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Revenue in Excess of Billings - Long Term | 12 Months Ended
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Jun. 30, 2018
Contractors [Abstract] |
Revenue in Excess of Billings - Long Term | NOTE 8 – REVENUE IN EXCESS OF BILLINGS – LONG TERM Revenue in excess of billings, net consisted of the following:
|  | As of June 30, |  |  | As of June 30, |
|  | 2018 |  |  | 2017 |
Revenues in excess of billing - long term |  | $ | 1,445,245 |  |  | $ | 5,483,869 |
Present value discount |  |  | (238,576 | ) |  |  | (310,331 | )
Net Balance |  | $ | 1,206,669 |  |  | $ | 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 year ended June 30, 2018, the Company accreted $252,281, which is recorded in interest income for the period. The Company used the discounted cash flow method with interest rates ranging from 3.87% to 4.43%.

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- Definition The entire disclosure for long-term contracts or programs. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 912 -URI http://asc.fasb.org/topic&trid=2145070 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 35 -URI http://asc.fasb.org/subtopic&trid=2197326 + Details
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