Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 01, 2018 | Sep. 15, 2018 | Dec. 29, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | BOWL AMERICA INC | ||
Entity Central Index Key | 13,573 | ||
Trading Symbol | bwla | ||
Current Fiscal Year End Date | --07-01 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 29 | ||
Document Type | 10-K/A | ||
Document Period End Date | Jul. 1, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 1, 2018, as filed with the Securities and Exchange Commission on September 27, 2018 (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 1, 2018 on page 14, (ii) the Balance of Class A shares for the year ended July 3, 2016 on page 18 and (iii) the Balance of Additional Paid-In Capital for the year ended July 2, 2017 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. | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
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. 01, 2018 | Jul. 02, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents (Note 2) | $ 1,008,433 | $ 604,671 |
Short-term investments (Note 3) | 2,157,875 | 2,951,315 |
Inventories | 490,456 | 534,741 |
Prepaid expenses and other | 760,561 | 555,687 |
Income taxes refundable | 192,298 | |
TOTAL CURRENT ASSETS | 4,609,623 | 4,646,414 |
LAND, BUILDINGS & EQUIPMENT, net (Note 4) | 18,698,651 | 18,860,778 |
OTHER ASSETS: | ||
Marketable investment securities (Note 3) | 4,816,804 | 5,272,318 |
Cash surrender value-life insurance | 717,733 | 772,326 |
Other | 66,315 | 66,315 |
TOTAL OTHER ASSETS | 5,600,852 | 6,110,959 |
TOTAL ASSETS | 28,909,126 | 29,618,151 |
CURRENT LIABILITIES: | ||
Accounts payable | 806,487 | 673,786 |
Accrued expenses | 1,107,226 | 1,069,668 |
Dividends payable | 877,365 | 877,365 |
Income taxes payable | 22,543 | |
Other current liabilities | 305,236 | 342,324 |
TOTAL CURRENT LIABILITIES | 3,096,314 | 2,985,686 |
LONG-TERM DEFERRED COMPENSATION | 17,440 | 18,413 |
DEFERRED INCOME TAXES (Note 7) | 1,311,697 | 2,027,659 |
TOTAL LIABILITIES | 4,425,451 | 5,031,758 |
COMMITMENTS AND CONTINGENCIES (Note 5) | ||
STOCKHOLDERS' EQUITY (Note 8) | ||
Preferred stock, par value $10 a share: Authorized and unissued, 2,000,000 shares | ||
Additional paid-in capital | 7,854,108 | 7,854,108 |
Accumulated other comprehensive earnings- Unrealized gain on available-for-sale securities, net of tax | 2,102,745 | 2,481,988 |
Retained earnings | 14,010,725 | 13,734,200 |
TOTAL STOCKHOLDERS'EQUITY | 24,483,675 | 24,586,393 |
TOTAL LIABILITIES AND STOCKHOLDERS'EQUITY | 28,909,126 | 29,618,151 |
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. 01, 2018 | Jul. 02, 2017 |
Preferred stock, par value (in dollars per share) | $ 10 | $ 10 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common Class A [Member] | ||
Common stock, shares issued (in shares) | 3,746,454 | 3,746,454 |
Common stock, shares outstanding (in shares) | 3,746,454 | 3,746,454 |
Common Class B [Member] | ||
Common stock, shares issued (in shares) | 1,414,517 | 1,414,517 |
Common stock, shares outstanding (in shares) | 1,414,517 | 1,414,517 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Earnings - USD ($) | 12 Months Ended | |
Jul. 01, 2018 | Jul. 02, 2017 | |
Operating Revenues: | ||
Operating revenue | $ 24,770,884 | $ 23,932,504 |
Operating Expenses: | ||
Employee compensation and benefits | 10,890,744 | 10,817,766 |
Depreciation and amortization | 946,106 | 973,849 |
General and administrative | 835,988 | 802,887 |
Total Operating Expense | 20,751,639 | 20,670,929 |
(Loss) gain on disposal of land, buildings and equipment | (3,306) | 77,972 |
Operating Income | 4,015,939 | 3,339,547 |
Interest, dividend and other income | 387,531 | 412,299 |
Interest expense | 6,296 | |
Earnings before provision for income taxes | 4,403,470 | 3,745,550 |
Provision for income taxes (Note 7) | ||
Current | 1,197,410 | 1,368,326 |
Deferred | (579,925) | (73,886) |
Total Provision for Income Taxes | 617,485 | 1,294,440 |
Net Earnings | $ 3,785,985 | $ 2,451,110 |
Earnings per share-basic & diluted (in dollars per share) | $ 0.73 | $ 0.48 |
Weighted average shares outstanding (in shares) | 5,160,971 | 5,160,971 |
