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

Company: Forward Industries, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 14
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 “Income
Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement
Expenses” and in January 2025, the FASB issued ASU No. 2025-01, “Income Statement—Reporting Comprehensive
Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date”, which clarified the effective
date of ASU 2024-03 for non-calendar year-end companies. ASU 2024-03 will require the Company to disclose the amounts of
purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, included in certain expense
captions in the consolidated statements of operations, as well as qualitatively describe remaining amounts included in those captions. ASU
2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses. This ASU
is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 31, 2027.
Early adoption of this ASU is permitted and can be applied prospectively on the on the effective date or retrospectively to prior periods
presented. The Company is currently evaluating the effects of the pronouncement on its condensed consolidated financial statements.

     10 

In December 2023, the FASB
issued ASU 2023-09, “Income Taxes - Improvements to Income Tax Disclosures”, requiring enhancements and further transparency
to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years
beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is currently evaluating
the effects of this pronouncement on its condensed consolidated financial statements.

In November 2023, the FASB
issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires expanded
segment reporting and disclosure and is effective for the Company for fiscal years beginning after December 15, 2023, and interim periods
within fiscal years beginning after December 15, 2024. The Company is currently evaluating the effects of this pronouncement on its condensed
consolidated financial statements.

  NOTE 3
  DISCONTINUED OPERATIONS AND ASSETS HELD