Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 03, 2016 | Sep. 16, 2016 | Dec. 24, 2015 | |
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 | ||
Entity Registrant Name | BOWL AMERICA INC | ||
Entity Central Index Key | 13,573 | ||
Trading Symbol | bwla | ||
Current Fiscal Year End Date | --07-03 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 35 | ||
Document Type | 10-K | ||
Document Period End Date | Jul. 3, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 03, 2016 | Jun. 28, 2015 |
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 |
Cash and cash equivalents (Note 2) | 986,193 | 778,367 |
Short-term investments (Note 3) | 484,558 | 133,729 |
Inventories | 561,217 | 552,889 |
Prepaid expenses and other | 664,379 | 488,212 |
Income taxes refundable | 51,309 | |
TOTAL CURRENT ASSETS | 2,696,347 | 2,004,506 |
LAND, BUILDINGS & EQUIPMENT, net (Note 4) | 19,523,856 | 20,417,454 |
Marketable investment securities (Note 3) | 8,824,456 | 8,866,392 |
Cash surrender value-life insurance | 740,161 | 707,592 |
Other | 66,315 | 66,465 |
TOTAL OTHER ASSETS | 9,630,932 | 9,640,449 |
TOTAL ASSETS | 31,851,135 | 32,062,409 |
Accounts payable | 660,711 | 709,453 |
Accrued expenses | 1,193,463 | 1,001,754 |
Dividends payable | 877,365 | 877,365 |
Income taxes payable | 207,840 | |
Other current liabilities | 325,982 | 290,833 |
Current deferred income taxes (Note 7) | 27,850 | 9,113 |
TOTAL CURRENT LIABILITIES | 3,293,211 | 2,888,518 |
LONG-TERM DEFERRED COMPENSATION | 23,620 | 28,897 |
NONCURRENT DEFERRED INCOME TAXES (Note 7) | 2,384,962 | 2,170,915 |
TOTAL LIABILITIES | 5,701,793 | 5,088,330 |
COMMITMENTS AND CONTINGENCIES (Note 5) | ||
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 | 2,986,587 | 2,452,888 |
Retained earnings | 14,792,550 | 16,150,986 |
TOTAL STOCKHOLDERS'EQUITY | 26,149,342 | 26,974,079 |
TOTAL LIABILITIES AND STOCKHOLDERS'EQUITY | $ 31,851,135 | $ 32,062,409 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jul. 03, 2016 | Jun. 28, 2015 |
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 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, par value (in dollars per share) | $ 10 | $ 10 |
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 stock, shares outstanding (in shares) | 5,160,971 | 5,160,971 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Earnings - USD ($) | 12 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Common Class A [Member] | ||
Provision for income taxes (Note 7) | ||
Per share, dividends paid (in dollars per share) | $ 0.68 | $ 0.68 |
Common Class B [Member] | ||
Provision for income taxes (Note 7) | ||
Per share, dividends paid (in dollars per share) | $ 0.68 | $ 0.68 |
Bowling and other | $ 16,878,423 | $ 16,308,611 |
Food, beverage and merchandise sales | 7,219,439 | 6,815,930 |
Total Operating Revenue | 24,097,862 | 23,124,541 |
Employee compensation and benefits | 11,070,655 | 11,014,082 |
Cost of bowling and other services | 5,947,418 | 5,950,351 |
Cost of food, beverage and merchandise sales | 2,202,901 | 2,086,079 |
Depreciation and amortization | 1,153,121 | 1,254,541 |
General and administrative | 852,465 | 909,579 |
Total Operating Expense | 21,226,560 | 21,214,632 |
Loss on disposal of land, buildings and equipment | (10,035) | (3,854) |
Operating Income | 2,861,267 | 1,906,055 |
Interest, dividend and other income | 449,998 | 494,645 |
Earnings before provision for income taxes | 3,311,265 | 2,400,700 |
Current | 1,258,674 | 886,134 |
Deferred | (98,434) | (125,663) |
Total Provision for Income Taxes | 1,160,240 | 760,471 |
Net Earnings | $ 2,151,025 | $ 1,640,229 |
Earnings per share-basic & diluted (in dollars per share) | $ 0.42 | $ 0.32 |
Weighted average shares outstanding (in shares) | 5,160,971 | 5,160,971 |
Dividends paid | $ 3,509,461 | $ 3,509,460 |
Net Earnings | 2,151,025 | 1,640,229 |
Other comprehensive earnings- net of tax Unrealized gain (loss) on available-for–sale securities net of tax (benefit) of $334,549 and ($85,995) | 548,740 | (139,715) |
Reclassification adjustment for gain included in Net Income, net of tax of $9,258 | (15,041) | |
Comprehensive earnings | $ 2,684,724 | $ 1,500,514 |
Consolidated Statements of Ear5
Consolidated Statements of Earnings and Comprehensive Earnings (Parentheticals) - USD ($) | 12 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Unrealized gain (loss) on available-for-sale securities tax | $ 334,549 | $ (85,995) |
Reclassification adjustment for gain tax | $ 9,258 |
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 Jun. 29, 2014 | 3,746,454 | 1,414,517 | ||||
Balance at Jun. 29, 2014 | $ 374,645 | $ 141,452 | $ 7,849,814 | $ 2,592,603 | $ 18,020,217 | |
Cash dividends paid | (2,632,095) | |||||
Accrued dividends declared June 16, 2015 payable August 12, 2015 | (877,365) | |||||
