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REVENUES IN EXCESS OF BILLINGS – LONG TERM | 9 Months Ended
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Mar. 31, 2022
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 |
|  | March 31, 2022 |  |  | June 30, 2021 |
Revenues in excess of billings - long term |  | $ | 1,032,195 |  |  | $ | 1,024,382 |
Present value discount |  |  | (38,333 | ) |  |  | (66,779 | )
Net Balance |  | $ | 993,862 |  |  | $ | 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 nine months ended March 31, 2022, the Company accreted $9,546 and $28,587, respectively. During the three and nine months ended March 31, 2021, the Company accreted $2,331 and $44,157, 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 March 31, 2022 (Unaudited)

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