MAYS J W Mays Inc

Table of Contents 

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

FORM 10-Q

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2024

or

☐

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

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

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

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 ☒ No ☐

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 ☒  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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 ☐	Accelerated filer ☐	Emerging growth company ☐
Non-accelerated filer ☒	Smaller reporting company ☒

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. ☐

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

The number of shares outstanding of the registrant’s common stock as of December 12, 2024 was 2,015,780.

Table of Contents

J. W. MAYS, INC.

INDEX

		Page No.
Part I - Financial Information:
Item 1. Financial Statements		3
Consolidated Balance Sheets (Unaudited) – October 31, 2024 and July 31, 2024		3
Consolidated Statements of Operations (Unaudited) – Three months ended October 31, 2024 and 2023		4
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) – Three months ended October 31, 2024 and 2023		5
Consolidated Statements of Cash Flows (Unaudited) – Three months ended October 31, 2024 and 2023		6
Notes to Consolidated Financial Statements (Unaudited)		7 - 14
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		15 - 18
Item 3. Quantitative and Qualitative Disclosures About Market Risk		18
Item 4. Controls and Procedures		18 - 19
Part II - Other Information:
Item 1. Legal Proceedings		19
Item 1A. Risk Factors		19
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		19
Item 3. Defaults Upon Senior Securities		19
Item 4. Mine Safety Disclosures		19
Item 5. Other Information		19
Item 6. Exhibits		19
Signatures		21

Part I - Financial Information

Item 1. Financial Statements

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

		October 31 2024				July 31 2024
ASSETS
Property and Equipment-at cost:
Land		$	6,067,805			$	6,067,805
Buildings held for leasing:
Buildings, improvements, and fixtures			80,549,001				79,510,142
Construction in progress			1,808,452				2,387,207
			82,357,453				81,897,349
Accumulated depreciation			(40,247,440	)			(39,803,374	)
Buildings - net			42,110,013				42,093,975
Property and equipment-net			48,177,818				48,161,780
Cash and cash equivalents			2,316,114				1,243,977
Restricted cash			975,959				1,041,624
Receivables, net			3,421,635				3,582,225
Prepaids and other assets			1,693,670				3,048,044
Deferred charges, net			3,562,152				3,580,585
Operating lease right-of-use assets			28,346,470				28,866,800
TOTAL ASSETS		$	88,493,818			$	89,525,035
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Mortgages payable, net		$	3,547,709			$	3,874,246
Accounts payable and accrued expenses			1,880,537				2,271,963
Security deposits payable			1,043,557				1,077,964
Operating lease liabilities			24,998,221				25,309,725
Deferred income taxes			4,099,000				4,093,000
Total Liabilities			35,569,024				36,626,898
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			48,688,104				48,661,447
			54,212,646				54,185,989
Common stock held in treasury, at cost - 162,517 shares at October 31, 2024 and July 31, 2024			(1,287,852	)			(1,287,852	)
Total shareholders’ equity			52,924,794				52,898,137
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	88,493,818			$	89,525,035

See Notes to Accompanying Consolidated Financial Statements

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

		Three Months Ended
		October 31				October 31
		2024				2023
Revenues
Rental income		$	5,539,129			$	5,323,801
Total revenues			5,539,129				5,323,801
Expenses
Real estate operating expenses			3,750,139				3,692,616
Administrative and general expenses			1,292,753				1,254,573
Depreciation			444,066				428,264
Total expenses			5,486,958				5,375,453
Income (loss) from operations			52,171				(51,652	)
Other income and interest expense:
Dividend and interest income			4,963				9,245
Net unrealized loss on marketable securities			–				(163,567	)
Interest expense, net of capitalized interest			(24,477	)			(41,570	)
			(19,514	)			(195,892	)
Income (loss) from operations before income taxes			32,657				(247,544	)
Income taxes provided (benefit)			6,000				(55,000	)
Net income (loss)		$	26,657			$	(192,544	)
Income / (loss) per common share, basic and diluted		$	.01			$	(.10	)
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, 2024
Balance at July 31, 2024 Common Stock		$	2,178,297			$	3,346,245			$	48,661,447			$	(1,287,852	)		$	52,898,137
Net income, three months ended October 31, 2024			-				-				26,657				-				26,657
Balance at October 31, 2024 Retained Earnings		$	2,178,297			$	3,346,245			$	48,688,104			$	(1,287,852	)		$	52,924,794
Three Months Ended October 31, 2023
Balance at July 31, 2023		$	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		$	2,178,297			$	3,346,245			$	48,875,471			$	(1,287,852	)		$	53,112,161

See Notes to Accompanying Consolidated Financial Statements

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

		Three Months Ended
		October 31
		2024				2023
Cash Flows From Operating Activities:
Net income (loss)		$	26,657			$	(192,544	)
Common Stock Held in Treasury
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Bad debt expense (recoveries)			931				(33,000	)
Provision (benefit) for deferred income taxes			6,000				(55,000	)
Depreciation			444,066				428,264
Amortization of deferred charges			125,300				119,038
Operating lease expense in excess of cash payments			208,826				213,201
Deferred finance costs included in interest expense			9,528				9,528
Deferred costs			(106,867	)			(152,088	)
Net unrealized loss on marketable securities			–				163,567
Changes in Operating Assets and Liabilities:
Receivables			159,659				74,380
Prepaid expenses and other assets			1,354,374				1,263,962
Accounts payable and accrued expenses			(391,426	)			(81,912	)
Security deposits payable			(34,407	)			–
Cash provided by operating activities			1,802,641				1,757,396
Cash Flows From Investing Activities:
Acquisition of property and equipment			(460,104	)			(312,727	)
Cash (used) in investing activities			(460,104	)			(312,727	)
Cash Flows From Financing Activities:
Payments - mortgages			(336,065	)			(321,574	)
Cash (used) in financing activities			(336,065	)			(321,574	)
Increase in cash, cash equivalents and restricted cash			1,006,472				1,123,095
Cash, cash equivalents and restricted cash at beginning of period			2,285,601				2,217,735
Cash, cash equivalents and restricted cash at end of period		$	3,292,073			$	3,340,830

See Notes to Accompanying Consolidated Financial Statements

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

1. Summary of Significant Accounting Policies:

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.

Basis of Presentation

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, 2024 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, 2024. 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, 2025 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 collectability become known. Collectability 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 collectability 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
		2024				2024				2024				2023
Beginning balance		$	42,680			$	115,000			$	—			$	—
Charge-offs (recoveries)			(20,405	)			(112,552	)							(13,000	)
Reserve adjustments			931				40,232				931				(20,000	)
Ending Balance		$	23,206			$	42,680			$	931			$	(33,000	)

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Property and Equipment

Property and equipment are stated at cost. Depreciation is calculated using the straight-line 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 periodically reviews owned and leased properties, including related long lived assets and depreciable lives, for indicators of impairment that imply the carrying amount of assets may not be recoverable through operations plus estimated disposition proceeds. Such indicators of impairment include, but are not limited to, significant changes in real estate market conditions resulting in decreases in estimated fair values of properties or assets, changes in business conditions in the industries in which our tenants operate, and other significant or unusual events or circumstances which may occur from time to time.