Change in unrealized gain on available-for- sale securities (shown net of tax) | (139,715) | $ (139,715) | ||||
Repayment of employee loan | 4,294 | |||||
Net earnings for the year | 1,640,229 | |||||
Balance (in shares) at Jun. 28, 2015 | 3,746,454 | 1,414,517 | ||||
Balance at Jun. 28, 2015 | $ 374,645 | $ 141,452 | 7,854,108 | 2,452,888 | 16,150,986 | |
Included in net income, net of tax | ||||||
Cash dividends paid | (2,632,095) | |||||
Accrued dividends declared June 16, 2015 payable August 12, 2015 | (877,366) | |||||
Change in unrealized gain on available-for- sale securities (shown net of tax) | 548,740 | 548,740 | ||||
Net earnings for the year | 2,151,025 | |||||
Balance (in shares) at Jul. 03, 2016 | 3,746,454 | 1,414,517 | ||||
Balance at Jul. 03, 2016 | $ 374,645 | $ 141,452 | 7,854,108 | 2,986,587 | 14,792,550 | |
Included in net income, net of tax | $ (15,041) | $ 15,041 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Cash Flows From Operating Activities | ||
Net Earnings | $ 2,151,025 | $ 1,640,229 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation, Depletion and Amortization | 1,153,121 | 1,254,541 |
Decrease in deferred income tax | (95,712) | (126,898) |
Loss on disposition of assets-net | 10,035 | 3,854 |
Gain on sale of available-for-sale securities | (24,299) | |
Changes in assets and liabilities | ||
Increase in inventories | (8,328) | (32,534) |
(Increase) decrease in prepaid and other | (176,167) | 122,204 |
Decrease in income taxes refundable | 51,309 | 261,547 |
Decrease in other long-term assets | 150 | 13,700 |
(Decrease) increase in accounts payable | (48,742) | 27,944 |
Increase (decrease) in accrued expenses | 191,709 | (89,344) |
Increase in income taxes payable | 207,840 | |
Increase (decrease) in other current liabilities | 35,149 | (17,235) |
Decrease in long-term deferred compensation | (5,277) | (5,191) |
Net cash provided by operating activities | 3,441,813 | 3,052,817 |
Cash Flows From Investing Activities | ||
Expenditures for land, building and equipment | (319,558) | (796,622) |
Sale of assets | 50,000 | 7,900 |
Net (purchases) sales and maturities of short-term investments | (350,829) | 1,319,597 |
Purchases of marketable securities | (71,570) | (112,603) |
Proceeds from sale of marketable securities | 1,000,000 | |
Increase in cash surrender value | (32,569) | (29,670) |
Net cash provided by investing activities | 275,474 | 388,602 |
Cash Flows From Financing Activities | ||
Payment of cash dividends | (3,509,461) | (3,509,460) |
Repayment of stock loan | 4,294 | |
Net cash used in financing activities | (3,509,461) | (3,505,166) |
Net Change in Cash and Equivalents | 207,826 | (63,747) |
Cash and Equivalents, Beginning of period | 778,367 | 842,114 |
Cash and Equivalents, End of period | 986,193 | 778,367 |
Supplemental Disclosures of Cash Flow Information | ||
Income taxes | $ 934,026 | $ 633,000 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Organization Bowl America Incorporated is engaged in the operation of 18 bowling centers, with food and beverage service in each center. Ten centers are located in metropolitan Washington D.C., one center in metropolitan Baltimore, Maryland, four centers in metropolitan Richmond, Virginia, and three centers in metropolitan Jacksonville, Florida. These 18 centers contain a total of 726 lanes. The Company operates in one segment. 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 2016 ended July 3, 2016, and fiscal year 2015 ended June 28, 2015. Fiscal year 2016 consisted of 53 weeks and fiscal year 2015 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 29, 2016. In August 2016 the Company secured a short-term loan of $500,000 collateralized by $350,000 in certificates of deposits to meet the August 2016 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 the deferred compensation liability for executives and key employees including survivor benefits, 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 The Company records revenue for fees charged for use of bowling lanes and other facilities at the time the services are provided. Food, beverage and merchandise sales are recorded as revenue at the time the product is given to the customer. 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: Bowling lanes and equipment (years) 3 - 10 Building and building improvements (years) 10 - 39 Leasehold improvements (years) 5 - 15 Amusement games (years) 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 July 3, 2016, and June 28, 2015, were $319,129 and $325,914, 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 2016 and 2015. 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 years ended July 3, 2016 and June 28, 2015. 