NOTE 19 - WHOLLY OWNED FOREIGN SUBSIDIARIES

The financial statements of the Company’s wholly owned German subsidiary, I.D. Systems GmbH (“IDS GmbH”), and United Kingdom subsidiary, I.D. Systems (UK) Ltd (“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,
	2014		2015
Net revenue	$	613,000	$	291,000

Net (loss) income		63,000		(96,000)

Total assets of IDS GmbH were $4,235,000 and $3,461,000 as of December 31, 2014 and March 31, 2015, 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,
	2014		2015
Net revenue	$	100,000	$	236,000

Net loss		(87,000)		(63,000)

Total assets of IDS Ltd were $1,937,000 and $1,949,000 as of December 31, 2014 and March 31, 2015, respectively. IDS Ltd operates in a local currency environment using the British Pound as its functional currency.

Gains and losses resulting from foreign currency transactions are included in determining net income or loss. Foreign currency transactions gains (losses) for the three-month periods ended March 31, 2014 and 2015 of $3,000 and $(18,000), respectively, are included in selling, general and administrative expenses in the Condensed Consolidated Statement of Operations.