If indicators of impairment existed, the carrying value of the property would be written down to its estimated fair value based on our best estimate of the property’s discounted future cash flows.

As of October 31, 2024 and July 31, 2024, the Company has determined there was no impairment of its owned and leased properties, and the related carrying values, including depreciable lives.

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

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.

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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 $10,111,000 as of July 31, 2024 available to offset future taxable income. As of July 31, 2024, the Company had unused net operating loss carry forwards of approximately $14,260,000 for state and $11,736,000 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.State [Member]

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, 2024 and 2023, respectively.

3. Marketable Securities:

The Company’s marketable securities consisted of investments in equity securities and mutual funds. Dividends and interest income were accrued as earned. Realized gains and losses were determined on a specific identification basis. The Company reviewed 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 were recognized in current period earnings in accordance with Accounting Standards Codification (“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).

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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.

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 U.S. 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.

Investment income consists of the following:

Schedule of investment income
		Three Months Ended October 31
		2024				2023
Dividend and interest income		$	4,963			$	9,245
Net unrealized (loss) on marketable securities			–				(163,567	)
Total		$	4,963			$	(154,322	)

4. Financial Instruments and Credit Risk Concentrations:

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

As of October 31, 2024 and July 31, 2024, three tenants accounted for approximately 55% and 51% of receivables, respectively. During the three months ended October 31, 2024 and 2023, respectively, two tenants accounted for 27% of total rental revenue in each period, respectively.

5. Mortgages Payable:

Schedule of mortgages payable
		Current Annual Interest Rate				Final Payment Date		October 31, 2024				July 31, 2024
Bond St. building, Brooklyn, NY (1)			4.375	%		12/1/2024		$	199,932			$	497,045
Fishkill building (2)			3.98	%		4/1/2025			3,354,768				3,393,720
Deferred financing costs									(6,991	)			(16,519	)
Net								$	3,547,709			$	3,874,246

(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. Effective any time after April 1, 2025 through April 1, 2040, the bank may demand a balloon payment for the full amount outstanding. The Company plans to refinance the mortgage effective April 1, 2025; however, the bank is under no obligation to refinance if or when a balloon payment comes due upon demand.

 

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Expenditures for additions and major renewals or improvements are capitalized along with the associated interest cost during construction. Interest expense, net of capitalized interest follows:

Schedule of interest expense, net of capitalized interest
		Three Months Ended October 31
		2024				2023
Interest expense		$	(45,902	)		$	(62,033	)
Capitalized interest			21,425				20,463
Interest expense, net of capitalized interest		$	(24,477	)		$	(41,570	)

Maturities of long-term mortgages outstanding at October 31, 2024 are as follows:

Schedule of long-term mortgages outstanding
Period Ended October 31,		Amount
2025		$	3,554,700
Deferred financing costs			(6,991	)
Total		$	3,547,709

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,
		2024				2023
Base rent - fixed		$	5,087,276			$	4,921,887
Reimbursements of common area costs			150,732				146,860
Non-lease components (real estate taxes)			301,121				255,054
Rental income		$	5,539,129			$	5,323,801

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, 2024
Fiscal Year		Company Owned Property				Leased Property				Total
For the remainder of 2025		$	9,204,641			$	4,698,019			$	13,902,660
2026			8,821,697				4,635,555				13,457,252
2027			7,917,146				4,289,367				12,206,513
2028			7,079,574				4,243,494				11,323,068
2029			6,347,171				3,418,470				9,765,641
2030			5,914,145				2,184,682				8,098,827
After 2030			15,805,054				5,052,775				20,857,829
Total		$	61,089,428			$	28,522,362			$	89,611,790

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.

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Sublease rental income from the Company’s real estate operations for leased real property exceeded operating lease costs as follows:

Schedule of rental expense
		Three Months Ended October 31,
		2024				2023
Sublease rental income		$	1,821,654			$	1,824,879
Operating lease costs			(749,125	)			(748,711	)
Excess of sublease income over lease cost		$	1,072,529			$	1,076,168

Schedule of additional information related to leases
		Three Months Ended October 31,
		2024				2023
Other information:
Operating cash flows from operating leases		$	540,300			$	531,288

The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of October 31, 2024:

Schedule of annual undiscounted cash flows of the operating lease liabilities
Period Ended October 31,		Operating Leases
2025		$	2,171,538
2026			2,272,955
2027			2,333,737
2028			2,354,249
2029			2,375,444
Thereafter			21,067,467
Total undiscounted cash flows			32,575,390
Less: present value discount			(7,577,169	)
Total Lease Liabilities		$	24,998,221

As of October 31, 2024, our operating leases had a weighted average remaining lease term of 15.70 years and a weighted average discount rate of 3.66%.

7. Employees' Retirement Plan:Employees' Retirement Plan

The Company sponsors a noncontributory Money Purchase Plan (the “Plan”) covering substantially all its non-union employees. Operations were charged $110,728 and $120,251 as contributions to the Plan for the three months ended October 31, 2024 and 2023, 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 $21,461 and $24,229 for the three months ended October 31, 2024 and 2023, 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.

- 12 -

Table of Contents 

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, 2023
Certified zone status:		Critical and declining status
Status determination date:		January 1, 2023
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, 2023		Yes
Rehabilitation plan implemented:		Yes
Employer subject to surcharge:		Yes
Contract expiration date:		November 30, 2025

Under the pension fund’s rehabilitation plan expiring November 30, 2025, the Company agreed to pay a minimum contribution rate equal to 20.3% of each covered employee’s pay. The contract also covers rates of pay, hours of employment and other conditions of employment for approximately 21% of the Company’s 28 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
		2024				2023
Cash and cash equivalents		$	2,316,114			$	2,339,016
Restricted cash, tenant security deposits			904,174				898,791
Restricted cash, other			71,785				103,023
		$	3,292,073			$	3,340,830

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.

Schedule of supplemental disclosure
Supplemental disclosure:		Three Months Ended
		October 31
		2024				2023
Cash Flow Information
Interest paid, net of capitalized interest of $21,425 (2024) and $20,463 (2023)		$	25,725			$	42,519

- 13 -

Table of Contents 

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, 2024 and at July 31, 2024.

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 (“Jamaica, New York”). Another lease is for premises located at 504-506 Fulton Street, Brooklyn, New York.

