Company: FWDI
Filing Date: 2025-09-16
Form Type: 8-K
Source: 0001683168-25-007036
Chunk: 20

Company: Forward Industries, Inc.
Filing Date: 2025-09-16
Form: 8-K
Item: Item 8
Chunk 20
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     18,060,000 
  
    Gross profit 
     1,293,000  
     275,000 

    Sales and marketing expenses 
     880,000  
     1,998,000 
  
    General and administrative expenses 
     197,000  
     246,000 

    Income/(loss) from operations 
     216,000  
     (1,969,000)

    Loss on classification as held for sale 
     –  
     (1,705,000)
  
    Income/(loss) from discontinued operations, net of tax 
    $216,000  
    $(3,674,000)

There were no material amounts
of depreciation, amortization, investing or financing cash flows for the discontinued operations in Fiscal 2024 or Fiscal 2023. The only
significant non-cash activity for the discontinued operations in Fiscal 2024 and 2023 was the conversion of accounts payable to Forward
China into preferred stock in July and September of 2024 (see Note 14).

The following table presents
the major components of assets and liabilities held for sale on our consolidated financial statements: 

     Schedule of major components of assets and liabilities 

    September 30, 

    2024  
    2023 
  
    Cash 
    $245,000  
    $358,000 
  
    Accounts receivable, net 
     2,124,000  
     2,144,000 
  
    Inventories 
     490,000  
     843,000 
  
    Prepaid expenses and other current assets 
     49,000  
     58,000 
  
    Total assets held for sale 
    $2,908,000  
    $3,403,000 

    Accounts payable 
     25,000  
     23,000 
  
    Due to Forward China 
     7,226,000  
     8,246,000 
  
    Other current liabilities 
     42,000  
     47,000 
  
    Total liabilities held for sale 
    $7,293,000  
    $8,316,000 

     F-14 

NOTE 4         INTANGIBLE ASSETS
AND GOODWILL 

Intangible Assets

The Company’s intangible
assets consist of the following