Company: FWDI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003548
Chunk: 40

Company: Forward Industries, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 40
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 respectively, resulted from purchases of property and equipment.

Financing
Activities

Cash used in financing activities
in the 2024 Quarter of $350,000 consisted of principal payments on the promissory note held by Forward China.

Related Party Transactions

For information on related
party transactions and their financial impact, see Note 8 to the unaudited condensed consolidated financial statements contained herein.

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4.CONTROLS AND PROCEDURES

Evaluation of Disclosure
Controls and Procedures. Our management carried out an evaluation, with the participation of our Principal Executive Officer and Principal
Financial Officer, required by Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934 (the “Exchange Act”)
of the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act.
Based on their evaluation, our management has concluded that our disclosure controls and procedures are effective as of the end of the
period covered by this report to ensure that information required to be disclosed by us in the reports that we file or submit under the
Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and
is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, as appropriate
to allow timely decisions regarding required disclosure.

Changes in Internal Control
Over Financial Reporting. There were no changes in our internal control over financial reporting as defined in Rule 13a-15(f) and
Rule 15d-15(f) under the Exchange Act that occurred during the period covered by this report that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.

Limitations of the Effectiveness
of Controls and Procedures. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of the control system are met. Because of the inherent limitations of any control system, no evaluation
of controls can provide absolute assurance that all control issues, if any, within a company have been detected.

 24 

PART II.	OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS

From time to time, the Company
is or may become a party to legal actions or proceedings in the ordinary course of its business.