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DOCUMENT AND ENTITY INFORMATION
3 Months Ended
Oct. 31, 2016
Dec. 08, 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-Q
Amendment Flag false
Document Period End Date Oct 31, 2016
Document Fiscal Period Focus Q1
Document Fiscal Year Focus 2017
Entity Voluntary Filers No
Entity Current Reporting Status Yes
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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Oct. 31, 2016
Jul. 31, 2016
ASSETS
Property and Equipment - Net (Notes 5 and 6) $ 49,168,430 $ 49,064,737
Current Assets:
Cash and cash equivalents (Note 4) 6,016,061 5,228,826
Receivables (Note 4) 581,410 293,317
Income taxes refundable 13,897 17,004
Prepaid expenses 926,073 1,553,217
Total current assets 7,537,441 7,092,364
Other Assets:
Deferred charges 3,348,031 3,348,031
Less accumulated amortization 1,468,867 1,404,267
Net 1,879,164 1,943,764
Security deposits 1,161,485 1,159,338
Unbilled receivables (Notes 4 and 8) 2,127,814 2,222,846
Marketable securities (Notes 3 and 4) 2,002,818 2,062,205
Total other assets 7,171,281 7,388,153
TOTAL ASSETS 63,877,152 63,545,254
Long-Term Debt:
Mortgage payable (Note 5) 5,538,505 5,572,477
Security deposits payable 902,117 897,965
Payroll and other accrued liabilities 60,916 90,917
Deferred Income Taxes (Note 1) 4,825,000 4,617,000
Total long-term debt 11,326,538 11,178,359
Current Liabilities:
Accounts payable 84,931 80,343
Payroll and other accrued liabilities 2,207,945 2,153,850
Deferred revenue (Note 13) 729,166 1,020,833
Other taxes payable 4,203 6,963
Current portion of note payable - related party (Note 7) 1,000,000 1,000,000
Current portion of long-term debt (Note 5) 135,397 133,969
Total current liabilities 4,161,642 4,395,958
TOTAL LIABILITIES 15,488,180 15,574,317
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 $113,000 at October 31, 2016 and $136,000 at July 31, 2016 220,551 264,541
Retained earnings 43,931,731 43,469,706
Stockholders' Equity before Treasury Stock 49,676,824 49,258,789
Less common stock held in treasury, at cost - 162,517 shares at October 31, 2016 and at July 31, 2016 (Note 11) 1,287,852 1,287,852
Total shareholders' equity 48,388,972 47,970,937
Contingencies (Note 14)      
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 63,877,152 $ 63,545,254
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
Oct. 31, 2016
Jul. 31, 2016
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) $ 113,000 $ 136,000
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND RETAINED EARNINGS (USD $)
3 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Revenues
Rental income (Notes 4 and 8) $ 4,480,288 $ 4,277,394
Recovery of real estate taxes 10,952   
Revenue to temporarily vacate lease (Note 13) 291,667 291,667
Total revenues 4,782,907 4,569,061
Expenses
Real estate operating expenses 2,527,935 2,408,599
Administrative and general expenses 1,090,603 1,055,982
Depreciation and amortization (Note 6) 412,627 406,750
Total expenses 4,031,165 3,871,331
Income from operations before investment income, interest expense and income taxes 751,742 697,730
Investment income and interest expense:
Investment income (Note 3) 3,161 7,222
Interest expense (Notes 5, 7 and 10) (61,878) (64,577)
Total investment income and interest expense (58,717) (57,355)
Income from operations before income taxes 693,025 640,375
Income taxes provided 231,000 239,000
Net income 462,025 401,375
Retained earnings, beginning of period 43,469,706 41,951,946
Retained earnings, end of period $ 43,931,731 $ 42,353,321
Income per common share (Note 2) $ 0.23 $ 0.2
Dividends per share      
Average common shares outstanding 2,015,780 2,015,780
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
3 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income $ 462,025 $ 401,375
Unrealized (loss) on available-for-sale securities:
Unrealized (losses) arising during the period, net of taxes (benefit) of ($23,000) and ($11,000) for the three months ended October 31, 2016 and 2015, respectively, (43,990) (19,404)
Comprehensive income $ 418,035 $ 381,971
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)
3 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Statement of Comprehensive Income [Abstract]
Unrealized holding gains arising during the period, tax $ (23,000) $ (11,000)
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Cash Flows From Operating Activities
Net income $ 462,025 $ 401,375
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 412,627 406,750
Amortization of deferred charges 64,600 80,879
Amortization of deferred finance costs 5,718 5,700
Realized loss on sale of marketable securities 7,421   
Other assets - unbilled receivables 95,032 94,936
Deferred income taxes 231,000 239,000
Deferred revenue (291,667) (291,667)
Changes in:
Receivables (288,093) 131,187
Income taxes refundable 3,107 (174,654)
Prepaid expenses 627,144 578,417
Accounts payable 4,588 29,509
Payroll and other accrued liabilities 24,094 (207,296)
Other taxes payable (2,760) (2,709)
Cash provided by operating activities 1,354,836 1,291,427
Cash Flows From Investing Activities
Capital expenditures (516,320) (821,347)
Security deposits (2,147) (3,679)
Marketable securities:
Receipts from sales or maturities 115,173   
Payments for purchases (130,197) (9,541)
Cash (used) by investing activities (533,491) (834,567)
Cash Flows From Financing Activities
Increase - security deposits 4,152 1,579
Mortgage and other debt payments (38,262) (36,895)
Cash (used) by financing activities (34,110) (35,316)
Increase in cash and cash equivalents 787,235 421,544
Cash and cash equivalents at beginning of period 5,228,826 4,085,704
Cash and cash equivalents at end of period $ 6,016,061 $ 4,507,248
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Accounting Records and Use of Estimates
3 Months Ended
Oct. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Records and Use of Estimates
1.         Accounting Records and Use of Estimates:
 

