Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1860

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 8
Chunk 1860
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     – 
  
    Total segment assets 
     1,433,866,000  
     5,820,000 
  
    General corporate assets 
     41,076,000  
     6,040,000 
  
    Discontinued assets held for sale 
     –  
     2,908,000 
  
    Total assets 
    $1,474,942,000  
    $14,768,000 

     F-39 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Geographic Concentrations

The Company’s long-lived
assets consist of property and equipment and operating lease right-of-use assets, all of which are located in the United States. The Company’s
consolidated net revenues for Fiscal 2025 and 2024 are from customers predominantly located in the United States.

Customer Concentrations 

Revenues from one design segment
customer represented 12.4% of the Company’s consolidated net revenues in Fiscal 2025 and revenue from two design customers represented
48.4% of the Company’s consolidated net revenues in Fiscal 2024.

Accounts receivable from three
design segment customers represented 49.4% of the Company’s consolidated accounts receivable balance at September 30, 2025 and accounts
receivable from two design segment customers represented 48.7% of the Company’s consolidated accounts receivable balance at September
30, 2024.

There were no concentrations
of revenue or accounts receivable with any significant customer in our digital assets segment.

NOTE 17        RISKS AND UNCERTAINTIES 

The Company is subject to various
risks including market risk, liquidity risk and other risks related to its concentration in SOL. Investing in SOL is currently highly
speculative and volatile.

The price of SOL has been, and
will likely continue to be, highly volatile. Our financial results and the market price of our common stock could be materially adversely
affected if the price of SOL decreases substantially, as it has in the past, including as a result of shifts in market sentiment, speculative
trading, macroeconomic trends, technology-related disruptions and regulatory announcements.

Our historical financial statements
do not reflect the potential variability in earnings that we may experience in the future from holding or selling digital assets. Accordingly,
volatility in our earnings may be significantly more than what we experienced in