Annual report pursuant to Section 13 and 15(d)

NOTE 7: - GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)

v2.4.1.9
NOTE 7: - GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)
12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill [Table Text Block] A summary of the goodwill by business segment is as follows:

   
December 31,
2013
   
Additions
   
Adjustments
(currency)
   
December 31,
2014
 
Training and Simulation Division
 
$
24,435,641
   
$
   
$
   
$
24,435,641
 
Power Systems Division
   
6,589,113
     
15,105,680
     
(708,215
   
20,986,578
 
Total
 
$
31,024,754
   
$
15,105,680
   
$
(708,215
 
$
45,422,219
 
Schedule of Finite-Lived Intangible Assets [Table Text Block] Other intangible assets:

       
December 31,
 
       
2014
   
2013
 
   
Original Useful life
 
Cost
   
Net book value
   
Cost
   
Net book value
 
Technology
    4 - 8 years  
$
9,988,000
   
$
2,988,500
   
$
6,788,000
   
$
94,714
 
Capitalized software costs
    1 - 3 years    
4,072,045
     
347,740
     
3,694,091
     
129,437
 
Trademarks
       10 years    
28,000
     
2,800
     
28,000
     
11,200
 
Backlog/customer relationship
  1 - 10 years    
2,844,000
     
1,440,200
     
744,000
     
24,800
 
Covenant not to compete
         6 years    
400,000
     
382,000
     
-
     
-
 
Customer list
  2 - 10 years    
14,173,645
     
5,880,125
     
6,773,645
     
-
 
         
31,505,690
   
$
11,041,365
     
18,027,736
   
$
260,151
 
Less - accumulated amortization
       
(20,464,325
)
           
(17,767,585
)
       
Amortized cost
       
11,041,365
             
260,151
         
Trademarks (indefinite lives)
       
799,000
             
799,000
         
Net book value
     
$
11,840,365
           
$
1,059,151
         
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] Estimated amortization expenses, using both straight line and accelerated amortization methods, for the years shown is as follows:

Year ending December 31,
 
2015
 
$
2,978,937
 
2016
   
2,580,303
 
2017
   
1,816,875
 
2018
   
1,266,750
 
2019
   
885,000
 
Thereafter
   
1,513,500
 
Total
 
$
11,041,365