UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 11-K

 

[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

For the fiscal year ended December 31, 2018

 

OR

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

For the transition period from __________ to __________

 

Commission file number: 001-15087

 

A. Full title of the plan and address of the plan, if different from that of the issuer named below:

 

I.D. Systems, Inc. 401(k) Plan

 

B: Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

I.D. Systems, Inc.

123 Tice Boulevard

Woodcliff Lake, New Jersey 07677

 

 

 

 
 

 

I.D. Systems, Inc. 401(k) PLAN

 

TABLE OF CONTENTS

 

  Page
   
Report of Independent Registered Accounting Firm 3
   
Financial Statements  
Statements of Net Assets Available for Benefits as of December 31, 2018 and 2017 4
Statements of Changes in Net Assets Available for Benefits for the Years ended December 31, 2018 and 2017 5
Notes to Financial Statements 6-13
   
Supplementary Information  
Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year) 14
   
Signature 15
   
Exhibit Index 16

 

Other Schedules required by 29CFT2520.103.10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 (“ERISA”) have been omitted because they are not applicable.

 

Page 2
 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Plan Participants and Plan Administrator of the

I.D. Systems, Inc. 401(k) Plan

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of net assets available for benefits of the I.D. Systems, Inc. 401(k) Plan (the “Plan”) as of December 31, 2018 and 2017, and the related statement of changes in net assets available for benefits for the years then ended, and the related notes and schedules (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2018 and 2017, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

Supplemental Information

 

The supplemental information contained in the accompanying Schedule of Assets (Held at End of Year) as of December 31, 2018 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

 

/s/ UHY LLP  

 

We have served as the Plan’s auditor since 2011.

 

New York, New York

June 28, 2019

 

Page 3
 

 

I.D. SYSTEMS, INC. 401(k) PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

 

   December 31, 
   2018   2017 
         
ASSETS          
INVESTMENTS          
I.D. Systems, Inc. unitized account  $334,369   $404,504 
Mutual Funds   6,474,175    7,169,303 
Self-directed brokerage accounts   377,756    596,333 
Common / Collective trusts   881,800    858,588 
Total investments   8,068,100    9,028,728 
           
RECEIVABLES          
Participant contributions   23,796    22,004 
Notes receivable from participants   97,979    101,662 
Total receivables   121,775    123,666 
           
NET ASSETS AVAILABLE FOR BENEFITS  $8,189,875   $9,152,394 

 

See notes to financial statements.

 

Page 4
 

 

I.D. SYSTEMS, INC. 401(k) PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

 

   Year Ended December 31, 
   2018   2017 
         
ADDITIONS          
Investment (Loss) Income          
Interest and Dividends  $9,681   $8,456 
Net (depreciation) appreciation in fair value of investments   (597,532)   1,454,124 
Total investment (loss) income   (587,851)   1,462,580 
           
Contributions          
Participants   751,492    615,385 
Rollover   235,728    463,977 
Total Contributions   987,220    1,079,362 
           
Total Additions   399,369    2,541,942 
           
DEDUCTIONS          
Benefits paid to participants   1,360,096    523,281 
Administrative and other expenses   1,792    1,557 
Total deductions   1,361,888    524,838 
           
Net (decrease) increase   (962,519)   2,017,104 
           
NET ASSETS AVAILABLE FOR BENEFIT, BEGINNING OF YEAR   9,152,394    7,135,290 
NET ASSETS AVAILABLE FOR BENEFIT, END OF YEAR  $8,189,875   $9,152,394 

 

See notes to financial statements.

 

Page 5
 

 

I.D. SYSTEMS, INC. 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2018 and 2017

 

NOTE 1 - DESCRIPTION OF THE PLAN

 

The following description of the I.D. Systems, Inc. 401(k) Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for the Plan’s provisions.

 

General

 

The Plan was originally established in 1998 for the purpose of providing retirement benefits for eligible employees of I.D. System, Inc. (the “Company” or the “Plan Sponsor”). The Plan was amended on July 24, 2017. The Plan is a defined contribution plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). The Trustee of the Plan (the “Trustee”) assets for the years ended December 31, 2018 and 2017 was Reliance Trust Company. The named fiduciary for the administration of the Plan is the Director of Human Resources (the “Plan Administrator”).

 

Contributions

 

Participants in the Plan may elect to defer and contribute from 1% to 100% of their annual eligible compensation, as defined by the Plan, not to exceed dollar limitations that are set by law. Participants age 50 or older may elect to defer and contribute additional amounts to the Plan up to a maximum that is set by law. Participants may also contribute (rollover) amounts representing distributions from other qualified defined benefit or qualified defined contribution plans.

