|9 Months Ended|
Mar. 31, 2021
|Risks and Uncertainties [Abstract]|
NOTE 6 – MAJOR CUSTOMERS
During the nine months ended March 31, 2021, revenues from Daimler Financial Services (“DFS”) and BMW Financial (“BMW”) were $7,763,189 and $4,295,139, respectively representing 19.6% and 10.9%, respectively of revenues. During the nine months ended March 31, 2020, revenues from Daimler Financial Services (“DFS”) and BMW Financial (“BMW”) were $11,906,959 and $6,893,438, respectively representing 27.8% and 16.1%, respectively of revenues. The revenue from these customers are shown in the Asia – Pacific segment.
Accounts receivable from DFS and BMW at March 31, 2021, were $7,972,487 and $45,269, respectively. Accounts receivable at June 30, 2020, were $4,821,468 and $474,271, respectively. Revenues in excess of billings at March 31, 2021 were $1,014,268 and $1,620,158 for DFS and BMW, respectively. Revenues in excess of billings at June 30, 2020, were $5,709,226 and $6,977,375 for DFS and BMW, respectively. Included in this amount was $Nil and $1,300,289 shown as long term at March 31, 2021 and June 30, 2020, respectively.
The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef