bwl-a20200630

0001437749-20-020178.txt : 20201026 0001437749-20-020178.hdr.sgml : 20201026 20200924163144 ACCESSION NUMBER: 0001437749-20-020178 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20200628 FILED AS OF DATE: 20200924 DATE AS OF CHANGE: 20200924 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOWL AMERICA INC CENTRAL INDEX KEY: 0000013573 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AMUSEMENT & RECREATION SERVICES [7900] IRS NUMBER: 540646173 STATE OF INCORPORATION: MD FISCAL YEAR END: 0628 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07829 FILM NUMBER: 201195599 BUSINESS ADDRESS: STREET 1: 6446 EDSALL RD CITY: ALEXANDRIA STATE: VA ZIP: 22312 BUSINESS PHONE: 7039416300 MAIL ADDRESS: STREET 1: P O BOX 1288 CITY: SPRINGFIELD STATE: VA ZIP: 22151 10-K 1 bwl-a20200630_10k.htm FORM 10-K bwl-a20200630_10k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐ TRANSITION REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended June 28, 2020 Commission file Number 1-7829

BOWL AMERICA INCORPORATED

(Exact name of registrant as specified in its charter.)

MARYLAND 54-0646173

(State of Incorporation) (I.R.S. Employer Identification No.)

6446 Edsall Road, Alexandria, Virginia 22312

(Address of principal executive offices) (Zip Code)

(703) 941-6300

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common stock (par value $.10)	BWL-A	NYSE Americ

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES ☐ NO ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ☐ NO ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☐

Accelerated Filer ☐

Non-accelerated Filer ☐

Smaller reporting company ☒

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by checkmark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act). YES ☐ NO ☒

As of December 27, 2019, the last business day of the registrant's most recently completed second quarter, 3,746,454 Class A common shares were outstanding, and the aggregate market value of such shares (based upon the closing price of $14.78 per share as reported on the NYSE American) held by non-affiliates of the registrant was approximately $36 million. As of that date, 1,414,517 Class B common shares were outstanding. Class B common shareholders have the right to convert their Class B common stock to Class A common stock on a share for share basis. If all of the Class B shares were converted to Class A shares as of December 27, 2019, the total aggregate market value for both classes of common stock held by non-affiliates would be approximately $38 million.

Indicate the number of shares outstanding of each of the registrant’s

classes of common stock, as of the latest practicable date:

		Shares outstanding at
		September 15, 2020
Class A Common Stock
$.10 par value		3,746,454
Class B Common Stock
$.10 par value		1,414,517

DOCUMENTS INCORPORATED BY REFERENCE

Portions of registrant's definitive proxy statement, which will be filed with the Commission not later than 120 days after June 28, 2020, are incorporated by reference into Part III of this Form 10-K. The Selected Financial Data (Item 6), Management’s Discussion & Analysis (Item 7), Financial Statements (Item 8) and Management’s Annual Report on Internal Control Over Financial Reporting (Item 9A) attached to this filing as exhibits are incorporated herein by reference.

BOWL AMERICA INCORPORATED

INDEX TO FISCAL 2020 10-K FILING

Page

PART I

ITEM 1.	Business	1

ITEM 1A.	Risk Factors	1

ITEM 2.	Properties	2

ITEM 3.	Legal Proceedings	2

ITEM 4.	Mine Safety Disclosures	2

PART II

ITEM 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	2

ITEM 6.	Selected Financial Data	3

ITEM 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	3

ITEM 8.	Financial Statements and Supplementary Data	3

ITEM 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	3

ITEM 9A	Controls and Procedures	3

PART III

ITEM 10.	Directors, Executive Officers and Corporate Governance	4

ITEM 11.	Executive Compensation	4

ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	4

ITEM 13.	Certain Relationships and Related Transactions, and Director Independence	4

ITEM 14.	Principal Accountant Fees and Services	4

PART IV

ITEM 15.	Exhibits and Financial Statement Schedules
(a)	Financial Statements	5
(b)	Exhibits	5

Signatures		6-7

PART I

ITEM 1. BUSINESS

Bowl America Incorporated (herein referred to as the “Company”) was incorporated in 1958. The Company commenced business with one bowling center in 1958, and at the end of fiscal year 2020, the Company and its wholly-owned subsidiaries operated 17 bowling centers, 16 of which are owned centers. In March 2019, the Company elected not to renew the lease on one location. The lease terminated August 31, 2019.

The Company operates in one segment. Its principal source of revenue consists of fees charged for the use of bowling lanes and other facilities and from the sale of food and beverages for consumption on the premises. At the end of the fiscal year 2020, the Company had operating revenues from continuing operations of approximately $17.8 million, and approximately $29 million in total assets. Merchandise sales, including food and beverages, were approximately 30% of operating revenues. The balance of operating revenues (approximately 70%) represents fees for bowling and related services. Earnings per share for fiscal 2020 were $0.08.

As of September 1, 2020 the Company operated 9 bowling centers in the greater metropolitan area of Washington, D.C., one bowling center in the greater metropolitan area of Baltimore, Maryland, three bowling centers in the greater metropolitan area of Jacksonville, Florida, and four bowling centers in the greater metropolitan area of Richmond, Virginia. These 17 bowling centers contain a total of 682 lanes.

These establishments are fully air-conditioned with facilities for service of food and beverages, game rooms, rental lockers, and meeting room facilities. All centers provide shoes for rent, and bowling balls are provided free. In addition, each center sells retail bowling accessories. Most locations are equipped for glow-in-the-dark bowling, popular for parties and non-league bowling. The Company outsources the operation of its amusement games to a third party for a flat annual fee.

The bowling equipment essential for the Company's operation is readily available. The Company’s major source of equipment is Brunswick Corporation.

The bowling business is a seasonal one, and most of the business takes place from October through May. It is highly competitive, but the Company has managed to maintain its position in the markets in which it operates. The principal method of competition is the quality of service furnished to the Company's customers. Its primary competitor is Bowlero Corporation and many of our centers face competition from bowling centers located in close proximity to our centers.

Compliance with federal, state and local environmental protection laws has not materially affected the Company.

The number of persons employed by the Company and its subsidiaries is approximately 500 including approximately 250 full time employees.

The Company maintains a website at www.bowl-america.com. Information included on the Company’s website is not incorporated by reference into this Form 10-K.

ITEM 1A. RISK FACTORS

The COVID-19 pandemic is having a material adverse effect on our business and liquidity.

The COVID-19 pandemic is having an unprecedented impact on the U.S. economy as federal, state and local governments react to this public health crisis, which has created significant uncertainties. These uncertainties include, but are not limited to, the material adverse effect of the pandemic on the economy, our employees and customers, customer sentiment in general, and our bowling centers. The pandemic has materially adversely effected our near-term revenues, earnings, liquidity and cash flows, and has required significant actions in response, including but not limited to, employee furloughs and center closings, all in an effort to mitigate such impacts. The extent of the impact of the pandemic on our business and financial results will depend largely on future developments, including the duration of the spread of the outbreak within the U.S., the impact on capital and financial markets and the related impact on consumer confidence and spending, all of which are highly uncertain and cannot be predicted. Adverse developments could cause us to liquidate our securities portfolio, seek debt financing or sell one or more of our operating properties, at prices and/or at times that are not favorable, in order to fund continuing operations. In addition, there can be no assurance that the Company will re-commence paying dividends in the future.

-1-

Future developments in the continuously changing pandemic environment, whether new mandated closures or restrictions, a worsening of the global and local economy, high unemployment rates, reduced consumer discretionary spending and other factors can negatively affect our business, however it is difficult to determine with much accuracy what the longer term impact could be. Many customers have returned to our centers for open play bowling and our fall league bowling season has begun better than expected. We remain at a mandated 50% capacity, but we have been able to be creative in making maximum use of space while following requirements. However, revenues from parties and corporate events are currently non-existent.

The pandemic continues, with the length, severity and possible resurgence unknown. Management believes the effects of the pandemic will continue to have an adverse effect on our revenues, financial condition, liquidity and operating results for fiscal 2021 and sometime after. This situation is changing rapidly, and additional impacts may arise that we are not aware of currently.

ITEM 2. PROPERTIES

The Company owns its general corporate offices which are located at 6446 Edsall Road, Alexandria, Virginia 22312. One of the Company's bowling centers is located in leased premises, and the remaining sixteen centers are owned by the Company. The Company's lease expires in fiscal 2030. The specific locations of the bowling centers are discussed under Item 1(c).

ITEM 3. LEGAL PROCEEDINGS

There are no material pending legal proceedings other than ordinary routine litigation incidental to the business.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

PART II

ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

The principal market on which the Company's Class A Common Stock is traded is the NYSE American. The Company's Class B Common Stock is not listed on any exchange and is not publicly traded. Each share of Class B Common Stock can be converted into one share of Class A Common Stock at any time.

Holders

As of July 1, 2020, the approximate number of holders of record of the Company's Class A Common Stock was 262 and of the Company's Class B Common Stock was 17.

Cash Dividends

The table below presents the quarterly cash dividends per share of Class A Common Stock and Class B Common Stock paid, and the quarter in which the payment was made during fiscal 2020 and 2019.

Class A and Class B Common Stock
Quarter	2020	2019

First	17.5 cents	17 cents
Second	17.5 cents	17.5 cents
Third	17.5 cents	17.5 cents
Fourth	- cents	17.5 cents

-2-

The Board of Directors decides the amount and timing of any dividend at its quarterly meetings based on its appraisal of the state of the business, the economic climate and estimate of future opportunities at such time. The Company suspended its quarterly dividend in light of the center closures and capacity limits as a result of the COVID-19 pandemic. There is no assurance that the Company will recommence paying dividends in the future.

ITEM 6. SELECTED FINANCIAL DATA

The information is set forth in the section of Exhibit 99(a) entitled "Selected Financial Data" on page 15 of this Form 10-K and is incorporated herein by reference. Such information should be read in conjunction with the audited financial statements.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information is set forth in the section of Exhibit 99(b) entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" on Pages 9 through 13 of this Form 10-K and is incorporated herein by reference.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements and notes thereto are set forth in Exhibit 99(c) on pages 17 through 30 of this Form 10-K and is incorporated herein by reference.

Supplementary data is not required.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company's disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by it in its periodic reports filed with the Securities and Exchange Commission is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. Based on an evaluation of the Company’s disclosure controls and procedures conducted by the Company’s Chief Executive Officer and Chief Financial Officer, such officer concluded that the Company's disclosure controls and procedures were effective as of June 28, 2020. Additionally, the Company’s officer concluded that the Company’s disclosure controls and procedures were effective as of June 28, 2020 to ensure that information required to be disclosed in the reports filed under the Exchange Act was accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures.

Internal Control over Financial Reporting

(a) Management’s Annual Report on Internal Control Over Financial Reporting

In accordance with Section 404(a) of the Sarbanes-Oxley Act of 2002 and Item 308(a) of Regulation S-K, the report of management on the Company’s internal control over financial reporting is set forth in Exhibit 99(d) in this Annual Report on Form 10-K and is included herein by reference.

(b) Changes in Internal Control Over Financial Reporting

There was no change in the Company’s internal control over financial reporting that occurred during the fourth quarter ended June 28, 2020 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

-3-

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Pursuant to General Instruction G(3) of Form 10-K, the information called for by this item regarding directors and executive officers is hereby incorporated by reference from the Company's definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this report.

ITEM 11. EXECUTIVE COMPENSATION

Pursuant to General Instruction G(3) of Form 10-K, the information called for by this item is hereby incorporated by reference from the Company's definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this report.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

-4-

PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a) Financial Statements

The following consolidated financial statements of Bowl America Incorporated and its subsidiaries are incorporated by reference in Part II, Item 8:

Reports of Independent Registered Public Accounting Firms

Consolidated balance sheets as of June 28, 2020 and June 30, 2019

Consolidated statements of earnings and comprehensive earnings - years ended June 28, 2020 and June 30, 2019

Consolidated statements of stockholders' equity - years ended June 28, 2020 and June 30, 2019

Consolidated statements of cash flows - years ended June 28, 2020 and June 30, 2019

Notes to the consolidated financial statements - years ended June 28, 2020 and June 30, 2019

(b) Exhibits:

	3.1	Articles of Incorporation of the Registrant and amendments through December 1994 thereto (incorporated by reference to Exhibit 3.1 to Form 10-K filed September 28, 2017)

	3.2	By-laws of the Registrant (incorporated by reference to Exhibit 3.2 to Form 10-K filed September 28, 2017)

	4.1	Description of Securities Registered Pursuant to Section 12 (filed herewith)

	10.1	Amended Employment Agreement, dated as of September 26, 2019, between the Company and Cheryl A. Dragoo (incorporated by reference to Exhibit 10.1 to Form 8-K filed on September 26, 2019).

	10.2	Promissory Note between the Company and Truist Bank (filed herewith)

	20	Press release dated September 24, 2020

	21	Subsidiaries of registrant (Incorporated by reference from exhibit number 21 to the Registrant's Annual Report on Form 10-K for fiscal year ended June 30, 2002.)

	31	Written statement of the Chief Executive Officer and Chief Financial Officer (Rule 13a-14a Certification)

	32	Written statement of Chief Executive and Chief Financial Officer (Section 1350 Certifications)

	99(a)	Selected Financial Data (Item 6), set forth as page 15 hereof

	99(b)	Management’s Discussion & Analysis of Financial Condition and Results of Operations (Item 7), set forth as pages 9-13 hereof

	99(c)	Consolidated Financial Statements (Item 8), set forth as pages 17-30 hereof

	99(d)	Management’s Annual Report on Internal Control Over Financial Reporting, (Item 9-A) set forth as page 8 hereof

	101	Interactive files formatted in XBRL (Extensible Business Reporting Language)

-5-

BOWL AMERICA INCORPORATED

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BOWL AMERICA INCORPORATED

/s/ Cheryl A. Dragoo

Cheryl A. Dragoo

Chief Executive and Operating Officer and Chief Financial Officer,

President

Principal Financial and Accounting Officer

Date: September 24, 2020

-6-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and the dates indicated.

Name, Title, Capacity

/s/ Cheryl A. Dragoo

Cheryl A Dragoo

President, Principal Executive

& Operating Officer, Principal Financial and

Accounting Officer and Director

Date: September 24, 2020

/s/ Ruth Macklin	/s/ Merle Fabian
Ruth Macklin	Merle Fabian
Senior Vice President, Secretary,	Director
Treasurer and Director

Date: September 24, 2020	Date: September 24, 2020



/s/ Allan L. Sher	/s/ Nancy Hull
Allan L. Sher	Nancy E. Hull
Director	Director

Date: September 24, 2020	Date: September 24, 2020

-7-

Exhibit 99(d) Management’s Annual Report on Internal Control Over Financial Reporting

Management’s Annual Report on Internal Control Over Financial Reporting

The following sets forth, in accordance with Section 404(a) of the Sarbanes-Oxley Act of 2002 and Item 308(a) of Regulation S-K, the annual report of management of the Company on the Company’s internal control over financial reporting.

1. Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting in a process designed by, or under the supervision of the Company’s Chief Executive Officer and Chief Financial Officer, and effected by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

●

Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;

●

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and

●

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

2. Management of the Company, in accordance with Rule 13a-15(d) under the Securities Exchange Act of 1934 and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s internal control over financial reporting as of June 28, 2020. The framework on which management’s evaluation of the Company’s internal control over financial reporting is based is the “Internal Control-Integrated Framework” published in 2013 by the Committee of Sponsoring Organizations (“COSO”) of the Treadway Commission.

3. Management has determined that the Company’s internal control over financial reporting, as of June 28, 2020, was effective. No material weaknesses in the Company’s internal control over financial reporting were identified by management. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

4. This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to a permanent exemption for non-accelerated filers from the internal control audit requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002.

-8-

Exhibit 99(b) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains forward-looking statements concerning our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition that are subject to risks and uncertainties. More recent risks and uncertainties include the ongoing effects of the business disruption related to the current COVID-19 pandemic on revenues, operating income, the ability to reopen locations, governmental regulations to limit the spread of COVID-19 such as social distancing and enhanced safety measures, times of operation and reaction should the virus rise again. All statements other than statements of historical fact included in this Annual Report on Form 10-K are forward-looking statements. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business, our sales and the industry in which we operate and our management’s beliefs and assumptions. These statements are not guarantees of future performance or development and involve risks, uncertainties and other factors that are in some cases beyond our control. The forward-looking statements included in this Annual Report on Form 10-K are made as of the date hereof. We are under no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

COVID-19

The Company closed all bowling centers on March 18, 2020, as required by the orders from state and federal governments, in an effort to mitigate the spread of COVID-19. The majority of leagues chose to end their seasons early as it became clear that a return to bowling would not be quick. Our three Florida locations reopened in May 2020, which provided the Company some revenue in the fourth quarter of fiscal 2020 while all other centers remained closed. All of our Virginia centers reopened in early July, one Maryland location opened July 22 and the last closed center was allowed to reopen on August 31, 2020 with a maximum of 50 customers at one time. Almost all locations are currently required to operate at only 50% capacity. We have also implemented social distancing and enhanced cleaning procedures and all states in which we operate have mandated the wearing of masks in the centers except when eating or drinking. Our safety procedures are designed to keep employees and customers safe and have allowed us to offer league bowling. All center employees except the center manager were furloughed in March and the corporate staff was reduced to a minimum. Employees are returned to work as business requires. The Company maintained health insurance for all employees on the plan at the time of closure, paying the employee portion of premiums due for those furloughed.

-9-

OVERVIEW

The Company is in the entertainment business which, by its nature, has ups and downs based on consumer tastes and preferences. Generally, promotional and open play bowling, which depends on the public’s discretionary budget dollars and their choices, accounts for more than half of our business. While bowling has the advantage of being an entertainment that is close to home and relatively inexpensive, new forms of sports and entertainment are offered to the public continually creating challenges. Weather is also a factor, especially for casual bowlers. While extreme heat or rainy weather prompt people to look for indoor activities, heavy snow storms can keep customers from reaching the centers. Postponed league games are made up later in the season, but lost open play income is never recovered. The Company operates primarily in the Washington, DC area where its business is vulnerable to sequestration or other downsizing of the federal government. The Company operated 17 bowling centers, sixteen of which are owned by the Company, throughout fiscal 2020. In March 2019, the Company elected not to renew the lease on Bowl America Manassas, one of its two leased centers due to poor performance. The center closed for business on July 28, 2019.

LIQUIDITY AND CAPITAL RESOURCES

The Company views a strong financial position as a major benefit to shareholders and emphasizes payment of dividends as part of its financial plan. A portion of earnings has consistently been invested to create a reserve to protect the Company during downturns in business, to capitalize on opportunities for expansion and modernization, to provide a secure source of income and to provide a predictable return to its owners. For these reasons, the Company prefers a conservative approach to investing rather than taking greater risk for possible rapid growth. The Company balances market volatility by using both fixed income and equity investments in managing its reserve funds. Any equity security is subject to price fluctuation; however, the stocks held by the Company have relatively low volatility. The Company has long been invested in a Government National Mortgage Association (“GNMA”) fund and domestically domiciled stocks, primarily telecommunications stocks, with the perceived potential of appreciation. The Company considers that this diversity also provides a measure of safety of principal.

With the exception of an additional 13,120 shares of Verizon, the shares of common stock in our portfolio have come from spin-offs, mergers and acquisitions of AT&T and United Telecommunications (now T-Mobile) purchased in 1979 and 1984 and from one insurance company acquired at no cost when that company demutualized. While not all shares in the portfolio are domestic American companies any longer, since the original purchases at an approximate cost of $630,000, we have received approximately $967,000 from mergers and sales, and over $5,500,000 in dividends, the majority of which are tax favored in the form of a partial exclusion from federal taxable income. These marketable securities are carried at their fair value on the last day of each reporting period. The fair value of the securities on June 28, 2020 was approximately $4,725,000 and the value of securities held at June 30, 2019 was approximately $5,100,000.

The Company’s original investment in the Vanguard GNMA mutual fund began in 1988 with purchases of shares in the fund totaling approximately $1,400,000. The fund is carried at fair value on the last day of the reporting period. In August 2019, approximately $1,000,000 of this fund was redeemed to meet the August 2019 dividend payment. In May 2020, $500,000 was redeemed for funding for operating expenses and prize fund payments. At June 28, 2020 the fair value was approximately $491,000

In March 2020 the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) which is administered by the Small Business Administration was signed into law. The CARES Act established a Paycheck Protection Program (“PPP”) under which qualified businesses could apply for a loan to help fund payroll, rent and related costs. The Company applied for a PPP loan and on June 1, 2020 received $1,500,000 under a loan agreement which calls for interest of 1%. The loan repayment, after a seven month deferral, begins January 1, 2021 and final payment is due June 1, 2022. All or a portion of payments of principal and interest may be forgiven if used for covered, documented payroll costs, rent and utilities. We anticipate applying for loan forgiveness in the second quarter of fiscal 2021. Any amount not forgiven will be due at maturity. Any expenses paid with the loan and forgiven will not be deductible for federal tax purposes.

Short-term investments including, Certificates of Deposits, US Treasury bills, and cash and cash equivalents totaled $1,793,000 at the end of fiscal 2020 and $703,000 at the end of fiscal 2019.

-10-

The Company's position in all the above investments is a source of liquidity during downturns in business and in other times can serve as capital for expansion or other opportunities. Potential volatility in the trading prices of the marketable securities held by the Company could impact the Company’s opportunities for expansion. The Board of Directors reviews the portfolio regularly and any use of this reserve at its quarterly meetings. The Company believes that cash on hand and its position in the above securities as well as operating cash flows are currently sufficient to operate the business. However, in the event the COVID-19 pandemic causes future downturns in business or extends further into future periods, the Company may seek to obtain debt financing or sell one or more of its operating properties in order to generate operating funds.

Cash flow provided by operating activities for the year ended June 28, 2020, was $862,000. Proceeds from GNMA dividends totaling approximately $26,000 in fiscal year 2020 were used to purchase additional shares in the fund. Cash flow, cash on hand and the partial redemption of GNMA funds, mentioned above, were used to meet the $2,710,000 required to pay regular dividends during the fiscal year.

The Company paid cash dividends totaling approximately $2.7 million, or $.525 per share, to shareholders during the 2020 fiscal year. Dividends were suspended in March 2020 following the required shutdown of the Company’s bowling centers. The economic climate is part of the consideration at the Directors quarterly reviews of future estimates of cash flows. The Board of Directors decides the amount and timing of any dividend at its quarterly meeting based on its appraisal of the state of the business and estimate of opportunities at such time.

