Quarterly report pursuant to Section 13 or 15(d)

Revenue in Excess of Billings - Long Term

v3.8.0.1
Revenue in Excess of Billings - Long Term
 9 Months Ended
Mar. 31, 2018
Contractors [Abstract]  
Revenue in Excess of Billings - Long Term

NOTE 9 – REVENUES IN EXCESS OF BILLINGS – LONG TERM

 

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

 

    As of     As of  
    March 31, 2018     June 30, 2017  
             
Revenues in excess of billing - long term   $ 2,066,113     $ 5,483,869  
Present value discount     (313,559 )     (310,331 )
Net Balance   $ 1,752,554     $ 5,173,538  

 

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, 2018, the Company accreted $66,304 and $177,298, respectively, which is recorded in interest income for the period. The Company used the discounted cash flow method with interest rates ranging from 3.87% to 4.43%.