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Revenue in Excess of Billings - Long Term | 6 Months Ended
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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%.

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- Definition The entire disclosure for long-term contracts or programs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 605 -SubTopic 35 -URI http://asc.fasb.org/subtopic&trid=2197326 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 912 -URI http://asc.fasb.org/topic&trid=2145070 + Details
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