UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________
FORM 11-K
____________________________
ý | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the fiscal year ended December 31, 2012
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 | 2 | |
Financial Statements | ||
Statements of Net Assets Available for Benefits | 3 | |
Statement of Changes in Net Assets Available for Benefits | 4 | |
Notes to Financial Statements | 5-13 | |
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.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Participants and Administrator of the
I.D. Systems, Inc. 401(k) Plan
We have audited the accompanying statements of net assets available for benefits under the I.D. Systems, Inc. 401(k) Plan (the “Plan”) as of December 31, 2012 and 2011, and the related statement of changes in net assets available for benefits for the year ended December 31, 2012. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2012 and 2011, and the changes in net assets available for benefits for the year ended December 31, 2012, in conformity with accounting principles generally accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental
Schedule of Assets (Held at End of Year) is presented for the purpose of additional analysis and is not a required part of the
basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility
of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of
the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ UHY LLP
New York, New York
June 28, 2013
Page 2 |
I.D. SYSTEMS, INC. 401(k) PlaN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, | ||||||||
2012 | 2011 | |||||||
ASSETS | ||||||||
INVESTMENTS | ||||||||
ID Systems, Inc. common stock | $ | 319,476 | $ | 287,609 | ||||
Mutual Funds | 3,939,436 | 2,963,832 | ||||||
Self-directed brokerage accounts | 215,441 | 184,291 | ||||||
Common/ Collective trusts | 215,688 | 127,868 | ||||||
Total investments | 4,690,041 | 3,563,600 | ||||||
RECEIVABLES | ||||||||
Participant contributions | 14,628 | 14,081 | ||||||
Notes receivable from participants | 181,378 | 211,166 | ||||||
Total receivables | 196,006 | 225,247 | ||||||
NET ASSETS AVAILABLE FOR BENEFITS | $ | 4,886,047 | $ | 3,788,847 |
See notes to financial statements.
Page 3 |
I.D. SYSTEMS, INC. 401(k) PlaN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
For the Year Ended December 31, 2012
ADDITIONS | ||||
Investment Income | ||||
Interest and Dividends | $ | 15,681 | ||
Net appreciation in fair value of investments | 568,875 | |||
Total investment income | 584,556 | |||
Contributions | ||||
Participants | 635,329 | |||
Rollover | 181,105 | |||
Total Contributions | 816,434 | |||
Total Additions | 1,400,990 | |||
DEDUCTIONS | ||||
Benefits paid to participants | 301,611 | |||
Administrative and other expenses | 2,179 | |||
Total deductions | 303,790 | |||
Net increase | 1,097,200 | |||
NET ASSETS AVAILABLE FOR BENEFIT, BEGINNING OF YEAR | 3,788,847 | |||
NET ASSETS AVAILABLE FOR BENEFIT, END OF YEAR | $ | 4,886,047 |
See notes to financial statements.
Page 4 |
I.D. SYSTEMS, INC. 401(k) PlaN
NOTES TO FINANCIAL STATEMENTS
December 31, 2012 and 2011
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 agreement for a more complete description of the Plan’s provisions.
General
The Plan was originally established in 1998 for the purpose of providing retirement benefits for the employees for I.D. System, Inc. (the “Company”). The Plan was restated on August 23, 2010. The Plan is a defined contribution plan covering all employees of the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).
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, 2012 and 2011, the Plan 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 and increases 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 thereon. Participants vest in the Plan’s discretionary match portion of their accounts as follows:
Years of Vesting | ||||
Service | Percentage Vested | |||
Less than 1 years | 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 5 |
I.D. SYSTEMS, INC. 401(k) PlaN
NOTES TO FINANCIAL STATEMENTS
December 31, 2012 and 2011
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 contribution or cover future administrative expenses. No amounts were used during the years ended December 31, 2012 and 2011 to pay for the Plan’s expenses. Forfeitures available at December 31, 2012 and 2011 totaled $1,384 and $767, respectively.
Page 6 |
I.D. SYSTEMS, INC. 401(k) PlaN
NOTES TO FINANCIAL STATEMENTS
December 31, 2012 and 2011
NOTE 1 — DESCRIPTION OF THE PLAN (Continued)
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.
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 there in, 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 distributions based upon the terms of the Plan document.
Benefit Payments
Benefits are recorded when paid.
Page 7 |
I.D. SYSTEMS, INC. 401(k) PlaN
NOTES TO FINANCIAL STATEMENTS
December 31, 2012 and 2011
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Administrative Expenses
Administrative expenses, including the Hartford Life’s 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.
