Quarterly report pursuant to Section 13 or 15(d)

Revenues in Excess of Billings - Long Term

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Revenues in Excess of Billings - Long Term
 6 Months Ended
Dec. 31, 2018
Contractors [Abstract]  
Revenues in Excess of Billings - Long Term

NOTE 10 – REVENUES IN EXCESS OF BILLINGS – LONG TERM

 

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

 

    As of December 31,     As of June 30,  
    2018     2018  
             
Revenues in excess of billing - long term   $ -     $ 1,445,245  
Present value discount     -       (238,576 )
Net Balance   $ -     $ 1,206,669  

 

Pursuant to revenue recognition for contract accounting, the Company had recorded revenues in excess of billings long-term for amounts billable after one year. During the three and six months ended December 31, 2017, the Company accreted $59,272 and $110,994, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with interest rates ranging from 3.87% to 4.43%.