Quarterly report pursuant to Section 13 or 15(d)

Wholly Owned Foreign Subsidiaries

v3.19.1
Wholly Owned Foreign Subsidiaries
3 Months Ended
Mar. 31, 2019
Wholly Owned Foreign Subsidiaries [Abstract]  
Wholly Owned Foreign Subsidiaries

NOTE 20 - WHOLLY OWNED FOREIGN SUBSIDIARIES

 

The financial statements of the Company’s wholly owned German subsidiary, IDS GmbH, and United Kingdom subsidiary, IDS Ltd, are consolidated with the financial statements of I.D. Systems, Inc.

 

The net revenue and net loss for IDS GmbH included in the Condensed Consolidated Statement of Operations are as follows:

 

    For the Three Months Ended  
    March 31,  
    2018     2019  
Net revenue   $ 194,000     $ 471,000  
                 
Net loss     (44,000 )     (57,000 )

 

Total assets of IDS GmbH were $1,430,000 and $1,738,000 as of December 31, 2018 and March 31, 2019, respectively. IDS GmbH operates in a local currency environment using the Euro as its functional currency.

 

The net revenue and net loss for IDS Ltd included in the Condensed Consolidated Statement of Operations are as follows:

 

    For the Three Months Ended  
    March 31,  
    2018     2019  
Net revenue   $ 97,000     $ 180,000  
                 
Net (loss) income     46,000       101,000  

 

Total assets of IDS Ltd were $1,054,000 and $1,150,000 as of December 31, 2018 and March 31, 2019, respectively. IDS Ltd operates in a local currency environment using the British Pound as its functional currency.