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 July 3, 2016 and June 28, 2015 other current liabilities included $314,599 and $278,560, respectively, in prize fund monies. Reclassifications Certain previous year amounts have been reclassified to conform with the current year presentation . Recently adopted accounting guidance Recent accounting guidance not yet adopted 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. This amendment is effective for the Company’s fiscal year ending June 2019 with earlier adoption permitted. Management is currently assessing the impact of this standard on the Company’s financial statements. 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. We are in the process of evaluating the impact the adoption of this guidance will have on our consolidated financial statements and related disclosures |
Note 2 - Cash and Cash Equivale
Note 2 - Cash and Cash Equivalents | 12 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 2. CASH AND CASH EQUIVALENTS Cash and cash equivalents consisted of the following: July 3, 2016 June 28, 2015 Demand deposits and cash on hand $ 543,639 $ 558,364 Money market funds 442,554 220,003 CASH & CASH EQUIVALENTS $ 986,193 $ 778,367 The account balances at times exceed federally insured limits. The Company does not believe this poses any significant risk. |
Note 3 - Investments
Note 3 - Investments | 12 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. INVESTMENTS The Company’s marketable securities are categorized as available-for-sale securities. The cost for marketable securities was determined using the specific identification method. The fair values of marketable securities are based on the quoted market price for those securities. Short-term investments consist of certificates of deposits with maturities of generally three months to one year. At July 3, 2016, the fair value of short-term investments was $484,558. At June 28, 2015, the fair value of short-term investments was $133,729. Non-current investments are marketable securities which primarily consist of telecommunications stocks and a mutual fund that invests in mortgage backed securities. Unrealized gains and losses are reported as a component of accumulated other comprehensive earnings in Stockholders’ Equity. As of July 3, 2016, the Company had $108,755 of gross unrealized gains from its investments in federal agency mortgage backed securities owned through a mutual fund which had a fair value of $2,822,615. In August 2015 the Company redeemed $1,000,000 of this fund to meet the August 2015 dividend payment. As of June 28, 2015, $58,014 in gross unrealized gains were from its investments in federal agency mortgage backed securities which had a fair value of $3,676,005. The Company’s investments were as follows: Original Cost Unrealized Gain Unrealized Loss Fair Value July 3, 2016 Equity securities $ 1,285,759 $ 4,721,885 $ (5,804 ) $ 6,001,841 Mutual fund 2,713,860 108,755 - 2,822,615 Certificates of deposits 484,558 - - 484,558 June 28, 2015 Equity securities $ 1,285,759 $ 3,910,144 $ (5,516 ) $ 5,190,387 Mutual fund 3,617,991 58,014 - 3,676,005 Certificates of deposits 133,729 - - 133,729 During fiscal 2016 and fiscal 2015, the Company had certain equity securities with cumulative unrealized losses of $5,804 and $5,516 respectively. Less than 12 months 12 Months or greater Total July 3, 2016 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity securities $ - $ - $ 41 $ (5,804 ) $ 41 $ (5,804 ) Less than 12 months 12 Months or greater Total July 3, 2016 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity securities $ - $ - $ 329 $ (5,516 ) $ 329 $ (5,516 ) The equity securities portfolio includes the following stocks: AT&T shares 82,112 Manulife shares 2,520 DexMedia shares 412 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 CenturyLink shares 4,398 Frontier Communications shares 4,508 Sprint shares 40,000 Verizon shares 31,904 Windstream shares 679 CSAL shares 815 On August 1, 2016 Dex Media completed a financial restructure. Previous shares of its common stock were cancelled with no distribution to shareholders. During the year ended June 28, 2015 Windstream spun off Communication Sales & Leasing (CSAL) and followed immediately with a 1-for-6 reverse split of Windstream shares. As stated in Note 1, the Company records its readily marketable debt and equity securities at fair value. These assets are valued in accordance with a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: 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 market data, which require the reporting entity to develop its own assumptions. 