Note 6 - Commitments and Contingencies

12 Months Ended

Jun. 28, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

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
	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.