| Long-Term Debt - Mortgage |
| 5. |
Long-Term Debt – Mortgage: |
| |
|
|
|
|
|
|
|
|
April 30, 2018 |
|
July 31, 2017 |
|
|
Current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual |
|
Final |
|
Due |
|
Due |
|
Due |
|
Due |
|
|
Interest |
|
Payment |
|
Within |
|
After |
|
Within |
|
After |
|
|
Rate |
|
Date |
|
One Year |
|
One Year |
|
One Year |
|
One Year |
| Bond St. building, Brooklyn, NY |
|
3.54 |
% |
|
2/1/2020 |
|
$ |
167,002 |
|
$ |
5,341,439 |
|
$ |
162,569 |
|
$ |
5,467,110 |
| Less: Deferred financing costs |
|
|
|
|
|
|
|
– |
|
|
40,048 |
|
|
– |
|
|
57,202 |
| Total |
|
|
|
|
|
|
$ |
167,002 |
|
$ |
5,301,391 |
|
$ |
162,569 |
|
$ |
5,409,908 |
| |
On January 9, 2015, the Company refinanced its loan with a bank for $6,000,000, which included the outstanding balance as of January 2015 in the amount of $5,347,726 and an additional borrowing of $652,274. The loan is for a period of five years with a payment based on a twenty-five year amortization period. The interest rate for this period is fixed at 3.54% per annum. The mortgage loan is secured by the Bond Street building in Brooklyn, New York. |
|