Annual report pursuant to Section 13 and 15(d)

NOTE 12: - BILLINGS IN EXCESS OF COSTS

v2.4.0.6
NOTE 12: - BILLINGS IN EXCESS OF COSTS
12 Months Ended
Dec. 31, 2012
Deferred Revenue Disclosure [Text Block]
NOTE 12:–               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, customer deposits of $16,202 and $55,201 for 2012 and 2011 respectively, and billing in excess of costs and estimated earnings on uncompleted contracts.

The following is a summary of the costs and estimated earnings on uncompleted contracts as of December 31, 2012 and 2011. Open contracts are expected to be completed in the following year:

   
Year ended December 31,
 
   
2012
   
2011
 
Costs incurred on uncompleted contracts
  $ 111,128,026     $ 82,310,317  
Estimated earnings
    18,649,855       18,064,955  
      129,777,881       100,375,272  
Less billings to date
    (117,503,299 )     (96,059,555 )
Total
  $ 12,274,582     $ 4,315,717  
                 
Unbilled receivables
  $ 13,374,004     $ 5,722,781  
Billings in excess of costs (included in deferred revenues)
    (1,099,422 )     (1,407,064 )
Total
  $ 12,274,582     $ 4,315,717