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

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

Schedule of rent payments and expense
		Rent Payments Three Months Ended October 31								Rent Expense Three Months Ended October 31
Property		2024				2023				2024				2023
Jamaica Avenue at 169th Street		$	156,249			$	156,249			$	287,671			$	287,671
504-506 Fulton Street			90,564				90,564				95,299				95,299
Total		$	246,813			$	246,813			$	382,970			$	382,970

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

Schedule of assets and liabilities
		Operating Lease
		Right-Of-Use Assets								LiabilitiesLiabilities [Member]
Property		October 31 2024				July 31 2024				October 31 2024				July 31 2024				Expiration Date
Jamaica Avenue at 169th Street		$	10,389,567			$	10,600,247			$	4,826,099			$	4,905,360			May 31, 2035
504-506 Fulton Street			2,099,892				2,167,727				2,248,440				2,311,539			April 30, 2031
Total		$	12,489,459			$	12,767,974			$	7,074,539			$	7,216,899

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:

The Company is subject to various legal proceedings, claims, and litigation arising in the ordinary course of business operations. These matters include, but are not limited to, contractual disputes, third party slip and fall or personal injury claims which are typically handled by insurance counsel. 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 cannot be determined at this time.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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 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. There have been no significant changes to our critical accounting policies and estimates during the three months ended October 31, 2024 from those disclosed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our 2024 Annual Report to Shareholders incorporated by reference into our Annual Report on Form 10-K for the period ended July 31, 2024.

Results of Operations:

In the three months ended October 31, 2024, the Company reported net income of $26,657, or $.01 per share. In the comparable three months ended October 31, 2023, the Company reported net loss of ($192,544), or ($.10) per share. The increase in the 2024 three months was primarily due to increased rent for existing tenants and several new leases combined with a net unrealized loss on marketable securities only in the 2023 three months.

Revenues in the current three months increased to $5,539,129 from $5,323,801 in the comparable three months ended October 31, 2023, primarily due to increased rent for existing tenants and several new leases; partially offset by the loss of a few tenants.

Real estate operating expenses in the current three months increased to $3,750,139 from $3,692,616 in the comparable three months ended October 31, 2023, primarily due to an increase in real estate taxes and insurance expense; partially offset by decreases in building maintenance costs.

Administrative and general expenses increased in the current three months to $1,292,753 from $1,254,573 in the comparable three months ended October 31, 2023, primarily due to an increase in legal and professional fees; partially offset by a reduction in payroll cost.

Depreciation expense in the current three months of $444,066 approximated $428,264 in the comparable three months ended October 31, 2023.

Other income and interest expense improved in the current three months to $(19,514) compared to $(195,892) in the comparable three months ended October 31, 2023, primarily due to a net unrealized loss on marketable securities only in the 2023 three months.

Liquidity and Capital Resources:

Commercial Leasing Activities

In August 2024, a tenant extended its lease through June 30, 2025 with the same terms for 10,569 square feet at the Company’s Jowein building in Brooklyn, New York.

In August 2024, the Company leased 2,051 square feet to an office tenant at the Company’s Jamaica, New York premises for ten years, with five separate one year renewal options. Monthly rent of approximately $5,500, with annual increases, is expected to commence by January 1, 2025 when renovations to the premises are expected to be complete. The Company’s costs of renovations are expected to approximate $470,000, of which $235,000 will be reimbursed by the office tenant.

In August 2024, a tenant who occupies warehouse space at the Company’s building in Circleville, Ohio, extended its lease from May 31, 2026 for additional three years to May 31, 2029. Effective November 1, 2024, the size of the leased premises expanded by 84,000 feet, including space previously leased by another tenant whose lease expired October 31, 2024. After the lease expansion, annual base rent for the warehouse space will be $877,440 per annum with increases annually. Brokerage commissions were $106,867.

Effective October 1, 2024, the Company leased approximately 12,500 square feet at the Company’s Fishkill, New York building for use as storage space for three months expiring December 31, 2024. Total rent of $61,219 was prepaid at lease commencement and is being amortized as revenue over the term of the lease.

In November 2024, a tenant who occupies 700 square feet at the Company’s 9 Bond Street building in Brooklyn, New York agreed for a base rent increase of $2,400 annually to expand their space to include an additional 130 square feet through lease expiration on January 31, 2026.

Cash Flows:

The following table summarizes our cash flow activity for the three months ended October 31, 2024 and 2023:

		Three Months Ended October 31,
		2024				2023
Net cash provided by operating activities		$	1,802,641			$	1,757,396
Net cash (used) by investing activities			(460,104	)			(312,727	)
Net cash (used) by financing activities			(336,065	)			(321,574	)

Cash Flows From Operating Activities

Deferred Expenses: The Company incurred $106,867 for brokerage commissions during the three months ended October 31, 2024. Commissions due were for one tenant’s lease extension at the Company’s Circleville, Ohio property.

Accounts Payable and Accrued Expenses: The Company had a balance due on October 31, 2024 for brokerage commissions of $406,701.

Cash Flows From Investing Activities

During the three months ended October 31, 2024, the Company had expenditures of:

-	$89,815 for tenant improvements at the Company’s 9 Bond Street building in Brooklyn, New York. Total improvements for this tenant of $994,377 were completed in September, 2024.
-	$357,174 for tenant improvements at the Company’s Jamaica, New York premises. Total improvements for this tenant should be complete prior to January 1, 2025 and are expected to approximate $470,000, of which $235,000 will be reimbursed by the tenant.
-	$13,115 for various other improvements.

Source of Funds; Cash Flows from Financing Activities; Company Indebtedness

Including the estimated costs to complete improvements mentioned above, the Company anticipates incurring an additional $1.6 million in capital expenditures over the next twelve months ending October 31, 2025. The Company’s primary source of liquidity is 1) cash provided by operations, and 2) borrowings. Total liquidity as of October 31, 2024 consists of cash and cash equivalents of $2,316,114. Total liquidity includes proceeds from fixed rate borrowings as of October 31, 2024.

The Company plans to negotiate terms on an existing $3,354,768 mortgage. At any time between April 1, 2025 and April 1, 2040, the bank may demand a balloon payment for the full amount outstanding.

Another mortgage with a bank was fully paid off on December 1, 2024. The Company intends to explore other lending options to replace this mortgage.

For a more detailed description of the Company’s indebtedness, see Note 5 - Mortgages Payable to the Consolidated Financial Statements.

We believe our sources of liquidity described above will be sufficient to meet our obligations as of October 31, 2024, and over the next 12 months.

Future Liquidity

The Company’s ability to increase cash flows from operations, and to obtain additional sources of borrowings is dependent on many factors such as the continuously evolving local and macroeconomic commercial real estate markets, the effects of the overall economy, fluctuating interest rates, inflation, trends of office versus remote work practices, city & state regulations, and increasing real estate tax assessments. There is no assurance the Company will be successful in securing additional sources of financing when needed.

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, or 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 described under Item 1A, “Risk Factors” in our Form 10-K for the fiscal year ended July 31, 2024 and the following, 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, and interest rates both nationally and locally;
•	the ability to obtain additional financing at reasonable costs and interest rates;
•	changes in the financial condition of our customers;
•	changes in the regulatory environment and particularly burdens of increasing local, state, and federal requirements and taxes;
•	lease cancellations and particularly loss of key tenants;
•	changes in our estimates of costs;
•	loss of key personnel;
•	war and/or terrorist attacks could significantly impact buildings leased to tenants;
•	the continued availability of insurance for various policies at reasonable rates;
•	outcomes of pending and future litigation;
•	increasing competition by other companies;
•	compliance with our loan covenants;
•	climate change;
•	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;
•	cybersecurity threats or incidents; and
•	pandemics 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 consult any additional disclosures we make in proxy statements, Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K filed with the U. S. Securities and Exchange Commission.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not required.

