Financial Performance - For the three months ended April 30, 2023, the company reported a net loss of $(39,160), or $(0.02) per share, compared to a net loss of $(57,037), or $(0.03) per share for the same period in 2022, primarily due to increased rental income and decreased bad debt expense [69]. - Revenues for the three months increased to $5,563,396 from $5,484,082 in the comparable 2022 period, driven by rental income from new tenants and increased rents from existing tenants [70]. - For the nine months ended April 30, 2023, the company reported net income of $65,095, or $0.03 per share, compared to a net loss of $(643,617), or $(0.32) per share for the same period in 2022, attributed to increased rental income and decreased bad debt expense [73]. - Revenues for the nine months increased to $17,170,949 from $15,891,978 in the comparable 2022 period, primarily due to rental income from new tenants and increased rents from existing tenants [74]. Operating Expenses - Real estate operating expenses for the nine months increased to $11,595,422 from $11,063,910, mainly due to higher real estate taxes, insurance, and building maintenance costs [74]. Interest and Debt - Interest expense exceeded investment income by $(265,455) for the nine months ended April 30, 2023, an improvement from $(281,392) in the comparable 2022 period, primarily due to increases in the fair value of marketable securities [76]. - The company had fixed-rate debt of $5,517,120 as of April 30, 2023, which does not expose it to market risk related to changes in interest rates [92]. Rental Income and Leases - The company experienced a loss in rental income of approximately $1,000,000 per annum due to the termination of a lease by a tenant occupying 46,421 square feet [80]. - The company extended leases for several tenants, including a retail tenant for an additional ten years until February 28, 2034, and an office tenant for an additional year until June 30, 2024 [82]. Capital Expenditures - The company completed facade restoration at its 9 Bond Street building for a total cost of $321,013 during the nine months ended April 30, 2023 [84].

Financial Performance - For the three months ended January 31, 2023, the company reported net income of $44,738, or $0.02 per share, compared to a net loss of $(195,830), or $(0.10) per share for the same period in 2022[72]. - For the six months ended January 31, 2023, the company reported net income of $104,255, or $0.05 per share, compared to a net loss of $(586,580), or $(0.29) per share for the same period in 2022[76]. Revenue Growth - Revenues increased to $5,837,819 for the three months ended January 31, 2023, up from $5,328,349 in the comparable 2022 period, primarily due to rental income from new tenants and increased rents from existing tenants[73]. - Revenues for the six months ended January 31, 2023, increased to $11,607,553 from $10,407,896 in the comparable 2022 period, driven by rental income from new tenants and increased rents from existing tenants[77]. Expenses - Real estate operating expenses rose to $3,958,144 for the three months ended January 31, 2023, compared to $3,670,065 in the same period in 2022, mainly due to higher real estate taxes and building maintenance costs[73]. - Administrative and general expenses decreased to $2,657,086 for the six months ended January 31, 2023, down from $2,821,524 in the comparable 2022 period, primarily due to lower bad debt expense and legal fees[78]. Debt and Interest - The company had fixed-rate debt of $5,832,207 as of January 31, 2023, which does not expose it to market risk related to changes in interest rates[92]. - Investment income exceeded interest expense by $9,733 for the three months ended January 31, 2023, a significant improvement from the prior year when interest expense exceeded investment income by $(63,290)[75]. Future Outlook - The company anticipates a loss in rental income of approximately $1,000,000 per annum due to a tenant's intent to terminate their lease effective March 31, 2023[83]. Capital Expenditures - The company completed facade restoration at its 9 Bond Street building for a total cost of $321,013 during the six months ended January 31, 2023[85].

