Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 83

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 83
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     (737,400) 
     – 
  
    Proceeds from stock options exercised 
     60,739  
     – 
  
    Repayment of note payable to Forward China (related party) 
     (600,000) 
     (500,000)
  
    Net cash provided by/(used in) financing activities 
     941,358,552  
     (500,000)

    Net increase/(decrease) in cash 
     35,389,848  
     (45,384)
  
    Cash at beginning of year 
     2,777,125  
     2,822,509 
  
    Cash at end of year 
    $38,166,973  
    $2,777,125 

    Supplemental Disclosures of Cash Flow Information: 

    Cash paid for interest 
    $48,921  
    $62,662 
  
    Cash paid for taxes 
     32,071  
     7,069 
  
    Supplemental Disclosures of Non-Cash Investing and Financing Activities: 

    Operating lease assets obtained in exchange for operating lease liabilities 
     157,424  
     – 
  
    Conversion of accounts payable to convertible preferred stock 
     2,725,000  
     2,200,000 
  
    Fair value of commitment shares issued under equity line of credit 
     191,447  
     – 
  
    Digital assets received in Securities Purchase Agreement 
     685,375,313  
     – 
  
    Digital assets used in investing activities 
     685,375,313  
     – 
  
    Unpaid portion of Securities Purchase Agreement fees 
     194,180  
     – 
  
    Reclass of warrant liability to equity 
     1,221,443  
     – 

The accompanying notes are an integral part of the consolidated financial statements.

 F-8 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1        OVERVIEW

Business

Forward Industries, Inc. (“Forward”,
“we”, “our” or the “Company”) is a global design company serving top tier medical and technology customers.
The Company provides hardware and software product design and engineering services to customers predominantly located in the U.S. The