Dividends paid | $ 3,509,460 | $ 3,509,460 |
Net Earnings | 3,785,985 | 2,451,110 |
Other comprehensive earnings- net of tax | ||
Unrealized (loss) gain on available-for–sale securities net of tax (benefit) of ($135,137) and ($312,797) | (375,723) | (508,218) |
Reclassification adjustment for (gain) loss included in Net Income, net of tax (benefit) of $2,167 and ($2,227) | (3,520) | 3,619 |
Comprehensive earnings | $ 3,406,742 | $ 1,946,511 |
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 [Member] | ||
Operating Revenues: | ||
Operating revenue | $ 17,486,194 | $ 16,887,857 |
Operating Expenses: | ||
Cost of goods and services sold | 5,890,052 | 5,881,168 |
Food, Beverage, and Merchandise [Member] | ||
Operating Revenues: | ||
Operating revenue | 7,284,690 | 7,044,647 |
Operating Expenses: | ||
Cost of goods and services sold | $ 2,188,749 | $ 2,195,259 |
Consolidated Statements of Ea_2
Consolidated Statements of Earnings and Comprehensive Earnings (Parentheticals) - USD ($) | 12 Months Ended | |
Jul. 01, 2018 | Jul. 02, 2017 | |
Unrealized gain (loss) on available-for-sale securities tax | $ (135,137) | $ (312,797) |
Reclassification adjustment for gain tax | $ 2,167 | $ (2,227) |
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] | Total |
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 |
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 loss (gain) included in Net Income, net of tax (benefit) | 3,619 | 3,619 | |||
Net earnings for the year | 2,451,110 | ||||
Balance (in shares) at Jul. 02, 2017 | 3,746,454 | 1,414,517 | |||
Balance at Jul. 02, 2017 | $ 374,645 | $ 141,452 | 7,854,108 | 2,481,988 | 13,734,200 |
Cash dividends paid | (2,632,095) | ||||
Accrued dividends declared and payable | (877,365) | ||||
Change in unrealized gain on available-for-sale securities (shown net of tax) | (375,723) | (375,723) | |||
Reclassification adjustment for loss (gain) included in Net Income, net of tax (benefit) | (3,520) | (3,520) | |||
Net earnings for the year | 3,785,985 | ||||
Balance (in shares) at Jul. 01, 2018 | 3,746,454 | 1,414,517 | |||
Balance at Jul. 01, 2018 | $ 374,645 | $ 141,452 | $ 7,854,108 | $ 2,102,745 | $ 14,010,725 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 01, 2018 | Jul. 02, 2017 | |
Cash Flows From Operating Activities | ||
Net Earnings | $ 3,785,985 | $ 2,451,110 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 946,106 | 973,849 |
Increase (decrease) in deferred income tax | 68,814 | (74,567) |
Reduction in deferred income tax from Tax Act | (651,807) | |
Loss (gain) on disposition of assets-net | 3,306 | (77,972) |
(Gain) loss on sale of available-for-sale securities | (8,531) | 5,845 |
Changes in assets and liabilities | ||
Decrease in inventories | 44,285 | 26,476 |
(Increase) decrease in prepaid and other | (106,406) | 108,692 |
Increase in income taxes refundable | (192,298) | |
Increase in accounts payable | 132,701 | 13,075 |
Increase (decrease) in accrued expenses | 37,558 | (123,795) |
Decrease in income taxes payable | (22,543) | (185,297) |
(Decrease) increase in other current liabilities | (37,088) | 16,342 |
Decrease in long-term deferred compensation | (973) | (5,207) |
Net cash provided by operating activities | 3,999,109 | 3,128,551 |
Cash Flows From Investing Activities | ||
Expenditures for land, building and equipment | (787,285) | (326,398) |
Sale of assets | 93,599 | |
Net (purchases) sales and maturities of short-term investments | (199,106) | 350,635 |
Purchases of marketable securities | (55,621) | (86,284) |
Proceeds from sale of marketable securities | 1,000,000 | |
Increase in cash surrender value | (43,875) | (32,165) |
Net cash used in investing activities | (85,887) | (613) |
Cash Flows From Financing Activities | ||
Payment of cash dividends | (3,509,460) | (3,509,460) |
Net cash used in financing activities | (3,509,460) | (3,509,460) |
Net Change in Cash and Equivalents | 403,762 | (381,522) |
Cash and Equivalents, Beginning of period | 604,671 | 986,193 |
Cash and Equivalents, End of period | 1,008,433 | 604,671 |
Supplemental Disclosures of Cash Flow Information Cash Paid During the Period for: | ||
