MAYS J W Mays Inc

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

	x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
		For the quarterly period ended October 31, 2023

or

	o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
		For the transition period from __________ to __________

Commission File Number 1-3647

J.W. Mays, Inc.

(Exact Name of Registrant as Specified in its Charter)

New York		11-1059070
State or Other Jurisdiction of Incorporation or Organization		I.R.S. Employer Identification No.
9 Bond Street, Brooklyn, New York		11201
Address of Principal Executive Offices		Zip Code

(718) 624-7400
Registrant’s Telephone Number, Including Area Code

Not Applicable
Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o	Accelerated filer o
Non-accelerated filer o	Smaller reporting company x
	Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes o No o

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value	MAYS	NASDAQ

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class		Outstanding at December 7, 2023
Common Stock, $1 par value		2,015,780 shares

This report contains 22 pages.

J. W. MAYS, INC.

INDEX

		Page No.
Part I - Financial Information:
Item 1. Financial Statements		3
Consolidated Balance Sheets (Unaudited) – October 31, 2023 and July 31, 2023		3
Consolidated Statements of Operations (Unaudited) – Three months ended October 31, 2023 and 2022		4
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) – Three months ended October 31, 2023 and 2022		5
Consolidated Statements of Cash Flows (Unaudited) – Three months ended October 31, 2023 and 2022		6
Notes to Consolidated Financial Statements (Unaudited)		7 - 14
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		15 - 17
Item 3. Quantitative and Qualitative Disclosures About Market Risk		17
Item 4. Controls and Procedures		17
Part II - Other Information:
Item 1. Legal Proceedings		18
Item 1A. Risk Factors		18
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds, and Issuer Purchases of Equity Securities		18
Item 3. Defaults Upon Senior Securities		18
Item 4. Mine Safety Disclosures		18
Item 5. Other Information		18
Item 6. Exhibits and Reports on Form 8-K		18
Signatures		19
Exhibit 31 Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.1 - Chief Executive Officer		20
31.2 - Chief Financial Officer		21
Exhibit 32 Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
18 U.S.C. Section 1350		22

Part I - Financial Information

Item 1. Financial Statements

J. W. MAYS, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

		October 31 2023				July 31 2023
ASSETS
Property and Equipment-at cost:
Land		$	6,067,805			$	6,067,805
Buildings held for leasing:
Buildings, improvements, and fixtures			77,845,590				77,703,358
Construction in progress			1,937,940				1,767,444
			79,783,530				79,470,802
Accumulated depreciation			(38,551,464	)			(38,123,199	)
Buildings - net			41,232,066				41,347,603
Property and equipment-net			47,299,871				47,415,408
Cash and cash equivalents			2,339,016				1,215,921
Restricted cash			1,001,814				1,001,814
Receivables, net			3,002,810				3,044,190
Marketable securities			2,136,874				2,300,441
Prepaids and other assets			1,509,042				2,773,004
Deferred charges, net			3,283,750				3,250,700
Operating lease right-of-use assets			30,407,160				30,913,904
TOTAL ASSETS		$	90,980,337			$	91,915,382
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Mortgages payable, net		$	4,832,159			$	5,144,205
Accounts payable and accrued expenses			1,636,523				1,718,435
Security deposits payable			1,005,925				1,005,925
Operating lease liabilities			26,218,569				26,512,112
Deferred income taxes			4,175,000				4,230,000
Total Liabilities			37,868,176				38,610,677
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
Retained earnings			48,875,471				49,068,015
			54,400,013				54,592,557
Common stock held in treasury, at cost - 162,517 shares at October 31, 2023 and July 31, 2023			(1,287,852	)			(1,287,852	)
Total shareholders’ equity			53,112,161				53,304,705
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	90,980,337			$	91,915,382

See Notes to Accompanying Consolidated Financial Statements

J. W. MAYS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

		Three Months Ended
		October 31				October 31
		2023				2022
Revenues
Rental income		$	5,323,801			$	5,769,734
Total revenues			5,323,801				5,769,734
Expenses
Real estate operating expenses			3,692,616				3,785,421
Administrative and general expenses			1,254,573				1,250,231
Depreciation			428,264				418,496
Total expenses			5,375,453				5,454,148
Income (loss) from operations			(51,652	)			315,586
Other income and interest expense:
Investment income			9,245				8,797
Change in fair value of marketable securities			(163,567	)			(187,203	)
Interest expense			(41,570	)			(62,663	)
			(195,892	)			(241,069	)
Income (loss) from operations before income taxes			(247,544	)			74,517
Income taxes provided (benefit)			(55,000	)			15,000
Net income (loss)		$	(192,544	)		$	59,517
Income (loss) per common share, basic and diluted		$	(.10	)		$	.03
Dividends per share		$	–			$	–
Average common shares outstanding, basic and diluted			2,015,780				2,015,780

See Notes to Accompanying Consolidated Financial Statements

J. W. MAYS, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(UNAUDITED)

Additional Paid In Capital		Common Stock				Additional Paid In Capital				Retained Earnings				Common Stock Held in Treasury				Total
Three Months Ended October 31, 2023
Balance at July 31, 2023 Common Stock		$	2,178,297			$	3,346,245			$	49,068,015			$	(1,287,852	)		$	53,304,705
Net loss, three months ended October 31, 2023			-				-				(192,544	)			-				(192,544)
Balance at October 31, 2023 Retained Earnings		$	2,178,297			$	3,346,245			$	48,875,471			$	(1,287,852	)		$	53,112,161
Three Months Ended October 31, 2022
Balance at July 31, 2022		$	2,178,297			$	3,346,245			$	49,150,979			$	(1,287,852	)		$	53,387,669
Net income, three months ended October 31, 2022			-				-				59,517				-				59,517
Balance at October 31, 2022		$	2,178,297			$	3,346,245			$	49,210,496			$	(1,287,852	)		$	53,447,186

See Notes to Accompanying Consolidated Financial Statements

J. W. MAYS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

		Three Months Ended
		October 31
		2023				2022
Cash Flows From Operating Activities:
Net income (loss)		$	(192,544	)		$	59,517
Common Stock Held in Treasury
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Bad debt expense (recoveries)			(33,000	)			(60,000	)
Provision (benefit) for deferred income taxes			(55,000	)			15,000
Depreciation			428,264				418,496
Amortization of deferred charges			119,038				112,000
Operating lease expense in excess of cash payments			213,201				309,111
Deferred finance costs included in interest expense			9,528				9,528
Deferred costs			(152,088	)			-
Net unrealized loss on marketable securities			163,567				187,203
Changes in Operating Assets and Liabilities:
Receivables			74,380				365,853
Prepaid expenses and other assets			1,263,962				1,201,613
Accounts payable and accrued expenses			(81,912	)			(65,569	)
Security deposits payable			-				(9,264	)
Cash provided by operating activities			1,757,396				2,543,488
Cash Flows From Investing Activities:
Acquisition of property and equipment			(312,727	)			(648,115	)
Cash (used) in investing activities			(312,727	)			(648,115	)
Cash Flows From Financing Activities:
Payments - mortgage and other debt payments			(321,574	)			(307,702	)
Cash (used) in financing activities			(321,574	)			(307,702	)
Increase in cash, cash equivalents and restricted cash			1,123,095				1,587,671
Cash, cash equivalents and restricted cash at beginning of period			2,217,735				2,069,897
Cash, cash equivalents and restricted cash at end of period		$	3,340,830			$	3,657,568

See Notes to Accompanying Consolidated Financial Statements

J. W. MAYS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1. Summary of Significant Accounting Polciies:

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, incremental borrowing rates and recognition of renewal options for operating lease right-of-use 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, impairment analysis of long-lived assets, 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 instructions for reporting on Form 10-Q and Article 8 of Regulations S-X of the SEC Rules and Regulations. The July 31, 2023 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, 2023. 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, 2024 or any other period.

Restricted Cash

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

Accounts Receivable

Generally, rent is due from tenants at the beginning of the month in accordance with terms of each lease. Based upon its periodic assessment of the quality of the receivables, management uses its historical knowledge of the tenants and industry experience to determine whether a reserve or write-off is required. The Company uses specific identification to write-off receivables to bad debt expense in the period when issues of collectibility become known. Collectibility issues include late rent payments, 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. Management also assesses collectibility by reviewing accounts receivable on an aggregate basis where similar characteristics exist. In determining the amount of the allowance for credit losses, the Company considers past due status and a tenant’s payment history. We also consider current market conditions and reasonable and supportable forecasts of future economic conditions. Our assessment considers volatility in market conditions and evolving shifts in credit trends that may have a material impact on our allowance for uncollectible accounts receivables in future periods. The Company’s allowance for uncollectible receivables is recorded as an offset to receivables. Activity in the allowance for uncollectible receivables for each period follows:

Schedule of allowance for uncollectible receivables
		Allowance for Uncollectible Accounts Receivable								Bad Debt Expense
		Period Ended								Three Months Ended
		October 31				July 31				October 31
		2023				2023				2023				2022
Beginning balance		$	115,000			$	393,000			$	—			$	—
Charge-offs (recoveries)			—				(149,337	)			(13,000	)			—
Reserve adjustments			(20,000	)			(128,663	)			(20,000	)			(60,000	)
Ending Balance		$	95,000			$	115,000			$	(33,000	)		$	(60,000	)

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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 life of the lease. Lives used to determine depreciation and amortization are generally as follows:

Schedule of property and equipment depreciation and amortization period
Buildings and improvements			18-40 years
Improvements to leased property Improvements to leased property [Member]			3-40 years
Fixtures and equipment Fixtures and equipment [Member]			7-12 years
Other Other [Member]			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.

Impairment

The Company reviews property and equipment for possible impairment when certain events or changes in circumstances indicate the carrying amount of the asset may not be recoverable through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. As of October 31, 2023 and July 31, 2023, the Company has determined there was no impairment 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 5 to 21 years, using the straight-line method. If a lease is terminated early, such costs are expensed.

Leases - Lessor Revenue

The Company accounts for revenue in accordance with Accounting Standards Update (ASU) 2014-09 (Topic 606) Revenue from Contracts with Customers. Rental income 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 are included in accounts receivable and 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. The effect of lease modifications that result in rent relief or other credits to tenants, including any retroactive effects relating to prior periods, are 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. As lessor, we have elected to combine the lease components (base rent), non-lease components (reimbursements of common area maintenance expenses) and reimbursements of real estate taxes and account for the components as a single lease component in accordance with ASC 842. If the amounts are not determined to be realizable, the accrued but unpaid rent is written off. Accounts receivable are recognized in accordance with lease agreements at its net realizable value. Rental payments received in advance are deferred until earned.