Financial Performance - For the three months ended October 31, 2022, the company reported net income of $59,517, or $0.03 per share, compared to a net loss of $(390,750), or $(0.19) per share in the same period of 2021[74]. - Revenues increased to $5,769,734 from $5,079,547 in the comparable 2021 period, primarily due to rental income from six new tenants and increased rents from existing tenants[75]. - Administrative and general expenses decreased to $1,250,231 from $1,404,112, primarily due to a decrease in bad debt expense[76]. Operating Expenses - Real estate operating expenses rose to $3,785,421 from $3,630,122, mainly due to increases in real estate taxes, amortization of brokerage fees, insurance, and payroll costs[75]. - Interest expense and investment losses totaled $(241,069) compared to $(126,793) in the comparable 2021 period, mainly due to decreases in the fair value of marketable securities[77]. Lease and Tenant Activity - The company prepaid total rent of $576,259 for a lease of 58,832 square feet in Fishkill, New York, which is being amortized as revenue over the lease term[78]. - A tenant extended its lease for 25,423 square feet in Brooklyn, New York, through September 30, 2023, and another tenant renewed a lease for 10,000 square feet through May 4, 2028[79][81]. Capital Expenditures - The company incurred expenditures of $346,771 for canopy work and $153,545 for elevator modernization at its Fishkill building, with total costs of $1,498,410 and $892,000 respectively[84][85]. Debt and Market Risk - As of October 31, 2022, the company had fixed-rate debt of $6,143,330, which does not expose it to market risk related to interest rate changes[93]. Future Outlook - The company anticipates continued growth and revenue expectations, although actual results may differ due to various market factors[90].

Real Estate Operations - The Company operates several commercial real estate properties, with a total of approximately 1,000,000 square feet across various locations in New York and Ohio[33]. - As of July 31, 2022, the occupancy rate for the Brooklyn Fulton Street property was 63.38%, with 27 leases covering 245,611 square feet and generating an annual rent of $7,587,797[39]. - The Company has long-term leases for its properties, with the longest extending to 2073, and most leases include renewal options[33]. - The Company leased 14,100 square feet to an office tenant in April 2022 for a term of ten years, with rent commencing in June 2022[38]. - The occupancy rate for the property as of July 31, 2022, is 80.84%[44]. - Approximately 23,000 square feet of the building is currently available for lease, with plans to renovate upon future lease execution[48]. - The occupancy rate for the Fishkill property is 22.27% as of July 31, 2022[56]. - The company owns the entire property in Circleville, Ohio, with a federal tax basis of $4,466,746 and accumulated depreciation of $4,042,544, resulting in a net carrying value of $424,202[64]. Financial Performance and Risks - The Company has experienced an increase in late payments due to COVID-19, impacting its allowance for credit losses for accounts receivable[25]. - The Company is subject to various risks, including economic downturns, environmental liabilities, and the ongoing effects of COVID-19 on commercial real estate demand[30]. - The federal tax basis for the Brooklyn Fulton Street property is $22,559,989, with accumulated depreciation of $14,020,057, resulting in a net carrying value of $8,539,932[40]. - As of July 31, 2022, the federal tax basis for the property is $7,550,837 with accumulated depreciation of $5,008,330, resulting in a net carrying value of $2,542,507[44]. - The company has a total of 15 leases with a gross annual rent of $4,659,996, which represents 21.780% of the total gross annual rent[44]. - The real estate taxes for the property amount to $777,700 per year, with an average rate of $11.908 per $100 of assessed valuation[45]. - The real estate taxes for this second property are $971,968 per year, with an average rate of $11.306 per $100 of assessed valuation[53]. Lease Management - The Company emphasizes tenant retention and has diversified its tenant base to mitigate risks associated with financially unstable tenants[30]. - The Company plans to negotiate lease renewals as they come due, contingent on tenants maintaining adequate finances[43]. - The company plans to negotiate renewals for expiring leases, contingent on tenants maintaining adequate finances[49]. Internal Controls and Audit - The Company's audit fees for fiscal year 2022 were $170,000, consistent with the previous year, while total fees increased slightly to $227,100 from $226,000 in 2021[96]. - There were no changes in the Company's internal controls over financial reporting during the last fiscal quarter, and no significant deficiencies or material weaknesses were noted[82]. - The Company's management assessed the effectiveness of internal control over financial reporting as of July 31, 2022, concluding that it is effective based on established criteria[83].