Subsequent Events
The Plan has evaluated subsequent events through June 28, 2013, the date the financial statements were available to be issued.
NOTE 3 — INVESTMENTS
Investments at December 31, 2012 and 2011 consist of mutual funds, self-directed brokerage accounts, common/ collective trusts and the Company’s common stock that is traded in the NASDAQ Global Market under the symbol “IDSY”. The following presents investments that represent 5% or more of the Plan’s net assets at December 31:
2012 | 2011 | |||||||
Janus Forty | $ | 681,688 | $ | 507,413 | ||||
Alger MC Growth Inst | 403,420 | 278,413 | ||||||
PIMCO Total Return | 394,043 | 257,010 | ||||||
Janus Overseas | 364,267 | 285,780 | ||||||
I.D. Systems, Inc. Common stock | 319,476 | 287,609 | ||||||
American Funds Balanced American | 314,888 | 271,283 | ||||||
Hartford Total Return Bond | 271,661 | * | ||||||
Hartford Money Market | * | 194,436 |
* Represents less than 5% of the Plan’s net assets available for benefits.
Page 8 |
I.D. SYSTEMS, INC. 401(k) PlaN
NOTES TO FINANCIAL STATEMENTS
December 31, 2012 and 2011
NOTE 4 — 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.
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, 2012 and 2011.
Common stocks, corporate bonds, and US government securities: Valued at closing price reported on active market on which the securities are traded.
Mutual funds: Valued at the net asset value (NAV) of shares held by the Plan at year end.
Common/ Collective trusts: The fair value of the investment in the common collective trust is determined by the fund trustee based on the fair value of the underlying securities within the fund, which represent the net asset value of the shares held by the Plan at year end.
Page 9 |
I.D. SYSTEMS, INC. 401(k) PlaN
NOTES TO FINANCIAL STATEMENTS
December 31, 2012 and 2011
NOTE 4 — FAIR VALUE MEASUREMENTS (Continued)
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.
The following table presents the fair value hierarchy for the Plan’s investments at fair value as of December 31, 2012 and 2011:
Investments at Fair Value as of December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stock | $ | 319,476 | $ | - | $ | - | $ | 319,476 | ||||||||
Mutual Funds | 3,939,436 | - | - | 3,939,436 | ||||||||||||
Self-directed brokerage accounts | 215,441 | - | - | 215,441 | ||||||||||||
Common collective trusts | - | - | 215,688 | 215,688 | ||||||||||||
Total investments at fair value | $ | 4,474,353 | $ | - | $ | 215,688 | $ | 4,690,041 |
Investments at Fair Value as of December 31, 2011 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stock | $ | 287,609 | $ | - | $ | - | $ | 287,609 | ||||||||
Mutual Funds | 2,963,832 | - | - | 2,963,832 | ||||||||||||
Self-directed brokerage accounts | 184,291 | - | - | 184,291 | ||||||||||||
Common collective trusts | - | - | 127,868 | 127,868 | ||||||||||||
Total investments at fair value | $ | 3,435,732 | $ | - | $ | 127,868 | $ | 3,563,600 |
Page 10 |
I.D. SYSTEMS, INC. 401(k) PlaN
NOTES TO FINANCIAL STATEMENTS
December 31, 2012 and 2011
NOTE 4 — FAIR VALUE MEASUREMENTS (Continued)
Below is the activity of investments having unobservable inputs (Level 3) of the common/ collective trusts for the years ended December 31, 2012 and 2011:
Beginning balance, January 1, 2011 | $ | 112,700 | ||
Total gains or losses included in changes in net assets available for benefits | 1,112 | |||
Purchases, sales, and settlements | ||||
Purchases | 22,450 | |||
Sales | (8,394 | ) | ||
Ending balance, December 31, 2011 | $ | 127,868 | ||
Beginning balance, January 1, 2012 | $ | 127,868 | ||
Total gains or losses included in changes in net assets available for benefits | 27,758 | |||
Purchases, sales, and settlements | ||||
Purchases | 73,509 | |||
Sales | (13,447 | ) | ||
Ending balance, December 31, 2012 | $ | 215,688 |
The following table summarizes investments measured at fair value based on NAV per share as of December 31, 2012 and 2011, respectively.
