Quarterly report pursuant to Section 13 or 15(d)

REVENUES IN EXCESS OF BILLINGS ??? LONG TERM

v3.22.0.1
REVENUES IN EXCESS OF BILLINGS – LONG TERM
 6 Months Ended
Dec. 31, 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  
    December 31, 2021     June 30, 2021  
             
Revenues in excess of billings - long term   $ 1,033,842     $ 1,024,382  
Present value discount     (48,070 )     (66,779 )
Net Balance   $ 985,772     $ 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 and six months ended December 31, 2021, the Company accreted $9,539 and $19,041, respectively. During the three and six months ended December 31, 2020, the Company accreted $27,766 and $41,826, 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

December 31, 2021

(Unaudited)