Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 958

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 8
Chunk 958
---
 
  
    Digital assets used in investing activities 
     685,375,313  
     – 
  
    Unpaid portion of Securities Purchase Agreement fees 
     194,180  
     – 
  
    Reclass of warrant liability to equity 
     1,221,443  
     – 

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

 F-8 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1        OVERVIEW

Business

Forward Industries, Inc. (“Forward”,
“we”, “our” or the “Company”) is a global design company serving top tier medical and technology customers.
The Company provides hardware and software product design and engineering services to customers predominantly located in the U.S. The
Company also acquires and holds Solana (“SOL”) and other digital assets and has adopted SOL as its primary treasury reserve
asset.

On November 17, 2025, the Company
changed its ticker symbol on the Nasdaq Capital Market from FORD to FWDI.

New Digital Asset Treasury Strategy

On September 8, 2025, in connection
with a private placement with certain accredited investors (see Note 8), we announced the launch of our digital asset treasury strategy,
pursuant to which we plan to pursue a number of strategic initiatives to acquire Solana (“SOL”) and other digital assets.
In September 2025, we entered into the Asset Management Agreement with Galaxy Digital Capital Management LP and the Services Agreement
with Galaxy Digital LP (see Note 14) to guide us through the implementation of our new digital assets treasury business.

Under our new treasury policy
and strategy, the principal holding in our treasury reserve on the balance sheet will be allocated to digital assets, primarily SOL by
applying a public-market treasury model to an asset that we believe is earlier in its lifecycle, structurally reflexive, and underexposed
as compared to Bitcoin. Our planned approach involves acquiring SOL directly through market purchases and staking our holdings via our
own or third-party operated validators and generating incremental revenue through strategic partnerships and deployments within the Solana
ecosystem.

In addition to operating our
hardware and software product design and engineering services business, our management will focus its resources on our new treasury policy
and a significant portion of the balance sheet will be allocated to holding SOL and other digital assets in our digital asset