Interest paid | 6,296 | |
Income taxes | $ 1,411,000 | $ 1,575,623 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 12 Months Ended |
Jul. 01, 2018 | |
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 18 Ten 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. 2018 July 1, 2018, 2017 July 2, 2017. 2018 2017 52 Subsequent Events The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission on September 27, 2018. Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may Revenue 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 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 1, 2018, July 2, 2017, $311,090 $319,382, Inventories Inventories are stated at the lower of cost ( first first 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 2018 2017 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 1, 2018 July 2, 2017. 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 1, 2018 July 2, 2017 $296,774 $334,272, Reclassifications Certain previous year amounts have been reclassified to conform with the current year presentation. New Accounting Standards In January 2016, June 2019 first 2019. $2,102,745 2018 02 In February 2016, 12 June 2020 In February 2018, 2018 02, 220 December 15, 2018 not In May 2014, No. 2014 09, 2014 09” 2014 9 may December 15, 2017. not December 15, 2016. 2019 not |
Note 2 - Cash and Cash Equivale
Note 2 - Cash and Cash Equivalents | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 2. Cash and cash equivalents consisted of the following: Ju ly 1 , 201 8 July 2, 2017 Demand deposits and cash on hand $ 543,932 $ 467,161 Money market funds 464,501 137,510 Cash and Cash Equivalents $ 1,008,433 $ 604,671 The account balances at times exceed federally insured limits. The Company does not |
Note 3 - Investments
Note 3 - Investments | 12 Months Ended |
Jul. 01, 2018 | |
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 1, 2018, three one $2,157,875. July 2, 2017, three one $2,951,315. July 1, 2018 July 2, 2017 As of July 1, 2018, $39,450 $1,824,846. July 2, 2017, $17,248 $2,817,392. August 2017 $1,000,000 August 2017 The Company’s investments were as follows: Original Cost Unrealized Gain Unrealized Loss Fair Value Ju ly 1 , 20 1 8 Equity securities $ 1,279,914 $ 3,545,288 $ (8,398 ) $ 4,816,804 Mutual fund 1,864,296 - (39,450 ) 1,824,846 Certificates of deposits & Treasury bills 333,029 - - 333,029 Ju ly 2 , 20 1 7 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 During fiscal 2018 2017, $8,398 $4,298 Less than 12 months 12 Months or greater Total July 1, 2018 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity securities $ 711 $ (479 ) $ 1,608 $ (7,919 ) $ 2,319 $ (8,398 ) 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 ) The equity securities portfolio includes the following stocks: AT&T shares 82,112 Manulife shares 2,520 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 CenturyLink shares 4,398 Frontier Communications shares 300 Sprint shares 40,000 Verizon shares 31,904 Windstream shares 135 Uniti shares 815 On May 25, 2018, 1 5 135 July 10, 2017 1 15 300 As stated in Note 1, three Level 1. Level 2. Level 3. 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 1, 2018 Quoted Significant Unrealized Cumulative Price for Other Significant gains/(losses) Unrealized Identical Observable Unobservable for the gains/(losses) Assets Inputs Inputs Year Ended as of Description (Level 1) (Level 2) (Level 3) July 1, 2018 July 1, 2018 Equity securities $ 4,816,804 $ - $ - $ (455,514 ) $ 3,536,890 Mutual fund 1,824,846 - - (62,572 ) (39,450 ) Certificates of deposits - 333,029 - - - TOTAL $ 6,641,650 $ 333,029 - $ (518,086 ) $ 3,497,440 The fair value of these assets as of July 2, 2017 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 2, 2017 July 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 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. 01, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Land, buildings, and equipment, at cost, consisted of the following: Ju ly 1 , 201 8 July 2, 2017 Buildings $ 18,666,152 $ 18,666,152 Leasehold and building improvements 8,223,932 8,168,717 Bowling lanes and equipment 22,490,960 22,418,775 Land 10,510,308 10,510,308 Amusement games 17,519 17,519 Bowling lanes and equipment not yet in use 53,803 57,916 Total Land, Buildings, and Equipment 59,962,674 59,839,387 Less accumulated depreciation and amortization 41,264,023 40,978,609 Land, Buildings, and Equipment, net $ 18,698,651 $ 18,860,778 Depreciation and amortization expense for buildings and equipment for fiscal years 2018 2017 $946,106, $973,849, not and equipment not not |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 12 Months Ended |
