 5,786,525
       Less: Deferred financing costs 22,877 57,202 22,872 80,079
              Total $ 133,969 $ 5,572,477 $ 127,891 $ 5,706,446
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INCOME TAXES (Tables)
12 Months Ended
Jul. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of income tax expense

2016       2015       2014
Current:
       Federal $ 69,000 $ (492,000 ) $ 501,667
       State and City 348,333
Deferred taxes:
       Federal 727,000 1,570,000 (187,000 )
       State and City (365,000 ) (122,000 )
Total provision $ 796,000 $ 713,000 $ 541,000

Schedule of effective income tax rate reconciliation

2016       2015       2014
Income before income taxes $ 2,313,760 $ 2,921,682 $ 1,280,323
Other-net 7,427 5,074 1,919
Adjusted pre-tax income $ 2,321,187 $ 2,926,756 $ 1,282,242
Statutory rate 34 % 34 % 34 %
Income tax provision at statutory rate $ 789,204 $ 995,097 $ 435,962
Federal tax assessment 41,175
State and City income taxes, net of federal income tax benefit 107,900
State and City deferred income taxes (365,000 )
Other-net 6,796 41,728 (2,862 )
Income tax provision $ 796,000 $ 713,000 $ 541,000
Schedule of deferred tax assets and liabilities

2016 2015
Deferred Deferred Deferred Deferred
Tax Assets Tax Liabilities Tax Assets Tax Liabilities
Rental income received in advance $ 158,199          $          $ 202,497          $   
Net operating loss carryforward 2,235,743 2,247,196
Unbilled receivables 755,768 888,489
Property and equipment 6,950,048 6,396,520
Deferred revenue 347,083 743,750
Unrealized gain on marketable securities 136,184 100,991
Litigation deposit due from contractor 94,932
Other 389,043 337,557
$ 3,225,000 $ 7,842,000 $ 3,531,000 $ 7,386,000
Net deferred tax liability $ 4,617,000 $ 3,855,000
Components of deferred tax provision (benefit)

2016       2015       2014
Tax depreciation exceeding book depreciation $ 553,647 $ 3,897,397 $ 406,019
Net operating loss carryforward 11,453 (2,247,196 )
Decrease (increase) of rental income received in advance 44,298 (50,032 ) 22,995
Increase (decrease) in unbilled receivables (132,736 ) 19,211 172,860
Deferred revenue 396,667 (28,333 ) (946,033 )
Litigation deposit due from contractor (94,932 )
Other (51,397 ) (21,047 ) 35,159
$ 727,000 $ 1,570,000 $ (309,000 )

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LEASES (Tables)
12 Months Ended
Jul. 31, 2016
Leases [Abstract]
Schedule of rental expense

      2016       2015       2014
Minimum rental expense $ 1,726,528 $ 1,726,481 $ 1,732,220
Contingent rental expense 825,695 777,637 732,220
2,552,223 2,504,118 2,464,440
Sublease rental income 6,341,145 6,566,297 5,985,195
       Excess of sublease income over expense $ 3,788,922 $ 4,062,179 $ 3,520,755

Schedule of future minimum non-cancelable rental commitments
Operating
Fiscal Year       Leases
2017 $ 1,724,004
2018 1,731,609
2019 1,731,609
2020 1,731,609
2021 1,693,185
After 2021 12,937,071
       Total required $ 21,549,087

*      Minimum payments have not been reduced by minimum sublease rentals of $30,480,467 under operating leases due in the future under non-cancelable leases.
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RENTAL INCOME (Tables)
12 Months Ended
Jul. 31, 2016
RENTAL INCOME [Abstract]
Schedule of rental income

July 31,
      2016       2015       2014
Minimum rentals
       Company owned property $ 10,478,878 $ 10,609,834 $ 10,412,191
       Leased property 6,008,185 6,262,367 5,709,743
16,487,063 16,872,201 16,121,934
Contingent rentals
       Company owned property 596,164 556,354 538,212
       Leased property 332,960 303,930 275,451
929,124 860,284 813,663
              Total $ 17,416,187 $ 17,732,485 $ 16,935,597

