Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 744

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 5
Chunk 744
---
 (493,000) 
     (394,000)
  
    Property and equipment, net 
    $124,000  
    $218,000 

Depreciation expense was $119,000 and $120,000 for
Fiscal 2025 and Fiscal 2024, respectively.

     F-20 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 6        DIGITAL ASSETS

The following table shows the quantity of tokens,
cost basis and fair value of Solana held by the Company as of September 30, 2025: 

    Schedule of fair value  

    Quantity 
     6,854,000 
  
    Cost basis 
    $1,590,521,000 
  
    Fair value 
    $1,430,486,000 

The following table summarizes
the Company’s Solana related activity for Fiscal 2025: 

    Schedule of digital assets carrying value 

    Carrying value at September 30, 2024 
    $– 
  
    Purchases and other additions 
     1,590,521,000 
  
    Unrealized losses 
     (160,035,000)
  
    Carrying value at September 30, 2025 
    $1,430,486,000 

Staked Digital Assets

The Company had staked
$1.43 billion
of digital assets as of September 30, 2025. The Company’s ability to sell or transfer staked digital assets is subject to
restrictions related to unbonding periods, which are based on network traffic on the Solana blockchain. As of September 30,
2025, the majority of the Company’s staked digital assets on the Solana blockchain could be unbonded within three days. The
staking rewards generated from proprietary staking activities for Fiscal 2025 were $4.36
million.

NOTE 7        ACCRUED EXPENSES
AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities at
September 30, 2025 and 2024 are as follows: 

    Schedule of accrued expenses and other current liabilities 

    September 30, 

    2025  
    2024 
  
    Accrued commissions/bonuses 
    $21,000  
    $109,