Annual report pursuant to Section 13 and 15(d)

REVENUES IN EXCESS OF BILLINGS ??? LONG TERM

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REVENUES IN EXCESS OF BILLINGS – LONG TERM
 12 Months Ended
Jun. 30, 2024
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, 2024     June 30, 2023  
             
Revenues in excess of billings - long term   $ 1,106,475     $    -  
Present value discount     (152,446 )     -  
Net Balance   $ 954,029     $ -  

 

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, 2024 and 2023, the Company accreted $42,814 and $28,029, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with interest rates ranging from 7.3% to 17.5%, for the year ended June 30, 2024, an interest rate of 4.35% during the year ended June 30, 2023.