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

The interim financial statements are prepared pursuant to the requirements for reporting on Form 10-Q. The July 31, 2016 condensed consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. The interim financial statements and notes thereto should be read in conjunction with the financial statements and notes included in the Company's latest Form 10-K Annual Report for the fiscal year ended July 31, 2016. In the opinion of management, the interim financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for interim periods. The results of operations for the current period are not necessarily indicative of the results for the entire fiscal year ending July 31, 2017.

The computation of the annual expected effective tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected operating income for the year and future periods, projections of the proportion of income (or loss), and permanent and temporary differences. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is acquired, or as additional information is obtained. To the extent that the estimated annual effective tax rate changes during a quarter, the effect of the change on prior quarters is included in tax expense for the current quarter.

As of July 31, 2015 and 2016, the Company has a federal net operating loss approximating $6,609,000 and $6,576,000, respectively, which is available to offset future taxable income. In addition, as of July 31, 2015 and July 31, 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.

New York State and New York City taxes for years through July 31, 2015 were 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 were effective for the Company’s year ended July 31, 2016. The state capital-based tax will be phased out over a 7-year period. The Company anticipates New York State taxes will be based on capital through 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 tax benefit of its New York State and New York City net operating loss carryforwards.

 

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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Income Per Share of Common Stock
3 Months Ended
Oct. 31, 2016
Earnings Per Share [Abstract]
Income Per Share of Common Stock
2.         Income Per Share of Common Stock:
 
Income per share has been computed by dividing the net income for the periods by the weighted average number of shares of common stock outstanding during the periods, adjusted for the purchase of treasury stock. Shares used in computing income per share were 2,015,780 for the three months ended October 31, 2016 and October 31, 2015.
 
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Marketable Securities
3 Months Ended
Oct. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Marketable Securities
3. Marketable Securities:
 
The Company categorizes marketable securities as either trading, available-for-sale or held-to-maturity. Trading securities are carried at fair value with unrealized gains and losses included in income. Available-for-sale securities are carried at fair value measurements using quoted prices in active markets for identical assets or liabilities with unrealized gains and losses recorded as a separate component of shareholders' equity. Held-to-maturity securities are carried at amortized cost. Dividends and interest income are accrued as earned. Realized gains and losses are determined on a specific identification basis. The Company reviews marketable securities for impairment whenever circumstances and situations change such that there is an indication that the carrying amounts may not be recovered. The Company did not classify any securities as trading or held to maturity during the three months ended October 31, 2016 and 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 October 31, 2016 and July 31, 2016.

Equity securities are valued at the closing price reported on the active market on which the individual securities are traded that the Company has access to.

