Bowl America (BWL.A) 10-Q 10 Nov 20 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Sep. 27, 2020	Nov. 10, 2020
Document Information [Line Items]
Entity Registrant Name	BOWL AMERICA INC
Entity Central Index Key	0000013573
Trading Symbol	bwla
Current Fiscal Year End Date	--06-27
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 27, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Class A Common stock (par value $.10)
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		3,746,454
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		1,414,517

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($)	3 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Operating Revenues:
Operating revenue	$ 1,636,002	$ 5,124,611
Operating Expenses:
Employee compensation and benefits	1,319,472	2,735,214
Depreciation and amortization	247,808	235,178
General and administrative	157,500	268,099
Total Operating Expenses	2,815,733	5,284,696
Operating Income	(1,179,731)	(160,085)
Interest, dividend and other income	89,516	106,457
Change in value of investments	126,226	429,053
PPP Loan interest expense	4,690
(Loss) earnings before provision for income tax	(968,679)	375,425
Provision (benefit) for income tax	(230,956)	90,100
Net (Loss) earnings	$ (737,723)	$ 285,325
Net (Loss) earnings per share-basic & diluted (in dollars per share)	$ (0.14)	$ 0.06
Weighted average shares outstanding (in shares)	5,160,971	5,160,971
Dividends paid	$ 0	$ 903,170
Common Class A [Member]
Operating Expenses:
Per share, dividends paid (in dollars per share)	$ 0	$ 0.175
Common Class B [Member]
Operating Expenses:
Per share, dividends paid (in dollars per share)	$ 0	$ 0.175
Bowling and Other [Member]
Operating Revenues:
Operating revenue	$ 1,166,872	$ 3,609,673
Operating Expenses:
Cost of goods and services sold	943,680	1,602,173
Food, Beverage, and Merchandise [Member]
Operating Revenues:
Operating revenue	469,130	1,514,938
Operating Expenses:
Cost of goods and services sold	$ 147,273	$ 444,032

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 27, 2020	Jun. 28, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 1,120,490	$ 1,659,264
Short-term investments	134,224	134,202
Marketable investment securities	5,344,294	5,216,218
Inventories	452,742	486,105
Prepaid expenses and other	254,724	523,662
Income taxes refundable	766,244	766,244
TOTAL CURRENT ASSETS	8,072,718	8,785,695
LAND, BUILDINGS & EQUIPMENT, net of accumulated depreciation of $41,287,255 and $41,039,447	17,444,961	17,667,517
OTHER ASSETS:
Right to use asset	1,772,662	1,812,937
Cash surrender value-life insurance	282,895	282,895
Other	64,265	64,265
TOTAL OTHER ASSETS	2,119,822	2,160,097
TOTAL ASSETS	27,637,501	28,613,309
CURRENT LIABILITIES:
Accounts payable	197,760	269,373
Accrued expenses	699,400	932,528
Other current liabilities	732,522	395,629
TOTAL CURRENT LIABILITIES	1,629,682	1,597,530
Lease liability	1,633,090	1,672,371
Note Payable PPP Loan	1,500,000	1,500,000
DEFERRED INCOME TAXES	1,095,435	1,326,391
TOTAL LIABILITIES	5,858,207	6,096,292
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, par value $10 a share: Authorized and unissued, 2,000,000 shares
Additional paid-in capital	7,854,108	7,854,108
Retained earnings	13,409,089	14,146,812
TOTAL STOCKHOLDERS' EQUITY	21,779,294	22,517,017
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	27,637,501	28,613,309
Common Class A [Member]
STOCKHOLDERS' EQUITY
Common stock	374,645	374,645
Common Class B [Member]
STOCKHOLDERS' EQUITY
Common stock	$ 141,452	$ 141,452

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 27, 2020	Jun. 28, 2020
Land, buildings, and equipment, accumulated depreciation	$ 41,287,255	$ 41,039,447
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 Class A [Member]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares 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

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Cash Flows From Operating Activities
Net (loss) income	$ (737,723)	$ 285,325
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	247,808	235,178
Amortization of right to use asset	40,275	46,422
Increase in deferred taxes	(230,956)	89,040
Unrealized gain on marketable securities	(126,226)	(424,849)
Net purchases of marketable securities	(1,850)	(10,242)
Gain on sale of trading securities		(9,487)
Changes in assets and liabilities
Decrease (increase) in inventories	33,363	(265)
Decrease in prepaid & other	268,938	537,805
Decrease in accounts payable	(71,613)	(403,093)
Decrease in accrued expenses	(233,128)	(272,689)
Increase in income taxes refundable		(5,000)
Increase in other current liabilities	336,893	635,914
Decrease in lease liability	(39,281)	(43,003)
Net cash (used in) provided by operating activities	(513,500)	661,056
Cash Flows From Investing Activities
Net expenditures for land, building and equipment	(25,252)	(202,701)
Net (purchases) sales & maturities of short-term investments	(22)	299,119
Proceeds from sale of securities		1,000,000
Net cash (used in) provided by investing activities	(25,274)	1,096,418
Cash Flows From Financing Activities
Payment of cash dividends		(903,170)
Net cash used in financing activities		(903,170)
Net Change in Cash and Equivalents	(538,774)	854,304
Cash and Cash Equivalents, Beginning of period	1,659,264	269,844
Cash and Cash Equivalents, End of period	1,120,490	1,124,148
Supplemental Disclosures of Cash Flow Information Cash Paid During the Period for:
Income taxes		$ 5,000

