0000054187
2011-10-31
0000054187
2011-07-31
0000054187
2011-08-01
2011-10-31
0000054187
2010-08-01
2010-10-31
0000054187
2010-07-31
0000054187
2010-10-31
0000054187
2011-12-07
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MAYS J W INC
10-Q
--07-31
2015780
false
0000054187
Yes
No
Smaller Reporting Company
No
2012
Q1
2011-10-31
<p>
<font size="2"><b>1.             Accounting
Records and Use of Estimates:</b></font>
</p><br/><p style="margin-left:4%;">
<font size="2">The accounting records are maintained in
accordance with accounting principles generally accepted in
the United States of America (“GAAP”). The
preparation of the Company’s financial statements in
accordance with GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements, the
disclosure of contingent assets and liabilities, and the
reported amounts of revenues and expenses during the
reporting period. The estimates that we make include
allowance for doubtful accounts, depreciation and
amortization, income tax assets and liabilities, fair value
of marketable securities and revenue recognition. Estimates
are based on historical experience where applicable or other
assumptions that management believes are reasonable under the
circumstances. Due to the inherent uncertainty involved in
making estimates, actual results may differ from those
estimates under different assumptions or conditions.</font>
</p><br/><p style="margin-left:4%;">
<font size="2">The interim financial statements are prepared
pursuant to the requirements for reporting on Form 10-Q. The
July 31, 2011 balance sheet was derived from audited
financial statements but does not include all disclosures
required by GAAP. The interim financial statements and notes
thereto should be read in conjunction with the financial
statements and notes included in the Company’s latest
Form 10-K Annual Report for the fiscal year ended July 31,
2011. In the opinion of management, the interim financial
statements reflect all adjustments of a normal recurring
nature necessary for a fair statement of the results for
interim periods. The results of operations for the current
period are not necessarily indicative of the results for the
entire fiscal year ending July 31, 2012.</font>
</p><br/><p style="margin-left:4%;">
<font size="2">The computation of the annual expected
effective tax rate at each interim period requires certain
estimates and assumptions including, but not limited to, the
expected operating income for the year, projections of the
proportion of income (or loss), and permanent and temporary
differences. The accounting estimates used to compute the
provision for income taxes may change as new events occur,
more experience is acquired, or as additional information is
obtained. To the extent that the estimated annual effective
tax rate changes during a quarter, the effect of the change
on prior quarters is included in tax expense for the current
quarter.</font>
</p><br/>
<p>
<font size="2"><b>2.             Income
Per Share of Common Stock:</b></font>
</p><br/><p style="margin-left:4%;">
<font size="2">Income per share has been computed by dividing
the net income for the periods by the weighted average number
of shares of common stock outstanding during the periods,
adjusted for the purchase of treasury stock. Shares used in
computing income per share were 2,015,780 for the three
months ended October 31, 2011 and October 31, 2010.</font>
</p><br/>
<p>
<font size="2"><b>3.             Comprehensive
Income:</b></font>
</p><br/><p style="margin-left:4%;">
<font size="2">“FASB” (Financial Accounting
Standards Board) “ASC” (Accounting Standards
Codification) 220-10, “Reporting Comprehensive
Income”, establishes standards for the reporting of
comprehensive income and its components. It requires all
items that are required to be recognized as components of
comprehensive income be reported in a financial statement
that is displayed with the same prominence as other income
statement information. Comprehensive income is defined to
include all changes in equity except those resulting from
investments by and distributions to shareholders.</font>
</p><br/>
<p>
<font size="2"><b>4.             Marketable
Securities:</b></font>
</p><br/><p style="margin-left:4%;">
<font size="2">The Company categorizes marketable securities
as either trading, available-for-sale or held-to-maturity.
Trading securities are carried at fair value with unrealized
gains and losses included in income. Available-for-sale
securities are carried at fair value measurements using
quoted prices in active markets for identical assets or
liabilities with unrealized gains and losses recorded as a
separate component of shareholders’ equity.
Held-to-maturity securities are carried at amortized cost.