Jul. 01, 2018 | |
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 1, 2018, Year Ending 2019 $ 318,000 2020 33,834 Total minimum lease payments $ 351,834 Net rent expense was as follows: For the Years Ended Ju ly 1, 20 1 8 July 2, 2017 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 1, 2018 one $275,000. |
Note 6 - Profit-sharing and ESO
Note 6 - Profit-sharing and ESOP Plan | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. The Company has two first December 29 one one thousand July 1, 2018 July 2, 2017, $113,000 $90,000, Effective March 31, 1987, one thousand $113,000 2018 $90,000 2017. no |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Jul. 01, 2018 | |
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 1, 2018 twelve No June 29, 2014 On December 22, 2017, 35 21 January 1, 2018. 2018, 27.5 21 2019 The Tax Act also puts in place new tax laws that may 2019, not one may may During the second 2018, $604,190 $604,190 July 1, 2018, $651,807 $.13 The significant components of the Company's deferred tax assets and liabilities were as follows: Ju ly 1, 20 1 8 July 2, 2017 Deferred tax assets: Other $ 20,723 $ 8,162 Total deferred tax assets 20,723 8,162 Deferred tax liabilities: Land, buildings, and equipment 418,254 521,818 Unrealized gain on available-for-sale securities 905,056 1,529,585 Prepaid expenses and other 9,110 (15,582 ) Total deferred tax liabilities 1,332,420 2,035,821 Net deferred income taxes $ 1,311,697 $ 2,027,659 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 20 1 8 2017 Taxes computed at statutory rate 27.5 % 34.0 % State income taxes, net of Federal income tax benefit 3.6 3.2 Dividends received exclusion (1.0 ) (1.8 ) Tax rate adjustment for change in tax law (14.8 ) - All other net (1.3 ) (1.0 ) Net effective rate 14.0 % 34.4 % |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 8. The Class A shares have one may ten At July 1, 2018, July 2, 2017, $34,799 2% 2.5% three 2017 2018. |
Note 9 - Deferred Compensation
Note 9 - Deferred Compensation | 12 Months Ended |
Jul. 01, 2018 | |
Notes to Financial Statements | |
Compensation Related Costs, General [Text Block] | 9. Deferred compensation payable was a total of $19,431 July 1, 2018, $24,639 July 2, 2017. $1,991 July 1, 2018, $6,226 July 2, 2017, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 01, 2018 | |
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. 2018 July 1, 2018, 2017 July 2, 2017. 2018 2017 52 |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission on September 27, 2018. |
Use of Estimates, Policy [Policy Text Block] | Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may |
Revenue 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 |
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 1, 2018, July 2, 2017, $311,090 $319,382, |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost ( first first |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred income tax liabilities and assets are based on the differences between the financial statement and tax bases of assets and liabilities, using tax rates currently in effect. A valuation allowance is provided when it is more likely than not not |
Investment, Policy [Policy Text Block] | Investment Securities All of the Company's readily marketable debt and equity securities are classified as available-for-sale. Accordingly, these securities are recorded at fair value with any unrealized gains and losses excluded from earnings and reported, net of deferred taxes, within a separate component of stockholders' equity until realized. Realized gains or losses on the sale of debt and equity securities are reported in earnings and determined using the adjusted cost of the specific security sold. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Earnings per share basic and diluted, have been calculated using the weighted average number of shares of Class A and Class B common stock outstanding of 5,160,971, 2018 2017 |
