Company: FWDI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006141
Chunk: 36

Company: Forward Industries, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 36
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    2024 
  
    Accrued commissions/bonuses 
    $18,000  
    $114,000 
  
    Paid time off 
     259,000  
     263,000 
  
    Other 
     34,000  
     195,000 
  
    Total 
    $311,000  
    $572,000 

     22 

  NOTE 12
  SUBSEQUENT EVENTS

On August 8, 2025, the Company’s shareholders
approved, among other proposals, (i)  of the issuance of shares of the Company’s common stock in excess of the Nasdaq 19.9%
(exchange cap) limitations pursuant to the conversion of the Series B and exercise of the warrants issued pursuant to the PS Agreement,
(ii)  of the issuance of shares that may be issued under the ELOC without giving effect to the 19.9% (exchange cap) limitations
in the underlying agreements and (iii) an amendment to the 2021 Equity Incentive Plan to increase the number of shares of the Company’s
common stock available and reserved for issuance thereunder by 300,000 shares.

On August 8, 2025, Forward China converted 610
shares of the Series A-1 into 81,333 shares of common stock in accordance with the Company’s Certificate of Incorporation (as amended).
See Note 6.

On August 11, 2025, the Company entered into subscription
agreements with six investors pursuant to which it agreed to issue and sell, in a registered direct offering (the “Offering”),
an aggregate of approximately 263,000 shares of its common stock at a price of $8.50 per share. The Offering closed on August 11,
2025 and the aggregate gross proceeds from the Offering were approximately $2,230,000.

From July 1 – August 12, 2025, the Company
received gross proceeds of $2,432,000 from the sale of 246,000 shares of common stock under the ELOC. See Note 6.

 23 

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion
and analysis should be read in conjunction with our unaudited condensed consolidated financial statements, and the notes thereto, and
other financial information appearing elsewhere in this Quarterly Report on Form 10-Q