Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 902

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 7A
Chunk 902
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 unit exceeded its fair value and recorded an additional impairment charge of $943,000 for the remaining goodwill balance.

Below is the rollforward of
goodwill for the design segment, the only reportable segment with goodwill: 

     Schedule of  roll forward
of goodwill 

    Balance at September 30, 2024 
    $1,559,000 
  
    Impairment of IPS reporting unit 
     (1,168,000)
  
    Impairment of Kablooe reporting unit 
     (391,000)
  
    Balance September 30, 2025 
    $– 

NOTE 5         PROPERTY AND
EQUIPMENT

Property and equipment and related accumulated depreciation
and amortization are summarized in the table below: 

    Schedule of property and equipment 

    September 30, 

    2025  
    2024 
  
    Computer hardware and software 
    $490,000  
    $481,000 
  
    Furniture and fixtures 
     32,000  
     48,000 
  
    Equipment 
     95,000  
     83,000 
  
    Property and equipment, cost 
     617,000  
     612,000 
  
    Less accumulated depreciation and amortization 
     (493,000) 
     (394,000)
  
    Property and equipment, net 
    $124,000  
    $218,000 

Depreciation expense was $119,000 and $120,000 for
Fiscal 2025 and Fiscal 2024, respectively.

     F-20 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 6        DIGITAL ASSETS

The following table shows the quantity of tokens,
cost basis and fair value of Solana held by the Company as of September 30, 2025: 

    Schedule of fair value  

    Quantity 
     6,854,000 
  
    Cost basis 
    $1,590,521,000 
  
    Fair value 
    $1,430,486,000 

The following table summarizes
the Company’s Solana related activity for Fiscal 2025: 

    Schedule of digital assets carrying value 

    Carrying value at September 30, 2024 
    $–