Dividends and interest income are accrued as earned. Realized
gains and losses are determined on a specific identification
basis. The Company reviews marketable securities for
impairment whenever circumstances and situations change such
that there is an indication that the carrying amounts may not
be recovered. The Company did not classify any securities as
trading during the three months ended October 31, 2011 and
October 31, 2010. The implementation of ASC 820-10,
“Fair Value Measurements”, had no impact on the
presentation of marketable securities in the Company’s
financial statements. The Company did not have any assets
valued using Level 2 or 3 valuation methods during the three
months ended October 31, 2011 and October 31, 2010.</font>
</p><br/><p style="margin-left:4%;">
<font size="2">In accordance with the provisions of <i>Fair
Value Measurements</i>, the following are the entity’s
financial assets presented at fair value at October 31,
2011.</font>
</p><br/><table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="FONT-SIZE:1PX">
<td width="14%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="9%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="9%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="11" valign="bottom">
<p align="center">
<font size="2"><u><b>Fair value measurements at
reporting date using</b></u></font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Quoted prices<br />
in active<br />
markets for<br />
identical<br />
assets/liabilities</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Significant<br />
other<br />
observable<br />
inputs</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Significant<br />
unobservable<br />
inputs</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Quoted prices<br />
in active<br />
markets for<br />
identical<br />
assets/liabilities</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Significant<br />
other<br />
observable<br />
inputs</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Significant<br />
unobservable<br />
inputs</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p align="center">
<font size="2"><b>Description</b></font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">October 31<br />
2011</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">(Level 1)</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">(Level 2)</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">(Level 3)</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="top">
<p align="center">
<font size="2">July 31<br />
2011</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">(Level 1)</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">(Level 2)</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">(Level 3)</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="top">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr style="background-color: #E5FFFF;">
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="2">Assets:</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="2">Marketable securities -
available-for-sale</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,316,573</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,316,573</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,332,460</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,332,460</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr style="background-color: #E5FFFF;">
<td valign="bottom">
<p style="MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">held-to-maturity</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">563,280</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">563,280</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">575,937</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">575,937</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,879,853</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,879,853</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,908,397</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,908,397</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
</table><br/><p>
<font size="2">As of October 31, 2011 and July 31, 2011, the
Company’s marketable securities were classified as
follows:</font>
</p><br/><table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="FONT-SIZE:1PX">
<td width="11%" valign="bottom">
<p>
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="11" valign="bottom">
<p align="center">
<font size="2">October 31, 2011</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="11" valign="bottom">
<p align="center">
<font size="2">July 31, 2011</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="11" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="11" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Cost</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Gross<br />
Unrealized<br />
Gains</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Gross<br />
Unrealized<br />
Losses</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Fair<br />
Value</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Cost</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Gross<br />
Unrealized<br />
Gains</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Gross<br />
Unrealized<br />
Losses</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Fair<br />
Value</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">Current:</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="2">Held-to-maturity:</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Certificate of deposit</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">50,184</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">50,184</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">50,157</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">50,157</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Corporate debt securities</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">481,621</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">3,940</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">485,561</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">568,939</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">7,072</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">74</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">575,937</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">531,805</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">3,940</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">535,745</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">619,096</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">7,072</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">74</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">626,094</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="2">Noncurrent:</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="2">Available-for-sale:</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Mutual funds</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,033,367</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">83,286</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,116,653</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,031,793</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">107,627</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,139,420</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Equity securities</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">110,252</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">89,668</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">199,920</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">110,252</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">82,788</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">193,040</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,143,619</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">172,954</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,316,573</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,142,045</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">190,415</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,332,460</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="2">Held-to-maturity:</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Corporate debt securities</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">76,943</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">776</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">77,719</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