 

Each year, the Company may contribute to the Plan a discretionary matching contribution. Matching contributions are subject to vesting requirements. For the plan years ended December 31, 2018 and 2017, the Company did not declare any discretionary matching contribution.

 

Participant Accounts

 

Each participant account is credited with the participant’s share of any employer contributions, any contributions made by the participant, and the participants share of any investment earnings (losses) and increases (decreases) in the value of investments. All reasonable costs and expenses incurred by the Administrator and the Trustee in administering the Plan are charged against the accounts of all participants unless the Company elects to pay such expenses. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

 

Vesting

 

Participants are immediately vested in their contributions plus actual earnings (losses) thereon. Participants vest in the Plan’s discretionary match portion of their accounts as follows:

 

Years of Vesting
Service
  Percentage Vested 
Less than 1 year   0%
1 but less than 2 years   20%
2 but less than 3 years   40%
3 but less than 4 years   60%
4 but less than 5 years   80%
5 or more years   100%

 

Page 6
 

 

I.D. SYSTEMS, INC. 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2018 and 2017

 

NOTE 1 - DESCRIPTION OF THE PLAN (Continued)

 

Notes Receivable from Participants

 

The Plan permits participants to borrow from their vested account balance. A participant is permitted to borrow up to 50% of his or her vested account balance, not to exceed $50,000. The minimum loan a participant may take is $1,000. All loans must be repaid in level payments on at least a quarterly basis over a five-year period unless the loan is for the purchase of a principal residence in which case the loan may be repaid within a reasonable period of time determined at the time the loan is made. The loans are secured by the balance of the participant’s vested account and bear interest at a rate commensurate with market rates.

 

Payment of Benefits

 

A participant’s vested account balance is payable upon retirement, disability, death or other termination of employment. Distributions are payable in a lump sum or in installments over a period not exceeding the participant’s life expectancy. However, if the value of a participant’s vested account is $5,000 or less, it is only payable in a lump sum.

 

A participant may withdraw all or a portion of his or her vested account during employment if he or she has reached age 59-1/2. A participant may withdraw his or her own contributions (but not earnings on those contributions) during employment for certain hardship reasons.

 

Upon the death of an active participating employee, such employee’s beneficiary is entitled to the total amount of the employee’s account without penalty plus an allocation of any Company contribution relating to the year in which the death occurred.

 

Separated participants with vested account balances exceeding $5,000 may delay the timing of the receipt of benefits subject to minimum distribution rules required by law. Participants with a balance of $5,000 or less may be paid out without the participant’s consent in a single-sum payment or by direct rollover to an individual retirement account (“IRA”) or other eligible retirement plan as soon as reasonably practicable following the date of employment termination.

 

Forfeited Accounts

 

If a participant terminates employment with the Company at a time when the participant does not have a fully vested account, the nonvested employer contributions and actual earnings thereon are forfeited. Forfeitures may be used to reduce future discretionary employer matching contributions or cover future administrative expenses. Forfeitures in the amount of $400 and $400 were used during the years ended December 31, 2018 and 2017, respectively, to pay for the Plan’s expenses. Forfeitures available at December 31, 2018 and 2017 totaled $6,744 and $7,030, respectively.

 

Plan Termination

 

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and/or to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants would become fully vested with all rights to any amounts in their respective accounts.

 

Page 7
 

 

I.D. SYSTEMS, INC. 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2018 and 2017

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Accounting

 

The financial statements of the Plan are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.

 

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Investment Valuation and Income Recognition

 

Investments are participant directed and reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

 

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis and dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

 

Notes Receivable from Participants

 

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable are recorded as deemed distributions based upon the terms of the Plan document.

 

Benefit Payments

 

Benefits are recorded when paid.

 

Administrative Expenses

 

Administrative expenses, including custodial and administrative fees, are paid by the Plan. Administrative expenses for loans and distributions are paid by the participant. Certain other expenses such as audit and accounting fees are paid by the Company.

 

Recent Accounting Pronouncements

 

In August 2018, the Financial Accounting Standards Board issued Accounting Standards Update No. 2018-13, Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement. The objective of this guidance is to improve the effectiveness of disclosure requirements for fair value measurement. The updated guidance is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. This standard is not expected to have a significant impact on the Plan’s financial statements and related disclosures.

 

Page 8
 

 

I.D. SYSTEMS, INC. 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2018 and 2017

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

Subsequent Events

 

The Plan has evaluated subsequent events through June 28, 2019, the date the financial statements were available to be issued.

