Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1634

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 14
Chunk 1634
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 388,000 
  
    Lease liability 
     638,000  
     702,000 
  
    Accrued compensation 
     61,000  
     32,000 
  
    Intangible assets 
     117,000  
     – 
  
    Accrued related party interest 
     –  
     5,000 
  
    Unrealized gains/losses 
     40,092,000  
     – 
  
    Charitable contributions 
     1,000  
     1,000 
  
    Interest expense limitation 
     66,000  
     82,000 
  
    Total deferred tax assets 
     46,363,000  
     5,065,000 

    Deferred tax liabilities 

    Depreciation 
     (5,000) 
     (11,000)
  
    Prepaid expenses 
     (137,000) 
     (41,000)
  
    Intangible assets 
     –  
     (64,000)
  
    Operating lease right-of-use assets 
     (578,000) 
     (642,000)
  
    Total deferred tax liabilities 
     (720,000) 
     (758,000)
  
    Valuation allowance 
     (45,643,000) 
     (4,307,000)
  
    Net deferred tax assets 
    $–  
    $– 

The Company recorded a provision
for income taxes which includes net expense of $20,000 and $23,000 in Fiscal 2025 and Fiscal 2024, respectively, primarily for state income
tax expenses in states where net operating loss carryforwards (“NOLs”) were not available.

At September 30, 2025, the Company
had available NOLs for U.S. federal income tax purposes of $15,776,000 and NOLs for state income tax purposes of $9,711,000. NOLs generated
prior to 2018 expire beginning in 2031 while NOLs generated after 2018 have an indefinite carryforward period. The NOLs result in a deferred
tax asset of $3,313,000 with respect to U.S. federal income taxes and $713,000 for state income taxes. Total net deferred tax assets,
before valuation allowance, were $45,643