Annual report pursuant to Section 13 and 15(d)

NOTE 11: - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

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NOTE 11: - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
12 Months Ended
Dec. 31, 2016
Deferred Revenue Disclosure [Abstract]  
Deferred Revenue Disclosure [Text Block]
NOTE 11:–                      COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

Billings in excess of costs generated under the percentage-of-completion method are recorded as deferred revenues until the revenue recognition criteria are met. Deferred revenues include unearned amounts received under maintenance and support services and customer deposits of $0 and $251,925 for 2016 and 2015, respectively, and billings in excess of costs and estimated earnings on uncompleted contracts.

The following is a summary of the costs and estimated earnings on contracts as of December 31, 2016 and 2015. Open contracts are expected to be completed in the following year. The billings in excess of costs are included in the deferred revenues line on the balance sheet:

 
 
Year ended December 31,
 
 
 
2016
   
2015
 
Costs incurred on contracts
 
$
153,324,167
   
$
158,113,695
 
Estimated earnings
   
20,754,754
     
26,759,019
 
 
   
174,078,921
     
184,872,714
 
Less billings to date
   
(166,017,018
)
   
(175,971,136
)
Total
 
$
8,061,903
   
$
8,901,578
 
 
               
Costs and estimated earnings in excess of billings
 
$
10,981,577
   
$
12,132,484
 
Billings in excess of costs and estimated earnings (included in deferred revenues)
   
(2,919,674
)
   
(3,230,906
)
Total
 
$
8,061,903
   
$
8,901,578