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DEFERRED COSTS/CONTRACT ASSETS and DEFERRED REVENUE/CONTRACT LIABILITIES (Tables)

6 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

SCHEDULE OF RECONCILIATION OF COST IN EXCESS OF BILLING FOR CONTRACT RECOGNIZED OVER TIME

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

SCHEDULE OF RECONCILIATION OF COST IN EXCESS OF BILLING FOR CONTRACT 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	)

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- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

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- References

No definition available.

+ Details

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