</table><br/><p>
<font size="2">Investment income consists of the
following:</font>
</p><br/><table border="0" cellspacing="0" cellpadding="0" width="45%">
<tr style="FONT-SIZE:1PX">
<td width="22%" valign="bottom">
<p>
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="5" valign="bottom">
<p align="center">
<font size="2">Three Months Ended<br />
October 31</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="5" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">2011</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">2010</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="2">Loss on sale of marketable
securities</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">(8,202</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">)</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="2">Interest income</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">6,294</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">13,364</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">Dividend income</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">4,720</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">9,502</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Total</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">2,812</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">22,866</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
</table><br/>
<p>
<font size="2"><b>5.             Financial
Instruments and Credit Risk Concentrations:</b></font>
</p><br/><p style="margin-left:4%;">
<font size="2">Financial instruments that are potentially
subject to concentrations of credit risk consist principally
of marketable securities, cash and cash equivalents and
receivables. Marketable securities and cash and cash
equivalents are placed with multiple financial institutions
and multiple instruments to minimize risk. No assurance can
be made that such financial institutions and instruments will
minimize all such risk.</font>
</p><br/><p style="margin-left:4%;">
<font size="2">The Company derives rental income from
forty-eight tenants, of which one tenant accounted for 23.76%
and another tenant accounted for 16.69% of rental income
during the three months ended October 31, 2011. No other
tenant accounted for more than 10% of rental income during
the same period.</font>
</p><br/><p style="margin-left:4%;">
<font size="2">The Company has one irrevocable Letter of
Credit totaling $230,000 at October 31, 2011 and July 31,
2011 provided by one tenant.</font>
</p><br/>
<p>
<font size="2"><b>6.             Long-Term
Debt – Mortgages and Term Loan:</b></font>
</p><br/><table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="FONT-SIZE:1PX">
<td width="2%" valign="bottom">
<p>
 
</p>
</td>
<td width="24%" valign="bottom">
<p>
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="3%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="7%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="5" valign="bottom">
<p align="center">
<font size="2">October 31, 2011</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="5" valign="bottom">
<p align="center">
<font size="2">July 31, 2011</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="5" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="5" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Current<br />
Annual<br />
Interest<br />
Rate</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Final<br />
Payment<br />
Date</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Due<br />
Within<br />
One Year</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Due<br />
After<br />
One Year</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Due<br />
Within<br />
One Year</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">Due<br />
After<br />
One Year</font>
</p>
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p align="center">
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td colspan="2" valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">Mortgages:</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">Jamaica, New York property</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">(a</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">)</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">6</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">%</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">4/01/12</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,067,418</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,085,542</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">Jamaica, New York property</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">(b</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">)</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">6.81</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">%</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">10/01/11</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">2,113,948</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">—</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">Fishkill, New York property</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">(c,d</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">)</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">6.98</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">%</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">2/18/15</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">42,402</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,621,198</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">41,655</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,631,924</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">Bond St. building, Brooklyn, NY</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">(d</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">)</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">6.98</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">%</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">2/18/15</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">107,008</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">4,091,268</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">105,122</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">4,118,335</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT">
<font size="2">Total</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">1,216,828</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">5,712,466</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">3,346,267</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">5,750,259</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
</table><br/><table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr style="FONT-SIZE:1PX">
<td width="4%" valign="top">
<p>
 
</p>
</td>
<td width="96%" valign="top">
<p>
 
</p>
</td>
</tr>
<tr>
<td valign="top">
<p>
<font size="2">(a)</font>
</p>
</td>
<td valign="top">
<p>
<font size="2">The Company, on September 11, 1996,
closed a loan with a bank in the amount of $4,000,000.
The loan is secured by a first mortgage lien covering
the entire leasehold interest of the Company, as
tenant, in a certain ground lease and building in the
Jamaica, New York property. In March 2007, the Company
extended the loan for five years with an option for an
additional five year period. The interest rate for the
initial five years is 6.00% per annum. Interest and
amortization of principal will be made in constant
monthly amounts based on a fifteen year (15) payout
period. The outstanding balance of the loan totaling
$1,036,602 will become due and payable on April 1,
2012. The Company has not determined whether it will
extend this loan or pay it in full upon
maturity.</font>
</p>
</td>
</tr>
<tr>
<td valign="top">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="top">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="top">
<p>
<font size="2">(b)</font>
</p>
</td>
<td valign="top">
<p>
<font size="2">The Company, on December 13, 2000,
closed a loan with a bank in the amount of $3,500,000.