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

The Company is subject to various legal proceedings, claims, and litigation arising in the ordinary course of business operations. These matters include, but are not limited to, contractual disputes, third party slip and fall or personal injury claims which are typically handled by insurance counsel. 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.

Item 1A. Risk Factors

There have been no material changes to our risk factors from those disclosed in our Annual Report on Form 10-K for our fiscal year ended July 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures.

None

Item 5. Other Information.

None

During the three months ended October 31, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term in defined in Item 408(a) of Regulation S-K.

Item 6. Exhibits.

Exhibit No.

	3.1	Certificate of Incorporation of J. W. Mays, Inc., as amended - incorporated by reference to Exhibit 3(i) to the Company’s Form 10-K, filed on October 5, 2017.
	3.2	By-Laws of J. W. Mays, Inc. - incorporated by reference to Exhibit 3.(ii) to the Company’s Form 10-K, filed on October 23, 1995.

	31.1*	Certification of principal executive officer pursuant to Rule 13a-14(a)/15d-14(a).
	31.2*	Certification of principal financial officer pursuant to Rule 13a-14(a)/15d-14(a).
	32*	Certification of principal executive officer and principal financial officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	101**	The following financial statements from the Company’s Quarterly Report on Form 10-Q for the period ended October 31, 2024, formatted in inline XBRL, include: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Shareholders’ Equity, (iv) Consolidated Statements of Cash Flows and (v) the Notes to Consolidated Financial Statements.
	104**	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).
	*	Filed herewith
	**	Submitted electronically with the report

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 12, 2024		By:	/s/ LLOYD J. SHULMAN
				Lloyd J. Shulman
				Chairman of the Board,
				Chief Executive Officer and President
Date:	December 12, 2024		By:	/s/ WARD N. LYKE, JR.
				Ward N. Lyke, Jr.
				Vice President,
				Chief Financial Officer and Treasurer

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 generally accepted accounting principles;
(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 12, 2024

	By:	/s/ LLOYD J. SHULMAN
		Lloyd J. Shulman
		Chief Executive Officer and President

 

EXHIBIT 31.2

CERTIFICATION

I, Ward N. Lyke, Jr, 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 generally accepted accounting principles;
(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 12, 2024

	By:	/s/ WARD N. LYKE, JR.
		Vice President, Chief Financial Officer and Treasurer

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, 2024 as filed with the U. S. Securities and Exchange Commission (the “Report”), we, Lloyd J. Shulman and Ward N. Lyke, Jr., Chief Executive Officer and Chief Financial Officer, respectively, of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §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.

December 12, 2024

	By:	/s/ LLOYD J. SHULMAN
		Lloyd J. Shulman
		Chief Executive Officer
		and President
	By:	/s/ WARD N. LYKE, JR.
		Ward N. Lyke, Jr.
		Vice President,
		Chief Financial Officer
		and Treasurer

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 U. S. Securities and Exchange Commission or its staff upon request.

v3.24.3

Cover - shares	3 Months Ended
	Oct. 31, 2024	Dec. 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Oct. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
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

v3.24.3

Consolidated Balance Sheets (Unaudited) - USD ($)	Oct. 31, 2024	Jul. 31, 2024
Property and Equipment-at cost:
Land	$ 6,067,805	$ 6,067,805
Buildings held for leasing:
Buildings, improvements, and fixtures	80,549,001	79,510,142
Construction in progress	1,808,452	2,387,207
Property, plant and equipment, gross	82,357,453	81,897,349
Accumulated depreciation	(40,247,440)	(39,803,374)
Buildings - net	42,110,013	42,093,975
Property and equipment-net	48,177,818	48,161,780
Cash and cash equivalents	2,316,114	1,243,977
Restricted cash	975,959	1,041,624
Receivables, net	3,421,635	3,582,225
Prepaids and other assets	1,693,670	3,048,044
Deferred charges, net	3,562,152	3,580,585
Operating lease right-of-use assets	28,346,470	28,866,800
TOTAL ASSETS	88,493,818	89,525,035
Liabilities:
Mortgages payable, net	3,547,709	3,874,246
Accounts payable and accrued expenses	1,880,537	2,271,963
Security deposits payable	1,043,557	1,077,964
Operating lease liabilities	24,998,221	25,309,725
Deferred income taxes	4,099,000	4,093,000
Total Liabilities	35,569,024	36,626,898
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	48,688,104	48,661,447
Stockholders' equity before treasury stock	54,212,646	54,185,989
Common stock held in treasury, at cost - 162,517 shares at October 31, 2024 and July 31, 2024	(1,287,852)	(1,287,852)
Total shareholders’ equity	52,924,794	52,898,137
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 88,493,818	$ 89,525,035

v3.24.3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Oct. 31, 2024	Jul. 31, 2024
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

v3.24.3

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Revenues
Rental income	$ 5,539,129	$ 5,323,801
Total revenues	5,539,129	5,323,801
Expenses
Real estate operating expenses	3,750,139	3,692,616
Administrative and general expenses	1,292,753	1,254,573
Depreciation	444,066	428,264
Total expenses	5,486,958	5,375,453
Income (loss) from operations	52,171	(51,652)
Other income and interest expense:
Dividend and interest income	4,963	9,245
Net unrealized loss on marketable securities		(163,567)
Interest expense, net of capitalized interest	(24,477)	(41,570)
Total investment income and interest expense	(19,514)	(195,892)
Income (loss) from operations before income taxes	32,657	(247,544)
Income taxes provided (benefit)	6,000	(55,000)
Net income (loss)	$ 26,657	$ (192,544)
Income / (loss) per common share, basic	$ 0.01	$ (0.10)
Dividends per share
Average common shares outstanding, basic	2,015,780	2,015,780

v3.24.3

Consolidated Statements of Operations (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Income Statement [Abstract]
Income / (loss) per common share, diluted	$ 0.01	$ (0.10)
Average common shares outstanding, diluted	2,015,780	2,015,780

v3.24.3

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, 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
Beginning balance, value at Jul. 31, 2024	2,178,297	3,346,245	48,661,447	(1,287,852)	52,898,137
Net income (loss)			26,657		26,657
Ending balance, value at Oct. 31, 2024	$ 2,178,297	$ 3,346,245	$ 48,688,104	$ (1,287,852)	$ 52,924,794