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 July 3, 2016 is as follows: 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 3, 2016 July 3, 2016 Equity securities $ 6,001,841 $ - $ - $ 811,454 $ 4,716,081 Mutual fund 2,822,615 - - 66,629 108,755 Certificates of deposits - 484,558 - - - TOTAL $ 8,824,456 $ 484,558 - $ 878,083 $ 4,824,836 The fair value of these assets as of June 28, 2015 was as follows: 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 28, 2015 June 28, 2015 Equity securities $ 5,190,387 $ - $ - $ (183,599 ) $ 3,904,627 Mutual fund 3,676,005 - - (42,111 ) 58,014 Certificates of deposits - 133,729 - - - TOTAL $ 8,866,392 $ 133,729 - $ (225,710 ) $ 3,962,641 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 |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. LAND, BUILDINGS, AND EQUIPMENT Land, buildings, and equipment, at cost, consisted of the following: July 3, June 28, 2016 2015 Buildings $ 18,666,152 $ 18,741,152 Leasehold and building improvements 8,068,521 8,102,338 Bowling lanes and equipment 22,429,142 22,404,206 Land 10,516,607 10,526,607 Amusement games 726,471 739,007 Bowling lanes and equipment not yet in use 104,506 141,938 TOTAL LAND, BUILDINGS, AND EQUIPMENT 60,511,399 60,655,248 Less accumulated depreciation and amortization 40,987,543 40,237,794 LAND, BUILDINGS, AND EQUIPMENT, NET $ 19,523,856 $ 20,417,454 Depreciation and amortization expense for buildings and equipment for fiscal years 2016 and 2015 was $1,153,121, and $1,254,541, respectively. The Company includes construction in progress costs in the bowling lanes and equipment not yet in use category until completion of the project. Bowling lanes and equipment not yet in use are not depreciated. |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 12 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 5. COMMITMENTS AND CONTINGENCIES Lease Commitments The Company and its subsidiaries are obligated under long-term real estate lease agreements for two bowling centers. Certain of the Company's real estate leases provide for increases in real estate taxes. At July 3, 2016, the minimum fixed rental commitments related to all non-cancelable leases, were as follows: Year Ending 2017 $ 318,000 2018 318,000 2019 318,000 2020 33,834 Thereafter - Total minimum lease payments $ 987,834 Net rent expense was as follows: For the Years Ended July 3, 2016 June 28, 2015 Minimum rent under operating leases $ 318,000 $ 315,500 Excess percentage rents - - NET RENT EXPENSE $ 318,000 $ 315500 Purchase Commitments The Company's purchase commitments at July 3, 2016 are for materials, supplies, services and equipment as part of the normal course of business. |
Note 6 - Profit-sharing and ESO
Note 6 - Profit-sharing and ESOP Plan | 12 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. PROFIT-SHARING AND ESOP PLAN The Company has two defined contribution plans. The first is a profit-sharing plan which, generally, covers all employees who on the last day of the fiscal year or December 29 have been employed for one year with at least one thousand hours of service. The Plan provides for Company contributions as determined by the Board of Directors. For the years ended July 3, 2016 and June 28, 2015, contributions in the amounts of $75,000 and $57,500, respectively, were charged to operating expense. Effective March 31, 1987, the Company adopted an Employee Stock Ownership Plan (ESOP) which generally covers all individuals who were employed at the end of the fiscal year and had one thousand or more hours of service during that fiscal year. The Plan provides for Company contributions as determined by the Board of Directors. The Company contributed $75,000 for fiscal year 2016 and $57,500 for fiscal year 2015. The Company has no defined benefit plan or other post retirement plan. |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. INCOME TAXES 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” to be sustained by the taxing authority on its technical merits and if there is more than a 50% likelihood that the position would be sustained if challenged and considered by the highest court in the relevant jurisdiction, the tax consequences of that position should be reflected in the taxpayer’s financial statements. The Company had no material unrecognized tax benefits at July 3, 2016 nor does it expect any significant change in that status during the next twelve months. No accrued interest or penalties on uncertain tax positions have been included on the consolidated statements of earnings and comprehensive earnings or the consolidated balance sheet. Should the Company adopt tax positions for which it would be appropriate to accrue interest and penalties, such costs would be reflected in the tax expense for the period in which such costs accrued. The Company is subject to U.S. Federal income tax and to several state jurisdictions. Returns filed for tax periods ending after July 1, 2012 are still open to examination by those relevant taxing authorities. The significant