The loan was secured by a second position leasehold
mortgage covering the entire leasehold interest of the
Company, as tenant, in a certain ground lease and
building in the Jamaica, New York property. The Company
paid the balance due on the loan in the amount of
$2,090,493 in September 2011.</font>
</p>
</td>
</tr>
<tr>
<td valign="top">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="top">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="top">
<p>
<font size="2">(c)</font>
</p>
</td>
<td valign="top">
<p>
<font size="2">On August 19, 2004, the Company extended
the then existing loan for an additional forty-two (42)
months, with an option to convert the loan to a seven
(7) year permanent mortgage loan. (See Note 6(d)
below). The Company in February 2008 converted the loan
to a seven (7) year permanent mortgage loan. The
interest rate on conversion was 6.98%.</font>
</p>
</td>
</tr>
<tr>
<td valign="top">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="top">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="top">
<p>
<font size="2">(d)</font>
</p>
</td>
<td valign="top">
<p>
<font size="2">The Company, on August 19, 2004, closed
a loan with a bank for a $12,000,000 multiple draw term
loan. This loan financed seventy-five (75%) percent of
the cost of capital improvements for an existing lease
to a tenant and capital improvements for future tenant
leases at the Company’s Brooklyn, New York (Bond
Street building) and Fishkill, New York properties
through February 2008. The loan also financed $850,000
towards the construction of two new elevators at the
Company’s Brooklyn, New York property (Bond Street
building). The loan consists of: a) a permanent, first
mortgage loan to refinance an existing first mortgage
loan affecting the Fishkill, New York property, which
matured on July 1, 2004 (the “First Permanent
Loan”)(see Note 6(c)), b) a permanent subordinate
mortgage loan in the amount of $1,870,000 (the
“Second Permanent Loan”), and c) multiple,
successively subordinate loans in the amount $8,295,274
(“Subordinate Building Loans”). As of August
19, 2004, the Company refinanced the existing mortgage
on the Company’s Fishkill, New York property,
which balance was $1,834,726 and took down an
additional $2,820,000 for capital improvements for two
tenants at the Company’s Bond Street building in
Brooklyn, New York. In fiscal 2006, 2007 and 2008, the
Company drew down additional amounts totaling $916,670,
on its multiple draw term loan to finance tenant
improvements and brokerage commissions for the leasing
of 13,026 square feet for office use at the
Company’s Bond Street building in Brooklyn, New
York. The Company in February 2008 converted the loan
to a seven (7) year permanent mortgage loan. The
interest rate on conversion was 6.98%. Since the loan
has been converted to a permanent mortgage loan, the
balance of the financing on this loan was for the new
elevators at the Company’s Bond Street building in
Brooklyn, New York in the amount of $850,000 referred
to above. The $850,000 was drawn down in fiscal
2010.</font>
</p>
</td>
</tr>
</table><br/>
<p>
<font size="2"><b>7.             Property
and Equipment – at cost:</b></font>
</p><br/><table align="center" border="0" cellspacing="0" cellpadding="0" width="90%">
<tr style="FONT-SIZE:1PX">
<td width="70%" valign="bottom">
<p>
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="10%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="10%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">October 31<br />
2011</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">July 31<br />
2011</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="2">Property:</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Buildings and improvements</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">65,887,389</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">65,575,947</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Improvements to leased property</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">3,445,698</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">3,445,698</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Land</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">6,067,805</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">6,067,805</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Construction in progress</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">1,680,603</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">1,554,457</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">77,081,495</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">76,643,907</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p style="MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Less accumulated depreciation</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">32,427,499</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">32,051,431</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT">
<font size="2">Property - net</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">44,653,996</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">44,592,476</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="2">Fixtures and equipment and other:</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Fixtures and equipment</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">533,341</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">533,341</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Other fixed assets</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">209,864</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">209,864</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">743,205</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">743,205</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p style="MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Less accumulated depreciation</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">655,520</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">644,790</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT">
<font size="2">Fixtures and equipment and other -
net</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">87,685</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">98,415</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom" style="background-color: #E5FFFF;">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT">
<font size="2">Property and equipment - net</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">44,741,681</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p align="right">
<font size="2">44,690,891</font>
</p>
</td>
<td valign="bottom" style="background-color: #E5FFFF;">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<hr size="3" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
</table><br/>
<p>
<font size="2"><b>8.             Note
Payable:</b></font>
</p><br/><p style="margin-left:4%;">
<font size="2">On December 15, 2004, the Company borrowed
$1,000,000 from a former director of the Company, who is also
a greater than 10% beneficial owner of the outstanding common
stock of the Company. The term of the loan was for a period
of three (3) years maturing on December 15, 2007 and was
extended for an additional three (3) years maturing on
December 15, 2010, at an interest rate of 7.50% per annum.
