Quarterly report pursuant to Section 13 or 15(d)

REVENUES IN EXCESS OF BILLINGS ??? LONG TERM

v3.23.3
REVENUES IN EXCESS OF BILLINGS – LONG TERM
 3 Months Ended
Sep. 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
September 30,
2023		     As of
June 30,
2023		  
             
Revenues in excess of billings - long term   $ 822,978     $ -  
Present value discount     (98,103 )     -  
Net Balance   $ 724,875     $ -  

 

Pursuant to revenue recognition for contract accounting, the Company has recorded revenues in excess of billings long-term for amounts billable after one year. During the three months ended September 30, 2023 and 2022, the Company accreted $6,155 and $9,369, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with an interest rate of 7.34% for the period ended September, 30, 2023. The Company used the discounted cash flow method with interest rates ranging from 4.65% to 6.25% for the period ended September 30, 2022.