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
 6 Months Ended
Dec. 31, 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 December 31,     As of June 30,  
    2017     2017  
Revenue in excess of billing - long term   $ 6,953,248     $ 5,483,869  
Present value discount     (284,394 )     (310,331 )
Net Balance   $ 6,668,854     $ 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 and six months ended December 31, 2017, the Company accreted $59,272 and $110, 994, respectively, which is recorded in interest income. The Company used the discounted cash flow method with interest rates ranging from 3.93% to 4.43%.