| Schedule of Fair Value of Financial Assets Measured on Recurring Basis |
The Company’s assets that were measured
at fair value on a recurring basis as of March 31, 2020, were as follows:
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total Assets |
|
| Revenues in excess of billings - long term |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,282,898 |
|
|
$ |
1,282,898 |
|
| Total |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,282,898 |
|
|
$ |
1,282,898 |
|
The Company’s financial assets that were
measured at fair value on a recurring basis as of June 30, 2019, were as follows:
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total Assets |
|
| Revenues in excess of billings - long term |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,281,492 |
|
|
$ |
1,281,492 |
|
| Total |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
1,281,492 |
|
|
$ |
1,281,492 |
|
|
| Schedule of Fair Value of Financial Instruments Reconciliation |
The reconciliation from June 30, 2019 to March
31, 2020 is as follows:
| |
|
Revenues in excess
of billings - long term |
|
|
Fair value discount |
|
|
Total |
|
| Balance at June 30, 2018 |
|
$ |
1,445,245 |
|
|
$ |
(238,576 |
) |
|
$ |
1,206,669 |
|
| Effect of ASC 606 adoption |
|
|
(1,445,245 |
) |
|
|
238,576 |
|
|
|
(1,206,669 |
) |
| Additions |
|
|
1,380,631 |
|
|
|
(99,139 |
) |
|
|
1,281,492 |
|
| Balance at June 30, 2019 |
|
$ |
1,380,631 |
|
|
$ |
(99,139 |
) |
|
$ |
1,281,492 |
|
| Amortization during the period |
|
|
- |
|
|
|
41,621 |
|
|
|
41,621 |
|
| Effect of Translation Adjustment |
|
|
(42,840 |
) |
|
|
2,625 |
|
|
|
(40,215 |
) |
| Balance at March 31, 2020 |
|
$ |
1,337,791 |
|
|
$ |
(54,893 |
) |
|
$ |
1,282,898 |
|
|