J.W. Mays(US:MAYS)2022-06-09 12:00Financial 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].