Unfunded | Redemption | Redemption | ||||||||
December 31, 2012 | Fair Value | Commitments | Frequency | Notice Period | ||||||
Common collective trusts- SSgA S&P 500 Flagship Fund | $ | 215,688 | n/a | Daily | 30 days |
Unfunded | Redemption | Redemption | ||||||||
December 31, 2011 | Fair Value | Commitments | Frequency | Notice Period | ||||||
Common collective trusts- SSgA S&P 500 Flagship Fund | $ | 127,868 | n/a | Daily | 30 days |
NOTE 5 — 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 the Hartford Life Insurance Company, 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.
Page 11 |
I.D. SYSTEMS, INC. 401(k) PlaN
NOTES TO FINANCIAL STATEMENTS
December 31, 2012 and 2011
NOTE 6 — 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, 2012, 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 7 — RISK 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, 2012 and 2011
NOTE 8 — 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:
2012 | 2011 | |||||||
Net assets available for benefits per Form 5500 | $ | 4,871,419 | $ | 3,774,766 | ||||
Add: Participants contribution receivable - employee | 14,628 | 14,081 | ||||||
Net assets available for benefits per the financial statements | $ | 4,886,047 | $ | 3,788,847 |
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:
2012 | ||||
Net increase in net assets available for benefit per Form 5500 | $ | 1,096,653 | ||
Add: Participant contribution receivable - employee | 14,628 | |||
Less: Prior year participant contribution receivable - employee | (14,081 | ) | ||
Net increase in net assets available for benefit per financial statements | $ | 1,097,200 |
The following is a reconciliation of participant contributions from Form 5500 to the financial statements as of December 31:
2012 | ||||
Participant contributions per Form 5500 | $ | 815,887 | ||
Add: Current year participant contribution receivable - employee | 14,628 | |||
Less: Prior year participant contribution receivable - employee | (14,081 | ) | ||
Participant contributions per the financial statements | $ | 816,434 |
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, 2012
(a) | (b) | (c) | (d) | (e) | ||||||||
Identity of Issue | Description of Investment, Including | |||||||||||
Borrower, Lessor or | Maturity Date, Rate of Interest, Par | Current | ||||||||||
Similar Party | or Maturity Value | Cost** | Value | |||||||||
* | Hartford Mutual Funds | Hartford Money Market | $ | 190,623 | ||||||||
* | Hartford Mutual Funds | Hartford Total Return Bond | 271,661 | |||||||||
PIMCO | PIMCO Total Return | 394,043 | ||||||||||
BlackRock | BlackRock Lifepath 2020 | 72,458 | ||||||||||
BlackRock | BlackRock Lifepath 2030 | 37,071 | ||||||||||
BlackRock | BlackRock Lifepath 2040 | 53,756 | ||||||||||
BlackRock | BlackRock Lifepath Retirement | 47,601 | ||||||||||
Invesco | Invesco Small Cap Equity | 196,541 | ||||||||||
Alger | Alger MC Growth Inst | 403,420 | ||||||||||
Pioneer Investments | Pioneer Mid Cap Value | 68,278 | ||||||||||
American Funds | AF Growth Fund of America | 218,777 | ||||||||||
Janus Capital Management | Janus Forty | 681,688 | ||||||||||
American Funds | AF Europacific Growth | 170,438 | ||||||||||
Davis Funds | Davis New York Venture Fund | 89,945 | ||||||||||
Charles Schwab | Schwab Self-Directed Brokerage Account | 215,441 | ||||||||||
Janus Capital Management | Janus Overseas | 364,267 | ||||||||||
American Funds | American Funds Balanced American | 314,888 | ||||||||||
Putnam Investments | Putnam Investors | 54,914 | ||||||||||
State Street Global Advisors | SSgA S&P 500 Flagship Fund Common | 215,688 | ||||||||||
Collective Trusts | ||||||||||||
* | ID Systems Inc. | Common Stock | 319,476 | |||||||||
Putnam Investments | Putnam Multi-cap Growth Fund | 217,503 | ||||||||||
Invesco | Invesco Van Kampen Value | 91,564 | ||||||||||
* | Participant Loans | Interest rate of 9% | 181,378 | |||||||||
$ | 4,871,419 |
* 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, 2013 | |
Date |
Page 15 |
EXHIBIT INDEX
Exhibit No. | Description |
23.1 | Consent of Independent Registered Public Accounting Firm |
Page 16 |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED ACCOUNTING FIRM
We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-185084) pertaining to the I.D. Systems Inc. 401(k) Plan of our report dated June 28, 2013, with respect to the financial statements and schedule of the I.D. Systems Inc. 401(k) Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2012.
/s/ UHY LLP
New York, New York
June 28, 2013