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DEFERRED COSTS/CONTRACT ASSETS and DEFERRED REVENUE/CONTRACT LIABILITIES
 6 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
DEFERRED COSTS/CONTRACT ASSETS and DEFERRED REVENUE/CONTRACT LIABILITIES

NOTE 7. DEFERRED COSTS/CONTRACT ASSETS and DEFERRED REVENUE/CONTRACT LIABILITIES

 

At December 31 and June 30, 2022, deferred costs/contract assets totaling $109,739 and $39,484, respectively, consists of costs deferred under contracts not completed and recognized at a point in time ($109,739 and $35,469, respectively), and costs in excess of billings under contracts not completed and recognized over time ($0 and $4,015, respectively). At December 31 and June 30, 2022, deferred revenue/contract liabilities, totaling $754,779 and $841,389, respectively, consists of revenue deferred under contracts not completed and recognized at a point in time ($452,864 and $533,214, respectively), and costs in excess of billings under contracts not completed and recognized over time ($301,915 and $308,175 respectively).

 

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 December 31, 2022 
     
Cost incurred on uncompleted contracts  $129,043 
Estimated earnings   277,942 
Earned revenue   406,985 
Less: billings to date   708,900 
Billings in excess of costs, net  $(301,915)
      
Balance Sheet Classification     
Contract assets includes, costs and estimated earnings in excess of billings on uncompleted contracts  $- 
Contract liabilities includes, billings in excess of costs and estimated earnings on uncompleted contracts   (301,915)
Billings in excess of costs, net  $(301,915)

 

 

THE GLIMPSE GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

DECEMBER 31, 2022 AND 2021