Quarterly report pursuant to Section 13 or 15(d)

REVENUES IN EXCESS OF BILLINGS ??? LONG TERM

v3.21.2
REVENUES IN EXCESS OF BILLINGS – LONG TERM
 3 Months Ended
Sep. 30, 2021
Contractors [Abstract]  
REVENUES IN EXCESS OF BILLINGS – LONG TERM

NOTE 9 – REVENUES IN EXCESS OF BILLINGS – LONG TERM

 

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

 

    As of     As of  
   

September 30,

2021

    

June 30,

2021

  
             
Revenues in excess of billings - long term   $ 1,026,834     $ 1,024,382  
Present value discount     (57,378 )     (66,779 )
Net Balance   $ 969,456     $ 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 three months ended September 30, 2021 and 2020, the Company accreted $9,502 and $14,060, 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%.

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

September 30, 2021

(Unaudited)