Annual report pursuant to Section 13 and 15(d)

REVENUES IN EXCESS OF BILLINGS ??? LONG TERM

v3.22.2.2
REVENUES IN EXCESS OF BILLINGS – LONG TERM
 12 Months Ended
Jun. 30, 2022
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, 2022     June 30, 2021  
             
Revenues in excess of billings - long term   $ 881,940     $ 1,024,382  
Present value discount     (28,339 )     (66,779 )
Net Balance   $ 853,601     $ 957,603  

 

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, 2022 and 2021, the Company accreted $38,005 and $53,119, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with an interest rate of 4.35% during the years ended June 30, 2022 and 2021.