Quarterly report pursuant to Section 13 or 15(d)

REVENUES IN EXCESS OF BILLINGS ??? LONG TERM

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REVENUES IN EXCESS OF BILLINGS – LONG TERM
 3 Months Ended
Sep. 30, 2024
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  
    September 30, 2024     June 30, 2024  
             
Revenues in excess of billings - long term   $ 1,000,255     $ 1,106,475  
Present value discount     (133,867 )     (152,446 )
Net Balance   $ 866,388     $ 954,029  

 

Pursuant to revenue recognition for contract accounting, the Company has recorded revenues in excess of billings long-term for amounts billable after one year. During the three months ended September 30, 2024 and 2023, the Company accreted $18,367 and $6,155, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with interest rates ranging from 7.3% to 17.5%, for the period ended September, 30, 2024 and June 30, 2024.

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

September 30, 2024

(Unaudited)