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Contract Assets

9 Months Ended

Mar. 31, 2025

Note 4 – Contract assets

Customized software development service revenues are recognized over time using an input measure method (cost-to-cost measure of progress method) to measure progress. Under this method, revenues to date are recognized based on the ratio of costs incurred to date relative to total estimated costs at completion, applied to the total contract transaction price.

Projects with performance obligations recognized over time that have revenue recognized to date in excess of cumulative billings are reported on the Company’s unaudited condensed consolidated balance sheets as “Contract assets”. Provisions for estimated losses of contract assets on uncompleted contracts are made in the period in which such losses are determined.

Contract assets consist of the following:

	As of March 31, 2025		As of June 30, 2024
	(Unaudited)
Revenue recognized	$	602,606	$	-
Less: progress billings		585,000		-
Contract assets	$	17,606	$	-