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
 6 Months Ended
Dec. 31, 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  
    December 31, 2024     June 30, 2024  
             
Revenues in excess of billings - long term   $ 892,554     $ 1,106,475  
Present value discount     (115,126 )     (152,446 )
Net Balance   $ 777,428     $ 954,029  

 

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 and six months ended December 31, 2024, the Company accreted $18,367 and $36,734, respectively, which was recorded in interest income for that period. During the three and six months ended December 31, 2023, the Company accreted $12,309 and $18,464, 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 period ended December 31, 2024 and June 30, 2024.