In April 2020, the Financial Accounting Standards Board issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases (“ASC 842”). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications under certain conditions. Entities making the election will continue to recognize rental revenue on a straight-line basis for qualifying concessions. Rent deferrals would result in an increase to accounts receivable during the deferral period with no impact on rental revenue recognition. The Company elected this policy during the year ended July 31, 2020. Rent deferrals included in receivables were $20,000 and $50,000 as of October 31, 2023 and July 31, 2023, respectively.

Leases - Lessee

The Company determines if an arrangement is a lease at inception. With the adoption of ASC 842, operating leases are included in operating lease right-of-use assets, and operating lease liabilities on the Company’s balance sheet.

Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

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Taxes

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 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.

The Company had a federal net operating loss carryforward approximating $9,172,000 as of July 31, 2023 available to offset future taxable income. As of July 31, 2023, the Company had unused net operating loss carryforwards of approximately $12,420,000 for state and $10,218,000 for city, available to offset future state and city taxable income. The net operating loss carryforwards will begin to expire, if not used, in 2035.

New York State and New York City taxes are calculated using the higher of taxes based on income or the respective capital- based franchise taxes. Beginning with the Company’s tax year ending July 31, 2025, changes in the law required the state capital-based tax will be phased out. New York City taxes will be based on capital for the foreseeable future. Capital-based franchise taxes are recorded to administrative and general expense. State tax amounts in excess of the capital-based franchise taxes are recorded to income tax expenses. Due to both the application of the capital-based tax and due to the possible absence of city taxable income, the Company does not record city deferred taxes.

2. Income (Loss) Per Share of Common Stock:

Income (loss) per share has been computed by dividing the net income (loss) 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 (loss) per share were 2,015,780 for the three months ended October 31, 2023 and 2022, respectively.

3. Marketable Securities:

The Company’s marketable securities consist of investments in equity securities. 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 changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825.

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, 2023 and July 31, 2023.

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.

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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.

Schedule of provisions of fair value measurements
		Fair value measurements at reporting date
Description		October 31, 2023				Level 1				Level 2				Level 3				July 31, 2023				Level 1				Level 2				Level 3
Assets:
Marketable securities		$	2,136,874			$	2,136,874			$	—			$	—			$	2,300,441			$	2,300,441			$	—			$	—

As of October 31, 2023 and July 31, 2023, the Company's marketable securities were classified as follows:

Schedule of classified marketable securities
		October 31, 2023																July 31, 2023
		Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value				Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
Mutual funds		$	595,166			$	228,089			$	–			$	823,255			$	595,166			$	301,007			$	–			$	896,173
Equity securities			904,981				408,638				–				1,313,619				904,981				499,287				–				1,404,268
		$	1,500,147			$	636,727			$	–			$	2,136,874			$	1,500,147			$	800,294			$	–			$	2,300,441

 

Investment income consists of the following:

 

Schedule of investment income
		Three Months Ended October 31
		2023				2022
Dividend and interest income		$	9,245			$	8,797
Total		$	9,245			$	8,797

4. Financial Instruments and Credit Risk Concentrations:

Financial instruments that are potentially subject to concentrations of credit risk consist principally of marketable securities, restricted cash, cash and cash equivalents, and receivables. Marketable securities, restricted cash, cash and cash equivalents 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.

Three tenants accounted for approximately 50% and four tenants accounted for approximately 61% of receivables as of October 31, 2023 and July 31, 2023, respectively. During the three months ended October 31, 2023 and 2022, two tenants accounted for 27% and 30% of total rental revenue, respectively.

5. Long-Term Debt – Mortgages:Long-Term Debt - Mortgages

Schedule of long-term debt
		Current Annual Interest Rate				Final Payment Date		October 31, 2023				July 31, 2023
Bond St. building, Brooklyn, NY (1)			4.375	%		12/1/2024		$	1,368,979			$	1,653,117
Fishkill building (2)			3.98	%		4/1/2025			3,508,283				3,545,719
Deferred financing costs									(45,103	)			(54,631	)
Net								$	4,832,159			$	5,144,205

(1)

In November 2019, the Company refinanced the remaining balance of a $6,000,000, 3.54% interest rate loan with another bank for $5,255,920 plus an additional $144,080 for a total of $5,400,000. The interest rate on the new loan is fixed at 4.375%. The loan is self-liquidating over a period of five years and secured by the Nine Bond Street land and building in Brooklyn, New York.

(2)

In March 2020, the Company obtained a loan with a bank in the amount of $4,000,000 to finance renovations and brokerage commissions relating to space leased to a community college at the Fishkill, New York building. The loan is secured by the Fishkill, New York land and building; amortized over a 20-year period with an interest rate of 3.98% and is due in five years.

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6. Operating Leases:

Lessor

The Company leases office and retail space to tenants under operating leases in commercial buildings. Most rental terms range from approximately 5 to 49 years. The leases provide for the payment of fixed base rent payable monthly in advance as well as reimbursements of real estate taxes and common area costs. The Company has elected to account for lease revenues and the reimbursements of common area costs as a single component included as rental income in our consolidated statements of operations.

The following table disaggregates the Company's revenues by lease and non-lease components:

Schedule of revenues by lease and non-lease components
		Three Months Ended October 31,
		2023				2022
Base rent - fixed		$	4,921,887			$	5,330,541
Reimbursements of common area costs			146,860				177,365
Non-lease components (real estate taxes)			255,054				261,828
Rental income		$	5,323,801			$	5,769,734

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

Schedule of future minimum non-cancelable rental income
		As of October 31, 2023
Fiscal Year		Company Owned Property				Leased Property				Total
For the remainder of 2024		$	8,752,113			$	4,291,970			$	13,044,083
2025			9,157,533				3,957,025				13,114,558
2026			8,028,846				3,620,069				11,648,915
2027			6,906,617				3,477,284				10,383,901
2028			6,069,044				3,431,411				9,500,455
2029			5,475,835				2,606,386				8,082,221
After 2029			20,359,611				3,114,274				23,473,885
Total		$	64,749,599			$	24,498,419			$	89,248,018

Lessee

The Company’s real estate operations include leased properties under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2073, including options to extend or terminate the lease when it is reasonably certain the Company will exercise that option. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements.

In July 2022, the Company entered into lease agreements with its landlord for two of its properties as follows:

1)

Jamaica Avenue at 169th Street, Jamaica, New York - Giving the Company four five-year option periods to extend its lease beyond May 31, 2030 for a total of twenty years through May 31, 2050. In April 2023, the Company exercised the first five-year option period, extending the lease expiration date to May 31, 2035. The effect of the lease extension on the measurement of operating right-of-use assets, liabilities, and monthly rent expense follows:

Schedule of operating lease right-of-use assets, liabilities and rent expense
		Jamaica Avenue at 169th Street
			Increase in Operating Lease Right- of-Use Asset				Increase in Operating Lease Liability				Decrease in Monthly Rent Expense
Remeasurement change resulting from April 2023 lease extension		$	1,201,952			$	1,201,952			$	(30,563	)

As of October 31, 2023, it is not reasonably certain the remaining three options to extend the lease will be exercised by the Company.

2)

504-506 Fulton Street, Brooklyn, New York – In July, 2022 the lease agreement was modified to increase monthly lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031. The effect of the lease modification on the measurement of operating right-of-use assets, liabilities, and monthly rent expense follows:

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Table of Contents

Schedule of operating lease right-of-use assets, liabilities and rent expense
		504-506 Fulton Street
			Increase in Operating Lease Right- of-Use Asset				Increase in Operating Lease Liability				Increase in Monthly Rent Expense
Remeasurement change resulting from July 2022 lease modification		$	94,412			$	94,412			$	2,563

The landlord is Weinstein Enterprises, Inc., an affiliated company principally owned by the Chairman of the Board of Directors who also principally owns the Company. 

Operating lease costs for leased real property was exceeded by sublease rental income from the Company’s real estate operations as follows:

Schedule of rental expense
		Three Months Ended October 31,
		2023				2022
Sublease income		$	1,824,879			$	1,839,075
Operating lease cost			(748,711	)			(840,400	)
Excess of sublease income over lease cost		$	1,076,168			$	998,675

 

Schedule of additional information related to leases
		Three Months Ended October 31,
		2023				2022
Other information:
Operating cash flows from operating leases		$	535,510			$	531,288

The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of October 31, 2023:

Schedule of annual undiscounted cash flows of the operating lease liabilities
Period Ended October 31,		Operating Leases
2024		$	2,154,504
2025			2,171,538
2026			2,272,955
2027			2,333,737
2028			2,354,249
Thereafter			23,442,909
Total undiscounted cash flows			34,729,892
Less: present value discount			(8,511,323	)
Total Lease Liabilities		$	26,218,569

As of October 31, 2023, our operating leases had a weighted average remaining lease term of 16.41 years and a weighted average discount rate of 3.71%.

7. Employees' Retirement Plan:Employees' Retirement Plan

The Company sponsors a noncontributory Money Purchase Plan covering substantially all its non-union employees. Operations were charged $120,251 and $113,500 as contributions to the Plan for the three months ended October 31, 2023 and 2022, 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 $24,229 and $27,281 for the three months ended October 31, 2023 and 2022, 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 a union sponsored health benefit plan.

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

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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, 2022
Certified zone status:		Critical and declining status
Status determination date:		January 1, 2022
Plan used extended amortization provisions in status calculation:		Yes
Minimum required contribution:		Yes
Employer contributing greater than 5% of Plan contributions for year ended December 31, 2022:		Yes
Rehabilitation plan implemented:		Yes
Employer subject to surcharge:		Yes
Contract expiration date:		November 30, 2025

For the plan years 2019 through November 30, 2021, under the pension fund’s rehabilitation plan, the Company agreed to pay a minimum contribution rate equal to a 9% increase over the prior year total contribution rate. Effective December 1, 2022 through the contract expiration date of November 30, 2025, the Company’s contribution rate is 20.16% of each covered employee’s pay. The contract also covers rates of pay, hours of employment and other conditions of employment for approximately 27% of the Company’s 30 employees. The Company considers that its labor relations with its employees and union are good.

8. Cash Flow Information:

For purposes of reporting cash flows, the Company considers cash equivalents to consist of short-term highly liquid investments with maturities of three months or less, which are readily convertible into cash. The following is a reconciliation of the Company’s cash and cash equivalents and restricted cash to the total presented on the consolidated statement of cash flows:

Schedule of cash and cash equivalents and restricted cash
		October 31
		2023				2022
Cash and cash equivalents		$	2,339,016			$	2,608,256
Restricted cash, tenant security deposits			898,791				950,430
Restricted cash, escrow			71,763				71,742
Restricted cash, other			31,260				27,140
		$	3,340,830			$	3,657,568

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

Schedule of supplemental disclosure
Supplemental disclosure:		Three Months Ended
		October 31
		2023				2022
Cash Flow Information
Interest paid, net of capitalized interest of $20,463 (2023) and $13,223 (2022)		$	42,519			$	62,782

9. 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 October 31, 2023 and at July 31, 2023.