Mutual funds are valued at the daily closing price as reported by the fund. Mutual funds held by the Company are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Company are deemed to be actively traded.

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

Fair value measurements at reporting date

 
Total Total
October 31, July 31,
Description    2016    Level 1    Level 2    Level 3    2016    Level 1    Level 2    Level 3
Assets:
Marketable securities -
     available-for-sale $     2,002,818 $     2,002,818 $     $     $     2,062,205 $     2,062,205 $     $      –

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

October 31, 2016 July 31, 2016
Gross Gross Gross Gross
Unrealized Unrealized Fair Unrealized Unrealized Fair
Cost    Gains    Losses    Value    Cost    Gains    Losses    Value
Noncurrent:
Available-for-sale:
      Mutual funds $   552,628 $   134,648 $   $   687,276 $   551,573 $   143,026 $   $   694,599
      Equity securities 1,116,639 200,736 1,833 1,315,542 1,110,091 258,869 1,354 1,367,606
$ 1,669,267 $ 335,384 $ 1,833 $ 2,002,818 $ 1,661,664 $ 401,895 $ 1,354 $ 2,062,205

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 are as follows:

October 31, 2016 July 31, 2016
Less Than Less Than
Fair Value 12 Months Fair Value 12 Months
Corporate equity securities $      116,396      $      1,833      $      120,288      $      1,354

Investment income consists of the following:

Three Months Ended
October 31
2016       2015
Loss on sale of marketable securities $        (7,421 ) $       
Interest income 3,304 909
Dividend income 7,278 6,313
       Total $ 3,161 $ 7,222
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Financial Instruments and Credit Risk Concentrations
3 Months Ended
Oct. 31, 2016
Fair Value Disclosures [Abstract]
Financial Instruments and Credit Risk Concentrations
4.         Financial Instruments and Credit Risk Concentrations:
 

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

The Company derives rental income from forty-nine tenants, of which one tenant accounted for 18.66%, another tenant accounted for 15.10% and a third tenant accounted for 10.52% of rental income during the three months ended October 31, 2016. The three months ended October 31, 2015 had one tenant account for 18.81% and another tenant account for 15.56% of rental income. No other tenant accounted for more than 10% of rental income during the same periods.

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

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Long-Term Debt – Mortgage
3 Months Ended
Oct. 31, 2016
Long-Term Debt – Mortgage [Abstract]
Long-Term Debt – Mortgage
5.

Long-Term Debt – Mortgage:

             October 31, 2016 July 31, 2016
Current
Annual Final Due Due Due Due
Interest Payment Within After Within After
Rate      Date      One Year      One Year      One Year      One Year
Bond St. building, Brooklyn, NY 3.54% 2/1/2020 $      158,269 $      5,589,994 $      156,846 $      5,629,679
  Less: Deferred financing costs 22,872 51,489 22,877 57,202
Total $ 135,397 $ 5,538,505 $ 133,969 $ 5,572,477
 

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 of $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.

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Property and Equipment – at cost
3 Months Ended
Oct. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment – at cost
6.         Property and Equipment – at cost:

October 31 July 31
2016       2016
Property:
                    Buildings and improvements $      78,063,803 $      77,693,718
       Improvements to leased property 1,478,012 1,478,012
       Land 6,067,805 6,067,805
       Construction in progress 1,843,527 1,697,292
87,453,147 86,936,827
       Less accumulated depreciation 38,410,937 38,008,810
              Property - net 49,042,210 48,928,017
 
Fixtures and equipment and other:
       Fixtures and equipment 144,545 144,545
       Other fixed assets 195,478 195,478
  340,023 340,023
       Less accumulated depreciation 213,803 203,303
       Fixtures and equipment and other - net 126,220 136,720
 
                     Property and equipment - net $ 49,168,430 $ 49,064,737
 
       Construction in progress includes:
 
October 31 July 31
2016 2016
Building improvements at 9 Bond Street in Brooklyn, NY $ 114,695 $
Building improvements at 25 Elm Place in Brooklyn, NY 1,728,832 1,697,292
$ 1,843,527 $ 1,697,292
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Note Payable - Related Party
3 Months Ended
Oct. 31, 2016
Debt Disclosure [Abstract]
Note Payable - Related Party
7.        