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 1, 2018 July 2, 2017. |
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 1, 2018 July 2, 2017 $296,774 $334,272, |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain previous year amounts have been reclassified to conform with the current year presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards In January 2016, June 2019 first 2019. $2,102,745 2018 02 In February 2016, 12 June 2020 In February 2018, 2018 02, 220 December 15, 2018 not In May 2014, No. 2014 09, 2014 09” 2014 9 may December 15, 2017. not December 15, 2016. 2019 not |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
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 Equiva_2
Note 2 - Cash and Cash Equivalents (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | Ju ly 1 , 201 8 July 2, 2017 Demand deposits and cash on hand $ 543,932 $ 467,161 Money market funds 464,501 137,510 Cash and Cash Equivalents $ 1,008,433 $ 604,671 |
Note 3 - Investments (Tables)
Note 3 - Investments (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Original Cost Unrealized Gain Unrealized Loss Fair Value Ju ly 1 , 20 1 8 Equity securities $ 1,279,914 $ 3,545,288 $ (8,398 ) $ 4,816,804 Mutual fund 1,864,296 - (39,450 ) 1,824,846 Certificates of deposits & Treasury bills 333,029 - - 333,029 Ju ly 2 , 20 1 7 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 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 months 12 Months or greater Total July 1, 2018 Fair Value Unrealized loss Fair Value Unrealized loss Fair Value Unrealized loss Equity securities $ 711 $ (479 ) $ 1,608 $ (7,919 ) $ 2,319 $ (8,398 ) 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 ) |
Schedule Of Telecommunications Stocks Held [Table Text Block] | AT&T shares 82,112 Manulife shares 2,520 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 CenturyLink shares 4,398 Frontier Communications shares 300 Sprint shares 40,000 Verizon shares 31,904 Windstream shares 135 Uniti shares 815 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Quoted Significant Unrealized Cumulative Price for Other Significant gains/(losses) Unrealized Identical Observable Unobservable for the gains/(losses) Assets Inputs Inputs Year Ended as of Description (Level 1) (Level 2) (Level 3) July 1, 2018 July 1, 2018 Equity securities $ 4,816,804 $ - $ - $ (455,514 ) $ 3,536,890 Mutual fund 1,824,846 - - (62,572 ) (39,450 ) Certificates of deposits - 333,029 - - - TOTAL $ 6,641,650 $ 333,029 - $ (518,086 ) $ 3,497,440 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 2, 2017 July 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 |
Note 4 - Land, Buildings, and_2
Note 4 - Land, Buildings, and Equipment (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Ju ly 1 , 201 8 July 2, 2017 Buildings $ 18,666,152 $ 18,666,152 Leasehold and building improvements 8,223,932 8,168,717 Bowling lanes and equipment 22,490,960 22,418,775 Land 10,510,308 10,510,308 Amusement games 17,519 17,519 Bowling lanes and equipment not yet in use 53,803 57,916 Total Land, Buildings, and Equipment 59,962,674 59,839,387 Less accumulated depreciation and amortization 41,264,023 40,978,609 Land, Buildings, and Equipment, net $ 18,698,651 $ 18,860,778 |
Note 5 - Commitments and Cont_2
Note 5 - Commitments and Contingencies (Tables) | 12 Months Ended |
Jul. 01, 2018 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year Ending 2019 $ 318,000 2020 33,834 Total minimum lease payments $ 351,834 |