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Table of Contents

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 July 2022, the Company entered into lease agreements with Landlord as follows:

(1)

Jamaica Avenue at 169th Street, Jamaica, New York - Giving the Company four five-year option periods to extend its lease beyond May 31, 2030 for a total of twenty years through May 31, 2050. In April 2023, the Company exercised the first five-year option period, extending the lease expiration date to May 31, 2035. As of October 31, 2023, it is not reasonably certain the remaining three options to extend the lease will be exercised by the Company.

(2)

504-506 Fulton Street, Brooklyn, New York – Modification of the lease agreement to increase monthly lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031.

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

Schedule of rent payments expenses
		Rent Payments Three Months Ended October 31								Rent Expense Three Months Ended October 31
Property		2023				2022				2023				2022
Jamaica Avenue at 169th Street		$	156,249			$	156,249			$	287,671			$	379,359
504-506 Fulton Street			90,564				90,564				95,299				95,299
Total		$	246,813			$	246,813			$	382,970			$	474,658

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

Schedule of assets and liabilities
		Operating Lease
Liabilities [Member]		Right-Of-Use Assets								Liabilities
Property		October 31 2023				July 31 2023				October 31 2023				July 31 2023				Expiration Date
Jamaica Avenue at 169th Street		$	11,224,863			$	11,430,657			$	5,135,714			$	5,210,087				May 31, 2035
504-506 Fulton Street			2,366,706				2,431,554				2,496,310				2,556,421				April 30, 2031
Total		$	13,591,569			$	13,862,211			$	7,632,024			$	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.

11. 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 has not been determined at this time.

Item 2.

J. W. MAYS, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our financial statements and related notes thereto contained in this report. In this discussion, the words “Company”, “we”, “our” and “us” refer to J.W. Mays, Inc., and subsidiaries.

Forward Looking Statements:

The following can be interpreted as including forward looking statements under the Private Securities Litigation Reform Act of 1995. The words “outlook” “intend”, “plans”, “efforts”, “anticipates”, “believes”, “expects” or words of similar import typically identify such statements. Various important factors that could cause actual results to differ materially from those expressed in the forward-looking statements are identified under the heading “Cautionary Statement Regarding Forward-Looking Statements” below. Our actual results may vary significantly from the results contemplated by these forward-looking statements based on a number of factors including, but not limited to, availability of labor, marketing success, competitive conditions, and the change in economic conditions of the various markets we serve.

Critical Accounting Policies and Estimates:

Critical accounting policies are defined as those most important to the portrayal of a company’s financial condition and results and require the most difficult, subjective, or complex judgments. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the financial statements, the reported amount of revenues, and expenses during the reporting period and related disclosure of contingent assets and liabilities. We believe the critical accounting policies in Note 1 affect our more significant judgments and estimates used in the preparation of our financial statements. Estimates are based on historical experience, where applicable or other assumptions that management believes are reasonable under the circumstances. We have identified the policies described below as our critical accounting policies. Actual results may differ from these estimates under different assumptions and conditions. Recently adopted accounting standards are also disclosed in Note 1.

Results of Operations:

In the three months ended October 31, 2023, the Company reported net loss of $(192,544), or $(.10) per share. In the comparable three months ended October 31, 2022, the Company reported net income of $59,517, or $.03 per share. The change in the 2023 three months was primarily due to a decrease in revenues; partially offset by decreases in real estate operating costs, and interest expense and investment losses.

Revenues in the current three months decreased to $5,323,801 from $5,769,734 in the comparable 2022 three months primarily due to the loss of a tenant who agreed to terminate their lease effective March 31, 2023; combined with a decrease in rent revenue from a seasonal tenant occupying less space.

Real estate operating expenses in the current three months decreased to $3,692,616 from $3,785,421 in the comparable 2022 three months primarily due to a decrease in rent expense for the Jamaica, New York lease and payroll costs; partially offset by increases in real estate taxes and building maintenance costs.

Administrative and general expenses in the current three months of $1,254,573 approximated $1,250,231 in the comparable 2022 three months.

Depreciation expense in the current three months of $428,264 approximated $418,496 in the comparable 2022 three months.

Interest expense and investment losses in the current three months aggregated $(195,892) compared to $(241,069) in the comparable 2022 three months, primarily due to changes in the fair value of marketable securities combined with a decrease in interest expense.

Liquidity and Capital Resources:

In August 2023, a tenant who occupies 22,045 square feet at the Company’s Jamaica, New York premises renewed its lease for another five-year term through June 30, 2028. Brokerage commissions were $128,021.

In September 2023, the Company leased approximately 25,000 square feet at the Company’s Fishkill, New York building for use as storage space for four months expiring December 31, 2023. Total rent of $162,363 was prepaid at lease commencement and is being amortized as revenue over the entire term of the lease.

In September 2023, a tenant extended its leases for one year through September 30, 2024 as follows:

(1)

25,423 square feet at the Company’s 9 Bond Street Building in Brooklyn, New York.

(2)

38,109 square feet at the Company’s Jamaica, New York property.

Cash Flows From Operating Activities:

Accounts Payable and Accrued Expenses: The Company had a balance due on October 31, 2023 for brokerage commissions of $233,715.

Cash Flows From Investing Activities:

During the three months ended October 31, 2023, the Company had expenditures at its Fishkill, New York building of:

(1)

$99,130 for a store front which was completed in August 2023.

(2)

$17,646 for elevators.

During the three months ended October 31, 2023, the Company also had expenditures of $56,650 for facade restoration at its 9 Bond Street building in Brooklyn, New York and $139,301 for tenant improvements at the Company’s Jamaica, New York premises.

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 July 2022, the Company entered into lease agreements with Landlord as follows:

(3)

Jamaica Avenue at 169th Street, Jamaica, New York - Giving the Company four five-year option periods to extend its lease beyond May 31, 2030 for a total of twenty years through May 31, 2050. In April 2023, the Company exercised the first five-year option period, extending the lease expiration date to May 31, 2035. As of October 31, 2023, it is not reasonably certain the remaining three options to extend the lease will be exercised by the Company.

(4)

504-506 Fulton Street, Brooklyn, New York – Modification of the lease agreement to increase monthly lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031.

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

		Rent Payments Three Months Ended October 31								Rent Expense Three Months Ended October 31
Property		2023				2022				2023				2022
Jamaica Avenue at 169th Street		$	156,249			$	156,249			$	287,671			$	379,359
504-506 Fulton Street			90,564				90,564				95,299				95,299
Total		$	246,813			$	246,813			$	382,970			$	474,658

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

		Operating Lease
		Right-Of-Use Assets								Liabilities
Property		October 31 2023				July 31 2023				October 31 2023				July 31 2023				Expiration Date
Jamaica Avenue at 169th Street		$	11,224,863			$	11,430,657			$	5,135,714			$	5,210,087				May 31, 2035
504-506 Fulton Street			2,366,706				2,431,554				2,496,310				2,556,421				April 30, 2031
Total		$	13,591,569			$	13,862,211			$	7,632,024			$	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.

Cautionary Statement Regarding Forward-Looking Statements:

This section, Management’s Discussion and Analysis of Financial Condition and Results of Operations, other sections of this Report on Form 10-Q and other reports and verbal statements made by our representatives from time to time may contain forward-looking statements that are based on our assumptions, expectations and projections about us and the real estate industry. These include statements regarding our expectations about revenues, our liquidity, our expenses, and our continued growth, among others. Such forward-looking statements by their nature involve a degree of risk and uncertainty. We caution that a variety of factors, including but not limited to the factors listed below, could cause business conditions and our results to differ materially from what is contained in forward-looking statements:

•

changes in the rate of economic growth, or inflation, in the United States;

•

the ability to obtain credit from financial institutions and the related costs;

•

changes in the financial condition of our customers;

•

changes in regulatory environment;

•

lease cancellations;

•

changes in our estimates of costs;

•

war, terrorist attacks, or civil unrest effecting facilities where services are or may be provided;

•

outcomes of pending and future litigation;

•

increasing competition by other companies;

•

compliance with our loan covenants;

•

recoverability of claims against our customers and others by us and claims by third parties against us;

•

changes in estimates used in our critical accounting policies; and

•

pandemics, such as COVID-19, and the related trends of office versus remote work practices.

Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by us.

We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to review any additional disclosures we make in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and any Form 8-K reports filed with the United States Securities and Exchange Commission.

Item 3. Quantitative and Qualitative Disclosures About Market Risk:

The Company uses fixed-rate debt to finance its capital requirements. These transactions do not expose the Company to market risk related to changes in interest rates. The Company does not use derivative financial instruments. On October 31, 2023, the Company had fixed-rate debt of $4,877,262.

Item 4. Controls and Procedures:

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded, as of the end of the period covered by this quarterly report, our disclosure controls and procedures were effective and provide reasonable assurance that the information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported accurately and within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the period covered by this report that have materially affected, or are likely to materially affect, our internal control over financial reporting.

Part II - Other Information

Item 1. Legal Proceedings

From time to time, we are involved in legal actions arising in the ordinary course of business. In our opinion, the outcome of such matters in the aggregate will not have a material adverse effect on our financial condition, results of operations or cash flows. See also Note 11 to the Company’s Consolidated Financial Statements.

Item 1A. Risk Factors

There have been no changes to our risk factors from those disclosed in our Annual Report on Form 10-K for our fiscal year ended July 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds, and issuer Purchases of Equity Securities

None

Item 3. Defaults Upon Senior Securities

None

Item 4. Mine Safety Disclosures

Not applicable

Item 5. Other Information

None

Item 6. Exhibits and Reports on Form 8-K

(a) List of Exhibits:

Exhibit Number		Exhibit		Sequentially Numbered Page
(3)		Articles of Incorporation and Bylaws:		N/A
(3i)		Certificate of Incorporation and certificate of amendment — incorporated by reference.
(3ii)		By-laws, as amended — incorporated by reference		N/A
(10i)		Material contracts - Retirement plan — incorporated by reference		N/A
(10ii)		Material contracts - Employment agreements — incorporated by reference		N/A
(11)		Statement re computation of per share earnings — not applicable.		N/A
(12)		Statement re computation of ratios — not applicable.		N/A
(14)		Code of ethics — not applicable.		N/A
(15)		Letter re unaudited interim financial information — not applicable.		N/A
(18)		Letter re change in accounting principles — not applicable.		N/A
(19)		Report furnished to security holders — incorporated by reference.		N/A
(31)		Additional exhibits - Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
		(31.1) Chief Executive Officer		20
		(31.2) Chief Financial Officer		21
(32)		Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350.		22
(95)		Mine safety disclosure — not applicable.		N/A
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

(b)

Report on Form 8-K – Two reports on Form 8-K were filed by the registrant for the period ended October 31, 2023.

