Bowl America (BWL.A) 10-Q 11 May 21 2021 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 28, 2021	May 10, 2021
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	Mar. 28, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Class A Common stock (par value $.10)
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020	Mar. 28, 2021	Mar. 29, 2020
Operating Revenues:
Operating revenue	$ 3,588,892	$ 6,259,610	$ 7,744,751	$ 17,549,080
Operating Expenses:
Employee compensation and benefits	1,592,258	2,648,427	4,463,031	8,106,410
Depreciation and amortization	243,408	243,808	739,024	714,560
General and administrative	177,999	277,030	527,073	884,369
Total Operating Expenses	3,262,459	5,164,462	9,264,279	15,720,588
Operating Income (loss)	326,433	1,095,148	(1,519,528)	1,828,492
Interest, dividend and other income	95,489	96,842	277,653	313,163
Change in value of investments	119,969	(1,000,868)	420,786	(410,933)
Earnings (loss) before provision for income taxes	541,891	191,122	(821,089)	1,730,722
Provision for income taxes	131,505	33,800	(191,970)	410,400
Net Earnings (loss)	$ 410,386	$ 157,322	$ (629,119)	$ 1,320,322
Earnings (loss) per share-basic & diluted (in dollars per share)	$ 0.08	$ 0.03	$ (0.12)	$ 0.26
Weighted average shares outstanding (in shares)	5,160,971	5,160,971	5,160,971	5,160,971
Dividends paid		$ 903,170		$ 2,709,511
Common Class A [Member]
Operating Expenses:
Per share, dividends paid (in dollars per share)		$ 0.175		$ 0.525
Common Class B [Member]
Operating Expenses:
Per share, dividends paid (in dollars per share)		$ 0.175		$ 0.525
Bowling and Other [Member]
Operating Revenues:
Operating revenue	$ 2,555,725	$ 4,455,810	$ 5,545,779	$ 12,376,206
Operating Expenses:
Cost of goods and services sold	933,651	1,462,254	2,840,934	4,477,990
Food, Beverage, and Merchandise [Member]
Operating Revenues:
Operating revenue	1,033,167	1,803,800	2,198,972	5,172,874
Operating Expenses:
Cost of goods and services sold	$ 315,143	$ 532,943	$ 694,217	$ 1,537,259

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 28, 2021	Jun. 28, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 1,988,094	$ 1,659,264
Short-term investments		134,202
Marketable investment securities	5,642,060	5,216,218
Inventories	413,405	486,105
Prepaid expenses and other	394,650	523,662
Income taxes refundable	651,681	766,244
TOTAL CURRENT ASSETS	9,089,890	8,785,695
LAND, BUILDINGS & EQUIPMENT, net of accumulated depreciation of $41,637,900 and $41,039,447	17,082,247	17,667,517
OTHER ASSETS:
Right to use asset	1,690,749	1,812,937
Cash surrender value-life insurance	282,895	282,895
Other	64,265	64,265
TOTAL OTHER ASSETS	2,037,909	2,160,097
TOTAL ASSETS	28,210,046	28,613,309
CURRENT LIABILITIES:
Accounts payable	329,439	269,373
Accrued expenses	595,142	932,528
Other current liabilities	1,210,049	395,629
TOTAL CURRENT LIABILITIES	2,134,630	1,597,530
Lease liability	1,553,097	1,672,371
Note Payable PPP Loan	1,500,000	1,500,000
DEFERRED INCOME TAXES	1,134,421	1,326,391
TOTAL LIABILITIES	6,322,148	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	13,517,693	14,146,812
TOTAL STOCKHOLDERS' EQUITY	21,887,898	22,517,017
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	28,210,046	28,613,309
Common Class A [Member]
STOCKHOLDERS' EQUITY
Class A issued and outstanding 3,746,454	374,645	374,645
Common Class B [Member]
STOCKHOLDERS' EQUITY
Class A issued and outstanding 3,746,454	$ 141,452	$ 141,452

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 28, 2021	Jun. 28, 2020
Land, buildings, and equipment, accumulated depreciation	$ 41,637,900	$ 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 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