Building, entertainment and restaurant equipment purchases during fiscal year 2020 used approximately $500,000.

RESULTS OF OPERATIONS

Fiscal year 2020 and 2019 each consisted of 52 weeks. However, all of our locations were closed on March 18, 2020, during our busy winter league season, by government order resulting from the COVID-19 pandemic. Our three Florida locations were reopened in late May but were restricted to 50% capacity at any time. No other centers reopened in the fourth quarter of fiscal 2020. Accordingly, all comparisons in this discussion and throughout the report are significantly impacted by such closures. During the closure, with the exception of a manager at each location, all center personnel were furloughed and corporate office staff was severely reduced. Many maintenance and service contracts were suspended.

The following table sets forth the items in our consolidated summary of operations for the fiscal fourth quarters ended June 28, 2020 and June 30, 2019, respectively, and the dollar and percentage changes therein.

	Thirteen weeks ended June 28, 2020 and June 30, 2019

	Dollars in thousands
	2020			2019			Change			% Change
Operating Revenues:
Bowling and other	$	161		$	3,640		$	(3,479	)		(95.6	)%
Food, beverage & merchandise sales		71			1,567			(1,496	)		(95.5	)
		232			5,207			(4,975	)		(95.5	)
Operating Expenses:
Compensation & benefits		643			2,728			(2,085	)		(76.4	)
Cost of bowling & other		631			1,457			(826	)		(56.7	)
Cost of food, beverage & merchandise sales		32			479			(447	)		(93.3	)
Depreciation & amortization		242			264			(22	)		(8.3	)
General & administrative		167			284			(117	)		(41.2	)
		1,715			5,212			(3,497	)		(67.1	)
Loss on disposal of assets		(17	)		(1	)		(16	)		(1600.0	)
Operating income (loss)		(1,500	)		(6	)		(1,494	)		(24900.0	)
Interest, dividend and other income		130			107			23			21.5
Change in value of marketable investment securities		44			157			(113	)		(72.0	)
Earnings (loss) before taxes		(1,326	)		258			(1,584	)		(614.0	)
Income taxes		(409	)		12			(421	)		(3508.3	)
Net Earnings (Loss)	$	(917	)	$	246		$	(1,163	)		(472.8	)

-11-

The following table sets forth the items in our consolidated summary of operations for the 52 week fiscal years ended June 28, 2020 and June 30, 2019, respectively, and the dollar and percentage changes therein.

	Fifty-two weeks ended June 28, 2020 and June 30, 2019

	Dollars in thousands
	2020			2019			Change			% Change
Operating Revenues:
Bowling and other	$	12,537		$	17,141		$	(4,604	)		(26.9	)%
Food, beverage & merchandise sales		5,244			7,278			(2,034	)		(27.9	)
		17,781			24,419			(6,638	)		(27.2	)
Operating Expenses:
Compensation & benefits		8,750			11,074			(2,324	)		(21.0	)
Cost of bowling & other		5,109			6,084			(975	)		(16.0	)
Cost of food, beverage & merchandise sales		1,569			2,114			(545	)		(25.8	)
Depreciation & amortization		957			983			(26	)		(2.6	)
General & administrative		1,051			948			103			10.9
		17,436			21,203			(3,767	)		(17.8	)
Loss on disposal of assets		(17	)		(1	)		(16	)		(1600.0	)
Operating income		328			3,215			(2,887	)		(89.8	)
Interest, dividend and other income		443			404			39			9.6
Change in value of marketable investment securities		(367	)		331			(698	)		(210.9	)
Earnings before taxes		404			3,950			(3,546	)		(89.8	)
Income taxes		1			901			(900	)		(99.9	)
Net Earnings	$	403		$	3,049		$	(2,646	)		(86.8	)

The net loss for the thirteen week period ended June 28, 2020 was $916,302 or $.18 per share. Net earnings for the fifty-two week period ended June 28, 2020 were $403,192 or $.08 per share. Net earnings were $245,106 or $.05 per share for the thirteen week period and $3,049,172 or $.59 per share for the fifty-two week period ended June 30, 2019. The change in net earnings from fiscal 2020 to fiscal 2019 was a direct result of reduced operating revenues caused by the closures.

Operating Revenues

Total operating revenue decreased 27.2%, or $6,638,000 to $17.8 million in fiscal 2020 compared to a decrease of 1.4%, or $352,000, to $24.4 million in fiscal 2019. Bowling and other revenue decreased $4,604,000 in fiscal 2020 versus a decrease of $345,000 in fiscal 2019. Food, beverage and merchandise sales decreased $2,034,000 and decreased $7,000 in fiscal 2020 and fiscal 2019, respectively.

Operating Expenses

As discussed in more detail below, total operating expenses decreased 17.8%, or $3,767,000 in fiscal year 2020 versus an increase of 2.2%, or $451,000 in fiscal 2019. Costs for employee compensation and benefits decreased $2,324,000 or 21.0% in fiscal 2020 and in fiscal 2019 costs increased 1.7% or $183,000 in part due to increased overtime during the tight labor market. Group health insurance costs increased in part because the Company paid the employee portion of premiums while employees were furloughed due to the required shutdown. This category includes contributions to our two benefit plans, both of which are defined contribution plans. The contributions can only be made from profits and there is no additional obligation beyond the current year contribution.

Cost of bowling and other services decreased $975,000 or 16.0% in the year ended June 28, 2020 and increased $194,000 or 3.3% in the prior fiscal year. Maintenance expense decreased $279,000 or 28.8% in fiscal 2020 versus an increase of $86,000 or 9.7% in fiscal 2019 primarily due to a major plumbing repair at one location. Both years included roof repairs and changeover to LED lights in parking lots. Utility costs declined 15.3% in the current year and declined 2.4% in the prior year. Supplies expense decreased 21.0% in fiscal 2020 versus an increase of 1.0% in fiscal 2019.

-12-

Advertising costs declined $74,000 or 20.4% in fiscal year 2020 versus an increase of $51,000 or 16.3% primarily due to increase social network use in the prior year.

Cost of food, beverage and merchandise sales decreased $545,000 or 25.8% in fiscal 2020.

Depreciation expense decreased approximately $26,000 or 2.6% in fiscal 2020, a combination of large items reaching full depreciation and the closing of Bowl America Manassas, versus an increase of approximately $37,000 or 3.9% in the prior year.

Operating income decreased 89.8% or $2,887,000 to $328,000 in fiscal year 2020 from $3.2 million in fiscal 2019.

Interest, Dividend and Other Income

Interest, dividend and other income increased $39,000 or 9.6% in fiscal 2020 and increased $17,000 or 4.4% in the prior year. In fiscal 2020 interest was down, however payment for a right of way and rental of parking spaces offset the decline.

Change in the value of investments

Financial Standards Accounting Board guidance requires the recognition of changes in the fair value of equity securities in current income. The change in the fair value of the GNMA fund and equity securities at June 28, 2020 was a decline of $367,000 from June 30, 2019.

Income taxes

Earnings before taxes in fiscal 2020 were $404,020 of which approximately $261,000 was from dividends received. The combination of the 50% dividends received deduction and tax deferrals on property and equipment reduced the effective tax rate for fiscal 2020 to 0.24%. Taxes for fiscal 2019 reflect an effective tax rate of approximately 22.7%.

Net Earnings

Net earnings from continuing operations in fiscal 2020 were $403,000, or $.08 per share, compared to $3.0 million, or $.59 per share in fiscal 2019.

-13-

CRITICAL ACCOUNTING POLICIES

We have identified accounting for marketable investment securities as a critical accounting policy due to the significance of the amounts included in our balance sheet under the captions of Short term investments and Marketable investment securities. The Company exercises judgment in determining their fair value. The Company records these investments at their fair value with the unrealized gain or loss recorded in income or loss in the current period.

We have identified accounting for the impairment of long-lived assets as a critical accounting policy due to the significance of the amounts included in our balance sheet under the caption of Land, Buildings and Equipment. The Company reviews long-lived assets whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In making such evaluations, the Company compares the expected future cash flows to the carrying amount of the assets. An impairment loss equal to the difference between the assets' fair value and carrying value is recognized when the estimated future cash flows are less than the carrying amount. There were no impairment losses recorded in fiscal 2020 or 2019.

-14-

Exhibit 99(a) Selected Financial Data

BOWL AMERICA INCORPORATED AND SUBSIDIARIES

CONSOLIDATED SUMMARY OF OPERATIONS

Selected Financial Data

	For the Years Ended
	June 28,			June 30,			July 1,			July 2,			July 3,
	2020			2019			2018			2017			2016
Operating revenues	$	17,780,942		$	24,418,626			24,770,884		$	23,932,504		$	24,097,862
Operating expenses		17,436,237			21,202,166			20,751,639			20,670,929			21,226,560
(Loss) gain on disposal of land, building and Equipment		(16,661	)		(1,359	)		(3,306	)		77,972			(10,035	)
Interest, dividend and other income		443,442			403,534			387,531			412,299			449,998
Change in value of investments		(367,466	)		331,149			-			-			-
Interest expense		-			-			-			6,296			-
Earnings from continuing operations before provision for income taxes		404,020			3,949,784			4,403,470			3,745,550			3,311,265
Provision for income taxes		828			900,612			617,485			1,294,440			1,160,240
Net Earnings	$	403,192		$	3,049,172			3,785,985		$	2,451,110		$	2,151,025

Weighted average shares outstanding- Basic & Diluted		5,160,971			5,160,971			5,160,971			5,160,971			5,160,971

Earnings per share-Basic & diluted	$	.08		$	.59			.73		$	.48		$	.42
Net earnings per share-Basic & diluted	$	.08		$	.59			.73		$	.48		$	.42

Net cash provided by operating activities	$	861,946		$	3,461,987			3,999,109		$	3,128,551		$	3,441,813

Cash dividends paid	$	2,709,511		$	3,586,876		$	3,509,460		$	3,509,460		$	3,509,460
Cash dividends paid Per share - Class A	$	0.525		$	0.695		$	0.68		$	0.68		$	0.68
- Class B	$	0.525		$	0.695		$	0.68		$	0.68		$	0.68

Total assets	$	28,613,309		$	28,388,951		$	28,909,126		$	29,618,151		$	31,851,135

Stockholders' equity	$	22,517,017		$	23,920,166		$	24,483,675		$	24,586,393		$	26,149,342

Net book value per share	$	4.36		$	4.63		$	4.76		$	4.76		$	5.07

Net earnings as a % of beginning stockholders' equity		1.7	%		12.5	%		15.4	%		9.4	%		8.0	%

Lanes in operation		682			726			726			726			726
Centers in operation		17			18			18			18			18

-15-

1395 Piccard Drive, Suite 240

Rockville, Maryland 20850

Phone 301.337.3305

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of

Bowl America Incorporated

Opinion on the Financial Statements

We have audited the accompanying Consolidated Balance Sheets of Bowl America Incorporated and Subsidiaries (the Company) as of June 28, 2020 and June 30, 2019, and the related Consolidated Statements of Earnings and Comprehensive Earnings, Stockholders’ Equity and Cash Flows for the years ended June 28, 2020 and June 30, 2019, and the related notes (collectively referred to as the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 28, 2020 and June 30, 2019, and the results of its operations and its cash flows for each of the years in the two-year period ended June 28, 2020, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Company’s auditor since 2014.

/s/ MN Blum LLC

MN Blum, LLC

Rockville, Maryland

September 24, 2020

-16-

Exhibit 99(c) Consolidated Financial Statements

BOWL AMERICA INCORPORATED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	As of
	June 28,		June 30,
	2020		2019
ASSETS
CURRENT ASSETS:
Cash and cash equivalents (Note 2)	$	1,659,264	$	269,844
Short-term investments (Note 3)		134,202		433,249
Marketable investment securities (Note 3)		5,216,218		7,029,916
Inventories		486,105		518,121
Prepaid expenses and other		523,662		740,476
Income taxes refundable		766,244		441,402
TOTAL CURRENT ASSETS		8,785,695		9,433,008
LAND, BUILDINGS & EQUIPMENT, net (Note 4)		17,667,517		18,141,526
OTHER ASSETS:
Right to use asset		1,812,937		-
Cash surrender value-life insurance		282,895		747,102
Other		64,265		67,315
TOTAL OTHER ASSETS		2,160,097		814,417
TOTAL ASSETS	$	28,613,309	$	28,388,951

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	269,373	$	820,491
Accrued expenses		932,528		1,032,823
Dividends payable		-		903,170
Other current liabilities		395,629		308,794
TOTAL CURRENT LIABILITIES		1,597,530		3,065,278
LEASE LIABILITY		1,672,371		-
NOTE PAYABLE PPP LOAN		1,500,000		-
DEFERRED INCOME TAXES (Note 8)		1,326,391		1,403,507
TOTAL LIABILITIES		6,096,292		4,468,785

COMMITMENTS AND CONTINGENCIES (Note 6)

STOCKHOLDERS' EQUITY (Note 9)
Preferred stock, par value $10 a share:
Authorized and unissued, 2,000,000 shares		-		-
Common stock, par value $.10 a share:
Authorized, 10,000,000 shares
Class A issued and outstanding 3,746,454		374,645		374,645
Class B issued and outstanding 1,414,517		141,452		141,452
Additional paid-in capital		7,854,108		7,854,108
Accumulated other comprehensive earnings- Unrealized gain on available-for-sale securities, net of tax		-		-
Retained earnings		14,146,812		15,549,961
TOTAL STOCKHOLDERS' EQUITY		22,517,017		23,920,166

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	28,613,309	$	28,388,951

The accompanying notes to the consolidated financial statements are an integral part of these financial statements.

-17-

BOWL AMERICA INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS

	For the Years Ended
	June 28,			June 30,
	2020			2019
Operating Revenues:
Bowling and other	$	12,536,616		$	17,140,472
Food, beverage and merchandise sales		5,244,326			7,278,154
Total Operating Revenue		17,780,942			24,418,626

Operating Expenses:
Employee compensation and benefits		8,749,681			11,073,710
Cost of bowling and other services		5,108,569			6,084,067
Cost of food, beverage and merchandise sales		1,569,304			2,113,517
Depreciation and amortization		957,138			982,760
General and administrative		1,051,545			948,112
Total Operating Expense		17,436,237			21,202,166
Loss on disposal of land, buildings and equipment		(16,661	)		(1,359	)
Operating Income		328,044			3,215,101
Interest, dividend and other income		443,442			403,534
Change in value of investments		(367,466	)		331,149
Earnings before provision for income taxes		404,020			3,949,784
Provision for income taxes (Note 7)
Current		77,944			808,802
Deferred		(77,116	)		91,810
Total Provision for Income Taxes		828			900,612

Net Earnings	$	403,192		$	3,049,172

Earnings per share-basic & diluted	$	.08		$	.59

Weighted average shares outstanding		5,160,971			5,160,971

Dividends paid	$	2,709,511		$	3,586,876

Per share, dividends paid, Class A	$	0.525		$	0.695

Per share, dividends paid, Class B	$	0.525		$	0.695

The accompanying notes to the consolidated financial statements are an integral part of these financial statements.

-18-

BOWL AMERICA INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

	COMMON STOCK										Accumulated
	Class A Shares		Class A Amount		Class B Shares		Class B Amount		Additional Paid-In Capital		Other Comprehensive Earnings			Retained Earnings
Balance, July 1, 2018		3,746,454	$	374,645		1,414,517	$	141,452	$	7,854,108	$	2,102,745		$	14,010,725
Cash dividends paid		-		-		-		-		-		-			(2,709,511	)
Accrued dividends declared June 18, 2019 payable August 21, 2019		-		-		-		-		-		-			(903,170	)
Reclassification of unrealized gain on available-for-sale securities from other comprehensive income to retained earnings		-		-		-		-		-		(2,102,745	)		2,102,745
Net earnings for the year		-		-		-		-		-		-			3,049,172
Balance, June 30, 2019		3,746,454	$	374,645		1,414,517	$	141,452	$	7,854,108	$	-		$	15,549,961
Cash dividends paid		-		-		-		-		-		-			(1,806,341	)
Net earnings for the year		-		-		-		-		-		-			403,192
Balance, June 28, 2020		3,746,454	$	374,645		1,414,517	$	141,452	$	7,854,108	$	-		$	14,146,812

The accompanying notes to the consolidated financial statements are an integral part of these financial statements.

-19-

BOWL AMERICA INCORPORATED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Years Ended
	June 28,			June 30,
	2020			2019
Cash Flows From Operating Activities
Net earnings	$	403,192		$	3,049,172
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		957,138			982,760
Amortization of right to use asset		164,586			-
(Decrease) increase in deferred income tax		(77,116	)		91,810
Unrealized loss (gain) on marketable investment securities		367,466			(331,149	)
Loss on disposition of assets-net		16,661			1,359
Gain on sale of securities		(27,289	)		-
Changes in assets and liabilities
Decrease (increase) in inventories		32,015			(27,665	)
Decrease in prepaid and other		219,864			19,085
Increase in income taxes refundable		(324,842	)		(249,104	)
(Decrease) increase in accounts payable		(551,117	)		14,004
Decrease in accrued expenses		(100,295	)		(74,403	)
(Decrease) increase in other current liabilities		(65,658	)		3,558
Decrease in lease liability		(152,659	)		-
Decrease in long-term deferred compensation		-			(17,440	)

Net cash provided by operating activities		861,946			3,461,987

Cash Flows From Investing Activities
Expenditures for land, building and equipment		(499,790	)		(426,994	)
Net sales and maturities (purchases) of short-term investments		299,047			(100,220	)
Purchases of marketable securities		(26,479	)		(57,117	)
Proceeds from sale of marketable securities		1,500,000			-
Decrease (increase) in cash surrender value		464,207			(29,369	)

Net cash provided by (used in) investing activities		1,736,985			(613,700	)

Cash Flows From Financing Activities
Proceeds from note payable – PPP loan		1,500,000			-
Payment of cash dividends		(2,709,511	)		(3,586,876	)

Net cash used in financing activities		(1,209,511	)		(3,586,876	)

Net Change in Cash and Equivalents		1,389,420			(738,589	)

Cash and Equivalents, Beginning of period		269,844			1,008,433

Cash and Equivalents, End of period	$	1,659,264		$	269,844

Supplemental Disclosures of Cash Flow Information
Cash Paid During the Period for:
Income taxes	$	401,200		$	1,050,000

The accompanying notes to the consolidated financial statements are an integral part of these financial statements.

-20-

BOWL AMERICA INCORPORATED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization

Bowl America Incorporated was engaged in the operation of 17 bowling centers, with food and beverage service in each center. Nine centers are located in metropolitan Washington D.C., one center in metropolitan Baltimore, Maryland, four centers in metropolitan Richmond, Virginia, and three centers in metropolitan Jacksonville, Florida. These 17 centers contain a total of 682 lanes. The Company operates in one segment.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and all of its wholly-owned subsidiary corporations. All significant inter-company items have been eliminated in the consolidated financial statements.

Fiscal Year

The Company's fiscal year ends on the Sunday nearest to June 30. Fiscal year 2020 ended June 28, 2020, and fiscal year 2019 ended June 30, 2019. Fiscal years 2020 and 2019 each consisted of 52 weeks.

Subsequent Events

The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission on September 24, 2020.

Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Significant estimates include 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

The Company’s performance obligations are generally limited to providing bowling services and food and beverage products at its centers. The obligations are generally incurred and satisfied in the same business day with payment received at the time the obligation is satisfied. Revenue is recognized at the time the performance obligation is satisfied, which generally occurs when the customer pays for games already bowled or receives their food or beverage order.

Merchandise sales are recorded as revenue when the merchandise is provided to the customer which generally is also the time payment is received. Merchandise can be returned 30 days from purchase for a full refund. Historically, merchandise returns have been minimal.

-21-

The Company does occasionally incur contractual obligations for group events that may either be prepaid or billed following the event as well as obligations for gift cards. Any prepayments for bowling events and for the sale of gift cards are recorded as deferred revenue. Revenue from gift cards are recognized as the gift card holder purchases services and expends the prepayment amount on the card. The gift cards have no expiration date. Any events that are billed subsequent to occurrence are recognized as revenue when the event has completed. The Company has $14,877 of billed and uncollected receivables related to events that have occurred which are included in Prepaid expenses and other on the accompanying consolidated balance sheet. Prepaid gift cards and prepaid events totaled $163,348 and are included in accrued expenses on the accompanying consolidated balance sheet.

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:

	years
Bowling lanes and equipment	3	-	10
Building and building improvements	10	-	39
Leasehold improvements	5	-	15
Amusement games	3	-	5

Maintenance and repairs and minor replacements are charged to expense when incurred. Major replacements and betterments are capitalized. The accounts are adjusted for the sale or other disposition of property, and the resulting gain or loss is credited or charged to income.

Impairment of Long-Lived Assets

The Company reviews long-lived assets whenever events or changes indicate that the carrying amount of an asset may not be recoverable. In making such evaluations, the Company compares the expected future cash flows to the carrying amount of the assets. An impairment loss, equal to the difference between the assets' fair value and carrying value, is recognized when the estimated undiscounted future cash flows are less than the carrying amount.

Dividends

It is the Company's policy to accrue a dividend liability at the time the dividends are declared.

Advertising Expense

It is the Company's policy to expense advertising expenditures as they are incurred. The Company's advertising expenses for the years ending June 28, 2020, and June 30, 2019, were $288,021 and $361,744, respectively.

Inventories

Inventories are stated at the lower of cost (first-in, first-out method) or market. Inventories consist of resale merchandise including food and beverage and bowling supplies.

Income Taxes

Deferred income tax liabilities and assets are based on the differences between the financial statement and tax bases of assets and liabilities, using tax rates currently in effect. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized.

Investment Securities

All of the Company's readily marketable debt and equity securities are classified as trading. Accordingly, these securities are recorded at fair value with any unrealized gains and losses reported in earnings. 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.

-22-

Earnings Per Share

Earnings per share basic and diluted, have been calculated using the weighted average number of shares of Class A and Class B common stock outstanding of 5,160,971, for both fiscal years 2020 and 2019.

Cash and Cash Equivalents

For purposes of the consolidated statements of cash flows, the Company considers money market funds and certificates of deposits, with original maturities of three months or less to be cash equivalents. The Company maintains cash accounts which may exceed federally insured limits during the year, but does not believe that this results in any significant credit risk.

