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Revenues in Excess of Billings - Long Term | 12 Months Ended
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Jun. 30, 2019
Contractors [Abstract] |
Revenues 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 |
|  | June 30, 2019 |  |  | June 30, 2018 |
Revenues in excess of billing - long term |  | $ | 1,380,631 |  |  | $ | 1,445,245 |
Present value discount |  |  | (99,139 | ) |  |  | (238,576 | )
Net Balance |  | $ | 1,281,492 |  |  | $ | 1,206,669 |
Pursuant to revenue recognition for contract accounting, the Company had recorded revenues in excess of billings long-term for amounts billable after one year. During the years ended June 30, 2019 and 2018, the Company accreted $0 and $252,281, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with interest rates ranging from 3.87% to 4.43% during the years ended June 30, 2019 and 2018.

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