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Accounting Policies (Tables) | 9 Months Ended
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Mar. 31, 2020
Accounting Policies [Abstract] |
Schedule of Fair Value of Financial Assets Measured on Recurring Basis | The Company’s assets that were measured at fair value on a recurring basis as of March 31, 2020, were as follows:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Assets |
Revenues in excess of billings - long term |  | $ | - |  |  | $ | - |  |  | $ | 1,282,898 |  |  | $ | 1,282,898 |
Total |  | $ | - |  |  | $ | - |  |  | $ | 1,282,898 |  |  | $ | 1,282,898 |
The Company’s financial assets that were measured at fair value on a recurring basis as of June 30, 2019, were as follows:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Assets |
Revenues in excess of billings - long term |  | $ | - |  |  | $ | - |  |  | $ | 1,281,492 |  |  | $ | 1,281,492 |
Total |  | $ | - |  |  | $ | - |  |  | $ | 1,281,492 |  |  | $ | 1,281,492 |
Schedule of Fair Value of Financial Instruments Reconciliation | The reconciliation from June 30, 2019 to March 31, 2020 is as follows:
|  | Revenues in excess of billings - long term |  |  | Fair value discount |  |  | Total |
Balance at June 30, 2018 |  | $ | 1,445,245 |  |  | $ | (238,576 | ) |  | $ | 1,206,669 |
Effect of ASC 606 adoption |  |  | (1,445,245 | ) |  |  | 238,576 |  |  |  | (1,206,669 | )
Additions |  |  | 1,380,631 |  |  |  | (99,139 | ) |  |  | 1,281,492 |
Balance at June 30, 2019 |  | $ | 1,380,631 |  |  | $ | (99,139 | ) |  | $ | 1,281,492 |
Amortization during the period |  |  | - |  |  |  | 41,621 |  |  |  | 41,621 |
Effect of Translation Adjustment |  |  | (42,840 | ) |  |  | 2,625 |  |  |  | (40,215 | )
Balance at March 31, 2020 |  | $ | 1,337,791 |  |  | $ | (54,893 | ) |  | $ | 1,282,898 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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