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]

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.

     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
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

    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

    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.