Items reported:

The Company reported its financial results for the three and twelve months ended July 31, 2023.

Date of report filed – October 19, 2023.

The Company reported departure of a certain officer.

Date of report filed – October 5, 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			J.W. MAYS, Inc.
			(Registrant)
Date:	December 7, 2023		Lloyd J. Shulman
			Lloyd J. Shulman
			Chairman of the Board,
			Chief Executive Officer and President
Date:	December 7, 2023		Mark S. Greenblatt
			Mark S. Greenblatt
			Vice President,
			Chief Financial Officer and Treasurer,
			Director

EXHIBIT 31.1

CERTIFICATION

I, Lloyd J. Shulman, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of J.W. Mays, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 7, 2023

	/s/ Lloyd J. Shulman
	Lloyd J. Shulman Chairman of the Board, Chief Executive Officer and President

EXHIBIT 31.2

CERTIFICATION

I, Mark S. Greenblatt, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of J.W. Mays, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: December 7, 2023

	/s/ Mark S. Greenblatt
	Mark S. Greenblatt Vice President, Chief Financial Officer and Treasurer, Director

EXHIBIT 32

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of J.W. Mays, Inc. (the “Company”) on Form 10-Q for the period ended October 31, 2023 as filed with the United States Securities and Exchange Commission (the “Report”), we, Lloyd J. Shulman and Mark S. Greenblatt, Chief Executive Officer and Chief Financial Officer, respectively, of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: December 7, 2023

	/s/ Lloyd J. Shulman
	Lloyd J. Shulman Chairman of the Board, Chief Executive Officer and President
	/s/ Mark S. Greenblatt
	Mark S. Greenblatt Vice President, Chief Financial Officer and Treasurer, Director

A signed original of this written statement required by Section 906 has been provided to J.W. Mays, Inc. and will be retained by J.W. Mays, Inc. and furnished to the United States Securities and Exchange Commission or its staff upon request.

v3.23.3

Cover - shares	3 Months Ended
	Oct. 31, 2023	Dec. 07, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Oct. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--07-31
Entity File Number	1-3647
Entity Registrant Name	MAYS J W INC
Entity Central Index Key	0000054187
Entity Tax Identification Number	11-1059070
Entity Incorporation, State or Country Code	NY
Entity Address, Address Line One	9 Bond Street
Entity Address, City or Town	Brooklyn
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11201
City Area Code	718
Local Phone Number	624-7400
Title of 12(b) Security	Common Stock, $1 par value
Trading Symbol	MAYS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,015,780

v3.23.3

Consolidated Balance Sheets (Unaudited) - USD ($)	Oct. 31, 2023	Jul. 31, 2023
Property and Equipment-at cost:
Land	$ 6,067,805	$ 6,067,805
Buildings held for leasing:
Buildings, improvements, and fixtures	77,845,590	77,703,358
Construction in progress	1,937,940	1,767,444
Property, Plant and Equipment, Gross	79,783,530	79,470,802
Accumulated depreciation	(38,551,464)	(38,123,199)
Buildings - net	41,232,066	41,347,603
Property and equipment-net	47,299,871	47,415,408
Cash and cash equivalents	2,339,016	1,215,921
Restricted cash	1,001,814	1,001,814
Receivables, net	3,002,810	3,044,190
Marketable securities	2,136,874	2,300,441
Prepaids and other assets	1,509,042	2,773,004
Deferred charges, net	3,283,750	3,250,700
Operating lease right-of-use assets	30,407,160	30,913,904
TOTAL ASSETS	90,980,337	91,915,382
Liabilities:
Mortgages payable, net	4,832,159	5,144,205
Accounts payable and accrued expenses	1,636,523	1,718,435
Security deposits payable	1,005,925	1,005,925
Operating lease liabilities	26,218,569	26,512,112
Deferred income taxes	4,175,000	4,230,000
Total Liabilities	37,868,176	38,610,677
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
Retained earnings	48,875,471	49,068,015
Stockholders' Equity before Treasury Stock	54,400,013	54,592,557
Common stock held in treasury, at cost - 162,517 shares at October 31, 2023 and July 31, 2023	(1,287,852)	(1,287,852)
Total shareholders’ equity	53,112,161	53,304,705
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 90,980,337	$ 91,915,382

v3.23.3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Oct. 31, 2023	Jul. 31, 2023
Statement of Financial Position [Abstract]
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
Common stock held in treasury, at cost	162,517	162,517

v3.23.3

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Revenues
Rental income	$ 5,323,801	$ 5,769,734
Total revenues	5,323,801	5,769,734
Expenses
Real estate operating expenses	3,692,616	3,785,421
Administrative and general expenses	1,254,573	1,250,231
Depreciation	428,264	418,496
Total expenses	5,375,453	5,454,148
Income (loss) from operations	(51,652)	315,586
Other income and interest expense:
Investment income	9,245	8,797
Change in fair value of marketable securities	(163,567)	(187,203)
Interest expense	(41,570)	(62,663)
Total investment income and interest expense	(195,892)	(241,069)
Income (loss) from operations before income taxes	(247,544)	74,517
Income taxes provided (benefit)	(55,000)	15,000
Net income (loss)	$ (192,544)	$ 59,517
Income (loss) per common share, basic	$ (0.10)	$ 0.03
Dividends per share
Average common shares outstanding, basic	2,015,780	2,015,780

v3.23.3

Consolidated Statements of Operations (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Income Statement [Abstract]
Income (loss) per common share, diluted	$ (0.10)	$ 0.03
Average common shares outstanding, diluted	2,015,780	2,015,780

v3.23.3

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Common Stock	Additional Paid In Capital	Retained Earnings	Common Stock Held in Treasury	Total
Beginning balance, value at Jul. 31, 2022	$ 2,178,297	$ 3,346,245	$ 49,150,979	$ (1,287,852)	$ 53,387,669
Net income (loss)			59,517		59,517
Ending balance, value at Oct. 31, 2022	2,178,297	3,346,245	49,210,496	(1,287,852)	53,447,186
Beginning balance, value at Jul. 31, 2023	2,178,297	3,346,245	49,068,015	(1,287,852)	53,304,705
Net income (loss)			(192,544)		(192,544)
Ending balance, value at Oct. 31, 2023	$ 2,178,297	$ 3,346,245	$ 48,875,471	$ (1,287,852)	$ 53,112,161

v3.23.3

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Cash Flows From Operating Activities:
Net income (loss)	$ (192,544)	$ 59,517
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Bad debt expense (recoveries)	(33,000)	(60,000)
Provision (benefit) for deferred income taxes	(55,000)	15,000
Depreciation	428,264	418,496
Amortization of deferred charges	119,038	112,000
Operating lease expense in excess of cash payments	213,201	309,111
Deferred finance costs included in interest expense	9,528	9,528
Deferred costs	(152,088)
Net unrealized loss on marketable securities	163,567	187,203
Changes in Operating Assets and Liabilities:
Receivables	74,380	365,853
Prepaid expenses and other assets	1,263,962	1,201,613
Accounts payable and accrued expenses	(81,912)	(65,569)
Security deposits payable		(9,264)
Cash provided by operating activities	1,757,396	2,543,488
Cash Flows From Investing Activities:
Acquisition of property and equipment	(312,727)	(648,115)
Cash (used) in investing activities	(312,727)	(648,115)
Cash Flows From Financing Activities:
Payments - mortgage and other debt payments	(321,574)	(307,702)
Cash (used) in financing activities	(321,574)	(307,702)
Increase in cash, cash equivalents and restricted cash	1,123,095	1,587,671
Cash, cash equivalents and restricted cash at beginning of period	2,217,735	2,069,897
Cash, cash equivalents and restricted cash at end of period	$ 3,340,830	$ 3,657,568

v3.23.3

Summary of Significant Accounting Polciies	3 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Polciies	1. Summary of Significant Accounting Polciies: 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, incremental borrowing rates and recognition of renewal options for operating lease right-of-use 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, impairment analysis of long-lived assets, 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 instructions for reporting on Form 10-Q and Article 8 of Regulations S-X of the SEC Rules and Regulations. The July 31, 2023 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, 2023. 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, 2024 or any other period. Restricted Cash Restricted cash primarily consists of cash held in bank accounts for tenant security deposits and other amounts required under certain loan agreements. Accounts Receivable Generally, rent is due from tenants at the beginning of the month in accordance with terms of each lease. Based upon its periodic assessment of the quality of the receivables, management uses its historical knowledge of the tenants and industry experience to determine whether a reserve or write-off is required. The Company uses specific identification to write-off receivables to bad debt expense in the period when issues of collectibility become known. Collectibility issues include late rent payments, 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. Management also assesses collectibility by reviewing accounts receivable on an aggregate basis where similar characteristics exist. In determining the amount of the allowance for credit losses, the Company considers past due status and a tenant’s payment history. We also consider current market conditions and reasonable and supportable forecasts of future economic conditions. Our assessment considers volatility in market conditions and evolving shifts in credit trends that may have a material impact on our allowance for uncollectible accounts receivables in future periods. The Company’s allowance for uncollectible receivables is recorded as an offset to receivables. Activity in the allowance for uncollectible receivables for each period follows: Schedule of allowance for uncollectible receivables                                     Allowance for Uncollectible Accounts Receivable     Bad Debt Expense       Period Ended     Three Months Ended       October 31     July 31     October 31       2023     2023     2023     2022   Beginning balance   $ 115,000     $ 393,000     $ —     $    —   Charge-offs (recoveries)     —       (149,337 )     (13,000 )      —   Reserve adjustments     (20,000 )     (128,663 )      (20,000 )     (60,000 ) Ending Balance   $ 95,000     $ 115,000     $ (33,000 )   $ (60,000 ) 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 life of the lease. Lives used to determine depreciation and amortization are generally as follows: Schedule of property and equipment depreciation and amortization period         Buildings and improvements     18-40 years   Improvements to leased property Improvements to leased property [Member]     3-40 years   Fixtures and equipment Fixtures and equipment [Member]     7-12 years   Other Other [Member]     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. Impairment The Company reviews property and equipment for possible impairment when certain events or changes in circumstances indicate the carrying amount of the asset may not be recoverable through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. As of October 31, 2023 and July 31, 2023, the Company has determined there was no impairment 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 5 to 21 years, using the straight-line method. If a lease is terminated early, such costs are expensed. Leases - Lessor Revenue The Company accounts for revenue in accordance with Accounting Standards Update (ASU) 2014-09 (Topic 606) Revenue from Contracts with Customers. Rental income 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 are included in accounts receivable and 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. The effect of lease modifications that result in rent relief or other credits to tenants, including any retroactive effects relating to prior periods, are 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. As lessor, we have elected to combine the lease components (base rent), non-lease components (reimbursements of common area maintenance expenses) and reimbursements of real estate taxes and account for the components as a single lease component in accordance with ASC 842. If the amounts are not determined to be realizable, the accrued but unpaid rent is written off. Accounts receivable are recognized in accordance with lease agreements at its net realizable value. Rental payments received in advance are deferred until earned. In April 2020, the Financial Accounting Standards Board issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases (“ASC 842”). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications under certain conditions. Entities making the election will continue to recognize rental revenue on a straight-line basis for qualifying concessions. Rent deferrals would result in an increase to accounts receivable during the deferral period with no impact on rental revenue recognition. The Company elected this policy during the year ended July 31, 2020. Rent deferrals included in receivables were $20,000 and $50,000 as of October 31, 2023 and July 31, 2023, respectively. Leases - Lessee The Company determines if an arrangement is a lease at inception. With the adoption of ASC 842, operating leases are included in operating lease right-of-use assets, and operating lease liabilities on the Company’s balance sheet. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Taxes 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 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. The Company had a federal net operating loss carryforward approximating $9,172,000 as of July 31, 2023 available to offset future taxable income. As of July 31, 2023, the Company had unused net operating loss carryforwards of approximately $12,420,000 for state and $10,218,000 for city, available to offset future state and city taxable income. The net operating loss carryforwards will begin to expire, if not used, in 2035. New York State and New York City taxes are calculated using the higher of taxes based on income or the respective capital- based franchise taxes. Beginning with the Company’s tax year ending July 31, 2025, changes in the law required the state capital-based tax will be phased out. New York City taxes will be based on capital for the foreseeable future. Capital-based franchise taxes are recorded to administrative and general expense. State tax amounts in excess of the capital-based franchise taxes are recorded to income tax expenses. Due to both the application of the capital-based tax and due to the possible absence of city taxable income, the Company does not record city deferred taxes.