Schedule of future minimum non-cancelable rental income

Company
Owned Leased
Fiscal Year       Property       Property       Total
2017 $ 10,328,975 $ 5,120,350 $ 15,449,325
2018 7,999,803 3,047,537 11,047,340
2019 7,541,845 3,016,494 10,558,339
2020 7,198,446 2,671,699 9,870,145
2021 6,963,780 1,810,764 8,774,544
After 2021 61,198,872 14,813,623 76,012,495
       Total $ 101,231,721 $ 30,480,467 $ 131,712,188
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PAYROLL AND OTHER ACCRUED LIABILITIES (Tables)
12 Months Ended
Jul. 31, 2016
Payables and Accruals [Abstract]
Schedule of payroll and other accrued liabilities

      2016       2015
Payroll $ 231,701 $ 216,804
Interest 23,889 24,349
Professional fees 160,000 175,000
Rents received in advance 465,290 595,578
Utilities 14,616 14,803
Brokers commissions 316,110 591,988
Construction costs 10,000 160,340
Other 1,023,161 939,465
       Total 2,244,767 2,718,327
Less current portion 2,153,850 2,597,104
Long term portion $ 90,917 $ 121,223
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CASH FLOW INFORMATION (Tables)
12 Months Ended
Jul. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Schedule of cash flow information

July 31,
      2016       2015       2014
Interest paid, net of capitalized interest of $49,707 (2016),
       $23,733 (2015) and $16,300 (2014) $ 222,969 $ 329,653 $ 424,039
Income taxes paid (refunded) $ (367,755 ) $ 237,702 $ 720,583
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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Tables)
12 Months Ended
Jul. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of fair value of financial instruments
July 31, 2016
Carrying Fair
      Value       Value
Cash and cash equivalents $ 5,228,826 $ 5,228,826
Marketable securities $ 2,062,205 $ 2,062,205
Security deposits payable $ 897,965 $ 897,965
Mortgage and note payable $ 6,786,525 $ 6,843,974
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DEFERRED CHARGES (Tables)
12 Months Ended
Jul. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of deferred charges

July 31, 2016 July 31, 2015
Gross Gross
Carrying Accumulated Carrying Accumulated
        Amount       Amortization       Amount       Amortization
Leasing brokerage commissions $ 2,942,583 $ 1,134,929 $ 3,339,759 $ 1,304,518
Professional fees for leasing 405,448 269,338 405,448 244,251
       Total $ 3,348,031 $ 1,404,267 $ 3,745,207 $ 1,548,769
Schedule of estimated aggregate amortization expense

Fiscal Year       Amortization
2017     $ 276,032    
2018 $ 247,140
2019 $ 183,253
2020 $ 158,838
2021 $ 151,721
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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
12 Months Ended
Jul. 31, 2016
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)

Years Ended July 31,
      2016       2015       2014
Beginning balance, net of tax effect $ 196,033 $ 129,412 $ 183,633
Other comprehensive income, net of tax effect:
       Unrealized gains on available-for-sale securities 128,515 60,621 57,966
       Tax effect (43,000 ) 6,000 (26,000 )
       Unrealized gains on available-for-sale securities, net of tax effect 85,515 66,621 31,966
 
Amounts reclassified from accumulated other
       comprehensive income comprehensive income, net of tax effect:
       Unrealized (losses) on available-for-sale securities reclassified (25,007 ) (155,187 )
       Tax effect 8,000 69,000
       Amount reclassified, net of tax effect $ (17,007 ) (86,187 )
Ending balance, net of tax effect $ 264,541 $ 196,033 $ 129,412

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CHANGE IN ACCOUNTING POLICIES (Tables)
12 Months Ended
Jul. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Schedule of Effects of Change in Accounting Policies

