Annual report pursuant to Section 13 and 15(d)

Revenue in Excess of Billings - Long Term

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Revenue in Excess of Billings - Long Term
 12 Months Ended
Jun. 30, 2018
Contractors [Abstract]  
Revenue in Excess of Billings - Long Term

NOTE 8 – REVENUE IN EXCESS OF BILLINGS – LONG TERM

 

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

 

    As of June 30,     As of June 30,  
    2018     2017  
             
Revenues in excess of billing - long term   $ 1,445,245     $ 5,483,869  
Present value discount     (238,576 )     (310,331 )
Net Balance   $ 1,206,669     $ 5,173,538  

 

Pursuant to revenue recognition for contract accounting, the Company has recorded revenue in excess of billings long-term for amounts billable after one year. During the year ended June 30, 2018, the Company accreted $252,281, 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%.