Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 281

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1B
Chunk 281
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/or exhibit will be furnished supplementally
to the Securities and Exchange Commission staff upon request.

Copies of this filing (including the financial statements) and any of the
exhibits referred to above will be furnished at no cost to our shareholders who make a written request to Forward Industries, Inc. 700
Veterans Memorial Hwy, Suite 100, Hauppauge, NY 11788; Attention: Corporate Secretary.

 45 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS

    Page

    Reports of Independent Registered Public Accounting Firms (PCAOB #199 and #596)
    F-2

    Consolidated Balance Sheets at September 30, 2025 and 2024
    F-5

    Consolidated Statements of Operations for the Years Ended September 30, 2025 and 2024
    F-6

    Consolidated Statements of Shareholders' Equity for the Years Ended September 30, 2025 and 2024
    F-7

    Consolidated Statements of Cash Flows for the Years Ended September 30, 2025 and 2024
    F-8

    Notes to Consolidated Financial Statements
    F-9

 F-1 

REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and Board of Directors of

Forward Industries, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated
balance sheet of Forward Industries, Inc. (the “Company”) as of September 30, 2025, the related consolidated statements of
operations, shareholders’ equity and cash flows for the year ended September 30, 2025, and the related notes (collectively referred
to as the “financial statements”). In our opinion, based on our audit, the financial statements present fairly, in all material
respects, the financial position of the Company as of September 30, 2025, and the results of its operations and its cash flows for the
year ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

Retrospective Application of a Change in Accounting
Principle

We also have audited the adjustments to the September
30, 2024 financial statements to retrospectively apply the change in accounting principle due to the adoption of Accounting Standards
Update 2023-07, Segment Reporting, as