 

NOTE 3 - FAIR VALUE MEASUREMENTS

 

Financial Accounting Standards Board Accounting Standards Codification (“Codification”), Fair Value Measurements and Disclosures , provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the Codification are as follows:

 

Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
   
Level 2 Inputs to the valuation methodology include:

 

  Quoted prices for similar assets or liabilities in active markets;
     
  Quoted prices for identical or similar assets or liabilities in inactive markets;
     
  Inputs other than quoted prices that are observable for asset or liability;
     
  Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

 

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

 

Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

 

Page 9
 

 

I.D. SYSTEMS, INC. 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2018 and 2017

 

NOTE 3 - FAIR VALUE MEASUREMENTS (Continued)

 

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2018 and 2017.

 

I.D. Systems, Inc. unitized account: Valued at closing price reported on active market on which the securities are traded, plus money market funds held.

 

Self-directed brokerage accounts: Accounts primarily consist of mutual funds and common stocks that are valued on the basis of readily determinable market prices.

 

Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-ended mutual funds that are registered with the Securities and Exchange Commission (“SEC”). These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.

 

Common/Collective trusts: Valued at the NAV of units of a collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities.

 

The preceding methods described may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

 

Page 10
 

 

I.D. SYSTEMS, INC. 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2018 and 2017

 

NOTE 3 - FAIR VALUE MEASUREMENTS (Continued)

 

The following table presents the fair value hierarchy for the Plan’s investments at fair value as of December 31, 2018 and 2017:

 

   Investments at Fair Value as of December 31, 2018 
   Level 1   Level 2   Level 3   Total 
                 
I.D. Systems, Inc. unitized account  $334,369   $-   $-   $334,369 
Mutual Funds   6,474,175    -            -    6,474,175 
Self-directed brokerage accounts   377,756            -    -    377,756 
Total assets in the fair value hierarchy  $7,186,300   $-   $-   $7,186,300 
Investments measured at net asset value (a)                  881,800 
Total investments at fair value                 $8,068,100 

 

   Investments at Fair Value as of December 31, 2017 
   Level 1   Level 2   Level 3   Total 
                 
I.D. Systems, Inc. unitized account  $404,504   $-   $-   $404,504 
Mutual Funds   7,169,303                -                -    7,169,303 
Self-directed brokerage accounts   596,333    -    -    596,333 
Total assets in the fair value hierarchy  $8,170,140   $-   $-   $8,170,140 
Investments measured at net asset value (a)                  858,588 
Total investments at fair value                 $9,028,728 

 

(a) In accordance with Subtopic 820-10, certain investments that were measured at net asset value per share (or its equivalent) using the practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.

 

The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period.

 

Transfers between levels

 

For the years ended December 31, 2018 and 2017, there were no significant transfers between Levels 1 and 2 and no transfers in or out of Level 3.

 

Investments Measured Using the Net Asset Value per Share Practical Expedient

 

The investment in Common/Collective trusts for which fair value is measured using the net asset value per share practical expedient was $881,800 and $858,588 as of December 31, 2018 and 2017, respectively. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan. As of December 31, 2018 and 2017, there were no unfunded commitments. The investment carries a daily redemption frequency, with a redemption notice period of 12 months at December 31, 2018 and 2017.

 

Page 11
 

 

I.D. SYSTEMS, INC. 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2018 and 2017

 

NOTE 4 - RELATED PARTY TRANSACTIONS

 

The Plan allows for transactions with certain parties who may perform services or have fiduciary responsibilities to the Plan, including the Company. Certain Plan investments are shares of various mutual funds that are owned and managed by Mass Mutual, who has been designated as the custodian and recordkeeper. The Plan invests in common stock of the Company and issues loans to participants. These transactions qualify as party-in-interest transactions. Fees paid to Mass Mutual for the years ended December 31, 2018 and 2017 were $30,428 and $32,297, respectively.

 

NOTE 5 - TAX STATUS

 

The Plan is based on a “volume submitter” plan document. The sponsor of the volume submitter document has received a favorable determination letter from the Internal Revenue Service (IRS) dated January 31, 2006, stating that the form of the Plan is qualified under Section 401 of the Internal Revenue Code (the “Code”), and therefore, the related trust is tax exempt. In accordance with Revenue Procedure 2005-16, the Company has chosen to rely on the IRS determination letter issued to the sponsor of the volume submitter document as evidence that the form of the Plan is tax-qualified. The Plan is also required to be operated in conformity with the Code to maintain its tax-qualified status. The Plan administrator believes that the Plan, which has been amended since the date of the determination letter, continues to be tax-qualified in both form and operation.