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]Common Class A [Member]	Common Stock [Member]Common Class B [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Jun. 30, 2019	3,746,454	1,414,517
Balance at Jun. 30, 2019	$ 374,645	$ 141,452	$ 7,854,108	$ 15,549,961
Cash dividends paid				(903,170)
Net earnings (loss) for the quarter				285,325	$ 285,325
Balance (in shares) at Sep. 29, 2019	3,746,454	1,414,517
Balance at Sep. 29, 2019	$ 374,645	$ 141,452	7,854,108	14,932,116
Balance (in shares) at Jun. 28, 2020	3,746,454	1,414,517
Balance at Jun. 28, 2020	$ 374,645	$ 141,452	7,854,108	14,146,812	22,517,017
Cash dividends paid
Net earnings (loss) for the quarter				(737,723)	(737,723)
Balance (in shares) at Sep. 27, 2020	3,746,454	1,414,517
Balance at Sep. 27, 2020	$ 374,645	$ 141,452	$ 7,854,108	$ 13,409,089	$ 21,779,294

Note 1 - Basis for Presentation

Note 1 - Basis for Presentation	3 Months Ended
	Sep. 27, 2020
Notes to Financial Statements
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]	1. The accompanying unaudited condensed consolidated financial statements of Bowl America Incorporated and subsidiaries (the "Company"), have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. The condensed consolidated balance sheet as of June 28, 2020 not In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments and reclassifications (all of which are of a normal, recurring nature) that are necessary for the fair presentation of the Company's financial position and results of operations for the periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report on Form 10 June 28, 2020.

Note 2 - Investments

Note 2 - Investments	3 Months Ended
	Sep. 27, 2020
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	2. The Company's investments are categorized as current assets. Short-term investments consist of certificates of deposits and treasury bills with maturities of generally three one September 27, 2020 June 28, 2020 September 2 7 , 20 20 Description Fair Value Cost basis Unrealized Gain (Loss) Short-term investments $ 134,224 $ 134,224 $ - Equity securities $ 4,853,973 $ 1,279,914 $ 3,574,059 Mutual funds $ 490,321 $ 477,029 $ 13,292 Ju ne 28 , 20 20 Description Fair Value Cost basis Unrealized Gain Short-term investments $ 134,202 $ 134,202 $ - Equity securities $ 4,725,470 $ 1,279,914 $ 3,445,556 Mutual funds $ 490,748 $ 475,179 $ 15,569 The fair values of the Company's investments were determined as follows: September 2 7 , 20 20 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits and Treasury Bills $ - $ 134,224 $ - Equity securities 4,853,973 - - Mutual funds 490,321 - - Total $ 5,344,294 $ 134,224 $ - Ju ne 28 , 20 20 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 134,202 $ - Equity securities 4,725,470 - - Mutual funds 490,748 - - Total $ 5,216,218 $ 134,202 $ - The equity securities portfolio includes the following stocks: AT&T shares 82,112 Manulife shares 2,520 Uniti shares 815 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 CenturyLink shares 4,398 Frontier Communications shares 300 T-Mobile shares 4,102 Verizon shares 31,904 Windstream shares 135 The Mutual fund included in the table above is Vanguard GNMA Admiral Shares #536

Note 3 - Leasing Arrangements

Note 3 - Leasing Arrangements	3 Months Ended
	Sep. 27, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	3. As of September 27, 2020, one 2016 02. first September 27, 2020, $40,275 September 27, 2020 $1,633,090. $154,335

Note 4 - Commitments and Contin

Note 4 - Commitments and Contingencies	3 Months Ended
	Sep. 27, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	4. The Company's purchase commitments at September 27, 2020,

Note 5 - Employee Benefit Plans

Note 5 - Employee Benefit Plans	3 Months Ended
	Sep. 27, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	5. The Company has two no

Note 6 - New Accounting Standar

Note 6 - New Accounting Standards	3 Months Ended
	Sep. 27, 2020
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	5. In February 2016, 12 the Company's fiscal year ending June 2020 July 1, 2019. $1,977,523 In August 2018, No. 2018 13, Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement no 1 2 3 3 December 15, 2019. March 2020 not

Note 7 - Reclassifications

Note 7 - Reclassifications	3 Months Ended
	Sep. 27, 2020
Notes to Financial Statements
Reclassifications [Text Block]	6. Certain previous year amounts have been reclassified to conform with current year presentation.