The impact on each line item of the primary financial statements relating to the Company’s adoption of ASU 2015-03 and ASU 2015-17 is as follows:

2015
As reported Adjustment Restated
Deferred charges      $ 3,859,594        $ 114,387      $ 3,745,207
Less accumulated depreciation 1,560,205 11,436 1,548,769
       Net 2,299,389 102,951 2,196,438
Deferred tax asset 3,531,000 (3,531,000 )
Mortgage payable, long-term 5,786,525 80,079 5,706,446
Current portion of long-term debt 150,763 22,872 127,891
Deferred tax liability $ 7,386,000 $ (3,531,000 ) $ 3,855,000

The total effect on the consolidated balance sheet totals is as follows:

2015
As reported Adjustment Restated
Current assets      $ 10,511,620      $ 3,531,000      $ 6,980,620
Total assets 66,436,103 3,633,951 62,802,152
Long-term liabilities 8,622,157 3,774,921 12,397,078
Current liabilities 4,043,277 22,872 4,020,405
Total liabilities 20,051,434 3,633,951 16,417,483
Total liabilities and shareholders’ equity $ 66,436,103 $ 3,633,951 $ 62,802,152
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Bad debt expense       $ 66,265
Weighted average number of shares outstanding, basic (in shares) 2,015,780 2,015,780 2,015,780
Minimum [Member]
Deferred charges amortization period 1 year
Maximum [Member]
Deferred charges amortization period 21 years
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of property and equipment depreciation and amortization period) (Details)
12 Months Ended
Jul. 31, 2016
Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life 12 years
Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life 7 years
Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life 40 years
Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life 3 years
Other Capitalized Property Plant and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life 5 years
Other Capitalized Property Plant and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life 3 years
Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life 40 years
Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life 18 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, 2016
Jul. 31, 2015
Marketable securities -
available-for-sale $ 2,062,205 $ 1,461,504
Fair Value, Inputs, Level 1 [Member]
Marketable securities -
available-for-sale 2,062,205 1,461,504
Fair Value, Inputs, Level 2 [Member]
Marketable securities -
available-for-sale      
Fair Value, Inputs, Level 3 [Member]
Marketable securities -
available-for-sale      
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of investments measured at fair value) (Details) (USD $)
Jul. 31, 2016
Jul. 31, 2015
First Eagle Global CL I [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value $ 296,220 $ 271,462
Parnasus Core Equity Investor CL [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value 398,379 305,626
Investment Three [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value $ 271,076
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MARKETABLE SECURITIES (Schedule of classified marketable securities) (Details) (USD $)
Jul. 31, 2016
Jul. 31, 2015
Fair Value $ 2,062,205 $ 1,461,504
Noncurrent [Member]
Cost 1,661,664 1,164,472
Gross Unrealized Gains 401,895 299,752
Gross Unrealized Losses 1,354 2,720
Fair Value 2,062,205 1,461,504
Noncurrent [Member] | Mutual Funds [Member]
Cost 551,573 719,245
Gross Unrealized Gains 143,026 131,639
Gross Unrealized Losses    2,720
Fair Value 694,599 848,164
Noncurrent [Member] | Corporate Equity Securities [Member]
Cost 1,110,091 445,227
Gross Unrealized Gains 258,869 168,113
Gross Unrealized Losses 1,354   
Fair Value $ 1,367,606 $ 613,340
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Marketable Securities (Schedule of Investment Securities In Continuous Unrealized Loss Position) (Details) (USD $)
Jul. 31, 2016
Jul. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Investment securities, continuous unrealized loss position, Fair Value $ 120,288 $ 271,076
Investment securities, continuous unrealized loss position, Less Than 12 Months 1,354 2,720