Schedule of Rent Expense [Table Text Block] | For the Years Ended Ju ly 1, 20 1 8 July 2, 2017 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. 01, 2018 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Ju ly 1, 20 1 8 July 2, 2017 Deferred tax assets: Other $ 20,723 $ 8,162 Total deferred tax assets 20,723 8,162 Deferred tax liabilities: Land, buildings, and equipment 418,254 521,818 Unrealized gain on available-for-sale securities 905,056 1,529,585 Prepaid expenses and other 9,110 (15,582 ) Total deferred tax liabilities 1,332,420 2,035,821 Net deferred income taxes $ 1,311,697 $ 2,027,659 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the Years Ended 20 1 8 2017 Taxes computed at statutory rate 27.5 % 34.0 % State income taxes, net of Federal income tax benefit 3.6 3.2 Dividends received exclusion (1.0 ) (1.8 ) Tax rate adjustment for change in tax law (14.8 ) - All other net (1.3 ) (1.0 ) Net effective rate 14.0 % 34.4 % |
Note 1 - Organization and Sig_3
Note 1 - Organization and Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($)shares | Jul. 02, 2017USD ($)shares | |
Number of Stores | 18 | ||
Number of Lanes in Operation | 726 | ||
Number of Operating Segments | 1 | ||
Advertising Expense | $ 311,090 | $ 319,382 | |
Weighted Average Number of Shares Outstanding, Basic and Diluted | shares | 5,160,971 | 5,160,971 | |
Other Liabilities, Current, Total | $ 305,236 | $ 342,324 | |
Scenario, Forecast [Member] | |||
Reclassification from Accumulated Other Comprehensive Income to Retained Earnings Related to Equity Securities | $ 2,102,745 | ||
Prize Fund Monies [Member] | |||
Other Liabilities, Current, Total | $ 296,774 | $ 334,272 | |
Baltimore Maryland [Member] | |||
Number of Stores | 1 | ||
Richmond, Virginia [Member] | |||
Number of Stores | 4 | ||
Jacksonville, Florida [Member] | |||
Number of Stores | 3 | ||
Washington DC [Member] | |||
Number of Stores | 10 |
Note 1 - Organization and Sig_4
Note 1 - Organization and Significant Accounting Policies - Depreciation and Amortization Rates (Details) | 12 Months Ended |
Jul. 01, 2018 | |
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 Equiva_3
Note 2 - Cash and Cash Equivalents - Cash and Cash Equivalents (Details) - USD ($) | Jul. 01, 2018 | Jul. 02, 2017 | Jul. 03, 2016 |
Demand deposits and cash on hand | $ 543,932 | $ 467,161 | |
Money market funds | 464,501 | 137,510 | |
Cash and Cash Equivalents | $ 1,008,433 | $ 604,671 | $ 986,193 |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) | May 25, 2018shares | Jul. 10, 2017shares | Aug. 31, 2017USD ($) | Jul. 02, 2017USD ($) | Jul. 01, 2018USD ($)shares |
Short-term Investments, Total | $ 2,951,315 | $ 2,157,875 | |||
Windstream [Member] | |||||
Investment Owned, Balance, Shares | shares | 135 | 135 | |||
Frontier Communications [Member] | |||||
Investment Owned, Balance, Shares | shares | 300 | 300 | |||
Windstream [Member] | Reverse Stock Split [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | ||||
Frontier Communications [Member] | Reverse Stock Split [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | ||||
Mutual Fund [Member] | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax, Total | $ 39,450 | ||||
Available-for-sale Securities, Total | 2,817,392 | 1,824,846 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax, Total | 17,248 | ||||
Redemption of Securities to Meet Dividend Payment | $ 1,000,000 | ||||
Equity Securities [Member] | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax, Total | 4,298 | 8,398 | |||
Available-for-sale Securities, Total | 5,272,318 | 4,816,804 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax, Total | 3,996,702 | 3,545,288 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 4,298 | $ 8,398 | |||
Minimum [Member] | |||||
Short-term Investments Maturities Term | 90 days | ||||
Maximum [Member] | |||||
Short-term Investments Maturities Term | 1 year |
Note 3 - Investments - Summary
Note 3 - Investments - Summary of Investments (Details) - USD ($) | Jul. 01, 2018 | Jul. 02, 2017 |
Equity Securities [Member] | ||
Cost Basis | $ 1,279,914 | $ 1,279,914 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax, Total | 3,545,288 | 3,996,702 |
Unrealized Loss | (8,398) | (4,298) |
Fair Value | 4,816,804 | 5,272,318 |
Mutual Fund [Member] | ||
Cost Basis | 1,864,296 | 2,800,144 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax, Total | 17,248 | |
