Company: FWDI
Filing Date: 2025-09-16
Form Type: 8-K
Source: 0001683168-25-007036
Chunk: 9

Company: Forward Industries, Inc.
Filing Date: 2025-09-16
Form: 8-K
Item: Item 8
Chunk 9
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    Accrued expenses and other current liabilities 
     (739,283) 
     182,433 
  
    Net cash used in operating activities-continuing operations 
     (1,151,795) 
     (3,922,650)
  
    Net cash provided by operating activities-discontinued operations 
     1,671,565  
     5,072,877 
  
    Net cash provided by operating activities 
     519,770  
     1,150,227 

    Investing Activities: 

    Purchases of property and equipment 
     (65,154) 
     (136,082)
  
    Net cash used in investing activities 
     (65,154) 
     (136,082)

    Financing Activities: 

    Repayment of note payable to Forward China (related party) 
     (500,000) 
     (300,000)
  
    Net cash used in financing activities 
     (500,000) 
     (300,000)

    Net (decrease) / increase in cash 
     (45,384) 
     714,145 
  
    Cash at beginning of year 
     2,822,509  
     2,108,364 
  
    Cash at end of year 
    $2,777,125  
    $2,822,509 

    Supplemental Disclosures of Cash Flow Information: 

    Cash paid for interest 
    $62,662  
    $104,201 
  
    Cash paid for taxes 
    $7,069  
    $10,271 
  
    Supplemental Disclosures of Non-Cash Information: 

    Conversion of accounts payable to convertible preferred stock 
    $2,200,000  
    $– 

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

 F-7 

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.

Discontinued Operations

In July 2023, the