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
 9 Months Ended
Mar. 31, 2021
Contractors [Abstract]  
Revenues in Excess of Billings - Long Term

NOTE 9 – REVENUES IN EXCESS OF BILLINGS – LONG TERM

 

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

 

    As of     As of  
    March 31, 2021     June 30, 2020  
             
Revenues in excess of billings - long term   $ 1,021,911     $ 1,341,575  
Present value discount     (75,727 )     (41,286 )
Net Balance   $ 946,184     $ 1,300,289  

 

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, 2021, the Company accreted $2,331 and $44,157, respectively. During the three and nine months ended March 31, 2020, the Company accreted $13,940 and $41,621, respectively, which were recorded in interest income for those periods. The Company used the discounted cash flow method with interest rates ranging from 4.65% to 6.25% for the period ended March 31, 2021 and an interest rate of 4.35% for the period ended June 30, 2020.