v3.24.3

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Cash Flows From Operating Activities:
Net income (loss)	$ 26,657	$ (192,544)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Bad debt expense (recoveries)	931	(33,000)
Provision (benefit) for deferred income taxes	6,000	(55,000)
Depreciation	444,066	428,264
Amortization of deferred charges	125,300	119,038
Operating lease expense in excess of cash payments	208,826	213,201
Deferred finance costs included in interest expense	9,528	9,528
Deferred costs	(106,867)	(152,088)
Net unrealized loss on marketable securities		163,567
Changes in Operating Assets and Liabilities:
Receivables	159,659	74,380
Prepaid expenses and other assets	1,354,374	1,263,962
Accounts payable and accrued expenses	(391,426)	(81,912)
Security deposits payable	(34,407)
Cash provided by operating activities	1,802,641	1,757,396
Cash Flows From Investing Activities:
Acquisition of property and equipment	(460,104)	(312,727)
Cash (used) in investing activities	(460,104)	(312,727)
Cash Flows From Financing Activities:
Payments - mortgages	(336,065)	(321,574)
Cash (used) in financing activities	(336,065)	(321,574)
Increase in cash, cash equivalents and restricted cash	1,006,472	1,123,095
Cash, cash equivalents and restricted cash at beginning of period	2,285,601	2,217,735
Cash, cash equivalents and restricted cash at end of period	$ 3,292,073	$ 3,340,830

v3.24.3

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ 26,657	$ (192,544)

v3.24.3

Insider Trading Arrangements	3 Months Ended
	Oct. 31, 2024
Insider Trading Arrangements [Line Items]
Material Terms of Trading Arrangement	During the three months ended October 31, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term in defined in Item 408(a) of Regulation S-K.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

v3.24.3

Summary of Significant Accounting Policies	3 Months Ended
	Oct. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies: 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. Basis of Presentation 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, 2024 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, 2024. 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, 2025 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 collectability become known. Collectability 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 collectability 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       2024     2024     2024     2023   Beginning balance   $ 42,680     $ 115,000     $ —     $ —   Charge-offs (recoveries)     (20,405 )     (112,552 )             (13,000 ) Reserve adjustments     931       40,232       931       (20,000 ) Ending Balance   $ 23,206     $ 42,680     $ 931     $ (33,000 ) Property and Equipment Property and equipment are stated at cost. Depreciation is calculated using the straight-line 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 periodically reviews owned and leased properties, including related long lived assets and depreciable lives, for indicators of impairment that imply the carrying amount of assets may not be recoverable through operations plus estimated disposition proceeds. Such indicators of impairment include, but are not limited to, significant changes in real estate market conditions resulting in decreases in estimated fair values of properties or assets, changes in business conditions in the industries in which our tenants operate, and other significant or unusual events or circumstances which may occur from time to time. If indicators of impairment existed, the carrying value of the property would be written down to its estimated fair value based on our best estimate of the property’s discounted future cash flows. As of October 31, 2024 and July 31, 2024, the Company has determined there was no impairment of its owned and leased properties, and the related carrying values, including depreciable lives. 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 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. 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 $10,111,000 as of July 31, 2024 available to offset future taxable income. As of July 31, 2024, the Company had unused net operating loss carry forwards of approximately $14,260,000 for state and $11,736,000 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.State [Member] 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.

v3.24.3

Income (Loss) Per Share of Common Stock	3 Months Ended
	Oct. 31, 2024
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, 2024 and 2023, respectively.

v3.24.3

Marketable Securities	3 Months Ended
	Oct. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	3. Marketable Securities: The Company’s marketable securities consisted of investments in equity securities and mutual funds. Dividends and interest income were accrued as earned. Realized gains and losses were determined on a specific identification basis. The Company reviewed 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 were recognized in current period earnings in accordance with Accounting Standards Codification (“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. 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 U.S. 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. Investment income consists of the following: Schedule of investment income                     Three Months Ended October 31       2024     2023   Dividend and interest income   $ 4,963     $ 9,245   Net unrealized (loss) on marketable securities     –       (163,567 ) Total   $ 4,963     $ (154,322 )

v3.24.3

Financial Instruments and Credit Risk Concentrations	3 Months Ended
	Oct. 31, 2024
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 restricted cash, cash and cash equivalents, and receivables. 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. As of October 31, 2024 and July 31, 2024, three tenants accounted for approximately 55% and 51% of receivables, respectively. During the three months ended October 31, 2024 and 2023, respectively, two tenants accounted for 27% of total rental revenue in each period, respectively.

v3.24.3

Mortgages Payable	3 Months Ended
	Oct. 31, 2024
Debt Disclosure [Abstract]
Mortgages Payable	5. Mortgages Payable: Schedule of mortgages payable                                 Current Annual Interest Rate     Final Payment Date   October 31, 2024     July 31, 2024   Bond St. building, Brooklyn, NY (1)     4.375 %   12/1/2024   $ 199,932     $ 497,045   Fishkill building (2)     3.98 %   4/1/2025     3,354,768       3,393,720   Deferred financing costs                 (6,991 )     (16,519 ) Net               $ 3,547,709     $ 3,874,246   (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. Effective any time after April 1, 2025 through April 1, 2040, the bank may demand a balloon payment for the full amount outstanding. The Company plans to refinance the mortgage effective April 1, 2025; however, the bank is under no obligation to refinance if or when a balloon payment comes due upon demand.   Expenditures for additions and major renewals or improvements are capitalized along with the associated interest cost during construction. Interest expense, net of capitalized interest follows: Schedule of interest expense, net of capitalized interest                     Three Months Ended October 31       2024     2023   Interest expense   $ (45,902 )   $ (62,033 ) Capitalized interest     21,425       20,463   Interest expense, net of capitalized interest   $ (24,477 )   $ (41,570 ) Maturities of long-term mortgages outstanding at October 31, 2024 are as follows: Schedule of long-term mortgages outstanding         Period Ended October 31,   Amount   2025   $ 3,554,700   Deferred financing costs     (6,991 ) Total   $ 3,547,709

v3.24.3

Operating Leases	3 Months Ended
	Oct. 31, 2024
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,       2024     2023   Base rent - fixed   $ 5,087,276     $ 4,921,887   Reimbursements of common area costs     150,732       146,860   Non-lease components (real estate taxes)     301,121       255,054   Rental income   $ 5,539,129     $ 5,323,801   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, 2024   Fiscal Year   Company Owned Property     Leased Property     Total   For the remainder of 2025   $ 9,204,641     $ 4,698,019     $ 13,902,660   2026     8,821,697       4,635,555       13,457,252   2027     7,917,146       4,289,367       12,206,513   2028     7,079,574       4,243,494       11,323,068   2029     6,347,171       3,418,470       9,765,641   2030     5,914,145       2,184,682       8,098,827   After 2030     15,805,054       5,052,775       20,857,829   Total   $ 61,089,428     $ 28,522,362     $ 89,611,790   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. Sublease rental income from the Company’s real estate operations for leased real property exceeded operating lease costs as follows: Schedule of rental expense                     Three Months Ended October 31,       2024     2023   Sublease rental income   $ 1,821,654     $ 1,824,879   Operating lease costs     (749,125 )     (748,711 ) Excess of sublease income over lease cost   $ 1,072,529     $ 1,076,168   Schedule of additional information related to leases                     Three Months Ended October 31,       2024     2023   Other information:                 Operating cash flows from operating leases   $ 540,300     $ 531,288   The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of October 31, 2024: Schedule of annual undiscounted cash flows of the operating lease liabilities         Period Ended October 31,   Operating Leases   2025   $ 2,171,538   2026     2,272,955   2027     2,333,737   2028     2,354,249   2029     2,375,444   Thereafter     21,067,467   Total undiscounted cash flows     32,575,390   Less: present value discount     (7,577,169 ) Total Lease Liabilities   $ 24,998,221   As of October 31, 2024, our operating leases had a weighted average remaining lease term of 15.70 years and a weighted average discount rate of 3.66%.