v3.23.3

Income (Loss) Per Share of Common Stock	3 Months Ended
	Oct. 31, 2023
Earnings Per Share [Abstract]
Income (Loss) Per Share of Common Stock	2. Income (Loss) Per Share of Common Stock: Income (loss) per share has been computed by dividing the net income (loss) 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 (loss) per share were 2,015,780 for the three months ended October 31, 2023 and 2022, respectively.

v3.23.3

Marketable Securities	3 Months Ended
	Oct. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	3. Marketable Securities: The Company’s marketable securities consist of investments in equity securities. 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 changes in the fair value of these securities are recognized in current period earnings in accordance with ASC 825. 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, 2023 and July 31, 2023. 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. Schedule of provisions of fair value measurements                                                                     Fair value measurements at reporting date   Description   October 31, 2023     Level 1     Level 2     Level 3     July 31, 2023     Level 1     Level 2     Level 3   Assets:                                                 Marketable securities   $ 2,136,874     $ 2,136,874     $ —     $ —     $ 2,300,441     $ 2,300,441     $ —     $ —   As of October 31, 2023 and July 31, 2023, the Company's marketable securities were classified as follows: Schedule of classified marketable securities                                                                     October 31, 2023     July 31, 2023       Cost     Gross Unrealized Gains     Gross Unrealized Losses     Fair Value     Cost     Gross Unrealized Gains     Gross Unrealized Losses     Fair Value   Mutual funds   $ 595,166     $ 228,089     $           –     $ 823,255     $ 595,166     $ 301,007     $            –     $ 896,173   Equity securities     904,981       408,638       –       1,313,619       904,981       499,287       –       1,404,268       $ 1,500,147     $ 636,727     $ –     $ 2,136,874     $ 1,500,147     $ 800,294     $ –     $ 2,300,441     Investment income consists of the following:   Schedule of investment income                     Three Months Ended October 31       2023      2022   Dividend and interest income   $ 9,245     $ 8,797   Total   $ 9,245     $ 8,797

v3.23.3

Financial Instruments and Credit Risk Concentrations	3 Months Ended
	Oct. 31, 2023
Investments, All Other Investments [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, restricted cash, cash and cash equivalents, and receivables. Marketable securities, restricted cash, 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. Three tenants accounted for approximately 50% and four tenants accounted for approximately 61% of receivables as of October 31, 2023 and July 31, 2023, respectively. During the three months ended October 31, 2023 and 2022, two tenants accounted for 27% and 30% of total rental revenue, respectively.

v3.23.3

Long-Term Debt - Mortgages	3 Months Ended
	Oct. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt - Mortgages	5. Long-Term Debt – Mortgages:Long-Term Debt - Mortgages Schedule of long-term debt                                 Current Annual Interest Rate     Final Payment Date   October 31, 2023     July 31, 2023   Bond St. building, Brooklyn, NY (1)     4.375 %   12/1/2024   $ 1,368,979     $ 1,653,117   Fishkill building (2)     3.98 %   4/1/2025     3,508,283       3,545,719   Deferred financing costs                 (45,103 )     (54,631 ) Net               $ 4,832,159     $ 5,144,205   (1) In November 2019, the Company refinanced the remaining balance of a $6,000,000, 3.54% interest rate loan with another bank for $5,255,920 plus an additional $144,080 for a total of $5,400,000. The interest rate on the new loan is fixed at 4.375%. The loan is self-liquidating over a period of five years and secured by the Nine Bond Street land and building in Brooklyn, New York. (2) In March 2020, the Company obtained a loan with a bank in the amount of $4,000,000 to finance renovations and brokerage commissions relating to space leased to a community college at the Fishkill, New York building. The loan is secured by the Fishkill, New York land and building; amortized over a 20-year period with an interest rate of 3.98% and is due in five years.

v3.23.3

Operating Leases	3 Months Ended
	Oct. 31, 2023
Operating Leases
Operating Leases	6. Operating Leases: Lessor The Company leases office and retail space to tenants under operating leases in commercial buildings. Most rental terms range from approximately 5 to 49 years. The leases provide for the payment of fixed base rent payable monthly in advance as well as reimbursements of real estate taxes and common area costs. The Company has elected to account for lease revenues and the reimbursements of common area costs as a single component included as rental income in our consolidated statements of operations. The following table disaggregates the Company's revenues by lease and non-lease components: Schedule of revenues by lease and non-lease components                     Three Months Ended October 31,       2023     2022   Base rent - fixed   $ 4,921,887     $ 5,330,541   Reimbursements of common area costs     146,860       177,365   Non-lease components (real estate taxes)     255,054       261,828   Rental income   $ 5,323,801     $ 5,769,734   Future minimum non-cancelable rental income for leases with initial or remaining terms of one year or more is as follows: Schedule of future minimum non-cancelable rental income                             As of October 31, 2023   Fiscal Year   Company Owned Property     Leased Property     Total   For the remainder of 2024   $ 8,752,113     $ 4,291,970     $ 13,044,083   2025     9,157,533       3,957,025       13,114,558   2026     8,028,846       3,620,069       11,648,915   2027     6,906,617       3,477,284       10,383,901   2028     6,069,044       3,431,411       9,500,455   2029     5,475,835       2,606,386       8,082,221   After 2029     20,359,611       3,114,274       23,473,885   Total   $ 64,749,599     $ 24,498,419     $ 89,248,018   Lessee The Company’s real estate operations include leased properties under long-term, non-cancelable operating lease agreements. The leases expire at various dates through 2073, including options to extend or terminate the lease when it is reasonably certain the Company will exercise that option. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. In July 2022, the Company entered into lease agreements with its landlord for two of its properties as follows: 1) Jamaica Avenue at 169th Street, Jamaica, New York - Giving the Company four five-year option periods to extend its lease beyond May 31, 2030 for a total of twenty years through May 31, 2050. In April 2023, the Company exercised the first five-year option period, extending the lease expiration date to May 31, 2035. The effect of the lease extension on the measurement of operating right-of-use assets, liabilities, and monthly rent expense follows: Schedule of operating lease right-of-use assets, liabilities and rent expense                             Jamaica Avenue at 169th Street         Increase in Operating Lease Right- of-Use Asset       Increase in Operating Lease Liability       Decrease in Monthly Rent Expense   Remeasurement change resulting from April 2023 lease extension   $ 1,201,952     $ 1,201,952     $ (30,563 ) As of October 31, 2023, it is not reasonably certain the remaining three options to extend the lease will be exercised by the Company. 2) 504-506 Fulton Street, Brooklyn, New York – In July, 2022 the lease agreement was modified to increase monthly lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031. The effect of the lease modification on the measurement of operating right-of-use assets, liabilities, and monthly rent expense follows: Schedule of operating lease right-of-use assets, liabilities and rent expense                             504-506 Fulton Street         Increase in Operating Lease Right- of-Use Asset       Increase in Operating Lease Liability       Increase in Monthly Rent Expense   Remeasurement change resulting from July 2022 lease modification   $ 94,412     $ 94,412     $ 2,563   The landlord is Weinstein Enterprises, Inc., an affiliated company principally owned by the Chairman of the Board of Directors who also principally owns the Company.  Operating lease costs for leased real property was exceeded by sublease rental income from the Company’s real estate operations as follows: Schedule of rental expense                     Three Months Ended October 31,       2023     2022   Sublease income   $ 1,824,879     $ 1,839,075   Operating lease cost     (748,711 )     (840,400 ) Excess of sublease income over lease cost   $ 1,076,168     $ 998,675     Schedule of additional information related to leases                     Three Months Ended October 31,       2023     2022   Other information:                 Operating cash flows from operating leases   $ 535,510     $ 531,288   The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of October 31, 2023: Schedule of annual undiscounted cash flows of the operating lease liabilities         Period Ended October 31,   Operating Leases   2024   $ 2,154,504   2025     2,171,538   2026     2,272,955   2027     2,333,737   2028     2,354,249   Thereafter     23,442,909   Total undiscounted cash flows     34,729,892   Less: present value discount     (8,511,323 ) Total Lease Liabilities   $ 26,218,569   As of October 31, 2023, our operating leases had a weighted average remaining lease term of 16.41 years and a weighted average discount rate of 3.71%.