Corporate Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment securities, continuous unrealized loss position, Fair Value 120,288   
Investment securities, continuous unrealized loss position, Less Than 12 Months 1,354   
Mutual Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment securities, continuous unrealized loss position, Fair Value    271,076
Investment securities, continuous unrealized loss position, Less Than 12 Months    $ 2,720
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MARKETABLE SECURITIES (Schedule of investment income) (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Investments, Debt and Equity Securities [Abstract]
Interest income $ 8,422 $ 3,097 $ 2,557
Dividend income 54,526 41,666 46,884
Gain (loss) on sale of marketable securities (36,999) 6,455 182,870
Total $ 25,949 $ 51,218 $ 232,311
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LONG-TERM DEBT - MORTGAGE (Schedule of long-term debt) (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jan. 09, 2015
Less: Deferred financing costs
Due After One Year, Total $ 5,572,477 $ 5,706,446
Bond St.Building Brooklyn NY Two [Member]
Mortgage:
Due Within One Year 156,846 150,763
Due After One Year 5,629,679 5,786,525
Less: Deferred financing costs
Due Within One Year 22,877 22,872
Due After One Year 57,202 80,079
Due Within One Year, Total 133,969 127,891
Due After One Year, Total $ 5,572,477 $ 5,706,446
Current Annual Interest Rate 3.54% 3.54%
Final Payment Date Feb 1, 2020
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LONG-TERM DEBT - MORTGAGE (Narrative) (Details) (USD $)
Jul. 31, 2016
Jan. 09, 2015
Bond St.Building Brooklyn NY Two [Member]
Jul. 31, 2016
Bond St.Building Brooklyn NY Two [Member]
Feb. 29, 2008
Fishkill, New York Property [Member]
Aug. 19, 2004
Fishkill, New York Property [Member]
Aug. 19, 2004
Fishkill, New York Property [Member]
Multiple Successively Subordinate Loans [Member]
Aug. 19, 2004
Fishkill, New York Property [Member]
Permanent Subordinate Mortgage [Member]
Closed bank liabilities $ 6,000,000 $ 12,000,000 $ 8,295,274 $ 1,870,000
Additional loans 652,274
Debt maturing in 2017 156,846
Debt maturing in 2018 162,569
Debt maturing in 2019 168,500
Debt maturing in 2020 5,298,610
Carrying value of properties collateralizing debt 21,805,611
Amount outstanding $ 5,347,726
Term of loan 5 years 7 years
Amortization period of loan 25 years
Interest rate, percent 3.54% 3.54% 6.98%
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INCOME TAXES (Schedule of income tax expense) (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Current:
Federal $ 69,000 $ (492,000) $ 501,667
State and City       348,333
Deferred:
Federal 727,000 1,570,000 (187,000)
State and City    (365,000)   
Income tax provision $ 796,000 $ 713,000 $ 541,000
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INCOME TAXES (Schedule of effective income tax rate reconciliation) (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Income Tax Disclosure [Abstract]
Income before income taxes $ 2,313,760 $ 2,921,682 $ 1,280,323
Other-net 7,427 5,074 1,919
Adjusted pre-tax income 2,321,187 2,926,756 1,282,242
Statutory rate 34.00% 34.00% 34.00%
Income tax provision at statutory rate 789,204 995,097 435,962
Federal tax assessment    41,175   
State and City income taxes, net of federal income tax benefit       107,900
State and City deferred income taxes    (365,000)   
Other-net 6,796 41,728 (2,862)
Income tax provision $ 796,000 $ 713,000 $ 541,000
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INCOME TAXES (Narrative) (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2016
State and Local Jurisdiction [Member]
Jul. 31, 2015
State and Local Jurisdiction [Member]
Jul. 31, 2016
Domestic Tax Authority [Member]
Jul. 31, 2015
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Federal net operating loss incurred $ 8,191,000
Federal net operating loss carryback 1,582,000
Federal income tax refund receivable 537,881
Operating loss carryforwards 8,943,000 9,000,000 6,576,000 6,609,000
Period over which state capital-based tax will be phased out 7 years