Unrealized Loss | (39,450) | |
Fair Value | 1,824,846 | 2,817,392 |
Certificates of Deposit [Member] | ||
Cost Basis | 333,029 | 133,922 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax, Total | ||
Unrealized Loss | ||
Fair Value | $ 333,029 | $ 133,922 |
Note 3 - Investments - Unrealiz
Note 3 - Investments - Unrealized Losses Equity Securities (Details) - Equity Securities [Member] - USD ($) | Jul. 01, 2018 | Jul. 02, 2017 |
Less than 12 months Fair Value | $ 711 | |
Less than 12 months Unrealized loss | (479) | |
12 Months or greater Fair Value | 1,608 | 5,229 |
12 Months or greater Unrealized loss | (7,919) | (4,298) |
Total Fair Value | 2,319 | 5,299 |
Total Unrealized loss | $ (8,398) | $ (4,298) |
Note 3 - Investments - Telecomm
Note 3 - Investments - Telecommunications Stocks Held (Details) - shares | Jul. 01, 2018 | May 25, 2018 | Jul. 10, 2017 |
ATT [Member] | |||
Investment (in shares) | 82,112 | ||
Manulife [Member] | |||
Investment (in shares) | 2,520 | ||
NCR [Member] | |||
Investment (in shares) | 774 | ||
Teradata [Member] | |||
Investment (in shares) | 774 | ||
Vodafone [Member] | |||
Investment (in shares) | 6,471 | ||
CenturyLink [Member] | |||
Investment (in shares) | 4,398 | ||
Frontier Communications [Member] | |||
Investment (in shares) | 300 | 300 | |
Sprint [Member] | |||
Investment (in shares) | 40,000 | ||
Verizon [Member] | |||
Investment (in shares) | 31,904 | ||
Windstream [Member] | |||
Investment (in shares) | 135 | 135 | |
Uniti Shares [Member] | |||
Investment (in shares) | 815 |
Note 3 - Investments - Fair Val
Note 3 - Investments - Fair Value Hierarchy (Details) - USD ($) | 12 Months Ended | |
Jul. 01, 2018 | Jul. 02, 2017 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $ (518,086) | $ (821,015) |
Cumulative Unrealized Gain (Loss) | 3,497,440 | 4,009,652 |
Equity Securities [Member] | ||
Available-for-sale Securities, Total | 4,816,804 | 5,272,318 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | (455,514) | (729,508) |
Cumulative Unrealized Gain (Loss) | 3,536,890 | 3,992,404 |
Mutual Fund [Member] | ||
Available-for-sale Securities, Total | 1,824,846 | 2,817,392 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | (62,572) | (91,507) |
Cumulative Unrealized Gain (Loss) | (39,450) | 17,248 |
Certificates of Deposit [Member] | ||
Available-for-sale Securities, Total | 333,029 | 133,922 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | ||
Cumulative Unrealized Gain (Loss) | ||
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale Securities, Total | 6,641,650 | 8,089,710 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Available-for-sale Securities, Total | 4,816,804 | 5,272,318 |
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Available-for-sale Securities, Total | 1,824,846 | 2,817,392 |
Fair Value, Inputs, Level 1 [Member] | Certificates of Deposit [Member] | ||
Available-for-sale Securities, Total | ||
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale Securities, Total | 333,029 | 133,922 |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | ||
Available-for-sale Securities, Total | ||
Fair Value, Inputs, Level 2 [Member] | Mutual Fund [Member] | ||
Available-for-sale Securities, Total | ||
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Available-for-sale Securities, Total | 333,029 | 133,922 |
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale Securities, Total | ||
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | ||
Available-for-sale Securities, Total | ||
Fair Value, Inputs, Level 3 [Member] | Mutual Fund [Member] | ||
Available-for-sale Securities, Total | ||
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member] | ||
Available-for-sale Securities, Total |
Note 4 - Land, Buildings, and_3
Note 4 - Land, Buildings, and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Jul. 01, 2018 | Jul. 02, 2017 | |
Depreciation, Depletion and Amortization, Total | $ 946,106 | $ 973,849 |
Building and Equipment [Member] | ||
Depreciation, Depletion and Amortization, Total | $ 946,106 | $ 973,849 |
Note 4 - Land, Buildings, and_4
