Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 02, 2017 | Sep. 15, 2017 | Dec. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | BOWL AMERICA INC | ||
Entity Central Index Key | 13,573 | ||
Trading Symbol | bwla | ||
Current Fiscal Year End Date | --07-02 | ||
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/A | ||
Document Period End Date | Jul. 2, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | true | ||
Amendment Description | This Amendment No. 1 to the Form 10-K of Bowl America Incorporated, for the year ended July 2, 2017, as filed with the Securities and Exchange Commission on September 28, 2017 (the “Original Filing”) is being filed solely to correct scrivener's errors in the Original Filing with respect to (i) the Earnings from continuing operations for the year ended July 2, 2017 on page 14, (ii) the Balance of Class A shares for the year ended June 28, 2015 on page 18 and (iii) the Balance of Additional Paid-In Capital for the year ended July 3, 2016 on page 18. Pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 and the rules of the SEC, we are also including new certifications by our Chief Executive Officer and Chief Financial Officer (as Exhibits 31.1, 31.2 and 32). Except as described above, no other changes have been made to the Original Filing, and this amendment does not otherwise amend, update or change the financial statements or other disclosures in the Original Filing. This Amendment No. 1 to Form 10-K does not reflect any event occurring after the filing of the Original Filing. | ||
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 ($) | Jul. 02, 2017 | Jul. 03, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents (Note 2) | $ 604,671 | $ 986,193 |
Short-term investments (Note 3) | 2,951,315 | 484,558 |
Inventories | 534,741 | 561,217 |
Prepaid expenses and other | 555,687 | 664,379 |
Current deferred income tax benefit (Note 7) | 8,162 | |
TOTAL CURRENT ASSETS | 4,654,576 | 2,696,347 |
LAND, BUILDINGS & EQUIPMENT, net (Note 4) | 18,860,778 | 19,523,856 |
OTHER ASSETS: | ||
Marketable investment securities (Note 3) | 5,272,318 | 8,824,456 |
Cash surrender value-life insurance | 772,326 | 740,161 |
Other | 66,315 | 66,315 |
TOTAL OTHER ASSETS | 6,110,959 | 9,630,932 |
TOTAL ASSETS | 29,626,313 | 31,851,135 |
CURRENT LIABILITIES: | ||
Accounts payable | 673,786 | 660,711 |
Accrued expenses | 1,069,668 | 1,193,463 |
Dividends payable | 877,365 | 877,365 |
Income taxes payable | 22,543 | 207,840 |
Other current liabilities | 342,324 | 325,982 |
Current deferred income taxes (Note 7) | 27,850 | |
TOTAL CURRENT LIABILITIES | 2,985,686 | 3,293,211 |
LONG-TERM DEFERRED COMPENSATION | 18,413 | 23,620 |
NONCURRENT DEFERRED INCOME TAXES (Note 7) | 2,035,821 | 2,384,962 |
TOTAL LIABILITIES | 5,039,920 | 5,701,793 |
COMMITMENTS AND CONTINGENCIES (Note 5) | ||
STOCKHOLDERS' EQUITY (Note 8) | ||
Preferred stock, par value $10 a share: Authorized and unissued, 2,000,000 shares | 0 | 0 |
Additional paid-in capital | 7,854,108 | 7,854,108 |
Accumulated other comprehensive earnings- Unrealized gain on available-for-sale securities, net of tax | 2,481,988 | 2,986,587 |
Retained earnings | 13,734,200 | 14,792,550 |
TOTAL STOCKHOLDERS'EQUITY | 24,586,393 | 26,149,342 |
TOTAL LIABILITIES AND STOCKHOLDERS'EQUITY | 29,626,313 | 31,851,135 |
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 | Jul. 02, 2017 | Jul. 03, 2016 |
Common stock, shares outstanding (in shares) | 5,160,971 | 5,160,971 |
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 Class A [Member] | ||
Common stock, shares outstanding (in shares) | 3,746,454 | 3,746,454 |
Common stock, shares issued (in shares) | 3,746,454 | 3,746,454 |
Common Class B [Member] | ||
Common stock, shares outstanding (in shares) | 1,414,517 | 1,414,517 |
Common stock, shares issued (in shares) | 1,414,517 | 1,414,517 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Earnings - USD ($) | 12 Months Ended | |
Jul. 02, 2017 | Jul. 03, 2016 | |
Operating Revenues: | ||
Bowling and other | $ 16,887,857 | $ 16,878,423 |
Food, beverage and merchandise sales | 7,044,647 | 7,219,439 |
Total Operating Revenue | 23,932,504 | 24,097,862 |
Operating Expenses: | ||
Employee compensation and benefits | 10,817,766 | 11,070,655 |
