Company: FWDI
Filing Date: 2025-09-16
Form Type: 8-K
Source: 0001683168-25-007036
Chunk: 38

Company: Forward Industries, Inc.
Filing Date: 2025-09-16
Form: 8-K
Item: Item 8
Chunk 38
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 $96,000
and $0
from this customer at September 30, 2024 and 2023, respectively. Due to the OEM Plan, these receivables are now shown as a component of assets held for sale at September 30, 2024 and 2023.

NOTE 15        401(k) PLAN 

The Company maintains a 401(k)
benefit plan allowing eligible employees to make pre-tax and/or after-tax contributions of a portion of their salary in amounts subject
to Internal Revenue Service limitations. The Company made immediately vested contributions based on a percentage of the employee’s
salary of $442,000 during Fiscal 2024, of which $341,000 was recorded to cost of sales, $24,000 was recorded to sales and marketing expense
and $77,000 was recorded to general and administrative expense on the consolidated statement of operations. The Company made immediately
vested contributions based on a percentage of the employee’s salary of $426,000 during Fiscal 2023, of which $310,000 was recorded
to cost of sales, $25,000 was recorded to sales and marketing expense and $91,000 was recorded to general and administrative expense on
the consolidated statement of operations.

NOTE 16        SEGMENTS AND CONCENTRATIONS

Segments

As a result of discontinuing
the retail and OEM segments, see Note 3, the Company now has only one reportable segment. See Note 2 for more information on the composition
and accounting policies of our reportable segments. The results of the retail and OEM segments were classified as discontinued operations
as discussed in Note 3. The prior year segment disclosures have been reformatted from what was previously disclosed to conform to the
current year presentation and omit certain disclosures that are no longer required.

Geographic Concentrations

The Company’s long-lived
assets consist of property and equipment and operating lease right-of-use assets, all of which are located in the United States. The Company’s
consolidated net revenues for fiscal 2024 and 2023 are from customers predominantly located in the United States.

Customer Concentrations 

Revenues from two customers represented
48.4% and 58.1% of the Company’s consolidated net revenues in Fiscal 2024 and Fiscal 2023, respectively.

Accounts receivable from
two customers represented 48.7% and 65.8% of the Company’s consolidated accounts receivable balances at September 30, 2024 and