|3 Months Ended|
Sep. 30, 2019
|Risks and Uncertainties [Abstract]|
NOTE 7 – MAJOR CUSTOMERS
During the three months ended September 30, 2019 revenues from two customers were $5,041,367 and $951,369 representing 37.1% and 7.0% of revenues. During the three months ended September 30, 2018, revenues from two customer were $4,716,404 and $4,850,093 representing 28.8% and 29.6% of revenues. The revenue from these customers are shown in the Asia – Pacific segment.
Accounts receivable from the two customers at September 30, 2019, were $2,372,071 and $1,015,369, respectively. Accounts receivable at June 30, 2019, were $7,917,814 and $159,322, respectively. Revenues in excess of billings at September 30, 2019 were $6,330,729 and $6,372,328, respectively. Revenues in excess of billings at June 30, 2019, were $4,371,081 and $5,472,043, respectively. Included in this amount was $1,246,660 and $1,281,492 shown as long term at September 30, 2019 and June 30, 2019, respectively.
The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef