Quarterly report pursuant to Section 13 or 15(d)

Revenues in Excess of Billings - Long Term

v3.20.1
Revenues in Excess of Billings - Long Term
 9 Months Ended
Mar. 31, 2020
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  
    March 31, 2020     June 30, 2019  
             
Revenues in excess of billings - long term   $ 1,337,791     $ 1,380,631  
Present value discount     (54,893 )     (99,139 )
Net Balance   $ 1,282,898     $ 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 nine months ended March 31, 2020, the Company accreted $13,940 and $41,621 which was recorded in interest income for that period. The Company used the discounted cash flow method with an interest rate of 4.35%.