Annual report pursuant to Section 13 and 15(d)

Revenues in Excess of Billings - Long Term

v3.19.2
Revenues in Excess of Billings - Long Term
 12 Months Ended
Jun. 30, 2019
Contractors [Abstract]  
Revenues 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  
    June 30, 2019     June 30, 2018  
             
Revenues in excess of billing - long term   $ 1,380,631     $ 1,445,245  
Present value discount     (99,139 )     (238,576 )
Net Balance   $ 1,281,492     $ 1,206,669  

 

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, 2019 and 2018, the Company accreted $0 and $252,281, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with interest rates ranging from 3.87% to 4.43% during the years ended June 30, 2019 and 2018.