Company: FWDI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003548
Chunk: 1

Company: Forward Industries, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 1
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,477,174  
     7,292,858 
  
    Total current liabilities 
     6,451,699  
     9,371,596 

    Other liabilities: 

    Operating lease liability, less current portion 
     2,307,790  
     2,429,726 
  
    Total liabilities 
     8,759,489  
     11,801,322 

    Commitments and contingencies 
     –  
     – 

    Shareholders' equity: 

    Series A-1 Convertible Preferred Stock, par value $0.01 per share; stated value of $1,000 per share; 6,700 shares authorized, 4,925 and 2,200 shares issued and outstanding at March 31, 2025 and September 30, 2024, respectively (liquidation preference of $4,925,000) 
     4,925,000  
     2,200,000 
  
    Common stock, 40,000,000 shares authorized; par value $0.01 per share; 1,101,069 shares issued and outstanding at March 31, 2025 and September 30, 2024 
     11,011  
     11,011 
  
    Additional paid-in capital 
     20,439,612  
     20,393,163 
  
    Accumulated deficit 
     (21,796,816) 
     (19,637,140)

    Total shareholders' equity 
     3,578,807  
     2,967,034 

    Total liabilities and shareholders' equity 
    $12,338,296  
    $14,768,356 

The accompanying notes
are an integral part of the unaudited condensed consolidated financial statements. 

 3 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

    For the Three Months Ended  
    For the Six Months Ended 

    March 31,  
    March 31, 

    2025  
    2024  
    2025  
    2024 

    Revenues, net 
    $3,122,933  
    $5,070,920  
    $