Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 7

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 7
---
 in China, through Forward Industries Asia-Pacific Corporation, a British
Virgin Islands corporation (“Forward China”), a related party owned by the Company’s former CEO (see Note 8 to the consolidated
financial statements).

Unless otherwise noted, amounts
related to these discontinued operations are excluded from the disclosures presented herein. See Note 3 to the consolidated financial
statements for more information on these discontinued operations.

Corporate History

Forward was incorporated in 1961
as a manufacturer and distributer of advertising specialty and promotional products. In 1989, we acquired Forward US, a manufacturer of
soft-sided carrying cases. The carrying case business became our predominant business, and in September 1997, we sold the assets relating
to the production of advertising specialty and promotional products, ceasing to operate in that segment.

In May 2001, we formed Forward
Switzerland to facilitate distribution of aftermarket products under our licenses for cell phone cases and to further develop our OEM
European business presence. After the expiration of the last of these licenses in March 2009, staff at Forward Switzerland was significantly
reduced and in recent years primarily served our OEM customers in Europe.

In January 2018, we acquired
IPS, an engineering design company, and in August 2020, we acquired the assets of Kablooe Design, a medical and consumer design and development
company. We believe that the design and engineering service capabilities of Kablooe has complemented the IPS business and further diversified
the industries and customers with which we do business.

In May 2025, we sold our Switzerland
and UK subsidiaries in connection with our decision to discontinue the OEM segment of our business.

In addition to operating our
hardware and software product design and engineering services business, our management will focus its resources on our new Treasury Policy
and a significant portion of the balance sheet will initially be allocated to holding SOL in our digital asset treasury.

 5 

Human Capital/Employees

As of November 30, 2025, we had approximately
60 employees, substantially all of whom work full-time, none of which are covered by a collective bargaining agreement. We hire consultants
on an as-needed basis.

Human capital management is critical
to our ongoing business success, which requires investing in our people. Our aim is to create a highly engaged and motivated workforce
where employees are inspired by leadership, engaged in purpose-driven, meaningful work and have opportunities for growth and development.
We are committed to creating and maintaining a work environment in which employees are