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REVENUES IN EXCESS OF BILLINGS – LONG TERM
 9 Months Ended
Mar. 31, 2023
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 
   March 31, 2023   June 30, 2022 
         
Revenues in excess of billings - long term  $        -   $881,940 
Present value discount   -    (28,339)
Net Balance  $-   $853,601 

 

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, 2023, the Company accreted $9,372 and $28,029, respectively. During the three and nine months ended March 31, 2022, the Company accreted $9,546 and $28,587, 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%.