NOTE 5 – MAJOR CUSTOMERS

During the year ended June 30, 2021, revenues from Daimler Financial Services (“DFS”) and BMW Financial (“BMW”) were $11,522,694 and $7,137,653, respectively representing 21.0% and 13.0%, respectively of revenues. During the year ended June 30, 2020, revenues from Daimler Financial Services (“DFS”) and BMW Financial (“BMW”) were $14,869,030 and $8,904,809, respectively representing 26.4% and 15.8%, respectively of revenues. The revenue from these customers are shown in the Asia – Pacific segment.

Accounts receivable from DFS and BMW at June 30, 2021, were $462,861 and $35,063, respectively. Accounts receivable from DFS and BMW at June 30, 2020, were $4,821,468 and $474,271, respectively. Revenues in excess of billings at June 30, 2021 were $2,041,750 and $4,453,299, respectively. Revenues in excess of billings at June 30, 2020 were $5,709,226 and $6,977,375, respectively. Included in this amount was $1,300,289 shown as long term at June 30, 2020.