Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1587

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 14
Chunk 1587
---
9

 F-1 

REPORT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and Board of Directors of

Forward Industries, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated
balance sheet of Forward Industries, Inc. (the “Company”) as of September 30, 2025, the related consolidated statements of
operations, shareholders’ equity and cash flows for the year ended September 30, 2025, and the related notes (collectively referred
to as the “financial statements”). In our opinion, based on our audit, the financial statements present fairly, in all material
respects, the financial position of the Company as of September 30, 2025, and the results of its operations and its cash flows for the
year ended September 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

Retrospective Application of a Change in Accounting
Principle

We also have audited the adjustments to the September
30, 2024 financial statements to retrospectively apply the change in accounting principle due to the adoption of Accounting Standards
Update 2023-07, Segment Reporting, as described in Note 16. In our opinion, such adjustments are appropriate and have been properly applied.
We were not engaged to audit, review, or apply any procedures to the September 30, 2024 financial statements of the Company other than
with respect to the adjustments and, accordingly, we do not express an opinion or any form of assurance on the September 30, 2024 financial
statements taken as a whole.

Emphasis of Matter - Investment in SOL 

In forming our opinion, we have considered the
adequacy of the disclosure in Note 17, "Risks and Uncertainties," to the consolidated financial statements, which describes
the significant risks and uncertainties that could materially affect the Company’s financial condition, and results of operations.
As discussed in Note 17, the Company holds a substantial concentration in SOL, a digital asset that is subject to high market volatility
and speculative trading, regulatory uncertainties, cybersecurity threats, and risks related to its custody and legal status. These factors
may result in material adverse effects, including potential losses, increased variability in earnings, and exposure to additional regulatory
requirements and operational disruptions.

Emphasis of Matter - Discontinued Operations

As discussed in Note 3 to the financial statements,
the Company committed to a plan to dispose of its