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Revenue in Excess of Billings - Long Term | 9 Months Ended
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Mar. 31, 2018
Contractors [Abstract] |
Revenue in Excess of Billings - Long Term | NOTE 9 – REVENUES IN EXCESS OF BILLINGS – LONG TERM Revenues in excess of billings, net consisted of the following:
|  | As of |  |  | As of |
|  | March 31, 2018 |  |  | June 30, 2017 |
Revenues in excess of billing - long term |  | $ | 2,066,113 |  |  | $ | 5,483,869 |
Present value discount |  |  | (313,559 | ) |  |  | (310,331 | )
Net Balance |  | $ | 1,752,554 |  |  | $ | 5,173,538 |
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 and nine months ended March 31, 2018, the Company accreted $66,304 and $177,298, respectively, 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://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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