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 28, 2021	Mar. 29, 2020
Cash Flows From Operating Activities
Net (loss) earnings	$ (629,119)	$ 1,320,322
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Depreciation and amortization	739,024	714,560
Amortization of right to use asset	122,188	124,758
Decrease in deferred taxes	(191,970)	(104,660)
Unrealized (gain) loss on marketable investment securities	(420,786)	415,137
Net purchases of marketable investment securities	(5,056)	(22,285)
Gain on sale of available-for-sale securities		(9,487)
Changes in assets and liabilities
Decrease in inventories	72,700	31,415
Decrease in prepaid & other	129,012	644,459
Increase (decrease) in accounts payable	60,066	(434,537)
Decrease in accrued expenses	(337,386)	(371,510)
Decrease income taxes refundable	114,563	119,296
Increase in current liabilities	814,420	1,934,932
Decrease in lease liability	(119,274)	(115,667)
Net cash provided by operating activities	348,382	4,246,733
Cash Flows From Investing Activities
Expenditures for land, building and equip	(153,754)	(473,962)
Net sales and maturities of short-term investments	134,202	299,079
Proceeds from sale of available-for-sale securities		1,000,000
Decrease in cash surrender value of officers life insurance		521,938
Net cash provided by (used in) investing activities	(19,552)	1,347,055
Cash Flows From Financing Activities
Payment of cash dividends		(2,709,511)
Net cash used in financing activities		(2,709,511)
Net Increase in Cash and Equivalents	328,830	2,884,277
Cash and Equivalents, Beginning of period	1,659,264	269,844
Cash and Equivalents, End of period	1,988,094	3,154,121
Supplemental Disclosures of Cash Flow Information Cash Paid During the Period for:
Income taxes		$ 401,200

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
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. 30, 2019	3,746,454	1,414,517
Balance at Jun. 30, 2019	$ 374,645	$ 141,452	7,854,108	15,549,961
Net earnings (loss) for the quarter					$ 1,320,322
Balance (in shares) at Mar. 29, 2020	3,746,454	1,414,517
Balance at Mar. 29, 2020	$ 374,645	$ 141,452	7,854,108	15,063,942
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
Cash dividends paid				(903,171)
Net earnings (loss) for the quarter				877,675
Balance (in shares) at Dec. 29, 2019	3,746,454	1,414,517
Balance at Dec. 29, 2019	$ 374,645	$ 141,452	7,854,108	14,906,620
Net earnings (loss) for the quarter				157,322	157,322
Balance (in shares) at Mar. 29, 2020	3,746,454	1,414,517
Balance at Mar. 29, 2020	$ 374,645	$ 141,452	7,854,108	15,063,942
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
Net earnings (loss) for the quarter				(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
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
Net earnings (loss) for the quarter					(629,119)
Balance (in shares) at Mar. 28, 2021	3,746,454	1,414,517
Balance at Mar. 28, 2021	$ 374,645	$ 141,452	7,854,108	13,517,693	21,887,898
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
Net earnings (loss) for the quarter				(301,782)
Balance (in shares) at Dec. 27, 2020	3,746,454	1,414,517
Balance at Dec. 27, 2020	$ 374,645	$ 141,452	7,854,108	13,107,307
Net earnings (loss) for the quarter				410,386	410,386
Balance (in shares) at Mar. 28, 2021	3,746,454	1,414,517
Balance at Mar. 28, 2021	$ 374,645	$ 141,452	$ 7,854,108	$ 13,517,693	$ 21,887,898

Note 1 - Basis for Presentation

Note 1 - Basis for Presentation	9 Months Ended
	Mar. 28, 2021
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 (collectively, 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	9 Months Ended
	Mar. 28, 2021
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	2. Investments The Company's investments are categorized as available-for-sale. Short-term investments consist of certificates of deposits and Treasury bills with maturities of generally three one March 28, 2021 June 28, 2020 March 28, 2021 Unrealized Gain/ Description Fair Value Cost basis (loss) Short-term investments $ - $ - $ - Equity securities $ 5,153,120 $ 1,279,914 $ 3,873,206 Mutual fund $ 488,940 $ 480,235 $ 8,705 June 28, 2020 Unrealized Gain/ Description Fair Value Cost basis (loss) 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: March 28, 2021 Quoted Significant Description Price for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits and Treasury bills $ - $ - $ - Equity securities 5,153,120 - - Mutual fund 488,940 - - Total $ 5,642,060 $ $ - June 28, 2020 Quoted Significant Description Price for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 134,202 $ - Equity securities 4,725,470 - - Mutual fund 490,748 - - Total $ 5,216,218 $ 134,202 $ - The shares of common stock included in the equity securities portfolio as of March 28, 2021 AT&T shares 82,112 Manulife shares 2,520 Uniti Group shares (formerly CSAL) 815 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 Lumen Technologies 4,398 Frontier Communications shares 300 T-Mobile shares 4,102 Verizon shares 31,904 On April 1, 2020, 40,000 4,102 The Mutual fund included in the table above is Vanguard GNMA Admiral Shares #536

Note 3 - Leasing Arrangements

Note 3 - Leasing Arrangements	9 Months Ended
	Mar. 28, 2021
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	3. Leasing arrangements As of March 28, 2021, one 2016 02. 39 March 28, 2021, $122,188 March 28, 2021 $1,553,097. $158,087

Note 4 - Commitments and Contin

Note 4 - Commitments and Contingencies	9 Months Ended
	Mar. 28, 2021
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	4. The Company's purchase commitments at March 28, 2021

Note 5 - Employee Benefit Plans

Note 5 - Employee Benefit Plans	9 Months Ended
	Mar. 28, 2021
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	9 Months Ended
	Mar. 28, 2021
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	6. In February 2016, 12 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. not

Note 7 - Subsequent Events

Note 7 - Subsequent Events	9 Months Ended
	Mar. 28, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	7. On April 15, 2021, $1,500,000

Note 8 - Reclassifications

Note 8 - Reclassifications	9 Months Ended
	Mar. 28, 2021
Notes to Financial Statements
Reclassifications [Text Block]	8. Reclassifications Certain previous year amounts have been reclassified to conform with current year presentation.

