Company: FWDI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003548
Chunk: 55

Company: Forward Industries, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 2
Chunk 55
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 not anticipate
the need to purchase additional material capital assets in order to carry out our business, it may be necessary for us to purchase a material
amount of equipment and other capital assets in the future, depending on need.

 23 

Cash Flows

During the 2025 Period and
2024 Period, our sources and uses of cash were as follows:

Operating
Activities

During the 2025 Period, cash
used in operating activities of $972,000 resulted from a net loss of $2,160,000, a decrease in accrued expenses and other current liabilities
of $153,000 and the net change in other operating assets and liabilities of $33,000, partially offset by non-cash expenses of $462,000
related to depreciation, amortization, share-based compensation and credit loss expense and a decrease in accounts receivable of $912,000.

During the 2024 Period, cash
used in operating activities of $383,000 resulted from a net loss of $907,000, decreases in accrued expenses and other current liabilities
of $785,000, a decrease in accounts payable of $304,000, a decrease in deferred income of $69,000 and the net change in other operating
assets and liabilities of $55,000, partially offset by the net change in discontinued assets and liabilities held for sale of $891,000,
non-cash expenses of $228,000 related to depreciation, amortization, share-based compensation and credit loss expense and a decrease in
accounts receivable of $618,000.

Investing Activities

Cash used in investing activities
in the 2025 Quarter and the 2024 Quarter of $7,000 and $41,000, respectively, resulted from purchases of property and equipment.

Financing
Activities

Cash used in financing activities
in the 2024 Quarter of $350,000 consisted of principal payments on the promissory note held by Forward China.

Related Party Transactions

For information on related
party transactions and their financial impact, see Note 8 to the unaudited condensed consolidated financial statements contained herein.

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4.CONTROLS AND PROCEDURES

Evaluation of Disclosure
Controls and Procedures. Our management carried out an evaluation, with the participation of our Principal Executive Officer and Principal
Financial Officer, required by Rule 13a-15 and Rule 15d-15 of