Company: FWDI
Filing Date: 2025-09-16
Form Type: 8-K
Source: 0001683168-25-007036
Chunk: 39

Company: Forward Industries, Inc.
Filing Date: 2025-09-16
Form: 8-K
Item: Item 8
Chunk 39
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 September
30, 2023, respectively.

     F-25 

In December 2024, our largest
design customer notified the Company of its plan to discontinue their insulin patch program, on which the Company was working. We expect
this to cause a material decrease in our revenues beginning with the second quarter of fiscal 2025. We are currently working on cost reduction
efforts to mitigate the reduction in revenue, including a reduction in force which was communicated in December 2024. See Note 1.

Supplier Concentration

The Company’s discontinued
OEM distribution segment procured substantially all its products through independent suppliers in China through Forward China (see Note
14). Depending on the product, Forward China may require several different suppliers to furnish component parts or pieces.

 F-26 

ITEM 1. FINANCIAL STATEMENTS FOR THE
QUARTERLY PERIOD ENDED DECEMBER 31, 2024

    Condensed Consolidated Balance Sheets at December 31, 2024 (Unaudited) and September 30, 2024
    F-28

    Condensed Consolidated Statements of Operations (Unaudited) for the Three Months Ended December 31, 2024 and 2023
    F-29

    Condensed Consolidated Statements of Shareholders' Equity (Unaudited) for the Three Months Ended December 31, 2024 and 2023
    F-30

    Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended December 31, 2024 and 2023
    F-31

    Notes to Condensed Consolidated Financial Statements
    F-32

 F-27 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

    December 31,  
    September 30, 

    2024  
    2024 

    (Unaudited)  
    (See Note 2) 
  
    Assets 

    Current assets: 

    Cash 
    $2,337,424  
    $2,777,125 
  
  Accounts receivable, net of allowances for credit losses of $51,342 and$27,282 as of December 31, 2024 and September 30, 2024, respectively

  2,500,753