Cost of bowling and other services | 5,881,168 | 5,947,418 |
Cost of food, beverage and merchandise sales | 2,195,259 | 2,202,901 |
Depreciation and amortization | 973,849 | 1,153,121 |
General and administrative | 802,887 | 852,465 |
Total Operating Expense | 20,670,929 | 21,226,560 |
Gain (loss) on disposal of land, buildings and equipment | 77,972 | (10,035) |
Operating Income | 3,339,547 | 2,861,267 |
Interest, dividend and other income | 412,299 | 449,998 |
Interest expense | 6,296 | |
Earnings before provision for income taxes | 3,745,550 | 3,311,265 |
Provision for income taxes (Note 7) | ||
Current | 1,368,326 | 1,258,674 |
Deferred | (73,886) | (98,434) |
Total Provision for Income Taxes | 1,294,440 | 1,160,240 |
Net Earnings | $ 2,451,110 | $ 2,151,025 |
Earnings per share-basic & diluted (in dollars per share) | $ 0.48 | $ 0.42 |
Weighted average shares outstanding (in shares) | 5,160,971 | 5,160,971 |
Dividends paid | $ 3,509,460 | $ 3,509,461 |
Net earnings for the year | 2,451,110 | 2,151,025 |
Other comprehensive earnings- net of tax | ||
Unrealized gain (loss) on available-for–sale securities net of tax (benefit) of ($312,797) and $334,549 | (508,218) | 548,740 |
Reclassification adjustment for loss (gain) included in Net Income, net of tax (benefit) of ($2,227) and $9,258 | 3,619 | (15,041) |
Comprehensive earnings | $ 1,946,511 | $ 2,684,724 |
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 |
Consolidated Statements of Ear5
Consolidated Statements of Earnings and Comprehensive Earnings (Parentheticals) - USD ($) | 12 Months Ended | |
Jul. 02, 2017 | Jul. 03, 2016 | |
Unrealized gain (loss) on available-for-sale securities tax | $ (312,797) | $ 334,549 |
Reclassification adjustment for gain tax | $ (2,227) | $ 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. 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 | |
Cash dividends paid | (2,632,095) | |||||
Accrued dividends declared and payable | (877,366) | |||||
Change in unrealized gain on available-for- sale securities (shown net of tax) | 548,740 | $ 548,740 | ||||
Reclassification adjustment for gain included in net income, net of tax | (15,041) | (15,041) | ||||
Net earnings for the year | 2,151,025 | 2,151,025 | ||||
Balance at Jul. 03, 2016 | $ 374,645 | $ 141,452 | 7,854,108 | 2,986,587 | 14,792,550 | |
Balance (in shares) at Jul. 03, 2016 | 3,746,454 | 1,414,517 | ||||
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) | (508,218) | (508,218) | ||||
Reclassification adjustment for gain included in net income, net of tax | 3,619 | 3,619 | ||||
Net earnings for the year | 2,451,110 | $ 2,451,110 | ||||
Balance at Jul. 02, 2017 | $ 374,645 | $ 141,452 | $ 7,854,108 | $ 2,481,988 | $ 13,734,200 | |
Balance (in shares) at Jul. 02, 2017 | 3,746,454 | 1,414,517 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 02, 2017 | Jul. 03, 2016 | |
Cash Flows From Operating Activities | ||
Net earnings for the year | $ 2,451,110 | $ 2,151,025 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 973,849 | 1,153,121 |
Decrease in deferred income tax | (74,567) | (95,712) |
(Gain) loss on disposition of assets-net | (77,972) | 10,035 |
Loss (gain) on sale of available-for-sale securities | 5,845 | (24,299) |
Changes in assets and liabilities | ||
Decrease (increase) in inventories | 26,476 | (8,328) |
Decrease (increase) in prepaid and other | 108,692 | (176,167) |
Decrease in income taxes refundable | 51,309 | |
Decrease in other long-term assets | 150 | |
Increase (decrease) in accounts payable | 13,075 | (48,742) |
(Decrease) increase in accrued expenses | (123,795) | 191,709 |
(Decrease) increase in income taxes payable | (185,297) | 207,840 |
Increase in other current liabilities | 16,342 | 35,149 |
Decrease in long-term deferred compensation | (5,207) | (5,277) |
Net cash provided by operating activities | 3,128,551 | 3,441,813 |
Cash Flows From Investing Activities | ||
Expenditures for land, building and equipment | (326,398) | (319,558) |
Sale of assets | 93,599 | 50,000 |
Net sales and maturities (purchases) of short-term investments | 350,635 | (350,829) |
Purchases of marketable securities | (86,284) | (71,570) |
Proceeds from sale of marketable securities | 1,000,000 | |