v3.23.3

Employees' Retirement Plan	3 Months Ended
	Oct. 31, 2023
Retirement Benefits [Abstract]
Employees' Retirement Plan	7. Employees' Retirement Plan:Employees' Retirement Plan The Company sponsors a noncontributory Money Purchase Plan covering substantially all its non-union employees. Operations were charged $120,251 and $113,500 as contributions to the Plan for the three months ended October 31, 2023 and 2022, 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 $24,229 and $27,281 for the three months ended October 31, 2023 and 2022, 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 a union sponsored health benefit plan. 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, 2022 Certified zone status:   Critical and declining status Status determination date:   January 1, 2022 Plan used extended amortization provisions in status calculation:   Yes Minimum required contribution:   Yes Employer contributing greater than 5% of Plan contributions for year ended December 31, 2022:   Yes Rehabilitation plan implemented:   Yes Employer subject to surcharge:   Yes Contract expiration date:   November 30, 2025 For the plan years 2019 through November 30, 2021, under the pension fund’s rehabilitation plan, the Company agreed to pay a minimum contribution rate equal to a 9% increase over the prior year total contribution rate. Effective December 1, 2022 through the contract expiration date of November 30, 2025, the Company’s contribution rate is 20.16% of each covered employee’s pay. The contract also covers rates of pay, hours of employment and other conditions of employment for approximately 27% of the Company’s 30 employees. The Company considers that its labor relations with its employees and union are good.

v3.23.3

Cash Flow Information	3 Months Ended
	Oct. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Cash Flow Information	8. Cash Flow Information: For purposes of reporting cash flows, the Company considers cash equivalents to consist of short-term highly liquid investments with maturities of three months or less, which are readily convertible into cash. The following is a reconciliation of the Company’s cash and cash equivalents and restricted cash to the total presented on the consolidated statement of cash flows: Schedule of cash and cash equivalents and restricted cash                     October 31       2023     2022   Cash and cash equivalents   $ 2,339,016     $ 2,608,256   Restricted cash, tenant security deposits     898,791       950,430   Restricted cash, escrow     71,763       71,742   Restricted cash, other     31,260       27,140     $ 3,340,830     $ 3,657,568   Amounts in restricted cash primarily consist of cash held in bank accounts for tenant security deposits, amounts set aside in accordance with certain loan agreements, and security deposits with landlords and utility companies. Schedule of supplemental disclosure                 Supplemental disclosure:   Three Months Ended       October 31       2023     2022   Cash Flow Information             Interest paid, net of capitalized interest of $20,463 (2023) and $13,223 (2022)   $ 42,519     $ 62,782

v3.23.3

Capitalization	3 Months Ended
	Oct. 31, 2023
Equity [Abstract]
Capitalization	9. 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 October 31, 2023 and at July 31, 2023.

v3.23.3

Related Party Transactions	3 Months Ended
	Oct. 31, 2023
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 July 2022, the Company entered into lease agreements with Landlord as follows: (1) Jamaica Avenue at 169th Street, Jamaica, New York - Giving the Company four five-year option periods to extend its lease beyond May 31, 2030 for a total of twenty years through May 31, 2050. In April 2023, the Company exercised the first five-year option period, extending the lease expiration date to May 31, 2035. As of October 31, 2023, it is not reasonably certain the remaining three options to extend the lease will be exercised by the Company. (2) 504-506 Fulton Street, Brooklyn, New York – Modification of the lease agreement to increase monthly lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031. Rent payments and expense relating to these two operating leases with Landlord follow: Schedule of rent payments expenses                                     Rent Payments Three Months Ended October 31     Rent Expense Three Months Ended October 31   Property   2023     2022     2023     2022   Jamaica Avenue at 169th Street   $ 156,249     $ 156,249     $ 287,671     $ 379,359   504-506 Fulton Street     90,564       90,564       95,299       95,299   Total   $ 246,813     $ 246,813     $ 382,970     $ 474,658   The following summarizes assets and liabilities related to these two leases: Schedule of assets and liabilities                                             Operating Lease           Liabilities [Member]    Right-Of-Use Assets     Liabilities         Property   October 31 2023     July 31 2023     October 31 2023     July 31 2023     Expiration Date   Jamaica Avenue at 169th Street   $ 11,224,863     $ 11,430,657     $ 5,135,714     $ 5,210,087       May 31, 2035   504-506 Fulton Street     2,366,706       2,431,554       2,496,310       2,556,421       April 30, 2031   Total   $ 13,591,569     $ 13,862,211     $ 7,632,024     $ 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.

v3.23.3

Contingencies	3 Months Ended
	Oct. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	11. 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 has not been determined at this time.

v3.23.3

Summary of Significant Accounting Polciies (Policies)	3 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
Use of Estimates	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, incremental borrowing rates and recognition of renewal options for operating lease right-of-use 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, impairment analysis of long-lived assets, 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 instructions for reporting on Form 10-Q and Article 8 of Regulations S-X of the SEC Rules and Regulations. The July 31, 2023 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, 2023. 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, 2024 or any other period.
Restricted Cash	Restricted Cash Restricted cash primarily consists of cash held in bank accounts for tenant security deposits and other amounts required under certain loan agreements.
Accounts Receivable	Accounts Receivable Generally, rent is due from tenants at the beginning of the month in accordance with terms of each lease. Based upon its periodic assessment of the quality of the receivables, management uses its historical knowledge of the tenants and industry experience to determine whether a reserve or write-off is required. The Company uses specific identification to write-off receivables to bad debt expense in the period when issues of collectibility become known. Collectibility issues include late rent payments, 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. Management also assesses collectibility by reviewing accounts receivable on an aggregate basis where similar characteristics exist. In determining the amount of the allowance for credit losses, the Company considers past due status and a tenant’s payment history. We also consider current market conditions and reasonable and supportable forecasts of future economic conditions. Our assessment considers volatility in market conditions and evolving shifts in credit trends that may have a material impact on our allowance for uncollectible accounts receivables in future periods. The Company’s allowance for uncollectible receivables is recorded as an offset to receivables. Activity in the allowance for uncollectible receivables for each period follows: Schedule of allowance for uncollectible receivables                                     Allowance for Uncollectible Accounts Receivable     Bad Debt Expense       Period Ended     Three Months Ended       October 31     July 31     October 31       2023     2023     2023     2022   Beginning balance   $ 115,000     $ 393,000     $ —     $    —   Charge-offs (recoveries)     —       (149,337 )     (13,000 )      —   Reserve adjustments     (20,000 )     (128,663 )      (20,000 )     (60,000 ) Ending Balance   $ 95,000     $ 115,000     $ (33,000 )   $ (60,000 )
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 life of the lease. Lives used to determine depreciation and amortization are generally as follows: Schedule of property and equipment depreciation and amortization period         Buildings and improvements     18-40 years   Improvements to leased property Improvements to leased property [Member]     3-40 years   Fixtures and equipment Fixtures and equipment [Member]     7-12 years   Other Other [Member]     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.
Impairment	Impairment The Company reviews property and equipment for possible impairment when certain events or changes in circumstances indicate the carrying amount of the asset may not be recoverable through operations plus estimated disposition proceeds. Events or changes in circumstances that may occur include, but are not limited to, significant changes in real estate market conditions, estimated residual values, and an expectation to sell assets before the end of the previously estimated life. Impairments are measured to the extent the current book value exceeds the estimated fair value of the asset less disposition costs for any assets classified as held for sale. As of October 31, 2023 and July 31, 2023, the Company has determined there was no impairment 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 5 to 21 years, using the straight-line method. If a lease is terminated early, such costs are expensed.
Leases - Lessor Revenue	Leases - Lessor Revenue The Company accounts for revenue in accordance with Accounting Standards Update (ASU) 2014-09 (Topic 606) Revenue from Contracts with Customers. Rental income 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 are included in accounts receivable and 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. The effect of lease modifications that result in rent relief or other credits to tenants, including any retroactive effects relating to prior periods, are 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. As lessor, we have elected to combine the lease components (base rent), non-lease components (reimbursements of common area maintenance expenses) and reimbursements of real estate taxes and account for the components as a single lease component in accordance with ASC 842. If the amounts are not determined to be realizable, the accrued but unpaid rent is written off. Accounts receivable are recognized in accordance with lease agreements at its net realizable value. Rental payments received in advance are deferred until earned. In April 2020, the Financial Accounting Standards Board issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC Topic 842, Leases (“ASC 842”). The Q&A states that it would be acceptable to make a policy election regarding rent concessions resulting from COVID-19, which would not require entities to account for these rent concessions as lease modifications under certain conditions. Entities making the election will continue to recognize rental revenue on a straight-line basis for qualifying concessions. Rent deferrals would result in an increase to accounts receivable during the deferral period with no impact on rental revenue recognition. The Company elected this policy during the year ended July 31, 2020. Rent deferrals included in receivables were $20,000 and $50,000 as of October 31, 2023 and July 31, 2023, respectively.
Leases - Lessee	Leases - Lessee The Company determines if an arrangement is a lease at inception. With the adoption of ASC 842, operating leases are included in operating lease right-of-use assets, and operating lease liabilities on the Company’s balance sheet. Operating lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Taxes	Taxes 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 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. The Company had a federal net operating loss carryforward approximating $9,172,000 as of July 31, 2023 available to offset future taxable income. As of July 31, 2023, the Company had unused net operating loss carryforwards of approximately $12,420,000 for state and $10,218,000 for city, available to offset future state and city taxable income. The net operating loss carryforwards will begin to expire, if not used, in 2035. New York State and New York City taxes are calculated using the higher of taxes based on income or the respective capital- based franchise taxes. Beginning with the Company’s tax year ending July 31, 2025, changes in the law required the state capital-based tax will be phased out. New York City taxes will be based on capital for the foreseeable future. Capital-based franchise taxes are recorded to administrative and general expense. State tax amounts in excess of the capital-based franchise taxes are recorded to income tax expenses. Due to both the application of the capital-based tax and due to the possible absence of city taxable income, the Company does not record city deferred taxes.

