Customer Advances In Excess Of Costs Incurred On Contracts In Progress

12 Months Ended

Dec. 31, 2019

Costs in Excess of Billings on Uncompleted Contracts or Programs [Abstract]

Customer Advances In Excess Of Costs Incurred On Contracts In Progress

CONTRACT LIABILITIES (CUSTOMER ADVANCES)

	December 31,
	2019		2018
Contract liabilities	$	786,411	$	956,884
Less -
Contract liabilities presented under long-term liabilities	62,830		175,890
	$	723,581	$	780,994

Contract liabilities decreased by approximately $170,473 compared to the beginning balance as of January 1, 2019.

During the year ended December 31, 2019, the Company recognized approximately $613,557 of its contract liabilities at January 1, 2019 as revenue.

As for guarantees and liens, see Notes 21D, 21G and 21H.