v3.24.3

Employees' Retirement Plan	3 Months Ended
	Oct. 31, 2024
Retirement Benefits [Abstract]
Employees' Retirement Plan	7. Employees' Retirement Plan:Employees' Retirement Plan The Company sponsors a noncontributory Money Purchase Plan (the “Plan”) covering substantially all its non-union employees. Operations were charged $110,728 and $120,251 as contributions to the Plan for the three months ended October 31, 2024 and 2023, 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 $21,461 and $24,229 for the three months ended October 31, 2024 and 2023, 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, 2023 Certified zone status:   Critical and declining status Status determination date:   January 1, 2023 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, 2023   Yes Rehabilitation plan implemented:   Yes Employer subject to surcharge:   Yes Contract expiration date:   November 30, 2025 Under the pension fund’s rehabilitation plan expiring November 30, 2025, the Company agreed to pay a minimum contribution rate equal to 20.3% of each covered employee’s pay. The contract also covers rates of pay, hours of employment and other conditions of employment for approximately 21% of the Company’s 28 employees. The Company considers that its labor relations with its employees and union are good.

v3.24.3

Cash Flow Information	3 Months Ended
	Oct. 31, 2024
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       2024     2023   Cash and cash equivalents   $ 2,316,114     $ 2,339,016   Restricted cash, tenant security deposits     904,174       898,791   Restricted cash, other     71,785       103,023       $ 3,292,073     $ 3,340,830   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. Schedule of supplemental disclosure                 Supplemental disclosure:   Three Months Ended       October 31       2024     2023   Cash Flow Information                 Interest paid, net of capitalized interest of $21,425 (2024) and $20,463 (2023)   $ 25,725     $ 42,519

v3.24.3

Capitalization	3 Months Ended
	Oct. 31, 2024
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, 2024 and at July 31, 2024.

v3.24.3

Related Party Transactions	3 Months Ended
	Oct. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	10. Related Party Transactions: The Company has two operating leases with Weinstein Enterprises, Inc. (“Landlord”), an affiliated company, principally owned by the Chairman of the Board of Directors of both the Company and Landlord. One lease is for building, improvements, and land located at Jamaica Avenue at 169th Street, Jamaica, New York (“Jamaica, New York”). Another lease is for premises located at 504-506 Fulton Street, Brooklyn, New York. In April 2023, the Company exercised one of four five-year option periods with Landlord to extend the Jamaica, New York lease beyond May 31, 2030 for a total of five years through May 31, 2035. As of October 31, 2024, it is not reasonably certain the remaining three options to extend the lease from May 31, 2035 to May 31, 2050 will be exercised by the Company. Rent payments and expense relating to these two operating leases with Landlord follow:  Schedule of rent payments and expense                                     Rent Payments Three Months Ended October 31     Rent Expense Three Months Ended October 31   Property   2024     2023     2024     2023   Jamaica Avenue at 169th Street   $ 156,249     $ 156,249     $ 287,671     $ 287,671   504-506 Fulton Street     90,564       90,564       95,299       95,299   Total   $ 246,813     $ 246,813     $ 382,970     $ 382,970   The following summarizes assets and liabilities related to these two leases:  Schedule of assets and liabilities                                         Operating Lease           Right-Of-Use Assets     LiabilitiesLiabilities [Member]       Property   October 31 2024     July 31 2024     October 31 2024     July 31 2024     Expiration Date Jamaica Avenue at 169th Street   $ 10,389,567     $ 10,600,247     $ 4,826,099     $ 4,905,360     May 31, 2035 504-506 Fulton Street     2,099,892       2,167,727       2,248,440       2,311,539     April 30, 2031 Total   $ 12,489,459     $ 12,767,974     $ 7,074,539     $ 7,216,899       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.

v3.24.3

Contingencies	3 Months Ended
	Oct. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	11. Contingencies: The Company is subject to various legal proceedings, claims, and litigation arising in the ordinary course of business operations. These matters include, but are not limited to, contractual disputes, third party slip and fall or personal injury claims which are typically handled by insurance counsel. 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 cannot be determined at this time.

v3.24.3

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 31, 2024
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.
Basis of Presentation	Basis of Presentation 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, 2024 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, 2024. 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, 2025 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 collectability become known. Collectability 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 collectability 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       2024     2024     2024     2023   Beginning balance   $ 42,680     $ 115,000     $ —     $ —   Charge-offs (recoveries)     (20,405 )     (112,552 )             (13,000 ) Reserve adjustments     931       40,232       931       (20,000 ) Ending Balance   $ 23,206     $ 42,680     $ 931     $ (33,000 )
Property and Equipment	Property and Equipment Property and equipment are stated at cost. Depreciation is calculated using the straight-line 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 periodically reviews owned and leased properties, including related long lived assets and depreciable lives, for indicators of impairment that imply the carrying amount of assets may not be recoverable through operations plus estimated disposition proceeds. Such indicators of impairment include, but are not limited to, significant changes in real estate market conditions resulting in decreases in estimated fair values of properties or assets, changes in business conditions in the industries in which our tenants operate, and other significant or unusual events or circumstances which may occur from time to time. If indicators of impairment existed, the carrying value of the property would be written down to its estimated fair value based on our best estimate of the property’s discounted future cash flows. As of October 31, 2024 and July 31, 2024, the Company has determined there was no impairment of its owned and leased properties, and the related carrying values, including depreciable lives.
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 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.
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 $10,111,000 as of July 31, 2024 available to offset future taxable income. As of July 31, 2024, the Company had unused net operating loss carry forwards of approximately $14,260,000 for state and $11,736,000 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.State [Member] 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.