Increase in cash surrender value | (32,165) | (32,569) |
Net cash (used in) provided by investing activities | (613) | 275,474 |
Cash Flows From Financing Activities | ||
Payment of cash dividends | (3,509,460) | (3,509,461) |
Net cash used in financing activities | (3,509,460) | (3,509,461) |
Net Change in Cash and Equivalents | (381,522) | 207,826 |
Cash and Equivalents, Beginning of period | 986,193 | 778,367 |
Cash and Equivalents, End of period | 604,671 | 986,193 |
Supplemental Disclosures of Cash Flow Information Cash Paid During the Period for: | ||
Interest paid | 6,296 | |
Income taxes | $ 1,575,623 | $ 934,026 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Organization Bowl America Incorporated is engaged in the operation of 1 8 one four three 18 726 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. year 2017 July 2, 2017, 2016 July 3, 2016. 2017 52 2016 53 Subsequent Events The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission on September 28, 2017. In August 2017 $1,000,000 August 2017 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 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 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 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 2, 2017, July 3, 2016, $319,382 $319,129, Inventories Inventories are stated at the lower of cost ( first first 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 not 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 2017 2016 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 2, 2017 July 3, 2016. 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 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 2, 2017 July 3, 2016 $334,272 $314,599, Reclassifications Certain previous year amounts have been reclassified to conform with the current year presentation . Recently adopted accounting guidance Recent accounting guidance not In January 2016, ’s fiscal year ending June 2019 In February 2016, 12 This amendment is effective for the Company’s fiscal year ending June 2020 |
Note 2 - Cash and Cash Equivale
Note 2 - Cash and Cash Equivalents | 12 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 2. Cash and cash equivalents consisted of the following: July 2, 2017 July 3, 2016 Demand deposits and cash on hand $ 467,161 $ 543,639 Money market funds 137,510 442,554 Cash and Cash Equivalents $ 604,671 $ 986,193 The account balances at times exceed federally insured limits. The Company does not |
Note 3 - Investments
Note 3 - Investments | 12 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. 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. At July 2, 2017, three one July 2, 2017, $2,951,315. July 3, 2016, three one and the fair value of short-term investments was $484,558. July 2, 2017 July 3, 2016 As of July 2, 2017, $17,248 $2,817,392. August 2017 $1,000,000 August 2017 July 3, 2016, $108,755 $2,822,615. Original Unrealized Unrealized Fair Cost Gain Loss Value July 2, 2017 Equity securities $ 1,279,914 $ 3,996,702 $ (4,298 ) $ 5,272,318 Mutual fund 2,800,144 17,248 - 2,817,392 Certificates of deposits 133,922 - - 133,922 Ju ly 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 During fiscal 2017 2016, $4,298 $5,804 Less than 12 months 12 Months or greater Total July 2, 2017 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity securities $ - $ - $ 5,229 $ (4,298 ) $ 5,299 $ (4,298 ) 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 ) Th e 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 4,508 Sprint shares 40,000 Verizon shares 31,904 Windstream shares 679 CSAL shares 815 On July 10, 2017 1 15 300 On August 1, 2016 no 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 July 2, 2017 Quoted Significant Unrealized Cumulative Price for Other Significant gains/ (losses) Unrealized Identical Observable Unobservable for the g ains/(losses) Assets Inputs Inputs Year Ended as of Description (Level 1) (Level 2) (Level 3) Ju ly 2, 2017 Ju ly 2, 2017 Equity securities $ 5,272,318 $ - $ - $ (729,508 ) $ 3,992,404 Mutual fund 2,817,392 - - (91,507 ) 17,248 Certificates of deposits - 133,922 - - - TOTAL $ 8,089,710 $ 133,922 - $ (821,015 ) $ 4,009,652 The fair value of these assets as of July 3, 2016 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) Ju ly 3, 2016 Ju ly 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 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. 02, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. , AND EQUIPMENT Land, buildings , and equipment, at cost, consisted of the following: July 2, July 3, 2017 2016 Buildings $ 18,666,152 $ 18,666,152 Leasehold and building improvements 8,168,717 8,068,521 Bowling lanes and equipment 22,418,775 22,429,142 Land 10,510,308 10,516,607 Amusement games 17,519 726,471 Bowling lanes and equipment not yet in use 57,916 104,506 Total Land, Buildings, and Equipment 59,839,387 60,511,399 Less accumulated depreciation and amortization 40,978,609 40,987,543 Land, Buildings, and Equipment, net $ 18,860,778 $ 19,523,856 Depreciation and amortization expense for buildings and equipment for fiscal years 2017 2016 $973,849, $1,153,121, not and equipment not not |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 12 Months Ended |
Jul. 02, 2017 | |
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 July 2, 2017, Year Ending 2018 $ 318,000 2019 318,000 2020 33,834 Total minimum lease payments $ 669,834 Net rent expense was as follows: For the Years Ended July 2, 2017 July 3, 2016 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 July 2, 2017 |
Note 6 - Profit-sharing and ESO
Note 6 - Profit-sharing and ESOP Plan | 12 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. The Company has two first fiscal year or December 29 one one thousand July 2, 2017 July 3, 2016, $90,000 $75,000, Effective March 31, 1987, one thousand that fiscal year. The ESOP an provides for Company contributions as determined by the Board of Directors. The Company contributed $90,000 2017 $75,000 2016. no |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Jul. 02, 2017 | |
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 July 2, 2017 twelve No 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 June 30, 2013 The significant components of the Company's deferred tax assets and liabilities were as follows: July 2, July 3, 2017 2016 Deferred tax assets: Other $ 8,162 $ - Total deferred tax assets 8,162 - Deferred tax liabilities: Land, buildings, and equipment $ 521,818 $ 596,688 Unrealized gain on available-for-sale securities 1,529,585 1,840,861 Prepaid expenses and other (15,582 ) (24,725 ) Total deferred tax liabilities 2,035,821 2,412,824 Net deferred income taxes $ 2,027,659 $ 2,412,824 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 2017 2016 Taxes computed at statutory rate 34.0 % 34.0 % State income taxes, net of Federal income tax benefit 3.2 4.1 Dividends received exclusion (1.8 ) (2.1 ) All other net (1.0 ) (1.0 ) Net effective rate 34.4 % 35.0 % |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. The Class A shares have one . The Class B shares may ten At July 2, 2017, July 3, 2016, $ 34,799 2% 2.5% three 2015 2017. |
Note 9 - Deferred Compensation
Note 9 - Deferred Compensation | 12 Months Ended |
Jul. 02, 2017 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | 9. Deferred compensation payable was a total of $24,639 July 2, 2017, $29,915 July 3, 2016. $6,226 July 2, 2017, $6,295 July 3, 2016, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 02, 2017 | |
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. year 2017 July 2, 2017, 2016 July 3, 2016. 2017 52 2016 53 |
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 28, 2017. In August 2017 $1,000,000 August 2017 |
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 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 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 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 2, 2017, July 3, 2016, $319,382 $319,129, |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost ( first first 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 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 2017 2016 |
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 2, 2017 July 3, 2016. |
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 July 2, 2017 July 3, 2016 $334,272 $314,599, |
