Company: FWDI
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001683168-25-000993
Chunk: 5

Company: Forward Industries, Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Item 1
Chunk 5
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 Forward China (related party) 
     (454,728) 
     648,230 
  
    Deferred income 
     (120,832) 
     (47,002)
  
    Net changes in operating lease liabilities 
     214  
     4,385 
  
    Accrued expenses and other current liabilities 
     (125,568) 
     (863,019)
  
    Net cash (used in) / provided by operating activities 
     (410,139) 
     115,832 

    Investing Activities: 

    Purchases of property and equipment 
     (5,418) 
     (19,514)
  
    Net cash used in investing activities 
     (5,418) 
     (19,514)

    Financing Activities: 

    Repayment of note payable to Forward China (related party) 
     –  
     (250,000)
  
    Net cash used in financing activities 
     –  
     (250,000)

    Net decrease in cash 
     (415,557) 
     (153,682)
  
    Cash at beginning of period 
     3,022,436  
     3,180,468 
  
    Cash at end of period 
    $2,606,879  
    $3,026,786 

    Supplemental Disclosures of Cash Flow Information: 

    Cash paid for interest 
    $11,967  
    $19,010 

    Supplemental Disclosures of Non-Cash Information: 

    Operating lease assets obtained in exchange for operating lease liabilities 
    $157,424  
    $– 

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

 6 

FORWARD INDUSTRIES, INC. AND
SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

  NOTE 1
  OVERVIEW

Business

Forward Industries, Inc.
(“Forward”, “we”, “our” or the “Company”) is a global design, sourcing and distribution
company serving top tier medical and technology customers worldwide.

The
Company’s design division provides hardware and software product design and engineering services to customers predominantly located
in the U.S. The Company’s original equipment manufacturing (“OEM”) distribution division sources and sells carrying
cases and other accessories