Company: FWDI
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001683168-25-000993
Chunk: 0

Company: Forward Industries, Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Item 1
Chunk 0
---
FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

    December 31,  
    September 30, 

    2024  
    2024 

    (Unaudited)  
    (See Note 2) 
  
    Assets 

    Current assets: 

    Cash 
    $2,606,879  
    $3,022,436 
  
    Accounts receivable, net of allowances for credit losses of $51,342 and $27,282 as of December 31, 2024 and September 30, 2024, respectively 
     4,862,223  
     5,609,032 
  
    Accounts receivable (related party) 
     –  
     96,487 
  
    Inventories, net 
     752,973  
     489,996 
  
    Prepaid expenses and other current assets 
     402,813  
     426,240 

    Total current assets 
     8,624,888  
     9,644,191 

    Property and equipment, net 
     194,029  
     219,297 
  
    Intangible assets, net 
     627,197  
     680,386 
  
    Goodwill 
     1,333,682  
     1,558,682 
  
    Operating lease right-of-use assets, net 
     2,639,821  
     2,593,112 
  
    Other assets 
     72,688  
     72,688 

    Total assets 
    $13,492,305  
    $14,768,356 

    Liabilities and shareholders' equity 

    Current liabilities: 

    Note payable to Forward China (related party) 
    $600,000  
    $600,000 
  
    Accounts payable 
     194,951  
     129,060 
  
    Due to Forward China (related party) 
     6,771,284  
     7,226,012 
  
    Deferred income 
     278,607  
     399,439 
  
    Current portion of operating lease liability 
     454,509  
     404,056 
  
    Accrued expenses and other current