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] | Recently adopted accounting guidance Recent accounting guidance not In January 2016, ’s fiscal year ending June 2019 In February 2016, 12 This amendment is effective for the Company’s fiscal year ending June 2020 |
Note 1 - Organization and Sig18
Note 1 - Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 02, 2017 | |
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. 02, 2017 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | July 2, 2017 July 3, 2016 Demand deposits and cash on hand $ 467,161 $ 543,639 Money market funds 137,510 442,554 Cash and Cash Equivalents $ 604,671 $ 986,193 |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 12 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Original Unrealized Unrealized Fair Cost Gain Loss Value July 2, 2017 Equity securities $ 1,279,914 $ 3,996,702 $ (4,298 ) $ 5,272,318 Mutual fund 2,800,144 17,248 - 2,817,392 Certificates of deposits 133,922 - - 133,922 Ju ly 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 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 months 12 Months or greater Total July 2, 2017 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity securities $ - $ - $ 5,229 $ (4,298 ) $ 5,299 $ (4,298 ) 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 ) |
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 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 g ains/(losses) Assets Inputs Inputs Year Ended as of Description (Level 1) (Level 2) (Level 3) Ju ly 2, 2017 Ju ly 2, 2017 Equity securities $ 5,272,318 $ - $ - $ (729,508 ) $ 3,992,404 Mutual fund 2,817,392 - - (91,507 ) 17,248 Certificates of deposits - 133,922 - - - TOTAL $ 8,089,710 $ 133,922 - $ (821,015 ) $ 4,009,652 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) Ju ly 3, 2016 Ju ly 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 |
Note 4 - Land, Buildings, and21
Note 4 - Land, Buildings, and Equipment (Tables) | 12 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | July 2, July 3, 2017 2016 Buildings $ 18,666,152 $ 18,666,152 Leasehold and building improvements 8,168,717 8,068,521 Bowling lanes and equipment 22,418,775 22,429,142 Land 10,510,308 10,516,607 Amusement games 17,519 726,471 Bowling lanes and equipment not yet in use 57,916 104,506 Total Land, Buildings, and Equipment 59,839,387 60,511,399 Less accumulated depreciation and amortization 40,978,609 40,987,543 Land, Buildings, and Equipment, net $ 18,860,778 $ 19,523,856 |
Note 5 - Commitments and Cont22
Note 5 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jul. 02, 2017 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year Ending 2018 $ 318,000 2019 318,000 2020 33,834 Total minimum lease payments $ 669,834 |
Schedule of Rent Expense [Table Text Block] | For the Years Ended July 2, 2017 July 3, 2016 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 |
Jul. 02, 2017 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | July 2, July 3, 2017 2016 Deferred tax assets: Other $ 8,162 $ - Total deferred tax assets 8,162 - Deferred tax liabilities: Land, buildings, and equipment $ 521,818 $ 596,688 Unrealized gain on available-for-sale securities 1,529,585 1,840,861 Prepaid expenses and other (15,582 ) (24,725 ) Total deferred tax liabilities 2,035,821 2,412,824 Net deferred income taxes $ 2,027,659 $ 2,412,824 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended 2017 2016 Taxes computed at statutory rate 34.0 % 34.0 % State income taxes, net of Federal income tax benefit 3.2 4.1 Dividends received exclusion (1.8 ) (2.1 ) All other net (1.0 ) (1.0 ) Net effective rate 34.4 % 35.0 % |
Note 1 - Organization and Sig24
Note 1 - Organization and Significant Accounting Policies (Details Textual) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2017USD ($) | Jul. 02, 2017USD ($)shares | Jul. 03, 2016USD ($)shares | |
Number of Stores | 18 | ||
Number of Lanes in Operation | 726 | ||
Number of Operating Segments | 1 | ||
Advertising Expense | $ 319,382 | $ 319,129 | |
Common Stock, Shares, Outstanding | shares | 5,160,971 | 5,160,971 | |
Other Liabilities, Current | $ 342,324 | $ 325,982 | |
Prize Fund Monies [Member] | |||
Other Liabilities, Current | $ 334,272 | $ 314,599 | |
Mutual Fund [Member] | Subsequent Event [Member] | |||
Redemption of Securities to Meet Dividend Payment | $ 1,000,000 | ||