Other Current Liabilities

Other current liabilities include prize fund monies held by the Company for bowling leagues. The funds are returned to the leagues at the end of the league bowling season. At June 28, 2020 and June 30, 2019 other current liabilities included $243,500 and $300,920, respectively, in prize fund monies.

Reclassifications

Certain previous year amounts have been reclassified to conform with the current year presentation.

Accounting Standards

In January 2016, the Financial Accounting Standards Board (FASB) issued guidance on equity securities that requires entities to recognize changes in unrealized gains and losses on equity securities in income in the current period unless the entity is recording the related investment under the equity method or consolidating the related entity. The Company adopted this standard effective July 2, 2018. The result was the reclassification of $2,102,745 (after adoption of ASU 2018-02) from accumulated other comprehensive income to retained earnings. The Company also reclassified all of its marketable equity securities as current assets on consolidated balance sheet.

The following table summarizes the impact of the adoption on accumulated other comprehensive earnings and retained earnings:

	Amount
Accumulated other comprehensive earnings, 7/2/2018	$	2,102,745
Reclassification to retained earnings of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax $1,394,695		(2,102,745	)
Accumulated other comprehensive earnings as adjusted, 7/2/2018		-

Retained earnings, 7/2/2018		14,010,725
Reclassification from accumulated other comprehensive income of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax, $1,394,695		2,102,745
Retained earnings as adjusted, 7/2/2018	$	16,113,470

In February 2016, the FASB issued guidance on leases which requires entities to recognize right-of-use assets and lease liabilities on the balance sheet for the rights and obligations created by all leases, including operating leases, with terms of more than 12 months. The new guidance also requires additional disclosures on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. This amendment is effective for the Company’s fiscal year ended June 2020. The adoption of this guidance resulted in a right to use asset of $1,977,523 and a corresponding lease liability for the same amount being recorded on July 1, 2019. The adoption was done on a modified retrospective basis with no adjustments made to periods prior to July 1, 2019.

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In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which creates a single, comprehensive revenue recognition model for all contracts with customers. Under this ASU and subsequently issued amendments, an entity should recognize revenue to reflect the transfer of promised goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods and services. ASU 2014-9 may be adopted either retrospectively or on a modified retrospective basis. The standard is effective for interim and annual reporting periods beginning after December 15, 2017. The FASB permits early adoption of the standard, but not before the original effective date of December 15, 2016. The Company adopted the standard for its 2019 fiscal year. The impact of adopting the standard was not material.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. As part of the FASB's disclosure framework project, it has eliminated, amended and added disclosure requirements for fair value measurements. Entities will no longer be required to disclose the amount of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy, the policy of timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. Public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. This ASU is effective for public entities for annual and interim periods beginning after December 15, 2019. Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company adopted the standard for its March 2020 fiscal quarter. The impact of adopting the standard was not material.

2. CASH AND CASH EQUIVALENTS

Cash and cash equivalents consisted of the following:

	June 28, 2020		June 30, 2019

Demand deposits and cash on hand	$	283,777	$	187,673
Money market funds		1,375,487		82,171
Cash and Cash Equivalents	$	1,659,264	$	269,844

The account balances at times exceed federally insured limits. The Company does not believe this poses any significant risk.

3. INVESTMENTS

The Company’s investments are categorized as trading. The cost for marketable securities cost was determined using the specific identification method. The fair values of marketable investment securities are based on the quoted market price for those securities. Short-term investments consist of certificates of deposits and U. S. Treasury bills with maturities of generally three months to one year. The fair value of the short-term investments at June 28, 2020 was $134,202 and at June 30, 2019, was $433,249. Equity securities consist primarily of telecommunications stocks and a mutual fund that invests in federal agency mortgage backed securities (Ginnie Mae). At June 28, 2020 and June 30, 2019, unrealized gains and losses are reported as income in the current period.

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As of June 28, 2020, $15,569 in gross unrealized gains were from its investments in federal agency mortgage backed securities owned through a mutual fund which had a fair value of $490,748. As of June 30, 2019, the Company had $8,162 of gross unrealized gains from the same fund which had a fair value of $1,929,575. In August 2019 the Company redeemed $1,000,000 of this fund to meet the August 2019 dividend payment and in May 2020 $500,000 was redeemed to meet operating expenses and prize fund payouts after the March 2020 COVID-19 required our bowling centers to shutdown.

The Company’s investments were as follows:

	Original Cost		Unrealized Gain		Unrealized Loss			Fair Value
June 28, 2020
Equity securities	$	1,279,914	$	3,472,568	$	(27,012	)	$	4,725,470

Mutual fund		475,179		15,569		-			490,748

Certificates of deposits & Treasury bills		134,202		-		-			134,202

June 30, 2019
Equity securities	$	1,279,914	$	3,837,143	$	(16,716	)	$	5,100,341

Mutual fund		1,921,413		8,162		-			1,929,575

Certificates of deposits		433,249		-		-			433,249

During fiscal 2020 and fiscal 2019, the Company had certain equity securities with cumulative unrealized losses of $27,012 and $16,716 respectively.

	Less than 12 months				12 Months or greater					Total
June 28, 2020	Fair Value		Unrealized loss		Fair Value		Unrealized loss			Fair Value		Unrealized loss

Equity securities	$	-	$	-	$	41,949	$	(27,012	)	$	41,949	$	(27,012	)

	Less than 12 months					12 Months or greater					Total
June 30, 2019	Fair Value		Unrealized loss			Fair Value		Unrealized loss			Fair Value		Unrealized loss

Equity securities	$	51,720	$	(6,523	)	$	525	$	(10,193	)	$	52,245	$	(16,716	)

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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
T-Mobile shares			4,102
Verizon shares			31,904
Windstream shares			135
Uniti shares			815

On April 1, 2020 T-Mobile and Sprint merged. Each Sprint share was converted to 0.10256 shares of T-Mobile.

In February 2019 Windstream voluntarily filed for Chapter 11 bankruptcy to restructure. The company is continuing to operate during this process.

As stated in Note 1, the Company records its readily marketable debt and equity securities at fair value. These assets are valued in accordance with a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1. Observable inputs such as quoted prices in active markets for identical assets or liabilities;

Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The fair value of these assets as of June 28, 2020 is as follows:

	Quoted		Significant				Unrealized			Cumulative
	Price for		Other		Significant		gains/(losses)			Unrealized
	Identical		Observable		Unobservable		for the			gains/(losses)
	Assets		Inputs		Inputs		Year Ended			as of
Description	(Level 1)		(Level 2)		(Level 3)		June 28, 2020			June 28, 2020

Equity securities	$	4,725,470	$	-	$	-	$	(374,871	)	$	3,445,556

Mutual fund		490,748		-		-		7,405			15,569

Certificates of deposits		-		134,202		-		-			-
TOTAL	$	5,216,218	$	134,202		-	$	(367,466)		$	3,461,125

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The fair value of these assets as of June 30, 2019 was as follows:

	Quoted		Significant				Unrealized		Cumulative
	Price for		Other		Significant		gains/(losses)		Unrealized
	Identical		Observable		Unobservable		for the		gains/(losses)
	Assets		Inputs		Inputs		Year Ended		as of
Description	(Level 1)		(Level 2)		(Level 3)		June 30, 2019		June 30, 2019

Equity securities	$	5,100,341	$	-	$	-	$	283,537	$	3,820,427

Mutual fund		1,929,575		-		-		47,612		8,162

Certificates of deposits		-		433,249		-		-		-
TOTAL	$	7,029,916	$	433,249		-	$	331,149	$	3,828,589

The fair value of certificates of deposits is estimated using net present value techniques and comparing the values to certificates with similar terms.

4. LAND, BUILDINGS, AND EQUIPMENT

Land, buildings, and equipment, at cost, consisted of the following:

	June 28, 2020		June 30, 2019
Buildings	$	18,666,152	$	18,666,152
Leasehold and building improvements		8,085,342		8,241,896
Bowling lanes and equipment		21,381,691		22,369,204
Land		10,510,308		10,510,308
Amusement games		16,078		16,078
Bowling lanes and equipment not yet in use		47,393		44,296
Total Land, Buildings, and Equipment		58,706,964		59,847,934
Less accumulated depreciation and amortization		41,039,447		41,706,408
Land, Buildings, and Equipment, net	$	17,667,517	$	18,141,526

Depreciation and amortization expense for buildings and equipment for fiscal years 2020 and 2019 was $957,138, and $982,760, respectively. The Company includes construction in progress costs in the bowling lanes and equipment not yet in use category until completion of the project. Bowling lanes and equipment not yet in use are not depreciated.

5. NOTE PAYABLE – PPP LOAN

In March 2020 the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) which is administered by the Small Business Administration was signed into law. The CARES Act established a Paycheck Protection Program (“PPP”) under which qualified businesses could apply for a loan to help fund payroll, rent and related costs. The Company applied for a PPP loan and on June 1, 2020 received $1,500,000 under a loan agreement which calls for interest of 1%. The loan repayment, after a seven month deferral, begins January 1, 2021, based on a level amortization of principal over a two year period and final payment equal to the unpaid principal plus unpaid accrued interest and any other amount owed, is due June 1, 2022. Future payments due prior to any forgiveness are $1,500,000. All or a portion of payments of principal and interest may be forgiven if used for covered, documented payroll costs, rent and utilities. We anticipate applying for loan forgiveness in the second quarter of fiscal 2021. Any amount not forgiven will be due at maturity. Any expenses paid with the loan and forgiven will not be deductible for federal tax purposes.

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6. COMMITMENTS AND CONTINGENCIES

Lease Commitments

The Company and its subsidiaries are obligated under long-term real estate lease agreements for one bowling center. The lease is classified as an operating lease in accordance with ASU 2016-02. For the fiscal year ended June 28, 2020, the Company recorded amortization of its right to use asset under the lease of $164,586 which is included as a component of rent expense. The lease liability at June 28, 2020 was $1,824,864. The current portion of the lease liability of $152,493 is included in other current liabilities on the accompanying condensed consolidated balance sheet. The lease provides for additional annual rents based on gross revenues and increases in real estate taxes and common facilities costs.

At June 28, 2020, the minimum fixed rental commitments related to all non-cancelable leases, were as follows:

Year Ending
2021	$	236,999
2022		236,999
2023		236,999
2024		236,999
2025		258,075
Thereafter		1,061,633
Total minimum lease payments	$	2,267,704

Net rent expense was as follows:

	For the Years Ended
	June 28, 2020		June 30, 2019

Minimum rent under operating leases	$	270,343	$	318,000
Excess percentage rents		-		-
Net rent expense	$	270,343	$	318,000

Purchase Commitments

The Company's purchase commitments at June 28, 2020 are for materials, supplies, services and equipment as part of the normal course of business.

7. PROFIT-SHARING AND ESOP PLAN

The Company has two defined contribution plans. The first is a profit-sharing plan which, generally, covers all employees who on the last day of the fiscal year or December 29 have been employed for one year with at least one thousand hours of service. The Plan provides for Company contributions as determined by the Board of Directors. For the years ended June 28, 2020 and June 30, 2019, contributions in the amounts of $20,000 and $96,000, respectively, were charged to operating expense.

Effective March 31, 1987, the Company adopted an Employee Stock Ownership Plan (ESOP) which generally covers all individuals who were employed at the end of the fiscal year and had one thousand or more hours of service during that fiscal year. The ESOP plan provides for Company contributions as determined by the Board of Directors. The Company contributed $20,000 for fiscal year 2020 and $96,000 for fiscal year 2019. The Company has no defined benefit plan or other post retirement plan.

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8. INCOME TAXES

The Company is required to analyze all material positions it has taken or plans to take in all tax returns that have been filed or should have been filed with all taxing authorities for all years still subject to challenge by those taxing authorities. If the position taken is “more-likely-than-not” to be sustained by the taxing authority on its technical merits and if there is more than a 50% likelihood that the position would be sustained if challenged and considered by the highest court in the relevant jurisdiction, the tax consequences of that position should be reflected in the taxpayer’s financial statements.

The Company had no material unrecognized tax positions at June 28, 2020 nor does it expect any significant change in that status during the next twelve months. No accrued interest or penalties on uncertain tax positions have been included on the consolidated statements of earnings and comprehensive earnings or the consolidated balance sheet. Should the Company adopt tax positions for which it would be appropriate to accrue interest and penalties, such costs would be reflected in the tax expense for the period in which such costs accrued. The Company is subject to U.S. Federal income tax and to several state jurisdictions. Returns filed for tax periods ending after July 3, 2016 are still open to examination by those relevant taxing authorities.

The significant components of the Company's deferred tax assets and liabilities were as follows:

	June 28, 2020		June 30, 2019
Deferred tax assets:
Other	$	11,281	$	9,169
Total deferred tax assets		11,281		9,169
Deferred tax liabilities:
Land, buildings, and equipment		487,387		447,848
Unrealized gain on securities		850,285		964,828
Total deferred tax liabilities		1,337,672		1,412,676
Net deferred income taxes	$	1,326,391	$	1,403,507

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
	2020			2019
Taxes computed at statutory rate		21.0	%		21.0	%
State income taxes, net of Federal income tax benefit		3.5			3.8
Dividends received exclusion		(9.6	)		(0.9	)
Tip credit and other		(14.7	)		(1.2	)
Net effective rate		0.2	%		22.7	%

The Company’s income tax rate is significantly lower than statutory rates primarily due to the exclusion of 50% of dividend income from federal taxation as well as the federal tip credit offsetting income taxes owed by the Company.

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9. STOCKHOLDERS' EQUITY

The Class A shares have one vote per share. The Class B shares may vote ten votes per share and are convertible to Class A shares at the option of the stockholder.

At June 28, 2020, and June 30, 2019, the Company had $34,799 in employee loans related to the issuance of shares, respectively. These loans are secured by the shares of the Company's common stock acquired and are full recourse notes. The notes bear interest at rates of 1.5% to 2.0% and are payable over a term of three years from the date of the agreements which range from 2018 to 2020. These employee loans have been recorded as a reduction of additional paid-in capital.

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EX-4.1 2 ex_204254.htm EXHIBIT 4.1 ex_204254.htm

EXHIBIT 4.1

DESCRIPTION OF THE REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF THE

SECURITIES EXCHANGE ACT OF 1934

As of June 28, 2020, Bowl America Incorporated (“we” or “our”) had one class of securities, our Class A common stock, par value $0.10 per share (“Class A Common Stock”), registered under Section 12 of the Securities Exchange Act of 1934, as amended. The following description of our Class A Common Stock is a summary and is subject to, and is qualified in its entirety by reference to, the provisions of our Amended and Restated Articles of Incorporation and our By-Laws, copies of which are incorporated by reference as Exhibits 3.1 and 3.2, respectively, to our Annual Report on Form 10-K for the year ended June 28, 2020 of which this Exhibit 4.1 is a part.

Our authorized capital stock consists of 10,000,000 shares of Common Stock, $0.10 par value per share, of which a portion is Class A Common Stock and a portion is Class B common stock and 2,000,000 shares of preferred stock, $10,00 par value per share. As of June 28, 2020, 3,746,454 shares of Class A Common Stock were outstanding, 1,414,517 shares of Class B common stock were outstanding and no shares of preferred stock were issued and outstanding.

Our Class A Common Stock is traded on the NYSE American under the symbol “BWL-A.” Our Class B common stock is not listed on any exchange and is not publicly traded. Each share of Class B common stock can be converted into one share of Class A Common Stock at any time.

Each share of the Class A Common Stock is entitled to one (1) vote and each share of the Class B common stock is entitled to ten (10) votes, and except with respect to the election of directors (where the Class A Common Stock elects 25% of directors as a separate class and the Class B common stock elects 75% of directors as a separate class), the Class A Common Stock and the Class B common Stock is voted together without regard to class and do not have cumulative voting rights. Holders of Class A and B Common Stock are entitled to receive ratably such dividends, if any, as may be declared by the board of directors out of funds legally available therefore, subject to a preferential dividend right of outstanding preferred stock. Upon the liquidation, dissolution or our winding up, the holders of Class A and B Common Stock are entitled to receive ratably our net assets available after the payment of all debts and other liabilities and subject to the prior rights of any outstanding preferred stock. The rights, preferences and privileges of holders of our Class A and B Common Stock are subject to, and may be adversely affected by the rights of the holders any series of preferred stock that we may designate and issue in the future.

EX-10.2 3 ex_204310.htm EXHIBIT 10.2 ex_204310.htm

EXHIBIT 10.2

Paycheck Protection Program Promissory Note

Borrower Bowl America Incorporated

Date June 1, 2020

Borrower’s Address 6446 Edsall Road Alexandria, VA 22312

Loan Amount One Million, Five Hundred Thousand Dollars and zero Cents

Dollars $1,500,000.00

For value received, the borrower(s) named above (whether one or more “Borrower”), jointly and severally promise to pay to the order of Truist Bank, a North Carolina banking corporation (“Bank”) at any of its offices, or at such place as Bank may in writing designate, without offset in U.S. Dollars and in immediately available funds, the Loan Amount shown above, or the total of all amounts advanced under this promissory note and any modifications, renewals, extensions or replacements thereof (this “Note”) if less than the full Loan Amount is advanced, plus interest and any other amounts due, upon the terms specified below. As used in this Note, the term “Bank Party” shall mean and include Bank and any current and future subsidiaries and affiliates of Bank and each of their respective successors and assigns.

Payment Terms

A fixed payment schedule, commencing on the date that is seven (7) months from the date the loan evidenced by this Note is funded, consisting of seventeen (17) consecutive monthly payments of principal and interest, with the principal component of each such payment based upon the level amortization of principal over a two year period from the date the loan evidenced by this Note is funded and with each payment payable on the 1st day of each month, beginning January 2021, and a final payment equal to the balance of unpaid principal plus accrued and unpaid interest and any other amounts owed hereunder due and payable on the later of June 1st, 2022 or the date that is twenty four (24) months from the date the loan evidenced by this Note is funded (the “maturity date”), provided, however, that prior to applying payments in accordance with the foregoing payment structure, all payments shall first be applied to any accrued but unpaid interest including, without limitation, any deferred but unpaid interest.

Interest

The obligations under this Note will bear interest at a rate of 1.00% per annum (the “Rate”) from the date the loan hereunder (the “Loan”) is funded until the date that the Loan, together with all accrued and unpaid interest and any applicable fees or charges due under this Note, is paid in full. Interest shall accrue daily and will be calculated based on an actual/360 basis (on the actual number of days elapsed over a year of 360 days). Notwithstanding the forgoing, payment of interest is deferred for the first six months of this Loan.

Borrower Paycheck Protection Program Certifications

Borrower hereby certifies, represents, warrants and covenants to Bank as follows:

(a) Borrower has read the statements included in the application related to this Loan (the “Application”), including the Statements Required by Law and Executive Orders, and Borrower understands them.

(b) Borrower was and remains eligible to receive a loan under the rules in effect at the time the Application was submitted that have been issued by the Small Business Administration (“SBA”) implementing the Paycheck Protection Program under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (the “Paycheck Protection Program Rule”).

(c) Borrower (i) is an independent contractor, eligible self-employed individual, or sole proprietor or (ii) (A) employs no more than the greater of 500 employees or, if applicable, the size standard in number of employees established by the SBA in 13 C.F.R. 121.201 for Borrower’s industry and (B) is a small business concern as defined in section 3 of the Small Business Act (15 USC 632) (and subject to SBA’s affiliation rules under 13 CFR 121.301(f) unless specifically waived in the Act), a tax-exempt nonprofit organization described in section 501(c)(3) of the IRC, a tax-exempt veterans organization described in section 501(c)(19) of the IRC, a Tribal business concern described in section 31(b)(2)(C) of the Small Business Act.

(d) Borrower will, and will ensure that each Owner complies, whenever applicable, with the civil rights and other limitations in the Application (as used herein the term “Owner” shall have the same definition as in the Application and the Paycheck Protection Program Rule).

(e) All proceeds of the Loan will be used only for business-related purposes as specified in the Application and consistent with the Paycheck Protection Program Rule.

(f) To the extent feasible, Borrower will purchase only American-made equipment and products.

(g) Borrower is not engaged in any activity that is illegal under federal, state or local law.

(h) Borrower certifies that any loan received by Borrower under Section 7(b)(2) of the Small Business Act between January 31, 2020 and the date hereof was for a purpose other than paying payroll costs and other allowable uses for loans under the Paycheck Protection Program Rule.

Page 1 of 7

(i) Borrower was in operation on February 15, 2020 and had employees for whom Borrower paid salaries and payroll taxes or paid independent contractors (as reported on Form(s) 1099-MISC) and has provided Bank true, correct and complete information demonstrating that Borrower had employees for whom Borrower paid salaries and payroll taxes.

(i) The current economic uncertainty makes the request for the Loan necessary to support the ongoing operations of Borrower.

(j) All proceeds of the Loan will be used to retain workers and maintain payroll or make mortgage interest payments, lease payments, and utility payments, as specified under the Paycheck Protection Program Rule and Borrower acknowledges that if the funds are knowingly used for unauthorized purposes, the federal government may hold Borrower and/or Borrower’s authorized representative legally liable, such as for charges of fraud.

(k) Borrower has provided to Bank all documentation available to Borrower on a reasonable basis verifying the dollar amounts of average monthly payroll costs for the relevant period, which documentation shall include, as applicable, copies of payroll processor records, payroll tax filings and/or Form 1099-MISC.

(l) Borrower will promptly provide to Bank (i) any additional documentation that Bank requests in order to verify payroll costs and (ii) documentation verifying the number of full-time equivalent employees on payroll as well as the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities for the eight week period following the Loan.

(m) Borrower acknowledges that (a) loan forgiveness will be provided by the SBA for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities, and not more than 25% of the Forgivable Amount may be for non-payroll costs and (b) the forgiveness amount is subject to reduction based on employee headcount and compensation reductions during the 8-week loan period as compared to the prior periods in accordance with the CARES Act.

(n) Borrower does not have any other application pending for a loan under the Paycheck Protection Program, or any other federal program that would invalidate its participation in the Paycheck Protection Program.

(o) During the period beginning on February 15, 2020 and ending on December 31, 2020, Borrower has not and will not receive any other loan under the Paycheck Protection Program.

(p) Borrower has reviewed the SBA’s affiliation rules and standards, including the application of such affiliation standards to eligibility requirements for the Paycheck Protection Program, and, after due and careful consideration, represents and warrants that Borrower satisfies all requirements for eligibility for the Paycheck Protection Program.

