Quarterly report pursuant to Section 13 or 15(d)

Revenue in Excess of Billings - Long Term

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Revenue in Excess of Billings - Long Term
 3 Months Ended
Sep. 30, 2017
Contractors [Abstract]  
Revenue in Excess of Billings - Long Term

NOTE 9 – REVENUE IN EXCESS OF BILLINGS – LONG TERM

 

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

 

    As of September 30,     As of June 30,  
    2017     2017  
             
Revenue in excess of billing - long term   $ 5,483,869     $ 5,483,869  
Present value discount     (258,609 )     (310,331 )
Net Balance   $ 5,225,260     $ 5,173,538  

 

Pursuant to revenue recognition for contract accounting, the Company has recorded revenue in excess of billings long-term for amounts billable after one year. During the three months ended September 30, 2017 the Company accreted $51,722 which is recorded in interest income for the period. The Company used the discounted cash flow method with an interest rate of 3.96%.