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ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Dec. 31, 2022
Accounting Policies [Abstract] |
SCHEDULE OF FAIR VALUE OF FINANCIAL ASSETS MEASURED ON RECURRING BASIS | The Company’s financial assets that were measured at fair value on a recurring basis as of December 31, 2022, were as follows: SCHEDULE OF FAIR VALUE OF FINANCIAL ASSETS MEASURED ON RECURRING BASIS
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Assets |
Revenues in excess of billings - long term |  | $ | - |  |  | $ | - |  |  | $ | 604,358 |  |  | $ | 604,358 |
Total |  | $ | - |  |  | $ | - |  |  | $ | 604,358 |  |  | $ | 604,358 |
The Company’s financial assets that were measured at fair value on a recurring basis as of June 30, 2022, were as follows:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Assets |
Revenues in excess of billings - long term |  | $ | - |  |  | $ | - |  |  | $ | 853,601 |  |  | $ | 853,601 |
Total |  | $ | - |  |  | $ | - |  |  | $ | 853,601 |  |  | $ | 853,601 |
SCHEDULE OF FAIR VALUE OF FINANCIAL INSTRUMENTS RECONCILIATION | The reconciliation from June 30, 2022 to December 31, 2022 is as follows: SCHEDULE OF FAIR VALUE OF FINANCIAL INSTRUMENTS RECONCILIATION
|  | Revenues in excess of billings - long term |  |  | Fair value discount |  |  | Total |
Balance at June 30, 2022 |  | $ | 881,940 |  |  | $ | (28,339 | ) |  | $ | 853,601 |
Amortization during the period |  |  | - |  |  |  | 18,657 |  |  |  | 18,657 |
Transfers to short term |  |  | (268,116 | ) |  |  | - |  |  |  | (268,116 | )
Effect of Translation Adjustment |  |  | (90 | ) |  |  | 306 |  |  |  | 216 |
Balance at December 31, 2022 |  | $ | 613,734 |  |  | $ | (9,376 | ) |  | $ | 604,358 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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