Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1688

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 15
Chunk 1688
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 2025. The Company’s ability to sell or transfer staked digital assets is subject to
restrictions related to unbonding periods, which are based on network traffic on the Solana blockchain. As of September 30,
2025, the majority of the Company’s staked digital assets on the Solana blockchain could be unbonded within three days. The
staking rewards generated from proprietary staking activities for Fiscal 2025 were $4.36
million.

NOTE 7        ACCRUED EXPENSES
AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities at
September 30, 2025 and 2024 are as follows: 

    Schedule of accrued expenses and other current liabilities 

    September 30, 

    2025  
    2024 
  
    Accrued commissions/bonuses 
    $21,000  
    $109,000 
  
    Paid time off 
     245,000  
     265,000 
  
    Professional fees 
     270,000  
     12,000 
  
    Other 
     88,000  
     186,000 
  
    Total 
    $624,000  
    $572,000 

     F-21 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 8        SHAREHOLDERS’
EQUITY

Reverse Stock Split

The Company’s shareholders
authorized, and the Board of Directors approved a 1-for-10 reverse stock split, which became effective on June 18, 2024. Any fractional
shares that would have otherwise resulted from the reverse stock split were rounded up to the nearest whole share. Accordingly, all references
made to shares, per share, or common share amounts in the accompanying consolidated financial statements and applicable disclosures have
been retroactively adjusted to reflect the reverse stock split. The reverse stock split did not change the par value of the common stock
nor the authorized number of shares of common stock or any series of preferred stock.

Securities Purchase Agreement

In September 2025, we entered
into a securities purchase agreement (the “Securities Purchase Agreement”) with certain accredited investors (the “Purchasers”)
pursuant to which we sold and issued to the Purchasers in a private placement (the “Private Placement”) an aggregate of