v3.23.3

Summary of Significant Accounting Polciies (Tables)	3 Months Ended
	Oct. 31, 2023
Accounting Policies [Abstract]
Schedule of allowance for uncollectible receivables	Schedule of allowance for uncollectible receivables                                     Allowance for Uncollectible Accounts Receivable     Bad Debt Expense       Period Ended     Three Months Ended       October 31     July 31     October 31       2023     2023     2023     2022   Beginning balance   $ 115,000     $ 393,000     $ —     $    —   Charge-offs (recoveries)     —       (149,337 )     (13,000 )      —   Reserve adjustments     (20,000 )     (128,663 )      (20,000 )     (60,000 ) Ending Balance   $ 95,000     $ 115,000     $ (33,000 )   $ (60,000 )
Schedule of property and equipment depreciation and amortization period	Schedule of property and equipment depreciation and amortization period         Buildings and improvements     18-40 years   Improvements to leased property Improvements to leased property [Member]     3-40 years   Fixtures and equipment Fixtures and equipment [Member]     7-12 years   Other Other [Member]     3-5 years

v3.23.3

Marketable Securities (Tables)	3 Months Ended
	Oct. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of provisions of fair value measurements	Schedule of provisions of fair value measurements                                                                     Fair value measurements at reporting date   Description   October 31, 2023     Level 1     Level 2     Level 3     July 31, 2023     Level 1     Level 2     Level 3   Assets:                                                 Marketable securities   $ 2,136,874     $ 2,136,874     $ —     $ —     $ 2,300,441     $ 2,300,441     $ —     $ —
Schedule of classified marketable securities	Schedule of classified marketable securities                                                                     October 31, 2023     July 31, 2023       Cost     Gross Unrealized Gains     Gross Unrealized Losses     Fair Value     Cost     Gross Unrealized Gains     Gross Unrealized Losses     Fair Value   Mutual funds   $ 595,166     $ 228,089     $           –     $ 823,255     $ 595,166     $ 301,007     $            –     $ 896,173   Equity securities     904,981       408,638       –       1,313,619       904,981       499,287       –       1,404,268       $ 1,500,147     $ 636,727     $ –     $ 2,136,874     $ 1,500,147     $ 800,294     $ –     $ 2,300,441
Schedule of investment income	Schedule of investment income                     Three Months Ended October 31       2023      2022   Dividend and interest income   $ 9,245     $ 8,797   Total   $ 9,245     $ 8,797

v3.23.3

Long-Term Debt - Mortgages (Tables)	3 Months Ended
	Oct. 31, 2023
Debt Disclosure [Abstract]
Schedule of long-term debt	Schedule of long-term debt                                 Current Annual Interest Rate     Final Payment Date   October 31, 2023     July 31, 2023   Bond St. building, Brooklyn, NY (1)     4.375 %   12/1/2024   $ 1,368,979     $ 1,653,117   Fishkill building (2)     3.98 %   4/1/2025     3,508,283       3,545,719   Deferred financing costs                 (45,103 )     (54,631 ) Net               $ 4,832,159     $ 5,144,205   (1) In November 2019, the Company refinanced the remaining balance of a $6,000,000, 3.54% interest rate loan with another bank for $5,255,920 plus an additional $144,080 for a total of $5,400,000. The interest rate on the new loan is fixed at 4.375%. The loan is self-liquidating over a period of five years and secured by the Nine Bond Street land and building in Brooklyn, New York. (2) In March 2020, the Company obtained a loan with a bank in the amount of $4,000,000 to finance renovations and brokerage commissions relating to space leased to a community college at the Fishkill, New York building. The loan is secured by the Fishkill, New York land and building; amortized over a 20-year period with an interest rate of 3.98% and is due in five years.

v3.23.3

Operating Leases (Tables)	3 Months Ended
	Oct. 31, 2023
Lessee, Lease, Description [Line Items]
Schedule of revenues by lease and non-lease components	Schedule of revenues by lease and non-lease components                     Three Months Ended October 31,       2023     2022   Base rent - fixed   $ 4,921,887     $ 5,330,541   Reimbursements of common area costs     146,860       177,365   Non-lease components (real estate taxes)     255,054       261,828   Rental income   $ 5,323,801     $ 5,769,734
Schedule of future minimum non-cancelable rental income	Schedule of future minimum non-cancelable rental income                             As of October 31, 2023   Fiscal Year   Company Owned Property     Leased Property     Total   For the remainder of 2024   $ 8,752,113     $ 4,291,970     $ 13,044,083   2025     9,157,533       3,957,025       13,114,558   2026     8,028,846       3,620,069       11,648,915   2027     6,906,617       3,477,284       10,383,901   2028     6,069,044       3,431,411       9,500,455   2029     5,475,835       2,606,386       8,082,221   After 2029     20,359,611       3,114,274       23,473,885   Total   $ 64,749,599     $ 24,498,419     $ 89,248,018
Schedule of rental expense	Schedule of rental expense                     Three Months Ended October 31,       2023     2022   Sublease income   $ 1,824,879     $ 1,839,075   Operating lease cost     (748,711 )     (840,400 ) Excess of sublease income over lease cost   $ 1,076,168     $ 998,675
Schedule of additional information related to leases	Schedule of additional information related to leases                     Three Months Ended October 31,       2023     2022   Other information:                 Operating cash flows from operating leases   $ 535,510     $ 531,288
Schedule of annual undiscounted cash flows of the operating lease liabilities	Schedule of annual undiscounted cash flows of the operating lease liabilities         Period Ended October 31,   Operating Leases   2024   $ 2,154,504   2025     2,171,538   2026     2,272,955   2027     2,333,737   2028     2,354,249   Thereafter     23,442,909   Total undiscounted cash flows     34,729,892   Less: present value discount     (8,511,323 ) Total Lease Liabilities   $ 26,218,569
April 2023 [Member]
Lessee, Lease, Description [Line Items]
Schedule of operating lease right-of-use assets, liabilities and rent expense	Schedule of operating lease right-of-use assets, liabilities and rent expense                             Jamaica Avenue at 169th Street         Increase in Operating Lease Right- of-Use Asset       Increase in Operating Lease Liability       Decrease in Monthly Rent Expense   Remeasurement change resulting from April 2023 lease extension   $ 1,201,952     $ 1,201,952     $ (30,563 )
July 2022 [Member]
Lessee, Lease, Description [Line Items]
Schedule of operating lease right-of-use assets, liabilities and rent expense	Schedule of operating lease right-of-use assets, liabilities and rent expense                             504-506 Fulton Street         Increase in Operating Lease Right- of-Use Asset       Increase in Operating Lease Liability       Increase in Monthly Rent Expense   Remeasurement change resulting from July 2022 lease modification   $ 94,412     $ 94,412     $ 2,563

v3.23.3

Cash Flow Information (Tables)	3 Months Ended
	Oct. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of cash and cash equivalents and restricted cash	Schedule of cash and cash equivalents and restricted cash                     October 31       2023     2022   Cash and cash equivalents   $ 2,339,016     $ 2,608,256   Restricted cash, tenant security deposits     898,791       950,430   Restricted cash, escrow     71,763       71,742   Restricted cash, other     31,260       27,140     $ 3,340,830     $ 3,657,568
Schedule of supplemental disclosure	Schedule of supplemental disclosure                 Supplemental disclosure:   Three Months Ended       October 31       2023     2022   Cash Flow Information             Interest paid, net of capitalized interest of $20,463 (2023) and $13,223 (2022)   $ 42,519     $ 62,782

v3.23.3

Related Party Transactions (Tables)	3 Months Ended
	Oct. 31, 2023
Related Party Transactions [Abstract]
Schedule of rent payments expenses	Schedule of rent payments expenses                                     Rent Payments Three Months Ended October 31     Rent Expense Three Months Ended October 31   Property   2023     2022     2023     2022   Jamaica Avenue at 169th Street   $ 156,249     $ 156,249     $ 287,671     $ 379,359   504-506 Fulton Street     90,564       90,564       95,299       95,299   Total   $ 246,813     $ 246,813     $ 382,970     $ 474,658
Schedule of assets and liabilities	Schedule of assets and liabilities                                             Operating Lease           Liabilities [Member]    Right-Of-Use Assets     Liabilities         Property   October 31 2023     July 31 2023     October 31 2023     July 31 2023     Expiration Date   Jamaica Avenue at 169th Street   $ 11,224,863     $ 11,430,657     $ 5,135,714     $ 5,210,087       May 31, 2035   504-506 Fulton Street     2,366,706       2,431,554       2,496,310       2,556,421       April 30, 2031   Total   $ 13,591,569     $ 13,862,211     $ 7,632,024     $ 7,766,508

v3.23.3

Summary of Significant Accounting Policies (Details) - Schedule of allowance for uncollectible receivables - USD ($)	3 Months Ended		12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Jul. 31, 2023
Allowance for Uncollectible Accounts Receivable [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Beginning balance	$ 115,000	$ 393,000	$ 393,000
Charge-offs (recoveries)			(149,337)
Reserve adjustments	(20,000)		(128,663)
Ending balance	95,000		$ 115,000
Bad Debt Expense [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Charge-offs (recoveries)	(13,000)
Reserve adjustments	(20,000)	(60,000)
Ending balance	$ (33,000)	$ (60,000)

v3.23.3

Summary of Significant Accounting Policies (Details) - Schedule of property and equipment depreciation and amortization period	Oct. 31, 2023
Buildings and improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	18 years
Buildings and improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	40 years
Improvements to leased property [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Improvements to leased property [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	40 years
Fixtures and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	7 years
Fixtures and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	12 years
Other [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	3 years
Other [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	5 years

v3.23.3

Summary of Significant Accounting Polciies (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Oct. 31, 2023	Jul. 31, 2023
Property, Plant and Equipment [Line Items]
Rent deferrals	$ 20,000	$ 50,000
Federal operating loss carryforward		9,172,000
Net operating loss carryforwards		12,420,000
City taxable income		$ 10,218,000
Minimum [Member]
Property, Plant and Equipment [Line Items]
Deferred charges amortization period	5 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Deferred charges amortization period	21 years

v3.23.3

Income (Loss) Per Share of Common Stock (Details Narrative) - shares	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Earnings Per Share [Abstract]
Average common shares outstanding	2,015,780	2,015,780

v3.23.3

Marketable Securities (Details) - Schedule of provisions of fair value measurements - USD ($)	Oct. 31, 2023	Jul. 31, 2023
Assets:
Marketable securities	$ 2,136,874	$ 2,300,441
Fair Value, Inputs, Level 1 [Member]
Assets:
Marketable securities	2,136,874	2,300,441
Fair Value, Inputs, Level 2 [Member]
Assets:
Marketable securities
Fair Value, Inputs, Level 3 [Member]
Assets:
Marketable securities

v3.23.3

Marketable Securities (Details) - Schedule of classified marketable securities - USD ($)	Oct. 31, 2023	Jul. 31, 2023
Marketable Securities [Line Items]
Cost	$ 1,500,147	$ 1,500,147
Gross Unrealized Gains	636,727	800,294
Gross Unrealized Losses
Fair Value	2,136,874	2,300,441
Mutual funds [Member]
Marketable Securities [Line Items]
Cost	595,166	595,166
Gross Unrealized Gains	228,089	301,007
Gross Unrealized Losses
Fair Value	823,255	896,173
Equity Securities [Member]
Marketable Securities [Line Items]
Cost	904,981	904,981
Gross Unrealized Gains	408,638	499,287
Gross Unrealized Losses
Fair Value	$ 1,313,619	$ 1,404,268

