Company: FWDI
Filing Date: 2025-09-16
Form Type: 8-K
Source: 0001683168-25-007036
Chunk: 0

Company: Forward Industries, Inc.
Filing Date: 2025-09-16
Form: 8-K
Item: Item 8
Chunk 0
---
The consolidated financial statements
and notes thereto included in this Annual Report may be found beginning on page F-1 of this Annual Report on Form 10-K.

    FORWARD INDUSTRIES, INC. AND SUBSIDIARIES
  
    CONSOLIDATED FINANCIAL STATEMENTS

    Page

    Report of Independent Registered Public Accounting Firm (PCAOB #596)
    F-2

    Consolidated Balance Sheets at September 30, 2024 and 2023
    F-4

    Consolidated Statements of Operations for the Years Ended September 30, 2024 and 2023
    F-5

    Consolidated Statements of Shareholders’ Equity for the Years Ended September 30, 2024 and 2023
    F-6

    Consolidated Statements of Cash Flows for the Years Ended September 30, 2024 and 2023
    F-7

    Notes to Consolidated Financial Statements
    F-8

 F-1 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

The Board of Directors and Shareholders of

Forward Industries, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance
sheets of Forward Industries, Inc. and Subsidiaries (the “Company”) as of September 30, 2024 and 2023, and the related consolidated
statements of operations, shareholders’ equity and cash flows for the years then ended, and the related notes (collectively referred
to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all
material respects, the financial position of the Company as of September 30, 2024 and 2023, and the results of its operations and its
cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements,
the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern.
Management’s plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include
any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on