Increase in deferred tax asset 380,000
Increase in deferred tax liabilities 771,000
Deferred taxes unrealized gain (loss) on available-for-sale securities 26,000
Current federal income tax provision benefit $ 365,000
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INCOME TAXES (Schedule of deferred tax assets and liabilities) (Details) (USD $)
Jul. 31, 2016
Jul. 31, 2015
Deferred Tax Assets
Rental income received in advance $ 158,199 $ 202,497
Net operating loss carryforward 2,235,743 2,247,196
Deferred revenue 347,083 743,750
Litigation deposit due from contractor 94,932   
Other 389,043 337,557
Total 3,225,000 3,531,000
Deferred Tax Liabilities
Unbilled receivables 755,768 888,489
Property and equipment 6,950,048 6,396,520
Unrealized gain on marketable securities 136,184 100,991
Total 7,842,000 7,386,000
Net deferred tax liability $ 4,617,000 $ 3,855,000
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INCOME TAXES (Components of deferred tax provision (benefit)) (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Deferred tax provision (benefit) $ 727,000 $ 1,570,000 $ (309,000)
Tax Depreciation Exceeding Book Depreciation [Member]
Deferred tax provision (benefit) 553,647 3,897,397 406,019
Net Operating Loss Carryforward [Member]
Deferred tax provision (benefit) 11,453 (2,247,196)   
Decrease (Increase) of Rental Income Received in Advance [Member]
Deferred tax provision (benefit) 44,298 (50,032) 22,995
Increase (Decrease) In Unbilled Receivables [Member]
Deferred tax provision (benefit) (132,736) 19,211 172,860
Deferred Revenue [Member]
Deferred tax provision (benefit) 396,667 (28,333) (946,033)
Litigation Deposit Due From Contractor [Member]
Deferred tax provision (benefit) (94,932)      
Other Deferred Income Tax Expense [Member]
Deferred tax provision (benefit) $ (51,397) $ (21,047) $ 35,159
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LEASES (Schedule of rental expense) (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Leases [Abstract]
Minimum rental expense $ 1,726,528 $ 1,726,481 $ 1,732,220
Contingent rental expense 825,695 777,637 732,220
Operating leases rent expense minimum and contingent rentals 2,552,223 2,504,118 2,464,440
Sublease rental income 6,341,145 6,566,297 5,985,195
Excess of sublease income over expense $ 3,788,922 $ 4,062,179 $ 3,520,755
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LEASES (Narrative) (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Operating Leased Assets [Line Items]
Rent expense $ 836,813 $ 825,000 $ 825,000
Minimum sublease rentals $ 30,480,467
Minimum [Member]
Operating Leased Assets [Line Items]
Operating leases extended period 5 years
Maximum [Member]
Operating Leased Assets [Line Items]
Operating leases extended period 27 years
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LEASES (Schedule of future minimum non-cancelable rental commitments) (Details) (USD $)
Jul. 31, 2016
Leases [Abstract]
2017 $ 1,724,004
2018 1,731,609
2019 1,731,609
2020 1,731,609
2021 1,693,185
After 2021 12,937,071
Total required $ 21,549,087 [1]
[1] Minimum payments have not been reduced by minimum sublease rentals of $30,480,467 under operating leases due in the future under non-cancelable leases.
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RENTAL INCOME (Schedule of rental income) (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Minimum rentals $ 16,487,063 $ 16,872,201 $ 16,121,934
Contingent rentals 929,124 860,284 813,663
Total 17,416,187 17,732,485 16,935,597
Company Owned Property [Member]
Minimum rentals 10,478,878 10,609,834 10,412,191
Contingent rentals 596,164 556,354 538,212
Leased Property [Member]
Minimum rentals 6,008,185 6,262,367 5,709,743
Contingent rentals $ 332,960 $ 303,930 $ 275,451
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RENTAL INCOME (Schedule of future minimum non-cancelable rental income) (Details) (USD $)
Jul. 31, 2016
2017 $ 15,449,325
2018 11,047,340
2019 10,558,339
2020 9,870,145
2021 8,774,544
After 2021 76,012,495
Total 131,712,188
Company Owned Property [Member]
2017 10,328,975
2018 7,999,803
