Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1022

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 9
Chunk 1022
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 OEM segment
as discontinued operations as described in Notes 1, 2, and 3, as to which the date is September 16, 2025 and the presentation of the
Fiscal 2024 Design Segment in Note 16, as to which the date is December 11, 2025.

 F-4 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

    September 30,  
    September 30, 

    2025  
    2024 
  
    Assets 

    Current assets: 

    Cash 
    $38,166,973  
    $2,777,125 
  
    Accounts receivable, net of allowances for credit losses of $92,358 and $27,282 as of September 30, 2025 and 2024, respectively 
     1,635,171  
     2,308,425 
  
    Contract assets 
     1,064,264  
     1,272,993 
  
    Prepaid expenses and other current assets 
     355,548  
     382,832 
  
    Assets held for sale 
     –  
     2,908,039 
  
    Total current assets 
     41,221,956  
     9,649,414 

    Digital assets 
     1,430,486,289  
     – 
  
    Property and equipment, net 
     124,331  
     218,025 
  
    Intangible assets, net 
     –  
     680,386 
  
    Goodwill 
     –  
     1,558,682 
  
    Operating lease right-of-use assets, net 
     2,303,776  
     2,593,112 
  
    Other assets 
     806,137  
     68,737 
  
    Total assets 
    $1,474,942,489  
    $14,768,356 

    Liabilities and shareholders' equity 

    Current liabilities: 

    Note payable to Forward China (related party) 
    $–  
    $600,000 
  
    Accounts payable 
     433,044  
     103,581 
  
    Related party payables (Note 14) 
     923