Quarterly report pursuant to Section 13 or 15(d)

REVENUES IN EXCESS OF BILLINGS ??? LONG TERM

v3.22.2.2
REVENUES IN EXCESS OF BILLINGS – LONG TERM
 3 Months Ended
Sep. 30, 2022
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  
    September 30, 2022     June 30, 2022  
             
Revenues in excess of billings - long term   $ 733,114     $ 881,940  
Present value discount     (18,656 )     (28,339 )
Net Balance   $ 714,458     $ 853,601  

 

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 months ended September 30, 2022 and 2021, the Company accreted $9,369 and $9,502, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with interest rates ranging from 4.65% to 6.25%.

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

September 30, 2022

(Unaudited)