Note Payable - Related Party:

 

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 is currently an asset of the estate of the former director. Interest payments pursuant to the note have been assigned to a trust provided for by the will of the deceased former director. 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 was $12,500 for each of the three month periods ended October 31, 2016 and 2015. It is the intention of the Company to pay this loan in full upon its maturity.

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Unbilled Receivables and Rental Income
3 Months Ended
Oct. 31, 2016
Unbilled Receivables And Rental Income
Unbilled Receivables and Rental Income
8.

Unbilled Receivables and Rental Income:

 

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

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Employees' Retirement Plan
3 Months Ended
Oct. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Employees' Retirement Plan
9.         Employees' Retirement Plan:
 
The Company sponsors a noncontributory Money Purchase Plan covering substantially all of its non-union employees. Operations were charged $102,509 and $97,423 as contributions to the Plan for the three months ended October 31, 2016 and 2015, respectively.
 
Multi-employer plan:
 
The Company contributes to a union sponsored multi-employer pension plan covering its union employees. The Company contributions to the pension plan were $12,611 and $13,153 for the three months ended October 31, 2016 and 2015, respectively. Contributions and costs are determined in accordance with the provisions of negotiated labor contracts or terms of the plans. The Company also contributes to union sponsored health benefit plans.
 
Contingent Liability for Pension Plan:
 
Information as to the Company’s portion of accumulated plan benefits and plan assets is not reported separately by the pension plan. Under the Employee Retirement Income Security Act, upon withdrawal from a multi-employer benefit plan, an employer is required to continue to pay its proportionate share of the plan’s unfunded vested benefits, if any. Any liability under this provision cannot be determined: however, the Company has not made a decision to withdraw from the plan.
 
Information for contributing employer’s participation in the multi-employer plan:

                     Legal name of Plan: United Food and Commercial
Workers Local 888 Pension Fund
Employer identification number: 13-6367793
Plan number: 001
Date of most recent Form 5500: December 31, 2015
Certified zone status: Critical and declining status
Status determination date: January 1, 2015
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, 2015: Yes
Rehabilitation plan implemented: Yes
Employer subject to surcharge: Yes

              The contract expired November 30, 2016 and the Company is in the process of negotiating an extension of the contract until November 30, 2019.
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Cash Flow Information
3 Months Ended
Oct. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Cash Flow Information
10.         Cash Flow Information:
 
For purposes of reporting cash flows, the Company considers cash equivalents to consist of short-term highly liquid investments with maturities of three (3) months or less, which are readily convertible into cash.

                     Supplemental disclosure: Three Months Ended
October 31
2016       2015
Interest paid, net of capitalized interest of $2,742 (2016)
       and $11,348 (2015) $      61,994 $      64,690
Income taxes paid $ 50,946 $ 231,654
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Common Stock
3 Months Ended
Oct. 31, 2016
Stockholders' Equity Note [Abstract]
Common Stock
11.         Common Stock:
 
The Company has one class of common stock with identical voting rights and rights to liquidation.
 
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Accumulated Other Comprehensive Income
3 Months Ended
Oct. 31, 2016
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income
12. Accumulated Other Comprehensive Income:
 
The only component of accumulated other comprehensive income is unrealized (loss) on available-for-sale securities.
 
A summary of the changes in accumulated other comprehensive income for the three months ended October 31, 2016 and 2015 is as follows:

               Three Months Ended
October 31
  2016 2015
(Unaudited)       (Unaudited)
Beginning balance, net of tax effect $      264,541   $      196,033
 
Other comprehensive income, net of tax effect:
              Unrealized (loss) on available-for-sale securities (65,636 ) (30,404 )
              Tax effect 22,500 11,000
              Unrealized (loss) on available-for-sale
                    securities, net of tax effect (43,136 ) (19,404 )
 
Amounts reclassified from accumulated other
       comprehensive income, net of tax effect:
              Unrealized (loss) on available-for-sale securities reclassified (1,354 ) -
              Tax effect 500 -
                    Amount reclassified, net of tax effect (854 ) -
               
Ending balance, net of tax effect $ 220,551 $ 176,629

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

                      Details about accumulated other        Affected line item in the statement
comprehensive income components where net income is presented
---------------------------------------------------------- ---------------------------------------------------
Other comprehensive income reclassified Investment income
tax effect Income taxes provided
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Entry into a Material Definitive Agreement
3 Months Ended
Oct. 31, 2016
Entry into a Material Definitive Agreement [Abstract]
Entry into a Material Definitive Agreement
13.        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
3 Months Ended
Oct. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingencies
14. 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 Condensed 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.
 