2019 7,541,845
2020 7,198,446
2021 6,963,780
After 2021 61,198,872
Total 101,231,721
Leased Property [Member]
2017 5,120,350
2018 3,047,537
2019 3,016,494
2020 2,671,699
2021 1,810,764
After 2021 14,813,623
Total $ 30,480,467
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PAYROLL AND OTHER ACCRUED LIABILITIES (Details) (USD $)
Jul. 31, 2016
Jul. 31, 2015
Payables and Accruals [Abstract]
Payroll $ 231,701 $ 216,804
Interest 23,889 24,349
Professional fees 160,000 175,000
Rents received in advance 465,290 595,578
Utilities 14,616 14,803
Brokers commissions 316,110 591,988
Construction costs 10,000 160,340
Other 1,023,161 939,465
Total 2,244,767 2,718,327
Less current portion 2,153,850 2,597,104
Long term portion $ 90,917 $ 121,223
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EMPLOYEES' RETIREMENT PLANS (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Pension contributions $ 391,962 $ 385,083 $ 366,741
Employer contributions $ 53,405 $ 45,782 $ 47,903
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CASH FLOW INFORMATION (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest of $49,707 (2016), $23,733 (2015) and $16,300 (2014) $ 222,969 $ 329,653 $ 424,039
Income taxes paid (refunded) (367,755) 237,702 720,583
Capitalized interest $ 49,707 $ 23,733 $ 16,300
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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Schedule of fair value of financial instruments) (Details) (USD $)
Jul. 31, 2016
Jul. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable securities $ 2,062,205 $ 1,461,504
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents 5,228,826
Marketable securities 2,062,205
Security deposits payable 897,965
Mortgage and note payable 6,786,525
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents 5,228,826
Marketable securities 2,062,205
Security deposits payable 897,965
Mortgage and note payable $ 6,843,974
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FINANCIAL INSTRUMENTS AND CREDIT RISK CONCENTRATIONS (Narrative) (Details) (USD $)
12 Months Ended
Jul. 31, 2016
tenants
Jul. 31, 2015
Jul. 31, 2014
Concentration Risk [Line Items]
Write-offs of unbilled receivables       $ 66,265
Irrevocable letter of credit $ 230,000 $ 230,000
Number of tenants 49
Customer One [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Concentration risk 18.98%
Customer One [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk 12.48%
Customer One [Member] | Unbilled Receivables [Member]
Concentration Risk [Line Items]
Concentration risk 39.21%
Customer Two [Member] | Rental Income [Member]
Concentration Risk [Line Items]
Concentration risk 15.73%
Customer Two [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk 32.60%
Customer Two [Member] | Unbilled Receivables [Member]
Concentration Risk [Line Items]
Concentration risk 19.54%
Customer Three [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk 11.53%
Customer Three [Member] | Unbilled Receivables [Member]
Concentration Risk [Line Items]
Concentration risk 15.79%
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DEFERRED CHARGES (Schedule of deferred charges) (Details) (USD $)
Jul. 31, 2016
Jul. 31, 2015
Leasing Charges
Deferred charges $ 3,348,031 $ 3,745,207
Less accumulated amortization 1,404,267 1,548,769
Leasing Brokerage Commissions [Member]
Leasing Charges
Deferred charges 2,942,583 3,339,759
Less accumulated amortization 1,134,929 1,304,518
Professional Fees For Leasing [Member]
Leasing Charges
Deferred charges 405,448 405,448
Less accumulated amortization $ 269,338 $ 244,251
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DEFERRED CHARGES (Schedule of estimated aggregate amortization expense) (Details) (USD $)
Jul. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
2017 $ 276,032
2018 247,140
2019 183,253
2020 158,838
2021 $ 151,721
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DEFERRED CHARGES (Narrative) (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Amortization of deferred charges $ 315,779 $ 331,700 $ 451,924
