Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019 | Sep. 15, 2019 | Dec. 28, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | BOWL AMERICA INC | ||
Entity Central Index Key | 0000013573 | ||
Trading Symbol | bwla | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Public Float | $ 39 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 1,414,517 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 3,746,454 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2019 | Jul. 01, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents (Note 2) | $ 269,844 | $ 1,008,433 |
Short-term investments (Note 3) | 433,249 | 333,029 |
Marketable investment securities (Note 3) | 7,029,916 | 6,641,650 |
Inventories | 518,121 | 490,456 |
Prepaid expenses and other | 740,476 | 760,561 |
Income taxes refundable | 441,402 | 192,298 |
TOTAL CURRENT ASSETS | 9,433,008 | 9,426,427 |
LAND, BUILDINGS & EQUIPMENT, net (Note 4) | 18,141,526 | 18,698,651 |
OTHER ASSETS: | ||
Cash surrender value-life insurance | 747,102 | 717,733 |
Other | 67,315 | 66,315 |
TOTAL OTHER ASSETS | 814,417 | 784,048 |
TOTAL ASSETS | 28,388,951 | 28,909,126 |
CURRENT LIABILITIES: | ||
Accounts payable | 820,491 | 806,487 |
Accrued expenses | 1,032,823 | 1,107,226 |
Dividends payable | 903,170 | 877,365 |
Other current liabilities | 308,794 | 305,236 |
TOTAL CURRENT LIABILITIES | 3,065,278 | 3,096,314 |
LONG-TERM DEFERRED COMPENSATION | 17,440 | |
DEFERRED INCOME TAXES (Note 7) | 1,403,507 | 1,311,697 |
TOTAL LIABILITIES | 4,468,785 | 4,425,451 |
COMMITMENTS AND CONTINGENCIES (Note 5) | ||
STOCKHOLDERS' EQUITY (Note 8) | ||
Preferred stock, par value $10 a share: Authorized and unissued, 2,000,000 shares | ||
Additional paid-in capital | 7,854,108 | 7,854,108 |
Accumulated other comprehensive earnings- Unrealized gain on available-for-sale securities, net of tax | 2,102,745 | |
Retained earnings | 15,549,961 | 14,010,725 |
TOTAL STOCKHOLDERS'EQUITY | 23,920,166 | 24,483,675 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 28,388,951 | 28,909,126 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY (Note 8) | ||
Common Stock | 374,645 | 374,645 |
Common Class B [Member] | ||
STOCKHOLDERS' EQUITY (Note 8) | ||
Common Stock | $ 141,452 | $ 141,452 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2019 | Jul. 01, 2018 |
Preferred stock, par value (in dollars per share) | $ 10 | $ 10 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common Class A [Member] | ||
Common stock, shares issued (in shares) | 3,746,454 | 3,746,454 |
Common stock, shares outstanding (in shares) | 3,746,454 | 3,746,454 |
Common Class B [Member] | ||
Common stock, shares issued (in shares) | 1,414,517 | 1,414,517 |
Common stock, shares outstanding (in shares) | 1,414,517 | 1,414,517 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Earnings - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jul. 01, 2018 | |
Operating revenue | $ 24,418,626 | $ 24,770,884 |
Employee compensation and benefits | 11,073,710 | 10,890,744 |
Depreciation and amortization | 982,760 | 946,106 |
General and administrative | 948,112 | 835,988 |
Total Operating Expense | 21,202,166 | 20,751,639 |
(Loss) gain on disposal of land, buildings and equipment | (1,359) | (3,306) |
Operating Income | 3,215,101 | 4,015,939 |
Interest, dividend and other income | 403,534 | 387,531 |
Change in value of investments | 331,149 | |
Earnings before provision for income taxes | 3,949,784 | 4,403,470 |
Provision for income taxes (Note 7) | ||
Current | 808,802 | 1,197,410 |
Deferred | 91,810 | (579,925) |
Total Provision for Income Taxes | 900,612 | 617,485 |
Net Earnings | $ 3,049,172 | $ 3,785,985 |
Earnings per share-basic & diluted (in dollars per share) | $ 0.59 | $ 0.73 |
Weighted average shares outstanding (in shares) | 5,160,971 | 5,160,971 |
Dividends paid | $ 3,586,876 | $ 3,509,460 |
Net earnings | 3,049,172 | 3,785,985 |
Other comprehensive earnings- net of tax | ||
Unrealized (loss) gain on available-for–sale securities net of tax (benefit) of ($135,137) | (375,723) | |
Reclassification adjustment for (gain) loss included in Net Income, net of tax (benefit) of $2,167 | (3,520) | |
Comprehensive earnings | $ 3,049,172 | $ 3,406,742 |
Common Class A [Member] | ||
Provision for income taxes (Note 7) | ||
Per share, dividends paid (in dollars per share) | $ 0.695 | $ 0.68 |
Common Class B [Member] | ||
Provision for income taxes (Note 7) | ||
Per share, dividends paid (in dollars per share) | $ 0.695 | $ 0.68 |
Bowling and Other [Member] | ||
Operating revenue | $ 17,140,472 | $ 17,486,194 |
Cost of goods and services sold | 6,084,067 | 5,890,052 |
Food, Beverage, and Merchandise [Member] | ||
Operating revenue | 7,278,154 | 7,284,690 |
Cost of goods and services sold | $ 2,113,517 | $ 2,188,749 |
Consolidated Statements of Ea_2
Consolidated Statements of Earnings and Comprehensive Earnings (Parentheticals) | 12 Months Ended |
Jul. 01, 2018USD ($) | |
Unrealized gain (loss) on available-for-sale securities tax | $ (135,137) |
Reclassification adjustment for gain tax | $ 2,167 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Jul. 02, 2017 | 3,746,454 | 1,414,517 | ||||
Balance at Jul. 02, 2017 | $ 374,645 | $ 141,452 | $ 7,854,108 | $ 2,481,988 | $ 13,734,200 | |
Cash dividends paid | (2,632,095) | |||||
Accrued dividends declared and payable | (877,365) | |||||
Change in unrealized gain on available-for- sale securities (shown net of tax) | (375,723) | $ (375,723) | ||||
Reclassification adjustment for loss (gain) included in Net Income, net of tax (benefit) | (3,520) | (3,520) | ||||
Net earnings for the year | 3,785,985 | 3,785,985 | ||||
Balance (in shares) at Jul. 01, 2018 | 3,746,454 | 1,414,517 | ||||
Balance at Jul. 01, 2018 | $ 374,645 | $ 141,452 | 7,854,108 | 2,102,745 | 14,010,725 | 24,483,675 |
Reclassification of unrealized gain on available-for-sale securities from other comprehensive income to retained earnings | 2,102,745 | |||||
Balance (in shares) at Jul. 01, 2018 | 3,746,454 | 1,414,517 | ||||
Balance at Jul. 01, 2018 | $ 374,645 | $ 141,452 | 7,854,108 | 2,102,745 | 14,010,725 | 24,483,675 |
Cash dividends paid | (2,709,511) | |||||
Accrued dividends declared and payable | (903,170) | |||||
Change in unrealized gain on available-for- sale securities (shown net of tax) | ||||||
Reclassification adjustment for loss (gain) included in Net Income, net of tax (benefit) | ||||||
Net earnings for the year | 3,049,172 | 3,049,172 | ||||
