Revenues in Excess of Billings - Long Term

12 Months Ended

Jun. 30, 2019

Contractors [Abstract]

Revenues in Excess of Billings - Long Term

NOTE 9 – REVENUES IN EXCESS OF BILLINGS – LONG TERM

Revenues in excess of billings, net consisted of the following:

	As of			As of
	June 30, 2019			June 30, 2018
Revenues in excess of billing - long term	$	1,380,631		$	1,445,245
Present value discount		(99,139	)		(238,576	)
Net Balance	$	1,281,492		$	1,206,669

Pursuant to revenue recognition for contract accounting, the Company had recorded revenues in excess of billings long-term for amounts billable after one year. During the years ended June 30, 2019 and 2018, the Company accreted $0 and $252,281, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with interest rates ranging from 3.87% to 4.43% during the years ended June 30, 2019 and 2018.