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Revenues in Excess of Billings - Long Term | 9 Months Ended
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Mar. 31, 2020
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 |
|  | March 31, 2020 |  |  | June 30, 2019 |
Revenues in excess of billings - long term |  | $ | 1,337,791 |  |  | $ | 1,380,631 |
Present value discount |  |  | (54,893 | ) |  |  | (99,139 | )
Net Balance |  | $ | 1,282,898 |  |  | $ | 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 nine months ended March 31, 2020, the Company accreted $13,940 and $41,621 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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