 

Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2018, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

 

NOTE 6 - RISKS AND UNCERTAINTIES

 

The Plan invests in various investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of the investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

 

Page 12
 

 

I.D. SYSTEMS, INC. 401(k) PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2018 and 2017

 

NOTE 7 - RECONCILIATION OF CERTAIN FINANCIAL STATEMENT AMOUNTS TO AMOUNTS IN FORM 5500

 

The Plan prepares its Form 5500 on a cash basis. The following is a reconciliation of net assets available for benefits from Form 5500 to the financial statements as of December 31:

 

   2018   2017 
         
Net assets available for benefits per Form 5500  $8,166,079   $9,130,390 
Add: Participants contribution receivable - employee   23,796    22,004 
Net assets available for benefits per the financial statements  $8,189,875   $9,152,394 

 

The following is a reconciliation of net increase in net assets available for benefit from Form 5500 to the financial statements as of December 31:

 

   2018   2017 
         
Net (decrease) increase in net assets available for benefit per Form 5500  $(964,311)  $2,012,296 
Add: Participant contribution receivable - employee   23,796    22,004 
Less: Prior year participant contribution receivable - employee   (22,004)   (17,196)
Net (decrease) increase in net assets available for benefit per financial statements  $(962,519)  $2,017,104 

 

The following is a reconciliation of participant contributions from Form 5500 to the financial statements as of December 31:

 

   2018   2017 
         
Participant contributions per Form 5500  $985,428   $1,074,554 
Add: Current year participant contribution receivable - employee   23,796    22,004 
Less: Prior year participant contribution receivable - employee   (22,004)   (17,196)
Participant contributions including rollover per the financial statements  $987,220   $1,079,362 

 

Page 13
 

 

I.D. SYSTEMS, INC. 401(k) PLAN

SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)

EIN 22-3270799 PLAN #001

December 31, 2018

 

   (b)   (c)         
  

Identity of Issue

  

Description of Investment, Including

       (e) 
   Borrower, Lessor or   Maturity Date, Rate of Interest,   (d)   Current 
(a)  Similar Party   Collateral, Par or Maturity Value   Cost**   Value 
                 
    Alger      Alger Mid Cap Growth Institutional          $641,617 
    American Funds      American Funds American Balanced Fund           1,000,312 
    American Funds      American Funds Europacific Growth           264,838 
    American Funds      American Fund Growth Fund of America           538,414 
    BlackRock      BlackRock Lifepath Dynamic 2020           9,149 
    BlackRock      BlackRock Lifepath Dynamic 2030           64,021 
    BlackRock      BlackRock Lifepath Dynamic 2040           365,339 
    BlackRock      BlackRock Lifepath Dynamic Retirement           5,180 
    Charles Schwab      Schwab Self-Directed Brokerage Account           377,756 
    Davis Funds      Davis New York Venture Fund           208,334 
*   Hartford Mutual Funds      The Hartford Total Return Bond           245,798 
*   I.D. Systems Inc. unitized account      Unitized Account           334,369 
    Invesco      Invesco Small Cap Equity           232,030 
    Invesco      Invesco Value Opportunities           105,144 
    Janus Henderson      Janus Henderson Forty           1,014,447 
    Janus Henderson      Janus Henderson Overseas           341,609 
    JP Morgan      JP Morgan US Government Money Market Fund           200,539 
    PIMCO      PIMCO Total Return           358,237 
    Pioneer Investments      Pioneer Mid Cap Value           266,751 
    Putnam Investments      Putnam Multi-Cap Growth Fund           426,386 
    Putnam Investments      Putnam Sustainable Leaders           186,030 
    State Street Global Advisors      SSgA S&P 500 Index Securities Lending Series Fund Collective Trusts           881,800 
                     
*   Participant Loans      Interest rate of 9%      -    97,979 
                  $8,166,079 

 

* Indicates party-in-interest to the Plan.

** Cost omitted for participant directed investment

 

Page 14
 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrator of the I.D. Systems, Inc. 401(k) Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    I.D. Systems Inc. 401(k) Plan
     
    /s/ Ned Mavrommatis
    Ned Mavrommatis
    Chief Financial Officer and Treasurer
     
    June 28, 2019
    Date

 

Page 15
 

 

EXHIBIT INDEX

 

Exhibit No.   Description
     
23.1   Consent of Independent Registered Public Accounting Firm

 

Page 16