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RELATED PARTY TRANSACTIONS
 12 Months Ended
Jul. 31, 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 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.

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 July 31, 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 September 2026, the Company signed a thirty months’ rent deferral agreement with its landlord (Weinstein Enterprises) effective October 01, 2026, deferring the monthly rents for the premises at 504-506 Fulton Street in the amount of $34,716 and 508 Fulton Street in the amount of $5,466.

 

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

 

                    
   Rent Payments    Rent Expense  
   Year Ended July 31    Year Ended July 31  
Property  2026    2025    2026    2025  
Jamaica Avenue at 169th Street  $625,000   $625,000   $973,486   $1,150,682 
504-506 Fulton Street   375,834    362,250    381,195    381,195 
508 Fulton Street   59,172    33,269    72,699    42,408 
Total  $1,060,006   $1,020,519   $1,427,380   $1,574,285 

 

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

 

                       
   Right-Of-Use Assets    Liabilities     
   July 31    July 31     
Property  2026    2025    2026    2025    Expiration Date
Jamaica Avenue at 169th Street  $10,711,654   $9,749,817   $5,890,934   $4,580,611   May 31, 2040
504-506 Fulton Street   1,602,849    1,891,731    1,770,966    2,054,487   April 30, 2031
508 Fulton Street   975,670    1,018,186    1,195,683    1,224,672   April 30, 2044
Total  $13,290,173   $12,659,734   $8,857,583   $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.