(q) Borrower certifies that the information provided in the Application and the information that Borrower provided in all supporting documents and forms is true and accurate in all material respects. Borrower acknowledges that knowingly making a false statement to obtain a guaranteed loan from SBA is punishable under the law, including under 18 USC 1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under 15 USC 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if submitted to a Federally insured institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000.

(r) Borrower acknowledges that it has calculated the eligible Loan amount using the supporting documents which it has submitted to Bank. Borrower further acknowledges that execution of this Note constitutes Borrower’s certification that it is in agreement with the Principal Amount of the Loan as set forth herein and that such Principal Amount is not in excess of the maximum principal amount permitted in accordance with the CARES Act.

(s) Borrower understands, acknowledges and agrees that Bank can share any tax information received from Borrower or any Owner with SBA's authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.

Loan Purpose and Updated Financial Information Required

Borrower represents and warrants that the loan evidenced by this Note is being made solely for the permitted use of proceeds specified in the CARES Act and related regulations, rules and guidance. In addition, Borrower represents, warrants and covenants that no part of the proceeds of the loan evidenced by this Note will be used directly or indirectly (a) to fund or finance any operations, investments or activities in or make any payments to a (1) Person that is, or is owned or controlled by, Persons that are the subject of any Sanctions (as defined below) (each a “Sanctioned Person”) or (2) country or territory that is the subject of Sanctions, or is owned or controlled by one or more Sanctioned Person (a “Sanctioned Country”), or in any other manner that would result in a violation of any Sanctions by any Person, or (b) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any laws, rules or regulations of any jurisdiction concerning or relating to bribery or corruption. Borrower further represents, warrants and covenants that while the loan evidenced by this Note remains outstanding, each Obligor, each subsidiary or affiliate of each Obligor, and their respective directors, officers, employees, or agents will not (a) be or become a Sanctioned Person, (b) allow any of their assets to be located in a Sanctioned Country, or (c) derive any of their operating income from investments in, or transactions with, one or more Sanctioned Person or Sanctioned Country. As used herein, “Sanctions” means any trade, economic or financial sanctions administered or enforced by the Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the EU, Her Majesty’s Treasury or other relevant sanctions authority. As used in this Note, the term “Person” shall mean any individual, partnership, firm, corporation, association, joint venture, limited liability company, trust or other entity, or any governmental authority or governmental agency. As used in this Note the term “Obligor” shall individually and collectively refer to Borrower and any other Person that is or hereafter becomes primarily or secondarily liable for the payment of the loan evidenced by this Note and any Person that has conveyed or may hereafter convey any security interest or lien to Bank in any real or personal property to secure payment of this Note. Borrower agrees to promptly provide to Bank updated financial information, including, but not limited to, tax returns, current financial statements in form satisfactory to Bank, as well as additional information, reports or schedules (financial or otherwise), all as Bank may from time to time request.

Page 2 of 7

Representations and Warranties

The Borrower is one of the following: (a) an individual above the age of majority and has the legal capacity to execute this Note, (b) a corporation, limited liability company or other registered entity duly organized and existing under the laws of the state of its organization or (c) a non-registered entity exempt from registration under the laws of any state or jurisdiction. The Borrower is duly qualified and in good standing where such qualification is necessary. This Note has been duly authorized, executed and delivered by Borrower, has been duly executed by Borrower or an authorized representative of the Borrower, constitutes Borrower’s valid and legally binding obligation and is enforceable in accordance with its terms against Borrower. The execution, delivery and performance of this Note and the consummation of the transaction contemplated will not, with or without the giving of notice or the lapse of time, (a) violate any law applicable to Borrower, (b) violate any judgment, writ, injunction or order of any court or governmental body or officer applicable to Borrower, (c) violate or result in the breach of any material agreement to which Borrower is a party, nor (d) violate Borrower’s charter, bylaws, articles of organization, operating agreement or any other similar formation or governing documentation, as applicable. No consent, approval, license, permit or other authorization of any third party or any governmental body or officer is required for the valid and lawful execution and delivery of this Note. If Borrower is required to deliver to Bank a Beneficial Ownership Certification pursuant to the requirements of the Beneficial Ownership Rule (31 C.F.R. § 1010.230), Borrower represents and warrants that the information included in such Beneficial Ownership Certification, or in any other certifications provided by Borrower or its authorized representative under the application for this loan, is true and correct in all respects. As of the date of this Note, Borrower represents that Borrower is not subject to any material claim, dispute or litigation that has not been previously disclosed to Bank in writing.

CARES Act Compliance. Borrower represents, warrants and covenants to Bank, as of the date hereof, the end of the 8-week period following the date of the Loan (“Forgiveness Period”), and the date that SBA remits payment of the forgiven amount of the Loan to Bank and at all times the Loan exists or this Note is in effect, as follows:

(t) Neither Borrower nor any Owner, is presently suspended, debarred, proposed for debarment, declared ineligible, voluntarily excluded from participation in this transaction by any Federal department or agency, or presently involved in any bankruptcy.

(u) Neither Borrower, nor any Owner, nor any business owned or controlled by any of them, ever obtained a direct or guaranteed loan from SBA or any other Federal agency that is currently delinquent or has defaulted in the last 7 years and caused a loss to the government.

(v) Neither Borrower, nor any Owner, is an owner of any other business or has common management with any other business, except as disclosed on addendum A of the Application.

(w) Borrower did not receive an SBA Economic Injury Disaster Loan between January 31, 2020 and April 3, 2020, except as disclosed on addendum A of the Application.

(x) Neither Borrower (if an individual), nor any individual owning 20% or more of the equity of Borrower, is subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction, or presently incarcerated, on probation or parole.

(y) Neither Borrower (if an individual), nor any Owner, has within the last 5 years 1) been convicted; 2) pleaded guilty; 3) pleaded nolo contendere; 4) been placed on pretrial diversion; or 5) been placed on any form of parole or probation (including probation before judgment).

(z) The United States is the principal place of residence for all employees of Borrower included in Borrower’s payroll calculation included in the Application.

(aa) Borrower acknowledges and agrees that all proceeds of the Loan shall be used solely to fund the uses specified in the Paycheck Protection Program Rule (“Allowable Costs”); provided that, for the avoidance of doubt, in no event shall more than twenty-five percent (25%) of the total Allowable Costs paid by Borrower using proceeds of the Loan be attributable to non-payroll costs.

(bb) At the conclusion of the Forgiveness Period, Borrower shall promptly but in no event more than thirty (30) days following the conclusion of the Forgiveness Period submit to Bank all documentation, accompanying certifications and other relevant disclosures required by the SBA under the CARES Act or otherwise requested by Bank on the worksheet provided by Bank for calculation of loan forgiveness amounts, a copy of which will be provided to Borrower after the date hereof.

Default, Acceleration and Setoff

An “event of default” shall occur hereunder upon the occurrence of any one or more of the following events or conditions:

(a)

the failure by any Obligor to pay at any time after the date that occurs six months after the funding date of this Note, whether by acceleration or otherwise, (i) any interest or fees owed under this Note when due and such failure shall continue unremedied for a period of five (5) days thereafter or (ii) any principal amount owed under this Note when due;

(b)

(i) the occurrence of any event of default under any other agreement executed in connection with this Note or the failure of any Obligor to perform any covenant, promise or obligation contained in this Note or such other agreement, provided, however that if such failure relates to a covenant other than a negative covenant or a financial covenant under this Note or any agreement executed in connection with this Note, the Obligor shall have thirty (30) days to cure such failure after the earlier of the date (A) the Obligor or any officer or representative of the Obligor becomes aware of such failure or (B) notice of such failure is given to such Obligor by Bank or (ii) the occurrence of any event of default under, or the failure of any Obligor to perform any covenant, promise or obligation contained in, any other agreement to which any Obligor and any Bank Party are parties;

(c)

any representation or warranty of any Obligor contained in this Note or any other agreement with any Bank Party shall prove to be incorrect in any material respect (other than any representation or warranty that is expressly qualified by a material adverse effect or other materiality, in which case such representation or warranty shall prove to be incorrect in any respect);

(d)

the failure of any Obligor to pay when due any principal, interest or other amount due under any indebtedness of such Obligor (after any applicable grace period specified in connection with such indebtedness) to any creditor other than Bank or any event shall occur or condition shall exist under any agreement or instrument relating to such indebtedness, if the effect of such event or condition is to accelerate, or permit the acceleration, of such indebtedness;

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(e)

the dissolution, liquidation, merger, consolidation, termination or suspension of usual business of any Obligor;

(e)

the death or declaration of incompetency of any Obligor that is a natural person unless within thirty (30) days after the death or declaration of incompetency of such Obligor, a substitute Obligor acceptable to Bank shall have executed documentation in form and substance acceptable to Bank;

(f)

any person or entity, or any group of related persons or entities, shall, without Bank’s prior written consent, have or obtain legal or beneficial ownership of a majority of the outstanding voting securities or rights of any Obligor that is not a natural person, other than any person or entity, or any group of related persons or entities that has such majority ownership as of the date of this Note; or any change in the ownership or control information in Borrower’s Beneficial Ownership Certification shall have occurred since the date of this Note;

(g)

any Obligor shall (i) commence a voluntary case or other proceeding or file any petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a custodian, trustee, receiver, liquidator or other similar official for such Obligor or any substantial part of such Obligor’s property, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (i) of this section (h), (iii) apply for or consent to the appointment of a custodian, trustee, receiver, liquidator or other similar official for such Obligor or for a substantial part of such Obligor’s assets, (iv) file an answer admitting the material allegations of a petition filed against such Obligor in any such proceeding, (v) make a general assignment for the benefit of creditors, or (vi) take any action for the purpose of effecting any of the foregoing;

(h)

an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of any Obligor or such Obligor’s debts, or any substantial part of such Obligor’s assets, under any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or (ii) the appointment of a custodian, trustee, receiver, liquidator or other similar official for any Obligor or for a substantial part of such Obligor’s assets, and in any such case, such proceeding or petition shall remain undismissed for a period of sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;

(i)

the entry of a judgment, award or order against any Obligor which remains unstayed, unsatisfied or unbonded for thirty (30) days following the issuance of such judgment, award or order, or the issuance or service of any attachment, levy or garnishment against any Obligor or the property of any Obligor or the repossession or seizure of property of any Obligor;

(j)

the sale or transfer by any Obligor of all or substantially all of such Obligor’s assets other than in the ordinary course of business;

(k)

any provision of any guaranty, security agreement, or other collateral documentation shall, due to any act or failure to act by any Obligor, cease to be valid and binding on, or enforceable against, any Obligor, or any Obligor shall so state in writing, or any Obligor shall terminate or seek to terminate such Obligor’s obligations under such agreements;

(l)

a material adverse change in the financial condition, operations, business, or prospects of any Obligor has occurred since the date of this Note; or

(m)

an event of default occurs under this Note or on any other outstanding SBA or SBA guaranteed loan to Borrower.

Bank shall not be obligated to fund this Note or make any advance under this Note if at the time such funding or advance is requested there exists (i) an event of default or (ii) an event or condition which with the passage of time or giving of notice or both would result in an event of default. Upon the occurrence of an event of default, Bank shall, at its option, have the remedies provided herein and by any other agreement between Bank and any Obligor or under applicable law, including without limitation, declaring the entire outstanding principal balance, together with all interest thereon and any other amounts due under this Note, to be due and payable immediately without presentment, demand, protest, or notice of any kind, except notice required by law. Upon the occurrence of an event of default under paragraph (h) or (i) above, the entire outstanding principal balance, together with all interest thereon and any other amounts due under this Note, shall automatically become due and payable without presentment, demand, protest, or notice of any kind except notice required by law, and Bank’s obligation to make advances under this Note shall automatically terminate without notice or further action by Bank. Upon the occurrence of an event of default, as of the date of such event of default, Bank, at its option, may charge interest on the unpaid balance of this Note at the lesser of (a) the Rate plus 4.00% per annum or (b) the maximum rate allowed by law (the “Default Rate”) until paid in full. To the extent permitted by law, upon the occurrence of an event of default, Bank will have the right, in addition to all other remedies provided herein, to set off the amount due under this Note or due under any other obligation of Borrower to Bank against any and all accounts, whether checking or savings or otherwise, credits, money, stocks, bonds or other security or property of any nature whatsoever on deposit with, held by, owed by, or in the possession of any Bank Party to the credit of or for the account of Borrower, without notice or consent of Borrower. In addition to the foregoing, Bank shall not be obligated to fund this Note or make any advance under this Note in the event of material deterioration or impairment of the Collateral or any material decline or depreciation in the value of the Collateral which causes the Collateral to become unsatisfactory as to character or value. The remedies provided in this Note and any other agreement between Bank and any Obligor and by applicable law are cumulative and not exclusive of any other remedies provided by applicable law.

If any portion of a payment is at least fifteen (15) days past due, Borrower agrees to pay a late charge equal to the lesser of $50.00 or 4% of the amount which is past due. Unless prohibited by applicable law, Borrower agrees to pay the fee established by Bank from time to time for returned checks if a payment is made on this Note with a check and the check is dishonored for any reason after the second presentment. In addition to any other amounts owed under the terms of this Note, Borrower agrees to pay those fees and charges disclosed in the Disbursements and Charges Summary or other form of closing statement, if any, related to the loan evidenced by this

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Note which, to the extent it exists, is incorporated in this Note by reference and, as permitted by applicable law, Borrower agrees to pay the following: (a) all expenses, including, without limitation, any and all costs incurred by Bank related to enforcement, all court costs and out-of-pocket collection expenses, and reasonable attorneys’ fees actually incurred, whether suit be brought or not, incurred in collecting this Note; (b) all costs incurred in evaluating, preserving or disposing of any Collateral granted or hereafter granted as security for the payment of this Note, including the cost of any audits, appraisals, appraisal updates, reappraisals or environmental inspections which Bank from time to time in its sole discretion may deem necessary; (c) any premiums for property insurance purchased on behalf of Borrower or on behalf of the owner(s) of any Collateral pursuant to any security instrument relating to any Collateral; (d) any expenses or costs (including reasonable attorneys’ fees) incurred in defending any claim arising out of the execution of this Note or the obligations which it evidences; and (e) any other charges permitted by applicable law. Borrower agrees to pay such amounts on demand or, at Bank’s option, such amounts may be added to the unpaid balance of the Note and shall accrue interest at the stated Rate.

Prepayment Provisions

Borrower may make a prepayment in any amount at any time without penalty.

Payments

Borrower is directed to make payments at the address indicated on the billing statement provided by Bank, or at such place as Bank may otherwise indicate in writing. Payments may also be made at those Bank branches which accept loan payments, however, Borrower acknowledges that Borrower is not directed to make payments at such branches and that Bank’s acceptance of payments at such branches is an accommodation to Borrower which may be revoked at any time in Bank’s sole and absolute discretion. All amounts received by Bank shall be applied to expenses, fees and interest before principal or in any other order as determined by Bank, in its sole discretion, as permitted by law. Payments will be credited as of the date stamped upon receipt, or as of the standard payment processing date for similar payments if a payment is not stamped. Payments received on Saturday will be credited on Bank’s next business day. If any payment date falls on a Saturday or Sunday or a legal bank holiday, payment will be due on the next business day. Bank’s business days are Monday through Friday, not including legal bank holidays.

Waivers

Borrower and each other Obligor waive presentment, demand, protest, notice of protest and notice of dishonor and waive all exemptions, whether homestead or otherwise, as to the obligations evidenced by this Note and waive any discharge or defenses based on suretyship or impairment of Collateral or of recourse. Borrower waives any rights to require Bank to proceed against any other Obligor or any Collateral before proceeding against Borrower. Borrower further agrees that without notice to any Obligor and without affecting any Obligor’s liability, Bank, at any time or times, may grant extensions of the time for payment or other indulgences to any Obligor or permit the renewal or modification of this Note, or permit the substitution, exchange or release of any Collateral for this Note and may add or release any Obligor whether primarily or secondarily liable. Borrower further agrees that Bank may apply all monies made available to it from any part of the proceeds of the disposition of any Collateral or by exercise of the right of setoff either to the obligations under this Note or to any other obligations of any Obligor to Bank, as Bank may elect from time to time.

Waiver of Jury Trial

TO THE EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT EITHER OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION, WHETHER IN CONTRACT OR TORT OR OTHERWISE, AT LAW OR IN EQUITY, BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY OTHER DOCUMENT OR INSTRUMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK ENTERING INTO OR ACCEPTING THIS NOTE. FURTHER, BORROWER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OFBANK, NOR BANK’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT BANK WOULD NOT, IN THE EVENT OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION.

Waiver of Damages other than Direct or Actual

TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND BANK HEREBY IRREVOCABLY WAIVE (AND IRREVOCABLY AGREE NOT TO ASSERT) ANY CLAIM WHATSOEVER FOR SPECIAL, INDIRECT, INCIDENTAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) AGAINST EACH OTHER (OR AGAINST EACH OTHER’S RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS OR AGENTS) AT ANY TIME ARISING UNDER OR RELATING TO THIS NOTE, ANY RELATED DOCUMENT, OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN.

Patriot Act Notice

Bank hereby notifies Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 signed into law October 26, 2001), Bank may be required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow Bank to identify Borrower in accordance with the Act. Further, Bank hereby notifies Borrower that, pursuant to the requirements of the Beneficial Ownership Rule (31 C.F.R. § 1010.230), Bank may be required to obtain, verify and record information contained in a Beneficial Ownership Certification executed by Borrower, which will identify the key individuals who have beneficial ownership or control of Borrower.

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Hold Harmless and Indemnification

Borrower hereby indemnifies and agrees to hold each Bank Party and its officers, directors, employees, agents and affiliates (each an “Indemnitee”) harmless from and against all claims, damages, liabilities, costs (including reasonable attorneys’ fees and legal expenses), causes of action, actions, suits and other legal proceedings (collectively, “Claims”) in any matter relating to or arising out of this Note or any document or agreement executed in connection with this Note, or any act, event or transaction related thereto or to the Collateral. Borrower shall promptly provide Bank with written notice of any such Claim, provided, however, that this indemnity shall not apply to any Claims arising solely from the gross negligence or willful misconduct of such Indemnitee as determined by a court of competent jurisdiction in a final non-appealable judgment or order. Upon request of Bank, Borrower shall defend each applicable Indemnitee from such Claims, and pay the reasonable attorneys’ fees, legal expenses and other costs actually incurred in connection therewith, or in the alternative, at Bank’s option, each applicable Indemnitee shall be entitled to employ its own legal counsel to defend such Claims at Borrower’s sole expense.

Miscellaneous

Any provision of this Note or any agreement executed in connection with this Note which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Note or any such agreement. No amendment, modification, termination or waiver of any provision of this Note or any agreement executed in connection with this Note, nor consent to any departure by Borrower from any term of this Note or any agreement executed in connection with this Note, shall in any event be effective unless it is in writing and signed by an authorized officer of Bank, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No failure or delay on the part of Bank to exercise any right, power or remedy under this Note or any agreement executed in connection with this Note shall be construed as a waiver of the right to exercise the same or any other right at any time. The captions of the paragraphs of this Note are for convenience only and shall not be deemed to constitute a part hereof or used in construing the intent of the parties. All representations, warranties, covenants and agreements contained herein or made in writing by Borrower in connection herewith shall survive the execution and delivery of this Note and any other agreement, document or writing relating to or arising out of any of the foregoing. All notices or communications given to Borrower pursuant to the terms of this Note shall be in writing and may be given to Borrower at Borrower’s address as stated at the top of this Note unless Borrower notifies Bank in writing of a different address. Unless otherwise specifically provided herein to the contrary, such written notices and communications shall be delivered by hand or overnight courier service, or mailed by first class mail, postage prepaid, addressed to Borrower at the address referred to herein. Any written notice delivered by hand or by overnight courier service shall be deemed given or received upon receipt. Any written notice delivered by U.S. Mail shall be deemed given or received on the third (3rd) business day after being deposited in the U.S. Mail. Notwithstanding any provision of this Note or any agreement executed in connection with this Note to the contrary, Borrower and Bank intend that no provision of this Note or any agreement executed in connection with this Note be interpreted, construed, applied, or enforced in a way that will permit or require the payment or collection of interest in excess of the highest rate of interest permitted to be paid or collected by the laws of the jurisdiction indicated below, or federal law if federal law preempts the law of such jurisdiction with respect to this transaction (the "Maximum Permitted Rate"). If, however, any such provision is so interpreted, construed, applied, or enforced, Borrower and Bank intend (a) that such provision automatically shall be deemed revised so as to require payment only of interest at the Maximum Permitted Rate; and (b) if interest payments in excess of the Maximum Permitted Rate have been received, that the amount of such excess shall be deemed credited retroactively in reduction of the then-outstanding principal amount of this obligation, together with interest at the Maximum Permitted Rate. In connection with all calculations to determine the Maximum Permitted Rate, Borrower and Bank intend (a) that all charges be excluded to the extent they are properly excludable under the usury laws of such jurisdiction or the United States, as they from time to time are determined to apply to this obligation; and (b) that all charges that may be spread in the manner provided by statute of the jurisdiction indicated or any similar law, be so spread. Borrower agrees to sign any and all additional documentation Bank requests related to this Loan based upon amendments or revisions to the CARES Act, Paycheck Protection Program Rule and the Application including, without limitation, any form promissory note issued by the SBA or any amendment harmonizing this Note and such SBA form note.

Successors and Assigns and Choice of Law

This Note shall apply to and bind Borrower’s heirs, personal representatives, successors and permitted assigns and shall inure to the benefit of Bank, its successors and assigns. Notwithstanding the foregoing, Borrower shall not assign Borrower’s rights or obligations under this Note without Bank’s prior written consent. This Note shall be governed by applicable federal law and the internal laws of the state of North Carolina. Borrower agrees that certain material events and occurrences relating to this Note bear a reasonable relationship to the laws of North Carolina and the validity, terms, performance and enforcement of this Note shall be governed by the internal laws of North Carolina which are applicable to agreements which are negotiated, executed, delivered and performed solely in North Carolina. Unless applicable law provides otherwise, in the event of any legal proceeding arising out of or related to this Note, Borrower consents to the jurisdiction and venue of any court located in the state of North Carolina. Nothing in this Note or in any other document or agreement entered into in connection with this Note shall affect any right that Bank may have to bring any action or proceeding arising out of or related to this Note against Borrower or its properties in the courts of any jurisdiction.

