Company: FWDI
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001683168-25-003548
Chunk: 16

Company: Forward Industries, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 16
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 of
operations:

    Schedule of discontinued operations 

    For the Three Months Ended 
March 31,  
    For the Six Months Ended 
March 31, 

    2025  
    2024  
    2025  
    2024 

    Revenues, net 
    $2,727,000  
    $2,851,000  
    $4,718,000  
    $5,526,000 
  
    Cost of sales 
     2,162,000  
     2,479,000  
     3,785,000  
     4,758,000 
  
    Gross profit 
     565,000  
     372,000  
     933,000  
     768,000 

    Sales and marketing expenses 
     152,000  
     243,000  
     297,000  
     548,000 
  
    General and administrative expenses 
     42,000  
     55,000  
     76,000  
     135,000 
  
    Income from discontinued operations 
    $371,000  
    $74,000  
    $560,000  
    $85,000 

There were no depreciation,
amortization, investing or financing cash flow activities for the discontinued operations in the three or six months ended March 31, 2025
or 2024. The only significant non-cash operating cash flow activity for the discontinued operations in the three and six months ended
March 31, 2025 and 2024 was the conversion of accounts payable to Forward China into preferred stock in February and March of 2025 (See
Note 8).

     11 

The following table presents
the major components of assets and liabilities held for sale on our condensed consolidated balance sheets:

    Schedule of major components of assets and liabilities 

    March 31,  
    September 30, 

    2025  
    2024 
  
    Cash 
    $253,000  
    $245,000 
  
    Accounts receivable, net 
     1,992,000  
     2,124,000 
  
    Inventories 
     609,000  
     490,000 
  
    Prepaid expenses and other assets 
     55