Due to defective workmanship and breach of contract, the Company continues to pursue damages and return in full of a $376,467 deposit paid a contractor when work commenced to replace a roof on the Fishkill, New York building. There is a reasonable possibility the Company will not be paid in full and a charge to real estate operating expenses in the amount of $279,213 was recorded for the fiscal year ended July 31, 2016. Following initial court decisions in this matter, another $141,132 was charged to operating expenses as of October 31, 2016.
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Marketable Securities (Tables)
3 Months Ended
Oct. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of financial assets measured at fair value on recurring basis

Fair value measurements at reporting date

 
Total Total
October 31, July 31,
Description    2016    Level 1    Level 2    Level 3    2016    Level 1    Level 2    Level 3
Assets:
Marketable securities -
     available-for-sale $     2,002,818 $     2,002,818 $     $     $     2,062,205 $     2,062,205 $     $      –
Schedule of classified marketable securities
October 31, 2016 July 31, 2016
Gross Gross Gross Gross
Unrealized Unrealized Fair Unrealized Unrealized Fair
Cost    Gains    Losses    Value    Cost    Gains    Losses    Value
Noncurrent:
Available-for-sale:
      Mutual funds $   552,628 $   134,648 $   $   687,276 $   551,573 $   143,026 $   $   694,599
      Equity securities 1,116,639 200,736 1,833 1,315,542 1,110,091 258,869 1,354 1,367,606
$ 1,669,267 $ 335,384 $ 1,833 $ 2,002,818 $ 1,661,664 $ 401,895 $ 1,354 $ 2,062,205
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
October 31, 2016 July 31, 2016
Less Than Less Than
Fair Value 12 Months Fair Value 12 Months
Corporate equity securities $      116,396      $      1,833      $      120,288      $      1,354
Schedule of investment income
Three Months Ended
October 31
2016       2015
Loss on sale of marketable securities $        (7,421 ) $       
Interest income 3,304 909
Dividend income 7,278 6,313
       Total $ 3,161 $ 7,222
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Long-Term Debt – Mortgage (Tables)
3 Months Ended
Oct. 31, 2016
Long-Term Debt – Mortgage [Abstract]
Schedule of long-term debt
             October 31, 2016 July 31, 2016
Current
Annual Final Due Due Due Due
Interest Payment Within After Within After
Rate      Date      One Year      One Year      One Year      One Year
Bond St. building, Brooklyn, NY 3.54% 2/1/2020 $      158,269 $      5,589,994 $      156,846 $      5,629,679
  Less: Deferred financing costs 22,872 51,489 22,877 57,202
Total $ 135,397 $ 5,538,505 $ 133,969 $ 5,572,477
 
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Property and Equipment – at cost (Tables)
3 Months Ended
Oct. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of property and equipment
October 31 July 31
2016       2016
Property:
                    Buildings and improvements $      78,063,803 $      77,693,718
       Improvements to leased property 1,478,012 1,478,012
       Land 6,067,805 6,067,805
       Construction in progress 1,843,527 1,697,292
87,453,147 86,936,827
       Less accumulated depreciation 38,410,937 38,008,810
              Property - net 49,042,210 48,928,017
 
Fixtures and equipment and other:
       Fixtures and equipment 144,545 144,545
       Other fixed assets 195,478 195,478
  340,023 340,023
       Less accumulated depreciation 213,803 203,303
       Fixtures and equipment and other - net 126,220 136,720
 
                     Property and equipment - net $ 49,168,430 $ 49,064,737
 
Schedule of property and equipment construction in progress
       Construction in progress includes:
 