In the event the SBA becomes the holder of this Note, this Note will be interpreted and enforced under federal law, including SBA regulations. Bank or SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.

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Documentary and Intangible Taxes

In the event that any intangible tax or documentary stamp tax is due from Bank to any state or other governmental agency or authority because of the execution or holding of this Note, Borrower shall, upon demand, reimburse Bank for any such tax paid. Pursuant to State of Florida Office of Governor Executive Order Number 20-95, the collection of Florida documentary stamp tax is suspended for all notes and other written obligations made pursuant to Title 1 of the CARES Act and related regulations, rules, and guidance

Transfer of Loan

Bank may, at any time, sell, transfer or assign the Note, the related security instrument and any related loan documents, and any or all servicing rights with respect thereto, or grant participations therein or issue mortgage pass-through certificates or other securities evidencing a beneficial interest in a rated or unrated public offering or private placement (the “Securities”). Bank may forward to each purchaser, transferee, assignee, servicer, participant, or investor in such Securities or any Rating Agency (as hereinafter defined) rating such Securities (collectively, the “Investor”) and each prospective Investor, all documents and information which Bank now has or may hereafter acquire relating to Borrower, any loan to Borrower, any guarantor or the property, whether furnished by Borrower, any guarantor or otherwise, as Bank determines necessary or desirable. The term “Rating Agency” shall mean each statistical rating agency that has assigned a rating to the Securities.

State Specific Disclosures

Texas residents: This notice is being provided by Bank in compliance with §26.02 of the Texas Business and Commerce Code, which provides that certain loan agreements must be in writing to be enforceable. As used in this notice, the term “loan agreement” means one or more promises, promissory notes, agreements, undertakings, security agreements, deeds of trust, or other documents, or commitments, or any combination of these actions or documents, executed in connection with the loan from Bank. THIS WRITTEN LOAN AGREEMENT IN CONNECTION WITH THE NOTE REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. This notice shall be deemed to be a part of each document which is executed by the Borrower and which comprises a part of the loan agreement. The Borrower acknowledges receipt of a copy of this notice and agrees that all documents in connection with the Note are subject to the provisions of §26.02 of the Texas Business and Commerce Code.

Counterparts

This Note may be executed in any number of counterparts, each of which shall be an original, but all of which shall together constitute one and the same agreement. This Note shall be effective upon Borrower’s execution of this Note and Bank’s receipt of duly executed counterparts from each of the parties hereto. Upon approval by Bank in its sole discretion, signatures to this Note transmitted in a commonly accepted electronic format that reproduces an image of the actual executed signature page shall have the same legal effect, validity, and enforceability as a manually executed counterpart of the document to the extent and as provided for in the Federal Electronic Signatures in Global and National Commerce Act and the applicable state law based on the Uniform Electronic Transactions Act. Further, Borrower agrees to deliver a manually executed counterpart of this Note to Bank no later than ten (10) days following the date of this Note.

By signing below under seal, Borrower agrees to the terms of this Note and the disbursement of proceeds as described in the Disbursements and Charges Summary form or other closing statement, if any, provided in connection with this transaction.

Borrower Name: Bowl America Incorporated

(Seal)
Signature of Authorized Representative of Borrower

Name, printed or typed of Authorized Representative

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EX-20 4 ex_204604.htm EXHIBIT 20 ex_204604.htm

EXHIBIT 20

For Immediate Release

September 24, 2020

BOWL AMERICA REPORTS 2020 FISCAL YEAR EARNINGS

Bowl America Incorporated today reported earnings per share of $.08 for its fiscal year ended June 28, 2020, compared to $.59 in the prior fiscal year ended June 30, 2019. The loss per share for the fiscal 2020 fourth quarter was ($.18), compared to earnings per share of $.05 in the fiscal 2019 fourth quarter.

The Company closed all bowling centers on March 18, 2020, due to the COVID-19 pandemic. The Company’s three Florida locations reopened during the fourth quarter in late May 2020, however no other locations reopened until after the fourth quarter beginning in early July 2020. Social distancing, mandatory wearing of masks and enhanced cleaning protocols are in place in all locations. Many customers have returned to our centers for open play bowling and our fall league bowling season has begun better than expected. We remain at a mandated 50% capacity or less at each of our centers, but we have been able to be creative in making maximum use of space while following requirements. However, revenues from parties and corporate events are currently non-existent. Management believes the effects of the pandemic will continue to have an adverse effect on our revenues, financial condition and operating results for fiscal 2021 and some time after.

The Company received a Payroll Protection Program (PPP) loan in June 2020 and will apply for forgiveness of a portion of that debt in fiscal 2021. The note matures in fiscal 2022.

The Company’s low income tax for fiscal 2020 is primarily due to the exclusion of 50% of dividend income from federal taxation as well as the federal tip credit offsetting income taxes owed by the Company.

The Company suspended its quarterly dividend in light of the center closures and capacity limits as a result of the COVID-19 pandemic.

A more detailed explanation of results is available in the Company’s Form 10-K filing available through the website www.bowlamericainc.com. Bowl America operates 17 bowling centers and its Class A common stock trades on the NYSE American under the symbol BWLA.

* * *

BOWL AMERICA INCORPORATED

Results of Operations

	Thirteen			Thirteen			Fifty-two			Fifty-two
	Weeks Ended			Weeks Ended			Weeks Ended			Weeks Ended
	06/28/20			06/30/19			06/28/20			06/30/19
Operating Revenues
Bowling and other	$	160,410		$	3,639,410		$	12,536,616		$	17,140,472
Food, beverage and merchandise sales		71,452			1,567,056			5,244,326			7,278,154
		231,862			5,206,466			17,780,942			24,418,626
Operating expenses excluding depreciation and amortization		1,473,071			4,947,073			16,479,099			20,219,406
Depreciation and amortization		242,578			263,536			957,138			982,760
Loss on disposition of assets		(16,661	)		(1,359	)		(16,661	)		(1,359	)
Interest, dividend and other income		130,279			105,795			443,442			403,534
Change in value of investments		43,467			157,164			(367,466	)		331,149
Earnings (loss) before taxes		(1,326,702	)		257,457			404,020			3,949,784

Net Earnings		(917,130	)		246,106			403,192			3,049,172

Weighted average shares outstanding		5,160,971			5,160,971			5,160,971			5,160,971

EARNINGS PER SHARE		(.18	)		.05			.08			.59

* * * *

SUMMARY OF FINANCIAL POSITION

Dollars in Thousands

	06/28/20		06/30/19
ASSETS
Total current assets including cash and short-term investment of $1,793 and $703	$	8,786	$	9,433
Property and other assets		19,827		18,956
TOTAL ASSETS	$	28,613	$	28,389

LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities	$	1,597	$	3,065
Note payable		1,500		-
Other liabilities		2,999		1,404
Stockholders' equity		22,517		23,920
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	28,613	$	28,389

EX-31 5 ex_204255.htm EXHIBIT 31 ex_204255.htm

EX-31

Exhibit 31 to Form 10-K

Certification of Chief Executive Officer and

Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act and Rule 13a-14(a)

Or 15d-14(a) under the Securities Exchange Act of 1934

I, Cheryl A. Dragoo, certify that:

1. I have reviewed this Annual Report on Form 10-K of Bowl America Incorporated;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 24, 2020	/s/ Cheryl A. Dragoo
	Cheryl A. Dragoo
	Chief Executive Officer and
	Chief Financial Officer

EX-32 6 ex_204256.htm EXHIBIT 32 ex_204256.htm

Exhibit 32 to Form 10K

Written Statement of the Chief Executive Officer and Chief Financial Officer

Pursuant to 18 U.S.C. 1350

Solely for the purposes of complying with 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, the undersigned Chief Executive Officer and Chief Financial Officer of Bowl America Incorporated (the "Company"), respectively, hereby certify, based on my knowledge, that the Annual Report on Form 10-K of the Company for the year ended June 28, 2020 (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Cheryl A Dragoo

Cheryl A. Dragoo

Chief Executive Officer and

Chief Financial Officer

Date: September 24, 2020

EX-101.INS 7 bwla-20200628.xml XBRL INSTANCE DOCUMENT 2160097 814417 1 10 15569 8162 3472568 15569 3837143 8162 3445556 15569 3461125 3820427 8162 3828589 27012 16716 2 P1Y <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Dividends</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">    It is the Company's policy to accrue a dividend liability at the time the dividends are declared.</div></div></div></div></div></div></div></div></div></div></div></div> -0.147 -0.012 -0.096 -0.009 41949 525 27012 10193 51720 -6523 27012 16716 27012 16716 0.10256 -464207 29369 -152659 0.015 0.02 P3Y 682 164586 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Other Current Liabilities</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">    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 <div style="display: inline; font-style: italic; font: inherit;"> June 28, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>other current liabilities included <div style="display: inline; font-style: italic; font: inherit;">$243,500</div> and <div style="display: inline; font-style: italic; font: inherit;">$300,920,</div> respectively, in prize fund monies.</div></div></div></div></div></div></div></div></div></div></div></div> 2102745 -2102745 2102745 -1394695 -1394695 1000000 500000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; margin-left: 10%; margin-right: 10%; min-; min-width: 700px;" cellspacing="0pt" cellpadding="0pt"> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 86%;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td> <td colspan="3" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); width: 8%;">years</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; width: 1%;"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 86%;">Bowling lanes and equipment</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 4%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="width: 4%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">10</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 86%;">Building and building improvements</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 4%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">10</div></td> <td style="width: 4%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">39</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 86%;">Leasehold improvements</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 4%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">5</div></td> <td style="width: 4%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">15</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 86%;">Amusement games</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 4%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="width: 4%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 4%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">5</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; margin-left: 27pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 81%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">AT&T shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">82,112</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Manulife shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">2,520</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">NCR shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">774</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Teradata shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">774</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Vodafone shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">6,471</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">CenturyLink shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4,398</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Frontier Communications shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">300</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">T-Mobile shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4,102</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Verizon shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">31,904</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Windstream shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">135</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Uniti shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">815</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div> false --06-28 FY 2020 2020-06-28 10-K 0000013573 3746454 1414517 Yes false Non-accelerated Filer Yes 38000000 BOWL AMERICA INC false true No No Class A Common stock (par value $.10) bwla

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3746454

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11281

9169

1326391

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96000

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957138

982760

957138

982760

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2709511

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331149

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Quoted</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Significant</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Unrealized</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Cumulative</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Price for</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Other</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Significant</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">gains/(losses)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Unrealized</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Identical</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Observable</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Unobservable</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">for the</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">gains/(losses)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Assets</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Inputs</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Inputs</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Year Ended</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">as of</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; text-decoration: underline;">Description</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">(Level 1)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">(Level 2)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">(Level 3)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">June 28, 2020</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">June 28, 2020</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Equity securities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4,725,470</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">(374,871</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">3,445,556</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mutual fund</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">490,748</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">7,405</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">15,569</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Certificates of deposits</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">134,202</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">TOTAL</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">5,216,218</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">134,202</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">-</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">(367,466)</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">3,461,125</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Quoted</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Significant</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Unrealized</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Cumulative</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Price for</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Other</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Significant</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">gains/(losses)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Unrealized</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Identical</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Observable</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Unobservable</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">for the</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">gains/(losses)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Assets</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Inputs</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Inputs</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Year Ended</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">as of</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; text-decoration: underline;">Description</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">(Level 1)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">(Level 2)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">(Level 3)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">June 30, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">June 30, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Equity securities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5,100,341</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">283,537</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">3,820,427</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mutual fund</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,929,575</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">47,612</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">8,162</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Certificates of deposits</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">433,249</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">TOTAL</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">7,029,916</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">433,249</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">-</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">331,149</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">3,828,589</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div>

-16661

-1359

1051545

948112

404020

3949784

828

900612

401200

1050000

766244

441402

-551117

14004

-100295

-74403

77116

-91810

324842

249104

-32015

27665

-65658

3558

17440

-219864

-19085

486105

518121

443442

403534

82112

2520

774

6471

4398

300

4102

31904

135

815

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic; font: inherit;">3.</div> INVESTMENTS</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">     The Company's investments are categorized as trading. The cost for marketable securities cost was determined using the specific identification method. The fair values of marketable investment securities are based on the quoted market price for those securities. Short-term investments consist of certificates of deposits and U. S. Treasury bills with maturities of generally <div style="display: inline; font-style: italic; font: inherit;">three</div> months to <div style="display: inline; font-style: italic; font: inherit;">one</div> year. The fair value of the short-term investments at <div style="display: inline; font-style: italic; font: inherit;"> June 28, 2020 </div>was <div style="display: inline; font-style: italic; font: inherit;">$134,202</div> and at <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019, </div>was <div style="display: inline; font-style: italic; font: inherit;">$433,249.</div> Equity securities consist primarily of telecommunications stocks and a mutual fund that invests in federal agency mortgage backed securities (Ginnie Mae). At <div style="display: inline; font-style: italic; font: inherit;"> June 28, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019, </div>unrealized gains and losses are reported as income in the current period.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">     As of <div style="display: inline; font-style: italic; font: inherit;"> June 28, 2020, </div><div style="display: inline; font-style: italic; font: inherit;">$15,569</div> in gross unrealized gains were from its investments in federal agency mortgage backed securities owned through a mutual fund which had a fair value of <div style="display: inline; font-style: italic; font: inherit;">$490,748.</div> As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019, </div>the Company had <div style="display: inline; font-style: italic; font: inherit;">$8,162</div> of gross unrealized gains from the same fund which had a fair value of <div style="display: inline; font-style: italic; font: inherit;">$1,929,575.</div> In <div style="display: inline; font-style: italic; font: inherit;"> August 2019 </div>the Company redeemed <div style="display: inline; font-style: italic; font: inherit;">$1,000,000</div> of this fund to meet the <div style="display: inline; font-style: italic; font: inherit;"> August 2019 </div>dividend payment and in <div style="display: inline; font-style: italic; font: inherit;"> May 2020 </div><div style="display: inline; font-style: italic; font: inherit;">$500,000</div> was redeemed to meet operating expenses and prize fund payouts after the <div style="display: inline; font-style: italic; font: inherit;"> March 2020 </div>COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> required our bowling centers to shutdown.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">     The Company's investments were as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Original</div> <div style=" margin: 0pt; text-align: center;">Cost</div> </td> <td style="padding-bottom: 1px;"> </td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Unrealized</div> <div style=" margin: 0pt; text-align: center;">Gain</div> </td> <td style="padding-bottom: 1px;"> </td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Unrealized</div> <div style=" margin: 0pt; text-align: center;">Loss</div> </td> <td style="padding-bottom: 1px;"> </td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Fair</div> <div style=" margin: 0pt; text-align: center;">Value</div> </td> <td style="padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 52%;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-weight: bold;">Ju</div><div style="display: inline; font-weight: bold;">ne</div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">28</div><div style="display: inline; font-weight: bold;">, 20</div><div style="display: inline; font-weight: bold;">20</div></div></td> <td> </td> <td><div style="display: inline; font-weight: bold;"> </div></td> <td><div style="display: inline; font-weight: bold;"> </div></td> <td><div style="display: inline; font-weight: bold;"> </div></td> <td> </td> <td><div style="display: inline; font-weight: bold;"> </div></td> <td><div style="display: inline; font-weight: bold;"> </div></td> <td><div style="display: inline; font-weight: bold;"> </div></td> <td> </td> <td><div style="display: inline; font-weight: bold;"> </div></td> <td><div style="display: inline; font-weight: bold;"> </div></td> <td><div style="display: inline; font-weight: bold;"> </div></td> <td> </td> <td><div style="display: inline; font-weight: bold;"> </div></td> <td><div style="display: inline; font-weight: bold;"> </div></td> <td><div style="display: inline; font-weight: bold;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>Equity securities</td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">1,279,914</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">3,472,568</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(27,012</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">4,725,470</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>Mutual fund</td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">475,179</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">15,569</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">490,748</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>Certificates of deposits & Treasury bills</td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">134,202</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">134,202</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td><div style="display: inline; text-decoration: underline;">Ju</div><div style="display: inline; text-decoration: underline;">ne</div><div style="display: inline; text-decoration: underline;"> </div><div style="display: inline; text-decoration: underline;">30</div><div style="display: inline; text-decoration: underline;">, 20</div><div style="display: inline; text-decoration: underline;">1</div><div style="display: inline; text-decoration: underline;">9</div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>Equity securities</td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">1,279,914</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">3,837,143</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(16,716</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">5,100,341</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>Mutual fund</td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">1,921,413</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">8,162</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">1,929,575</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>Certificates of deposits</td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">433,249</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">433,249</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">     During fiscal <div style="display: inline; font-style: italic; font: inherit;">2020</div> and fiscal <div style="display: inline; font-style: italic; font: inherit;">2019,</div> the Company had certain equity securities with cumulative unrealized losses of <div style="display: inline; font-style: italic; font: inherit;">$27,012</div> and <div style="display: inline; font-style: italic; font: inherit;">$16,716</div> respectively.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="6" style="text-align: center; border-bottom: thin solid rgb(0, 0, 0);">Less than 12 months</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center; border-bottom: thin solid rgb(0, 0, 0);">12 Months or greater</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center; border-bottom: thin solid rgb(0, 0, 0);">Total</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 28%;"><div style="display: inline; text-decoration: underline;">June 28, 2020</div></td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Fair</div> <div style=" margin: 0pt; text-align: center;">Value</div> </td> <td style="padding-bottom: 1px;"> </td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Unrealized</div> <div style=" margin: 0pt; text-align: center;">loss</div> </td> <td style="padding-bottom: 1px;"> </td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Fair</div> <div style=" margin: 0pt; text-align: center;">Value</div> </td> <td style="padding-bottom: 1px;"> </td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Unrealized</div> <div style=" margin: 0pt; text-align: center;">loss</div> </td> <td style="padding-bottom: 1px;"> </td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Fair</div> <div style=" margin: 0pt; text-align: center;">Value</div> </td> <td style="padding-bottom: 1px;"> </td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Unrealized</div> <div style=" margin: 0pt; text-align: center;">loss</div> </td> <td style="padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>Equity securities</td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">41,949</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(27,012</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">41,949</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(27,012</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">)</td> </tr> </table> </div> <div style=" margin: 0pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="6" style="text-align: center; border-bottom: thin solid rgb(0, 0, 0);">Less than 12 months</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center; border-bottom: thin solid rgb(0, 0, 0);">12 Months or greater</td> <td> </td> <td> </td> <td colspan="6" style="text-align: center; border-bottom: thin solid rgb(0, 0, 0);">Total</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td style="width: 28%;"><div style="display: inline; text-decoration: underline;">June 30, 2019</div></td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Fair</div> <div style=" margin: 0pt; text-align: center;">Value</div> </td> <td style="padding-bottom: 1px;"> </td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Unrealized</div> <div style=" margin: 0pt; text-align: center;">loss</div> </td> <td style="padding-bottom: 1px;"> </td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Fair</div> <div style=" margin: 0pt; text-align: center;">Value</div> </td> <td style="padding-bottom: 1px;"> </td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Unrealized</div> <div style=" margin: 0pt; text-align: center;">loss</div> </td> <td style="padding-bottom: 1px;"> </td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Fair</div> <div style=" margin: 0pt; text-align: center;">Value</div> </td> <td style="padding-bottom: 1px;"> </td> <td style="padding-bottom: 1px;"> </td> <td colspan="2" style="text-align: center; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">Unrealized</div> <div style=" margin: 0pt; text-align: center;">loss</div> </td> <td style="padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>Equity securities</td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">51,720</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(6,523</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">525</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(10,193</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">)</td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">52,245</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 9%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(16,716</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;">)</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">    The equity securities portfolio includes the following stocks:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:18pt;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; margin-left: 27pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 81%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">AT&T shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">82,112</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Manulife shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">2,520</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">NCR shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">774</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Teradata shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">774</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Vodafone shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">6,471</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">CenturyLink shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4,398</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Frontier Communications shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">300</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">T-Mobile shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4,102</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Verizon shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">31,904</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Windstream shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">135</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Uniti shares</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">815</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">    On <div style="display: inline; font-style: italic; font: inherit;"> April 1, 2020 </div>T-Mobile and Sprint merged. Each Sprint share was converted to <div style="display: inline; font-style: italic; font: inherit;">0.10256</div> shares of T-Mobile.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">In <div style="display: inline; font-style: italic; font: inherit;"> February 2019 </div>Windstream voluntarily filed for Chapter <div style="display: inline; font-style: italic; font: inherit;">11</div> bankruptcy to restructure. The company is continuing to operate during this process.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">    As stated in Note <div style="display: inline; font-style: italic; font: inherit;">1,</div> the Company records its readily marketable debt and equity securities at fair value. These assets are valued in accordance with a <div style="display: inline; font-style: italic; font: inherit;">three</div>-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">    Level <div style="display: inline; font-style: italic; font: inherit;">1.</div> Observable inputs such as quoted prices in active markets for identical assets or liabilities;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">    Level <div style="display: inline; font-style: italic; font: inherit;">2.</div> Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">    Level <div style="display: inline; font-style: italic; font: inherit;">3.</div> Unobservable inputs in which there is little or <div style="display: inline; font-style: italic; font: inherit;">no</div> market data, which require the reporting entity to develop its own assumptions.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">    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.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">    The fair value of these assets as of <div style="display: inline; font-style: italic; font: inherit;"> June 28, 2020 </div>is as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Quoted</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Significant</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Unrealized</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Cumulative</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Price for</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Other</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Significant</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">gains/(losses)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Unrealized</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Identical</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Observable</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Unobservable</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">for the</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">gains/(losses)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Assets</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Inputs</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Inputs</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Year Ended</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">as of</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; text-decoration: underline;">Description</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">(Level 1)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">(Level 2)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">(Level 3)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">June 28, 2020</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">June 28, 2020</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Equity securities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4,725,470</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">(374,871</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">3,445,556</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mutual fund</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">490,748</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">7,405</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">15,569</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Certificates of deposits</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">134,202</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">TOTAL</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">5,216,218</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">134,202</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">-</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">(367,466)</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">3,461,125</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">    The fair value of these assets as of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2019 </div>was as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Quoted</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Significant</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Unrealized</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Cumulative</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Price for</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Other</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Significant</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">gains/(losses)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Unrealized</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Identical</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Observable</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Unobservable</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">for the</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">gains/(losses)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Assets</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Inputs</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Inputs</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">Year Ended</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">as of</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 40%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; text-decoration: underline;">Description</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">(Level 1)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">(Level 2)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">(Level 3)</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">June 30, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">June 30, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Equity securities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5,100,341</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">283,537</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">3,820,427</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Mutual fund</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,929,575</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">47,612</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">8,162</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Certificates of deposits</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">433,249</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; font-weight: bold;">TOTAL</div></div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">7,029,916</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">433,249</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">-</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">331,149</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">3,828,589</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">    The fair value of certificates of deposits is estimated using net present value techniques and comparing the values to certificates with similar terms.</div></div>

