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DEFERRED COSTS/CONTRACT ASSETS and DEFERRED REVENUE/CONTRACT LIABILITIES
 9 Months Ended
Mar. 31, 2023
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 March 31, 2023 and June 30, 2022, deferred costs/contract assets totaling $72,436 and $39,484, respectively, consists of costs deferred under contracts not completed and recognized at a point in time ($72,436 and $35,469, respectively), and costs in excess of billings under contracts not completed and recognized over time ($0 and $4,015, respectively). At March 31, 2023 and June 30, 2022, deferred revenue/contract liabilities, totaling $529,898 and $841,389, respectively, consists of revenue deferred under contracts not completed and recognized at a point in time ($214,553 and $533,214, respectively), and costs in excess of billings under contracts not completed and recognized over time ($315,345 and $308,175 respectively).

 

 

THE GLIMPSE GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

MARCH 31, 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:

 

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

   As of Mar 31, 2023 
     
Cost incurred on uncompleted contracts  $65,845 
Estimated earnings   210,311 
Earned revenue   276,156 
Less: billings to date   591,501 
Billings in excess of costs, net  $(315,345)
      
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   (315,345)
Billings in excess of costs, net  $(315,345)