Company: FWDI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003548
Chunk: 17

Company: Forward Industries, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 17
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,000  
     49,000 
  
    Total assets held for sale 
    $2,909,000  
    $2,908,000 

    Accounts payable 
    $44,000  
    $25,000 
  
    Due to Forward China 
     4,398,000  
     7,226,000 
  
    Other liabilities 
     35,000  
     42,000 
  
    Total liabilities held for sale 
    $4,477,000  
    $7,293,000 

  NOTE 4
  INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

The Company’s intangible
assets consist of the following:

    Schedule of intangible assets 

    March 31, 2025  
    September 30, 2024 

    Trademarks  
    Customer Relationships  
    Total Intangible Assets  
    Trademarks  
    Customer Relationships  
    Total Intangible Assets 

    Gross carrying amount 
    $585,000  
    $1,390,000  
    $1,975,000  
    $585,000  
    $1,390,000  
    $1,975,000 
  
    Less accumulated amortization 
     (262,000) 
     (1,139,000) 
     (1,401,000) 
     (242,000) 
     (1,053,000) 
     (1,295,000)
  
    Net carrying amount 
    $323,000  
    $251,000  
    $574,000  
    $343,000  
    $337,000  
    $680,000 

The Company’s intangible
assets resulted from the acquisitions of Kablooe and IPS in Fiscal 2020 and Fiscal 2018, respectively. Intangible assets are amortized
over their expected useful lives of 15 years for the trademarks and eight years for the customer relationships. Amortization expense related
to intangible assets was $53,000 for the three months ended March 31, 2025 and 2024, and $106,000 for the six months ended March 31, 2025
and 2024, which is included in general and administrative expenses on the condensed consolidated statements of operations.

At March 31,