v3.23.3

Marketable Securities (Details) - Schedule of investment income - USD ($)	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Dividend and interest income	$ 9,245	$ 8,797
Total	$ 9,245	$ 8,797

v3.23.3

Financial Instruments and Credit Risk Concentrations (Details Narrative)	3 Months Ended		12 Months Ended
	Oct. 31, 2023	Oct. 31, 2022	Jul. 31, 2023
Accounts Receivable [Member] | Three Tenants [Member]
Product Information [Line Items]
Concentration risk, percentage	50.00%
Accounts Receivable [Member] | Four Tenants [Member]
Product Information [Line Items]
Concentration risk, percentage			61.00%
Revenue [Member] | Two Tenants [Member]
Product Information [Line Items]
Concentration risk, percentage	27.00%	30.00%

v3.23.3

Long-Term Debt - Mortgages (Details) - Schedule of long-term debt - USD ($)		3 Months Ended
		Oct. 31, 2023	Jul. 31, 2023
Extinguishment of Debt [Line Items]
Deferred financing costs		$ (45,103)	$ (54,631)
Net		$ 4,832,159	5,144,205
Long-Term Debt [Member] | Bond St. building, Brooklyn, NY [Member]
Extinguishment of Debt [Line Items]
Current Annual Interest Rate	[1]	4.375%
Final Payment Date	[1]	Dec. 01, 2024
Long term loan	[1]	$ 1,368,979	1,653,117
Long-Term Debt [Member] | Fishkill building [Member]
Extinguishment of Debt [Line Items]
Current Annual Interest Rate	[2]	3.98%
Final Payment Date	[2]	Apr. 01, 2025
Long term loan	[2]	$ 3,508,283	$ 3,545,719
[1] In November 2019, the Company refinanced the remaining balance of a $6,000,000, 3.54% interest rate loan with another bank for $5,255,920 plus an additional $144,080 for a total of $5,400,000. The interest rate on the new loan is fixed at 4.375%. The loan is self-liquidating over a period of five years and secured by the Nine Bond Street land and building in Brooklyn, New York. [2] In March 2020, the Company obtained a loan with a bank in the amount of $4,000,000 to finance renovations and brokerage commissions relating to space leased to a community college at the Fishkill, New York building. The loan is secured by the Fishkill, New York land and building; amortized over a 20-year period with an interest rate of 3.98% and is due in five years.

v3.23.3

Long-Term Debt - Mortgages (Details Narrative) - USD ($)	1 Months Ended
	Mar. 31, 2020	Nov. 30, 2019
Debt Instrument [Line Items]
Debt instrument face amount		$ 5,255,920
Bond St. building, Brooklyn, NY [Member]
Debt Instrument [Line Items]
Debt instrument face amount		6,000,000
Additional loans		144,080
Amount outstanding		$ 5,400,000
Term of loan		5 years
Bond St. building, Brooklyn, NY [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate, percent		3.54%
Bond St. building, Brooklyn, NY [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate, percent		4.375%
Fishkill building [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 4,000,000
Interest rate, percent	3.98%
Term of loan	20 years
Maturity period of loan	5 years

v3.23.3

Operating Leases (Details) - Schedule of revenues by lease and non-lease components - USD ($)	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Operating Leases
Base rent - fixed	$ 4,921,887	$ 5,330,541
Reimbursements of common area costs	146,860	177,365
Non-lease components (real estate taxes)	255,054	261,828
Rental income	$ 5,323,801	$ 5,769,734

v3.23.3

Operating Leases (Details) - Schedule of future minimum non-cancelable rental income	Oct. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
For the remainder of 2024	$ 13,044,083
2025	13,114,558
2026	11,648,915
2027	10,383,901
2028	9,500,455
2029	8,082,221
After 2029	23,473,885
Total	89,248,018
Company Owned Property [Member]
Property, Plant and Equipment [Line Items]
For the remainder of 2024	8,752,113
2025	9,157,533
2026	8,028,846
2027	6,906,617
2028	6,069,044
2029	5,475,835
After 2029	20,359,611
Total	64,749,599
Leased Property [Member]
Property, Plant and Equipment [Line Items]
For the remainder of 2024	4,291,970
2025	3,957,025
2026	3,620,069
2027	3,477,284
2028	3,431,411
2029	2,606,386
After 2029	3,114,274
Total	$ 24,498,419

v3.23.3

Operating Leases (Details) - Schedule of operating lease right-of-use assets, liabilities and rent expense - USD ($)	3 Months Ended
	Oct. 31, 2023	Jul. 31, 2023
Lessee, Lease, Description [Line Items]
Increase in Operating Lease Right-of-Use Asset	$ 30,407,160	$ 30,913,904
Increase in Operating Lease Liability	26,218,569	$ 26,512,112
April 2023 [Member]
Lessee, Lease, Description [Line Items]
Increase in Operating Lease Right-of-Use Asset	1,201,952
Increase in Operating Lease Liability	1,201,952
Increase (Decrease) in Monthly Rent Expense	(30,563)
July 2022 [Member]
Lessee, Lease, Description [Line Items]
Increase in Operating Lease Right-of-Use Asset	94,412
Increase in Operating Lease Liability	94,412
Increase (Decrease) in Monthly Rent Expense	$ 2,563

v3.23.3

Operating Leases (Details) - Schedule of rental expense - USD ($)	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Operating Leases
Sublease income	$ 1,824,879	$ 1,839,075
Operating lease cost	(748,711)	(840,400)
Excess of sublease income over lease cost	$ 1,076,168	$ 998,675

v3.23.3

Operating Leases (Details) - Schedule of additional information related to leases - USD ($)	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Other information:
Operating cash flows from operating leases	$ 535,510	$ 531,288

v3.23.3

Operating Leases (Details) - Schedule of annual undiscounted cash flows of the operating lease liabilities - USD ($)	Oct. 31, 2023	Jul. 31, 2023
Property, Plant and Equipment [Line Items]
Total Lease Liabilities	$ 26,218,569	$ 26,512,112
Operating Lease [Member]
Property, Plant and Equipment [Line Items]
2024	2,154,504
2025	2,171,538
2026	2,272,955
2027	2,333,737
2028	2,354,249
Thereafter	23,442,909
Total undiscounted cash flows	34,729,892
Less: present value discount	(8,511,323)
Total Lease Liabilities	$ 26,218,569

v3.23.3

Operating Leases (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended
	Apr. 30, 2023	Jul. 31, 2022	Oct. 31, 2023
Weighted average remaining lease term			16 years 4 months 28 days
Weighted average discount rate			3.71%
Jamaica Avenue at 169th Street [Member]
Lease expiration date	May 31, 2035
504-506 Fulton Street [Member]
Lease expiration date			Apr. 30, 2031
Minimum [Member]
Operating leases extended period			5 years
Lease payments		$ 30,188
Maximum [Member]
Operating leases extended period			49 years
Lease payments		$ 34,716

v3.23.3

Employees' Retirement Plan (Details Narrative)	1 Months Ended	3 Months Ended
	Nov. 30, 2021	Oct. 31, 2023 USD ($) Integer	Oct. 31, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Employer contributions		$ 120,251	$ 113,500
Pension contributions		$ 24,229	$ 27,281
Employer contributing, percentage		5.00%
Expire date		Nov. 30, 2025
Number of employees | Integer		30
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Contribution rate, percentage	9.00%	20.16%
Percentage of other condition of employment		27.00%

v3.23.3

Cash Flow Information (Details) - Schedule of cash and cash equivalents and restricted cash - USD ($)	Oct. 31, 2023	Oct. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 2,339,016	$ 2,608,256
Restricted cash, tenant security deposits	898,791	950,430
Restricted cash, escrow	71,763	71,742
Restricted cash, other	31,260	27,140
Cash flow information	$ 3,340,830	$ 3,657,568

v3.23.3

Cash Flow Information (Details) - Schedule of supplemental disclosure - USD ($)	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Cash Flow Information
Interest paid, net of capitalized interest of $20,463 (2023) and $13,223 (2022)	$ 42,519	$ 62,782

v3.23.3

Cash Flow Information (Details) - Schedule of supplemental disclosure (Parenthetical) - USD ($)	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest	$ 20,463	$ 13,223

v3.23.3

Capitalization (Details Narrative) - shares	Oct. 31, 2023	Jul. 31, 2023
Equity [Abstract]
Shares of treasury stock	162,517	162,517

v3.23.3

Related Party Transactions (Details) - Schedule of rent payments expenses - Board of Directors Chairman [Member] - USD ($)	3 Months Ended
	Oct. 31, 2023	Oct. 31, 2022
Related Party Transaction [Line Items]
Rent Payments	$ 246,813	$ 246,813
Rent Expense	382,970	474,658
Jamaica Avenue At 169th Street [Member]
Related Party Transaction [Line Items]
Rent Payments	156,249	156,249
Rent Expense	287,671	379,359
504-506 Fulton Street [Member]
Related Party Transaction [Line Items]
Rent Payments	90,564	90,564
Rent Expense	$ 95,299	$ 95,299

v3.23.3

Related Party Transactions (Details) - Schedule of assets and liabilities - USD ($)	3 Months Ended
	Oct. 31, 2023	Jul. 31, 2023
Right-Of-Use Assets [Member]
Related Party Transaction [Line Items]
Right-Of-Use Assets	$ 13,591,569	$ 13,862,211
Liabilities [Member]
Related Party Transaction [Line Items]
Liabilities	$ 7,632,024	7,766,508
Jamaica Avenue At 169th Street [Member]
Related Party Transaction [Line Items]
Expiration Date	May 31, 2035
Jamaica Avenue At 169th Street [Member] | Right-Of-Use Assets [Member]
Related Party Transaction [Line Items]
Right-Of-Use Assets	$ 11,224,863	11,430,657
Jamaica Avenue At 169th Street [Member] | Liabilities [Member]
Related Party Transaction [Line Items]
Liabilities	$ 5,135,714	5,210,087
504-506 Fulton Street [Member]
Related Party Transaction [Line Items]
Expiration Date	Apr. 30, 2031
504-506 Fulton Street [Member] | Right-Of-Use Assets [Member]
Related Party Transaction [Line Items]
Right-Of-Use Assets	$ 2,366,706	2,431,554
504-506 Fulton Street [Member] | Liabilities [Member]
Related Party Transaction [Line Items]
Liabilities	$ 2,496,310	$ 2,556,421

v3.23.3

Related Party Transactions (Details Narrative)	3 Months Ended
	Oct. 31, 2023
Related Party Transactions [Abstract]
Lease payments description	504-506 Fulton Street, Brooklyn, New York – Modification of the lease agreement to increase monthly lease payments from $30,188 per month to $34,716 per month commencing on May 1, 2026 through April 30, 2031.

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