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Revenues in Excess of Billings - Long Term | 3 Months Ended
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Sep. 30, 2019
Contractors [Abstract] |
Revenues in Excess of Billings - Long Term | NOTE 10 – REVENUES IN EXCESS OF BILLINGS – LONG TERM Revenues in excess of billings, net consisted of the following:
|  | As of |  |  | As of |
|  | September 30, 2019 |  |  | June 30, 2019 |
Revenues in excess of billing - long term |  | $ | 1,328,423 |  |  | $ | 1,380,631 |
Present value discount |  |  | (81,763 | ) |  |  | (99,139 | )
Net Balance |  | $ | 1,246,660 |  |  | $ | 1,281,492 |
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 three months ended September 30, 2019 and 2018, the Company accreted $13,860 and $nil which was recorded in interest income for that period. The Company used the discounted cash flow method with an interest rate of 4.35%.

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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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