Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1388

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 11
Chunk 1388
---
     (500,000)

    Net increase/(decrease) in cash 
     35,389,848  
     (45,384)
  
    Cash at beginning of year 
     2,777,125  
     2,822,509 
  
    Cash at end of year 
    $38,166,973  
    $2,777,125 

    Supplemental Disclosures of Cash Flow Information: 

    Cash paid for interest 
    $48,921  
    $62,662 
  
    Cash paid for taxes 
     32,071  
     7,069 
  
    Supplemental Disclosures of Non-Cash Investing and Financing Activities: 

    Operating lease assets obtained in exchange for operating lease liabilities 
     157,424  
     – 
  
    Conversion of accounts payable to convertible preferred stock 
     2,725,000  
     2,200,000 
  
    Fair value of commitment shares issued under equity line of credit 
     191,447  
     – 
  
    Digital assets received in Securities Purchase Agreement 
     685,375,313  
     – 
  
    Digital assets used in investing activities 
     685,375,313  
     – 
  
    Unpaid portion of Securities Purchase Agreement fees 
     194,180  
     – 
  
    Reclass of warrant liability to equity 
     1,221,443  
     – 

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

 F-8 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1        OVERVIEW

Business

Forward Industries, Inc. (“Forward”,
“we”, “our” or the “Company”) is a global design company serving top tier medical and technology customers.
The Company provides hardware and software product design and engineering services to customers predominantly located in the U.S. The
Company also acquires and holds Solana (“SOL”) and other digital assets and has adopted SOL as its primary treasury reserve
asset.

On November 17, 2025, the Company
changed its ticker symbol on the Nasdaq Capital Market from FORD to FWDI.

New Digital Asset Treasury Strategy

On September 8, 2025, in connection
with a private placement with certain accredited