Company: FWDI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003548
Chunk: 22

Company: Forward Industries, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 22
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 one year from the date of grant and expire five years from the date of grant. The options have a
weighted average grant-date fair value of $1.67 per share and an aggregate grant-date fair value of $80,000, which will be recognized,
net of forfeitures, ratably over the vesting period.

On February 1, 2025, the
Company granted options to one of its non-employee directors to purchase 13,779 shares of its common stock at an exercise price of $6.01
per share. The options vest one year from the date of grant and expire five years from the date of grant. The options have a grant-date-fair-value
of $2.90 per share and an aggregate grant-date-fair value of $40,000, which will be recognized, net of forfeitures, ratably over the vesting
period.

On October 1, 2023, the Company
granted options to three of its non-employee directors to purchase an aggregate of 33,243 shares of its common stock at an exercise price
of $7.60 per share. The options vested one year from the date of grant, expire five years from the date of the grant and 11,081 were forfeited
prior to vesting. The options have a weighted average grant-date fair value of $3.60 per share and an aggregate grant-date fair value
of $120,000, which was recognized, net of forfeitures, ratably over the vesting period.

There
were no options exercised during the three or six months ended March 31, 2025 or 2024. 

The
Company recognized compensation expense for stock option awards of $26,000
and $10,000
during the three months ended March 31, 2025 and 2024, respectively, and $46,000
and $61,000
for the six months ended March 31, 2025 and 2024, respectively, which was recorded as a component of general and administrative
expenses in its condensed consolidated statements of operations. At March 31, 2025 there was $74,000
of total unrecognized compensation cost related to nonvested stock option awards that is expected to be recognized over a weighted
average period of 0.7
years. Options outstanding and exercisable at March 31, 2025 had a weighted average exercise price of $8.52 and $12.29