Company: FWDI
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001683168-25-000993
Chunk: 4

Company: Forward Industries, Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Item 1
Chunk 4
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 $11,011  
    $20,291,803  
    $(17,686,553) 
    $2,616,261 

    Share-based compensation 
     –  
     –  
     –  
     –  
     50,811  
     –  
     50,811 
  
    Net loss 
     –  
     –  
     –  
     –  
     –  
     (354,220) 
     (354,220)

    Balance at December 31, 2023 
     –  
    $–  
     1,101,069  
    $11,011  
    $20,342,614  
    $(18,040,773) 
    $2,312,852 

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

 5 

FORWARD
INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

    For the Three Months Ended December 31, 

    2024  
    2023 
  
    Operating Activities: 

    Net loss 
    $(708,065) 
    $(354,220)
  
    Adjustments to reconcile net loss to net cash (used in) / provided by operating
    activities: 

    Share-based compensation 
     20,328  
     50,811 
  
    Depreciation and amortization 
     83,875  
     81,403 
  
    Credit loss expense/(recoveries) 
     24,060  
     (10,991)
  
    Goodwill impairment 
     225,000  
     – 
  
    Changes in operating assets and liabilities: 

    Accounts receivable 
     819,236  
     445,067 
  
    Inventories 
     (262,977) 
     (70,845)
  
    Discontinued assets held for sale 
     –  
     372,473 
  
    Prepaid expenses and other current assets 
     23,427  
     (13,770)
  
    Accounts payable 
     65,891  
     (126,690)
  
    Due to