MAYS J W INC
For the period ended Jul 31, 2024. Filed Oct 24, 2024.
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FY2024 · Filed Oct 24, 2024
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EX-13 · 3. LONG-TERM DEBT—MORTGAGEs: LONG-TERM DEBT-MORTGAGES
- LONG-TERM DEBT—MORTGAGEs:
| Schedule of long-term debt | Years Ended July 31, | |||
|---|---|---|---|---|
| CurrentAnnual Interest Rate | Final Payment Date | 2024 | 2023 | |
| Mortgage: | ||||
| Bond St. land and building, Brooklyn, NY (1) | 4.375% | 12/1/2024 | $497,045 | $1,653,117 |
| Fishkill land and building (2) | 3.980% | 4/1/2025 | 3,393,720 | 3,545,719 |
| Deferred financing costs | (16,519) | (54,631) | ||
| Total | $3,874,246 | $5,144,205 | ||
| (1) | In November 2019, the Company refinanced the remaining balance of a $6,000,000, 3.54% interest rate loan with another bank for $5,255,920 plus an additional $144,080 for a total of $5,400,000. The interest rate on the new loan is fixed at 4.375%. The loan is self-liquidating over a period of five years and secured by the Nine Bond Street land and building in Brooklyn, New York. |
| (2) | In March 2020, the Company obtained a loan with a bank in the amount of $4,000,000 to finance renovations and brokerage commissions relating to space leased to a community college at the Fishkill, New York building. The loan is secured by the Fishkill, New York land and building; amortized over a 20-year period with an interest rate of 3.98%. 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:
| 2024 | 2023 | |
|---|---|---|
| Interest expense | $(221,902) | $(278,241) |
| Capitalized interest | 85,610 | 47,472 |
| Interest expense, net of capitalized interest | $(136,292) | $(230,769) |
Maturities of long-term mortgages outstanding at July 31, 2024 are as follows:
| Year Ended July 31: | Amount |
|---|---|
| 2025 | $3,890,765 |
| Deferred financing costs | (16,519) |
| Total | $3,874,246 |
The carrying value of the property collateralizing the above debt is $34,709,092 at July 31, 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.