Weighted average life of current year additions to deferred charges 5 years
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CAPITALIZATION (Details)
Jul. 31, 2016
Jul. 31, 2015
Stockholders' Equity Note [Abstract]
Treasury stock, shares 162,517 162,517
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NOTE PAYABLE (Details) (Related Party Note Payable [Member], USD $)
0 Months Ended 12 Months Ended
Dec. 15, 2004
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Related Party Note Payable [Member]
Debt Instrument [Line Items]
Proceeds from related party $ 1,000,000
Minimum percentage of beneficially owned common stock 10.00%
Interest rate 5.00%
Periodic payment of interest 12,500
Interest expense $ 50,000 $ 50,000 $ 50,000
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ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
ACCUMULATED OTHER COMPREHENSIVE INCOME [Abstract]
Beginning balance, net of tax effect $ 196,033 $ 129,412 $ 183,633
Other comprehensive income, net of tax effect:
Unrealized gains on available-for-sale securities 128,515 60,621 57,966
Tax effect (43,000) 6,000 (26,000)
Unrealized gains on available-for-sale securities, net of tax effect 85,515 66,621 31,966
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized (losses) on available-for-sale securities reclassified (25,007)    (155,187)
Tax effect 8,000    69,000
Amounts reclassified, net of tax effect (17,007)    (86,187)
Ending balance, net of tax effect $ 264,541 $ 196,033 $ 129,412
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ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT (Details) (Thirty Three Bond Street Llc [Member], USD $)
Jun. 16, 2015
Thirty Three Bond Street Llc [Member]
Related Party Transaction [Line Items]
Deferred revenue $ 3,500,000
Tendered amount with execution of the Amendment 2,250,000
Balance due $ 1,250,000
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CONTINGENCIES (Details) (Fishkill, New York Property [Member], USD $)
12 Months Ended
Jul. 31, 2016
Fishkill, New York Property [Member]
Damages filed $ 376,467
Charge to operations $ 279,213
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CHANGE IN ACCOUNTING POLICIES (Details) (USD $)
Jul. 31, 2016
Jul. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred charges $ 3,348,031 $ 3,745,207
Less accumulated amortization 1,404,267 1,548,769
Net 1,943,764 2,196,438
Deferred tax asset   
Mortgage payable, long-term 5,572,477 5,706,446
Current portion of long-term debt 133,969 127,891
Deferred tax liability 4,617,000 3,855,000
Current assets 7,092,364 6,980,620
Total assets 63,545,254 62,802,152
Long-term liabilities 11,178,359 12,397,078
Current liabilities 4,395,958 4,020,405
Total liabilities 15,574,317 16,417,483
Total liabilities and shareholders' equity 63,545,254 62,802,152
Presentation of Deferred Financing Costs [Member] | As Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred charges 3,859,594
Less accumulated amortization 1,560,205
Net 2,299,389
Deferred tax asset 3,531,000
Mortgage payable, long-term 5,786,525
Current portion of long-term debt 150,763
Deferred tax liability 7,386,000
Current assets 10,511,620
Total assets 66,436,103
Long-term liabilities 8,622,157
Current liabilities 4,043,277
Total liabilities 20,051,434
Total liabilities and shareholders' equity 66,436,103
Presentation of Deferred Financing Costs [Member] | Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred charges 114,387
Less accumulated amortization 11,436
Net 102,951
Deferred tax asset (3,531,000)
Mortgage payable, long-term 80,079
Current portion of long-term debt 22,872
Deferred tax liability (3,531,000)
Current assets 3,531,000
Total assets 3,633,951
Long-term liabilities 3,774,921
Current liabilities 22,872
Total liabilities 3,633,951
Total liabilities and shareholders' equity $ 3,633,951
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SUBSEQUENT EVENT (Details) (Subsequent Event [Member])
Aug. 31, 2016
sqft
Subsequent Event [Member]
Subsequent Event [Line Items]
Square feet 12,000
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VALUATION AND QUALIFYING ACCOUNTS - VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
