Annual report pursuant to Section 13 and 15(d)

REVENUES IN EXCESS OF BILLINGS ??? LONG TERM

v3.23.3
REVENUES IN EXCESS OF BILLINGS – LONG TERM
 12 Months Ended
Jun. 30, 2023
Contractors [Abstract]  
REVENUES IN EXCESS OF BILLINGS – LONG TERM

NOTE 8 – REVENUES IN EXCESS OF BILLINGS – LONG TERM

 

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

 

    As of     As of  
    June 30, 2023     June 30, 2022  
             
Revenues in excess of billings - long term   $ -     $ 881,940  
Present value discount     -       (28,339 )
Net Balance   $ -     $ 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 years ended June 30, 2023 and 2022, the Company accreted $28,029 and $38,005, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with an interest rate of 4.35% during the years ended June 30, 2023 and 2022.

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Consolidated Financial Statements

June 30, 2023 and 2022