Note 4 - Land, Buildings, and Equipment - Land, Buildings, and Equipment At Cost (Details) - USD ($) | Jul. 01, 2018 | Jul. 02, 2017 |
Buildings | $ 18,666,152 | $ 18,666,152 |
Leasehold and building improvements | 8,223,932 | 8,168,717 |
Land | 10,510,308 | 10,510,308 |
Total Land, Buildings, and Equipment | 59,962,674 | 59,839,387 |
Less accumulated depreciation and amortization | 41,264,023 | 40,978,609 |
Land, Buildings, and Equipment, net | 18,698,651 | 18,860,778 |
Bowling Lanes and Equipment [Member] | ||
Other Property, Plant, and Equipment | 22,490,960 | 22,418,775 |
Amusement Games [Member] | ||
Other Property, Plant, and Equipment | 17,519 | 17,519 |
Bowling Lanes and Equipment Not Yet in Use [Member] | ||
Other Property, Plant, and Equipment | $ 53,803 | $ 57,916 |
Note 5 - Commitments and Cont_3
Note 5 - Commitments and Contingencies (Details Textual) | Sep. 26, 2018USD ($) | Jul. 01, 2018 |
Capital Leased Assets, Number of Units | 2 | |
Subsequent Event [Member] | ||
Purchase Commitment, Agreement to Upgrade Scoring System | $ 275,000 |
Note 5 - Commitments and Cont_4
Note 5 - Commitments and Contingencies - Minimum Lease Commitments (Details) | Jul. 01, 2018USD ($) |
2,019 | $ 318,000 |
2,020 | 33,834 |
Total minimum lease payments | $ 351,834 |
Note 5 - Commitments and Cont_5
Note 5 - Commitments and Contingencies - Net Rent Expense (Details) - USD ($) | 12 Months Ended | |
Jul. 01, 2018 | Jul. 02, 2017 | |
Minimum rent under operating leases | $ 318,000 | $ 318,000 |
Net rent expense | $ 318,000 | $ 318,000 |
Note 6 - Profit-sharing and E_2
Note 6 - Profit-sharing and ESOP Plan (Details Textual) | 12 Months Ended | |
Jul. 01, 2018USD ($) | Jul. 02, 2017USD ($) | |
Defined Contribution Plan Number of Plans | 2 | |
Defined Contribution Plan Service Requirement | 1 year | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 113,000 | $ 90,000 |
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | $ 113,000 | $ 90,000 |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2019 | Jul. 01, 2018 | Jul. 02, 2017 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 27.50% | 34.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (604,190) | ||||
Decrease in Deferred Tax Liabilities from Tax Act | $ 651,807 | ||||
Earnings Per Share, Adjustment Due to Change in Enacted Tax Rate | $ 0.13 | ||||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 7 - Income Taxes - Deferre
Note 7 - Income Taxes - Deferred Tax Asset Components (Details) - USD ($) | Jul. 01, 2018 | Jul. 02, 2017 |
Other | $ 20,723 | $ 8,162 |
Total deferred tax assets | 20,723 | 8,162 |
Land, buildings, and equipment | 418,254 | 521,818 |
Unrealized gain on available-for-sale securities | 905,056 | 1,529,585 |
Prepaid expenses and other | 9,110 | (15,582) |
Total deferred tax liabilities | 1,332,420 | 2,035,821 |
Net deferred income taxes | $ 1,311,697 | $ 2,027,659 |
Note 7 - Income Taxes - Income
Note 7 - Income Taxes - Income Tax Reconciliation (Details) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Jul. 01, 2018 | Jul. 02, 2017 | |
Taxes computed at statutory rate | 35.00% | 27.50% | 34.00% |
State income taxes, net of Federal income tax benefit | 3.60% | 3.20% | |
Dividends received exclusion | (1.00%) | (1.80%) | |
Tax rate adjustment for change in tax law | (14.80%) | ||
All other net | (1.30%) | (1.00%) | |
Net effective rate | 14.00% | 34.40% |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Details Textual) | 12 Months Ended | |
Jul. 01, 2018USD ($) | Jul. 02, 2017USD ($) | |
Due from Employees | $ 34,799 | $ 34,799 |
Loans to Employees Term Length | 3 years | |
Minimum [Member] | ||
Loans to Employees Stated Percentage Rate | 2.00% | |
Maximum [Member] | ||
Loans to Employees Stated Percentage Rate | 2.50% | |
Common Class A [Member] | ||
Common Stock Voting Rights Vote Per Share | 1 | |
Common Class B [Member] | ||
Common Stock Voting Rights Vote Per Share | 10 |
Note 9 - Deferred Compensation
Note 9 - Deferred Compensation (Details Textual) - USD ($) | Jul. 01, 2018 | Jul. 02, 2017 |
Deferred Compensation Liability, Current and Noncurrent, Total | $ 19,431 | $ 24,639 |
Deferred Compensation Liability, Current, Total | $ 1,991 | $ 6,226 |