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Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2017
Accounting Policies [Abstract]  
Revenue Recognition, Percentage-of-Completion Method [Policy Text Block]
Revenue and Income Recognition
 
Product and service sales, including those based on time and materials type contracts, are recognized when persuasive evidence of an arrangement exists, product delivery has occurred or services have been rendered, pricing is fixed or determinable, and collection is reasonably assured. Service sales, principally representing repair, maintenance and engineering activities are recognized over the contractual period or as services are rendered.
 
Revenues from fixed price contracts are recognized on the percentage of completion method, measured on the basis of incurred costs to estimated total costs for each contract. This “cost to cost” method is used because management considers it to be the best available measure of progress on these contracts.
 
Contract costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs.
 
The asset, “Cost and estimated earnings in excess of billings on contracts in progress,” represents revenues recognized in excess of amounts billed.
 
The liability, “Billings in excess of costs and estimated earnings on contracts in progress,” represents amounts billed in excess of revenues recognized.
Research, Development, and Computer Software, Policy [Policy Text Block]
Research
and
Development
 
Research and development costs are expensed as incurred. Due to the highly technical nature of our projects, we use our technical staff in a dual role, and based on their contribution to the customer or research and development projects, their costs are charged accordingly to either cost of goods sold or research and development.
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Pronouncements
In
May
2014,
The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.
2014
-
09,
“Revenue from Contracts with Customers” (Topic
606),
which changes the criteria for recognizing revenue. The standard requires an entity which recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard requires a
five
-step process for recognizing revenues including identifying the contract with the customer, identifying the performance obligations in the contract, determining the transaction prices, allocating the transaction price to the performance obligations in the contract, and recognizing revenue when (or as) the entity satisfies a performance obligation. Publicly-traded companies were initially required to adopt the ASU No.
2014
-
09
for reporting periods beginning after
December
15,
2017;
however, the FASB, in
August
2015,
then issued Accounting Standards Update (“ASU”) No.
2015
-
14
to defer the mandatory effective date of ASU
2014
-
09
for all entities by
one
year. Currently, companies
may
choose among different transition alternatives. Management is currently evaluating the impact
that ASU
2014
-
09
will have on the Company’s consolidated financial statements and have not yet determined which method of adoption will be selected.
 
In
April
2015,
the FASB issued ASU No.
2015
-
03,
“Interest-imputation of interest (Subtopic
835
-
30):
Simplifying the Presentation of Debt Issuance Costs”, which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability, rather than as a deferred charge asset. ASU No.
2015
-
03
is effective for the Company beginning
January
1,
2016
and is to be applied retroactively. Management is currently evaluating the effect that this ASU will have on the Company’s consolidated financial statements and related disclosures.
 
In
November
2015,
the FASB issued ASU No.
2015
-
17,
“Balance sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes by requiring that deferred income tax liabilities and assets be classified as noncurrent in our consolidated balance sheet. ASU No.
2015
-
17
is effective for reporting periods beginning after
December
15,
2016,
with early application permitted. The Company will adopt this method beginning in
2017.
 
In
March
2016,
the FASB issued ASU No.
2016
-
09,
“Stock Compensation Improvements to Employee Share-Based Payment Accounting”, which simplifies several aspects of the accounting for share-based payments. ASU
2016
-
09
is effective for reporting periods beginning after
December
15,
2016.
Management is currently evaluating the effect that this ASU will have on the Company’s consolidated financial statements and related disclosures.
 
We believe there is no additional new accounting guidance adopted, but not yet effective that is relevant to the readers of our financial statements. However, there are numerous new proposals under development which, if and when enacted,
may
have a significant impact on our financial reporting.