Financial Performance - For the three months ended April 30, 2022, the company reported a net loss of $(57,037), or $(0.03) per share, compared to a net loss of $(41,921), or $(0.02) per share, for the same period in 2021[90]. - For the nine months ended April 30, 2022, the company reported a net loss of $(643,617), or $(0.32) per share, compared to a net loss of $(511,452), or $(0.25) per share, for the same period in 2021[96]. Revenue Generation - Revenues for the three months increased to $5,484,082 from $5,161,888, primarily due to rental income from five new tenants and increased rents from existing tenants[92]. - Revenues for the nine months increased to $15,891,978 from $15,043,749, driven by rental income from five new tenants and increased rents from existing tenants[97]. Operating Expenses - Real estate operating expenses rose to $3,763,723 from $3,714,427, mainly due to increased amortization expenses and payroll costs, partially offset by decreases in real estate taxes[93]. - The company experienced bad debt expense of $214,350 from August 2021 to April 2022, reflecting the ongoing impact of COVID-19 on tenant payments[101]. Capital Expenditures - The company had expenditures of $1,050,680 for renovations at its Fishkill, New York building during the nine months ended April 30, 2022[112]. Lease and Tenant Activity - A tenant at the Nine Bond Street building exercised their option to terminate their lease effective May 31, 2022, resulting in an annual loss of approximately $320,000 in rental income[104]. - The company leased 14,100 square feet to an office tenant for a term of ten years at its Nine Bond Street building, with rent commencing in June 2022[108]. Financial Strategy - The Company utilizes fixed-rate debt to finance its capital requirements, mitigating exposure to market risk from interest rate changes[118]. - As of April 30, 2022, the Company had fixed-rate debt amounting to $6,755,729[118]. Market Conditions - The company continues to experience volatility in the valuation of its equity investments, which may impact future financial results[110].

Financial Performance - For the three months ended January 31, 2022, the company reported a net loss of $(195,830), or $(0.10) per share, compared to a net loss of $(54,107), or $(0.02) per share, for the same period in 2021[90]. - For the six months ended January 31, 2022, the company reported a net loss of $(586,580), or $(0.29) per share, compared to a net loss of $(469,531), or $(0.23) per share, for the same period in 2021[95]. Revenue and Income - Revenues for the three months increased to $5,328,349 from $5,046,867, primarily due to rental income from five new tenants and increased rents from existing tenants[91]. - Revenues for the six months increased to $10,407,896 from $9,881,861, driven by rental income from five new tenants and increased rents from existing tenants[96]. Expenses - Real estate operating expenses rose to $3,670,065 from $3,585,546, mainly due to increased amortization expenses and utilities, partially offset by decreased real estate taxes[92]. - The company experienced bad debt expense of $219,350 from August 2021 to January 2022, reflecting ongoing impacts from COVID-19[100]. - Interest expense exceeded investment income by $(190,083) in the six months ended January 31, 2022, primarily due to a decrease in the fair value of marketable securities[99]. Lease and Tenant Information - A tenant at the Nine Bond Street building exercised their option to terminate their lease effective May 31, 2022, resulting in an annual loss in rental income of approximately $320,000[103]. - The company leased 23,000 square feet to an office tenant in November 2020, with renovation costs approximating $625,000 and brokerage commissions of $979,000[101]. Debt and Financial Risk - As of January 31, 2022, the company had fixed-rate debt of $7,057,508, which does not expose it to market risk related to changes in interest rates[114].

Financial Performance - For the three months ended October 31, 2021, the company reported a net loss of $(390,750), or $(0.19) per share, compared to a net loss of $(415,424), or $(0.21) per share, for the same period in 2020[88]. - Revenues increased to $5,079,547 from $4,834,994 in the comparable 2020 period, primarily due to rental income from two new tenants and increased rents from existing tenants[89]. - Real estate operating expenses rose to $3,630,122 from $3,582,617, mainly due to increased amortization expenses, partially offset by decreases in real estate taxes and utilities[89]. - Administrative and general expenses increased to $1,404,112 from $1,169,523, primarily due to higher insurance and bad debt expenses[90]. Bad Debt and Lease Termination - The company experienced bad debt expense of $63,000 from August 2021 to October 2021, reflecting ongoing impacts from COVID-19[92]. - A tenant at the Nine Bond Street building exercised their option to terminate their lease effective May 31, 2022, resulting in an annual loss of approximately $320,000 in rental income[95]. Debt and Financial Risk - The company had fixed-rate debt of $7,355,207 as of October 31, 2021, which does not expose it to market risk related to interest rate changes[105]. - The company continues to experience volatility in the valuation of its equity investments, which may impact future financial results[92]. Future Outlook - The company anticipates occupancy and rental payments from a new office tenant in December 2021, with renovation costs of approximately $625,000[93]. - The full impact of COVID-19 on the company's business remains uncertain, with potential adverse effects on revenue and tenant credit quality[84].

