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REVENUES IN EXCESS OF BILLINGS – LONG TERM | 6 Months Ended
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Dec. 31, 2021
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: SCHEDULE OF REVENUE IN EXCESS OF BILLING
|  | As of |  |  | As of |
|  | December 31, 2021 |  |  | June 30, 2021 |
Revenues in excess of billings - long term |  | $ | 1,033,842 |  |  | $ | 1,024,382 |
Present value discount |  |  | (48,070 | ) |  |  | (66,779 | )
Net Balance |  | $ | 985,772 |  |  | $ | 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 three and six months ended December 31, 2021, the Company accreted $9,539 and $19,041, respectively. During the three and six months ended December 31, 2020, the Company accreted $27,766 and $41,826, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with interest rates ranging from 4.65% to 6.25%. NETSOL TECHNOLOGIES, INC. Notes to Condensed Consolidated Financial Statements December 31, 2021 (Unaudited)

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