Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1311

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 10
Chunk 1311
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 capital 
     1,655,874,892  
     20,393,163 
  
    Accumulated deficit 
     (186,611,480) 
     (19,637,140)
  
    Total shareholders' equity 
     1,470,124,867  
     2,967,034 

    Total liabilities and shareholders' equity 
    $1,474,942,489  
    $14,768,356 

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

 F-5 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

    For the Fiscal Years Ended September 30, 

    2025  
    2024 

    Revenues, net 
    $18,187,525  
    $19,990,833 
  
    Cost of sales 
     12,996,281  
     14,807,117 
  
    Gross profit 
     5,191,244  
     5,183,716 

    Sales and marketing expenses 
     1,029,350  
     769,370 
  
    General and administrative expenses 
     9,604,490  
     6,365,464 
  
    Related party expenses 
     923,513  
     – 
  
    Goodwill and intangible asset impairment 
     2,026,311  
     200,000 

    Operating loss 
     (8,392,420) 
     (2,151,118)

    Loss on change in fair value of digital assets 
     160,035,105  
     – 
  
    Loss on change in fair value of warrant liability 
     658,332  
     – 
  
    Interest income 
     (70,669) 
     (78,863)
  
    Interest expense - related party 
     49,143  
     62,662 
  
    Other expense, net 
     4,244  
     8,315 
  
    Loss from continuing operations before income taxes 
     (169,068,575) 
     (2,143,232)

    Provision for income taxes 
     20,404  
     22,947 
  
    Loss from continuing operations