8749681

11073710

10510308

270343

318000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 15%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="6" style="text-align: center;">For the Years Ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2" style="text-align: center; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Ju</div><div style="display: inline; font-weight: bold;">ne</div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">28</div><div style="display: inline; font-weight: bold;">,</div></div></div> <div style=" margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2020</div></div></div> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center; margin-left: 0pt;"> <div style=" margin: 0pt; text-align: center;">June 30,</div> <div style=" margin: 0pt; text-align: center;">2019</div> </td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 64%;">Minimum rent under operating leases</td> <td style="width: 1%;"> </td> <td style="width: 1%;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 15%; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">270,343</div></div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 15%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">318,000</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>Excess percentage rents</td> <td style="width: 1%; padding-bottom: 1px;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 15%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">-</div></div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; padding-bottom: 1px;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 15%; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>Net rent expense</td> <td style="width: 1%;"> </td> <td style="width: 1%;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 15%; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">270,343</div></div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 15%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">318,000</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> </tr> </table></div>

8085342

8241896

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0pt" cellspacing="0pt" style="margin-right: auto; margin-left: 18pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <td style="width: 81%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">Year Ending</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">2021</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">236,999</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">2022</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">236,999</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">2023</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">236,999</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">2024</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">236,999</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">2025</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">258,075</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Thereafter</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 16%; border-bottom: 1px solid rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">1,061,633</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; margin-left: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Total minimum lease payments</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 16%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2,267,704</div></div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> </table></div>

2267704

1061633

236999

258075

236999

6096292

4468785

28613309

28388951

1597530

3065278

1500000

1375487

82171

-1209511

-3586876

1736985

-613700

861946

3461987

3049172

403192

3049172

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Accounting Standards</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">    In <div style="display: inline; font-style: italic; font: inherit;"> January 2016, </div>the Financial Accounting Standards Board (FASB) issued guidance on equity securities that requires entities to recognize changes in unrealized gains and losses on equity securities in income in the current period unless the entity is recording the related investment under the equity method or consolidating the related entity. The Company adopted this standard effective <div style="display: inline; font-style: italic; font: inherit;"> July 2, 2018. </div>The result was the reclassification of <div style="display: inline; font-style: italic; font: inherit;">$2,102,745</div> (after adoption of ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">02</div>) from accumulated other comprehensive income to retained earnings. The Company also reclassified all of its marketable equity securities as current assets on consolidated balance sheet.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:18pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 9pt; text-align: left;">The following table summarizes the impact of the adoption on accumulated other comprehensive earnings and retained earnings:</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div> <table style="margin-right: 5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-width: thin 1px 1px thin; border-style: solid; border-color: rgb(0, 0, 0) black rgb(0, 0, 0) rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-top: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-top: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-style: italic; font: inherit;">Amount</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-top: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0); padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 84%; border-left: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Accumulated other comprehensive earnings, 7/2/2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2,102,745</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-right: thin solid rgb(0, 0, 0); padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-left: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Reclassification to retained earnings of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax $1,394,695</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(2,102,745</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-right: thin solid rgb(0, 0, 0); padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-left: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Accumulated other comprehensive earnings as adjusted, 7/2/2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-right: thin solid rgb(0, 0, 0); padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-left: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid black;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="border-right: thin solid rgb(0, 0, 0); padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-left: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Retained earnings, 7/2/2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">14,010,725</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-right: thin solid rgb(0, 0, 0); padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-left: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 18pt;">Reclassification from accumulated other comprehensive income of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax, $1,394,695</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2,102,745</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-right: thin solid rgb(0, 0, 0); padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-left: thin solid rgb(0, 0, 0); border-bottom: thin solid rgb(0, 0, 0); border-right: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Retained earnings as adjusted, 7/2/2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">16,113,470</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-right: thin solid rgb(0, 0, 0); border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">In <div style="display: inline; font-style: italic; font: inherit;"> February 2016, </div>the FASB issued guidance on leases which requires entities to recognize right-of-use assets and lease liabilities on the balance sheet for the rights and obligations created by all leases, including operating leases, with terms of more than <div style="display: inline; font-style: italic; font: inherit;">12</div> months. The new guidance also requires additional disclosures on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. This amendment is effective for the Company's fiscal year ended <div style="display: inline; font-style: italic; font: inherit;"> June 2020. </div>The adoption of this guidance resulted in a right to use asset of <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$1,977,523</div></div> and a corresponding lease liability for the same amount being recorded on <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2019. </div>The adoption was done on a modified retrospective basis with <div style="display: inline; font-style: italic; font: inherit;">no</div> adjustments made to periods prior to <div style="display: inline; font-style: italic; font: inherit;"> July 1, 2019.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 9pt;">In <div style="display: inline; font-style: italic; font: inherit;"> May 2014, </div>the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2014</div>-<div style="display: inline; font-style: italic; font: inherit;">09,</div> Revenue from Contracts with Customers (“ASU <div style="display: inline; font-style: italic; font: inherit;">2014</div>-<div style="display: inline; font-style: italic; font: inherit;">09”</div>), which creates a single, comprehensive revenue recognition model for all contracts with customers. Under this ASU and subsequently issued amendments, an entity should recognize revenue to reflect the transfer of promised goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods and services. ASU <div style="display: inline; font-style: italic; font: inherit;">2014</div>-<div style="display: inline; font-style: italic; font: inherit;">9</div> <div style="display: inline; font-style: italic; font: inherit;"> may </div>be adopted either retrospectively or on a modified retrospective basis. The standard is effective for interim and annual reporting periods beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2017. </div>The FASB permits early adoption of the standard, but <div style="display: inline; font-style: italic; font: inherit;">not</div> before the original effective date of <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2016. </div>The Company adopted the standard for its <div style="display: inline; font-style: italic; font: inherit;">2019</div> fiscal year. The impact of adopting the standard was <div style="display: inline; font-style: italic; font: inherit;">not</div> material.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">    In <div style="display: inline; font-style: italic; font: inherit;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> <div style="display: inline; font-style: italic;">Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement</div>. As part of the FASB's disclosure framework project, it has eliminated, amended and added disclosure requirements for fair value measurements. Entities will <div style="display: inline; font-style: italic; font: inherit;">no</div> longer be required to disclose the amount of, and reasons for, transfers between Level <div style="display: inline; font-style: italic; font: inherit;">1</div> and Level <div style="display: inline; font-style: italic; font: inherit;">2</div> of the fair value hierarchy, the policy of timing of transfers between levels of the fair value hierarchy and the valuation processes for Level <div style="display: inline; font-style: italic; font: inherit;">3</div> fair value measurements. Public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level <div style="display: inline; font-style: italic; font: inherit;">3</div> fair value measurements. This ASU is effective for public entities for annual and interim periods beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019. </div>Early adoption is permitted as of the beginning of any interim or annual reporting period.  The Company adopted the standard for its <div style="display: inline; font-style: italic; font: inherit;"> March 2020 </div>fiscal quarter. The impact of adopting the standard was <div style="display: inline; font-style: italic; font: inherit;">not</div> material.</div></div></div></div></div></div></div></div></div></div></div></div>

17436237

21202166

328044

3215101

270343

318000

1977523

1824864

152493

1672371

1977523

1812937

164586

64265

67315

243500

300920

395629

308794

134202

433249

-299047

100220

2709511

3586876

26479

57117

499790

426994

2000000

523662

740476

1500000

58706964

59847934

17667517

18141526

21381691

22369204

16078

47393

44296

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Ju</div><div style="display: inline; font-weight: bold;">ne</div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">28</div><div style="display: inline; font-weight: bold;">,</div></div></div> <div style=" margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2020</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: thin solid rgb(0, 0, 0);"> <div style=" margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;">June 30,</div> <div style=" margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;">2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;">Buildings</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">18,666,152</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">18,666,152</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Leasehold and building improvements</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">8,085,342</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">8,241,896</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Bowling lanes and equipment</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">21,381,691</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">22,369,204</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Land</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">10,510,308</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">10,510,308</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Amusement games</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">16,078</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">16,078</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Bowling lanes and equipment not yet in use</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">47,393</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">44,296</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Total Land, Buildings, and Equipment</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">58,706,964</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">59,847,934</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Less accumulated depreciation and amortization</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">41,039,447</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">41,706,408</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Land, Buildings, and Equipment, net</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">17,667,517</div></div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$</td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">18,141,526</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> </table></div>

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14146812

15549961

12536616

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5244326

7278154

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 20%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2" style="text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Ju</div><div style="display: inline; font-weight: bold;">ne</div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">28</div><div style="display: inline; font-weight: bold;">,</div> <div style="display: inline; font-weight: bold;">20</div><div style="display: inline; font-weight: bold;">20</div></div></td> <td> </td> <td> </td> <td colspan="2" style="text-align: center;">June 30, 2019</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 62%;">Demand deposits and cash on hand</td> <td style="width: 1%;"> </td> <td style="width: 1%;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 16%; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">283,777</div></div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 16%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">187,673</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>Money market funds</td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 16%; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1,375,487</div></div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 16%; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">82,171</div></td> <td nowrap="nowrap" style="width: 1%; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>Cash and Cash Equivalents</td> <td style="width: 1%;"> </td> <td style="width: 1%;"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 16%; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1,659,264</div></div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;">$</td> <td style="width: 16%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">269,844</div></td> <td nowrap="nowrap" style="width: 1%; margin-left: 0pt;"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: 10%; margin-left: 9pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Ju</div><div style="display: inline; font-weight: bold;">ne</div><div style="display: inline; font-weight: bold;"> </div><div style="display: inline; font-weight: bold;">28</div><div style="display: inline; font-weight: bold;">,</div></div></div></div> <div style=" margin: 0pt; text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2020</div></div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" margin: 0pt; text-align: center;">June 30,</div> <div style=" margin: 0pt; text-align: center;">2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 66%;">Deferred tax assets:</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-left: 18pt;">Other</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">11,281</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">9,169</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Total deferred tax assets</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">11,281</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: right; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">9,169</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Deferred tax liabilities:</td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-left: 18pt;">Land, buildings, and equipment</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">487,387</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;">447,848</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-left: 18pt;">Unrealized gain on securities</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">850,285</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">964,828</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Total deferred tax liabilities</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1,337,672</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,412,676</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">Net deferred income taxes</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1,326,391</div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;">$</div></td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1,403,507 </div></div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="6" style="text-align: center; border-bottom: thin solid rgb(0, 0, 0);">For the Years Ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">20</div><div style="display: inline; font-weight: bold;">20</div></div></td> <td style="padding-bottom: 1px;"> </td> <td> </td> <td colspan="2" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: center;">2019</td> <td style="padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="width: 66%;">Taxes computed at statutory rate</td> <td style="width: 1%;"> </td> <td style="width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">21.0</div></div></td> <td style="width: 1%; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-weight: bold;">%</div></td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">21.0</div></td> <td style="width: 1%; margin-left: 0pt;" nowrap="nowrap">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>State income taxes, net of Federal income tax benefit</td> <td style="width: 1%;"> </td> <td style="width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">3.5</div></div></td> <td style="width: 1%; margin-left: 0pt;" nowrap="nowrap"> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">3.8</div></td> <td style="width: 1%; margin-left: 0pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td>Dividends received exclusion</td> <td style="width: 1%;"> </td> <td style="width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">(9.6</div></div></td> <td style="width: 1%; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-weight: bold;">)</div></td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(0.9</div></td> <td style="width: 1%; margin-left: 0pt;" nowrap="nowrap">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td>Tip credit and other</td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">(14.7</div></div></td> <td style="width: 1%; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-weight: bold;">) </div></td> <td style="width: 1%;"> </td> <td style="width: 1%; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; border-bottom: 1px solid rgb(0, 0, 0); text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">(1.2</div></td> <td style="width: 1%; padding-bottom: 1px; margin-left: 0pt;" nowrap="nowrap">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Net effective rate</div> </td> <td style="width: 1%;"> </td> <td style="width: 1%;"><div style="display: inline; font-weight: bold;"> </div></td> <td style="width: 14%; text-align: right;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">0.2</div></div></td> <td style="width: 1%; margin-left: 0pt;" nowrap="nowrap"><div style="display: inline; font-weight: bold;">%</div></td> <td style="width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="width: 14%; text-align: right;"><div style="display: inline; font-style: italic; font: inherit;">22.7</div></td> <td style="width: 1%; margin-left: 0pt;" nowrap="nowrap">%</td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="margin-right: 5%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-width: thin 1px 1px thin; border-style: solid; border-color: rgb(0, 0, 0) black rgb(0, 0, 0) rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-top: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-top: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-style: italic; font: inherit;">Amount</div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-top: thin solid rgb(0, 0, 0); border-right: thin solid rgb(0, 0, 0); padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 84%; border-left: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Accumulated other comprehensive earnings, 7/2/2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2,102,745</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-right: thin solid rgb(0, 0, 0); padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-left: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">Reclassification to retained earnings of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax $1,394,695</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(2,102,745</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-right: thin solid rgb(0, 0, 0); padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap">)</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-left: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Accumulated other comprehensive earnings as adjusted, 7/2/2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-right: thin solid rgb(0, 0, 0); padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-left: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid black;"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="border-right: thin solid rgb(0, 0, 0); padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-left: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Retained earnings, 7/2/2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">14,010,725</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-right: thin solid rgb(0, 0, 0); padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-left: thin solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); border-right: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt; margin-left: 18pt;">Reclassification from accumulated other comprehensive income of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax, $1,394,695</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2,102,745</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-right: thin solid rgb(0, 0, 0); padding-bottom: 1px; border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-left: thin solid rgb(0, 0, 0); border-bottom: thin solid rgb(0, 0, 0); border-right: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 9pt;">Retained earnings as adjusted, 7/2/2018</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">16,113,470</div></td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt; border-right: thin solid rgb(0, 0, 0); border-bottom: thin solid rgb(0, 0, 0);" nowrap="nowrap"> </td> </tr> </table></div>

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Windstream [Member] Represents information pertaining to Windstream. us-gaap_OperatingIncomeLoss Operating Income us-gaap_NetCashProvidedByUsedInOperatingActivities Net cash provided by operating activities us-gaap_DeferredTaxLiabilities Net deferred income taxes us-gaap_NetCashProvidedByUsedInInvestingActivities Net cash provided by (used in) investing activities us-gaap_PrepaidExpenseAndOtherAssetsCurrent Prepaid expenses and other Dividends [Policy Text Block] Represents the dividends policy. Cost of goods and services sold DEFERRED INCOME TAXES (Note 8) Commitments and Contingencies Disclosure [Text Block] Less accumulated depreciation and amortization LAND, BUILDINGS & EQUIPMENT, net (Note 4) Land, Buildings, and Equipment, net bwla_RedemptionOfSecuritiesToMeetDividendPayment Redemption of Securities to Meet Dividend Payment Amount of securities redeemed to meet the dividend payment. bwla_EquitySecuritiesNumberOfSharesReceivedByInvesteeDuringMerger Equity Securities, Number of Shares Received By Investee During Merger (in shares) Represents number of shares received by investee during period merger for equity securities. us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total Unrealized gain on securities Other Property, Plant, and Equipment Total Land, Buildings, and Equipment Investment, Policy [Policy Text Block] Leasehold and building improvements Accounting Standards Update [Domain] Land Dividends paid Buildings Land, buildings, and equipment Accounting Standards Update [Axis] us-gaap_PaymentsOfDividendsCommonStock Payment of cash dividends Cash Flows From Investing Activities us-gaap_TradingSecuritiesDebt Debt Securities, Trading Short-term investments (Note 3) Retained Earnings [Member] us-gaap_EquitySecuritiesFvNi Total Fair Value (Decrease) increase in accounts payable Additional Paid-in Capital [Member] Common Stock [Member] us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments Earnings before provision for income taxes us-gaap_IncomeTaxExpenseBenefit Total Provision for Income Taxes Decrease in accrued expenses Equity Components [Axis] Bowling and Other [Member] Revenue generated from bowling and revenue classified as "other." Equity Component [Domain] Food, Beverage, and Merchandise [Member] Consumable liquid and non-liquid substance to provide nourishment and merchandise. Provision for income taxes (Note 7) EX-101.PRE 12 bwla-20200628_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 13 R10.htm IDEA: XBRL DOCUMENT

Note 4 - Land, Buildings, and Equipment

12 Months Ended

Jun. 28, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

LAND, BUILDINGS, AND EQUIPMENT

Land, buildings, and equipment, at cost, consisted of the following:

	Ju ne 28 , 2020		June 30, 2019
Buildings	$	18,666,152	$	18,666,152
Leasehold and building improvements		8,085,342		8,241,896
Bowling lanes and equipment		21,381,691		22,369,204
Land		10,510,308		10,510,308
Amusement games		16,078		16,078
Bowling lanes and equipment not yet in use		47,393		44,296
Total Land, Buildings, and Equipment		58,706,964		59,847,934
Less accumulated depreciation and amortization		41,039,447		41,706,408
Land, Buildings, and Equipment, net	$	17,667,517	$	18,141,526

Depreciation and amortization expense for buildings and equipment for fiscal years

2020

and

2019

was

$957,138,

and

$982,760,

respectively. The Company includes construction in progress costs in the bowling lanes and equipment

not

yet in use category until completion of the project. Bowling lanes and equipment

not

yet in use are

not

depreciated.

XML 14 R11.htm IDEA: XBRL DOCUMENT

Note 5 - Note Payable - PPP Loan	12 Months Ended
Note 5 - Note Payable - PPP Loan	Jun. 28, 2020
Notes to Financial Statements
Long-term Debt [Text Block]	5. NOTE PAYABLE – PPP LOAN In March 2020 the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) which is administered by the Small Business Administration was signed into law. The CARES Act established a Paycheck Protection Program (“PPP”) under which qualified businesses could apply for a loan to help fund payroll, rent and related costs. The Company applied for a PPP loan and on June 1, 2020 received $1,500,000 under a loan agreement which calls for interest of 1%. The loan repayment, after a seven month deferral, begins January 1, 2021, based on a level amortization of principal over a two year period and final payment equal to the unpaid principal plus unpaid accrued interest and any other amount owed, is due June 1, 2022. Future payments due prior to any forgiveness are $1,500,000. All or a portion of payments of principal and interest may be forgiven if used for covered, documented payroll costs, rent and utilities. We anticipate applying for loan forgiveness in the second quarter of fiscal 2021. Any amount not forgiven will be due at maturity. Any expenses paid with the loan and forgiven will not be deductible for federal tax purposes.

XML 15 R12.htm IDEA: XBRL DOCUMENT

Note 6 - Commitments and Contingencies

12 Months Ended

Jun. 28, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

COMMITMENTS AND CONTINGENCIES

Lease Commitments

The Company and its subsidiaries are obligated under long-term real estate lease agreements for

one

bowling center. The lease is classified as an operating lease in accordance with ASU

2016

02.

For the fiscal year ended

June 28, 2020,

the Company recorded amortization of its right to use asset under the lease of

$164,586

which is included as a component of rent expense. The lease liability at

June 28, 2020

was

$1,824,864.

The current portion of the lease liability of

$152,493

is included in other current liabilities on the accompanying condensed consolidated balance sheet. The lease provides for additional annual rents based on gross revenues and increases in real estate taxes and common facilities costs.

June 28, 2020,

the minimum fixed rental commitments related to all non-cancelable leases, were as follows:

Year Ending
2021	$	236,999
2022		236,999
2023		236,999
2024		236,999
2025		258,075
Thereafter		1,061,633
Total minimum lease payments	$	2,267,704

Net rent expense was as follows:

	For the Years Ended
	Ju ne 28 , 2020		June 30, 2019

Minimum rent under operating leases	$	270,343	$	318,000
Excess percentage rents		-		-
Net rent expense	$	270,343	$	318,000

Purchase Commitments

The Company's purchase commitments at

June 28, 2020

are for materials, supplies, services and equipment as part of the normal course of business.

XML 16 R13.htm IDEA: XBRL DOCUMENT

Note 7 - Profit-sharing and ESOP Plan	12 Months Ended
Note 7 - Profit-sharing and ESOP Plan	Jun. 28, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	7. PROFIT-SHARING AND ESOP PLAN The Company has two defined contribution plans. The first is a profit-sharing plan which, generally, covers all employees who on the last day of the fiscal year or December 29 have been employed for one year with at least one thousand hours of service. The Plan provides for Company contributions as determined by the Board of Directors. For the years ended June 28, 2020 and June 30, 2019, contributions in the amounts of $20,000 and $96,000, respectively, were charged to operating expense. Effective March 31, 1987, the Company adopted an Employee Stock Ownership Plan (ESOP) which generally covers all individuals who were employed at the end of the fiscal year and had one thousand or more hours of service during that fiscal year. The ESOP plan provides for Company contributions as determined by the Board of Directors. The Company contributed $20,000 for fiscal year 2020 and $96,000 for fiscal year 2019. The Company has no defined benefit plan or other post retirement plan.

XML 17 R14.htm IDEA: XBRL DOCUMENT

Note 8 - Income Taxes

12 Months Ended

Jun. 28, 2020

Notes to Financial Statements

Income Tax Disclosure [Text Block]

INCOME TAXES

not”

to be sustained by the taxing authority on its technical merits and if there is more than a

50%

likelihood that the position would be sustained if challenged and considered by the highest court in the relevant jurisdiction, the tax consequences of that position should be reflected in the taxpayer's financial statements.

The Company had

material unrecognized tax positions at

June 28, 2020

nor does it expect any significant change in that status during the next

twelve

months.

accrued interest or penalties on uncertain tax positions have been included on the consolidated statements of earnings and comprehensive earnings or the consolidated balance sheet. Should the Company adopt tax positions for which it would be appropriate to accrue interest and penalties, such costs would be reflected in the tax expense for the period in which such costs accrued. The Company is subject to U.S. Federal income tax and to several state jurisdictions. Returns filed for tax periods ending after

July 3, 2016

are still open to examination by those relevant taxing authorities.

