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

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 12
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 all of their value, and on the overall financial position of the
Company;

·Crypto assets and our related activities are
characterized by numerous other risks and uncertainties, including the possibility of code malfunction, theft, fraud, hacking, cyberattacks,
malicious activities or manipulation, in addition to price volatility, regulatory actions, bans or restrictions, declines in the price
of crypto assets, demand for or public perception of crypto assets and other external forces beyond our control;

·There is a significant increase in competition
in the digital asset industry and thus, the Company’s financial condition and operations may be adversely affected if the Company
fails to compete effectively;

·Technological innovations and new entrants into
the digital asset ecosystem may render Solana obsolete which would materially affect the price of the Company’s stock price and
overall financial position;

·The Company’s financial position and operations
may be dependent on the acceptance of digital assets, which represent a new and rapidly evolving industry;

·The largely unregulated nature of the digital
asset ecosystem may adversely affect the value of digital assets and, consequently, the Company’s financial position;

·We are highly dependent on our new Chairman of
the Board of Directors, members of our executive team, and our Asset Manager, and the loss of any of their services could materially harm
our business.

 8 

Risks Related to the Company’s Digital Assets Strategy and Holdings

We purchase digital assets, including
SOL, the price of which has been, and will likely continue to be, highly volatile. Our operating results and share price may significantly
fluctuate, including due to the highly volatile nature of the price of such digital assets and erratic market movements.

We purchase or otherwise acquire
SOL for the establishment of our digital asset treasury operations. Digital assets, such as SOL, are highly volatile assets, as a result
of many factors including shifts in market sentiment, speculative trading, macroeconomic trends, technology-related disruptions and regulatory
announcements. In addition, digital assets do not pay interest or other returns, unless utilized in staking or financial applications,
and so the ability to generate a return on investment from the net proceeds of any capital raisings will principally depend on whether
there is appreciation in the value of digital assets following our purchases of digital assets with the net proceeds from such capital
raisings. Future fluctuations in digital asset trading prices may result in our converting digital assets into cash with a value substantially
below what we paid for such digital assets.

We adopted a digital asset treasury