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REVENUES IN EXCESS OF BILLINGS – LONG TERM | 3 Months Ended
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Sep. 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: SCHEDULE OF REVENUE IN EXCESS OF BILLING
|  | As of |  |  | As of |
|  | September 30, 2024 |  |  | June 30, 2024 |
Revenues in excess of billings - long term |  | $ | 1,000,255 |  |  | $ | 1,106,475 |
Present value discount |  |  | (133,867 | ) |  |  | (152,446 | )
Net Balance |  | $ | 866,388 |  |  | $ | 954,029 |
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, 2024 and 2023, the Company accreted $18,367 and $6,155, 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 period ended September, 30, 2024 and June 30, 2024. NETSOL TECHNOLOGIES, INC. Notes to Condensed Consolidated Financial Statements September 30, 2024 (Unaudited)

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