Company: FWDI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003548
Chunk: 0

Company: Forward Industries, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 0
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FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

    March 31,  
    September 30, 

    2025  
    2024 
  
    Assets 
    (Unaudited)  
    (See Note 2) 

    Current assets: 

    Cash 
    $1,798,377  
    $2,777,125 
  
    Accounts receivable, net of allowances for credit losses of $14,442 and $27,282 as of March 31, 2025 and September 30, 2024, respectively 
     1,776,833  
     2,308,425 
  
    Contract assets 
     868,094  
     1,272,993 
  
    Prepaid expenses and other current assets 
     315,061  
     382,832 
  
    Assets held for sale 
     2,909,597  
     2,908,039 

    Total current assets 
     7,667,962  
     9,649,414 

    Property and equipment, net 
     164,760  
     218,025 
  
    Intangible assets, net 
     574,007  
     680,386 
  
    Goodwill 
     1,333,682  
     1,558,682 
  
    Operating lease right-of-use assets, net 
     2,529,148  
     2,593,112 
  
    Other assets 
     68,737  
     68,737 

    Total assets 
    $12,338,296  
    $14,768,356 

    Liabilities and shareholders' equity 

    Current liabilities: 

    Note payable to Forward China (related party) 
    $600,000  
    $600,000 
  
    Accounts payable 
     137,406  
     103,581 
  
    Deferred income 
     355,038  
     399,439 
  
    Current portion of operating lease liability 
     463,268  
     404,056 
  
    Accrued expenses and other current liabilities 
     418,813  
     571,662 
  
    Liabilities held for sale 
     4