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Revenues in Excess of Billings - Long Term | 6 Months Ended
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Dec. 31, 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 |
|  | December 31, 2019 |  |  | June 30, 2019 |
Revenues in excess of billing - long term |  | $ | 1,360,823 |  |  | $ | 1,380,631 |
Present value discount |  |  | (69,798 | ) |  |  | (99,139 | )
Net Balance |  | $ | 1,291,025 |  |  | $ | 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 and six months ended December 31, 2019, the Company accreted $13,821 and $27,681 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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