October 31 July 31
2016 2016
Building improvements at 9 Bond Street in Brooklyn, NY $ 114,695 $
Building improvements at 25 Elm Place in Brooklyn, NY 1,728,832 1,697,292
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Cash Flow Information (Tables)
3 Months Ended
Oct. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Schedule of cash flow information
                     Supplemental disclosure: Three Months Ended
October 31
2016       2015
Interest paid, net of capitalized interest of $2,742 (2016)
       and $11,348 (2015) $      61,994 $      64,690
Income taxes paid $ 50,946 $ 231,654
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Accumulated Other Comprehensive Income (Tables)
3 Months Ended
Oct. 31, 2016
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)
               Three Months Ended
October 31
  2016 2015
(Unaudited)       (Unaudited)
Beginning balance, net of tax effect $      264,541   $      196,033
 
Other comprehensive income, net of tax effect:
              Unrealized (loss) on available-for-sale securities (65,636 ) (30,404 )
              Tax effect 22,500 11,000
              Unrealized (loss) on available-for-sale
                    securities, net of tax effect (43,136 ) (19,404 )
 
Amounts reclassified from accumulated other
       comprehensive income, net of tax effect:
              Unrealized (loss) on available-for-sale securities reclassified (1,354 ) -
              Tax effect 500 -
                    Amount reclassified, net of tax effect (854 ) -
               
