DEFERRED COSTS/CONTRACT ASSETS AND DEFERRED REVENUE/CONTRACT LIABILITIES

3 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

DEFERRED COSTS/CONTRACT ASSETS AND DEFERRED REVENUE/CONTRACT LIABILITIES

NOTE 8. DEFERRED COSTS/CONTRACT ASSETS AND DEFERRED REVENUE/CONTRACT LIABILITIES

As of September and June 30, 2024, deferred costs/contract assets totaling $320,372 and $170,781, respectively, consists of costs deferred under contracts not completed and recognized at a point in time ($288,014 and $135,057, respectively), and costs in excess of billings under contracts not completed and recognized over time ($32,358 and $35,724, respectively). As of September and June 30, 2024, deferred revenue/contract liabilities, totaling $447,858 and $72,788, respectively, consists of revenue deferred under contracts not completed and recognized at a point in time ($447,858 and $72,788, respectively), and billings in excess of costs under contracts not completed and recognized over time ($0 and $0 respectively).

THE GLIMPSE GROUP, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 September 30, 2024		As of June 30, 2024
Cost incurred on uncompleted contracts	$	108,585	$	106,035
Estimated earnings		99,773		105,689
Earned revenue		208,358		211,724
Less: billings to date		176,000		176,000
Billings in excess of costs, net	$	32,358	$	35,724
Balance Sheet Classification
Contract assets includes, costs and estimated earnings in excess of billings on uncompleted contracts	$	32,358	$	35,724
Contract liabilities includes, billings in excess of costs and estimated earnings on uncompleted contracts		-		-
Billings in excess of costs, net	$	32,358	$	35,724