Quarterly report pursuant to Section 13 or 15(d)

REVENUES IN EXCESS OF BILLINGS ??? LONG TERM

v3.23.1
REVENUES IN EXCESS OF BILLINGS – LONG TERM
 9 Months Ended
Mar. 31, 2023
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  
    March 31, 2023     June 30, 2022  
             
Revenues in excess of billings - long term   $         -     $ 881,940  
Present value discount     -       (28,339 )
Net Balance   $ -     $ 853,601  

 

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 nine months ended March 31, 2023, the Company accreted $9,372 and $28,029, respectively. During the three and nine months ended March 31, 2022, the Company accreted $9,546 and $28,587, 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%.