Company: FWDI
Filing Date: 2025-09-16
Form Type: 8-K
Source: 0001683168-25-007036
Chunk: 21

Company: Forward Industries, Inc.
Filing Date: 2025-09-16
Form: 8-K
Item: Item 8
Chunk 21
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:

     Schedule of intangible
assets 

    September 30, 2024  
    September 30, 2023 

    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 
     (242,000) 
     (1,053,000) 
     (1,295,000) 
     (203,000) 
     (879,000) 
     (1,082,000)
  
    Net carrying amount 
    $343,000  
    $337,000  
    $680,000  
    $382,000  
    $511,000  
    $893,000 

The Company’s intangible
assets resulted from the acquisitions of Kablooe and IPS in Fiscal 2020 and Fiscal 2018, respectively, and relate to the design segment
of our business. Intangible assets are amortized over their expected useful lives of 15 years for the trademarks and eight years for the
customer relationships. During Fiscal 2024 and Fiscal 2023, the Company recorded amortization expense related to intangible assets of
$213,000, which is included in general and administrative expenses in the Company’s consolidated statements of operations.

At September 30, 2024, estimated amortization
expense for the Company’s intangible assets for each of the next five years and thereafter is as follows:

     Schedule of estimated
amortization expense 

    Fiscal 2025 
    $213,000 
  
    Fiscal 2026 
     121,000 
  
    Fiscal 2027 
     81,000 
  
    Fiscal 2028 
     78,000 
  
    Fiscal 2029 
     39,000 
  
    Thereafter 
     148,000 
  
    Total 
    $680,000 

Goodwill

Goodwill represents the future
economic benefits of assets acquired in a business combination that are not individually identified or separately recognized. The Company’s
goodwill resulted from the acquisitions of K