Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 460

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 2
Chunk 460
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 over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provide
a reasonable basis for our opinion.

/s/ CohnReznick LLP

We have served as the Company’s auditor
from 2011 to 2025.

Holmdel, New Jersey

December 27, 2024

except for the presentation of the OEM segment
as discontinued operations as described in Notes 1, 2, and 3, as to which the date is September 16, 2025 and the presentation of the
Fiscal 2024 Design Segment in Note 16, as to which the date is December 11, 2025.

 F-4 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

    September 30,  
    September 30, 

    2025  
    2024 
  
    Assets 

    Current assets: 

    Cash 
    $38,166,973  
    $2,777,125 
  
    Accounts receivable, net of allowances for credit losses of $92,358 and $27,282 as of September 30, 2025 and 2024, respectively 
     1,635,171  
     2,308,425 
  
    Contract assets 
     1,064,264  
     1,272,993 
  
    Prepaid expenses and other current assets 
     355,548  
     382,832 
  
    Assets held for sale 
     –  
     2,908,039 
  
    Total current assets 
     41,221,956  
     9,649,414 

    Digital assets 
     1,430,486,289  
     – 
  
    Property and equipment, net 
     124