Quarterly report pursuant to Section 13 or 15(d)

Wholly Owned Foreign Subsidiaries

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Wholly Owned Foreign Subsidiaries
9 Months Ended
Sep. 30, 2019
Wholly Owned Foreign Subsidiaries [Abstract]  
Wholly Owned Foreign Subsidiaries

NOTE 20 - WHOLLY OWNED FOREIGN SUBSIDIARIES

 

The financial statements of I.D. Systems’ 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     For the Nine Months Ended  
    September 30,     September 30,  
    2018     2019     2018     2019  
Net revenue   $ 423,000     $ 957,000     $ 945,000     $ 2,178,000  
                                 
Net loss     (17,000 )     (231,000 )     (247,000 )     (162,000 )

 

Total assets of IDS GmbH were $1,430,000 and $2,172,000 as of December 31, 2018 and September 30, 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     For the Nine Months Ended  
    September 30,     September 30,  
    2018     2019     2018     2019  
Net revenue   $ 23,000     $ 47,000     $ 155,000     $ 276,000  
                                 
Net loss     (84,000 )     (83,000 )     (214,000 )     (54,000 )

 

Total assets of IDS Ltd were $1,054,000 and $1,076,000 as of December 31, 2018 and September 30, 2019, respectively. IDS Ltd operates in a local currency environment using the British Pound as its functional currency.