Allowance for net unrealized gains (losses) on marketable securities:
Balance, beginning of year $ 297,031 $ 236,412 $ 333,633
Additions (deletions) 103,510 60,619 (97,221)
Balance, end of year $ 400,541 $ 297,031 $ 236,412
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REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $)
12 Months Ended
Jul. 31, 2016
Jul. 31, 2015
Jul. 31, 2014
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances $ 5,786,525
Initial Cost to Company
Land 6,067,805
Building & Improvements 22,948,066
Cost Capitalized Subsequent to Acquisition
Improvements 57,920,956
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land 6,067,805
Building & Improvements 80,869,022
Total 86,936,827 84,474,345 82,092,994
Accumulated Depreciation 38,008,810 36,413,975 34,773,376
Property and Equipment 87,276,850 84,854,512
Accumulated depreciation 38,212,113 36,663,120
Investment in Real Estate
Balance at Beginning of Year 84,474,345 82,092,994 78,547,467
Improvements 2,462,482 2,426,491 3,545,527
Retirements    (45,140)   
Balance at End of Year 86,936,827 84,474,345 82,092,994
Accumulated Depreciation
Balance at Beginning of Year 36,413,975 34,773,376 33,097,163
Additions Charged to Costs and Expenses 1,594,835 1,658,091 1,676,213
Retirements    (17,492)   
Balance at End of Year 38,008,810 36,413,975 34,773,376
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
Leasehold Improvements [Member] | Minimum [Member]
Gross Amount at Which Carried At Close of Period
Life on Which Depreciation in Latest Income Statement is Computed 3 years
Leasehold 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
Office Furniture and Equipment and Transportation Equipment [Member]
Gross Amount at Which Carried At Close of Period
Property and Equipment 340,023
Accumulated depreciation 203,303
Bond St.Building Brooklyn NY Two [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances 5,786,525
Initial Cost to Company
Land 3,901,349
Building & Improvements 7,403,468
Cost Capitalized Subsequent to Acquisition
Improvements 22,090,157
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land 3,901,349
Building & Improvements 29,493,625
Total 33,394,974
Accumulated Depreciation 11,589,363
Investment in Real Estate
Balance at End of Year 33,394,974
Accumulated Depreciation
Balance at End of Year 11,589,363
Jamaica, New York [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances   
Initial Cost to Company
Land   
Building & Improvements 3,215,699
Cost Capitalized Subsequent to Acquisition
Improvements 16,319,534
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land   
Building & Improvements 19,535,233
Total 19,535,233
Accumulated Depreciation 10,171,768
Investment in Real Estate
Balance at End of Year 19,535,233
Accumulated Depreciation
Balance at End of Year 10,171,768
Fishkill, New York Property [Member]
SEC Schedule III, 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 4,872,441
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land 594,723
Building & Improvements 12,084,557
Total 12,679,280
Accumulated Depreciation 8,813,635
Investment in Real Estate
Balance at End of Year 12,679,280
Accumulated Depreciation
Balance at End of Year 8,813,635
Brooklyn, New York, Jowein Building, Fulton Street and Elm Place Property [Member]
SEC Schedule III, 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 14,552,304
Carried Cost   
Gross Amount at Which Carried At Close of Period
Land 1,324,957
Building & Improvements 15,280,631
Total 16,605,588
Accumulated Depreciation 4,852,873
Investment in Real Estate
Balance at End of Year 16,605,588
Accumulated Depreciation
Balance at End of Year 4,852,873
Levittown, New York, Hempstead Turnpike [Member]
SEC Schedule III, 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 III, 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 2,581,171
Investment in Real Estate
Balance at End of Year 4,595,825
Accumulated Depreciation
Balance at End of Year $ 2,581,171
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