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REVENUES IN EXCESS OF BILLINGS – LONG TERM
 12 Months Ended
Jun. 30, 2024
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 
   June 30, 2024   June 30, 2023 
         
Revenues in excess of billings - long term  $1,106,475   $   - 
Present value discount   (152,446)   - 
Net Balance  $954,029   $- 

 

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 years ended June 30, 2024 and 2023, the Company accreted $42,814 and $28,029, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with interest rates ranging from 7.3% to 17.5%, for the year ended June 30, 2024, an interest rate of 4.35% during the year ended June 30, 2023.