Company: FWDI
Filing Date: 2025-09-16
Form Type: 8-K
Source: 0001683168-25-007036
Chunk: 45

Company: Forward Industries, Inc.
Filing Date: 2025-09-16
Form: 8-K
Item: Item 8
Chunk 45
---
 (363,544)
  
    Cash at beginning of period 
     2,777,125  
     2,822,509 
  
    Cash at end of period 
    $2,337,424  
    $2,458,965 

    Supplemental Disclosures of Cash Flow Information: 

    Cash paid for interest 
    $11,967  
    $19,010 

    Supplemental Disclosures of Non-Cash Information: 

    Operating lease assets obtained in exchange for operating lease liabilities 
    $157,424  
    $– 

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

 F-32 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1         OVERVIEW

Business

Forward Industries, Inc.
(“Forward”, “we”, “our” or the “Company”) is a global design company serving top tier
medical and technology customers. The Company provides hardware and software product design and
engineering services to customers predominantly located in the U.S.

Discontinued Operations

In July 2023, the Company
decided to cease operations of its retail distribution segment (“Retail Exit”) and is presenting the results of operations
for this segment within discontinued operations in the prior periods presented herein. Our retail distribution business sourced and sold
smart-enabled furniture, hot tubs and saunas and a variety of other products through various online retailer websites to customers predominantly
located in the U.S. and Canada. The inventory of the retail segment was presented as discontinued assets held for sale on the balance
sheet at September 30, 2023.

In March 2025, the Company
committed to a plan to sell the original equipment manufacturer (“OEM”) distribution segment of the business (“OEM Plan”).
In May 2025, the Company completed the sale of this line of business and is presenting its results of operations within discontinued operations
in the current and prior periods presented herein. The OEM distribution segment sourced and sold carrying cases and other accessories
for medical monitoring and diagnostic kits as well as a variety of other portable electronic and non-electronic devices to OEMs or their
contract manufacturers worldwide, that either packaged our products as accessories “in box” together with their branded product
offerings or sold them through their retail distribution channels. The Company did not manufacture any of its OEM