Company: FWDI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006141
Chunk: 0

Company: Forward Industries, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 0
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FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

    June 30,  
    September 30, 

    2025  
    2024 

    (Unaudited)  
    (See Note 2) 
  
    Assets 

    Current assets: 

    Cash 
    $1,263,162  
    $2,777,125 
  
  Accounts receivable, net of allowances for credit losses of $15,916 and$27,282 as of June 30, 2025 and September 30, 2024, respectively

  1,193,494

  2,308,425

    Contract assets 
     724,905  
     1,272,993 
  
    Prepaid expenses and other current assets 
     383,536  
     382,832 
  
    Assets held for sale 
     –  
     2,908,039 
  
    Total current assets 
     3,565,097  
     9,649,414 

    Property and equipment, net 
     153,855  
     218,025 
  
    Intangible assets, net 
     520,818  
     680,386 
  
    Goodwill 
     1,333,682  
     1,558,682 
  
    Operating lease right-of-use assets 
     2,417,332  
     2,593,112 
  
    Other assets 
     303,539  
     68,737 
  
    Total assets 
    $8,294,323  
    $14,768,356 

    Liabilities and shareholders' equity 

    Current liabilities: 

    Note payable to Forward China (related party) 
    $600,000  
    $600,000 
  
    Due to Forward China (related party) 
     450,000  
     – 
  
    Accounts payable 
     208,811  
     103,581 
  
    Deferred income 
     309,976  
     399,439 
  
    Current portion of operating lease liability 
     474,799  
     404,056 
  
    Accrued expenses and other current liabilities 
     311,007