Ending balance, net of tax effect $ 220,551 $ 176,629
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Accounting Records and Use of Estimates (Narrative) (Details) (USD $)
3 Months Ended
Oct. 31, 2016
Jul. 31, 2016
Domestic Tax Authority [Member]
Jul. 31, 2015
Domestic Tax Authority [Member]
Jul. 31, 2016
State and Local Jurisdiction [Member]
Jul. 31, 2015
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards $ 6,576,000 $ 6,609,000 $ 8,943,000 $ 9,000,000
Period over which state capital-based tax will be phased out 7 years
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Income Per Share of Common Stock (Details)
3 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Leases [Abstract]
Average common shares outstanding 2,015,780 2,015,780
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Marketable Securities (Schedule of financial assets measured at fair value on recurring basis) (Details) (USD $)
Oct. 31, 2016
Jul. 31, 2016
Marketable securities -
available-for-sale $ 2,002,818 $ 2,062,205
Fair Value, Inputs, Level 1 [Member]
Marketable securities -
available-for-sale 2,002,818 2,062,205
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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Marketable Securities (Schedule of classified marketable securities) (Details) (USD $)
Oct. 31, 2016
Jul. 31, 2016
Fair Value $ 2,002,818 $ 2,062,205
Noncurrent [Member]
Cost 1,669,267 1,661,664
Gross Unrealized Gains 335,384 401,895
Gross Unrealized Losses 1,833 1,354
Fair Value 2,002,818 2,062,205
Noncurrent [Member] | Mutual Funds [Member]
Cost 552,628 551,573
Gross Unrealized Gains 134,648 143,026
Gross Unrealized Losses      
Fair Value 687,276 694,599
Noncurrent [Member] | Corporate Equity Securities [Member]
Cost 1,116,639 1,110,091
Gross Unrealized Gains 200,736 258,869
Gross Unrealized Losses 1,833 1,354
Fair Value $ 1,315,542 $ 1,367,606
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Marketable Securities (Schedule of Investment Securities In Continuous Unrealized Loss Position) (Details) (Corporate Equity Securities [Member], USD $)
Oct. 31, 2016
Jul. 31, 2016
Corporate Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Investment securities, continuous unrealized loss position, Fair Value $ 116,396 $ 120,288
Investment securities, continuous unrealized loss position, Less Than 12 Months $ 1,833 $ 1,354
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Marketable Securities (Schedule of investment income) (Details) (USD $)
3 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Loss on sale of marketable securities $ (7,421)   
Interest income 3,304 909
Dividend income 7,278 6,313
Total $ 3,161 $ 7,222
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Financial Instruments and Credit Risk Concentrations (Details) (USD $)
3 Months Ended 12 Months Ended 3 Months Ended
Oct. 31, 2016
tenants
Jul. 31, 2016
Oct. 31, 2016
Customer One [Member]
Rental Income [Member]
Oct. 31, 2015
Customer One [Member]
Rental Income [Member]
Oct. 31, 2016
Customer Two [Member]
Rental Income [Member]
Oct. 31, 2015
Customer Two [Member]
Rental Income [Member]
Oct. 31, 2016
Customer Three [Member]
Rental Income [Member]
Concentration Risk [Line Items]
Concentration risk 18.66% 18.81% 15.10% 15.56% 10.52%
Irrevocable letter of credit $ 230,000 $ 230,000
Number of tenants 49
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Long-Term Debt – Mortgage (Schedule of long-term debt) (Details) (USD $)
3 Months Ended
Oct. 31, 2016
Jul. 31, 2016
Jan. 09, 2015
Less: Deferred financing costs
Due After One Year, Total $ 5,538,505 $ 5,572,477
Bond St.Building Brooklyn NY Two [Member]
Mortgage:
Due Within One Year 158,269 156,846
Due After One Year 5,589,994 5,629,679
Less: Deferred financing costs
Due Within One Year 22,872 22,877
Due After One Year 51,489 57,202
Due Within One Year, Total 135,397 133,969
Due After One Year, Total $ 5,538,505 $ 5,572,477
Current Annual Interest Rate 3.54% 3.54% 3.54%
Final Payment Date Feb 1, 2020
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Long-Term Debt – Mortgage (Narrative) (Details) (USD $)
0 Months Ended 1 Months Ended
Jan. 09, 2015
Bond St.Building Brooklyn NY Two [Member]
Oct. 31, 2016
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
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% 3.54% 6.98%
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Property and Equipment – at cost (Details) (USD $)
Oct. 31, 2016
Jul. 31, 2016
Property, Plant and Equipment [Line Items]
Property and equipment - net $ 49,168,430 $ 49,064,737
Building Improvements at 9 Bond Street in Brooklyn, NY [Member]
Property, Plant and Equipment [Line Items]
Construction in progress 114,695   
Building improvements at 25 Elm Place in Brooklyn, NY [Member]
Property, Plant and Equipment [Line Items]
Construction in progress 1,728,832 1,697,292
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 78,063,803 77,693,718
Improvements to Leased Property [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 1,478,012 1,478,012
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 6,067,805 6,067,805
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 1,843,527 1,697,292
Property [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 87,453,147 86,936,827
Less accumulated depreciation 38,410,937 38,008,810
Property and equipment - net 49,042,210 48,928,017
Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 144,545 144,545
Other Fixed Assets [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 195,478 195,478
Fixtures and equipment and other [Member]
Property, Plant and Equipment [Line Items]
Property and equipment 340,023 340,023
Less accumulated depreciation 213,803 203,303
Property and equipment - net $ 126,220 $ 136,720
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Note Payable - Related Party (Details) (Related Party Note Payable [Member], USD $)
0 Months Ended 3 Months Ended
Dec. 15, 2004
Oct. 31, 2016
Oct. 31, 2015
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 $ 12,500 $ 12,500
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Employees' Retirement Plan (Details) (USD $)
3 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Pension contributions $ 102,509 $ 97,423
Employer contributions $ 12,611 $ 13,153
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Cash Flow Information (Details) (USD $)
3 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest of $2,742 (2016) and $11,348 (2015) $ 61,994 $ 64,690
Income taxes paid 50,946 231,654
Capitalized interest $ 2,742 $ 11,348
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Accumulated Other Comprehensive Income (Details) (USD $)
3 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Accumulated Other Comprehensive Income [Abstract]
Beginning balance, net of tax effect $ 264,541 $ 196,033
Other comprehensive income, net of tax effect:
Unrealized (loss) on available-for-sale securities (65,636) (30,404)
Tax effect 22,500 11,000
Unrealized (loss) on available-for-sale securities, net of tax effect (43,136) (19,404)
Amounts reclassified from accumulated other comprehensive income, net of tax effect:
Unrealized (losses) on available-for-sale securities reclassified (1,354)   
Tax effect 500   
Amount reclassified, net of tax effect (854)   
Ending balance, net of tax effect $ 220,551 $ 176,629
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Entry into a Material Definitive Agreement (Details) (Thirty Three Bond Street Llc [Member], USD $)
Jun. 16, 2015
Thirty Three Bond Street Llc [Member]
Related Party Transaction [Line Items]
Deferred revenue $ 3,500,000
Tendered amount with execution of the Amendment 2,250,000
Balance due $ 1,250,000
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Contingencies (Details) (Fishkill, New York Property [Member], USD $)
3 Months Ended 12 Months Ended
Oct. 31, 2016
Jul. 31, 2016
Fishkill, New York Property [Member]
Damages filed $ 376,467
Charge to operations $ 141,132 $ 279,213
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