REVENUES IN EXCESS OF BILLINGS – LONG TERM

6 Months Ended

Dec. 31, 2022

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
	December 31, 2022			June 30, 2022
Revenues in excess of billings - long term	$	613,734		$	881,940
Present value discount		(9,376	)		(28,339	)
Net Balance	$	604,358		$	853,601

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 three and six months ended December 31, 2022, the Company accreted $9,288 and $18,657, respectively. During the three and six months ended December 31, 2021, the Company accreted $9,539 and $19,041, respectively, which was recorded in interest income for that period. The Company used the discounted cash flow method with interest rates ranging from 4.65% to 6.25%.