MAYS J W INC

As of April 30, 2025, the Company’s only mortgage with a bank had outstanding debt of approximately $3.3 million. While the loan has a stated maturity of April 1, 2040, the mortgage agreement provides the lender with an unconditional right to demand repayment in full at any time effective April 30, 2025 through final payment date of April 1, 2040. This mortgage balloon payment demand provision has a significant impact on our financial ratios and the perception of our short-term liquidity. As of this date of filing, the bank has not communicated any intent to accelerate repayment. The Company maintains a positive relationship with the bank and remains in full compliance with terms of the loan provisions. Although the interest rate is currently favorable, the Company may choose to refinance the mortgage after April 1, 2025, however, the bank is under no obligation to refinance if or when a balloon payment comes due upon demand. If the bank were to demand repayment of $3.3 million in full, the Company intends to refinance the mortage with the bank at the available interest rate while also seeking alternate lenders at competitive rates.

Other than as described in the preceding paragraph, 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.

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