Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 54

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 54
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 crypto assets meeting defined criteria to be measured at fair value each reporting period with changes in fair value recognized
in net income, presented separately from other intangible assets and accompanied by enhanced disclosures. This standard is effective for
fiscal years beginning after December 15, 2024, with early adoption permitted. The Company early adopted this standard in the fourth quarter
of Fiscal 2025, in conjunction with its new treasury strategy. Since the Company held no digital assets until September 2025, the adoption
of this standard had no impact to prior reported financial statements and no cumulative adjustment to retained earnings was required or
recorded.

In November 2024, the FASB issued
ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):
Disaggregation of Income Statement Expenses” and in January 2025, the FASB issued ASU No. 2025-01, “Income Statement—Reporting
Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date”, which clarified
the effective date of ASU 2024-03 for non-calendar year-end companies. ASU 2024-03 will require the Company to disclose the amounts of
purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, included in certain expense
captions in the consolidated statements of operations, as well as qualitatively describe remaining amounts included in those captions.
ASU 2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses. This ASU
is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 31, 2027.
The Company is currently evaluating the effects of the pronouncement on its consolidated financial statements.

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In December 2023, the FASB issued
ASU 2023-09, “Income Taxes - Improvements to Income Tax Disclosures”, requiring enhancements and further transparency to certain
income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning
after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is currently evaluating the effects
of this pronouncement on its consolidated financial statements.

In November 2023, the FASB issued
ASU