Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 221

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1A
Chunk 221
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 to Forward China 
     7,226,000 
  
    Other current liabilities 
     42,000 
  
    Total liabilities held for sale 
    $7,293,000 

     F-18 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4         INTANGIBLE ASSETS
AND GOODWILL 

Intangible Assets

The Company’s intangible
assets consist of the following: 

    Schedule of intangible assets 

    September 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  
    $1,975,000 
  
    Less accumulated amortization 
     (281,000) 
     (1,226,000) 
     (1,507,000) 
     (242,000) 
     (1,053,000) 
     (1,295,000)
  
    Impairment loss 
     (304,000) 
     (164,000) 
     (468,000) 
     –  
     –  
     – 
  
    Net carrying amount 
    $–  
    $–  
    $–  
    $343,000  
    $337,000  
    $680,000 

The Company’s intangible
assets resulted from the acquisitions of Kablooe and IPS in Fiscal 2020 and Fiscal 2018, respectively, and relate to the design segment
of our business. Intangible assets were amortized over their expected useful lives of 15 years for the trademarks and eight years for
the customer relationships. During Fiscal 2025 and Fiscal 2024, the Company recorded amortization expense related to intangible assets
of $213,000, which is included in general and administrative expenses in the Company’s consolidated statements of operations.

At September 30, 2025, due to
declining revenues and continuing losses in the design segment, the Company