components of the Company's deferred tax assets and liabilities were as follows: July 3, 2016 June 28, 2015 Deferred tax: Land, buildings, and equipment $ 596,688 $ 696,244 Unrealized gain on available-for-sale securities 1,840,861 1,509,633 Prepaid expenses and other (24,725 ) (25,849 ) Deferred tax liabilities $ 2,412,824 $ 2,180,028 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 2016 2015 Taxes computed at statutory rate 34.0 % 34.0 % State income taxes, net of Federal income tax benefit 4.1 2.8 Dividends received exclusion (2.1 ) (2.8 ) All other net (1.0 ) (2.3 ) NET EFFECTIVE RATE 35.0 % 31.7 % |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. STOCKHOLDERS' EQUITY The Class A shares have one vote per share. The Class B shares may vote ten votes per share and are convertible to Class A shares at the option of the stockholder. At July 3, 2016, and June 28, 2015, the Company had $34,799 in employee loans related to the issuance of shares, respectively. These loans are secured by the shares of the Company's common stock acquired and are full recourse notes. The notes bear interest at rates of 2% to 2.5% and are payable over a term of three years from the date of the agreements which range from 2014 to 2015. These employee loans have been recorded as a reduction of additional paid-in capital. |
Note 9 - Deferred Compensation
Note 9 - Deferred Compensation | 12 Months Ended |
Jul. 03, 2016 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | 9. DEFERRED COMPENSATION Deferred compensation payable was a total of $29,915 at July 3, 2016, and $35,106 at June 28, 2015. The current portion of these amounts is $6,295 at July 3, 2016, and $6,209 at June 28, 2015, and is included in accrued expenses. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 03, 2016 | |
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. Fiscal year 2016 ended July 3, 2016, and fiscal year 2015 ended June 28, 2015. Fiscal year 2016 consisted of 53 weeks and fiscal year 2015 consisted of 52 weeks. |
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 29, 2016. In August 2016 the Company secured a short-term loan of $500,000 collateralized by $350,000 in certificates of deposits to meet the August 2016 dividend payment. |
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 differ from those estimates. Significant estimates include the deferred compensation liability for executives and key employees including survivor benefits, 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 [Policy Text Block] | Revenue Recognition The Company records revenue for fees charged for use of bowling lanes and other facilities at the time the services are provided. Food, beverage and merchandise sales are recorded as revenue at the time the product is given to the customer. |
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: Bowling lanes and equipment (years) 3 - 10 Building and building improvements (years) 10 - 39 Leasehold improvements (years) 5 - 15 Amusement games (years) 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 Costs, Policy [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 July 3, 2016, and June 28, 2015, were $319,129 and $325,914, respectively. |
Inventory, Policy [Policy Text Block] | 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 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 that a deferred tax asset will not be realized. |
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, for both fiscal years 2016 and 2015. |
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 years ended July 3, 2016 and June 28, 2015. |
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 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 [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 July 3, 2016 and June 28, 2015 other current liabilities included $314,599 and $278,560, respectively, in prize fund monies. |
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] | Recent accounting guidance not yet adopted 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. This amendment is effective for the Company’s fiscal year ending June 2019 with earlier adoption permitted. Management is currently assessing the impact of this standard on the Company’s financial statements. 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. We are in the process of evaluating the impact the adoption of this guidance will have on our consolidated financial statements and related disclosures |
Note 1 - Organization and Sig18
Note 1 - Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Schedule of Depreciation and Amortization Rates [Table Text Block] | Bowling lanes and equipment (years) 3 - 10 Building and building improvements (years) 10 - 39 Leasehold improvements (years) 5 - 15 Amusement games (years) 3 - 5 |
Note 2 - Cash and Cash Equiva19
