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DEFERRED COSTS/CONTRACT ASSETS and DEFERRED REVENUE/CONTRACT LIABILITIES
 3 Months Ended
Sep. 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 September 30 and June 30, 2023, deferred costs/contract assets totaling $156,718 and $158,552, respectively, consists of costs deferred under contracts not completed and recognized at a point in time ($92,894 and $158,552, respectively), and costs in excess of billings under contracts not completed and recognized over time ($63,824 and $0, respectively). At September 30 and June 30, 2023, deferred revenue/contract liabilities, totaling $208,514 and $466,393, respectively, consists of revenue deferred under contracts not completed and recognized at a point in time ($205,406 and $459,510, respectively), and billings in excess of costs under contracts not completed and recognized over time ($3,108 and $6,883 respectively).

 

 

THE GLIMPSE GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

SEPTEMBER 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
September 30,
2023		   As of
June 30,
2023		 
         
Cost incurred on uncompleted contracts  $186,540   $78,771 
Estimated earnings   378,040    226,096 
Earned revenue   564,580    304,867 
Less: billings to date   503,864    311,750 
Billings in excess of costs, net  $60,716   $(6,883)
           
Balance Sheet Classification          
Contract assets includes, costs and estimated earnings in excess of billings on uncompleted contracts  $63,824   $- 
Contract liabilities includes, billings in excess of costs and estimated earnings on uncompleted contracts   (3,108)   (6,883)
Billings in excess of costs, net  $60,716   $(6,883)