v3.24.3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Oct. 31, 2024
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       2024     2024     2024     2023   Beginning balance   $ 42,680     $ 115,000     $ —     $ —   Charge-offs (recoveries)     (20,405 )     (112,552 )             (13,000 ) Reserve adjustments     931       40,232       931       (20,000 ) Ending Balance   $ 23,206     $ 42,680     $ 931     $ (33,000 )
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

v3.24.3

Marketable Securities (Tables)	3 Months Ended
	Oct. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of investment income	Schedule of investment income                     Three Months Ended October 31       2024     2023   Dividend and interest income   $ 4,963     $ 9,245   Net unrealized (loss) on marketable securities     –       (163,567 ) Total   $ 4,963     $ (154,322 )

v3.24.3

Mortgages Payable (Tables)	3 Months Ended
	Oct. 31, 2024
Debt Disclosure [Abstract]
Schedule of mortgages payable	Schedule of mortgages payable                                 Current Annual Interest Rate     Final Payment Date   October 31, 2024     July 31, 2024   Bond St. building, Brooklyn, NY (1)     4.375 %   12/1/2024   $ 199,932     $ 497,045   Fishkill building (2)     3.98 %   4/1/2025     3,354,768       3,393,720   Deferred financing costs                 (6,991 )     (16,519 ) Net               $ 3,547,709     $ 3,874,246   (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. Effective any time after April 1, 2025 through April 1, 2040, the bank may demand a balloon payment for the full amount outstanding. The Company plans to refinance the mortgage effective April 1, 2025; however, the bank is under no obligation to refinance if or when a balloon payment comes due upon demand.
Schedule of interest expense, net of capitalized interest	Schedule of interest expense, net of capitalized interest                     Three Months Ended October 31       2024     2023   Interest expense   $ (45,902 )   $ (62,033 ) Capitalized interest     21,425       20,463   Interest expense, net of capitalized interest   $ (24,477 )   $ (41,570 )
Schedule of long-term mortgages outstanding	Schedule of long-term mortgages outstanding         Period Ended October 31,   Amount   2025   $ 3,554,700   Deferred financing costs     (6,991 ) Total   $ 3,547,709

v3.24.3

Operating Leases (Tables)	3 Months Ended
	Oct. 31, 2024
Operating Leases
Schedule of revenues by lease and non-lease components	Schedule of revenues by lease and non-lease components                     Three Months Ended October 31,       2024     2023   Base rent - fixed   $ 5,087,276     $ 4,921,887   Reimbursements of common area costs     150,732       146,860   Non-lease components (real estate taxes)     301,121       255,054   Rental income   $ 5,539,129     $ 5,323,801
Schedule of future minimum non-cancelable rental income	Schedule of future minimum non-cancelable rental income                           As of October 31, 2024   Fiscal Year   Company Owned Property     Leased Property     Total   For the remainder of 2025   $ 9,204,641     $ 4,698,019     $ 13,902,660   2026     8,821,697       4,635,555       13,457,252   2027     7,917,146       4,289,367       12,206,513   2028     7,079,574       4,243,494       11,323,068   2029     6,347,171       3,418,470       9,765,641   2030     5,914,145       2,184,682       8,098,827   After 2030     15,805,054       5,052,775       20,857,829   Total   $ 61,089,428     $ 28,522,362     $ 89,611,790
Schedule of rental expense	Schedule of rental expense                     Three Months Ended October 31,       2024     2023   Sublease rental income   $ 1,821,654     $ 1,824,879   Operating lease costs     (749,125 )     (748,711 ) Excess of sublease income over lease cost   $ 1,072,529     $ 1,076,168
Schedule of additional information related to leases	Schedule of additional information related to leases                     Three Months Ended October 31,       2024     2023   Other information:                 Operating cash flows from operating leases   $ 540,300     $ 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   2025   $ 2,171,538   2026     2,272,955   2027     2,333,737   2028     2,354,249   2029     2,375,444   Thereafter     21,067,467   Total undiscounted cash flows     32,575,390   Less: present value discount     (7,577,169 ) Total Lease Liabilities   $ 24,998,221

v3.24.3

Cash Flow Information (Tables)	3 Months Ended
	Oct. 31, 2024
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       2024     2023   Cash and cash equivalents   $ 2,316,114     $ 2,339,016   Restricted cash, tenant security deposits     904,174       898,791   Restricted cash, other     71,785       103,023       $ 3,292,073     $ 3,340,830
Schedule of supplemental disclosure	Schedule of supplemental disclosure                 Supplemental disclosure:   Three Months Ended       October 31       2024     2023   Cash Flow Information                 Interest paid, net of capitalized interest of $21,425 (2024) and $20,463 (2023)   $ 25,725     $ 42,519

v3.24.3

Related Party Transactions (Tables)	3 Months Ended
	Oct. 31, 2024
Related Party Transactions [Abstract]
Schedule of rent payments and expense	Schedule of rent payments and expense                                     Rent Payments Three Months Ended October 31     Rent Expense Three Months Ended October 31   Property   2024     2023     2024     2023   Jamaica Avenue at 169th Street   $ 156,249     $ 156,249     $ 287,671     $ 287,671   504-506 Fulton Street     90,564       90,564       95,299       95,299   Total   $ 246,813     $ 246,813     $ 382,970     $ 382,970
Schedule of assets and liabilities	Schedule of assets and liabilities                                         Operating Lease           Right-Of-Use Assets     LiabilitiesLiabilities [Member]       Property   October 31 2024     July 31 2024     October 31 2024     July 31 2024     Expiration Date Jamaica Avenue at 169th Street   $ 10,389,567     $ 10,600,247     $ 4,826,099     $ 4,905,360     May 31, 2035 504-506 Fulton Street     2,099,892       2,167,727       2,248,440       2,311,539     April 30, 2031 Total   $ 12,489,459     $ 12,767,974     $ 7,074,539     $ 7,216,899

v3.24.3

Summary of Significant Accounting Policies (Details) - Schedule of allowance for uncollectible receivables - USD ($)	3 Months Ended		12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024
Allowance for Uncollectible Accounts Receivable [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Beginning balance	$ 42,680	$ 115,000	$ 115,000
Charge-offs (recoveries)	(20,405)		(112,552)
Reserve adjustments	931		40,232
Ending balance	23,206		$ 42,680
Bad Debt Expense [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Charge-offs (recoveries)		(13,000)
Reserve adjustments	931	(20,000)
Ending balance	$ 931	$ (33,000)

v3.24.3

Summary of Significant Accounting Policies (Details) - Schedule of property and equipment depreciation and amortization period	Oct. 31, 2024
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

v3.24.3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Oct. 31, 2024	Jul. 31, 2024
Property, Plant and Equipment [Line Items]
Federal net operating loss carryforward		$ 10,111,000
State [Member]
Property, Plant and Equipment [Line Items]
Net operating loss carryforwards		14,260,000
City [Member]
Property, Plant and Equipment [Line Items]
Net operating loss carryforwards		$ 11,736,000
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

v3.24.3

Income (Loss) Per Share of Common Stock (Details Narrative) - shares	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Earnings Per Share [Abstract]
Average common shares outstanding	2,015,780	2,015,780

v3.24.3

Marketable Securities (Details) - Schedule of investment income - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Dividend and interest income	$ 4,963	$ 9
Net unrealized (loss) on marketable securities		(163,567)
Total	$ 4,963	$ (154,322)

v3.24.3

Financial Instruments and Credit Risk Concentrations (Details Narrative)	3 Months Ended		12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Jul. 31, 2024
Accounts Receivable [Member] | Three Tenants [Member]
Product Information [Line Items]
Concentration risk, percentage	55.00%		51.00%
Revenue [Member] | Two Tenants [Member]
Product Information [Line Items]
Concentration risk, percentage	27.00%	27.00%

v3.24.3

Mortgages Payable (Details) - Schedule of mortgages payable - USD ($)		3 Months Ended
		Oct. 31, 2024	Jul. 31, 2024
Extinguishment of Debt [Line Items]
Deferred financing costs		$ (6,991)	$ (16,519)
Net		$ 3,547,709	3,874,246
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]	$ 199,932	497,045
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]	$ 3,354,768	$ 3,393,720
[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. Effective any time after April 1, 2025 through April 1, 2040, the bank may demand a balloon payment for the full amount outstanding. The Company plans to refinance the mortgage effective April 1, 2025; however, the bank is under no obligation to refinance if or when a balloon payment comes due upon demand.