Note 2 - Cash and Cash Equivalents (Tables) | 12 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | July 3, 2016 June 28, 2015 Demand deposits and cash on hand $ 543,639 $ 558,364 Money market funds 442,554 220,003 CASH & CASH EQUIVALENTS $ 986,193 $ 778,367 |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 12 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Original Cost Unrealized Gain Unrealized Loss Fair Value July 3, 2016 Equity securities $ 1,285,759 $ 4,721,885 $ (5,804 ) $ 6,001,841 Mutual fund 2,713,860 108,755 - 2,822,615 Certificates of deposits 484,558 - - 484,558 June 28, 2015 Equity securities $ 1,285,759 $ 3,910,144 $ (5,516 ) $ 5,190,387 Mutual fund 3,617,991 58,014 - 3,676,005 Certificates of deposits 133,729 - - 133,729 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 months 12 Months or greater Total July 3, 2016 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity securities $ - $ - $ 41 $ (5,804 ) $ 41 $ (5,804 ) Less than 12 months 12 Months or greater Total July 3, 2016 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity securities $ - $ - $ 329 $ (5,516 ) $ 329 $ (5,516 ) |
Schedule Of Telecommunications Stocks Held [Table Text Block] | AT&T shares 82,112 Manulife shares 2,520 DexMedia shares 412 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 CenturyLink shares 4,398 Frontier Communications shares 4,508 Sprint shares 40,000 Verizon shares 31,904 Windstream shares 679 CSAL 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) July 3, 2016 July 3, 2016 Equity securities $ 6,001,841 $ - $ - $ 811,454 $ 4,716,081 Mutual fund 2,822,615 - - 66,629 108,755 Certificates of deposits - 484,558 - - - TOTAL $ 8,824,456 $ 484,558 - $ 878,083 $ 4,824,836 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 28, 2015 June 28, 2015 Equity securities $ 5,190,387 $ - $ - $ (183,599 ) $ 3,904,627 Mutual fund 3,676,005 - - (42,111 ) 58,014 Certificates of deposits - 133,729 - - - TOTAL $ 8,866,392 $ 133,729 - $ (225,710 ) $ 3,962,641 |
Note 4 - Land, Buildings, and21
Note 4 - Land, Buildings, and Equipment (Tables) | 12 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | July 3, June 28, 2016 2015 Buildings $ 18,666,152 $ 18,741,152 Leasehold and building improvements 8,068,521 8,102,338 Bowling lanes and equipment 22,429,142 22,404,206 Land 10,516,607 10,526,607 Amusement games 726,471 739,007 Bowling lanes and equipment not yet in use 104,506 141,938 TOTAL LAND, BUILDINGS, AND EQUIPMENT 60,511,399 60,655,248 Less accumulated depreciation and amortization 40,987,543 40,237,794 LAND, BUILDINGS, AND EQUIPMENT, NET $ 19,523,856 $ 20,417,454 |
Note 5 - Commitments and Cont22
Note 5 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year Ending 2017 $ 318,000 2018 318,000 2019 318,000 2020 33,834 Thereafter - Total minimum lease payments $ 987,834 |
Schedule of Rent Expense [Table Text Block] | For the Years Ended July 3, 2016 June 28, 2015 Minimum rent under operating leases $ 318,000 $ 315,500 Excess percentage rents - - NET RENT EXPENSE $ 318,000 $ 315500 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Jul. 03, 2016 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | July 3, 2016 June 28, 2015 Deferred tax: Land, buildings, and equipment $ 596,688 $ 696,244 Unrealized gain on available-for-sale securities 1,840,861 1,509,633 Prepaid expenses and other (24,725 ) (25,849 ) Deferred tax liabilities $ 2,412,824 $ 2,180,028 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended 2016 2015 Taxes computed at statutory rate 34.0 % 34.0 % State income taxes, net of Federal income tax benefit 4.1 2.8 Dividends received exclusion (2.1 ) (2.8 ) All other net (1.0 ) (2.3 ) NET EFFECTIVE RATE 35.0 % 31.7 % |
Note 1 - Organization and Sig24
Note 1 - Organization and Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Jul. 03, 2016USD ($)shares | Jun. 28, 2015USD ($)shares | Aug. 31, 2016USD ($) | |
Washington DC [Member] | |||
Number of Stores | 10 | ||
Baltimore Maryland [Member] | |||
Number of Stores | 1 | ||
Richmond, Virginia [Member] | |||
Number of Stores | 4 | ||
Jacksonville, Florida [Member] | |||
Number of Stores | 3 | ||
Subsequent Event [Member] | Certificates of Deposit [Member] | |||
Available-for-sale Securities Pledged as Collateral | $ 350,000 | ||
Subsequent Event [Member] | |||
Short-term Debt | $ 500,000 | ||
Prize Fund Monies [Member] | |||
Other Liabilities, Current | $ 314,599 | $ 278,560 | |
Number of Stores | 18 | ||
Number of Lanes in Operation | 726 | ||
Number of Operating Segments | 1 | ||
Advertising Expense | $ 319,129 | $ 325,914 | |
Common Stock, Shares, Outstanding | shares | 5,160,971 | 5,160,971 | |
Other Liabilities, Current | $ 325,982 | $ 290,833 |
Note 1 - Depreciation and Amort
Note 1 - Depreciation and Amortization Rates (Details) | 12 Months Ended |
