Real Estate Properties - The Company operates multiple commercial real estate properties, with a total of approximately 1,500,000 square feet across various locations in New York and Ohio[32]. - As of July 31, 2023, the occupancy rate for the Brooklyn Fulton Street property was 59.51%, with a total gross annual rent of $7,099,329[38]. - The federal tax basis for the Brooklyn Fulton Street property is $22,607,989, with accumulated depreciation of $14,453,318, resulting in a net carrying value of $8,154,671[39]. - The Company has a long-term lease for a garage at Livingston Street, which includes truck bays and passage facilities totaling approximately 17,000 square feet, expiring in 2043 with a renewal option to 2073[40]. - The Jowein building at Elm Place has an occupancy rate of 83.46% as of July 31, 2023, with a total gross annual rent of $5,086,090[43]. - The federal tax basis for the Jowein building is $7,550,837, with accumulated depreciation of $5,168,848, leading to a net carrying value of $2,381,989[45]. - As of July 31, 2023, the occupancy rate for the Jamaica property is 80.58%, with a total of 10 leases covering 239,329 square feet and generating an annual rent of $5,725,674[49]. - The federal tax basis for the Jamaica property is $13,863,981, with accumulated depreciation of $9,889,906, resulting in a net carrying value of $3,974,075 as of July 31, 2023[49]. - The Fishkill property has a current occupancy rate of 22.27% as of July 31, 2023, with a federal tax basis of $22,423,614 and accumulated depreciation of $15,861,531, leading to a net carrying value of $6,562,083[53]. - The Massapequa property has a 100% occupancy rate as of July 31, 2023, with two tenants occupying a total of 133,400 square feet and generating an annual rent of $847,362[58]. - The Circleville property has a federal tax basis of $4,493,846, with accumulated depreciation of $4,183,897, resulting in a net carrying value of $309,949 as of July 31, 2023[61]. - The Company has approximately 156,000 square feet of building space available for lease in Fishkill, with plans to renovate upon execution of future leases[52]. - The Company does not own the property at 25 Elm Place, Brooklyn, and any improvements are made by tenants[59]. Tenant Relations and Lease Management - The Company emphasizes tenant retention and actively markets available space to various sectors, including governmental agencies and educational institutions[27]. - The Company intends to negotiate lease renewals as they come due, contingent on tenants maintaining adequate finances[37]. - The Company has extended its lease in Jamaica, New York, to May 31, 2035, with four additional five-year options, totaling a potential lease term of 20 years[46]. - The Levittown property has a lease agreement with a restaurant that has been extended until May 3, 2028, with ownership of the building reverting to the Company at the end of the lease[55]. Financial Reporting and Audit - The company's internal control over financial reporting is assessed as effective as of July 31, 2023, based on criteria from the Committee of Sponsoring Organizations of the Treadway Commission[79]. - Audit fees for fiscal year 2023 totaled $170,000, consistent with the previous year, while total fees paid to the independent registered public accounting firm amounted to $227,500, a slight increase from $227,100 in 2022[91][93]. - The company filed one report on Form 8-K during the three months ended July 31, 2023, reporting financial results for the three and nine months ended April 30, 2023[81]. - The company has not included an attestation report from its independent registered public accounting firm regarding internal controls over financial reporting due to a permanent exemption for smaller reporting companies[80]. - The company’s audit-related fees for fiscal year 2023 were $12,500, compared to $12,100 in 2022, indicating a slight increase[91]. - Tax fees for fiscal year 2023 remained unchanged at $45,000, consistent with the previous year[92]. - The company’s management is responsible for establishing and maintaining adequate internal control over financial reporting[79]. - The consolidated financial statements and report of the independent registered public accounting firm were dated October 19, 2023[96]. Employment and Labor Relations - The Company has a contract with a union covering approximately 27% of its 30 employees, indicating good labor relations[17]. - Mark S. Greenblatt, the Chief Financial Officer, will resign effective December 31, 2023, continuing to be subject to his employment agreement until that date[85][96]. - The company has extended employment agreements for executive officers, with the latest extension effective August 1, 2023, scheduled to end on July 31, 2026[96]. - The Company has approximately 800 shareholders of record as of September 5, 2023[68]. Risks and Challenges - The Company is subject to risks including economic downturns, environmental liabilities, and the impact of COVID-19 on commercial real estate demand[23][27].
J.W. Mays(MAYS) - 2023 Q4 - Annual Report