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 Sig25
Note 1 - Organization and Significant Accounting Policies - Depreciation and Amortization Rates (Details) | 12 Months Ended |
Jul. 02, 2017 | |
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 2 - Cash and Cash Equiva26
Note 2 - Cash and Cash Equivalents - Cash and Cash Equivalents (Details) - USD ($) | Jul. 02, 2017 | Jul. 03, 2016 | Jun. 28, 2015 |
Demand deposits and cash on hand | $ 467,161 | $ 543,639 | |
Money market funds | 137,510 | 442,554 | |
Cash and Cash Equivalents | $ 604,671 | $ 986,193 | $ 778,367 |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) | Jul. 10, 2017shares | Aug. 31, 2017USD ($) | Jul. 02, 2017USD ($)shares | Jul. 03, 2016USD ($) |
Short-term Investments | $ 2,951,315 | $ 484,558 | ||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $ (821,015) | 878,083 | ||
Frontier Communications [Member] | ||||
Investment Owned, Balance, Shares | shares | 4,508 | |||
Equity Securities [Member] | ||||
Unrealized Loss on Securities | $ 4,298 | 5,804 | ||
Subsequent Event [Member] | Frontier Communications [Member] | ||||
Investment Owned, Balance, Shares | shares | 300 | |||
Subsequent Event [Member] | Frontier Communications [Member] | Reverse Stock Split [Member] | ||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | |||
US Government Corporations and Agencies Securities [Member] | ||||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 17,248 | 108,755 | ||
US Government Securities, at Carrying Value | 2,817,392 | 2,822,615 | ||
Mutual Fund [Member] | ||||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $ (91,507) | $ 66,629 | ||
Mutual Fund [Member] | Subsequent Event [Member] | ||||
Redemption of Securities to Meet Dividend Payment | $ 1,000,000 | |||
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 ($) | Jul. 02, 2017 | Jul. 03, 2016 |
Equity Securities [Member] | ||
Unrealized Loss | $ (4,298) | $ (5,804) |
Fair Value | 5,272,318 | 6,001,841 |
Cost Basis | 1,279,914 | 1,285,759 |
Unrealized Gain | 3,996,702 | 4,721,885 |
Mutual Fund [Member] | ||
Unrealized Loss | ||
Fair Value | 2,817,392 | 2,822,615 |
Cost Basis | 2,800,144 | 2,713,860 |
Unrealized Gain | 17,248 | 108,755 |
Certificates of Deposit [Member] | ||
Unrealized Loss | ||
Fair Value | 133,922 | 484,558 |
Cost Basis | 133,922 | 484,558 |
Unrealized Gain |
Note 3 - Investments - Unrealiz
Note 3 - Investments - Unrealized Losses Equity Securities (Details) - USD ($) | 12 Months Ended | |
Jul. 02, 2017 | Jul. 03, 2016 | |
12 Months or greater Unrealized loss | $ (4,298) | $ (5,804) |
Total Fair Value | 5,299 | 41 |
Total Unrealized loss | (4,298) | (5,804) |
Less than 12 months Fair Value | ||
Less than 12 months Unrealized loss | ||
12 Months or greater Fair Value | $ 5,229 | $ 41 |
Note 3 - Investments - Telecomm
Note 3 - Investments - Telecommunications Stocks Held (Details) | Jul. 02, 2017shares |
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 |
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 - Investments - Fair Val
Note 3 - Investments - Fair Value Hierarchy (Details) - USD ($) | 12 Months Ended | |
Jul. 02, 2017 | Jul. 03, 2016 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $ (821,015) | $ 878,083 |
Cumulative Unrealized Gain (Loss) | 4,009,652 | 4,824,836 |
Equity Securities [Member] | ||
Fair Value Hierarchy | 5,272,318 | 6,001,841 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | (729,508) | 811,454 |
Cumulative Unrealized Gain (Loss) | 3,992,404 | 4,716,081 |
Mutual Fund [Member] | ||
Fair Value Hierarchy | 2,817,392 | 2,822,615 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | (91,507) | 66,629 |
Cumulative Unrealized Gain (Loss) | 17,248 | 108,755 |
Certificates of Deposit [Member] | ||
Fair Value Hierarchy | 133,922 | 484,558 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | ||
Cumulative Unrealized Gain (Loss) | ||
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Hierarchy | 8,089,710 | 8,824,456 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value Hierarchy | 5,272,318 | 6,001,841 |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Fair Value Hierarchy | 2,817,392 | 2,822,615 |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Fair Value Hierarchy | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Hierarchy | 133,922 | 484,558 |
