NOTE 7 – MAJOR CUSTOMERS

During the six months ended December 31, 2019 revenues from Daimler Financial Services (“DFS”) and BMW Financial (“BMW”) were $8,691,233 and $4,793,304 representing 29.7% and 16.4% of revenues. During the six months ended December 31, 2018, revenues from DFS and BMW were $10,563,362 and $7,353,916 representing 31.6% and 22.0% of revenues. The revenue from these customers are shown in the Asia – Pacific segment.

Accounts receivable from the DFS and BMW at December 31, 2019, were $1,230,133 and $359,838, respectively. Accounts receivable at June 30, 2019, were $7,917,814 and $159,322, respectively. Revenues in excess of billings at December 31, 2019 were $6,605,189 and $5,465,422, respectively. Revenues in excess of billings at June 30, 2019, were $4,371,081 and $5,472,043, respectively. Included in this amount was $1,291,025 and $1,281,492 shown as long term at December 31, 2019 and June 30, 2019, respectively.