The significant components of the Company's deferred tax assets and liabilities were as follows:

	Ju ne 28 , 2020		June 30, 2019
Deferred tax assets:
Other	$	11,281	$	9,169
Total deferred tax assets		11,281		9,169
Deferred tax liabilities:
Land, buildings, and equipment		487,387		447,848
Unrealized gain on securities		850,285		964,828
Total deferred tax liabilities		1,337,672		1,412,676
Net deferred income taxes	$	1,326,391	$	1,403,507

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 20			2019
Taxes computed at statutory rate		21.0	%		21.0	%
State income taxes, net of Federal income tax benefit		3.5			3.8
Dividends received exclusion		(9.6	)		(0.9	)
Tip credit and other		(14.7	)		(1.2	)
Net effective rate		0.2	%		22.7	%

The Company's income tax rate is significantly lower than statutory rates primarily due to the exclusion of

50%

of dividend income from federal taxation as well as the federal tip credit offsetting income taxes owed by the Company.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

XML 18 R15.htm IDEA: XBRL DOCUMENT

Note 9 - Stockholders' Equity	12 Months Ended
Note 9 - Stockholders' Equity	Jun. 28, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	9. STOCKHOLDERS' EQUITY The Class A shares have one vote per share. The Class B shares may vote ten votes per share and are convertible to Class A shares at the option of the stockholder. At June 28, 2020, and June 30, 2019, the Company had $34,799 in employee loans related to the issuance of shares, respectively. These loans are secured by the shares of the Company's common stock acquired and are full recourse notes. The notes bear interest at rates of 1.5% to 2.0% and are payable over a term of three years from the date of the agreements which range from 2018 to 2020. These employee loans have been recorded as a reduction of additional paid-in capital.

XML 19 R16.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

12 Months Ended

Jun. 28, 2020

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation

Fiscal Period, Policy [Policy Text Block]

Fiscal Year

The Company's fiscal year ends on the Sunday nearest to

June 30.

Fiscal year

2020

ended

June 28, 2020,

and fiscal year

2019

ended

June 30, 2019.

Fiscal years

2020

and

2019

each consisted of

weeks.

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission on

September 24, 2020.

Use of Estimates, Policy [Policy Text Block]

Estimates

may

differ from those estimates. Significant estimates include 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 [Policy Text Block]

Revenue recognition policy

The Company's performance obligations are generally limited to providing bowling services and food and beverage products at its centers. The obligations are generally incurred and satisfied in the same business day with payment received at the time the obligation is satisfied. Revenue is recognized at the time the performance obligation is satisfied, which generally occurs when the customer pays for games already bowled or receives their food or beverage order.

Merchandise sales are recorded as revenue when the merchandise is provided to the customer which generally is also the time payment is received. Merchandise can be returned

days from purchase for a full refund. Historically, merchandise returns have been minimal.

The Company does occasionally incur contractual obligations for group events that

may

either be prepaid or billed following the event as well as obligations for gift cards. Any prepayments for bowling events and for the sale of gift cards are recorded as deferred revenue. Revenue from gift cards are recognized as the gift card holder purchases services and expends the prepayment amount on the card. The gift cards have

expiration date. Any events that are billed subsequent to occurrence are recognized as revenue when the event has completed. The Company has

$14,877

of billed and uncollected receivables related to events that have occurred which are included in Prepaid expenses and other on the accompanying consolidated balance sheet. Prepaid gift cards and prepaid events totaled

$163,348

and are included in accrued expenses on the accompanying consolidated balance sheet.

Depreciation, Depletion, and Amortization [Policy Text Block]

Depreciation and Amortization

	years
Bowling lanes and equipment	3	-	10
Building and building improvements	10	-	39
Leasehold improvements	5	-	15
Amusement games	3	-	5

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets

The Company reviews long-lived assets whenever events or changes indicate that the carrying amount of an asset

may

not

be recoverable. In making such evaluations, the Company compares the expected future cash flows to the carrying amount of the assets. An impairment loss, equal to the difference between the assets' fair value and carrying value, is recognized when the estimated undiscounted future cash flows are less than the carrying amount.

Dividends [Policy Text Block]

Dividends

It is the Company's policy to accrue a dividend liability at the time the dividends are declared.

Advertising Cost [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

June 28, 2020,

and

June 30, 2019,

were

$288,021

and

$361,744,

respectively.

Inventory, Policy [Policy Text Block]

Inventories

Inventories are stated at the lower of cost (

first

-in,

first

-out method) or market. Inventories consist of resale merchandise including food and beverage and bowling supplies.

Income Tax, Policy [Policy Text Block]

Income Taxes

not

that a deferred tax asset will

not

be realized.

Investment, Policy [Policy Text Block]

Investment Securities

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share

Earnings per share basic and diluted, have been calculated using the weighted average number of shares of Class A and Class B common stock outstanding of

5,160,971

for both fiscal years

2020

and

2019.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

For purposes of the consolidated statements of cash flows, the Company considers money market funds and certificates of deposits, with original maturities of

three

months or less to be cash equivalents. The Company maintains cash accounts which

may

exceed federally insured limits during the year, but does

not

believe that this results in any significant credit risk.

Other Current Liabilities [Policy Text Block]

Other Current Liabilities

Other current liabilities include prize fund monies held by the Company for bowling leagues. The funds are returned to the leagues at the end of the league bowling season. At

June 28, 2020

and

June 30, 2019

other current liabilities included

$243,500

and

$300,920,

respectively, in prize fund monies.

Reclassification, Comparability Adjustment [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]

Accounting Standards

January 2016,

the Financial Accounting Standards Board (FASB) issued guidance on equity securities that requires entities to recognize changes in unrealized gains and losses on equity securities in income in the current period unless the entity is recording the related investment under the equity method or consolidating the related entity. The Company adopted this standard effective

July 2, 2018.

The result was the reclassification of

$2,102,745

(after adoption of ASU

2018

) from accumulated other comprehensive income to retained earnings. The Company also reclassified all of its marketable equity securities as current assets on consolidated balance sheet.

The following table summarizes the impact of the adoption on accumulated other comprehensive earnings and retained earnings:

	Amount
Accumulated other comprehensive earnings, 7/2/2018	$	2,102,745
Reclassification to retained earnings of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax $1,394,695		(2,102,745	)
Accumulated other comprehensive earnings as adjusted, 7/2/2018		-

Retained earnings, 7/2/2018		14,010,725
Reclassification from accumulated other comprehensive income of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax, $1,394,695		2,102,745
Retained earnings as adjusted, 7/2/2018	$	16,113,470

February 2016,

the FASB issued guidance on leases which requires entities to recognize right-of-use assets and lease liabilities on the balance sheet for the rights and obligations created by all leases, including operating leases, with terms of more than

months. The new guidance also requires additional disclosures on the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative information. This amendment is effective for the Company's fiscal year ended

June 2020.

The adoption of this guidance resulted in a right to use asset of

$1,977,523

and a corresponding lease liability for the same amount being recorded on

July 1, 2019.

The adoption was done on a modified retrospective basis with

adjustments made to periods prior to

July 1, 2019.

May 2014,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No.

2014

09,

Revenue from Contracts with Customers (“ASU

2014

09”

), which creates a single, comprehensive revenue recognition model for all contracts with customers. Under this ASU and subsequently issued amendments, an entity should recognize revenue to reflect the transfer of promised goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods and services. ASU

2014

may

be adopted either retrospectively or on a modified retrospective basis. The standard is effective for interim and annual reporting periods beginning after

December 15, 2017.

The FASB permits early adoption of the standard, but

not

before the original effective date of

December 15, 2016.

The Company adopted the standard for its

2019

fiscal year. The impact of adopting the standard was

not

material.

August 2018,

the FASB issued ASU

No.

2018

13,

Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

. As part of the FASB's disclosure framework project, it has eliminated, amended and added disclosure requirements for fair value measurements. Entities will

longer be required to disclose the amount of, and reasons for, transfers between Level

and Level

of the fair value hierarchy, the policy of timing of transfers between levels of the fair value hierarchy and the valuation processes for Level

fair value measurements. Public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level

fair value measurements. This ASU is effective for public entities for annual and interim periods beginning after

December 15, 2019.

Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company adopted the standard for its

March 2020

fiscal quarter. The impact of adopting the standard was

not

material.

XML 20 R17.htm IDEA: XBRL DOCUMENT

Note 1 - Organization and Significant Accounting Policies (Tables)

12 Months Ended

Jun. 28, 2020

Notes Tables

Schedule of Depreciation and Amortization Rates [Table Text Block]

	years
Bowling lanes and equipment	3	-	10
Building and building improvements	10	-	39
Leasehold improvements	5	-	15
Amusement games	3	-	5

Accounting Standards Update and Change in Accounting Principle [Table Text Block]

	Amount
Accumulated other comprehensive earnings, 7/2/2018	$	2,102,745
Reclassification to retained earnings of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax $1,394,695		(2,102,745	)
Accumulated other comprehensive earnings as adjusted, 7/2/2018		-

Retained earnings, 7/2/2018		14,010,725
Reclassification from accumulated other comprehensive income of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax, $1,394,695		2,102,745
Retained earnings as adjusted, 7/2/2018	$	16,113,470

XML 21 R18.htm IDEA: XBRL DOCUMENT

Note 2 - Cash and Cash Equivalents (Tables)

12 Months Ended

Jun. 28, 2020

Notes Tables

Schedule of Cash and Cash Equivalents [Table Text Block]

	Ju ne 28 , 20 20		June 30, 2019

Demand deposits and cash on hand	$	283,777	$	187,673
Money market funds		1,375,487		82,171
Cash and Cash Equivalents	$	1,659,264	$	269,844

XML 22 R19.htm IDEA: XBRL DOCUMENT

Note 3 - Investments (Tables)

12 Months Ended

Jun. 28, 2020

Notes Tables

Debt Securities, Trading, and Equity Securities, FV-NI [Table Text Block]

	Original Cost		Unrealized Gain		Unrealized Loss			Fair Value
Ju ne 28 , 20 20
Equity securities	$	1,279,914	$	3,472,568	$	(27,012	)	$	4,725,470

Mutual fund		475,179		15,569		-			490,748

Certificates of deposits & Treasury bills		134,202		-		-			134,202

Ju ne 30 , 20 1 9
Equity securities	$	1,279,914	$	3,837,143	$	(16,716	)	$	5,100,341

Mutual fund		1,921,413		8,162		-			1,929,575

Certificates of deposits		433,249		-		-			433,249

Schedule of Unrealized Loss on Investments [Table Text Block]

	Less than 12 months				12 Months or greater					Total
June 28, 2020	Fair Value		Unrealized loss		Fair Value		Unrealized loss			Fair Value		Unrealized loss

Equity securities	$	-	$	-	$	41,949	$	(27,012	)	$	41,949	$	(27,012	)

	Less than 12 months					12 Months or greater					Total
June 30, 2019	Fair Value		Unrealized loss			Fair Value		Unrealized loss			Fair Value		Unrealized loss

Equity securities	$	51,720	$	(6,523	)	$	525	$	(10,193	)	$	52,245	$	(16,716	)

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
T-Mobile shares			4,102
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)		June 28, 2020			June 28, 2020

Equity securities	$	4,725,470	$	-	$	-	$	(374,871	)	$	3,445,556

Mutual fund		490,748		-		-		7,405			15,569

Certificates of deposits		-		134,202		-		-			-
TOTAL	$	5,216,218	$	134,202		-	$	(367,466)		$	3,461,125

	Quoted		Significant				Unrealized		Cumulative
	Price for		Other		Significant		gains/(losses)		Unrealized
	Identical		Observable		Unobservable		for the		gains/(losses)
	Assets		Inputs		Inputs		Year Ended		as of
Description	(Level 1)		(Level 2)		(Level 3)		June 30, 2019		June 30, 2019

Equity securities	$	5,100,341	$	-	$	-	$	283,537	$	3,820,427

Mutual fund		1,929,575		-		-		47,612		8,162

Certificates of deposits		-		433,249		-		-		-
TOTAL	$	7,029,916	$	433,249		-	$	331,149	$	3,828,589

XML 23 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Jun. 28, 2020	Sep. 15, 2020	Dec. 27, 2019
Document Information [Line Items]
Entity Registrant Name	BOWL AMERICA INC
Entity Central Index Key	0000013573
Trading Symbol	bwla
Current Fiscal Year End Date	--06-28
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Public Float			$ 38
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Jun. 28, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
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

XML 24 R20.htm IDEA: XBRL DOCUMENT

Note 4 - Land, Buildings, and Equipment (Tables)

12 Months Ended

Jun. 28, 2020

Notes Tables

Property, Plant and Equipment [Table Text Block]

	Ju ne 28 , 2020		June 30, 2019
Buildings	$	18,666,152	$	18,666,152
Leasehold and building improvements		8,085,342		8,241,896
Bowling lanes and equipment		21,381,691		22,369,204
Land		10,510,308		10,510,308
Amusement games		16,078		16,078
Bowling lanes and equipment not yet in use		47,393		44,296
Total Land, Buildings, and Equipment		58,706,964		59,847,934
Less accumulated depreciation and amortization		41,039,447		41,706,408
Land, Buildings, and Equipment, net	$	17,667,517	$	18,141,526

XML 25 R21.htm IDEA: XBRL DOCUMENT

Note 6 - Commitments and Contingencies (Tables)

12 Months Ended

Jun. 28, 2020

Notes Tables

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Year Ending
2021	$	236,999
2022		236,999
2023		236,999
2024		236,999
2025		258,075
Thereafter		1,061,633
Total minimum lease payments	$	2,267,704

Lease, Cost [Table Text Block]

	For the Years Ended
	Ju ne 28 , 2020		June 30, 2019

Minimum rent under operating leases	$	270,343	$	318,000
Excess percentage rents		-		-
Net rent expense	$	270,343	$	318,000

XML 26 R22.htm IDEA: XBRL DOCUMENT

Note 8 - Income Taxes (Tables)

12 Months Ended

Jun. 28, 2020

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	Ju ne 28 , 2020		June 30, 2019
Deferred tax assets:
Other	$	11,281	$	9,169
Total deferred tax assets		11,281		9,169
Deferred tax liabilities:
Land, buildings, and equipment		487,387		447,848
Unrealized gain on securities		850,285		964,828
Total deferred tax liabilities		1,337,672		1,412,676
Net deferred income taxes	$	1,326,391	$	1,403,507

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	For the Years Ended
	20 20			2019
Taxes computed at statutory rate		21.0	%		21.0	%
State income taxes, net of Federal income tax benefit		3.5			3.8
Dividends received exclusion		(9.6	)		(0.9	)
Tip credit and other		(14.7	)		(1.2	)
Net effective rate		0.2	%		22.7	%

XML 27 R23.htm IDEA: XBRL DOCUMENT

Note 1 - Organization and Significant Accounting Policies (Details Textual)		12 Months Ended
	Jul. 02, 2018 USD ($)	Jun. 28, 2020 USD ($) shares	Jun. 30, 2019 USD ($) shares	Jul. 01, 2019 USD ($)
Number of Stores		17
Number of Lanes in Operation		682
Number of Operating Segments		1
Advertising Expense		$ 288,021	$ 361,744
Weighted Average Number of Shares Outstanding, Basic and Diluted (in shares) \| shares		5,160,971	5,160,971
Other Liabilities, Current, Total		$ 395,629	$ 308,794
Reclassification from Accumulated Other Comprehensive Income to Retained Earnings Related to Equity Securities	$ 2,102,745
Operating Lease, Right-of-Use Asset		1,812,937		$ 1,977,523
Operating Lease, Liability, Total		1,824,864		$ 1,977,523
Prize Fund Monies [Member]
Other Liabilities, Current, Total		243,500	$ 300,920
Prepaid Expenses and Other Current Assets [Member]
Contract with Customer, Asset, after Allowance for Credit Loss, Current, Total		14,877
Accrued Liabilities, Current [Member]
Contract with Customer, Liability, Current		$ 163,348
Baltimore Maryland [Member]
Number of Stores		1
Richmond, Virginia [Member]
Number of Stores		4
Jacksonville, Florida [Member]
Number of Stores		3

XML 28 R24.htm IDEA: XBRL DOCUMENT

Note 1 - Organization and Significant Accounting Policies - Depreciation and Amortization Rates (Details)	12 Months Ended
	Jun. 28, 2020
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

XML 29 R25.htm IDEA: XBRL DOCUMENT

Note 1 - Organization and Significant Accounting Policies - Impact of Adoption on AOCI and Retained Earnings (Details) - USD ($)	Jun. 28, 2020	Jun. 30, 2019	Jul. 02, 2018	Jul. 01, 2018
Balance	$ 22,517,017	$ 23,920,166
AOCI Attributable to Parent [Member]
Balance				$ 2,102,745
AOCI Attributable to Parent [Member] \| Accounting Standards Update 2016-01 [Member]
Balance
AOCI Attributable to Parent [Member] \| Accounting Standards Update 2016-01 [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance			2,102,745
AOCI Attributable to Parent [Member] \| Accounting Standards Update 2016-01 [Member] \| Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Balance			(2,102,745)
Retained Earnings [Member]
Balance	$ 14,146,812	$ 15,549,961		$ 14,010,725
Retained Earnings [Member] \| Accounting Standards Update 2016-01 [Member]
Balance			14,010,725
Retained Earnings [Member] \| Accounting Standards Update 2016-01 [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance			2,102,745
Retained Earnings [Member] \| Accounting Standards Update 2016-01 [Member] \| Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Balance			$ 16,113,470

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

XML 30 R26.htm IDEA: XBRL DOCUMENT

Note 1 - Organization and Significant Accounting Policies - Impact of Adoption on AOCI and Retained Earnings (Details) (Parentheticals) - Accounting Standards Update 2016-01 [Member]	Jul. 02, 2018 USD ($)
AOCI Attributable to Parent [Member]
Reclassification	$ 1,394,695
Reclassification	(1,394,695)
Retained Earnings [Member]
Reclassification	1,394,695
Reclassification	$ (1,394,695)

XML 31 R27.htm IDEA: XBRL DOCUMENT

Note 2 - Cash and Cash Equivalents - Cash and Cash Equivalents (Details) - USD ($)	Jun. 28, 2020	Jun. 30, 2019
Demand deposits and cash on hand	$ 283,777	$ 187,673
Money market funds	1,375,487	82,171
Cash and Cash Equivalents	$ 1,659,264	$ 269,844

XML 32 R28.htm IDEA: XBRL DOCUMENT

Note 3 - Investments (Details Textual) - USD ($)		1 Months Ended
Note 3 - Investments (Details Textual) - USD ($)	Apr. 01, 2020	May 31, 2020	Aug. 31, 2019	Jun. 28, 2020	Jun. 30, 2019
Short-term Investments, Total				$ 134,202	$ 433,249
Equity Securities, FV-NI, Accumulated Unrealized Gain (Loss)				27,012	16,716
Mutual Fund [Member]
Debt Securities, Trading, Accumulated Gross Unrealized Gain (Loss), before Tax				15,569	8,162
Debt Securities, Trading				$ 490,748	$ 1,929,575
Redemption of Securities to Meet Dividend Payment		$ 500,000	$ 1,000,000
Sprint [Member]
Equity Securities, Number of Shares Received By Investee During Merger (in shares)	0.10256

XML 33 R29.htm IDEA: XBRL DOCUMENT

Note 3 - Investments - Summary of Investments (Details) - USD ($)	Jun. 28, 2020	Jun. 30, 2019
Fair Value	$ 5,216,218	$ 7,029,916
Equity Securities [Member]
Original Cost	1,279,914	1,279,914
Unrealized Gain	3,472,568	3,837,143
Unrealized Loss	(27,012)	(16,716)
Fair Value	4,725,470	5,100,341
Mutual Fund [Member]
Original Cost	475,179	1,921,413
Unrealized Gain	15,569	8,162
Unrealized Loss
Fair Value	490,748	1,929,575
Certificates of Deposits and Treasury Bills [Member]
Original Cost	134,202	433,249
Unrealized Gain
Unrealized Loss
Fair Value	$ 134,202	$ 433,249

XML 34 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Jun. 28, 2020	Jun. 30, 2019
CURRENT ASSETS:
Cash and cash equivalents (Note 2)	$ 1,659,264	$ 269,844
Short-term investments (Note 3)	134,202	433,249
Marketable investment securities (Note 3)	5,216,218	7,029,916
Inventories	486,105	518,121
Prepaid expenses and other	523,662	740,476
Income taxes refundable	766,244	441,402
TOTAL CURRENT ASSETS	8,785,695	9,433,008
LAND, BUILDINGS & EQUIPMENT, net (Note 4)	17,667,517	18,141,526
OTHER ASSETS:
Right to use asset	1,812,937
Cash surrender value-life insurance	282,895	747,102
Other	64,265	67,315
TOTAL OTHER ASSETS	2,160,097	814,417
TOTAL ASSETS	28,613,309	28,388,951
CURRENT LIABILITIES:
Accounts payable	269,373	820,491
Accrued expenses	932,528	1,032,823
Dividends payable		903,170
Other current liabilities	395,629	308,794
TOTAL CURRENT LIABILITIES	1,597,530	3,065,278
LEASE LIABILITY	1,672,371
NOTE PAYABLE PPP LOAN	1,500,000
DEFERRED INCOME TAXES (Note 8)	1,326,391	1,403,507
TOTAL LIABILITIES	6,096,292	4,468,785
COMMITMENTS AND CONTINGENCIES (Note 6)
STOCKHOLDERS' EQUITY (Note 9)
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
Retained earnings	14,146,812	15,549,961
TOTAL STOCKHOLDERS' EQUITY	22,517,017	23,920,166
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	28,613,309	28,388,951
Common Class A [Member]
STOCKHOLDERS' EQUITY (Note 9)
Common stock	374,645	374,645
Common Class B [Member]
STOCKHOLDERS' EQUITY (Note 9)
Common stock	$ 141,452	$ 141,452

XML 35 R30.htm IDEA: XBRL DOCUMENT

Note 3 - Investments - Unrealized Losses Equity Securities (Details) - USD ($)	Jun. 28, 2020	Jun. 30, 2019
Less than 12 months Fair Value		$ 51,720
Less than 12 months Unrealized loss		(6,523)
12 Months or greater Fair Value	41,949	525
12 Months or greater Unrealized loss	(27,012)	(10,193)
Total Fair Value	41,949	52,245
Total Unrealized loss	$ (27,012)	$ (16,716)

XML 36 R31.htm IDEA: XBRL DOCUMENT

Note 3 - Investments - Telecommunications Stocks Held (Details)	Jun. 28, 2020 shares
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
T-Mobile [Member]
Investment (in shares)	4,102
Verizon [Member]
Investment (in shares)	31,904
Windstream [Member]
Investment (in shares)	135
Uniti Shares [Member]
Investment (in shares)	815

XML 37 R32.htm IDEA: XBRL DOCUMENT

Note 3 - Investments - Fair Value Hierarchy (Details) - USD ($)	12 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Fair Value	$ 5,216,218	$ 7,029,916
Unrealized gain (loss)	(367,466)	331,149
Cumulative Unrealized gain (loss)	3,461,125	3,828,589
Equity Securities [Member]
Fair Value	4,725,470	5,100,341
Unrealized gain (loss)	(374,871)	283,537
Cumulative Unrealized gain (loss)	3,445,556	3,820,427
Mutual Fund [Member]
Fair Value	490,748	1,929,575
Unrealized gain (loss)	7,405	47,612
Cumulative Unrealized gain (loss)	15,569	8,162
Certificates of Deposit [Member]
Unrealized gain (loss)
Cumulative Unrealized gain (loss)
Fair Value, Inputs, Level 1 [Member]
Fair Value	5,216,218	7,029,916
Fair Value, Inputs, Level 1 [Member] \| Equity Securities [Member]
Fair Value	4,725,470	5,100,341
Fair Value, Inputs, Level 1 [Member] \| Mutual Fund [Member]
Fair Value	490,748	1,929,575
Fair Value, Inputs, Level 1 [Member] \| Certificates of Deposit [Member]
Fair Value
Fair Value, Inputs, Level 2 [Member]
Fair Value	134,202	433,249
Fair Value, Inputs, Level 2 [Member] \| Equity Securities [Member]
Fair Value
Fair Value, Inputs, Level 2 [Member] \| Mutual Fund [Member]
Fair Value
Fair Value, Inputs, Level 2 [Member] \| Certificates of Deposit [Member]
Fair Value	134,202	433,249
Fair Value, Inputs, Level 3 [Member]
Fair Value
Fair Value, Inputs, Level 3 [Member] \| Equity Securities [Member]
Fair Value
Fair Value, Inputs, Level 3 [Member] \| Mutual Fund [Member]
Fair Value
Fair Value, Inputs, Level 3 [Member] \| Certificates of Deposit [Member]
Fair Value

XML 38 R33.htm IDEA: XBRL DOCUMENT

Note 4 - Land, Buildings, and Equipment (Details Textual) - USD ($)	12 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Depreciation, Depletion and Amortization, Total	$ 957,138	$ 982,760
Building and Equipment [Member]
Depreciation, Depletion and Amortization, Total	$ 957,138	$ 982,760

XML 39 R34.htm IDEA: XBRL DOCUMENT

Note 4 - Land, Buildings, and Equipment - Land, Buildings, and Equipment at Cost (Details) - USD ($)	Jun. 28, 2020	Jun. 30, 2019
Buildings	$ 18,666,152	$ 18,666,152
Leasehold and building improvements	8,085,342	8,241,896
Land	10,510,308	10,510,308
Total Land, Buildings, and Equipment	58,706,964	59,847,934
Less accumulated depreciation and amortization	41,039,447	41,706,408
Land, Buildings, and Equipment, net	17,667,517	18,141,526
Bowling Lanes and Equipment [Member]
Other Property, Plant, and Equipment	21,381,691	22,369,204
Amusement Games [Member]
Other Property, Plant, and Equipment	16,078	16,078
Bowling Lanes and Equipment Not Yet in Use [Member]
Other Property, Plant, and Equipment	$ 47,393	$ 44,296

XML 40 R35.htm IDEA: XBRL DOCUMENT

Note 5 - Note Payable - PPP Loan (Details Textual) - USD ($)		12 Months Ended
	Jun. 01, 2020	Jun. 28, 2020	Jun. 30, 2019
Proceeds from Issuance of Long-term Debt, Total		$ 1,500,000
Paycheck Protection Program CARES Act [Member]
Proceeds from Issuance of Long-term Debt, Total	$ 1,500,000

XML 41 R36.htm IDEA: XBRL DOCUMENT

Note 6 - Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended
	Jun. 28, 2020	Jul. 01, 2019
Operating Lease, Right-of-Use Asset, Amortization Expense	$ 164,586
Operating Lease, Liability, Total	1,824,864	$ 1,977,523
Other Current Liabilities [Member]
Operating Lease, Liability, Current	$ 152,493

XML 42 R37.htm IDEA: XBRL DOCUMENT

Note 6 - Commitments and Contingencies - Minimum Lease Commitments (Details)	Jun. 28, 2020 USD ($)
2021	$ 236,999
2022	236,999
2023	236,999
2024	236,999
2025	258,075
Thereafter	1,061,633
Total minimum lease payments	$ 2,267,704

XML 43 R38.htm IDEA: XBRL DOCUMENT

Note 6 - Commitments and Contingencies - Net Rent Expense (Details) - USD ($)	12 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Minimum rent under operating leases	$ 270,343	$ 318,000
Net rent expense	$ 270,343	$ 318,000

XML 44 R39.htm IDEA: XBRL DOCUMENT

Note 7 - Profit-sharing and ESOP Plan (Details Textual)	12 Months Ended
Note 7 - Profit-sharing and ESOP Plan (Details Textual)	Jun. 28, 2020 USD ($)	Jun. 30, 2019 USD ($)
Defined Contribution Plan Number of Plans	2
Defined Contribution Plan Service Requirement (Year)	1 year
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 20,000	$ 96,000
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP	$ 20,000	$ 96,000

XML 45 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 28, 2020	Jun. 30, 2019
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
Preferred stock, shares outstanding (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

XML 46 R40.htm IDEA: XBRL DOCUMENT

Note 8 - Income Taxes (Details Textual) $ in Thousands	Jun. 28, 2020 USD ($)
Unrecognized Tax Benefits, Ending Balance	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 0

XML 47 R41.htm IDEA: XBRL DOCUMENT

Note 8 - Income Taxes - Deferred Tax Asset Components (Details) - USD ($)	Jun. 28, 2020	Jun. 30, 2019
Other	$ 11,281	$ 9,169
Total deferred tax assets	11,281	9,169
Land, buildings, and equipment	487,387	447,848
Unrealized gain on securities	850,285	964,828
Total deferred tax liabilities	1,337,672	1,412,676
Net deferred income taxes	$ 1,326,391	$ 1,403,507

XML 48 R42.htm IDEA: XBRL DOCUMENT

Note 8 - Income Taxes - Income Tax Reconciliation (Details)	12 Months Ended
	Jun. 28, 2020	Jun. 30, 2019
Taxes computed at statutory rate	21.00%	21.00%
State income taxes, net of Federal income tax benefit	3.50%	3.80%
Dividends received exclusion	(9.60%)	(0.90%)
Tip credit and other	(14.70%)	(1.20%)
Net effective rate	0.20%	22.70%

XML 49 R43.htm IDEA: XBRL DOCUMENT

Note 9 - Stockholders' Equity (Details Textual)	12 Months Ended
Note 9 - Stockholders' Equity (Details Textual)	Jun. 28, 2020 USD ($)	Jun. 30, 2019 USD ($)
Due from Employees	$ 34,799	$ 34,799
Loans to Employees Term Length (Year)	3 years
Minimum [Member]
Loans to Employees Stated Percentage Rate	1.50%
Maximum [Member]
Loans to Employees Stated Percentage Rate	2.00%
Common Class A [Member]
Common Stock Voting Rights Vote Per Share	1
Common Class B [Member]
Common Stock Voting Rights Vote Per Share	10

XML 50 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Earnings - USD ($)	12 Months Ended
Consolidated Statements of Earnings - USD ($)	Jun. 28, 2020	Jun. 30, 2019
Operating Revenues:
Operating revenue	$ 17,780,942	$ 24,418,626
Operating Expenses:
Employee compensation and benefits	8,749,681	11,073,710
Depreciation and amortization	957,138	982,760
General and administrative	1,051,545	948,112
Total Operating Expense	17,436,237	21,202,166
Loss on disposal of land, buildings and equipment	(16,661)	(1,359)
Operating Income	328,044	3,215,101
Interest, dividend and other income	443,442	403,534
Change in value of investments	(367,466)	331,149
Earnings before provision for income taxes	404,020	3,949,784
Provision for income taxes (Note 7)
Current	77,944	808,802
Deferred	(77,116)	91,810
Total Provision for Income Taxes	828	900,612
Net Earnings	$ 403,192	$ 3,049,172
Earnings per share-basic & diluted (in dollars per share)	$ 0.08	$ 0.59
Weighted average shares outstanding (in shares)	5,160,971	5,160,971
Dividends paid	$ 2,709,511	$ 3,586,876
Common Class A [Member]
Provision for income taxes (Note 7)
Per share, dividends paid (in dollars per share)	$ 0.525	$ 0.695
Common Class B [Member]
Provision for income taxes (Note 7)
Per share, dividends paid (in dollars per share)	$ 0.525	$ 0.695
Bowling and Other [Member]
Operating Revenues:
Operating revenue	$ 12,536,616	$ 17,140,472
Operating Expenses:
Cost of goods and services sold	5,108,569	6,084,067
Food, Beverage, and Merchandise [Member]
Operating Revenues:
Operating revenue	5,244,326	7,278,154
Operating Expenses:
Cost of goods and services sold	$ 1,569,304	$ 2,113,517

XML 51 R5.htm IDEA: XBRL DOCUMENT

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 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
Reclassification from Accumulated Other Comprehensive Income to Retained Earnings Related to Equity Securities						$ 2,102,745
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
Cash dividends paid					(2,709,511)
Accrued dividends declared June 18, 2019 payable August 21, 2019					(903,170)
Reclassification from Accumulated Other Comprehensive Income to Retained Earnings Related to Equity Securities				(2,102,745)	2,102,745
Net earnings for the year					3,049,172	3,049,172
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	23,920,166
Cash dividends paid					(1,806,341)
Net earnings for the year					403,192	403,192
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

XML 52 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Jun. 28, 2020	Jun. 30, 2019
Cash Flows From Operating Activities
Net earnings	$ 403,192	$ 3,049,172
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	957,138	982,760
Amortization of right to use asset	164,586
(Decrease) increase in deferred income tax	(77,116)	91,810
Unrealized loss (gain) on marketable investment securities	367,466	(331,149)
Loss on disposition of assets-net	16,661	1,359
Gain on sale of securities	(27,289)
Changes in assets and liabilities
Decrease (increase) in inventories	32,015	(27,665)
Decrease in prepaid and other	219,864	19,085
Increase in income taxes refundable	(324,842)	(249,104)
(Decrease) increase in accounts payable	(551,117)	14,004
Decrease in accrued expenses	(100,295)	(74,403)
(Decrease) increase in other current liabilities	(65,658)	3,558
Decrease in lease liability	(152,659)
Decrease in long-term deferred compensation		(17,440)
Net cash provided by operating activities	861,946	3,461,987
Cash Flows From Investing Activities
Expenditures for land, building and equipment	(499,790)	(426,994)
Net sales and maturities (purchases) of short-term investments	299,047	(100,220)
Purchases of marketable securities	(26,479)	(57,117)
Proceeds from sale of marketable securities	1,500,000
Decrease (increase) in cash surrender value	464,207	(29,369)
Net cash provided by (used in) investing activities	1,736,985	(613,700)
Cash Flows From Financing Activities
Proceeds from note payable – PPP loan	1,500,000
Payment of cash dividends	(2,709,511)	(3,586,876)
Net cash used in financing activities	(1,209,511)	(3,586,876)
Net Change in Cash and Equivalents	1,389,420	(738,589)
Cash and Equivalents, Beginning of period	269,844	1,008,433
Cash and Equivalents, End of period	1,659,264	269,844
Supplemental Disclosures of Cash Flow Information Cash Paid During the Period for:
Income taxes	$ 401,200	$ 1,050,000

XML 53 R7.htm IDEA: XBRL DOCUMENT

Note 1 - Organization and Significant Accounting Policies

12 Months Ended

Jun. 28, 2020

Notes to Financial Statements

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization

Bowl America Incorporated was engaged in the operation of

bowling centers, with food and beverage service in each center. Nine centers are located in metropolitan Washington D.C.,

one

center in metropolitan Baltimore, Maryland,

four

centers in metropolitan Richmond, Virginia, and

three

centers in metropolitan Jacksonville, Florida. These

centers contain a total of

682

lanes. The Company operates in

one

segment.

Principles of Consolidation

Fiscal Year

The Company's fiscal year ends on the Sunday nearest to

June 30.

Fiscal year

2020

ended

June 28, 2020,

and fiscal year

2019

ended

June 30, 2019.

Fiscal years

2020

and

2019

each consisted of

weeks.

Subsequent Events

The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission on

September 24, 2020.

Estimates

may

Revenue recognition policy

Merchandise sales are recorded as revenue when the merchandise is provided to the customer which generally is also the time payment is received. Merchandise can be returned

days from purchase for a full refund. Historically, merchandise returns have been minimal.

The Company does occasionally incur contractual obligations for group events that

may

expiration date. Any events that are billed subsequent to occurrence are recognized as revenue when the event has completed. The Company has

$14,877

$163,348

and are included in accrued expenses on the accompanying consolidated balance sheet.

Depreciation and Amortization

	years
Bowling lanes and equipment	3	-	10
Building and building improvements	10	-	39
Leasehold improvements	5	-	15
Amusement games	3	-	5

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

June 28, 2020,

and

June 30, 2019,

were

$288,021

and

$361,744,

respectively.

Inventories

Inventories are stated at the lower of cost (

first

-in,

first

-out method) or market. Inventories consist of resale merchandise including food and beverage and bowling supplies.

Income Taxes

not

that a deferred tax asset will

not

be realized.

Investment Securities

Earnings Per Share

Earnings per share basic and diluted, have been calculated using the weighted average number of shares of Class A and Class B common stock outstanding of

5,160,971

for both fiscal years

2020

and

2019.

Cash and Cash Equivalents

For purposes of the consolidated statements of cash flows, the Company considers money market funds and certificates of deposits, with original maturities of

three

months or less to be cash equivalents. The Company maintains cash accounts which

may

exceed federally insured limits during the year, but does

not

believe that this results in any significant credit risk.

Other Current Liabilities

Other current liabilities include prize fund monies held by the Company for bowling leagues. The funds are returned to the leagues at the end of the league bowling season. At

June 28, 2020

and

June 30, 2019

other current liabilities included

$243,500

and

$300,920,

respectively, in prize fund monies.

Reclassifications

Certain previous year amounts have been reclassified to conform with the current year presentation.

Accounting Standards

January 2016,

July 2, 2018.

The result was the reclassification of

$2,102,745

(after adoption of ASU

2018

) from accumulated other comprehensive income to retained earnings. The Company also reclassified all of its marketable equity securities as current assets on consolidated balance sheet.

The following table summarizes the impact of the adoption on accumulated other comprehensive earnings and retained earnings:

	Amount
Accumulated other comprehensive earnings, 7/2/2018	$	2,102,745
Reclassification to retained earnings of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax $1,394,695		(2,102,745	)
Accumulated other comprehensive earnings as adjusted, 7/2/2018		-

Retained earnings, 7/2/2018		14,010,725
Reclassification from accumulated other comprehensive income of cumulative effect adjustment to initially apply new accounting guidance for equity investments which were previously classified as available-for-sale, net of tax, $1,394,695		2,102,745
Retained earnings as adjusted, 7/2/2018	$	16,113,470

February 2016,

June 2020.

The adoption of this guidance resulted in a right to use asset of

$1,977,523

and a corresponding lease liability for the same amount being recorded on

July 1, 2019.

The adoption was done on a modified retrospective basis with

adjustments made to periods prior to

July 1, 2019.

May 2014,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)

No.

2014

09,

Revenue from Contracts with Customers (“ASU

2014

09”

2014

may

be adopted either retrospectively or on a modified retrospective basis. The standard is effective for interim and annual reporting periods beginning after

December 15, 2017.

The FASB permits early adoption of the standard, but

not

before the original effective date of

December 15, 2016.

The Company adopted the standard for its

2019

fiscal year. The impact of adopting the standard was

not

material.

August 2018,

the FASB issued ASU

No.

2018

13,

Fair Value Measurement Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

. As part of the FASB's disclosure framework project, it has eliminated, amended and added disclosure requirements for fair value measurements. Entities will

longer be required to disclose the amount of, and reasons for, transfers between Level

and Level

of the fair value hierarchy, the policy of timing of transfers between levels of the fair value hierarchy and the valuation processes for Level

fair value measurements. Public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level

fair value measurements. This ASU is effective for public entities for annual and interim periods beginning after

December 15, 2019.

Early adoption is permitted as of the beginning of any interim or annual reporting period. The Company adopted the standard for its

March 2020

fiscal quarter. The impact of adopting the standard was

not

material.

XML 54 R8.htm IDEA: XBRL DOCUMENT

Note 2 - Cash and Cash Equivalents

12 Months Ended

Jun. 28, 2020

Notes to Financial Statements

Cash and Cash Equivalents Disclosure [Text Block]

CASH AND CASH EQUIVALENTS

Cash and cash equivalents consisted of the following:

	Ju ne 28 , 20 20		June 30, 2019

Demand deposits and cash on hand	$	283,777	$	187,673
Money market funds		1,375,487		82,171
Cash and Cash Equivalents	$	1,659,264	$	269,844

The account balances at times exceed federally insured limits. The Company does

not

believe this poses any significant risk.

XML 55 R9.htm IDEA: XBRL DOCUMENT

Note 3 - Investments

12 Months Ended

Jun. 28, 2020

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

INVESTMENTS

The Company's investments are categorized as trading. The cost for marketable securities cost was determined using the specific identification method. The fair values of marketable investment securities are based on the quoted market price for those securities. Short-term investments consist of certificates of deposits and U. S. Treasury bills with maturities of generally

three

months to

one

year. The fair value of the short-term investments at

June 28, 2020

was

$134,202

and at

June 30, 2019,

was

$433,249.

Equity securities consist primarily of telecommunications stocks and a mutual fund that invests in federal agency mortgage backed securities (Ginnie Mae). At

June 28, 2020

and

June 30, 2019,

unrealized gains and losses are reported as income in the current period.

As of

June 28, 2020,

$15,569

in gross unrealized gains were from its investments in federal agency mortgage backed securities owned through a mutual fund which had a fair value of

$490,748.

As of

June 30, 2019,

the Company had

$8,162

of gross unrealized gains from the same fund which had a fair value of

$1,929,575.

August 2019

the Company redeemed

$1,000,000

of this fund to meet the

August 2019

dividend payment and in

May 2020

$500,000

was redeemed to meet operating expenses and prize fund payouts after the

March 2020

COVID-

required our bowling centers to shutdown.

The Company's investments were as follows:

	Original Cost		Unrealized Gain		Unrealized Loss			Fair Value
Ju ne 28 , 20 20
Equity securities	$	1,279,914	$	3,472,568	$	(27,012	)	$	4,725,470

Mutual fund		475,179		15,569		-			490,748

Certificates of deposits & Treasury bills		134,202		-		-			134,202

Ju ne 30 , 20 1 9
Equity securities	$	1,279,914	$	3,837,143	$	(16,716	)	$	5,100,341

Mutual fund		1,921,413		8,162		-			1,929,575

Certificates of deposits		433,249		-		-			433,249

During fiscal

2020

and fiscal

2019,

the Company had certain equity securities with cumulative unrealized losses of

$27,012

and

$16,716

respectively.

	Less than 12 months				12 Months or greater					Total
June 28, 2020	Fair Value		Unrealized loss		Fair Value		Unrealized loss			Fair Value		Unrealized loss

Equity securities	$	-	$	-	$	41,949	$	(27,012	)	$	41,949	$	(27,012	)

	Less than 12 months					12 Months or greater					Total
June 30, 2019	Fair Value		Unrealized loss			Fair Value		Unrealized loss			Fair Value		Unrealized loss

Equity securities	$	51,720	$	(6,523	)	$	525	$	(10,193	)	$	52,245	$	(16,716	)

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
T-Mobile shares			4,102
Verizon shares			31,904
Windstream shares			135
Uniti shares			815

April 1, 2020

T-Mobile and Sprint merged. Each Sprint share was converted to

0.10256

shares of T-Mobile.

February 2019

Windstream voluntarily filed for Chapter

bankruptcy to restructure. The company is continuing to operate during this process.

As stated in Note

the Company records its readily marketable debt and equity securities at fair value. These assets are valued in accordance with a

three

-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level

Observable inputs such as quoted prices in active markets for identical assets or liabilities;

Level

Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level

Unobservable inputs in which there is little or

market data, which require the reporting entity to develop its own assumptions.

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The fair value of these assets as of

June 28, 2020

is as follows:

	Quoted		Significant				Unrealized			Cumulative
	Price for		Other		Significant		gains/(losses)			Unrealized
	Identical		Observable		Unobservable		for the			gains/(losses)
	Assets		Inputs		Inputs		Year Ended			as of
Description	(Level 1)		(Level 2)		(Level 3)		June 28, 2020			June 28, 2020

Equity securities	$	4,725,470	$	-	$	-	$	(374,871	)	$	3,445,556

Mutual fund		490,748		-		-		7,405			15,569

Certificates of deposits		-		134,202		-		-			-
TOTAL	$	5,216,218	$	134,202		-	$	(367,466)		$	3,461,125

The fair value of these assets as of

June 30, 2019

was as follows:

	Quoted		Significant				Unrealized		Cumulative
	Price for		Other		Significant		gains/(losses)		Unrealized
	Identical		Observable		Unobservable		for the		gains/(losses)
	Assets		Inputs		Inputs		Year Ended		as of
Description	(Level 1)		(Level 2)		(Level 3)		June 30, 2019		June 30, 2019

Equity securities	$	5,100,341	$	-	$	-	$	283,537	$	3,820,427

Mutual fund		1,929,575		-		-		47,612		8,162

Certificates of deposits		-		433,249		-		-		-
TOTAL	$	7,029,916	$	433,249		-	$	331,149	$	3,828,589

The fair value of certificates of deposits is estimated using net present value techniques and comparing the values to certificates with similar terms.

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