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RELATED PARTY TRANSACTIONS
12 Months Ended
Jul. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

10. RELATED PARTY TRANSACTIONS:

The Company has two operating leases with Weinstein Enterprises, Inc. (“Landlord”), an affiliated company, principally owned by the Chairman of the Board of Directors of both the Company and Landlord. One lease is for building, improvements, and land located at Jamaica Avenue at 169th Street, Jamaica, New York. Another lease is for premises located at 504-506 Fulton Street, Brooklyn, New York.

In April 2023, the Company exercised one of four five-year option periods with its Landlord to extend the Jamaica Avenue at 169th Street, Jamaica, New York property lease beyond May 31, 2030 for a total of five years through May 31, 2035. As of July 31, 2024, it is not reasonably certain the remaining three options to extend the lease from May 31, 2035 to May 31, 2050 will be exercised by the Company.

Rent payments and expense relating to these two operating leases with Landlord follow:

                               
   Rent Payments   Rent Expense 
   Year Ended July 31   Year Ended July 31 
Property  2024   2023   2024   2023 

Jamaica Avenue at 169th Street

  $625,000   $625,000   $1,150,682   $1,395,185 
504-506 Fulton Street   362,250    362,250    381,195    381,195 
Total  $987,250   $987,250   $1,531,877   $1,776,380 

The following summarizes assets and liabilities related to these two leases:

                                   
   Right-Of-Use Assets   Liabilities    
   July 31   July 31    
Property  2024   2023   2024   2023   Expiration Date

Jamaica Avenue at 169th Street

  $10,600,247   $11,430,657   $4,905,360   $5,210,087   May 31, 2035
504-506 Fulton Street   2,167,727    2,431,554    2,311,539    2,556,421   April 30, 2031
Total  $12,767,974   $13,862,211   $7,216,899   $7,766,508    

Upon termination of the Jamaica, New York lease, currently in 2035, all premises included in operating lease right-of-use assets plus leasehold improvements will be turned over to the Landlord.