Reclassification of unrealized gain on available-for-sale securities from other comprehensive income to retained earnings | (2,102,745) | 2,102,745 | ||||
Balance (in shares) at Jun. 30, 2019 | 3,746,454 | 1,414,517 | ||||
Balance at Jun. 30, 2019 | $ 374,645 | $ 141,452 | $ 7,854,108 | $ 15,549,961 | $ 23,920,166 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jul. 01, 2018 | |
Cash Flows From Operating Activities | ||
Net earnings | $ 3,049,172 | $ 3,785,985 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 982,760 | 946,106 |
Increase in deferred income tax | 91,810 | 68,814 |
Unrealized gain on marketable investment securities | (331,149) | |
Reduction in deferred income tax from Tax Act | (651,807) | |
Loss (gain) on disposition of assets-net | 1,359 | 3,306 |
(Gain) loss on sale of available-for-sale securities | (8,531) | |
Changes in assets and liabilities | ||
(Increase) decrease in inventories | (27,665) | 44,285 |
Decrease (increase) in prepaid and other | 19,085 | (106,406) |
Increase in income taxes refundable | (249,104) | (192,298) |
Increase in accounts payable | 14,004 | 132,701 |
(Decrease) increase in accrued expenses | (74,403) | 37,558 |
Decrease in income taxes payable | (22,543) | |
Increase (decrease) in other current liabilities | 3,558 | (37,088) |
Decrease in long-term deferred compensation | (17,440) | (973) |
Net cash provided by operating activities | 3,461,987 | 3,999,109 |
Cash Flows From Investing Activities | ||
Expenditures for land, building and equipment | (426,994) | (787,285) |
Net (purchases) sales and maturities of short-term investments | (100,220) | (199,106) |
Purchases of marketable securities | (57,117) | (55,621) |
Proceeds from sale of marketable securities | 1,000,000 | |
Increase in cash surrender value | (29,369) | (43,875) |
Net cash used in investing activities | (613,700) | (85,887) |
Cash Flows From Financing Activities | ||
Payment of cash dividends | (3,586,876) | (3,509,460) |
Net cash used in financing activities | (3,586,876) | (3,509,460) |
Net Change in Cash and Equivalents | (738,589) | 403,762 |
Cash and Equivalents, Beginning of period | 1,008,433 | 604,671 |
Cash and Equivalents, End of period | 269,844 | 1,008,433 |
Supplemental Disclosures of Cash Flow Information Cash Paid During the Period for: | ||
Income taxes | $ 1,050,000 | $ 1,411,000 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Organization Bowl America Incorporated is currently engaged in the operation of 17 Nine one four three 17 682 one Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiary corporations. All significant inter-company items have been eliminated in the consolidated financial statements. Fiscal Year The Company's fiscal year ends on the Sunday nearest to June 30. Fiscal year 2019 ended June 30, 2019, and fiscal year 2018 ended July 1, 2018. Fiscal years 2019 and 2018 each consisted of 52 weeks. Subsequent Events The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission on September 26, 2019. In August 2019 the Company redeemed $1,000,000 of its federal agency mortgage backed securities (Vanguard GNMA fund) to meet the August 2019 dividend payment. Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Significant estimates include depreciation expense, cash surrender value of officers' life insurance, the Federal and State income taxes (current and deferred), and market assumptions used in estimating the fair value of certain assets such as marketable securities and long-lived assets. Revenue recognition policy The Company’s performance obligations are generally limited to providing bowling services and food and beverage products at its centers. The obligations are generally incurred and satisfied in the same business day with payment received at the time the obligation is satisfied. Revenue is recognized at the time the performance obligation is satisfied, which generally occurs when the customer pays for games already bowled or receives their food or beverage order. Merchandise sales are recorded as revenue when the merchandise is provided to the customer which generally is also the time payment is received. Merchandise can be returned 30 days from purchase for a full refund. Historically, merchandise returns have been minimal. The Company does occasionally incur contractual obligations for group events that may either be prepaid or billed following the event as well as obligations for gift cards. Any prepayments for bowling events and for the sale of gift cards are recorded as deferred revenue. Revenue from gift cards are recognized as the gift card holder purchases services and expends the prepayment amount on the card. The gift cards have no expiration date. Any events that are billed subsequent to occurrence are recognized as revenue when the event has completed. The Company has $78,222 of billed and uncollected receivables related to events that have occurred which are included in Prepaid expenses and other on the accompanying consolidated balance sheet. Prepaid gift cards and prepaid events totaled $185,392 and are included in accrued expenses on the accompanying consolidated balance sheet. Depreciation and Amortization Depreciation and amortization for financial statement purposes are calculated by use of the straight-line method. Amortization of leasehold improvements is calculated over the estimated useful life of the asset or term of the lease, whichever is shorter. The categories of property, plant, and equipment and the ranges of estimated useful lives on which depreciation and amortization rates are based are as follows: years Bowling lanes and equipment 3 - 10 Building and building improvements 10 - 39 Leasehold improvements 5 - 15 Amusement games 3 - 5 Maintenance and repairs and minor replacements are charged to expense when incurred. Major replacements and betterments are capitalized. The accounts are adjusted for the sale or other disposition of property, and the resulting gain or loss is credited or charged to income. Impairment of Long-Lived Assets The Company reviews long-lived assets whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In making such evaluations, the Company compares the expected future cash flows to the carrying amount of the assets. An impairment loss, equal to the difference between the assets' fair value and carrying value, is recognized when the estimated undiscounted future cash flows are less than the carrying amount. Dividends It is the Company's policy to accrue a dividend liability at the time the dividends are declared. Advertising Expense It is the Company's policy to expense advertising expenditures as they are incurred. The Company's advertising expenses for the years ending June 30, 2019, and July 1, 2018, were $361,744 and $311,090, respectively. Inventories Inventories are stated at the lower of cost ( first -in, first -out method) or market. Inventories consist of resale merchandise including food and beverage and bowling supplies. Income Taxes Deferred income tax liabilities and assets are based on the differences between the financial statement and tax bases of assets and liabilities, using tax rates currently in effect. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. Investment Securities All of the Company's readily marketable debt and equity securities are classified as available-for-sale. Accordingly, these securities are recorded at fair value with any unrealized gains and losses excluded from earnings and reported, net of deferred taxes, within a separate component of stockholders' equity until realized. Realized gains or losses on the sale of debt and equity securities are reported in earnings and determined using the adjusted cost of the specific security sold. Earnings Per Share Earnings per share basic and diluted, have been calculated using the weighted average number of shares of Class A and Class B common stock outstanding of 5,160,971 , for both fiscal years 2019 and 2018. Comprehensive Earnings A consolidated statement of comprehensive earnings reflecting the aggregation of net earnings and unrealized gain or loss on available-for-sale securities, the Company's principal components of other comprehensive earnings, has been presented for the year ended July 1, 2018. Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company considers money market funds and certificates of deposits, with original maturities of three months or less to be cash equivalents. The Company maintains cash accounts which may exceed federally insured limits during the year, but does not believe that this results in any significant credit risk. Other Current Liabilities Other current liabilities include prize fund monies held by the Company for bowling leagues. The funds are returned to the leagues at the end of the league bowling season. At June 30, 2019 and July 1, 2018 other current liabilities included $300,920 and $296,774, respectively, in prize fund monies. Reclassifications Certain previous year amounts have been reclassified to conform with the current year presentation. New Accounting Standards In January 2016, the Financial Accounting Standards Board (FASB) issued guidance on equity securities that requires entities to recognize changes in unrealized gains and losses on equity securities in income in the current period unless the entity is recording the related investment under the equity method or consolidating the related entity. The Company adopted this standard effective July 2, 2018. The result was the reclassification of $2,102,745 (after adoption of ASU 2018 - 02 ) from accumulated other comprehensive income to retained earnings. The Company also reclassified all of its marketable equity securities as current assets on consolidated balance sheet. The following table summarizes the impact of the adoption on accumulated other comprehensive earnings and retained earnings: Amount Accumulated other comprehensive earnings, 7/2/2018 $ 2,102,745 Reclassification to retained earnings of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax $1,394,695 (2,102,745 ) Accumulated other comprehensive earnings as adjusted, 7/2/2018 - Retained earnings, 7/2/2018 14,010,725 Reclassification from accumulated other comprehensive income of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax, $1,394,695 2,102,745 Retained earnings as adjusted, 7/2/2018 $ 16,113,470 In February 2016, the FASB issued guidance on leases which requires entities to recognize right-of-use assets and lease liabilities on the balance sheet for the rights and obligations created by all leases, including operating leases, with terms of more than 12 months. The new guidance also requires additional disclosures on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. This amendment is effective for the Company’s fiscal year ending June 2020 with early adoption permitted. The Company has estimated that the adoption of this guidance will result in a right to use asset of $1,978,000 and a corresponding lease liability for the same amount being recorded on July 1, 2019. The adoption is expected to be done on a modified retrospective basis with no adjustments made to periods prior to July 1, 2019. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014 - 09, Revenue from Contracts with Customers (“ASU 2014 - 09” ), which creates a single, comprehensive revenue recognition model for all contracts with customers. Under this ASU and subsequently issued amendments, an entity should recognize revenue to reflect the transfer of promised goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods and services. ASU 2014 - 9 may be adopted either retrospectively or on a modified retrospective basis. The standard is effective for interim and annual reporting periods beginning after December 15, 2017. The FASB permits early adoption of the standard, but not before the original effective date of December 15, 2016. The Company adopted the standard for its 2019 fiscal year. The impact of adopting the standard was not material. In August 2018, the FASB issued ASU No. 2018 - 13, Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . As part of the FASB's disclosure framework project, it has eliminated, amended and added disclosure requirements for fair value measurements. Entities will no longer be required to disclose the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy, the policy of timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. Public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2019. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company does not believe it will materially impact the disclosures. |
Note 2 - Cash and Cash Equivale
Note 2 - Cash and Cash Equivalents | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 2. Cash and cash equivalents consisted of the following: Ju ne 30 , 201 9 July 1, 2018 Demand deposits and cash on hand $ 187,673 $ 543,932 Money market funds 82,171 464,501 Cash and Cash Equivalents $ 269,844 $ 1,008,433 The account balances at times exceed federally insured limits. The Company does not |
