Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1097

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 9A
Chunk 1097
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F-5 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

    For the Fiscal Years Ended September 30, 

    2025  
    2024 

    Revenues, net 
    $18,187,525  
    $19,990,833 
  
    Cost of sales 
     12,996,281  
     14,807,117 
  
    Gross profit 
     5,191,244  
     5,183,716 

    Sales and marketing expenses 
     1,029,350  
     769,370 
  
    General and administrative expenses 
     9,604,490  
     6,365,464 
  
    Related party expenses 
     923,513  
     – 
  
    Goodwill and intangible asset impairment 
     2,026,311  
     200,000 

    Operating loss 
     (8,392,420) 
     (2,151,118)

    Loss on change in fair value of digital assets 
     160,035,105  
     – 
  
    Loss on change in fair value of warrant liability 
     658,332  
     – 
  
    Interest income 
     (70,669) 
     (78,863)
  
    Interest expense - related party 
     49,143  
     62,662 
  
    Other expense, net 
     4,244  
     8,315 
  
    Loss from continuing operations before income taxes 
     (169,068,575) 
     (2,143,232)

    Provision for income taxes 
     20,404  
     22,947 
  
    Loss from continuing operations 
     (169,088,979) 
     (2,166,179)
  
    Income from discontinued operations, net of tax 
     2,114,639  
     215,592 
  
    Net loss 
     (166,974,340) 
     (1,950,587)
  
    Deemed dividend on Series B Convertible Preferred Stock 
     (29,444) 
     – 
  
    Net loss attributable to common shareholders 
    $(167,003,784) 
    $(1,