Company: FWDI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006141
Chunk: 20

Company: Forward Industries, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 20
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1,406,000  
     –  
     1,406,000  
     – 
  
    Net income from discontinued operations 
    $1,554,000  
    $55,000  
    $2,115,000  
    $140,000 

There were no depreciation,
amortization, or financing cash flow activities for the discontinued operations in the three or nine months ended June 30, 2025 or 2024.
Investing cash flows related to the discontinued operations included $200,000 paid for the sale of the OEM segment in May 2025. The only
significant non-cash activity for the discontinued operations in the three and nine months ended June 30, 2025 and 2024 was the conversion
of accounts payable to Forward China into preferred stock in February and March of 2025 (See Note 8).

The following table presents
the major components of assets and liabilities held for sale on our condensed consolidated balance sheet at September 30, 2024:

    Schedule of major components of assets and liabilities 

    Cash 
    $245,000 
  
    Accounts receivable, net 
     2,124,000 
  
    Inventories 
     490,000 
  
    Prepaid expenses and other current assets 
     49,000 
  
    Total assets held for sale 
     2,908,000 

    Accounts payable 
    $25,000 
  
    Due to Forward China 
     7,226,000 
  
    Other current liabilities 
     42,000 
  
    Total liabilities held for sale 
    $7,293,000 

     13 

  NOTE 4
  INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

The Company’s intangible
assets consist of the following:

    Schedule of intangible assets  

    June
    30, 2025  
    September
    30, 2024 

    Trademarks  
    Customer
    Relationships  
    Total
    
    Intangible
    Assets  
    Trademarks  
    Customer
    Relationships  
    Total
    
    Intangible
    Assets 
  
    Gross carrying amount 
    $585,000  
    $1,390,000  
    $1,975,000  
    $585,000  
    $1,390,000