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REVENUES IN EXCESS OF BILLINGS – LONG TERM
 12 Months Ended
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:

           
   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.