Real Estate Operations - The Company operates several commercial real estate properties, with a total of approximately 1,500,000 square feet across various locations in New York and Ohio[34]. - As of July 31, 2021, the occupancy rate for the properties was 62.31%, with a total of 23 leases covering 237,722 square feet and generating an annual rent of $8,028,008[39]. - The Company has faced significant impacts on demand for commercial real estate rental space due to the pandemic, leading to increased competition and a decline in office space rentals[30]. - The Company leased 5,300 square feet to a retail tenant in November 2020, with rental payments commencing in January 2021[37]. - The Company emphasizes tenant retention and actively markets available space to various sectors, including governmental agencies and educational institutions[30]. - The occupancy rate for the property as of July 31, 2021, is 72.54%, with a total of 12 leases covering 147,603 square feet and generating an annual rent of $3,753,774, which is 18.571% of gross annual rent[45]. - The occupancy rate for the Massapequa property is 100% as of July 31, 2021, with real estate taxes amounting to $164,929 per year[59]. Financial Performance and Taxation - The federal tax basis for the Brooklyn Fulton Street property is $22,559,989, with accumulated depreciation of $13,557,945, resulting in a net carrying value of $9,002,044 as of July 31, 2021[40]. - As of July 31, 2021, the federal tax basis for the property is $7,550,837 with accumulated depreciation of $4,844,409, resulting in a net carrying value of $2,706,428[45]. - The property in Fishkill, New York, has a federal tax basis of $20,523,193 and accumulated depreciation of $15,122,512, leading to a net carrying value of $5,400,681 as of July 31, 2021[56]. - The real estate taxes for the Fishkill property are $143,375 per year, with an average rate of $3.186 per $100 of assessed valuation[57]. - The Circleville property has a federal tax basis of $4,466,746 and accumulated depreciation of $3,901,221, resulting in a net carrying value of $565,525 as of July 31, 2021[65]. - The real estate taxes for the Circleville property are $38,186 per year, with an average rate of $5.080 per $100 of assessed valuation[66]. - The real estate taxes for the property amount to $772,959 per year, with an average rate of $11.197 per $100 of assessed valuation[46]. Lease Management - The Company plans to negotiate renewals of expiring leases, contingent on tenants maintaining adequate finances[38]. - The company plans to negotiate renewals for expiring leases, contingent on tenants maintaining adequate finances[49]. Shareholder and Audit Information - The company has approximately 800 shareholders of record as of September 6, 2021[74]. - The Company reported total audit fees of $170,000 for fiscal year 2021, an increase from $165,000 in fiscal year 2020[100]. - Total fees paid to the independent registered public accounting firm amounted to $226,000 in fiscal year 2021, down from $241,810 in fiscal year 2020[100]. - Tax fees decreased significantly to $45,000 in fiscal year 2021 from $66,310 in fiscal year 2020[100]. - The Company has no disagreements with its accountants regarding accounting or financial disclosures[81]. Internal Controls and Reporting - As of July 31, 2021, the Company's management assessed its internal control over financial reporting as effective[85]. - There were no significant deficiencies or material weaknesses noted in the Company's internal controls during the last fiscal quarter[84]. - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective[83]. - The Company has maintained its internal control systems to provide reasonable assurance regarding the preparation of financial statements[85]. - The independent registered public accounting firm did not provide an attestation report on internal controls due to the exemption for smaller reporting companies[86]. - The Company filed two reports on Form 8-K during the three months ended July 31, 2021[87].

