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Revenues in Excess of Billings - Long Term | 3 Months Ended
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Sep. 30, 2020
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 |
|  | September 30, 2020 |  |  | June 30, 2020 |
Revenues in excess of billings - long term |  | $ | - |  |  | $ | 1,341,575 |
Present value discount |  |  | - |  |  |  | (41,286 | )
Net Balance |  | $ | - |  |  | $ | 1,300,289 |
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, 2020 and 2019, the Company accreted $14,060 and $13,860, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with an interest rate of 4.35%. During the quarter, the long-term amount was reclassified as short term upon meeting the billing criteria.

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