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REVENUES IN EXCESS OF BILLINGS – LONG TERM | 12 Months Ended
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Jun. 30, 2022
Contractors [Abstract] |
REVENUES IN EXCESS OF BILLINGS – LONG TERM | NOTE 8 – REVENUES IN EXCESS OF BILLINGS – LONG TERM Revenues in excess of billings, net consisted of the following: SCHEDULE OF REVENUE IN EXCESS OF BILLING
|  | As of |  |  | As of |
|  | June 30, 2022 |  |  | June 30, 2021 |
Revenues in excess of billings - long term |  | $ | 881,940 |  |  | $ | 1,024,382 |
Present value discount |  |  | (28,339 | ) |  |  | (66,779 | )
Net Balance |  | $ | 853,601 |  |  | $ | 957,603 |
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 years ended June 30, 2022 and 2021, the Company accreted $38,005 and $53,119, 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 years ended June 30, 2022 and 2021.

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