Annual report pursuant to Section 13 and 15(d)

Revenues in Excess of Billings - Long Term

v3.21.2
Revenues in Excess of Billings - Long Term
 12 Months Ended
Jun. 30, 2021
Contractors [Abstract]  
Revenues in Excess of Billings - Long Term

NOTE 8 – REVENUES IN EXCESS OF BILLINGS – LONG TERM

 

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

 

    As of     As of  
    June 30, 2021     June 30, 2020  
             
Revenues in excess of billings - long term   $ 1,024,382     $ 1,341,575  
Present value discount     (66,779 )     (41,286 )
Net Balance   $ 957,603     $ 1,300,289  

 

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, 2021 and 2020, the Company accreted $53,119 and $55,344, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with interest rates ranging from 4.65% to 6.25% for the year ended June 30, 2021 and 4.35% during the year ended June 30, 2020.