The constant quarterly payments of interest were $18,750
through December 15, 2010. The Company, on November 11, 2010,
further extended the note for an additional three (3) years
maturing on December 15, 2013, at an interest rate of 5.00%
per annum. The constant quarterly payment of interest is
$12,500. The loan is unsecured. The note is prepayable in
whole or in part at any time without penalty.</font>
</p><br/>
<p>
<font size="2"><b>9.             Unbilled
Receivables and Rental Income:</b></font>
</p><br/><p style="margin-left:4%;">
<font size="2">Unbilled receivables represent the excess of
scheduled rental income recognized on a straight-line basis
over rental income as it becomes receivable according to the
provisions of each lease.</font>
</p><br/>
<p>
<font size="2"><b>10.           Employees’
Retirement Plan:</b></font>
</p><br/><p style="margin-left:4%;">
<font size="2">The Company contributes to a union sponsored
multi-employer pension plan covering its union employees. The
Company contributions to the Pension Plan for the three
months ended October 31, 2011 and 2010, respectively, were
$6,568 and $6,472. The Company also contributes to union
sponsored health benefit plans.</font>
</p><br/><p style="margin-left:4%;">
<font size="2">The Company sponsors a noncontributory Money
Purchase Plan covering substantially all of its non-union
employees. Operations were charged $84,911 and $82,518 as
contributions to the Plan for the three months ended October
31, 2011 and 2010, respectively.</font>
</p><br/>
<p>
<font size="2"><b>11.           Cash
Flow Information:</b></font>
</p><br/><p style="margin-left:4%;">
<font size="2">For purposes of reporting cash flows, the
Company considers cash equivalents to consist of short-term
highly liquid investments with maturities of three (3) months
or less, which are readily convertible into cash.</font>
</p><br/><p style="margin-left:4%">
<font size="2">Supplemental disclosure:</font>
</p><br/><table align="center" border="0" cellspacing="0" cellpadding="0" width="92%">
<tr style="FONT-SIZE:1PX">
<td width="70%" valign="bottom">
<p>
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="10%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="3%" valign="bottom">
<p>
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
<td width="10%" valign="bottom">
<p align="right">
 
</p>
</td>
<td width="1%" valign="bottom">
<p>
 
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="5" valign="bottom">
<p align="center">
<font size="2">Three Months Ended<br />
October 31</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="5" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">2011</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<p align="center">
<font size="2">2010</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td colspan="2" valign="bottom">
<hr size="1" width="100%" noshade="noshade" />
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="2">Interest paid, net of capitalized
interest of $1,269 (2011) and $3,598 (2010)</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">164,218</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">178,403</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
<tr>
<td valign="bottom">
<p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">
<font size="2">Income taxes paid (refunded)</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">(185,771</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">)</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="2">$</font>
</p>
</td>
<td valign="bottom">
<p align="right">
<font size="2">53</font>
</p>
</td>
<td valign="bottom">
<p>
<font size="1"> </font>
</p>
</td>
</tr>
</table><br/>
<p>
<font size="2"><b>12.           Capitalization:</b></font>
</p><br/><p style="margin-left:4%;">
<font size="2">The Company is capitalized entirely through
common stock with identical voting rights and rights to
liquidation. Treasury stock is recorded at cost and consists
of 162,517 shares at October 31, 2011 and at July 31,
2011.</font>
</p><br/>
<p>
<font size="2"><b>13.           Contingencies:</b></font>
</p><br/><p style="margin-left:4%;">
<font size="2">There are various lawsuits and claims pending
against the Company. It is the opinion of management that the
resolution of these matters will not have a material adverse
effect on the Company’s Condensed Consolidated Financial
Statements.</font>
</p><br/><p style="margin-left:4%;">
<font size="2">The Company was required to remove the foot
bridge over Bond Street in Brooklyn, New York by June 2012.
The removal of the foot bridge was completed in November 2011
at a cost of $309,423. These expenditures were accrued as of
July 31, 2011 and included in the audited financial
statements included in the July 31, 2011 Form 10-K.</font>
</p><br/><p style="margin-left:4%;">
<font size="2">If the Company sells, transfers, disposes of
or demolishes 25 Elm Place, Brooklyn, New York, then the
Company may be liable to create a condominium unit for the
loading dock. The necessity of creating the condominium unit
and the cost of such condominium unit cannot be determined at
this time.</font>
</p><br/>