Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1772

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 16
Chunk 1772
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    Price  
    Life (Yrs.)  
    Value 
  
    Outstanding at September 30, 2024 
     81,000  
    $12.15  

    Granted 
     278,000  
    $13.74  

    Exercised 
     (4,000) 
    $15.55  

    Expired 
     (29,000) 
    $12.97  

    Outstanding at September 30, 2025 
     326,000  
    $13.39  
     4.4  
    $3,977,000 

    Exercisable at September 30, 2025 
     228,000  
    $16.99  
     4.4  
    $1,959,000 

Options outstanding at September
30, 2025 have an exercise price between $3.73 and $23.90 per share.

     F-29 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Restricted Stock Awards

In Fiscal 2025, the Company granted
50,000 shares of restricted stock to one of its non-employee directors. These shares are fully vested and had an aggregate grant date
fair value of $1,298,000 based on the closing price of the Company’s common stock on the date of grant, which was recorded as compensation
expense on the date of grant and included as a component of general and administrative expenses on the consolidated financial statements.
In connection with the Securities Purchase Agreement (see Note 8), these shares are subject to a lockup period, which prohibits their
sale until March 2026 without prior written consent from the Company.

NOTE 10      INCOME TAXES

The following table summarizes
the Company’s consolidated provision from continuing operations for U.S. federal, state and foreign taxes on income: 

    Schedule of tax provision 

    Fiscal 2025  
    Fiscal 2024 
  
    Current: 

    Federal 
    $–  
    $– 
  
    State 
     20,000  
     23,000 
  
    Foreign 
     –  
     – 

    Deferred: 

    Federal 
     (34,854,000) 
     (141,000