Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1221

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 9B
Chunk 1221
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     2,627,000 
  
    Occupancy costs 
     668,000  
     662,000 
  
    Amortization expense (a) 
     213,000  
     213,000 
  
    Impairment of goodwill and intangible assets 
     2,026,000  
     200,000 
  
    Interest income 
     (37,000) 
     (79,000)
  
    Other segment expenses (b) 
     701,000  
     698,000 
  
    (Loss)/income from continuing operations before income taxes 
    $(5,159,000) 
    $104,000 

     F-38 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

    Digital Assets Segment 

    Fiscal 2025  
    Fiscal 2024 
  
    Revenues 
    $4,582,000  
    $– 
  
    Cost of revenues 
     170,000  
     – 
  
    Gross profit 
     4,412,000  
     – 
  
    Asset management fees (a) 
     539,000  
     – 
  
    Loss on change in fair value of digital assets 
     160,035,000  
     – 
  
    Loss from continuing operations before income taxes 
    $(156,162,000) 
    $– 

  (a)
  Depreciation expense, amortization expense and asset management fees are not regularly provided to the CODM, however they are components of loss from continuing operations before income taxes and identified as a "specific profit or loss" item and therefore disclosed separately in accordance with the related accounting guidance.

  (b)
  Other segment expenses include insurance expense, bad debt expense, bank and payroll processing fees, and various other general and administrative expenses.

The following table is a reconciliation
of segment loss from continuing operations before taxes to our consolidated loss from continuing operations before income taxes.

    Schedule of reconciliation
of segment loss 

    Fiscal 2025  
    Fiscal 2024 
  
    Design segment loss from continuing operations before income taxes 
    $(5,159,000) 
    $104,000 
  
    Digital assets segment loss from continuing operations before income taxes 
     (156,