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REVENUES IN EXCESS OF BILLINGS – LONG TERM | 3 Months Ended
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Sep. 30, 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: SCHEDULE OF REVENUE IN EXCESS OF BILLING
|  | As of September 30, 2023 |  |  | As of June 30, 2023 |
Revenues in excess of billings - long term |  | $ | 822,978 |  |  | $ | - |
Present value discount |  |  | (98,103 | ) |  |  | - |
Net Balance |  | $ | 724,875 |  |  | $ | - |
Pursuant to revenue recognition for contract accounting, the Company has recorded revenues in excess of billings long-term for amounts billable after one year. During the three months ended September 30, 2023 and 2022, the Company accreted $6,155 and $9,369, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with an interest rate of 7.34% for the period ended September, 30, 2023. The Company used the discounted cash flow method with interest rates ranging from 4.65% to 6.25% for the period ended September 30, 2022.

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