Note 3 - Investments
Note 3 - Investments | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. The Company’s investments are categorized as available-for sale. The cost for marketable securities was determined using the specific identification method. The fair values of marketable investment securities are based on the quoted market price for those securities. At June 30, 2019, three one $433,249. July 1, 2018, three one $2,157,875. July 1, 2018 June 30, 2019, July 1, 2018, As of June 30, 2019, $8,162 $1,929,575. July 1, 2018, $39,450 $1,824,846. August 2019 $1,000,000 August 2019 The Company’s investments were as follows: Original Cost Unrealized Gain Unrealized Loss Fair Value June 30, 2019 Equity securities $ 1,279,914 $ 3,837,143 $ (16,716 ) $ 5,100,341 Mutual fund 1,921,413 8,162 - 1,929,575 Certificates of deposits & Treasury bills 433,249 - - 433,249 July 1, 2018 Equity securities $ 1,279,914 $ 3,545,288 $ (8,398 ) $ 4,816,804 Mutual fund 1,864,296 - (39,450 ) 1,824,846 Certificates of deposits 333,029 - - 333,029 During fiscal 2019 2018, $16,716 $8,398 Less than 12 months 12 Months or greater Total June 30, 2019 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity securities $ 51,720 $ (6,523 ) $ 525 $ (10,193 ) $ 52,245 $ (16,716 ) Less than 12 months 12 Months or greater Total July 1, 2018 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity securities $ 711 $ (479 ) $ 1,608 $ (7,919 ) $ 2,319 $ (8,398 ) The equity securities portfolio includes the following stocks: AT&T shares 82,112 Manulife shares 2,520 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 CenturyLink shares 4,398 Frontier Communications shares 300 Sprint shares 40,000 Verizon shares 31,904 Windstream shares 135 Uniti shares 815 In February 2019 11 On May 25, 2018, 1 5 135 July 10, 2017 1 15 300 As stated in Note 1, three Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The fair value of these assets as of June 30, 2019 Quoted Significant Unrealized Cumulative Price for Other Significant gains/(losses) Unrealized Identical Observable Unobservable for the gains/(losses) Assets Inputs Inputs Year Ended as of Description (Level 1) (Level 2) (Level 3) June 30, 2019 June 30, 2019 Equity securities $ 5,100,341 $ - $ - $ 283,537 $ 3,820,427 Mutual fund 1,929,575 - - 47,612 8,162 Certificates of deposits - 433,249 - - - TOTAL $ 7,029,916 $ 433,249 - $ 331,149 $ 3,828,589 The fair value of these assets as of July 1, 2018 Quoted Significant Unrealized Cumulative Price for Other Significant gains/(losses) Unrealized Identical Observable Unobservable for the gains/(losses) Assets Inputs Inputs Year Ended as of Description (Level 1) (Level 2) (Level 3) July 1, 2018 July 1, 2018 Equity securities $ 4,816,804 $ - $ - $ (455,514 ) $ 3,536,890 Mutual fund 1,824,846 - - (62,572 ) (39,450 ) Certificates of deposits - 333,029 - - - TOTAL $ 6,641,650 $ 333,029 - $ (518,086 ) $ 3,497,440 The fair value of certificates of deposits is estimated using net present value techniques and comparing the values to certificates with similar terms. |
Note 4 - Land, Buildings, and E
Note 4 - Land, Buildings, and Equipment | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Land, buildings, and equipment, at cost, consisted of the following: Ju ne 30 , 20 1 9 July 1, 2018 Buildings $ 18,666,152 $ 18,666,152 Leasehold and building improvements 8,241,896 8,223,932 Bowling lanes and equipment 22,369,204 22,490,960 Land 10,510,308 10,510,308 Amusement games 16,078 17,519 Bowling lanes and equipment not yet in use 44,296 53,803 Total Land, Buildings, and Equipment 59,847,934 59,962,674 Less accumulated depreciation and amortization 41,706,408 41,264,023 Land, Buildings, and Equipment, net $ 18,141,526 $ 18,698,651 Depreciation and amortization expense for buildings and equipment for fiscal years 2019 2018 $982,760, $946,106, not and equipment not not |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 5. Lease Commitments The Company and its subsidiaries are obligated under long-term real estate lease agreements for two At June 30, 2019, Year Ending 2020 $ 258,416 2021 236,999 2022 236.999 2023 236,999 2024 236,999 Thereafter 1,319,708 Total minimum lease payments $ 2,526,120 Net rent expense was as follows: For the Years Ended Ju ne 30, 201 9 July 1, 2018 Minimum rent under operating leases $ 318,000 $ 318,000 Excess percentage rents - - Net rent expense $ 318,000 $ 318,000 Purchase Commitments The Company's purchase commitments at June 30, 2019 |
Note 6 - Profit-sharing and ESO
Note 6 - Profit-sharing and ESOP Plan | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. The Company has two first December 29 one one thousand June 30, 2019 July 1, 2018, $96,000 $113,000, Effective March 31, 1987, one thousand more hours of service during that fiscal year. The ESOP plan provides for Company contributions as determined by the Board of Directors. The Company contributed $96,000 2019 $113,000 2018. no |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. The Company is required to analyze all material positions it has taken or plans to take in all tax returns that have been filed or should have been filed with all taxing authorities for all years still subject to challenge by those taxing authorities. If the position taken is “more-likely-than- not” 50% The Company had no June 30, 2019 twelve No June 28, 2015 On December 22, 2017, 35 21 January 1, 2018. 21 2019 2018, 27.5 During the second 2018, $604,190 $604,190 July 1, 2018, $651,807 $.13 The significant components of the Company's deferred tax assets and liabilities were as follows: Ju ne 30 , 2019 July 1, 2018 Deferred tax assets: Other $ 7,307 $ 20,723 Total deferred tax assets 7,307 20,723 Deferred tax liabilities: Land, buildings, and equipment 447,848 418,254 Unrealized gain on available- for-sale securities 964,828 905,056 Prepaid expenses and other (1,862 ) 9,110 Total deferred tax liabilities 1,410,814 1,332,420 Net deferred income taxes $ 1,403,507 $ 1,311,697 Income tax expense differs from the amounts computed by applying the U.S. Federal income tax rate to income before tax for the following reasons: For the Years Ended 2019 2018 Taxes computed at statutory rate 21.0 % 27.5 % State income taxes, net of Federal income tax benefit 3.8 3.6 Dividends received exclusion (0.9 ) (1.0 ) Tax rate adjustment for change in tax law - (14.8 ) All other net (1.2 ) (1.3 ) Net effective rate 22.7 % 14.0 % |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. The Class A shares have one may ten At June 30, 2019, July 1, 2018, $34,799 2% 2.5% three 2017 2018. |
