Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 32

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 32
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 providers or partners.
We may experience breaches of our security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities
or other irregularities. In particular, we expect that unauthorized parties will attempt to gain access to our systems and facilities,
as well as those of our partners and third-party service providers, through various means, such as hacking, social engineering, phishing
and fraud. Threats can come from a variety of sources, including criminal hackers, hacktivists, state intrusions, industrial espionage,
and insiders. In addition, certain types of attacks could harm us even if our systems are left undisturbed. For example, certain threats
are designed to remain dormant or undetectable, sometimes for extended periods of time, or until launched against a target and we may
not be able to implement adequate preventative measures. The risk of cyberattacks could also be increased by cyberwarfare in connection
with the ongoing Russia and Israel conflicts, or other future conflicts, including potential proliferation of malware into systems unrelated
to such conflicts. Any future breach of our operations or those of others in the Solana industry, including third-party services on which
we rely, could materially and adversely affect our financial condition and results of operations.

 19 

The emergence or growth of other digital assets,
including those with significant private or public sector backing, including by governments, consortiums or financial institutions, could
have a negative impact on the price of SOL and adversely affect the Company’s securities.

Following the launch of the Company’s
proposed digital asset treasury strategy, as a result of our Solana strategy, we expect our assets to be concentrated in SOL holdings.
Accordingly, the emergence or growth of digital assets other than SOL, including those with significant private or public sector backing,
including by governments, consortiums or financial institutions, may have a material adverse effect on our financial condition. As of
September 30, 2025, Solana was the fifth largest digital asset by market capitalization, excluding stablecoins. However, there are numerous
alternative digital assets and many entities, including consortiums and financial institutions, are researching and investing resources
into private or permissioned blockchain platforms. If the mechanisms or network effects on alternative blockchain platforms are perceived
as superior to the Solana network, those digital assets could gain market share relative to Solana.

Many of the blockchain applications
on large blockchain networks involve the use of “stablecoins,” which are designed to maintain a constant price related to
or based