Note 2 - Investments (Tables)

Note 2 - Investments (Tables)	3 Months Ended
	Sep. 27, 2020
Notes Tables
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]	September 2 7 , 20 20 Description Fair Value Cost basis Unrealized Gain (Loss) Short-term investments $ 134,224 $ 134,224 $ - Equity securities $ 4,853,973 $ 1,279,914 $ 3,574,059 Mutual funds $ 490,321 $ 477,029 $ 13,292 Ju ne 28 , 20 20 Description Fair Value Cost basis Unrealized Gain Short-term investments $ 134,202 $ 134,202 $ - Equity securities $ 4,725,470 $ 1,279,914 $ 3,445,556 Mutual funds $ 490,748 $ 475,179 $ 15,569
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	September 2 7 , 20 20 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits and Treasury Bills $ - $ 134,224 $ - Equity securities 4,853,973 - - Mutual funds 490,321 - - Total $ 5,344,294 $ 134,224 $ - Ju ne 28 , 20 20 Description Quoted Price for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 134,202 $ - Equity securities 4,725,470 - - Mutual funds 490,748 - - Total $ 5,216,218 $ 134,202 $ -
Schedule Of Telecommunications Stocks Held [Table Text Block]	AT&T shares 82,112 Manulife shares 2,520 Uniti shares 815 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 CenturyLink shares 4,398 Frontier Communications shares 300 T-Mobile shares 4,102 Verizon shares 31,904 Windstream shares 135

Note 2 - Investments - Summary

Note 2 - Investments - Summary of Investments (Details) - USD ($)	Sep. 27, 2020	Jun. 28, 2020
Fair Value	$ 5,344,294	$ 5,216,218
Short-term Investments [Member]
Fair Value	134,224	134,202
Original Cost	134,224	134,202
Unrealized Gain (Loss)
Equity Securities [Member]
Fair Value	4,853,973	4,725,470
Original Cost	1,279,914	1,279,914
Unrealized Gain (Loss)	3,574,059	3,445,556
Mutual Fund [Member]
Fair Value	490,321	490,748
Original Cost	477,029	475,179
Unrealized Gain (Loss)	$ 13,292	$ 15,569

Note 2 - Investments - Fair Val

Note 2 - Investments - Fair Value Hierarchy (Details) - USD ($)	Sep. 27, 2020	Jun. 28, 2020
Fair Value	$ 5,344,294	$ 5,216,218
Fair Value, Inputs, Level 1 [Member]
Fair Value	5,344,294	5,216,218
Fair Value, Inputs, Level 2 [Member]
Fair Value	134,224	134,202
Fair Value, Inputs, Level 3 [Member]
Fair Value
Certificates of Deposits and Treasury Bills [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value
Certificates of Deposits and Treasury Bills [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value	134,224	134,202
Certificates of Deposits and Treasury Bills [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value
Equity Securities [Member]
Fair Value	4,853,973	4,725,470
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value	4,853,973	4,725,470
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value
Mutual Fund [Member]
Fair Value	490,321	490,748
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value	490,321	490,748
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value

Note 2 - Investments - Telecomm

Note 2 - Investments - Telecommunications Stocks Held (Details)	Sep. 27, 2020shares
ATT [Member]
Investment (in shares)	82,112
Manulife [Member]
Investment (in shares)	2,520
Uniti Shares [Member]
Investment (in shares)	815
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
T-Mobile [Member]
Investment (in shares)	4,102
Verizon [Member]
Investment (in shares)	31,904
Windstream [Member]
Investment (in shares)	135

Note 3 - Leasing Arrangements (

Note 3 - Leasing Arrangements (Details Textual)	3 Months Ended
	Sep. 27, 2020USD ($)	Jun. 28, 2020USD ($)
Number of Leases	1
Operating Lease, Right-of-Use Asset, Amortization Expense	$ 40,275
Operating Lease, Liability, Noncurrent	1,633,090	$ 1,672,371
Other Current Liabilities [Member]
Operating Lease, Liability, Current	$ 154,335

Note 5 - Employee Benefit Pla_2

Note 5 - Employee Benefit Plans (Details Textual)	3 Months Ended
	Sep. 27, 2020
Defined Contribution Plan Number of Plans	2

Note 6 - New Accounting Stand_2

Note 6 - New Accounting Standards (Details Textual) - USD ($)	Sep. 27, 2020	Jun. 28, 2020	Jul. 01, 2019
Operating Lease, Right-of-Use Asset	$ 1,772,662	$ 1,812,937
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset			$ 1,977,523
Operating Lease, Liability, Total			$ 1,977,523