Note 9 - Deferred Compensation
Note 9 - Deferred Compensation | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | 9. At June 30, 2019 no July 1, 2018, $19,431. July 1, 2018, $1,991 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiary corporations. All significant inter-company items have been eliminated in the consolidated financial statements. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year The Company's fiscal year ends on the Sunday nearest to June 30. 2019 June 30, 2019, 2018 July 1, 2018. 2019 2018 52 |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission on September 26, 2019. August 2019 $1,000,000 August 2019 |
Use of Estimates, Policy [Policy Text Block] | Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may |
Revenue [Policy Text Block] | Revenue recognition policy The Company’s performance obligations are generally limited to providing bowling services and food and beverage products at its centers. The obligations are generally incurred and satisfied in the same business day with payment received at the time the obligation is satisfied. Revenue is recognized at the time the performance obligation is satisfied, which generally occurs when the customer pays for games already bowled or receives their food or beverage order. Merchandise sales are recorded as revenue when the merchandise is provided to the customer which generally is also the time payment is received. Merchandise can be returned 30 The Company does occasionally incur contractual obligations for group events that may no $78,222 $185,392 |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Amortization Depreciation and amortization for financial statement purposes are calculated by use of the straight-line method. Amortization of leasehold improvements is calculated over the estimated useful life of the asset or term of the lease, whichever is shorter. The categories of property, plant, and equipment and the ranges of estimated useful lives on which depreciation and amortization rates are based are as follows: years Bowling lanes and equipment 3 - 10 Building and building improvements 10 - 39 Leasehold improvements 5 - 15 Amusement games 3 - 5 Maintenance and repairs and minor replacements are charged to expense when incurred. Major replacements and betterments are capitalized. The accounts are adjusted for the sale or other disposition of property, and the resulting gain or loss is credited or charged to income. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company reviews long-lived assets whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In making such evaluations, the Company compares the expected future cash flows to the carrying amount of the assets. An impairment loss, equal to the difference between the assets' fair value and carrying value, is recognized when the estimated undiscounted future cash flows are less than the carrying amount. |
Dividends [Policy Text Block] | Dividends It is the Company's policy to accrue a dividend liability at the time the dividends are declared. |
Advertising Cost [Policy Text Block] | Advertising Expense It is the Company's policy to expense advertising expenditures as they are incurred. The Company's advertising expenses for the years ending June 30, 2019, July 1, 2018, $361,744 $311,090, |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost ( first first |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income tax liabilities and assets are based on the differences between the financial statement and tax bases of assets and liabilities, using tax rates currently in effect. A valuation allowance is provided when it is more likely than not not |
Investment, Policy [Policy Text Block] | Investment Securities All of the Company's readily marketable debt and equity securities are classified as available-for-sale. Accordingly, these securities are recorded at fair value with any unrealized gains and losses excluded from earnings and reported, net of deferred taxes, within a separate component of stockholders' equity until realized. Realized gains or losses on the sale of debt and equity securities are reported in earnings and determined using the adjusted cost of the specific security sold. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Earnings per share basic and diluted, have been calculated using the weighted average number of shares of Class A and Class B common stock outstanding of 5,160,971 2019 2018. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Earnings A consolidated statement of comprehensive earnings reflecting the aggregation of net earnings and unrealized gain or loss on available-for-sale securities, the Company's principal components of other comprehensive earnings, has been presented for the year ended July 1, 2018. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, the Company considers money market funds and certificates of deposits, with original maturities of three may not |
Other Current Liabilities [Policy Text Block] | Other Current Liabilities Other current liabilities include prize fund monies held by the Company for bowling leagues. The funds are returned to the leagues at the end of the league bowling season. At June 30, 2019 July 1, 2018 $300,920 $296,774, |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain previous year amounts have been reclassified to conform with the current year presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards In January 2016, July 2, 2018. $2,102,745 2018 02 The following table summarizes the impact of the adoption on accumulated other comprehensive earnings and retained earnings: Amount Accumulated other comprehensive earnings, 7/2/2018 $ 2,102,745 Reclassification to retained earnings of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax $1,394,695 (2,102,745 ) Accumulated other comprehensive earnings as adjusted, 7/2/2018 - Retained earnings, 7/2/2018 14,010,725 Reclassification from accumulated other comprehensive income of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax, $1,394,695 2,102,745 Retained earnings as adjusted, 7/2/2018 $ 16,113,470 In February 2016, 12 June 2020 $1,978,000 July 1, 2019. no July 1, 2019. In May 2014, No. 2014 09, 2014 09” goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods and services. ASU 2014 9 may December 15, 2017. not December 15, 2016. 2019 not In August 2018, No. 2018 13, Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement no 1 2 3 3 December 15, 2019. not |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Depreciation and Amortization Rates [Table Text Block] | years Bowling lanes and equipment 3 - 10 Building and building improvements 10 - 39 Leasehold improvements 5 - 15 Amusement games 3 - 5 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Amount Accumulated other comprehensive earnings, 7/2/2018 $ 2,102,745 Reclassification to retained earnings of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax $1,394,695 (2,102,745 ) Accumulated other comprehensive earnings as adjusted, 7/2/2018 - Retained earnings, 7/2/2018 14,010,725 Reclassification from accumulated other comprehensive income of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax, $1,394,695 2,102,745 Retained earnings as adjusted, 7/2/2018 $ 16,113,470 |
