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Revenues in Excess of Billings - Long Term | 6 Months Ended
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Dec. 31, 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 |
|  | December 31, 2020 |  |  | June 30, 2020 |
Revenues in excess of billings - long term |  | $ | 376,874 |  |  | $ | 1,341,575 |
Present value discount |  |  | (20,815 | ) |  |  | (41,286 | )
Net Balance |  | $ | 356,059 |  |  | $ | 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 and six months ended December 31, 2020, the Company accreted $27,766 and $41,826, respectively. During the three and six months ended December 31, 2019, the Company accreted $13,821 and $27,681, respectively, which were recorded in interest income for those periods. The Company used the discounted cash flow method with an interest rate of 4.65% and 4.35% for the period ended December 31, 2020 and June 30, 2020, respectively.

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