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, 2019
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     As of  
    December 31, 2019     June 30, 2019  
             
Revenues in excess of billing - long term   $ 1,360,823     $ 1,380,631  
Present value discount     (69,798 )     (99,139 )
Net Balance   $ 1,291,025     $ 1,281,492  

 

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, 2019, the Company accreted $13,821 and $27,681 which was recorded in interest income for that period. The Company used the discounted cash flow method with an interest rate of 4.35%.