Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 372

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1C
Chunk 372
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 well as performed procedures on the micro movements on unstaking and staking
of wallet balances. We obtained confirmation of the Company’s digital assets in custody as of September 30, 2025 and compared the
total digital assets confirmed to the Company’s record of digital asset holdings. We also compared the Company’s record of
digital asset transactions to the records on the public blockchain using a software audit tool. We applied auditor judgment in determining
the nature and extent of audit evidence required, especially related to assessing the existence of the digital assets and whether the
Company controls the digital assets. We evaluated the sufficiency and appropriateness of audit evidence obtained by assessing the results
of procedures performed over the digital assets.

/s/ CBIZ CPAs P.C.

CBIZ CPAs P.C.

We have served as the Company’s auditor
since March 2025.

Melville,
New York
December 11, 2025

 F-3 

Report
of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

Forward Industries, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated
balance sheet of Forward Industries, Inc. and Subsidiaries (the “Company”) as of September 30, 2024, and the related consolidated
statements of operations, shareholders’ equity and cash flows for the year then ended, and the related notes (collectively referred
to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all
material respects, the financial position of the Company as of September 30, 2024, and the results of its operations and its cash flows
for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements,
the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern.
Management’s plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include
any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are the
responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United