Note 2 - Cash and Cash Equiva_2
Note 2 - Cash and Cash Equivalents (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | Ju ne 30 , 201 9 July 1, 2018 Demand deposits and cash on hand $ 187,673 $ 543,932 Money market funds 82,171 464,501 Cash and Cash Equivalents $ 269,844 $ 1,008,433 |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Original Cost Unrealized Gain Unrealized Loss Fair Value June 30, 2019 Equity securities $ 1,279,914 $ 3,837,143 $ (16,716 ) $ 5,100,341 Mutual fund 1,921,413 8,162 - 1,929,575 Certificates of deposits & Treasury bills 433,249 - - 433,249 July 1, 2018 Equity securities $ 1,279,914 $ 3,545,288 $ (8,398 ) $ 4,816,804 Mutual fund 1,864,296 - (39,450 ) 1,824,846 Certificates of deposits 333,029 - - 333,029 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 months 12 Months or greater Total June 30, 2019 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity securities $ 51,720 $ (6,523 ) $ 525 $ (10,193 ) $ 52,245 $ (16,716 ) Less than 12 months 12 Months or greater Total July 1, 2018 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity securities $ 711 $ (479 ) $ 1,608 $ (7,919 ) $ 2,319 $ (8,398 ) |
Schedule Of Telecommunications Stocks Held [Table Text Block] | AT&T shares 82,112 Manulife shares 2,520 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 CenturyLink shares 4,398 Frontier Communications shares 300 Sprint shares 40,000 Verizon shares 31,904 Windstream shares 135 Uniti shares 815 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Quoted Significant Unrealized Cumulative Price for Other Significant gains/(losses) Unrealized Identical Observable Unobservable for the gains/(losses) Assets Inputs Inputs Year Ended as of Description (Level 1) (Level 2) (Level 3) June 30, 2019 June 30, 2019 Equity securities $ 5,100,341 $ - $ - $ 283,537 $ 3,820,427 Mutual fund 1,929,575 - - 47,612 8,162 Certificates of deposits - 433,249 - - - TOTAL $ 7,029,916 $ 433,249 - $ 331,149 $ 3,828,589 Quoted Significant Unrealized Cumulative Price for Other Significant gains/(losses) Unrealized Identical Observable Unobservable for the gains/(losses) Assets Inputs Inputs Year Ended as of Description (Level 1) (Level 2) (Level 3) July 1, 2018 July 1, 2018 Equity securities $ 4,816,804 $ - $ - $ (455,514 ) $ 3,536,890 Mutual fund 1,824,846 - - (62,572 ) (39,450 ) Certificates of deposits - 333,029 - - - TOTAL $ 6,641,650 $ 333,029 - $ (518,086 ) $ 3,497,440 |
Note 4 - Land, Buildings, and_2
Note 4 - Land, Buildings, and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Ju ne 30 , 20 1 9 July 1, 2018 Buildings $ 18,666,152 $ 18,666,152 Leasehold and building improvements 8,241,896 8,223,932 Bowling lanes and equipment 22,369,204 22,490,960 Land 10,510,308 10,510,308 Amusement games 16,078 17,519 Bowling lanes and equipment not yet in use 44,296 53,803 Total Land, Buildings, and Equipment 59,847,934 59,962,674 Less accumulated depreciation and amortization 41,706,408 41,264,023 Land, Buildings, and Equipment, net $ 18,141,526 $ 18,698,651 |
Note 5 - Commitments and Cont_2
Note 5 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year Ending 2020 $ 258,416 2021 236,999 2022 236.999 2023 236,999 2024 236,999 Thereafter 1,319,708 Total minimum lease payments $ 2,526,120 |
Schedule of Rent Expense [Table Text Block] | For the Years Ended Ju ne 30, 201 9 July 1, 2018 Minimum rent under operating leases $ 318,000 $ 318,000 Excess percentage rents - - Net rent expense $ 318,000 $ 318,000 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Ju ne 30 , 2019 July 1, 2018 Deferred tax assets: Other $ 7,307 $ 20,723 Total deferred tax assets 7,307 20,723 Deferred tax liabilities: Land, buildings, and equipment 447,848 418,254 Unrealized gain on available- for-sale securities 964,828 905,056 Prepaid expenses and other (1,862 ) 9,110 Total deferred tax liabilities 1,410,814 1,332,420 Net deferred income taxes $ 1,403,507 $ 1,311,697 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended 2019 2018 Taxes computed at statutory rate 21.0 % 27.5 % State income taxes, net of Federal income tax benefit 3.8 3.6 Dividends received exclusion (0.9 ) (1.0 ) Tax rate adjustment for change in tax law - (14.8 ) All other net (1.2 ) (1.3 ) Net effective rate 22.7 % 14.0 % |
Note 1 - Organization and Sig_3
Note 1 - Organization and Significant Accounting Policies (Details Textual) | Jul. 02, 2018USD ($) | Aug. 31, 2019USD ($) | Jun. 30, 2019USD ($)shares | Jul. 01, 2018USD ($)shares | Jul. 01, 2019USD ($) |
Number of Stores | 17 | ||||
Number of Lanes in Operation | 682 | ||||
Number of Operating Segments | 1 | ||||
Advertising Expense | $ 361,744 | $ 311,090 | |||
Weighted Average Number of Shares Outstanding, Basic and Diluted | shares | 5,160,971 | 5,160,971 | |||
Other Liabilities, Current, Total | $ 308,794 | $ 305,236 | |||
Reclassification from Accumulated Other Comprehensive Income to Retained Earnings Related to Equity Securities | $ 2,102,745 | ||||
Prize Fund Monies [Member] | |||||
Other Liabilities, Current, Total | 300,920 | $ 296,774 | |||
Prepaid Expenses and Other Current Assets [Member] | |||||
Contract with Customer, Asset, Net, Current, Total | 78,222 | ||||
Accrued Liabilities, Current [Member] | |||||
Contract with Customer, Liability, Current | $ 185,392 | ||||
Subsequent Event [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 1,978,000 | ||||
Operating Lease, Liability, Total | $ 1,978,000 | ||||
Subsequent Event [Member] | Mutual Fund [Member] | |||||
Redemption of Securities to Meet Dividend Payment | $ 1,000,000 | ||||
Washington DC [Member] | |||||
Number of Stores | 9 | ||||
