Company: FWDI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006141
Chunk: 45

Company: Forward Industries, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 45
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 of debt outstanding.

We generated a loss from
continuing operations of $5,124,000 in the 2025 Period compared to $1,447,000 in the 2024 Period. We maintain significant net operating
loss carryforwards and do not recognize a significant income tax expense or benefit as our deferred tax provision is typically offset
by a full valuation allowance on our net deferred tax asset.

Consolidated basic and diluted
loss per share from continuing operations were $4.65 and $1.31 for the 2025 Period and the 2024 Period, respectively.

LIQUIDITY AND CAPITAL
RESOURCES

Prior to our recent financings,
our primary source of liquidity has been our operations. The primary demand on our working capital is and has historically been (i) operating
losses, (ii) repayment of debt obligations, and (iii) any increases in accounts receivable. Our sources of liquidity are currently adequate
to satisfy working capital requirements arising in the ordinary course of business. At June 30, 2025, our working capital was $1,211,000.
At August 12, 2025, our cash balance was approximately $5,600,000.

Recent Financings

From July 1 – August
12, 2025, the Company sold 246,000 shares of common stock under the $35 million ELOC and received gross proceeds of $2,432,000 in connection
with such sales. Assuming the Company continues to meet its obligations under the Purchase Agreement, management plans to raise additional
capital through the ELOC in the near future. We cannot provide any assurance that: (i) we will be able to continue selling under the
ELOC, (ii) if we are able to sell under the ELOC, that we will be able to do so at prices that we believe are beneficial to the Company
and its shareholders, or (iii) that our registration statement on form S-1 registering shares to be sold under the ELOC in the future
will be declared and remain effective. As of the filing date of this Form 10-Q, the Company has sold all shares registered by it under
the ELOC.

On August 11, 2025, the
Company sold, in a registered direct offering, approximately 263,000 shares of its common stock at a price of $8.50 per share to six
investors and received gross proceeds of approximately $2,230,000.

Other Liqu