Annual report pursuant to Section 13 and 15(d)

Revenue in Excess of Billings - Long Term

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Revenue in Excess of Billings - Long Term
 12 Months Ended
Jun. 30, 2017
Contractors [Abstract]  
Revenue in Excess of Billings - Long Term

NOTE 8 – REVENUE IN EXCESS OF BILLINGS – LONG TERM

 

Revenue in excess of billings, net consisted of the following:

 

    As of June 30,  
    2017  
       
Revenue in excess of billing - long term   $ 5,483,869  
Present value discount     (310,331 )
Net Balance   $ 5,173,538  

 

Pursuant to revenue recognition for contract accounting, the Company has recorded revenue in excess of billings – long term for amounts billable after one year. The fair value of the payments to be received after one year has been estimated at $5,173,538. The fair value adjustment of $310,331 will be accreted in subsequent periods.