Baltimore Maryland [Member] | |||||
Number of Stores | 1 | ||||
Richmond, Virginia [Member] | |||||
Number of Stores | 4 | ||||
Jacksonville, Florida [Member] | |||||
Number of Stores | 3 |
Note 1 - Organization and Sig_4
Note 1 - Organization and Significant Accounting Policies - Depreciation and Amortization Rates (Details) | 12 Months Ended |
Jun. 30, 2019 | |
Bowling Lanes and Equipment [Member] | Minimum [Member] | |
Property, Plant, and Equipment, Useful Life (Year) | 3 years |
Bowling Lanes and Equipment [Member] | Maximum [Member] | |
Property, Plant, and Equipment, Useful Life (Year) | 10 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant, and Equipment, Useful Life (Year) | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant, and Equipment, Useful Life (Year) | 39 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant, and Equipment, Useful Life (Year) | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant, and Equipment, Useful Life (Year) | 15 years |
Amusement Games [Member] | Minimum [Member] | |
Property, Plant, and Equipment, Useful Life (Year) | 3 years |
Amusement Games [Member] | Maximum [Member] | |
Property, Plant, and Equipment, Useful Life (Year) | 5 years |
Note 1 - Organization and Sig_5
Note 1 - Organization and Significant Accounting Policies - Impact of Adoption on AOCI and Retained Earnings (Details) - USD ($) | Jun. 30, 2019 | Jul. 02, 2018 | Jul. 01, 2018 | Jul. 02, 2017 |
Balance | $ 23,920,166 | $ 24,483,675 | ||
AOCI Attributable to Parent [Member] | ||||
Balance | 2,102,745 | $ 2,481,988 | ||
Retained Earnings [Member] | ||||
Balance | $ 15,549,961 | $ 14,010,725 | $ 13,734,200 | |
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | ||||
Reclassification | $ 1,394,695 | |||
Balance | 2,102,745 | |||
Reclassification | (2,102,745) | |||
Balance | ||||
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||||
Reclassification | 1,394,695 | |||
Balance | 14,010,725 | |||
Reclassification | 2,102,745 | |||
Balance | $ 16,113,470 |
Note 1 - Organization and Sig_6
Note 1 - Organization and Significant Accounting Policies - Impact of Adoption on AOCI and Retained Earnings (Details) (Parentheticals) - Accounting Standards Update 2016-01 [Member] | Jul. 02, 2018USD ($) |
AOCI Attributable to Parent [Member] | |
Reclassification | $ 1,394,695 |
Reclassification | (1,394,695) |
Retained Earnings [Member] | |
Reclassification | 1,394,695 |
Reclassification | $ (1,394,695) |
Note 2 - Cash and Cash Equiva_3
Note 2 - Cash and Cash Equivalents - Cash and Cash Equivalents (Details) - USD ($) | Jun. 30, 2019 | Jul. 01, 2018 | Jul. 02, 2017 |
Demand deposits and cash on hand | $ 187,673 | $ 543,932 | |
Money market funds | 82,171 | 464,501 | |
Cash and Cash Equivalents | $ 269,844 | $ 1,008,433 | $ 604,671 |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) | May 25, 2018shares | Jul. 10, 2017shares | Aug. 31, 2019USD ($) | Jun. 30, 2019USD ($)shares | Jul. 01, 2018USD ($) |
Short-term Investments, Total | $ 433,249 | $ 2,157,875 | |||
Windstream [Member] | |||||
Investment Owned, Balance, Shares | shares | 135 | 135 | |||
Frontier Communications [Member] | |||||
Investment Owned, Balance, Shares | shares | 300 | 300 | |||
Windstream [Member] | Reverse Stock Split [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | ||||
Frontier Communications [Member] | Reverse Stock Split [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | ||||
Mutual Fund [Member] | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax, Total | $ 8,162 | ||||
Available-for-sale Securities, Total | 1,929,575 | 1,824,846 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax, Total | 39,450 | ||||
Mutual Fund [Member] | Subsequent Event [Member] | |||||
Redemption of Securities to Meet Dividend Payment | $ 1,000,000 | ||||
Equity Securities [Member] | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax, Total | 3,837,143 | 3,545,288 | |||
Available-for-sale Securities, Total | 5,100,341 | 4,816,804 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax, Total | 16,716 | 8,398 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 16,716 | $ 8,398 | |||
Minimum [Member] | |||||
Short-term Investments Maturities Term | 90 days | ||||
Maximum [Member] | |||||
Short-term Investments Maturities Term | 1 year |
Note 3 - Investments - Summary
Note 3 - Investments - Summary of Investments (Details) - USD ($) | Jun. 30, 2019 | Jul. 01, 2018 |
Equity Securities [Member] | ||
Cost Basis | $ 1,279,914 | $ 1,279,914 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax, Total | 3,837,143 | 3,545,288 |
Unrealized Loss | (16,716) | (8,398) |
Fair Value | 5,100,341 | 4,816,804 |
Mutual Fund [Member] | ||
Cost Basis | 1,921,413 | 1,864,296 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax, Total | 8,162 | |
Unrealized Loss | (39,450) | |
Fair Value | 1,929,575 | 1,824,846 |
Certificates of Deposit [Member] | ||
Cost Basis | 433,249 | 333,029 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax, Total | ||
Unrealized Loss | ||
Fair Value | $ 433,249 | $ 333,029 |
Note 3 - Investments - Unrealiz
Note 3 - Investments - Unrealized Losses Equity Securities (Details) - Equity Securities [Member] - USD ($) | Jun. 30, 2019 | Jul. 01, 2018 |
Less than 12 months Fair Value | $ 51,720 | $ 711 |
Less than 12 months Unrealized loss | (6,523) | (479) |
12 Months or greater Fair Value | 525 | 1,608 |
12 Months or greater Unrealized loss | (10,193) | (7,919) |
Total Fair Value | 52,245 | 2,319 |
Total Unrealized loss | $ (16,716) | $ (8,398) |
Note 3 - Investments - Telecomm
Note 3 - Investments - Telecommunications Stocks Held (Details) - shares | Jun. 30, 2019 | May 25, 2018 | Jul. 10, 2017 |
ATT [Member] | |||
Investment (in shares) | 82,112 | ||
Manulife [Member] | |||
Investment (in shares) | 2,520 | ||
NCR [Member] | |||
Investment (in shares) | 774 | ||
Teradata [Member] | |||
Investment (in shares) | 774 | ||
Vodafone [Member] | |||
Investment (in shares) | 6,471 | ||
CenturyLink [Member] | |||
Investment (in shares) | 4,398 | ||
Frontier Communications [Member] | |||
Investment (in shares) | 300 | 300 | |
Sprint [Member] | |||
Investment (in shares) | 40,000 | ||
Verizon [Member] | |||
Investment (in shares) | 31,904 | ||
Windstream [Member] | |||
Investment (in shares) | 135 | 135 | |
Uniti Shares [Member] | |||
Investment (in shares) | 815 |
Note 3 - Investments - Fair Val
Note 3 - Investments - Fair Value Hierarchy (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jul. 01, 2018 | |