v3.24.3

Mortgages Payable (Details) - Schedule of interest expense, net of capitalized interest - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Debt Disclosure [Abstract]
Interest expense	$ (45,902)	$ (62,033)
Capitalized interest	21,425	20,463
Interest expense, net of capitalized interest	$ (24,477)	$ (41,570)

v3.24.3

Mortgages Payable (Details) - Schedule of maturities of long-term mortgages outstanding	Oct. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 3,554,700
Deferred financing costs	(6,991)
Total	$ 3,547,709

v3.24.3

Mortgages Payable (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

v3.24.3

Operating Leases (Details) - Schedule of revenues by lease and non-lease components - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Operating Leases
Base rent - fixed	$ 5,087,276	$ 4,921,887
Reimbursements of common area costs	150,732	146,860
Non-lease components (real estate taxes)	301,121	255,054
Rental income	$ 5,539,129	$ 5,323,801

v3.24.3

Operating Leases (Details) - Schedule of future minimum non-cancelable rental income	Oct. 31, 2024 USD ($)
Property, Plant and Equipment [Line Items]
For the remainder of 2025	$ 13,902,660
2026	13,457,252
2027	12,206,513
2028	11,323,068
2029	9,765,641
2030	8,098,827
After 2030	20,857,829
Total	89,611,790
Company Owned Property [Member]
Property, Plant and Equipment [Line Items]
For the remainder of 2025	9,204,641
2026	8,821,697
2027	7,917,146
2028	7,079,574
2029	6,347,171
2030	5,914,145
After 2030	15,805,054
Total	61,089,428
Leased Property [Member]
Property, Plant and Equipment [Line Items]
For the remainder of 2025	4,698,019
2026	4,635,555
2027	4,289,367
2028	4,243,494
2029	3,418,470
2030	2,184,682
After 2030	5,052,775
Total	$ 28,522,362

v3.24.3

Operating Leases (Details) - Schedule of rental expense - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Operating Leases
Sublease rental income	$ 1,821,654	$ 1,824,879
Operating lease costs	(749,125)	(748,711)
Excess of sublease income over lease cost	$ 1,072,529	$ 1,076,168

v3.24.3

Operating Leases (Details) - Schedule of additional information related to leases - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Operating Leases
Operating cash flows from operating leases	$ 540,300	$ 531,288

v3.24.3

Operating Leases (Details) - Schedule of annual undiscounted cash flows of the operating lease liabilities - USD ($)	Oct. 31, 2024	Jul. 31, 2024
Property, Plant and Equipment [Line Items]
Total Lease Liabilities	$ 24,998,221	$ 25,309,725
Operating Lease [Member]
Property, Plant and Equipment [Line Items]
2025	2,171,538
2026	2,272,955
2027	2,333,737
2028	2,354,249
2029	2,375,444
Thereafter	21,067,467
Total undiscounted cash flows	32,575,390
Less: present value discount	(7,577,169)
Total Lease Liabilities	$ 24,998,221

v3.24.3

Operating Leases (Details Narrative)	Oct. 31, 2024
Weighted average remaining lease term	15 years 8 months 12 days
Weighted average discount rate	3.66%
Minimum [Member]
Operating leases extended period	5 years
Maximum [Member]
Operating leases extended period	49 years

v3.24.3

Employees' Retirement Plan (Details Narrative)	3 Months Ended
	Oct. 31, 2024 USD ($) Integer	Oct. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 110,728	$ 120,251
Pension contributions	$ 21,461	$ 24,229
Employer contributing, percentage	5.00%
Expire date	Nov. 30, 2025
Number of employees | Integer	28
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Contribution rate, percentage	20.30%
Percentage of other condition of employment	21.00%

v3.24.3

Cash Flow Information (Details) - Schedule of cash and cash equivalents and restricted cash - USD ($)	Oct. 31, 2024	Oct. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 2,316,114	$ 2,339,016
Restricted cash, tenant security deposits	904,174	898,791
Restricted cash, other	71,785	103,023
Cash flow information	$ 3,292,073	$ 3,340,830

v3.24.3

Cash Flow Information (Details) - Schedule of supplemental disclosure - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Cash Flow Information
Interest paid, net of capitalized interest of $21,425 (2024) and $20,463 (2023)	$ 25,725	$ 42,519

v3.24.3

Cash Flow Information (Details) - Schedule of supplemental disclosure (Parenthetical) - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Interest paid, net of capitalized interest	$ 21,425	$ 20,463

v3.24.3

Capitalization (Details Narrative) - shares	Oct. 31, 2024	Jul. 31, 2024
Equity [Abstract]
Shares of treasury stock	162,517	162,517

v3.24.3

Related Party Transactions (Details) - Schedule of rent payments expense - USD ($)	3 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Related Party Transaction [Line Items]
Rent Payments	$ 246,813	$ 246,813
Rent Expense	382,970	382,970
Jamaica Avenue at 169th Street [Member]
Related Party Transaction [Line Items]
Rent Payments	156,249	156,249
Rent Expense	287,671	287,671
504-506 Fulton Street [Member]
Related Party Transaction [Line Items]
Rent Payments	90,564	90,564
Rent Expense	$ 95,299	$ 95,299

v3.24.3

Related Party Transactions (Details) - Schedule of assets and liabilities - USD ($)	3 Months Ended
	Oct. 31, 2024	Jul. 31, 2024
Right-Of-Use Assets [Member]
Related Party Transaction [Line Items]
Right-Of-Use Assets	$ 12,489,459	$ 12,767,974
Liabilities [Member]
Related Party Transaction [Line Items]
Liabilities	$ 7,074,539	7,216,899
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	$ 10,389,567	10,600,247
Jamaica Avenue at 169th Street [Member] | Liabilities [Member]
Related Party Transaction [Line Items]
Liabilities	$ 4,826,099	4,905,360
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	$ 2,099,892	2,167,727
504-506 Fulton Street [Member] | Liabilities [Member]
Related Party Transaction [Line Items]
Liabilities	$ 2,248,440	$ 2,311,539

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