Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 15

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 15
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 the Solana network is disrupted
or encounters any unanticipated difficulties, then the processing of transactions on the Solana network may be disrupted, which in turn
may prevent us from depositing or withdrawing SOL from our accounts with our custodian or otherwise affecting SOL transactions. Such disruptions
could include, for example: the insolvency, business failure, interruption, default, failure to perform, security breach, or other problems
of participants, custodians, or others; the closing of SOL trading platforms due to fraud, failures, security breaches or otherwise; or
network outages or congestion, power outages, or other problems or disruptions affecting the Solana network. In 2021 and 2022, the Solana
network experienced performance degradation including liveness disruptions due to network congestion; although the Solana network has
been upgraded to address those congestion issues, there is no assurance that future issues may not arise. The implementation of material
network upgrades, such as the proposed Alpenglow consensus upgrade or the continued integration of the Firedancer validator client, two
initiatives taking place on the Solana blockchain, could result in future degradation of performance. Any disruption of the Solana network
could materially impact the operation of decentralized finance on the network, resulting in the inability of the Company to transfer or
sell SOL, and the price of SOL.

SOL and other digital assets are novel assets,
and are subject to significant legal, commercial, regulatory and technical uncertainty, which could materially adversely affect the Company’s
financial position, operations and prospects.

SOL and other digital assets,
as well as applications on blockchain networks such as Solana, are relatively novel and are subject to significant uncertainty, which
could adversely impact their price. The application of state and federal securities laws and other laws and regulations to digital assets
and blockchain-based applications is unclear in certain respects, and it is possible that regulators in the United States or foreign countries
may interpret or apply existing laws and regulations in a manner that adversely affects the price of SOL or other digital assets, or the
ability of blockchain-based applications to operate.

The U.S. federal government,
states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement
or judicial actions, that could materially impact the price of SOL or the ability of individuals or institutions such as us to own or
transfer SOL and utilize blockchain-based applications on networks such as Solana. For example, the U.S. executive branch, the SEC,