Company: FWDI
Filing Date: 2025-09-16
Form Type: 8-K
Source: 0001683168-25-007036
Chunk: 3

Company: Forward Industries, Inc.
Filing Date: 2025-09-16
Form: 8-K
Item: Item 8
Chunk 3
---
 flows by comparing those forecasts to underlying business strategies, including customer relationships and the Company’s ability to obtain new customers, and to historical results. In addition, we performed sensitivity analyses related to the key inputs used in the Company’s forecasted revenue, expenses and cash flows, including evaluating whether the changes in the assumptions would result in a material change in forecasted cash flows and operating results.

    ·
    Evaluating management’s ability to accurately forecast future operating results by comparing the Company’s historical forecasted revenue, expenses and cash flows to actual results.

/s/ CohnReznick LLP

We have served as the Company’s auditor since 2011.

Melville, New York

December 27, 2024

except for the presentation of the OEM segment
as discontinued operations as described in Notes 1, 2 and 3.

September 16, 2025

 F-3 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

    September 30, 

    2024  
    2023 
  
    Assets 

    Current assets: 

    Cash 
    $2,777,125  
    $2,822,509 
  
    Accounts receivable, net of allowances for credit losses of
    $27,282 and $955,965 as of September 30, 2024 and 2023, respectively 
     2,308,425  
     3,848,987 
  
    Contract assets 
     1,272,993  
     975,745 
  
    Prepaid expenses and other current assets 
     382,832  
     321,981 
  
    Assets held for sale 
     2,908,039  
     3,403,002 
  
    Total current assets 
     9,649,414  
     11,372,224 

    Property and equipment, net 
     218,025  
     272,041 
  
    Intangible assets, net 
     680,386  
     893,143 
  
    Goodwill 
     1,558,682  
     1,758,682 
  
    Operating lease right-of-use assets, net 
     2,593,112  
     3,021,315 
  
    Other assets 
     68,737  
     68,