Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Jun. 30, 2018 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Estimated Useful Lives of Assets |
Following is the summary of estimated useful
lives of the assets:
| Category |
|
Estimated Useful Life |
| |
|
|
| Computer equipment & software |
3 to 5 Years |
| Office furniture and equipment |
|
5 to 10 Years |
| Building |
|
20 Years |
| Autos |
|
5 Years |
| Assets under capital leases |
|
3 to 10 Years |
| Improvements |
|
5 to 10 Years |
|
| Schedule of Fair Value of Financial Assets Measured On Recurring Basis |
Our financial assets that are measured at fair
value on a recurring basis as of June 30, 2018, are as follows:
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total Assets |
|
| Revenues in excess of billing - long term |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,206,669 |
|
|
$ |
1,206,669 |
|
| Total |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,206,669 |
|
|
$ |
1,206,669 |
|
Our financial assets that are measured at fair
value on a recurring basis as of June 30, 2017, are as follows:
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total Assets |
|
| Revenue in excess of billing - long term |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
5,173,538 |
|
|
$ |
5,173,538 |
|
| Total |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
5,173,538 |
|
|
$ |
5,173,538 |
|
|
| Schedule of Fair Value of Financial Instruments Reconciliation |
The reconciliation from June 30, 2017 to June
30, 2018 is as follows:
| |
|
Revenues in excess
of billing - long term
|
|
|
Fair value discount |
|
|
Total |
|
| Balance at June 30, 2017 |
|
$ |
5,483,869 |
|
|
$ |
(310,331 |
) |
|
$ |
5,173,538 |
|
| Additions |
|
|
2,432,244 |
|
|
|
(180,526 |
) |
|
|
2,251,718 |
|
| Transfers to short term |
|
|
(6,470,868 |
) |
|
|
- |
|
|
|
(6,470,868 |
) |
| Amortization during the period |
|
|
- |
|
|
|
252,281 |
|
|
|
252,281 |
|
| Balance at June 30, 2018 |
|
$ |
1,445,245 |
|
|
$ |
(238,576 |
) |
|
$ |
1,206,669 |
|
|
| Schedule of Reclassifications of Assets |
Certain 2017 balances have been reclassified
to conform to the 2018 presentation. Below is the table of reclassified amounts:
| |
|
As of June 30, 2017 |
|
| |
|
Originally reported |
|
|
Reclassified |
|
| |
|
|
|
|
|
|
| Restricted Cash |
|
$ |
90,000 |
|
|
$ |
- |
|
| Long term investment |
|
|
- |
|
|
|
3,057,020 |
|
| Other Assets |
|
|
|
|
|
|
|
|
| Investment |
|
|
3,057,020 |
|
|
|
- |
|
| Long Term Security Deposits |
|
|
154,275 |
|
|
|
154,275 |
|
| Restricted Cash |
|
|
- |
|
|
|
90,000 |
|
| |
|
$ |
3,211,295 |
|
|
$ |
244,275 |
|
| |
|
$ |
3,301,295 |
|
|
$ |
3,301,295 |
|
|