XML 26 R16.htm IDEA: XBRL DOCUMENT v3.22.0.1
REVENUES IN EXCESS OF BILLINGS – LONG TERM
 6 Months Ended
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:

 

   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)