Jul. 03, 2016 | |
Bowling Lanes and Equipment [Member] | Minimum [Member] | |
Property, Plant, and Equipment, Useful Life | 3 years |
Bowling Lanes and Equipment [Member] | Maximum [Member] | |
Property, Plant, and Equipment, Useful Life | 10 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant, and Equipment, Useful Life | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant, and Equipment, Useful Life | 39 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, Plant, and Equipment, Useful Life | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant, and Equipment, Useful Life | 15 years |
Amusement Games [Member] | Minimum [Member] | |
Property, Plant, and Equipment, Useful Life | 3 years |
Amusement Games [Member] | Maximum [Member] | |
Property, Plant, and Equipment, Useful Life | 5 years |
Note 2 - Cash and Cash Equiva26
Note 2 - Cash and Cash Equivalents (Details) - USD ($) | Jul. 03, 2016 | Jun. 28, 2015 | Jun. 29, 2014 |
Demand deposits and cash on hand | $ 543,639 | $ 558,364 | |
Money market funds | 442,554 | 220,003 | |
CASH & CASH EQUIVALENTS | $ 986,193 | $ 778,367 | $ 842,114 |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2015 | Jul. 03, 2016 | Jun. 28, 2015 | |
Minimum [Member] | |||
Short-term Investments Maturities Term | 90 days | ||
Maximum [Member] | |||
Short-term Investments Maturities Term | 1 year | ||
US Government Corporations and Agencies Securities [Member] | |||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $ 108,755 | $ 58,014 | |
US Government Securities, at Carrying Value | 2,822,615 | 3,676,005 | |
Mutual Fund [Member] | |||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 66,629 | (42,111) | |
Redemption of Securities to Meet Dividend Payment | $ 1,000,000 | ||
Equity Securities [Member] | |||
Unrealized Loss on Securities | 5,804 | $ 5,516 | |
Windstream [Member] | |||
Stock Issued During Period, Shares, Reverse Stock Splits | 6 | ||
Short-term Investments | 484,558 | $ 133,729 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $ 878,083 | $ (225,710) |
Note 3 - Summary of Investments
Note 3 - Summary of Investments (Details) - USD ($) | 12 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Equity Securities [Member] | ||
Cost Basis | $ 1,285,759 | $ 1,285,759 |
Unrealized Gain | 4,721,885 | 3,910,144 |
Unrealized Loss | (5,804) | (5,516) |
Fair Value | 6,001,841 | 5,190,387 |
Mutual Fund [Member] | ||
Cost Basis | 2,713,860 | 3,617,991 |
Unrealized Gain | 108,755 | 58,014 |
Unrealized Loss | ||
Fair Value | 2,822,615 | 3,676,005 |
Certificates of Deposit [Member] | ||
Cost Basis | 484,558 | 133,729 |
Unrealized Gain | ||
Unrealized Loss | ||
Fair Value | $ 484,558 | $ 133,729 |
Note 3 - Unrealized Losses Equi
Note 3 - Unrealized Losses Equity Securities (Details) - USD ($) | 12 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Less than 12 months Fair Value | ||
Less than 12 months Unrealized loss | ||
12 Months or greater Fair Value | 41 | 329 |
12 Months or greater Unrealized loss | (5,804) | (5,516) |
Total Fair Value | 41 | 329 |
Total Unrealized loss | $ (5,804) | $ (5,516) |
Note 3 - Telecommunications Sto
Note 3 - Telecommunications Stocks Held (Details) | Jul. 03, 2016shares |
ATT [Member] | |
Investment (in shares) | 82,112 |
Manulife [Member] | |
Investment (in shares) | 2,520 |
DexMedia [Member] | |
Investment (in shares) | 412 |
NCR [Member] | |
Investment (in shares) | 774 |
Teradata [Member] | |
Investment (in shares) | 774 |
Vodafone [Member] | |
Investment (in shares) | 6,471 |
Century Link [Member] | |
Investment (in shares) | 4,398 |
Frontier Communications [Member] | |
Investment (in shares) | 4,508 |
Sprint [Member] | |
Investment (in shares) | 40,000 |
Verizon [Member] | |
Investment (in shares) | 31,904 |
Windstream [Member] | |
Investment (in shares) | 679 |
CSAL [Member] | |
Investment (in shares) | 815 |
Note 3 - Fair Value Hierarchy (
Note 3 - Fair Value Hierarchy (Details) - USD ($) | 12 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value Hierarchy | $ 6,001,841 | $ 5,190,387 |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Fair Value Hierarchy | 2,822,615 | 3,676,005 |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Fair Value Hierarchy | ||
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Hierarchy | 8,824,456 | 8,866,392 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Fair Value Hierarchy | ||
Fair Value, Inputs, Level 2 [Member] | Mutual Fund [Member] | ||
Fair Value Hierarchy | ||
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Fair Value Hierarchy | 484,558 | 133,729 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Hierarchy | 484,558 | 133,729 |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Fair Value Hierarchy | ||
Fair Value, Inputs, Level 3 [Member] | Mutual Fund [Member] | ||
