Quarterly report [Sections 13 or 15(d)]

REVENUES IN EXCESS OF BILLINGS ??? LONG TERM

v3.25.1
REVENUES IN EXCESS OF BILLINGS – LONG TERM
 9 Months Ended
Mar. 31, 2025
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  
    March 31, 2025     June 30, 2024  
             
Revenues in excess of billings - long term   $ 794,771     $ 1,106,475  
Present value discount     (97,285 )     (152,446 )
Net Balance   $ 697,486     $ 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 nine months ended March 31, 2025, the Company accreted $18,099 and $54,833, respectively, which was recorded in interest income for that period. During the three and nine months ended March 31, 2024, the Company accreted $12,309 and $30,773, 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 March 31, 2025 and June 30, 2024.