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Major Customers
12 Months Ended
Jun. 30, 2020
Risks and Uncertainties [Abstract]  
Major Customers

NOTE 5 – MAJOR CUSTOMERS

 

During the year ended June 30, 2020, revenues from Daimler Financial Services (“DFS”) and BMW Financial (“BMW”) were $14,869,030 and $8,904,809, respectively representing 26.4% and 15.8%, respectively of revenues. During the year ended June 30, 2019, revenues from DFS and BMW were $23,912,605 and $12,522,867 representing 35.3% and 18.5%, respectively of revenues. The revenue from these customers are shown in the Asia – Pacific segment.

 

Accounts receivable from DFS and BMW at June 30, 2020, were $4,821,468 and $474,271, respectively. Accounts receivable at June 30, 2019, were $7,917,814 and $159,322, respectively. Revenues in excess of billings at June 30, 2020 were $5,709,226 and $6,977,375, respectively. Revenues in excess of billings at June 30, 2019, were $4,371,081 and $5,472,043, respectively. Included in this amount was $1,300,289 and $1,281,492 shown as long term at June 30, 2020 and 2019, respectively.