Financial Performance - For the three months ended April 30, 2021, the company reported a net loss of $(41,921), or $(0.02) per share, compared to a net loss of $(585,023), or $(0.29) per share for the same period in 2020 [95]. - For the nine months ended April 30, 2021, the company reported a net loss of $(511,452), or $(0.25) per share, compared to a net loss of $(513,760), or $(0.25) per share for the same period in 2020 [100]. Revenue - Revenues for the three months ended April 30, 2021, increased to $5,161,888 from $5,128,574 in the comparable 2020 period, primarily due to rental income from two new tenants [96]. - Revenues for the nine months ended April 30, 2021, decreased to $15,043,749 from $15,203,549 in the comparable 2020 period, primarily due to loss of rental income from four tenants [101]. Operating Expenses - Real estate operating expenses for the three months ended April 30, 2021, increased to $3,714,427 from $3,430,001 in the comparable 2020 period, mainly due to increases in real estate taxes and rent expense [97]. - Real estate operating expenses for the nine months ended April 30, 2021, increased to $10,882,590 from $10,247,347 in the comparable 2020 period [101]. Bad Debt and Investment Income - The company experienced bad debt expense of $209,000 from August 2020 to April 2021, reflecting the ongoing impact of COVID-19 [105]. - Investment income exceeded interest expense by $196,721 for the nine months ended April 30, 2021, compared to a situation where interest expense exceeded investment income by $177,086 in the comparable 2020 period [104]. Capital Expenditures - The company had expenditures for renovations totaling $351,810 for a second lobby at its Fishkill, New York building, completed in October 2020 [114]. - The company leased 47,000 square feet to a community college at its Fishkill, New York building for a term of fifteen years, with renovations costing $3,405,347 [106]. Debt and Financial Instruments - The company reported fixed-rate debt of $7,941,325 as of April 30, 2021 [122]. - The company does not use derivative financial instruments, mitigating exposure to market risk related to interest rate changes [122]. - The company relies on fixed-rate debt to finance its capital requirements, which provides stability in financing costs [122]. - The company’s financial strategies are designed to minimize exposure to market risks associated with interest rates [122]. Forward-Looking Statements - Forward-looking statements may involve risks and uncertainties that could cause actual results to differ materially from projections [119]. - The company undertakes no obligation to publicly update forward-looking statements based on new information or future events [121]. - Various factors, not limited to those identified, could impact the accuracy of forward-looking statements [120]. - The company acknowledges that many risk factors are difficult to predict and generally beyond its control [120]. - The company emphasizes the importance of reviewing additional disclosures in quarterly and annual reports for a comprehensive understanding of its financial condition [121]. Management Discussion - The management's discussion includes expectations about revenues, liquidity, and expenses, highlighting growth potential [119].

Financial Performance - For the three months ended January 31, 2021, the company reported a net loss of $(54,107), or $(0.02) per share, compared to a net loss of $(57,281), or $(0.02) per share, for the same period in 2020[89] - For the six months ended January 31, 2021, the company reported a net loss of $(469,531), or $(0.23) per share, compared to net income of $71,263, or $0.04 per share, for the same period in 2020[93] - Revenues for the six months decreased to $9,881,861 from $10,074,975, primarily due to the loss of rental income from four tenants[94] Revenue and Expenses - Revenues for the three months increased to $5,046,867 from $5,039,060 in the comparable 2020 period, primarily due to rental income from two new tenants[90] - Real estate operating expenses for the three months increased to $3,585,546 from $3,568,752, mainly due to increases in real estate taxes and rent expense[90] - Real estate operating expenses for the six months increased to $7,168,163 from $6,817,346, driven by increases in real estate taxes and rent expense[94] Investment and Debt - Investment income exceeded interest expense by $22,406 for the six months ended January 31, 2021, compared to $149,667 in the comparable 2020 period[97] - The Company had fixed-rate debt amounting to $8,953,091 as of January 31, 2021[113] - Fixed-rate debt financing is utilized to meet capital requirements, reducing market risk exposure[113] Leasing Activities - The company leased 47,000 square feet to a community college in July 2019, with renovation costs of $3,405,347, and the tenant commenced rent payments in September 2020[99] - In November 2020, the company leased 23,000 square feet to an office tenant at its Jowein building, with renovation costs estimated at $625,000[101] Risk Factors and Forward-Looking Statements - Forward-looking statements regarding revenues, liquidity, and expenses involve risks and uncertainties that could lead to actual results differing materially[110] - The Company undertakes no obligation to publicly update forward-looking statements based on new information or future events[112] - Various factors could impact the realization of assumptions underlying forward-looking statements, leading to potential discrepancies in projected results[111] - The Company is subject to risks that are generally beyond its control, affecting its business conditions and results[111] - The Company advises stakeholders to consider identified risk areas when evaluating forward-looking statements[111] - Management's discussion includes expectations about continued growth and operational performance[110] - The Company emphasizes the importance of reviewing additional disclosures in quarterly and annual reports for updated information[112] Bad Debt Expense - The company experienced a bad debt expense of $74,000 from August 2020 to January 2021, reflecting the ongoing impact of COVID-19[98] Financial Instruments - The Company does not use derivative financial instruments, mitigating exposure to market risk related to interest rate changes[113]