Company: FWDI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006141
Chunk: 2

Company: Forward Industries, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 2
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' equity 
     3,350,965  
     2,967,034 
  
    Total liabilities and shareholders' equity 
    $8,294,323  
    $14,768,356 

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

 3 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

    For the Three Months Ended  
    For the Nine Months Ended 

    June 30,  
    June 30, 

    2025  
    2024  
    2025  
    2024 

    Revenues, net 
    $2,494,769  
    $5,036,232  
    $10,242,151  
    $15,248,984 
  
    Cost of sales 
     3,115,727  
     3,728,562  
     9,908,850  
     11,170,043 
  
    Gross profit/(loss) 
     (620,958) 
     1,307,670  
     333,301  
     4,078,941 

    Sales and marketing expenses 
     139,683  
     188,138  
     447,608  
     602,994 
  
    General and administrative expenses 
     1,799,140  
     1,578,743  
     4,940,264  
     4,920,586 
  
    Goodwill impairment 
     –  
     –  
     225,000  
     – 

    Operating loss 
     (2,559,781) 
     (459,211) 
     (5,279,571) 
     (1,444,639)

    Interest income 
     (6,964) 
     (20,181) 
     (35,506) 
     (56,362)
  
    Interest expense - related party 
     12,099  
     14,451  
     35,901  
     50,432 
  
    Gain on change in fair value of warrant liability 
     (160,223)