Note 2 - Investments (Tables)

Note 2 - Investments (Tables)	9 Months Ended
	Mar. 28, 2021
Notes Tables
Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]	March 28, 2021 Unrealized Gain/ Description Fair Value Cost basis (loss) Short-term investments $ - $ - $ - Equity securities $ 5,153,120 $ 1,279,914 $ 3,873,206 Mutual fund $ 488,940 $ 480,235 $ 8,705 June 28, 2020 Unrealized Gain/ Description Fair Value Cost basis (loss) 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]	March 28, 2021 Quoted Significant Description Price for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits and Treasury bills $ - $ - $ - Equity securities 5,153,120 - - Mutual fund 488,940 - - Total $ 5,642,060 $ $ - June 28, 2020 Quoted Significant Description Price for Identical Assets (Level 1) Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Certificates of deposits $ - $ 134,202 $ - Equity securities 4,725,470 - - Mutual fund 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 Group shares (formerly CSAL) 815 NCR shares 774 Teradata shares 774 Vodafone shares 6,471 Lumen Technologies 4,398 Frontier Communications shares 300 T-Mobile shares 4,102 Verizon shares 31,904

Note 2 - Investments (Details T

Note 2 - Investments (Details Textual)	Apr. 01, 2020shares
Sprint [Member]
Equity Securities, Number of Shares Exchanged During Merger (in shares)	40,000
T-Mobile [Member]
Equity Securities, Number of Shares Received By Investee During Merger (in shares)	4,102

Note 2 - Investments - Summary

Note 2 - Investments - Summary of Investments (Details) - USD ($)	Mar. 28, 2021	Jun. 28, 2020
Fair Value	$ 5,642,060	$ 5,216,218
Short-term Investments [Member]
Fair Value		134,202
Original Cost		134,202
Unrealized Gain (Loss)
Equity Securities [Member]
Fair Value	5,153,120	4,725,470
Original Cost	1,279,914	1,279,914
Unrealized Gain (Loss)	3,873,206	3,445,556
Mutual Fund [Member]
Fair Value	488,940	490,748
Original Cost	480,235	475,179
Unrealized Gain (Loss)	$ 8,705	$ 15,569

Note 2 - Investments - Fair Val

Note 2 - Investments - Fair Value Hierarchy (Details) - USD ($)	Mar. 28, 2021	Jun. 28, 2020
Fair Value	$ 5,642,060	$ 5,216,218
Fair Value, Inputs, Level 1 [Member]
Fair Value	5,642,060	5,216,218
Fair Value, Inputs, Level 2 [Member]
Fair Value		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		134,202
Certificates of Deposits and Treasury Bills [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value
Equity Securities [Member]
Fair Value	5,153,120	4,725,470
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value	5,153,120	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	488,940	490,748
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value	488,940	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)	Mar. 28, 2021shares
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
Lumen Technologies Shares [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

Note 3 - Leasing Arrangements (

Note 3 - Leasing Arrangements (Details Textual)	9 Months Ended
	Mar. 28, 2021USD ($)	Jun. 28, 2020USD ($)
Number of Leases	1
Operating Lease, Right-of-Use Asset, Amortization Expense	$ 122,188
Operating Lease, Liability, Noncurrent	1,553,097	$ 1,672,371
Other Current Liabilities [Member]
Operating Lease, Liability, Current	$ 158,087

Note 5 - Employee Benefit Pla_2

Note 5 - Employee Benefit Plans (Details Textual)	9 Months Ended
	Mar. 28, 2021
Defined Contribution Plan Number of Plans	2

Note 6 - New Accounting Stand_2

Note 6 - New Accounting Standards (Details Textual) - USD ($)	Mar. 28, 2021	Jun. 28, 2020	Jul. 01, 2019
Operating Lease, Right-of-Use Asset	$ 1,690,749	$ 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

Note 7 - Subsequent Events (Det

Note 7 - Subsequent Events (Details Textual)	Apr. 15, 2021USD ($)
Paycheck Protection Program CARES Act [Member] | Subsequent Event [Member]
Gain (Loss) on Extinguishment of Debt, Total	$ 1,500,000