MAYS J W INC Files Q3 2024 Quarterly Report

TL;DR

MAYS J W INC filed its 10-Q for Q3 2024, showing financials up to April 30.

AI Summary

MAYS J W INC filed its quarterly report on April 30, 2024, detailing its financial performance. The company, an operator of nonresidential buildings, is based in Brooklyn, NY, and has a fiscal year ending on July 31st. This filing covers the period up to April 30, 2024, and provides financial data compared to previous periods.

Why It Matters

This filing provides investors and stakeholders with an update on MAYS J W INC's financial health and operational performance for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative disclosures.

Key Numbers

• Q3 --07-31 2024 — Fiscal Quarter End (Indicates the end of the third fiscal quarter for 2024.)
• 2024-04-30 — Reporting Period End Date (The date up to which financial information is reported.)
• 2024-06-13 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• MAYS J W INC (company) — Filer of the 10-Q report
• 20240430 (date) — End of the reporting period
• 20240613 (date) — Date the report was filed
• 0731 (date) — Fiscal year end
• 9 BOND ST, BROOKLYN, NY 11201-5805 (location) — Company's business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• mays4335301-10q.htm (10-Q) — 677KB
• mays4335301-ex311.htm (EX-31.1) — 6KB
• mays4335301-ex312.htm (EX-31.2) — 6KB
• mays4335301-ex32.htm (EX-32) — 5KB
• 0001206774-24-000621.txt ( ) — 4464KB
• mays-20240430.xsd (EX-101.SCH) — 38KB
• mays-20240430_pre.xml (EX-101.PRE) — 251KB
• mays-20240430_lab.xml (EX-101.LAB) — 297KB
• mays-20240430_cal.xml (EX-101.CAL) — 63KB
• mays-20240430_def.xml (EX-101.DEF) — 123KB
• mays4335301-10q_htm.xml (XML) — 715KB

- Financial Information

Part I - Financial Information:

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets (Unaudited) – April 30, 2024 and July 31, 2023 3 Consolidated Statements of Operations (Unaudited) – Three and nine months ended April 30, 2024 and 2023 4 Consolidated Statements of Changes in Shareholders' Equity (Unaudited) – Three and nine months ended April 30, 2024 and 2023 5 Consolidated Statements of Cash Flows (Unaudited) – Nine months ended April 30, 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 - 20

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

Unregistered Sales of Equity Securities and Use of Proceeds, and Issuer Purchases of Equity Securities

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) April 30 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 78,826,842 77,703,358 Construction in progress 2,649,184 1,767,444 81,476,026 79,470,802 Accumulated depreciation ( 39,364,820 ) ( 38,123,199 ) Buildings held for leasing - net 42,111,206 41,347,603 Property and equipment-net 48,179,011 47,415,408 Cash and cash equivalents 1,171,121 1,215,921 Restricted cash 1,040,761 1,001,814 Receivables, net 3,293,416 3,044,190 Marketable securities 2,149,996 2,300,441 Prepaids and other assets 1,595,361 2,773,004 Deferred charges, net 3,617,588 3,250,700 Operating lease right-of-use assets 29,383,660 30,913,904 TOTAL ASSETS $ 90,430,914 $ 91,915,382 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Mortgages payable $ 4,197,196 $ 5,144,205 Accounts payable and accrued expenses 2,498,676 1,718,435 Security deposits payable 1,120,060 1,005,925 Operating lease liabilities 25,617,760 26,512,112 Deferred income taxes 4,068,000 4,230,000 Total Liabilities 37,501,692 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 48,692,532 49,068,015 54,217,074 54,592,557 Common stock held in treasury, at cost - 162,517 shares at April 30, 2024 and July 31, 2023 ( 1,287,852 ) ( 1,287,852 ) Total shareholders' equity 52,929,222 53,304,705 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 90,430,914 $ 91,915,382 See Notes to Accompanying Consolidated Financial Statements -3- Table of Contents J. W. MAYS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITE

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 int

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