Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1791

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 8
Chunk 1791
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 a material effect on the consolidated financial statements.

Because of its inherent limitations,
internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with policies or procedures may deteriorate.

Changes in Internal Control

During the fourth quarter
of Fiscal 2025, we began the implementation of our new digital assets treasury policy, as further described in Notes 1 and
6 to the consolidated financial statements and accordingly have implemented new and additional internal controls
surrounding the acquisition, safeguarding, custody, accounting and reporting of our digital assets. We continue to implement and
enhance policies, processes, people, technology and operations related to our new treasury strategy and will continue to evaluate
the impact of any related changes to internal controls over financial reporting in Fiscal 2026. Other than the
changes related to our new treasury strategy described above, there were no changes in our internal control over financial reporting
identified in management’s evaluation pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act during the fourth quarter
of Fiscal 2025 that materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting.

Report of Independent Registered Public Accounting
Firm 

Because we are a smaller reporting
company, this Annual Report on Form 10-K does not include an attestation report of our independent registered public accounting firm regarding
internal control over financial reporting.

ITEM 9B.     OTHER INFORMATION

During the three months ended
September 30, 2025, no director or officer of the company adopted, modified or terminated a “Rule 10b5-1 trading
arrangement” or “non-rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

ITEM 9C.     DISCLOSURE REGARDING FOREIGN JURISDICTIONS
THAT PREVENT INSPECTIONS

Not Applicable.

 39 

PART III

ITEM 10.      DIRECTORS, EXECUTIVE OFFICERS
AND CORPORATE GOVERNANCE

The information required by this
item is incorporated by reference to our Proxy Statement for the 2026 Annual Meeting of Shareholders to be filed with the SEC