Available-for-sale Securities, Gross Unrealized Gain | $ 331,149 | |
Cumulative Unrealized Gain (Loss) | 3,828,589 | $ 3,497,440 |
Available-for-sale Securities, Gross Unrealized Loss | (518,086) | |
Equity Securities [Member] | ||
Available-for-sale Securities, Total | 5,100,341 | 4,816,804 |
Available-for-sale Securities, Gross Unrealized Gain | 283,537 | |
Cumulative Unrealized Gain (Loss) | 3,820,427 | 3,536,890 |
Available-for-sale Securities, Gross Unrealized Loss | (455,514) | |
Mutual Fund [Member] | ||
Available-for-sale Securities, Total | 1,929,575 | 1,824,846 |
Available-for-sale Securities, Gross Unrealized Gain | 47,612 | |
Cumulative Unrealized Gain (Loss) | 8,162 | (39,450) |
Available-for-sale Securities, Gross Unrealized Loss | (62,572) | |
Certificates of Deposit [Member] | ||
Available-for-sale Securities, Total | 433,249 | 333,029 |
Cumulative Unrealized Gain (Loss) | ||
Available-for-sale Securities, Gross Unrealized Loss | ||
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities, Total | 7,029,916 | 6,641,650 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Available-for-sale Securities, Total | 5,100,341 | 4,816,804 |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Available-for-sale Securities, Total | 1,929,575 | 1,824,846 |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Available-for-sale Securities, Total | ||
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities, Total | 433,249 | 333,029 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Available-for-sale Securities, Total | ||
Fair Value, Inputs, Level 2 [Member] | Mutual Fund [Member] | ||
Available-for-sale Securities, Total | ||
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Available-for-sale Securities, Total | 433,249 | 333,029 |
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities, Total | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Available-for-sale Securities, Total | ||
Fair Value, Inputs, Level 3 [Member] | Mutual Fund [Member] | ||
Available-for-sale Securities, Total | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Available-for-sale Securities, Total |
Note 4 - Land, Buildings, and_3
Note 4 - Land, Buildings, and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jul. 01, 2018 | |
Depreciation, Depletion and Amortization, Total | $ 982,760 | $ 946,106 |
Building and Equipment [Member] | ||
Depreciation, Depletion and Amortization, Total | $ 982,760 | $ 946,106 |
Note 4 - Land, Buildings, and_4
Note 4 - Land, Buildings, and Equipment - Land, Buildings, and Equipment at Cost (Details) - USD ($) | Jun. 30, 2019 | Jul. 01, 2018 |
Buildings | $ 18,666,152 | $ 18,666,152 |
Leasehold and building improvements | 8,241,896 | 8,223,932 |
Land | 10,510,308 | 10,510,308 |
Total Land, Buildings, and Equipment | 59,847,934 | 59,962,674 |
Less accumulated depreciation and amortization | 41,706,408 | 41,264,023 |
Land, Buildings, and Equipment, net | 18,141,526 | 18,698,651 |
Bowling Lanes and Equipment [Member] | ||
Other Property, Plant, and Equipment | 22,369,204 | 22,490,960 |
Amusement Games [Member] | ||
Other Property, Plant, and Equipment | 16,078 | 17,519 |
Bowling Lanes and Equipment Not Yet in Use [Member] | ||
Other Property, Plant, and Equipment | $ 44,296 | $ 53,803 |
Note 5 - Commitments and Cont_3
Note 5 - Commitments and Contingencies (Details Textual) | Jun. 30, 2019 |
Capital Leased Assets, Number of Units | 2 |
Note 5 - Commitments and Cont_4
Note 5 - Commitments and Contingencies - Minimum Lease Commitments (Details) | Jun. 30, 2019USD ($) |
2020 | $ 258,416 |
2021 | 236,999 |
2022 | 236,999 |
2023 | 236,999 |
2024 | 236,999 |
Thereafter | 1,319,708 |
Total minimum lease payments | $ 2,526,120 |
Note 5 - Commitments and Cont_5
Note 5 - Commitments and Contingencies - Net Rent Expense (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jul. 01, 2018 | |
Minimum rent under operating leases | $ 318,000 | $ 318,000 |
Net rent expense | $ 318,000 | $ 318,000 |
Note 6 - Profit-sharing and E_2
Note 6 - Profit-sharing and ESOP Plan (Details Textual) | 12 Months Ended | |
Jun. 30, 2019USD ($) | Jul. 01, 2018USD ($) | |
Defined Contribution Plan Number of Plans | 2 | |
Defined Contribution Plan Service Requirement | 1 year | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 96,000 | $ 113,000 |
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | $ 96,000 | $ 113,000 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2019 | Jul. 01, 2018 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 27.50% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (604,190) | ||
Decrease in Deferred Tax Liabilities from Tax Act | $ 651,807 | ||
Earnings Per Share, Adjustment Due to Change in Enacted Tax Rate | $ 0.13 |
Note 7 - Income Taxes - Deferre
Note 7 - Income Taxes - Deferred Tax Asset Components (Details) - USD ($) | Jun. 30, 2019 | Jul. 01, 2018 |
Other | $ 7,307 | $ 20,723 |
Total deferred tax assets | 7,307 | 20,723 |
Land, buildings, and equipment | 447,848 | 418,254 |
Unrealized gain on available- for-sale securities | 964,828 | 905,056 |
Prepaid expenses and other | (1,862) | 9,110 |
Total deferred tax liabilities | 1,410,814 | 1,332,420 |
Net deferred income taxes | $ 1,403,507 | $ 1,311,697 |
Note 7 - Income Taxes - Income
Note 7 - Income Taxes - Income Tax Reconciliation (Details) | 12 Months Ended | |
Jun. 30, 2019 | Jul. 01, 2018 | |
Taxes computed at statutory rate | 21.00% | 27.50% |
State income taxes, net of Federal income tax benefit | 3.80% | 3.60% |
Dividends received exclusion | (0.90%) | (1.00%) |
Tax rate adjustment for change in tax law | (14.80%) | |
All other net | (1.20%) | (1.30%) |
Net effective rate | 22.70% | 14.00% |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Details Textual) | 12 Months Ended | |
Jun. 30, 2019USD ($) | Jul. 01, 2018USD ($) | |
Due from Employees | $ 34,799 | $ 34,799 |
Loans to Employees Term Length | 3 years | |
Minimum [Member] | ||
Loans to Employees Stated Percentage Rate | 2.00% | |
Maximum [Member] | ||
Loans to Employees Stated Percentage Rate | 2.50% | |
Common Class A [Member] | ||
Common Stock Voting Rights Vote Per Share | 1 | |
Common Class B [Member] | ||
Common Stock Voting Rights Vote Per Share | 10 |
Note 9 - Deferred Compensation
Note 9 - Deferred Compensation (Details Textual) - USD ($) | Jun. 30, 2019 | Jul. 01, 2018 |
Deferred Compensation Liability, Current and Noncurrent, Total | $ 0 | $ 19,431 |
Deferred Compensation Liability, Current, Total | $ 1,991 |