v3.26.1
Related Party Transactions
 9 Months Ended
Apr. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions

9. Related Party Transactions:

 

The Company has three operating leases with 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 August 2025, the Company exercised the second of four five-year option periods with its landlord to extend the Jamaica Avenue at 169th Street, Jamaica, New York property lease beyond May 31, 2035 for a total of five years through May 31, 2040. As of April 30, 2026, it is not reasonably certain the remaining two options to extend the lease from May 31, 2040 to May 31, 2050 will be exercised by the Company.

 

In December 2024, Weinstein Enterprises purchased the 508 Fulton Street property, including an existing lease, from another landlord who owned 25% of the property. Starting in January 2025, J.W. Mays began making rent payments to Weinstein Enterprises with no other changes to the existing lease.

 

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

 

                                        
   Rent Payments
Three Months Ended
April 30		   Rent Payments
Nine Months Ended
April 30		   Rent Expense
Three Months Ended
April 30		   Rent Expense
Nine Months Ended
April 30		 
Property  2026   2025   2026   2025   2026   2025   2026   2025 
Jamaica Avenue at 169th Street  $156,250   $156,250   $468,750   $468,750   $243,371   $287,670   $730,114   $863,012 
504-506 Fulton Street   90,564    90,564    271,692    271,692    95,299    95,299    285,896    285,896 
508 Fulton Street   14,258    14,258    42,775    19,011    18,175    18,174    54,525    24,232 
Total  $261,072   $261,072   $783,217   $759,453   $356,845   $401,143   $1,070,535   $1,173,140 

 

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

 

                       
   Operating Lease    
   Right-Of-Use
Assets		   Liabilities    
Property  April 30
2026		   July 31
2025		   April 30
2026		   July 31
2025		   Expiration Date
Jamaica Avenue at 169th Street  $10,866,616   $9,749,817   $5,958,774   $4,580,611   May 31, 2040
504-506 Fulton Street   1,676,384    1,891,731    1,853,349    2,054,487   April 30, 2031
508 Fulton Street   986,368    1,018,186    1,204,604    1,224,672   April 30, 2044
Total  $13,529,368   $12,659,734   $9,016,727   $7,859,770    

 

Upon termination of the Jamaica, New York lease, currently in 2040, all premises included in operating lease right-of-use assets plus leasehold improvements will be turned over to the Landlord.