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 | 133,922 | 484,558 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Hierarchy | ||
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 |
Note 4 - Land, Buildings, and32
Note 4 - Land, Buildings, and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Jul. 02, 2017 | Jul. 03, 2016 | |
Depreciation, Depletion and Amortization | $ 973,849 | $ 1,153,121 |
Building and Equipment [Member] | ||
Depreciation, Depletion and Amortization | $ 973,849 | $ 1,153,121 |
Note 4 - Land, Buildings, and33
Note 4 - Land, Buildings, and Equipment - Land, Buildings, and Equipment At Cost (Details) - USD ($) | Jul. 02, 2017 | Jul. 03, 2016 |
Land | $ 10,510,308 | $ 10,516,607 |
Buildings | 18,666,152 | 18,666,152 |
Leasehold and building improvements | 8,168,717 | 8,068,521 |
Total Land, Buildings, and Equipment | 59,839,387 | 60,511,399 |
Less accumulated depreciation and amortization | 40,978,609 | 40,987,543 |
Land, Buildings, and Equipment, net | 18,860,778 | 19,523,856 |
Bowling Lanes and Equipment [Member] | ||
Other Property, Plant, and Equipment | 22,418,775 | 22,429,142 |
Amusement Games [Member] | ||
Other Property, Plant, and Equipment | 17,519 | 726,471 |
Bowling Lanes and Equipment Not Yet in Use [Member] | ||
Other Property, Plant, and Equipment | $ 57,916 | $ 104,506 |
Note 5 - Commitments and Cont34
Note 5 - Commitments and Contingencies (Details Textual) | Jul. 02, 2017 |
Capital Leased Assets, Number of Units | 2 |
Note 5 - Commitments and Cont35
Note 5 - Commitments and Contingencies - Minimum Lease Commitments (Details) | Jul. 02, 2017USD ($) |
2,018 | $ 318,000 |
2,019 | 318,000 |
2,020 | 33,834 |
Total minimum lease payments | $ 669,834 |
Note 5 - Commitments and Cont36
Note 5 - Commitments and Contingencies - Net Rent Expense (Details) - USD ($) | 12 Months Ended | |
Jul. 02, 2017 | Jul. 03, 2016 | |
Minimum rent under operating leases | $ 318,000 | $ 318,000 |
Net rent expense | $ 318,000 | $ 318,000 |
Note 6 - Profit-sharing and E37
Note 6 - Profit-sharing and ESOP Plan (Details Textual) | 12 Months Ended | |
Jul. 02, 2017USD ($) | Jul. 03, 2016USD ($) | |
Defined Contribution Plan Number of Plans | 2 | |
Defined Contribution Plan Service Requirement | 1 year | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 90,000 | $ 75,000 |
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | $ 90,000 | $ 75,000 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) $ in Thousands | 12 Months Ended |
Jul. 02, 2017USD ($) | |
Unrecognized Tax Benefits | $ 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 |
Open Tax Year | 2,013 |
Note 7 - Income Taxes - Deferre
Note 7 - Income Taxes - Deferred Tax Asset Components (Details) - USD ($) | Jul. 02, 2017 | Jul. 03, 2016 |
Other | $ 8,162 | |
Total deferred tax assets | 8,162 | |
Land, buildings, and equipment | 521,818 | 596,688 |
Unrealized gain on available-for-sale securities | 1,529,585 | 1,840,861 |
Prepaid expenses and other | (15,582) | (24,725) |
Total deferred tax liabilities | 2,035,821 | 2,412,824 |
Net deferred income taxes | $ 2,027,659 | $ 2,412,824 |
Note 7 - Income Taxes - Income
Note 7 - Income Taxes - Income Tax Reconciliation (Details) | 12 Months Ended | |
Jul. 02, 2017 | Jul. 03, 2016 | |
Taxes computed at statutory rate | 34.00% | 34.00% |
State income taxes, net of Federal income tax benefit | 3.20% | 4.10% |
Dividends received exclusion | (1.80%) | (2.10%) |
All other net | (1.00%) | (1.00%) |
Net effective rate | 34.40% | 35.00% |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Details Textual) | 12 Months Ended | |
Jul. 02, 2017USD ($) | Jul. 03, 2016USD ($) | |
Due from Employees | $ 34,799 | $ 34,799 |
Loans to Employees Term Length | 3 years | |
Minimum [Member] | ||
Loans to Employees Stated Percentage Rate | 2.00% | 2.00% |
Maximum [Member] | ||
Loans to Employees Stated Percentage Rate | 2.50% | 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 ($) | Jul. 02, 2017 | Jul. 03, 2016 |
Deferred Compensation Liability, Current and Noncurrent | $ 24,639 | $ 29,915 |
Deferred Compensation Liability, Current | $ 6,226 | $ 6,295 |