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REVENUES IN EXCESS OF BILLINGS – LONG TERM
 6 Months Ended
Dec. 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 
  

December 31,

2023

  

June 30,

2023

 
         
Revenues in excess of billings - long term  $819,885   $- 
Present value discount   (85,488)   - 
Net Balance  $734,397   $- 

 

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 and six months ended December 31, 2023, the Company accreted $12,309 and $18,464, respectively, which was recorded in interest income for that period. During the three and six months ended December 31, 2022, the Company accreted $9,288 and $18,657, respectively. The Company used the discounted cash flow method with an interest rate of 7.34% for the period ended December 31, 2023. The Company used the discounted cash flow method with interest rates ranging from 4.65% to 6.25% for the period ended December 31, 2022.

 

 

NETSOL TECHNOLOGIES, INC.

Notes to Condensed Consolidated Financial Statements

December 31, 2023

(Unaudited)