MAYS J W INC Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>MAYS J W INC filed its quarterly report (10-Q) for the period ending January 31, 2024.</b>

AI Summary

MAYS J W INC (MAYS) filed a Quarterly Report (10-Q) with the SEC on March 14, 2024. MAYS J W INC filed a 10-Q report for the period ending January 31, 2024. The filing covers the second quarter of the fiscal year. The company's fiscal year ends on July 31st. The filing was made on March 14, 2024. The company's principal business is Operators of Nonresidential Buildings.

Why It Matters

For investors and stakeholders tracking MAYS J W INC, this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and position for the second quarter of its fiscal year. Understanding the details within this report is crucial for assessing the company's operational health and future prospects in the real estate sector.

Risk Assessment

Risk Level: low — MAYS J W INC shows low risk based on this filing. The filing is a routine quarterly report (10-Q) and does not contain any immediate red flags or significant new information that would suggest a high-risk profile.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand MAYS J W INC's performance and any potential risks or opportunities.

Key Numbers

• 2024-01-31 — Period of Report (MAYS J W INC)
• 2024-03-14 — Filed As Of Date (MAYS J W INC)
• 0731 — Fiscal Year End (MAYS J W INC)

Key Players & Entities

• MAYS J W INC (company) — Filer
• 2024-01-31 (date) — Period of Report
• 2024-03-14 (date) — Filed as of date
• 0001206774-24-000265 (filing_id) — Accession Number
• 6512 (sic_code) — Standard Industrial Classification
• NY (state) — State of Incorporation
• 7186247400 (phone) — Business Phone

FAQ

Industry Context

MAYS J W INC operates within the Nonresidential Buildings Operators sector, a segment of the broader real estate industry focused on managing and leasing commercial properties.

Regulatory Implications

As a publicly traded company, MAYS J W INC is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports on Form 10-Q.

What Investors Should Do

1. Analyze the balance sheet and income statement for the period ending January 31, 2024.
2. Review any disclosures related to significant events or changes in operations during the quarter.
3. Compare key financial metrics to previous periods to identify trends.

Key Dates

• 2024-01-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-03-14: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the quarterly report for the period ending January 31, 2024, following the previous fiscal year-end report.

Key Financial Figures

• $1 — nge on which registered Common Stock, $1 par value MAYS NASDAQ APPLICABLE ON

Filing Documents

• mays4277921-10q.htm (10-Q) — 720KB
• mays4277921-ex311.htm (EX-31.1) — 6KB
• mays4277921-ex312.htm (EX-31.2) — 6KB
• mays4277921-ex32.htm (EX-32) — 5KB
• 0001206774-24-000265.txt (&nbsp;) — 4315KB
• mays-20240131.xsd (EX-101.SCH) — 38KB
• mays-20240131_pre.xml (EX-101.PRE) — 213KB
• mays-20240131_lab.xml (EX-101.LAB) — 250KB
• mays-20240131_cal.xml (EX-101.CAL) — 65KB
• mays-20240131_def.xml (EX-101.DEF) — 119KB
• mays4277921-10q_htm.xml (XML) — 733KB

- Financial Information

Part I - Financial Information:

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets (Unaudited) – January 31, 2024 and July 31, 2023 3 Consolidated Statements of Operations (Unaudited) – Three and six months ended January 31, 2024 and 2023 4 Consolidated Statements of Changes in Shareholders' Equity (Unaudited) – Three and six months ended January 31, 2024 and 2023 5 Consolidated Statements of Cash Flows (Unaudited) – Six months ended January 31, 2024 and 2023 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7 - 15

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16 - 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 20

- Other Information

Part II - Other Information:

Legal Proceedings

Item 1. Legal Proceedings 21

Risk Factors

Item 1A. Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds , and Issuer Purchases of Equity Securities 21

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21

Other Information

Item 5. Other Information 21

Exhibits and Reports on Form 8-K

Item 6. Exhibits and Reports on Form 8-K 21

Signatures

Signatures 23 Exhibit 31 Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 31.1 - Chief Executive Officer 24 31.2 - Chief Financial Officer 25 Exhibit 32 Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350 26 -2- Table of Contents

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements J. W. MAYS, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) January 31 2024 July 31 2023 ASSETS Property and Equipment-at cost: Land $ 6,067,805 $ 6,067,805 Buildings held for leasing: Buildings, improvements, and fixtures 78,025,569 77,703,358 Construction in progress 2,276,626 1,767,444 80,302,195 79,470,802 Accumulated depreciation ( 38,935,606 ) ( 38,123,199 ) Buildings held for leasing - net 41,366,589 41,347,603 Property and equipment-net 47,434,394 47,415,408 Cash and cash equivalents 691,515 1,215,921 Restricted cash 1,055,925 1,001,814 Receivables, net 3,142,165 3,044,190 Marketable securities 2,165,087 2,300,441 Prepaids and other assets 2,492,647 2,773,004 Deferred charges, net 3,703,834 3,250,700 Operating lease right-of-use assets 29,897,097 30,913,904 TOTAL ASSETS $ 90,582,664 $ 91,915,382 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Mortgages payable $ 4,516,539 $ 5,144,205 Accounts payable and accrued expenses 1,898,342 1,718,435 Security deposits payable 1,053,901 1,005,925 Operating lease liabilities 25,920,780 26,512,112 Deferred income taxes 4,179,000 4,230,000 Total Liabilities 37,568,562 38,610,677 Shareholders' Equity: Common stock, par value $ 1 each share (shares- 5,000,000 authorized; 2,178,297 issued) 2,178,297 2,178,297 Additional paid in capital 3,346,245 3,346,245 Retained earnings 48,777,412 49,068,015 54,301,954 54,592,557 Common stock held in treasury, at cost - 162,517 shares at January 31, 2024 and July 31, 2023 ( 1,287,852 ) ( 1,287,852 ) Total shareholders' equity 53,014,102 53,304,705 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 90,582,664 $ 91,915,382 See Notes to Accompanying Consolidated Financial Statements -3- Table of Contents J. W. MAYS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Six Months Ended January 31 2024 January

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. Summary of Significant Accounting Policies : Use of Estimates 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, incremental borrowing rates and recognition of renewal options for operating lease right-of-use 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, impairment analysis of long-lived assets, 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. Basis of Presentation The interim financial statements are prepared pursuant to the instructions for reporting on Form 10-Q and Article 8 of Regulations S-X of the SEC Rules and Regulations. The July 31, 2023 consolidated 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, 2023. 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 in

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View this 10-Q filing on SEC EDGAR