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DEFERRED COSTS/CONTRACT ASSETS and DEFERRED REVENUE/CONTRACT LIABILITIES
 12 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
DEFERRED COSTS/CONTRACT ASSETS and DEFERRED REVENUE/CONTRACT LIABILITIES

NOTE 8. DEFERRED COSTS/CONTRACT ASSETS and DEFERRED REVENUE/CONTRACT LIABILITIES

 

At June 30, 2023 and 2022, deferred costs/contract assets totaling $158,552 and $39,484, respectively, consists of costs deferred under contracts not completed and recognized at a point in time ($158,552 and $35,470, respectively), and costs in excess of billings under contracts not completed and recognized over time ($0 and $4,014, respectively). At June 30, 2023 and 2022, deferred revenue/contract liabilities, totaling $466,393 and $841,389, respectively, consists of revenue deferred under contracts not completed and recognized at a point in time ($459,510 and $533,214, respectively), and billings in excess of costs under contracts not completed and recognized over time ($6,883 and $308,175 respectively).

 

 

THE GLIMPSE GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2023 AND 2022

 

The following table shows the reconciliation of the costs in excess of billings and billings in excess of costs for contracts recognized over time:

 

  

As of

June 30, 2023

  

As of

June 30, 2022

 
         
Cost incurred on uncompleted contracts  $78,771   $199,571 
Estimated earnings   226,096    437,944 
Earned revenue   304,867    637,515 
Less: billings to date   311,750    941,676 
Billings in excess of costs, net  $(6,883)  $(304,161)
           
Balance Sheet Classification          
Contract assets includes, costs and estimated earnings in excess of billings on uncompleted contracts  $-   $4,014 
Contract liabilities includes, billings in excess of costs and estimated earnings on uncompleted contracts   (6,883)   (308,175)
Billings in excess of costs, net  $(6,883)  $(304,161)