Company: FWDI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001683168-25-006141
Chunk: 19

Company: Forward Industries, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 19
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30, 2025, which are shown as Due to Forward China on the
condensed consolidated financial statements. Results of operations for Forward Switzerland and Forward UK were included in the Company’s
results of operations through and including May 16, 2025.

The sale of the OEM business
is considered a strategic shift that will have a significant impact on the Company’s operations and financial results. The assets
and liabilities of the OEM segment were classified as assets and liabilities held for sale on the condensed consolidated balance sheets
at September 30, 2024. The results of operations for the OEM segment have been classified as discontinued operations on the condensed
consolidated statements of operations for the three and nine months ended June 30, 2025 and 2024. The condensed consolidated balance sheets
and statements of operations for comparable periods have been reclassified to conform to this presentation in accordance with the accounting
guidance.

     12 

The following table presents
the major components of the “Income from discontinued operations, net of tax” in our condensed consolidated statements of
operations:

    Schedule of discontinued operations 

    For the Three Months Ended  
    For the Nine Months Ended 

    June 30,  
    June 30, 

    2025  
    2024  
    2025  
    2024 

    Revenues, net 
    $845,000  
    $2,824,000  
    $5,563,000  
    $8,350,000 
  
    Cost of sales 
     660,000  
     2,547,000  
     4,445,000  
     7,305,000 
  
    Gross profit 
     185,000  
     277,000  
     1,118,000  
     1,045,000 

    Sales and marketing expenses 
     64,000  
     163,000  
     360,000  
     711,000 
  
    General and administrative expenses 
     (27,000) 
     59,000  
     49,000  
     194,000 
  
    Operating income from discontinued operations 
     148,000  
     55,000  
     709,000  
     140,000 
  
    Gain on sale of discontinued operations