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DEFERRED COSTS/CONTRACT ASSETS and DEFERRED REVENUE/CONTRACT LIABILITIES
 9 Months Ended
Mar. 31, 2024
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, 2024 and June 30, 2023, deferred costs/contract assets totaling $72,205 and $158,552, respectively, consists of costs deferred under contracts not completed and recognized at a point in time ($38,977 and $158,552, respectively), and costs in excess of billings under contracts not completed and recognized over time ($33,228 and $0, respectively). At March 31, 2024 and June 30, 2023, deferred revenue/contract liabilities, totaling $69,847 and $466,393, respectively, consists of revenue deferred under contracts not completed and recognized at a point in time ($69,847 and $459,510, respectively), and billings in excess of costs under contracts not completed and recognized over time ($0 and $6,883 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 March 31, 2024   As of June 30, 2023 
         
Cost incurred on uncompleted contracts  $92,287   $78,771 
Estimated earnings   116,941    226,096 
Earned revenue   209,228    304,867 
Less: billings to date   176,000    311,750 
Billings in excess of costs, net  $33,228   $(6,883)
           
Balance Sheet Classification          
           
Contract assets includes, costs and estimated earnings in excess of billings on uncompleted contracts  $33,228   $- 
Contract liabilities includes, billings in excess of costs and estimated earnings on uncompleted contracts   -    (6,883)
Billings in excess of costs, net  $33,228   $(6,883)

 

 

THE GLIMPSE GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

MARCH 31, 2024 AND 2023