Mays J. W. Inc. Files Q1 2025 10-Q Report

TL;DR

MAYS J W INC filed their Q1 2025 10-Q. Financials look stable.

AI Summary

Mays J. W. Inc. filed its 10-Q report for the period ending October 31, 2024. The company, an operator of nonresidential buildings, is incorporated in New York and headquartered in Brooklyn. The filing covers the first quarter of fiscal year 2025, with financial data points for common stock, additional paid-in capital, retained earnings, and treasury stock presented for the current and prior year periods.

Why It Matters

This 10-Q filing provides investors with an update on Mays J. W. Inc.'s financial position and performance for the first quarter of fiscal year 2025, crucial for understanding the company's operational health and potential.

Risk Assessment

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

Key Numbers

• Q1 2025 — Fiscal Quarter (Reporting period for the 10-Q)
• 2024-10-31 — Period End Date (The end date of the financial reporting period)
• 2024-12-12 — Filing Date (The date the report was submitted to the SEC)

Key Players & Entities

• MAYS J W INC (company) — Filer of the 10-Q report
• 2024-10-31 (date) — End of the reporting period
• 2024-12-12 (date) — Date of filing
• 0000054187 (company) — Central Index Key for MAYS J W INC
• NY (location) — State of incorporation and business address
• BROOKLYN (location) — City of business address

FAQ

Key Financial Figures

• $1 — nge on which registered Common Stock, $1 par value MAYS NASDAQ Indicate by c

Filing Documents

• mays4406351-10q.htm (10-Q) — 460KB
• mays4406351-ex311.htm (EX-31.1) — 11KB
• mays4406351-ex312.htm (EX-31.2) — 11KB
• mays4406351-ex32.htm (EX-32) — 9KB
• 0001206774-24-001105.txt ( ) — 3580KB
• mays-20241031.xsd (EX-101.SCH) — 35KB
• mays-20241031_pre.xml (EX-101.PRE) — 223KB
• mays-20241031_lab.xml (EX-101.LAB) — 281KB
• mays-20241031_cal.xml (EX-101.CAL) — 57KB
• mays-20241031_def.xml (EX-101.DEF) — 99KB
• mays4406351-10q_htm.xml (XML) — 457KB

- Financial Information

Part I - Financial Information:

Financial Statements

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

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 7-14

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 15 - 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 18

Controls and Procedures

Item 4. Controls and Procedures 18 - 19

- Other Information

Part II - Other Information:

Legal Proceedings

Item 1. Legal Proceedings 19

Risk Factors

Item 1A. Risk Factors 19

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 19

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 19

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 19

Other Information

Item 5. Other Information 19

Exhibits

Item 6. Exhibits 19

Signatures

Signatures 21 - 2 - Table of Contents

- Financial Information

Part I - Financial Information

Financial Statements

Item 1. Financial Statements J. W. MAYS, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) October 31 2024 July 31 2024 ASSETS Property and Equipment-at cost: Land $ 6,067,805 $ 6,067,805 Buildings held for leasing: Buildings, improvements, and fixtures 80,549,001 79,510,142 Construction in progress 1,808,452 2,387,207 82,357,453 81,897,349 Accumulated depreciation ( 40,247,440 ) ( 39,803,374 ) Buildings - net 42,110,013 42,093,975 Property and equipment-net 48,177,818 48,161,780 Cash and cash equivalents 2,316,114 1,243,977 Restricted cash 975,959 1,041,624 Receivables, net 3,421,635 3,582,225 Prepaids and other assets 1,693,670 3,048,044 Deferred charges, net 3,562,152 3,580,585 Operating lease right-of-use assets 28,346,470 28,866,800 TOTAL ASSETS $ 88,493,818 $ 89,525,035 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Mortgages payable, net $ 3,547,709 $ 3,874,246 Accounts payable and accrued expenses 1,880,537 2,271,963 Security deposits payable 1,043,557 1,077,964 Operating lease liabilities 24,998,221 25,309,725 Deferred income taxes 4,099,000 4,093,000 Total Liabilities 35,569,024 36,626,898 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 48,688,104 48,661,447 54,212,646 54,185,989 Common stock held in treasury, at cost - 162,517 shares at October 31, 2024 and July 31, 2024 ( 1,287,852 ) ( 1,287,852 ) Total shareholders' equity 52,924,794 52,898,137 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 88,493,818 $ 89,525,035 See Notes to Accompanying Consolidated Financial Statements - 3 - Table of Contents J. W. MAYS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended October 31 October 31 2024 2023 Revenues Rental income $ 5,539,129 $ 5,323,801 Total

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, 2024 consolidated balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. The interim financial 10-K Annual Report for the fiscal year ended July 31, 2024. 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 inte

View Full Filing

View this 10-Q filing on SEC EDGAR