Annual report pursuant to Section 13 and 15(d)

NOTE 12: - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS

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NOTE 12: - COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS
12 Months Ended
Dec. 31, 2014
Deferred Revenue Disclosure [Abstract]  
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 and customer deposits of $264,339 and $287,830 for 2014 and 2013, 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, 2014 and 2013. Open contracts are expected to be completed in the following year. The billings in excess of costs are included in the deferred revenue line of the balance sheet:

   
Year ended December 31,
   
2014
   
2013
Costs incurred on uncompleted contracts
 
$
231,676,372
   
$
133,537,092
 
Estimated earnings
   
46,179,276
     
24,312,101
 
     
277,855,648
     
157,849,193
 
Less billings to date
   
(265,026,596
)
   
(152,849,352
)
Total
 
$
12,829,052
   
$
4,999,841
 
                 
Costs and estimated earnings in excess of billings
 
$
15,937,060
   
$
8,463,920
 
Billings in excess of costs and estimated earnings (included in deferred revenues)
   
(3,108,008
)
   
(3,464,079
)
Total
 
$
12,829,052
   
$
4,999,841