Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 588

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 3
Chunk 588
---
 provision 

    Fiscal 2025  
    Fiscal 2024 
  
    Current: 

    Federal 
    $–  
    $– 
  
    State 
     20,000  
     23,000 
  
    Foreign 
     –  
     – 

    Deferred: 

    Federal 
     (34,854,000) 
     (141,000)
  
    State 
     (6,819,000) 
     (71,000)
  
    Foreign 
     337,000  
     (16,000)
  
    Deferred income tax expense (benefit) 
     (41,316,000) 
     (205,000)
  
    Change in valuation allowance 
     41,336,000  
     228,000 
  
    Income tax provision 
    $20,000  
    $23,000 

The deferred tax provision is
the change in the deferred tax assets and liabilities representing the tax consequences of changes in the amounts of temporary differences,
net operating loss carryforwards and changes in tax rates during the fiscal year.

     F-30 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company’s deferred
tax assets and liabilities are comprised of the following: 

    Schedule of deferred tax
    assets and liabilities 

    September 30, 

    2025  
    2024 
  
    Deferred tax assets 

    Net operating losses 
    $4,026,000  
    $3,586,000 
  
    Share-based compensation 
     976,000  
     269,000 
  
    Reserves and other allowances 
     386,000  
     388,000 
  
    Lease liability 
     638,000  
     702,000 
  
    Accrued compensation 
     61,000  
     32,000 
  
    Intangible assets 
     117,000  
     – 
  
    Accrued related party interest 
     –  
     5,000 
  
    Unrealized gains/losses 
     40,092,000  
     – 
  
    Charitable contributions 
     1,000  
     1,000 
  
    Interest