Fair Value Hierarchy | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Fair Value Hierarchy | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Hierarchy | ||
Equity Securities [Member] | ||
Fair Value Hierarchy | 6,001,841 | 5,190,387 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 811,454 | (183,599) |
Cumulative Unrealized Gain (Loss) | 4,716,081 | 3,904,627 |
Mutual Fund [Member] | ||
Fair Value Hierarchy | 2,822,615 | 3,676,005 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 66,629 | (42,111) |
Cumulative Unrealized Gain (Loss) | 108,755 | 58,014 |
Certificates of Deposit [Member] | ||
Fair Value Hierarchy | 484,558 | 133,729 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | ||
Cumulative Unrealized Gain (Loss) | ||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 878,083 | (225,710) |
Cumulative Unrealized Gain (Loss) | $ 4,824,836 | $ 3,962,641 |
Note 4 - Land, Buildings, and32
Note 4 - Land, Buildings, and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Building and Equipment [Member] | ||
Depreciation, Depletion and Amortization | $ 1,153,121 | $ 1,254,541 |
Depreciation, Depletion and Amortization | $ 1,153,121 | $ 1,254,541 |
Note 4 - Land, Buildings, and33
Note 4 - Land, Buildings, and Equipment At Cost (Details) - USD ($) | Jul. 03, 2016 | Jun. 28, 2015 |
Bowling Lanes and Equipment [Member] | ||
Other Property, Plant, and Equipment | $ 22,429,142 | $ 22,404,206 |
Amusement Games [Member] | ||
Other Property, Plant, and Equipment | 726,471 | 739,007 |
Bowling Lanes and Equipment Not Yet in Use [Member] | ||
Other Property, Plant, and Equipment | 104,506 | 141,938 |
Buildings | 18,666,152 | 18,741,152 |
Leasehold and building improvements | 8,068,521 | 8,102,338 |
Land | 10,516,607 | 10,526,607 |
TOTAL LAND, BUILDINGS, AND EQUIPMENT | 60,511,399 | 60,655,248 |
Less accumulated depreciation and amortization | 40,987,543 | 40,237,794 |
LAND, BUILDINGS, AND EQUIPMENT, NET | $ 19,523,856 | $ 20,417,454 |
Note 5 - Commitments and Cont34
Note 5 - Commitments and Contingencies (Details Textual) | Jul. 03, 2016 |
Capital Leased Assets, Number of Units | 2 |
Note 5 - Minimum Lease Commitme
Note 5 - Minimum Lease Commitments (Details) | Jul. 03, 2016USD ($) |
2,017 | $ 318,000 |
2,018 | 318,000 |
2,019 | 318,000 |
2,020 | 33,834 |
Thereafter | |
Total minimum lease payments | $ 987,834 |
Note 5 - Net Rent Expense (Deta
Note 5 - Net Rent Expense (Details) - USD ($) | 12 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Minimum rent under operating leases | $ 318,000 | $ 315,500 |
NET RENT EXPENSE | $ 318,000 | $ 315,500 |
Note 6 - Profit-sharing and E37
Note 6 - Profit-sharing and ESOP Plan (Details Textual) | 12 Months Ended | |
Jul. 03, 2016USD ($) | Jun. 28, 2015USD ($) | |
Defined Contribution Plan Number of Plans | 2 | |
Defined Contribution Plan Service Requirement | 1 year | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 75,000 | $ 57,500 |
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | $ 75,000 | $ 57,500 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) | 12 Months Ended |
Jul. 03, 2016USD ($) | |
Unrecognized Tax Benefits | $ 0 |
Open Tax Year | 2,012 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 |
Note 7 - Deferred Tax Asset Com
Note 7 - Deferred Tax Asset Components (Details) - USD ($) | Jul. 03, 2016 | Jun. 28, 2015 |
Land, buildings, and equipment | $ 596,688 | $ 696,244 |
Unrealized gain on available-for-sale securities | 1,840,861 | 1,509,633 |
Prepaid expenses and other | (24,725) | (25,849) |
Deferred tax liabilities | $ 2,412,824 | $ 2,180,028 |
Note 7 - Income Tax Reconciliat
Note 7 - Income Tax Reconciliation (Details) | 12 Months Ended | |
Jul. 03, 2016 | Jun. 28, 2015 | |
Taxes computed at statutory rate | 34.00% | 34.00% |
State income taxes, net of Federal income tax benefit | 4.10% | 2.80% |
Dividends received exclusion | (2.10%) | (2.80%) |
All other net | (1.00%) | (2.30%) |
NET EFFECTIVE RATE | 35.00% | 31.70% |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Details Textual) | 12 Months Ended | |
Jul. 03, 2016USD ($) | Jun. 28, 2015USD ($) | |
Common Class A [Member] | ||
Common Stock Voting Rights Vote Per Share | 1 | |
Common Class B [Member] | ||
Common Stock Voting Rights Vote Per Share | 10 | |
Minimum [Member] | ||
Loans to Employees Stated Percentage Rate | 2.00% | 2.00% |
Maximum [Member] | ||
Loans to Employees Stated Percentage Rate | 2.50% | 2.50% |
Due from Employees | $ 34,799 | $ 34,799 |
Loans to Employees Term Length | 3 years |
Note 9 - Deferred Compensation
Note 9 - Deferred Compensation (Details Textual) - USD ($) | Jul. 03, 2016 | Jun. 28, 2015 |
Deferred Compensation Liability, Current and Noncurrent | $ 29,915 | $ 35,106 |
Deferred Compensation Liability, Current | $ 6,295 | $ 6,209 |