Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1173

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 9B
Chunk 1173
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    1,101,069  
    $11,011  
    $20,393,163  
    $(19,637,140) 
    $2,967,034 

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

 F-7 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

    For the Fiscal Years Ended September 30, 

    2025  
    2024 
  
    Operating Activities: 

    Net loss 
    $(166,974,340) 
    $(1,950,587)
  
    Adjustments to reconcile net loss to net cash provided by operating activities: 

    Share-based compensation 
     2,871,756  
     101,360 
  
    Depreciation and amortization 
     332,225  
     331,927 
  
    Credit loss expense 
     105,516  
     19,505 
  
    Non-cash digital asset revenue, net 
     (4,411,859) 
     – 
  
    Change in fair value of digital assets 
     160,035,105  
     – 
  
    Change in fair value of warrant liability 
     658,332  
     – 
  
    Goodwill and intangible asset impairment 
     2,026,311  
     200,000 
  
    Gain on sale of OEM segment 
     (1,405,972) 
     – 
  
    Changes in operating assets and liabilities: 

    Accounts receivable 
     624,359  
     1,521,057 
  
    Contract assets 
     208,729  
     (297,248)
  
    Prepaid expenses and other current assets 
     27,284  
     (60,851)
  
    Accounts payable 
     229,463  
     (391,868)
  
    Related party payables 
     923,513  
     – 
  
    Deferred income 
     (106,914) 
     102,032 
  
    Net changes in operating lease liabilities 
     582  
     12,161 
  
    Accrued expenses and other current liabilities 
     (42,330) 
     (739,283)