Annual report [Section 13 and 15(d), not S-K Item 405]

REVENUES IN EXCESS OF BILLINGS ??? LONG TERM

v3.25.2
REVENUES IN EXCESS OF BILLINGS – LONG TERM
 12 Months Ended
Jun. 30, 2025
Contractors [Abstract]  
REVENUES IN EXCESS OF BILLINGS – LONG TERM

NOTE 7 – REVENUES IN EXCESS OF BILLINGS – LONG TERM

 

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

 

    As of     As of  
    June 30, 2025     June 30, 2024  
             
Revenues in excess of billings - long term   $ 1,111,803     $ 1,106,475  
Present value discount     (208,037 )     (152,446 )
Net Balance   $ 903,766     $ 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, 2025 and 2024, the Company accreted $73,066 and $42,814, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with interest rates ranging from 4.2% to 17.5%, for the year ended June 30, 2025 and 2024.